《金融机构概述》PPT课件.ppt

金融机构(Financial Institution),金融机构是指从事金融服务业有关的金融中介机构(Financial Intermediaries)，为金融体系(financial system )的一部分； 金融服务业包括银行Bank、证券Security、保险Insurance、信托Trust 、基金Fund等行业，与此相应，金融中介机构也包括银行、证券公司、保险公司、信托投资公司和基金管理公司等。,金融机构体系,“大一统”金融时期,1948年，合并华北银行、北海银行、西北农民银行的基础上建立人民银行 1952年，将建立全国统一的公私合营银行，并纳入中国人民银行体系 1953年1979年，中国人民银行既行使中央银行职能，又办理具体银行业务。,金融改革的起步阶段,1.实行金融机构多元化，建立二级银行体系框架 形成以中国人民银行为领导、四大国有银行为主体、其他银行和非银行金融机构并存和分工协作的金融机构体系。 2.逐步放开搞活金融市场 建立了货币市场、证券市场、外汇市场等。 3.建立宏观金融调控,金融改革调整与充实阶段,1.中央银行职能的转变 2.国有银行的商业化改革 3.外汇体制改革,中国金融机构上市一览表,中国金融机构上市一览表,9,1979年以来我国金融机构体系的改革 从1979年起，我国的金融机构体系进行了一系列重大的改革，主要体现在以下几个方面： 1.建立独立经营、实行企业化管理的专业银行，并在此基础上将其转变为国有商业银行。1979年2月，为适应农村经济体制的改革，振兴农村经济和金融，再次恢复了中国农业银行，原来由中国人民银行承办的农村金融业务全部移交给中国农业银行经营；为了适应对外开放和对外经济往来的需要，1979年3月，专营外汇业务的中国银行从中国人民银行中分设出来，完全独立经营；,1979年，中国人民建设银行也从财政部分设出来，1983年进一步明确了中国人民建设银行是经济实体，是全国性的金融机构，除继续负担拨款任务外，可大量开展一般银行业务；1984年1月，成立中国工商银行，承办中国人民银行原来所办理的全部工商信贷业务和城镇储蓄业务。1994年以后，为了解决专业银行既实行企业化经营又负责执行国家政策任务的矛盾，又将专业银行的政策性业务与商业性业务相分离，使国有专业银行向商业银行的改革迈出了新的一步。,11,2.建立中央银行体制。随着“大一统”的金融体制向多类型、多层次金融体制格局的演变，金融机构不断增多，使得金融领域中协调、疏导、管理的重要性日益显现出来，中国人民银行既要承担占全国银行业务比重最大的工商企业信贷业务和城镇储蓄业务，还要担负对整个金融业的调控和管理工作，不仅显得力不从心，而且中国人民银行集具体业务和管理于一身，也不利于管理工作的开展。在这样的背景下，1983年9月，国务院决定中国人民银行要专门行使中央银行职能，它原来所承担的各项具体业务，交由将成立的中国工商银行办理。 3.在国有商业银行之外，组建其它商业银行。1986年交通银行重新组建，随后又陆续成立了10余家股份制商业银行。这些商业银行的产生，对于加强金融业的合理竞争，促进金融业的经营管理，支持经济均衡发展起了十分明显的作用。,12,4.组建政策性银行。1994年以后，一方面，为了解决专业银行向商业银行转变的困难，另一方面，为了更好地支持经济发展，经国务院批准，先后组建了国家开发银行、中国进出口银行和中国农业发展银行三家政策性银行。 5.建立包括信用合作社、保险公司、信托投资公司、证券公司、企业集团财务公司、金融租赁公司、投资基金等在内的诸多非银行金融机构，完善金融机构体系，同时引进大批外国金融机构。 6.建立了全国统一的证券市场、外汇市场和同业拆借市场。1990年和1991年组建的上海、深圳两家证券交易所的正式营业，标志着我国直接融资市场得到了长足的发展；1994年顺利实现了汇率并轨，1996年12月1日又顺利实现了人民币经常项目可兑换，都标志着我国外汇体制的改革取得了可喜的成果；银行同业拆借市场的利率实现了市场化，也标志着我国的货币市场及利率管理体制的改革都收到了明显的效果。,13,我国现行的金融机构体系 经过20多年的改革，我国现已形成了以中国人民银行为领导、国有商业银行为主体、包括政策性银行、其它商业银行和非银行金融机构在内的分工协作的这样一个较为完善的金融机构体系。具体来讲，主要包括中央银行、商业银行、政策性银行以及其它非银行金融机构。此外，近年来在我国境内还开办了许多外资、侨资、中外合资的金融机构，而且，我国加入世界贸易组织（WTO）后，这类的金融机构将越来越多。 1.中国的中央银行中国人民银行 2.中国的商业银行 可划分为三种类型，即：国家控股商业银行、一般股份制商业银行和其它商业银行。国家控股商业银行主要包括：中国工商银行、中国农业银行、中国银行、中国建设银行；一般股份制商业银行主要包括：交通银行、中信银行、中国光大银行、华夏银行、中国民生银行、广东发展银行、深圳发展银行、中国招商银行、兴业银行、上海浦东发展银行等；其它商业银行则主要是指城市商业银行。,14,3.中国的专业银行 就目前状况而言，可以称得上是经营性专业银行的只有中德住房储蓄银行。 政策性专业银行有3家。 4.中国的非银行金融机构 改革开放以后，我国的非银行金融机构发展很快，而且业务也在不断扩大并趋于规范。目前我国的非银行金融机构主要有：保险公司、信托投资公司、证券公司、企业财务公司、租赁公司、投资基金等。,第一章 金融中介机构的特殊性,金融中介机构：把资金从盈余者(资金提供者, net savers)导向短缺者(资金使用者, net borrowers)。 金融机构具有哪些特殊的功能？,无金融中介的资金转移,公司 （净借款者）,无金融中介资金转移的特点,缺乏效率 、资金流量水平低 (家庭储蓄者会把直接投资于公司证券当做一种没有吸引力的投资建议) 监督成本 monitoring cost , Information costs 流动性要求 liqudity 价格风险 price risk,监督成本,一旦家庭购买公司证券，就得不断监督那家公司的行为。 对单个家庭而言，这种监督成本是高昂的。 搭便车(Free rider problem)：每个家庭都希望别人去履行监督的责任。,流动性成本,股权和债务相对较长的期限 家庭为了流动性的原因而更愿意持有现金,价格风险,即使如果允许家庭之间进行公司证券的交易，从而对家庭提供流动性服务。 他们出售公司证券的价格与最初购入证券的价格可能会有很大的不同，即价格风险。 交易成本 transaction cost,由于存在： (1)监督成本，(2)流动性成本，(3)价格风险 所以，家庭的储蓄 不能很好的流入 公司部门 此时，金融机构就能够促使家庭储蓄转移到公司部门。,通过金融中介的资金转移,金融中介的两个主要功能,1 经纪人职能Brokerage function 专门提供信息和交易服务 导致交易成本的降低或者规模经济economies of scale, economies of scope,2 资产转换(asset transfer) 金融机构购买企业发行的股票、债券及其他债务证券,称为初级证券（Primary securities）， 同时出售存款、保单等金融债权凭证，称为二级证券（Secondary securities），为这种购买融通资金。 出售二级证券，购买初级证券。,金融机构是怎样购买初级证券， 然后再把它们转换为对家庭储蓄者更有吸引力的二级证券，并从这个转换过程中获得利润的呢？ 金融机构能更好的应对家庭储蓄者所面临的三种成本。 降低家庭储蓄者的监督成本； 增加它们的流动性； 降低价格风险,信息成本,代理成本，委托监管人 大的金融机构就比单个家庭有更大激励去收集信息和监督公司的行为，因为这与其自身有很大利益关系； 收集信息的平均成本更低； 创造的二级证券，合同中加进详细的条款可以提高金融机构的监督能力；例如： 银行贷款一般来说是短期债务合同，这个短期的性质 可以使金融机构拥有更多的监督权力从而控制借款者；,流动性和价格风险,二级证券通常比初级证券如公司股票和债券有着更高的流动性，包括存款、基金股份、人寿保险的保单等。 金融机构利用规模效益来分散大部分资产组合风险，以低价或资本价值风险提供高流动性的资产； 分散化diversity,其他特殊服务,降低交易成本 Reduced transaction costs 规模经济 期限中介 Maturity intermediation 为经济中的其他部门提供期限中介服务，例如：提供长期抵押贷款的同时，通过短期债务合同融资。,其他方面的特殊性,货币政策的传导 Transmission of monetary policy. 信贷分配 Credit allocation 代际财产转移或时间媒介 Intergenerational transfers or time intermediation. 支付服务 Payment services (FedWire and CHIPS). 面值中介 Denomination intermediation.,金融机构的特殊性与监管,金融机构向经济中的各部门提供各种特殊服务而显得与众不同； 如果不能提供这些服务或者其有效服务中断，对于储蓄的最终来源（家庭）和使用者（公司）就会产生成本。当经济中的金融机构部门出现问题时，对公司和家庭产生负外部性(negative extemalities)； 监管对整个社会是有利的，但是对金融机构来说却产生了私人成本；,金融中介的特殊性与监管,垄断 外部性 信息不对称,监管的内容,安全和稳健性监管 -资产分散化要求 -资本充足度要求 -保护基金 Bank Insurance Fund (BIF) -自律 货币政策方面的监管 -外部货币 -内部货币 信用分配方面的监管 消费者/投资者保护方面的监管 市场准入和特许方面的监管,The Pillar Structure of the New Accord,capital charge imposed on banks based upon the results of an assessment of losses attributed to operational risk and that mapped the institutions operational risk profile.,Enhancement to the supervisory review process. Stresses the importance of bank management developing an internal capital assessment process.,Enlisting active involvement of the financial services community to invoke some sort of market discipline over member institutions. (Disclosure Requirements),Pillar 1 Minimum Capital Requirements,Pillar 3 Market Discipline,Pillar 2 Supervisory Review Process,新资本协议简单结构图 The Pillar Structure of the New Accord,监管成本,道德风险：由于制度方面或其他方面的变化而引发的私人部门行为的变化，进而产生有害的和消极的作用 合规成本：被监管者为遵守或者符合有关监管规定而额外承担的成本。 社会经济福利的损失：由于存在监管，各经济主体的产量可能会低于不存在监管时的产量。 动态成本：监管起着保护低效率的生产结构的作用，可能成为管理和技术革新的障碍。,存款机构 Depository Institutions,A depository institution is a financial institution in the United States (such as a savings bank, commercial bank, savings and loan association, or credit union) that is legally allowed to accept monetary deposits from consumers. Federal depository institutions are regulated by the Federal Deposit Insurance Corporation (FDIC).,美国最大的存款机构 Largest US Depository Institutions (billions of dollars 2007),Citigroup $1,746.2 Bank of America 1,451.6 J.P.Morgan Chase 1,338.0 Wachovia 559.9 Wells Fargo 483.4 HSBC North America 473.7 Taurus 430.4 Washington Mutual 348.9 U.S. Bancorp 216.9 Countrywide Financial 193.2,Total Assets ($Billions),存款机构的类型 Depository Institutions,商业银行 Commercial Banks Largest depository institutions are commercial banks. Differences in operating characteristics and profitability across size classes. Notable differences in ROE and ROA as well as the spread 储蓄机构 Thrifts S&Ls Savings Banks 信用社 Credit Unions Mix of very large banks with very small banks,功能与结构差异 Functions & Structural Differences,Functions of depository institutions Regulatory sources of differences across types of depository institutions. Structural changes generally resulted from changes in regulatory policy. Example: changes permitting interstate branching Reigle-Neal Act:瑞格尼尔法案1994年对银行规模放松管制，并且允许跨州建立分行.,资产负债表 Balance Sheet,Business loans have declined in importance Offsetting increase in securities and mortgages Increased importance of funding via commercial paper market Securitization of mortgage loans Temporary effects: credit crunch during recessions of 1989-92 and 2001-02,商业银行的资产负债表(balance sheet),资产 负债和权益 现金资产 交易账户存款 投资证券 非交易账户存款 贷款 借款 贷款损失准备 其他负债 其他资产 权益 普通股 优先股 资本盈余 未分配利润 资本公积金,损益表 Income Sheet,利息收入 服务费和手续费 其他非利息收入 利息支出 贷款损失准备金 非利息支出,*财务报表分析 Financial Statement Analysis,关键比率的时间序列分析 (Time series analysis of key ratios) 分析框架 ROE framework ROE = ROA EM（权益乘数） ROA = PM（利润率） AU（资产利用率）,表外业务 Off-balance Sheet Activities,Heightened importance of off-balance sheet items OBS assets 表外资产 OBS liabilities 表外负债 Large increase in derivatives positions is a major issue Standby letters of credit 备用信用证 Loan commitments 贷款承诺 When-issued securities 虚售证券,其他收费业务 Other Fee-generating Activities,Trust services 信托服务 Correspondent banking 往来银行业务 Check clearing Foreign exchange trading Hedging Participation in large loan and security issuances Payment usually in terms of noninterest bearing deposits,主要监管机构 Key Regulatory Agencies,FDIC Role in preventing contagious runs or panics OCC: Primary function is to charter national banks. FRS: monetary policy, lender of last resort. National banks are automatically members of the FRS. State-chartered banks can elect to become members. State bank regulators Dual Banking System: Coexistence of nationally and state-chartered banks.,Bank Regulators,储蓄机构 Savings Institutions,Comprised of: Savings and Loans Associations 储蓄协会 Savings Banks 储蓄银行 Effects of changes in Federal Reserves policy of interest rate targeting combined with Regulation Q and disintermediation(脱媒). Effects of moral hazard and regulator forbearance. Qualified Thrift Lender (QTL) test.,信用社 Credit Unions,Nonprofit depository institutions owned by member-depositors with a common bond. Exempt from taxes and Community Reinvestment Act (CRA 社区再投资法). Expansion of services offered in order to compete with other FIs. Claim of unfair advantage of CUs over small commercial banks 2006: 66.4 percent of CUs federally chartered and regulated by NCUA,保险公司 Insurance Companies,Differences in services provided by: Life Insurance Companies 人寿保险公司 Property and Casualty Insurance财产事故保险公司 为个人和公司(保单持有人)在不利事件下提供保障。,互助Mutual 股份Stock保险公司Insurance Companies,Biggest Life Insurers(2007),人寿保险 Life Insurance: Issues,Demutualization Adverse selection Insured have higher risk than general population Alleviated by grouping of policyholders into risk pools,人寿保险公司 Life Insurance Companies,Life Insurance Products: Ordinary life（普通寿险） Term life （定期寿险), Whole life(终身寿险) Endowment life （两全寿险) Variable life （可变寿险), Universal life（万能寿险), Variable universal life. Group life（团体寿险） Industrial life（产业寿险） Credit life（信用寿险）,其他人寿保险业务 Other Life Insurer Activities,年金保险 Annuities Reverse of life insurance activities. Topped $272 billion in 2005 Ethics: Conseco, 2004 个人退休金基金 Private pension funds Compete with other financial service companies. Mid 2000s, managing $2.3 trillion (45% of all private pension plans) 意外和医疗事故保险 Accident and health insurance Morbidity insurance Effects of growth in HMO enrollment,资产负债表 Balance Sheet,Long-term assets Need to generate competitive returns on savings components of life insurance policies Bonds, equities, government securities Policy loans(保单质押贷款) Long-term liabilities Net policy reserves to meet policyholders claims Separate account business 32.9% of total liabilities and capital in 2006.,监管 Regulation of Life Insurance Companies,McCarran-Ferguson Act of 1945 Confirms primacy of state over federal regulation. State insurance commissions Coordinated examination system developed by the National Association of Insurance Commissioners (NAIC). States promote life insurance guaranty funds Not permanent funds (like FDIC) Required contributions from surviving within-state firms. Financial Services Modernization Act, 1999,财产灾害保险 P&C Products,保费净额 （NPW net premiums written） 火险和关联险 Fire insurance and allied lines 屋主多种事故险 Homeowners multiple peril insurance 商业多种事故险Commercial multiple peril insurance 汽车责任与损坏险Automobile liability and physical damage insurance 责任保险 Liability insurance (other than automobile),财产保险公司的资产负债表 P&C Balance Sheet,Similar to life insurance cos. (Smaller asset base) Requirement for liquid assets Major liabilities: loss reserves 损失储备 loss adjustment expense 损失调整费用 unearned premiums 未到期保费,损失风险,损失程度(severity of loss)和损失频率(frequency of loss) 长期损失和短期损失 Long-tail risk exposure 产品通胀和社会通胀 Product inflation versus social inflation,保险业比率 Underwriting Ratios,Loss ratios have generally increased. Expense ratios have generally decreased. Trend toward selling directly through their own brokers rather than independent brokers. 综合比率 Combined ratio: Includes both loss and expense experience. If greater than 100 then premiums are insufficient to cover losses and expenses.,投资收益/回报风险 Investment Yield Return Risk,运营率 = 扣除红利后的综合比率与投资收益率之差 Operating ratio = Combined ratio after dividends minus investment yield. Importance of investment income: Causes PC managers to place importance on measuring and managing credit risk and interest rate risk.,监管 Regulation,PC insurers chartered and regulated by state commissions. State guaranty funds National Association of Insurance Commissioners (NAIC) provides various services to state regulatory commissions. Includes Insurance Regulatory Information System (IRIS). Some lines face rate regulation. Criticism regarding Katrina related claims,证券公司和投资银行 Securities Firms &Investment Banks,Nature of business: Underwrite securities.证券包销 Market making.做市商 Advising (example: M&A, restructurings).咨询,主要业务 Key Activities,Investing Investment banking Activities related to underwriting and distributing new issues of debt and equity. Market making Increasing importance of online trading Technology risk Decimalization Trading Position trading, pure arbitrage, risk arbitrage, program trading Cash management Assisting with M&A Back-office and service functions,资产负债表 Balance Sheet,Key assets: Long positions in securities and commodities. Reverse repurchase agreements. Key liabilities: Repurchase agreements major source of funds. Securities and commodities sold short. Broker call loans from banks Capital levels much lower than levels in banks,监管 Regulation,Primary regulator: SEC Reiterated by National Securities Markets Improvement Act (NSMIA) of 1996. Prior to NSMIA, regulated by SEC and states. Regulate trading activities such as shelf registration Early 2000s erosion of SEC dominance Increased vigilance by State Attorneys General Spring 2003, $1.4 billion in penalties over investor abuses. Sarbanes-Oxley Act of 2002 Independent auditing oversight board under SEC Instigated by Enron, Global Crossings, Tyco, WorldCom,Investor Protection & Other Monitoring,Securities Investors Protection Corporation (SIPC). Protection level of $500,000 Federal Reserve also has role in overseeing securities firms and investment banks Vulnerability of the financial system Issue of timely settlement raised by Greenspan,共同基金 Mutual Funds,Diversification opportunities enhanced for small investors Economies of scale Predominantly open-ended funds At the end of October 2011, the top 10 mutual fund complexes in the United States were: （Investment Company Institute, as cited in Ignites, December 30, 2011 ） 1、 Vanguard 2、Fidelity 3、American Funds (Capital Research) 4、BlackRock 5、PIMCO 6、Franklin Templeton 7、JPMorgan 8、SSgA 9、T. Rowe Price 10、Federated,共同基金的类型 Types of Mutual Funds,Types of Long-term Funds Bond and income funds. Equity funds. Hybrid. Short-term funds,共同基金的收益 Returns to Mutual Funds,Income and dividends of underlying portfolio. Capital gains on trades by mutual fund management. Capital appreciation in values of assets held in the portfolio. Marked-to-market Net-asset value (NAV).,共同基金的成本 Mutual Fund Costs,Two types of fees: Sales loads Generally, negative effect on performance outweighs benefits Short term versus long term investment alters impact of loads on cost Fund operating expenses Management fee 12b-1 fees Front end and back end fees Class A, Class B and Class C differences SEC creation of new rules Sweeping decreases in fees, 2005 and 2006,资产负债表 Balance Sheet and Trends,Money Market Funds Key assets are short-term securities (consistent with deposit-like nature) Most have share values fixed at $1 and adjust number of shares owned by the investor. Long-term Funds Stocks comprised over 70.7 % of asset portfolios in 2006. Credit market instruments 27.2% of asset portfolios Shift to other securities such as credit market instruments, U.S. Treasuries, municipal bonds etc. when equity markets not performing as well.,财务公司 Finance Companies,Activities similar to banks, but no depository function. May specialize in installment loans (e.g. automobile loans) or may be diversified, providing consumer loans and financing to corporations, especially through factoring. Commercial paper is key source of funds. Captive Finance Companies: e.g. GMAC Highly concentrated Largest 20 firms: 65 percent of assets,财务公司的类型 Types of Finance Companies,Sales finance institutions Ford Motor Credit and Sears Roebuck Acceptance Corp. Personal credit institutions HSBC Finance and AIG American General. Business credit institutions CIT Group and FleetBoston Financial. Equipment leasing and factoring.,资产负债表 Balance Sheet,Business and consumer loans are the major assets 52.8% of total assets, 2006. Reduced from 95.1% in 1977. Increases in real estate loans and other assets. Growth in leasing Finance companies face credit risk, interest rate risk and liquidity risk.,负债 Liabilities,Major liabilities: commercial paper and other debt (longer-term notes and bonds). Finance firms are largest issuers of commercial paper (frequently through direct sale programs). Commercial paper maturities up to 270 days. Consequently, management of liquidity risk differs from commercial banks relying on deposits,监管 Regulation of Finance Companies,Federal Reserve definition of Finance Company Firm, other than depository institution, whose primary assets are loans to individuals and businesses. Subject to state-imposed usury ceilings. Much lower regulatory burden than depository institutions. Not subject to Community Reinvestment Act. Lack the banks regulatory safety-net,金融中介的风险