金融市场与机构 Jeff Madura 01

FinancialMarketsandInstitutions

6thEditionPowerPointSlidesfor:ByJeffMaduraPreparedbyDavidR.DurstTheUniversityofAkron1RoleofFinancialMarketsandInstitutions©2003South-Western/ThomsonLearningChapterObjectivesDescribethetypesoffinancialmarketsDescribetheroleoffinancialinstitutionswithfinancialmarketsIdentifythetypesoffinancialinstitutionsthatfacilitatetransactionsOverviewofFinancialMarketsFinancialmarketsprovideforfinancialintermediation--financialsavings(SurplusUnits)toinvestment(DeficitUnits)FinancialmarketsprovidepaymentssystemFinancialmarketsprovidemeanstomanageriskFinancialMarket:amarketinwhichfinancialassets(securities)suchasstocksandbondscanbepurchasedorsoldBroadClassificationsofFinancialMarketsMoneyversusCapitalMarkets

PrimaryversusSecondaryMarketsOrganizedversusOver-the-CounterMarketsOverviewofFinancialMarketsPrimaryvs.SecondaryMarketsPRIMARYNewIssueofSecuritiesExchangeofFundsforFinancialClaimFundsforBorrower;anIOUforLenderSECONDARYTradingPreviouslyIssuedSecuritiesNoNewFundsforIssuerProvidesLiquidityforSellerMoneyvs.CapitalMarketsMoneyShort-Term,<1YearHighQualityIssuersDebtOnlyPrimaryMarketFocusLiquidityMarket--LowReturnsCapitalLong-Term,>1YrRangeofIssuerQualityDebtandEquitySecondaryMarketFocusFinancingInvestment--HigherReturnsOrganizedvs.Over-the-CounterMarketsOrganizedVisibleMarketplaceMembersTradeSecuritiesListedNewYorkStockExchangeOTCWiredNetworkofDealersNoCentral,PhysicalLocationAllSecuritiesTradedofftheExchangesMoneyMarketSecuritiesDebtsecuritiesOnlyCapitalmarketsecuritiesDebtandequitysecuritiesDerivativeSecuritiesFinancialcontractswhosevalueisderivedfromthevaluesofunderlyingassetsUsedforhedging(riskreduction)andspeculation(riskseeking)SecuritiesTradedinFinancialMarketsDebtvs.EquitySecuritiesDebtSecurities:Contractualobligations(IOU)ofDebtor(borrower)toCreditor(lender)InvestorreceivesinterestCapitalgain/losswhensoldMaturitydateDebtvs.EquitySecuritiesEquitySecurities:ClaimwithownershiprightsandresponsibilitiesInvestorreceivesdividendsifdeclaredCapitalgain/losswhensoldNomaturitydate—needmarkettosellValuationofSecuritiesValueafunctionof:FuturecashflowsWhencashflowsarereceivedRiskofcashflowsPresentvalueofcashflowsdiscountedatthemarketrequiredrateofreturnValuedeterminedbymarketdemand/supplyValuechangeswithnewinformationInvestorAssessmentofNewInformationExhibit1.3EconomicConditionsIndustryConditionsFirmSpecificInformationImpactofFutureCashFlowsEvaluationofSecurityPricingInvestorDecisiontoTradeSecuritypricesreflectavailableinformationNewinformationisquicklyincludedinsecuritypricesInvestorsbalanceliquidity,risk,andreturnneedsFinancialMarketEfficiencyFinancialMarketRegulationToPromoteEfficiencyHighlevelofcompetitionEfficientpaymentsmechanismLowcostriskmanagementcontractsWhyGovernmentRegulation?ToMaintainFinancialMarketStabilityPreventmarketcrashesCircuitbreakersFederalReservediscountwindowPreventInflation--MonetarypolicyPreventExcessiveRiskTakingbyFinancialInstitutionsFinancialMarketRegulationWhyGovernmentRegulation?ToProvideConsumerProtectionProvideadequatedisclosureSetrulesforbusinessconductToPursueSocialPoliciesTransferincomeandwealthAllocatesavingtosociallydesirableareasHousingStudentloansFinancialMarketRegulationWhyGovernmentRegulation?FinancialMarketGlobalizationIncreasedinternationalfundsflowIncreaseddisclosureofinformationReducedtransactioncostsReducedforeignregulationoncapitalflowsIncreasedprivatizationResults:Increasedfinancialintegration--capitalflowstohighestexpectedrisk-adjustedreturnRoleofFinancialInstitutionsinFinancialMarketsInformationprocessingServespecialneedsoflenders(liabilities)andborrowers(assets)BydenominationandtermByriskandreturnLowertransactioncostServetoresolveproblemsofmarketimperfectionRoleofFinancialInstitutionsinFinancialMarketsTypesofDepositoryFinancialInstitutionsCommercialBanks$5TrillionTotalAssetsSavingsInstitutions$1.3TrillionTotalAssetsCreditUnions$.5TrillionTotalAssetsTypesofNondepositoryFinancialInstitutionsInsurancecompaniesMutualfundsPensionfundsSecuritiescompaniesFinancecompaniesSecuritypoolsRoleofNondepositoryFinancialInstitutionsFocusedoncapitalmarketLonger-term,higherriskintermediationLessfocusonliquidityLessregulationGreaterfocusonequityinvestmentsTrendsinFinancialInstitutionsRapidgrowthofmutualfundsandpensionfundsIncreasedconsolidationoffinanci