國際融資和國內(nèi)資本市場(chǎng)(國際財(cái)務(wù)管理Joseph F.G課件

1、CHAPTER 12國際融資和國內(nèi)資本市場(chǎng)1INTERNATIONAL FINANCING AND NATIONAL CAPITAL MARKETSCHAPTER OVERVIEW:I.公司資金的來源與運(yùn)用II.作為國際金融中心的國內(nèi)資本市場(chǎng)III. 開發(fā)銀行IV.項(xiàng)目融資2I.公司資金的來源與運(yùn)用I.CORPORATE SOURCES OF FUNDSA.3 General Sources of Funds:1.內(nèi)部融資2.短期外部融資3.長(zhǎng)期外部融資B.Forms of Securities1.權(quán)益2.負(fù)債3CORPORATE SOURCES AND USES OF FUNDSC.債務(wù)工具

2、1.商業(yè)銀行貸款2.債券a.公開發(fā)行b.私募4CORPORATE SOURCES AND USES OF FUNDSD.金融市場(chǎng)與金融中介1.證券化a. 定義:replacing bank loans withsecurities issued in public markets.5CORPORATE SOURCES AND USES OF FUNDSb.進(jìn)入公司發(fā)行市場(chǎng)的成本正在下降歸因于1.)信息處理和通信技術(shù)的發(fā)展2.)全球化6CORPORATE SOURCES AND USES OF FUNDSE.金融體系和公司治理377:1.Anglo-Saxon (AS) Model2.Conti

3、nental European and Japanese (CEJ) Model- example: keiretsus7CORPORATE SOURCES AND USES OF FUNDSF. 金融市場(chǎng)全球化導(dǎo)致1.競(jìng)爭(zhēng)加劇,降低發(fā)行成本2.管制套利8II.作為國際金融中心的國內(nèi)資本市場(chǎng) II.NATIONAL CAPITAL MARKET ASINTERNATIONAL CENTERSA.金融市場(chǎng)及其中介的主要職能-在借貸者之間1.轉(zhuǎn)移購買力2.分配資金9NATIONAL CAPITAL MARKETS AS INTERNATIONAL CENTERSB.國際金融市場(chǎng)1.Developm

4、ent of most important:a.Londonb.New Yorkc.Tokyo10NATIONAL CAPITAL MARKETS AS INTERNATIONAL CENTERS2.Other Centers (entrepots) For intermediaries such asa.Singaporeb.Hong Kongc.the Bahamas非居民資金供應(yīng)者和非居民資金使用者之間的金融中介.11NATIONAL CAPITAL MARKETS AS INTERNATIONAL CENTERS3. 成為金融中心的先決條件a.political stabilityb.

5、minimal government interventionsc.legal infrastructured.financial infrastructure12NATIONAL CAPITAL MARKETS AS INTERNATIONAL CENTERSC.外資進(jìn)入國內(nèi)市場(chǎng)1. The Foreign Bond Marketa. Extension of domestic marketb. Issues floated by foreign cos. or governmentsc. Examples:yankee bonds, samurai bonds13NATIONAL CAPI

6、TAL MARKETS AS INTERNATIONAL CENTERSc.Three Major Types of Foreign Bonds1.)Fixed rate2.)Floating rate3.)Equity related14NATIONAL CAPITAL MARKETS AS INTERNATIONAL CENTERS2.外國銀行市場(chǎng)a.Extension of domestic marketsb.Important funding source:Japanese banks for U.S. firms15NATIONAL CAPITAL MARKETS AS INTERN

7、ATIONAL CENTERS3.外國股票市場(chǎng)a.Cross listing internationally can1.) diversify risk2.) increase potential demand3.) build base of global owners.16NATIONAL CAPITAL MARKETS AS INTERNATIONAL CENTERSD.金融市場(chǎng)全球化存在的弊病-abrupt shifts in capital flows17DEVELOPMENT BANKSIII.開發(fā)銀行A. General Purposefounded by governments

8、 to help finance very large infrastructure projects.18DEVELOPMENT BANKSB.Types of Development Banks1.World Bank Group includesa. International Bank for Reconstruction and Developmentb. International Development Associationc. International Finance Corporation19DEVELOPMENT BANKSB.Types of Development

9、Banks (cont)2.Regional Development Banksfinance industry, agricultural, andinfrastructure projects3.National Development Banksconcentrate on a particular industry or region.20IV. 項(xiàng)目融資PROJECT FINANCEfrequently used mechanism to finance large-scale, long-term capital investments.21PROJECT FINANCEKey Attributes of Project Financing1.Focus on economically separable proje