米什金货币金融学(商学院版)第12章课件

Chapter12NonbankFinance1Chapter12NonbankFinance112.1InsuranceCompanies12.1.1LifeInsuranceCompanies-Thefirstlifeinsurancecompanywasestablishedin1759andtherearecurrentlyabout1700companies.-Regulatedbystates,notfederalgovernment.-Holdilliquidlong-termassets-Poorreturnscausedinsurancedemand-Becamemanagersofpensionfunds212.1InsuranceCompanies12.1.112.1.2Property&CasualtyInsuranceCompanies-Regulatedbystates-Holdmoreliquidassets-Insureagainstlossesfromalmostanytypeofevent.Ifapossiblelossistoolarge,severalfirmsmayjointogethertowriteapolicyorreducetheirriskbyobtainingreinsurance.312.1.2Property&CasualtyInsTable1RelativeSharesofTotalFinancialIntermediaryAssets,1970–2008(percent)4Table1RelativeSharesofToInsuranceManagement

Screening:Trytoscreenoutgoodinsurancerisksfrompoorones.2. Risk-basedpremiums:Charginginsurancepremiumsonthebasisofhowmuchriskapolicyholderposesfortheinsuranceprovider.3. Restrictiveprovisions:discouragepolicyholdersfromengaginginriskyactivitiesthatmakeaninsuranceclaimmorelikely.4. Preventionoffraud:Conductinvestigationstopreventfraudsothatonlypolicyholderswithvalidclaimsreceivecompensation.5InsuranceManagement

Screening5. Cancellationofinsurance:Beingpreparedtocancelpolicies.6. Deductibles:isthefixedamountbywhichtheinsured’slossisreducedwhenaclaimispaidoff.7. Coinsurance:Apolicyholdersharesapercentageofthelossesalongwiththeinsurer.8. Limitsonamountsofinsurance65. Cancellationofinsurance:

12.2PensionFundsPensionfunsprovidethepublicwithanotherkindofprotection:regularincomepaymentsduringretirement.1. Rapidgrowth:encouragedbytaxpolicy2. Biggerroleinstockmarket3. Problemofunderfunding4. PrivatePensionPlans:administeredbyabank,alifeinsurancecompany,orapensionfundmanager.5. PublicPensionPlansSocialSecurity:coversvirtuallyallindividualsemployedintheprivatesector.

712.2PensionFundsPensionfun12.3FinanceCompaniesBorrowinlargeamountsbutoftenlendinsmallamounts.1. Minimalregulationbystates2. Rapidgrowth3. Threetypes:SalesfinancecompaniesOwnedbyaretailingormanufacturingcompanyandmakeloanstoconsumerstopurchaseitemsfromthatcompany.812.3FinanceCompaniesBorrowiConsumerfinancecompaniesMakeloanstoconsumerstobuyparticularitemsortohelprefinancesmalldebts.BusinessfinancecompaniesProvidespecializedformsofcredittobusinessesbymakingloansandpurchasingaccountsreceivableatadiscount.9Consumerfinancecompanies912.4MutualFunds

Pooltheresourcesofmanysmallinvestorsbysellingsharesandusingtheproceedstobuysecurities.Advantage:-Lowertransactioncostsinpurchasingsecurities-Reducingtheriskbydiversifying1012.4MutualFunds

PooltheresLargeincreaseinthemarketsharesince1980.Primarilyheldbyhouseholds.Andbecomeincreasinglyimportantinhouseholdsavings.Institutionalinvestors(mutualfundsandpensionfunds)controlmorethan50%oftheoutstandingstockintheU.S.Open-endvs.closed-endOpen-endfund:sharescanberedeemedatanytimeatpricethatistiedtotheassetvalueofthefund.Closed-endfund:afixednumberofnonredeemablesharesaresoldataninitialofferingandarethentradedlikeacommonstock.11Largeincreaseinthemarkets5.Loadvs.no-loadLoadfunds:commissionispaidatthetimeofpurchase.No-loadfunds:solddirectlytothepublicwithnosalescommissions.Themanagersearntheirlivingfrommanagementfees,whichamountstoapproximately0.5%oftheassetvalueofthefundperyear.6.RegulatedbySEC125.Loadvs.no-load127.MoneymarketmutualfundsInvestsinmoneymarketinstrumentsofveryhighquality.Effectivelyfunctionascheckabledepositsthatearnmarketinterestratesonshort-termdebtsecurities.Currentlyaccountforaroundone-thirdoftheassetvalueofallmutualfunds.8.HedgefundsDifferentfromtraditionalmutualfunds.Haveaminimuminvestmentrequirementbetween$10,000and$20million.Usuallyrequirethatinvestorscommittheirmoneyforlongperiodsoftimeandchargelargefeestoinvestors.Despitetheirname,thesefundscananddotakebigrisks,particularlyifithasleveragedupitspositions.137.Moneymarketmutualfunds1312.5GovernmentFinancialIntermediationFederalcreditagencies: FNMA,GNMA,FHLMC,FarmCreditSystem,SLMA Moralhazardproblemofgovernmentloanguarantees1412.5GovernmentFinancialInte12.6SecuritiesMarketInstitutionsAllareregulatedbySEC1.InvestmentbanksTheyassistinthesaleofsecurities.Advisethecorporationonwhetheritshouldissuebondsorstock.Asaunderwriter,theyguaranteethecorporationapriceonthesecuritiesandthensellthemtothepublic.1512.6SecuritiesMarketInstitu2011年度证券公司的投行业务排名表全行业共81家证券公司合计承销股票和债券（下简称“股债”）1.3万亿元。中信证券为承销总额最高的券商，平安证券则以承销家数占全行业之首。同时行业分化依然显著，列入统计口径的81家券商中，中信证券一家的全年股债承销额，就相当于排名后50家券商之总和。以股债承销金额排名，中信证券的承销金额高达1764.998亿元，排名第一，平安证券及国信证券紧随其后，但承销额均不足千亿。承销股债家数排名，平安证券以全年60家列行业首位，中信证券和国信证券分列第二、第三位。以股票承销金额排名，依然是中信证券遥遥领先，全年承销金额711.85亿元，远超国信证券465.1万元和平安证券的338.4万元。以股票承销家数排名，平安证券以1家的微弱优势领先于国信证券，全年承销42家居首位，海通证券排名第三，全年承销22家。相比2010年，曾是国内投行业“大佬级”券商的中国国际金融有限公司（中金公司），以及曾被喻为“2010年黑马”的中银国际出现了较大幅度的下滑。162011年度证券公司的投行业务排名表全行业共81家证券公司合2012年度证券公司总资产排名172012年度证券公司总资产排名17SecuritiesbrokersanddealersConducttradinginsecondarymarkets.Brokersactasagentsforinvestors,matchingbuyerswithsellerandarepaidbrok