米什金货币金融学(商学院版)第2章课件.ppt

Chapter2 AnOverviewoftheFinancialSystem 2 1FunctionofFinancialMarkets PerformtheessentialfunctionofchannelingfundsfromeconomicplayersthathavesavedsurplusfundstothosethathaveashortageoffundsDirectfinance borrowersborrowfundsdirectlyfromlendersinfinancialmarketsbysellingthemsecurities FIGURE1FlowsofFundsThroughtheFinancialSystem FunctionofFinancialMarkets Promoteseconomicefficiencybyproducinganefficientallocationofcapital whichincreasesproductionDirectlyimprovethewell beingofconsumersbyallowingthemtotimepurchasesbetter 2 2StructureofFinancialMarkets 2 2 1DebtandEquityMarketsDebtinstrumentsAbondoramortgage whichisacontractualagreementbytheborrowertopaytheholderoftheinstrumentfixeddollaramountsatregularintervalsuntilaspecifieddate maturitydate Maturity numberofyears term untilthatinstrument sexpirationdate short term lessthanayear long term tenyearsoflongerintermediate term betweenoneandtenyears EquitiesClaimstoshareinthenetincomeandtheassetsofabusiness Equitiesoftenmakeperiodicpayments dividends totheirholdersandhavenomaturitydate Owingstockmeansyouownaportionofthefirmandthushavetherighttovoteonissuesimportanttothefirmandtoelectitsdirectors Themaindisadvantageofowningacorporation sequitiesratherthanitsdebtisthatanequityholderisaresidualclaimant thatis thecorporationmustpayallitsdebtholdersbeforeitpaysitsequityholdersTheadvantageofholdingequitiesisthatequityholdersbenefitdirectlyfromanyincreasesinthecorporation sprofitabilityorassetvalue InUS thesizeofthedebtmarketisoftenlargerthanthesizeoftheequitiesmarket 2 2 2PrimaryandSecondaryMarkets Aprimarymarketisafinancialmarketinwhichnewissuesofasecurityaresoldtoinitialbuyersbythecorporationorgovernmentagencyborrowingthefunds Asecondarymarketisafinancialmarketinwhichsecuritiesthathavebeenpreviouslyissuedcanberesold InvestmentBanksunderwritesecuritiesinprimarymarket Itguaranteesanpriceforacorporation ssecuritiesandthensellsthemtothepublic Brokersanddealersworkinsecondarymarketsfunds TheNewYorkandAmericanstockexchangesandNASDAQarethebest knownexamplesofsecondarymarkets Twoimportantfunctionsofsecondarymarkets Theymakethefinancialinstrumentsmoreliquid Theydeterminethepriceofthesecuritythatissuingfirmsellsintheprimarymarket 2 2 3ExchangesandOver the Counter OTC Markets Exchanges buyersandsellersofsecuritiesmeetinonecentrallocationtoconducttrades NYSE ChicagoBoardofTradeOTCMarkets dealersatdifferentlocationswhohaveaninventoryofsecuritiesstandreadytobuyandsellsecurities overthecounter toanyonewhocomestothemandiswillingtoaccepttheirprices AmajorityofthelargestcorporationshavetheirsharestradedatorganizedstockexchangesintheU S TheU S governmentbondmarket foreignexchangemarketareOTCmarkets ShanghaiStockExchange ChicagoBoardofTrade 2 2 4MoneyandCapitalMarketsMoneymarketsdealinshort termdebtinstrumentsCapitalmarketsdealinlonger termdebtandequityinstruments 2 3FinancialMarketInstruments 2 3 1MoneyMarketInstrumentsLeastpricefluctuationsandtheleastrisky 1 USTreasuryBillsShort termdebtinstrumentsoftheU S governmentOne three andsix monthmaturities Havenointerestpaymentsandaresoldatadiscount Themostliquidandthesafest 2 NegotiableBankCertificatesofDepositCDisadebtinstrumentsoldbyabanktodepositorsthatpaysannualinterestofagivenamountandatmaturitypaysbacktheoriginalpurchaseprice NegotiableCDsareCDssoldinsecondarymarkets Anextremelyimportantsourceoffundsforcommercialbanks 3 CommercialPaperAshort termdebtinstrumentissuedbylargebanksandwell knowncorporations Growthissubstantial 4 Banker sAcceptancesAbankdraftissuedbyafirm payableatsomefuturedate andguaranteedforafeebythebankthatstampsit accepted Oftenresoldinasecondarymarketatadiscountandtheamountoutstandingdeclined 5 RepurchaseAgreementsReposareeffectivelyshort termloansforwhichTreasurybillsserveascollateral Animportantsourceofbankfundsandthemostimportantlendersinthismarketarelargecorporations 6 FederalfundsOvernightloansbetweenbanksoftheirdepositsattheFederalReserve TheseloansarenotmadebytheFederalReservebutratherbybankstootherbanksTheinterestrate calledfederalfundsrate isacloselywatchedbarometer WhataboutChina 我国银行间拆借市场于1996年联网试运行 其交易方式有信用拆借和回购两种 以回购为主 2007年1月1日 SHIBOR开始对外发布 全称是 上海银行间同业拆借利 ShanghaiInterbankOfferedRate SHIBOR 被称为中国的LIBOR 是中国人民银行希望培养的基准利率体系 Shibor报价银行团现由16家商业银行组成 报价银行是公开市场一级交易商或外汇市场做市商 在中国货币市场上人民币交易相对活跃 信息披露比较充分的银行 目前 对社会公布的Shibor品种包括隔夜 1周 2周 1个月 3个月 6个月 9个月及1年 Table1PrincipalMoneyMarketInstruments 2 3 2CapitalMarketInstruments 1 Stock我国 1990年 上海证券交易所成立1991年 深圳证券交易所成立 1990年底 只有13家上市公司 2 MortgagesLoanstohouseholdsorfirmstopurchasehousing land orotherrealstructures wherethestructureorlanditselfservesascollateralfortheloans LargestdebtmarketintheUS Threegovernmentagencies FNMA GNMA FHLMC 3 CorporateBondsIssuedbycorporationswithverystrongcreditratings Thetypicalcorporatebondsendstheholderaninterestpaymenttwiceayearandpaysoffthefacevaluewhenthebondmatures Convertiblebond havetheadditionalfeatureofallowingtheholdertoconvertthemintoaspecifiednumberofsharesofstockatanytimeuptothematuritydate 4 GovernmentSecuritiesIssuedbytheTreasurytofinancethedeficitsofthefederalgovernment Themostliquidsecurity 5 GovernmentAgencySecuritiesIssuedbygovernmentagencies 6 StateandLocalGovernmentBonds Municipalbonds Issuedbystateandlocalgovernments 7 ConsumerandBankCommercialLoans Table2PrincipalCapitalMarketInstruments 2 4InternationalizationofFinancialMarkets Glossary ForeignBonds soldinaforeigncountryanddenominatedinthatcountry scurrencyEurobond bonddenominatedinacurrencyotherthanthatofthecountryinwhichitissoldEurocurrencies foreigncurrenciesdepositedinbanksoutsidethehomecountryEurodollars U S dollarsdepositedinforeignbanksoutsidetheU S orinforeignbranchesofU S banksWorldStockMarketsHelpfinancefederalgovernmentalso 2 5FunctionofFinancialIntermediaries IndirectFinance Financialintermediationistheprimaryrouteformovingfundsfromlenderstoborrowers 2 5 1Lowertransactioncosts timeandmoneyspentincarryingoutfinancialtransactions EconomiesofscaleLiquidityservices2 5 2ReducetheexposureofinvestorstoriskRiskSharing AssetTransformation Diversification 2 5FunctionofFinancialIntermediaries IndirectFinance 2 5 3Dealwithasymmetricinformationproblems beforethetransaction AdverseSelection trytoavoidselectingtheriskyborrower Gatherinformationaboutpotentialborrower afterthetransaction MoralHazard ensureborrowerwillnotengageinactivitiesthatwillpreventhim hertorepaytheloan Signacontractwithrestrictivecovenants 2 5FunctionofFinancialIntermediaries IndirectFinance Conclusion Financialintermediariesallow small saversandborrowerstobenefitfromtheexistenceoffinancialmarkets Table3PrimaryAssetsandLiabilitiesofFinancialIntermediaries 2 6TypesofFinancialIntermediaries 2 6 1DepositoryInstitutionsFinancialintermediariesthatacceptdepositsfromindividualsandinstitutionsandmakeloans 1 CommercialbankslargestinUS 2 SavingsandLoanAssociationsandMutualSavingsBanksBecomemorealike 3 CreditUnionsVerysmallcooperativelendinginstitutions 2 6 2ContractualSavingsInstitutionsAcquirefundsatperiodicintervalsonacontractualbasisandtendtoinvesttheirfundsprimarilyinlong termsecurities 1 LifeInsuranceCompanies 2 FireandCasualtyInsuranceCompanies 3 PensionFundsandGovernmentRetirementFunds 2 6 3InvestmentIntermediaries 1 FinanceCompaniesRaisefundbysellingcommercialpaperandbyissuingstocksandbonds Theylendthesefundstoconsumersandsmallbusinesses 2 MutualFundsAcquirefundsbysellingsharestomanyindividualsandusetheproceedstodiversifiedportfoliosofstocksandbonds 3 MoneyMarketMutualFundsUsesfundstobuymoneymarketinstruments Itislikecheckingaccountdepositsthatpayinterest Shareholderscanwritechecks 4 InvestmentBanksHelpsacorporationissuesecurities Table4PrincipalFinancialIntermediariesandValueofTheirAssets TypesofFinancialIntermediariesinChina 以中国人民银行为领导 国有商业银行为主体 多种金融机构并存 分工协作的金融中介机构体系 截至2011年底 我国银行业金融机构包括2家政策性银行及国家开发银行 5家大型商业银行 12家股份制商业银行 144家城市商业银行 212家农村商业银行 190家农村合作银行 2