第三节 金融工具

第三节金融工具课前思考题：1、请思考一下你现在了解的金融产品有哪些？如果你老爸每年1次性给你5000元生活费，你如何处理这5000元？全部存款（存款种类繁多，如何存款？）、买基金、债券、股票和其他投资？2、在我国，民营企业、中小企业融资存在哪些困难？他们在哪些金融产品上受到限制？3、金融产品的风险可以用“睡眠指数”来衡量，那么，你所知道的金融产品的睡眠指数是多少？4、如果一家企业发行期限100年的债券，票面利率7.5％（比30年期高1.5％）。这种债券有没有人购买？如果有人购买，你猜想可能是哪些人购买？你会不会购买？内容一、货币市场工具（instrumentsofmonetarymarkets）二、资本市场工具（instrumentsofcapitalmarkets）三、案例分析：“孙大午事件”instrumentsof

monetarymarkets1、BillsofExchange（B/Es）2、Banker`sAcceptance（BAs）3、CommercialPapers（CPs）4、Treasurybill（T-bills）5、MonetaryMarketFunds（MMFs）6、RepurchaseAgreements（Repos）7、NegotiableCertificatesofDeposit（NCDs）B/Es（汇票）Abillofexchangeisanunconditionalorderinwritingaddressedbyonepersontoanother,signedbythepersongivingit,requiringthepersontowhomitisaddressedtopayondemandoratfixedordeterminablefuturetimeasumcertaininmoneytoorderortobearer.UniformCommercialCode,Article3-104.Promissorynotes（IOU）BAs（银行承兑汇票）BAsarebank-guaranteedbillsofexchangenormallyusedtofinanceforeigntrade.UnderspecifiedconditionsandforafeeabankmayguaranteepaymentofaB/Esthathasbeendrawnonitbyanstamping“accepted”onthefaceofthedraft.LettersofCredit（L/C）CPs（商业票据）CPisthenamegiventoshort-termunsecurednotessoldbylargecorporations,usuallyonadiscountbasis,todealersandotherfinancialandnon-financialfirms.在美国商业票据最长期限不得超过270天。超过则视为是证券。T－billsT-billsaresuchshort-termfinancialinstrumentsthatarepubliclyissuedbygovernmentandsoldatdiscount.美国、英国T-bills采取滚动发行方式。MMFs（货币市场基金）好处：同时享有支票功能（支付）和储蓄功能。Repos（回购）Arepurchaseagreementrepresentsthesaleofsecuritiesbyonepartytoanotherwithanagreementtorepurchasethesecuritiesataspecifieddateandprice.Inessence,therepotransactionrepresentsaloanbackedbythesecurities.NCDs（可转让定期存单）TheNCDisissuedbylargecommercialbanksandotherdepositoryinstitutionsasashort-termsourceoffunds.Onecanbuyitascertificatesofdeposit,orinvestsatsecondarymarket.CapitalmarketinstrumentsBondsStocksMortgagesDerivativesecuritiesBondsBondsaredebtsecuritiesthatusuallyrequiretheissuertomakeaseriesofequalannualinterestpaymentsfollowedbyafinalmaturitypayment.Treasurynotes&TreasurybondsMunicipalbondsCorporatebondsYankeebonds&Warriorbonds&伦勃朗债券&PandaBonds&EurobondsConvertiblebondsstocksCommonstockisacertificaterepresentingpartialownershipinacorporation.Likedebtsecurities,commonstockisissuedbyfirmstoobtainfunds.However,thepurchaserofstockbecomespartowner,ratherthanjustacreditor.股权与债权的区别（Residualclaims&righttovote）思考题：Supposecorporationsaredeprivedoflimitedliability.Whatwillhappentobondyield?Whatwillhappentostockprice?Why?MortgagesAmortgageisalong-termloansecuredbyrealestate.Adevelopermayobtainamortgageloantofinancetheconstructionofanofficebuilding,orafamilymayobtainamortgageloantofinancethepurchaseofahome.美国次贷危机DerivativesecuritiesFinancialfutureOptionSwapStructuralFinancialInstrumentsFinancialfuturesAfinancialfuturescontractisastandardizedagreementtodeliverorreceiveaspecialamountofaspecialfinancialinstrumentataspecialpriceanddate.与商品期货的最主要区别：现金交割世界上交易量最大的金融期货是：外汇期货、股指期货和指数期货。期货是一种未来交割的交易合约，买入方（持有方）称为多仓或好仓（long），卖出方称为空仓或淡仓（short）。OptionsOptionsareclassifiedascallsorputs.Acalloptiongrantstheownertherighttopurchaseaspecifiedfinancialinstrumentforaspecifiedprice（exercisepriceorstrikeprice）withinaspecifiedperiodoftime.Therearetwomajordifferencesbetweenoptionandfuture:Theoptionrequiresthatapremiumbepaidinadditiontothepriceo