分析金融市场与金融机构第二章.ppt

Part1Introduction Chapter2ANOVERVIEWOFTHEFINANCIALSYSTEM ChapterObjectives FunctionofFinancialMarketsClassificationsofFinancialMarketsFunctionofFinancialIntermediariesTypesofFinancialIntermediariesRegulationofFinancialMarkets FunctionofFinancialMarkets 1 Allowstransfersoffundsfrompersonorbusinesswithoutinvestmentopportunitiestoonewhohasthem2 Improveseconomicefficiency 一 聚敛二 配置功能三 调节功能四 反映功能国民经济的 晴雨表 和 气象台 FunctionofFinancialMarkets ChapterObjectives FunctionofFinancialMarketsClassificationsofFinancialMarketsFunctionofFinancialIntermediariesTypesofFinancialIntermediariesRegulationofFinancialMarkets江西癫痫病医院江西癫痫病医院 AsymmetricInformation AdverseSelectionandMoralHazard AdverseSelection1 Beforetransactionoccurs2 Potentialborrowersmostlikelytoproduceadverseoutcomeareonesmostlikelytoseekloanandbeselected AsymmetricInformation AdverseSelectionandMoralHazard AsymmetricInformation AdverseSelectionandMoralHazard MoralHazard1 Aftertransactionoccurs2 Hazardthatborrowerhasincentivestoengageinundesirable immoral activitiesmakingitmorelikelythatwon tpayloanback AsymmetricInformation AdverseSelectionandMoralHazard MoralHazard Example int rate 8 LoanapprovedforProjectI 10 returnwith100 probabilityofsuccess NewopportunityProjectII 100 returnwith80 probabilityofsuccess 20 prob offailure Diamond 1984 对Leland和Pyle 1977 做了一个重要推广 假设企业家的投资项目的回报是独立分布的 那么他们可以联合起来向投资者借款 这样 每个项目的期望回报不变 但由于多元化 其风险大大降低了 从而减少了信息不对称带来的资本成本 这样的联合便是银行 银行可以克服企业家和投资者之间的信息不对称 吸收存款并投资于银行有内部信息的投资项目 信息发掘 informationprovision 受委托的监管者 deligatedmonitor Williamson 1986 Krasa和Villamil 1992 等文献都抓住了银行的这一重要特征 银行是大量投资人和融资人的联合 能集中处理监管企业的任务 并且能更好的解决信息不对称问题 银行的这一优势核心在于其多元化发放贷款 因此对存款人来说 只要银行足够大 就不需要监管银行能否按时还款 金融中介 文献综述和最新发展 黄张凯 管理世界 2006 2 ChapterObjectives FunctionofFinancialMarketsClassificationsofFinancialMarketsFunctionofFinancialIntermediariesTypesofFinancialIntermediaries癫痫病医生癫痫病生育RegulationofFinancialMarkets FinancialIntermediaries TypesofFinancialIntermediaries DepositoryInstitutions Banks CommercialbanksSavings LoanAssociations S Ls MutualSavingsBanksCreditUnions Commercialbanks DefinedbytheFunctionsItServesandtheRolesItPlayAfinancialintermediaryacceptingdepositsandgrantingloansOfferthewidestrangeoffinancialservices Financialdepartmentstores TheBankBalanceSheet ChinaBigFourBanks 12 31 2002 v s AllUSBanks 12 31 2002 Banks IncomeStatement BankingRisksandReturns Profitability liquidity andsolvencytrade offThefundamentalobjectiveofbankmanagementistomaximizeshareholders wealth i e tomaximizethemarketvalueofthebank scommonstock Wealthmaximizationrequiresthemanagertoevaluateandbalancethetrade offsbetweentheopportunityforhigherreturns theprobabilityofnotrealizingthosereturns andthepossibilitythatthebankmightfail 癫痫病种类癫痫病问答Riskmanagementistheprocessbywhichmanagersidentify assess monitor andcontrolrisksassociatedwithafinancialinstitution sactivities Governmentalregulator Competitors Hurry Hurry JustanInchRemained Creditrisk Liquidityrisk Marketrisk profitability Exposuretorisks Operationalrisk WellDone Bank GOAL Customers stockholders Capitalrisk Legalrisk Reputationalrisk Fundamentalrisks CreditriskLiquidityriskMarketriskOperationalriskReputationalriskLegalriskCapitalorsolvency偿付能力risk TypesofFinancialIntermediaries ContractualSavingsInstitutions 契约性储蓄机构包括各种保险公司和养老基金 它们的共同特征是以合约方式定期定量地从持约人手中收取资金 保险费或养老金预付款 然后按合约规定向持约人提供保险服务或养老金 LifeinsurancecompaniesFire casualtyinsurancecompaniesPensionfunds governmentretirementfunds 假设某人寿保险公司拥有100000个保单持有人 他们每个人都是40岁 每个客户申请100万美元的保单 保险公司应向每个保单持有人收取多少保险费呢 确定预期死亡人数 100000 4 000 400预期索赔金额 100 400 4亿假设该保险公司的分析家估计本年其投资组合平均收益率为8 预期索赔现值 4亿 1 8 370 4百万估计每个保单持有人的净保险费 370 4百万 100000 3704 TypesofFinancialIntermediaries InvestmentIntermediariesFinancecompanies 指以经营消费信贷及工商企业信贷为主的非银行金融机构 Mutualfunds 投资基金又称共同基金 是通过向投资者发行基金券或受益凭证 将众多小额投资者的资金汇集起来 交给专业投资机构进行操作 所得的收益由投资者按出资比例分享的投资工具 癫痫病寿命癫痫病遗传Moneymarketmutualfunds FinanceCompanyBalanceSheet AssetsBillionsofdollarsPercentofTotal Consumerloans255 327 Businessloans335 136 Realestateloans98 511 Lessreserveforloanlosses 65 6 7 Otherassets313 633