货币金融学ppt.ppt

第二讲 金融体系概览An Overview of the Financial System,An overview of financial system,1.1 Function of Financial Markets,1.金融市场的存在使资金从没有生产性投资机会的人那里流向有这种机会的人那里，使双方都有所改善，使资源流向可以发挥作用的地方，提高经济效益。金融市场为整个经济增加生产和提高效率做出了贡献。2.金融市场为消费者提供了投资渠道，可以提升他们的财富。（购买债券等）3.金融市场使消费者能更好地利用购买时机，从而直接提高了他们的福利。例如，通过向年轻人提供资金用于购置现在需要而以后也能负担得起的东西，使他们不至于望洋兴叹，苦等着积累足够的钱方能购置。,I.Financial Market,1.2 Structure of Financial Markets,金融关系中的部门：家庭净贷出者 企业净借入者 政府取决于财政状况 对外部门 在理解了金融市场的基本功能之后，接下来考察它们的结构。我们通过若干组依据不同分类标准而划分的相对概念的介绍来了解金融市场的基本结构，并进一步总结它的基本特征。,1.2.1 Money and Capital Markets,Money markets deal in short-term debt instruments Capital markets deal in longer-term debt and equity instruments,1.2.2 Debt and Equity Markets,1.2.3 Primary Market and Secondary Market,1.Primary Market(一级市场)初次发行(unseasoned)市场 IPO再发(seasoned)市场投资银行的介入(investment bank,underwriting):underwrite securities in primary markets私募与公募中国股票一级市场的情况：发行的“核准制”发行价格的确定，市盈率 为什么争相购买新股,2.Secondary Market(二级市场),二级市场的参与人：经纪人(brokers)与交易商(dealers)“经纪人（broker）：18世纪末期，该词的含义要比今天宽泛得多。这个词早在14世纪就从法语引入到英语中，它的法语原意是：把一桶酒分装成一杯一杯或一瓶一瓶后再卖出的人。在17世纪之前，这个词一直特指零售商和批发商，此后，它就完全被用来特指自己不直接参与生产的中介人。到18世纪末，它的含义逐渐演变为“将买方和卖方撮合在一起，并对促成的交易收取佣金的人”。今天，经纪人通常是高度专业化的人士，只从是一种产品或一些相关产品的经纪服务。”,股票价格指数：用来反映股票市场价格变动的总体状况的重要指标，也是政府进行宏观经济调控的重要参照指标。一些著名的指数：道琼斯指数DOW JONES,NASDAQ,S&P 500,FTSE 100,DAX 30,NIKKE 225,恒生指数HANG SENG,STI,参与市场的投资者类型：机构投资者(institutional investors)个人投资者(individual investors)前者较后者在资金、人才、经验，以及各种现 代化的技术设施等方面都具有明显的优势，和 较强的抵抗风险的能力。发达国家的证券市场主要是由机构投资者所主导的。,1.2.4 Exchanges and Over-the-Counter Markets,1.Exchanges(交易所)Trades conducted in central locations(e.g.,Shanghai Stock Exchange)不参与证券的买卖，作为一个服务机构和自律机构而存在，主要职能是：提供一个设施齐全的场所供买卖双方聚集在一起进行交易；制定各项规章制度，对交易主体、交易对象和交易过程进行严格的管理，以维持市场的公平、公开和公正；收集和发布市场价格变动信息及证券价格相关的各类信息；仲裁证券交易过程中发生的各种纠纷。,2.Over-the-Counter Markets(场外市场)Dealers at different locations buy and sell securities.在不同地区的拥有证券存货的交易商们持续地报出某种证券的买入价和卖出价，随时向与他们联系并愿意接受他们价格的任何人在柜台上买卖证券。相互之间用电子计算机进行联系，竞争性非常强。根据证券交易量的大小，一种证券可能由几家、甚至数十家自营商同时进行报价。没有交易席位的限制，没有上市标准，任何证券均可交易，而且不必公开发行公司的财务状况。场外交易市场是证券交易所的有效补充。越来越方便，越来越重要。,1.2.5 The Main-board Market and the Alternative Investment Market,资本市场(股票市场中的交易所)在其自身的发展过程中分化为主板市场、风险投资制度以及基于风险投资制度基础形成的二板市场。1.主板市场 工业经济时代的产物，它主要为处于相对成熟甚至传统产业中的大型企业提供资金。主板市场对申请上市的公司要求较为严格，如近几年的经营业绩等，使得能够进入这个市场筹集资金的门槛较高。2.二板市场 在全球经济处于新经济时代时应运而生的，它为高新技术产业与金融资本的结合提供了一种流动机制，它的进入要求较低，可以适应现代高新技术企业创业的需要。美国的那斯达克市场（NASDAQ），英国的另类投资市场（AIM），德国的Neuer Market，香港地区的创业板市场，深圳的创业板市场（北京鼎汉）。,1.3 Financial Market Instruments,1.3.1 Features of Financial InstrumentsLiquidity(流动性)Risk(风险)。Default Risk(违约风险)and Market Risk(市场风险)。Rate of Return(收益率),1.3.2 Money Market Instruments,An overview of money market instruments in US:,Treasury Bills(国库券)These short-term debt instruments of government are usually issued in 3-,6-and 12-month maturities to finance the deficits of the government.2.Negotiable CDs(可转让存单)A debt instrument sold by a bank to depositors that pays annual interest of a given amount and at maturity pays back the original purchases price.Citibanks innovation.1961年出现，当时市场利率上涨，活期存款无利或利率极低，现行定期储蓄存款亦受联邦条例制约，利率上限受限制，存款纷纷从银行流出，转入收益高的金融工具。大额可转让定期存单利率较高，又可在二级市场转让，对于吸收存款大有好处 Various CDs：large-or small-denomination(大额与小额可转让存单)Euro-dollar CDs(欧洲美元存单)Saving CDs(储蓄存单),3.Commercial Paper(商业票据),A short-term debt instrument issued by large banks and well-known corporations.商业票据的发行者与投资者：是一种传统的融资工具，60年代后期开始迅速发展。原因：银行的融资需求；低利率；桥式融资(bridge financing)等。交易性商业票据和融资性商业票据 一级市场与二级市场违约风险和信用风险发行公司所支付的费用：利息；信贷额度收费；代理费用；评估费用非美国商业票据市场：武士商业票据；欧洲商业票据,4.Bankers Acceptances（银行承兑汇票）5.Repurchase Agreements（回购协议）6.Federal Funds（联邦基金，或称为同业拆借市场）7.The Others 如Eurodollars(欧洲美元)，,1.3.3 Capital Market Instruments,Stocks(公司股票）:equity claims on the net income and assets of a corporation.(individual or institutional investors)Mortgages（抵押贷款）：loans to households or firms to purchase housing,land or other real structures where the structure of land itself serves as collateral for the loans.The mortgage-back security(资产证券化):an active secondary market for mortgages.Corporate Bonds(公司债券):long-term bonds issued by corporations with very strong credit ratings.U.S.Government Securities(财政证券):issued by the U.S.Treasury to finance the deficits of the federal government.(agency,state and local government)Consumer and Bank Commercial Loan(银行商业与消费者贷款):loans to consumers and businesses made principally by banks.,An overview taking US as an example:,1.3.4 Internationalization of Financial Markets,1.International Bond Marketa.Foreign bonds（外国债券）:sold in a foreign country and denominated in that countrys currencyb.Eurobonds（欧洲债券）:denominated in a currency other than that of the country in which it is sold.Over 80%the new issues in the international bond market;now larger than U.S.corporate bond market2.Eurocurrenciesforeign currencies deposited in banks outside the home countryEurodollarsU.S.dollars deposited in foreign banks outside the U.S.or in foreign branches of U.S.banksShort-term deposits,just like short-term Eurobonds.3.World Stock Marketsa.跨国界的股票买卖数量非常庞大。b.多方上市。,World Stock Markets,II.Financial Intermediaries,Financial Intermediaries1.Engage in process of indirect finance2.More important source of finance than securities markets3.Needed because of transactions costs and asymmetric information,2.1 Function of Financial Intermediaries,2.1.1 Transactions Costs（交易成本）Financial intermediaries make profits by reducing transactions costsReduce transactions costs by developing expertise and taking advantage of economies of scale（专业化和规模经济）Liquidity service（比如可以提前支取存款）,2.1.2 Risk sharing,the exposure of investors to risk:the uncertainty about the returns investors will earn on assets.Reduce the exposure through risk sharing(create assets)Diversification,2.1.3 Asymmetric Information:AdverseSelection and Moral Hazard,Adverse Selection（逆向选择）1.Before transaction occurs2.Potential borrowers most likely to produce adverse outcomes are ones most likely to seek loans and be selectedMoral Hazard（道德风险）1.After transaction occurs2.Hazard that borrower has incentives to engage in undesirable(immoral)activities making it more likely that wont pay loan backFinancial intermediaries reduce adverse selection and moral hazard problems,enabling them to make profits,2.2 Financial Intermediaries,Depository Institutions commercial banks savings and loan associations mutual savings banksContractual Savings Institutions life insurance companies fire and casualty insurance companies Pension funds and government retirement fundsInvestment Intermediaries Finance companies Mutual funds Money market mutual funds,III.Regulation of the Financial System,3.1 Increasing Information Available to InvestorsA.Decreases adverse selection and moral hazard problemsForces corporations to disclose information(Reduce insider trading)信息在金融体系中扮演了十分重要的角色。政府的监管能够弱化金融市场中的逆向选择和道德风险问题，并通过增加投资者可得信息而增进市场效率。美国背景：最开始没有严格的监管，但1929年股票市场的崩溃以及随后暴露的大量欺诈行径，促使人们在政治上要求对金融市场进行监管，并最终导致1933年的证券法的通过以及“证券交易委员会”的建立。,In China:Regulatory Agency Subject of Regulation,证监会 银监会 保监会,证券市场银行业保险业,