金融市場(chǎng)學(xué)Topic One課件

TopicOneRoleofFinancialMarketsandInstitutionsFinance：isthestudyofhowpeopleallocatescareresourcesovertime(R.Merton).Twofeaturesoffinancialdecisionsare:

Spreadoutovertime;Usuallynotknownwithcertaintyinadvancebyeitherthedecisionmakersoranybodyelse.Financialsystem:thesetofmarketsandotherinstitutionsusedforfinancialcontractingandtheexchangeofassetsandrisks.Marketsfor:stocks,bonds,andotherfinancialinstruments;Financialintermediaries:banks,funds,insurancecompanies;Financialservicefirms(suchasfinancialadvisoryfirms);Regulatorybodies(governalloftheseinstitutions).FinancialMarketAFinancialMarket:isamarketinwhichfinancialassets(securities)suchasstocksandbondscanbepurchasedorsold.Onepartytransfersfundsinfinancialmarketsbypurchasingfinancialassetspreviouslyheldbyanotherparty.Financialmarketsfacilitatetheflowoffundsandtherebyfacilitatefinancingandinvestingbyhouseholds,firms,andgovernmentagencies.TheObjectivesofThisTopicAre:Describethetypesoffinancialmarketsthataccommodatevarioustransactions;Describetheroleoffinancialinstitutionswithinfinancialmarkets;Introducetheconceptofsecurityvaluationwithinfinancialmarkets;Identifythetypesoffinancialinstitutionsthatfacilitatetransactionsinfinancialmarkets.OverviewofFinancialMarketsTheMainParticipantsinFinancialMarkets:Households(mainsurplusunits);Businesses(deficit/surplusunits);Governments(maindeficitunits).MoneyversusCapitalMarkets:Moneymarkets:thatfacilitatetheflowofshort-termfunds(withmaturitiesoflessthanoneyear);Capitalmarkets:thatfacilitatetheflowoflong-termfunds.OrganizedversusOver-the-CounterMarketsOrganizedexchange:avisiblemarketplaceforsecondarymarkettransactions,suchasShanghaiandShenzhenStockExchanges.Over-the-counter(OTC,場(chǎng)外交易)market:transactionsoccurinatelecommunicationsnetwork(NASDAQ).Capitalmarketsecurities:securitieswithamaturityofmorethanoneyear.Therearethreecommontypesofcapitalmarketsecurities:bonds,mortgages,andstocks.

Bonds(債券):long-termdebtobligationsissuedbycorporationsandgovernmentagenciestosupporttheiroperations.

Mortgages(抵押):long-termdebtobligationscreatedtofinancethepurchaseofrealestate.

什么是美國(guó)次債危機(jī)？SecuritiesTradedinFinancialMarkets

Debtsecuritiesprovideareturntoinvestorsintheformofspecifiedinterestincome(couponpayments)everysixmonths.Theytendtohaveahigherreturnthanmoneymarketsecurities,butalsomorerisk(defaultrisk)aswell.Debtsecuritiescanbesoldinthesecondarymarketifinvestorsdonotwanttoholdthemuntilmaturity.SecuritiesTradedinFinancialMarkets

Stocks(equitysecurities):arecertificatesrepresentingpartialownershipinthecorporationsthatissuedthem.Thereturnsforstockholdersaredividends(ifthereareany)andcapitalgainwhentheysellthestock(ifthestockpriceishigherthantheypaid).Stockshaveahigherexpectedreturnthanmostlong-termdebtsecurities,butalsoexhibitahigherdegreeofrisk.SecuritiesTradedinFinancialMarketsValuationofSecuritiesinFinancialMarketsThevaluationofasecurityismeasuredasthepresentvalueofitsexpectedcashflows,discountedataratethatreflectstheuncertainty.MarketPricingofSecuritiesSecuritiesarepricedinthemarketaccordingtohowtheyarevaluedbymarketparticipations.Equilibriummarketpriceisthepriceatwhichthedemandforthatsecurityisequaltothesupplyofthatsecurityforsale.Yet,becauseinvestorsderivedifferentvaluesforaparticularsecurity,theydonotnecessaryagreethatthemarketpriceisappropriate.

Impactofvaluationsonpricing:Information（炒股信息）MarketEfficiency(市場(chǎng)有效性)Becausesecuritieshavemarket-determinedprices,theirfavorableorunfavorablecharacteristicsasperceivedbythemarketarereflectedintheirprices.Whensecuritypricesfullyreflectallavailableinformation,themarketsforthesesecuritiesaresaidtobeefficient.Whenmarketsareinefficient,investorscanuseavailableinformationignoredbythemarkettoearnabnormallyhighreturnsontheirinvestments.

ValuationofSecuritiesinFinancialMarkets

E.Fama,1991,EfficientCapitalMarkets:II,JournalofFinance,46,1575-1617.

E.Fama,1970,EfficientCapitalMarkets:AReviewofTheoryandEmpiricalWork,JournalofFinance,25,384-417.ValuationofSecuritiesinFinancialMarketsFinancialMarketRegulationThePeople’sBankofChina();ChinaBankingRegulatoryCommission(http://);ChinaSecuritiesRegulatoryCommission();ChinaInsuranceRegulatoryCommission(http://);FinancialMarketGlobalizationForeignexchangemarket,ForeignexchangeratesRoleofFinancialInstitutionsinFinancialMarketsIffinancialmarketswereperfect,allinformationaboutanysecuritiesforsaleinprimaryandsecondarymarketswouldbecontinuouslyandfreelyavailabletoinvestors.Becausemarketsareimperfect,securitiesbuyersandsellersdonothavefullaccesstoinformationandcannotalwaysbreakdownsecuritiestotheprecisesizetheydesire.Financialinstitutionsareneededtoresolvetheproblemscausedbymarketimperfections,andtheydecreasetransactioncostsoffinancialmarkettransactions.RoleofDepositoryInstitutions:

AcceptdepositoryfromsurplusunitsandprovidecredittodeficitunitsthroughloansandpurchasesofsecuritiesOfferdepositaccountsthatcanaccommodatetheamountandliquiditycharacteristicsdesiredbymostsurplusunits;Repackagefundsreceivedfromdepositstoprovideloansofthesizeandmaturitydesiredbydeficitunits;RoleofFinancialInstitutionsinFinancialMarketsTherearethreekindsofdepositoryinstitutions:CommercialBanks,SavingInstitutions(S&Ls),andCreditUnions.SavingInstitutionshaveconcentratedonresidentialmortgageloans,whereascommercialbankshaveconcentratedoncommercialloans.Yetthisdifferencehasbeennarrowed(deregulation).CreditUnionsarenonprofitandrestricttheirbusinesstothecreditunionmembers.RoleofFinancialInstitutionsinFinancialMarketsRoleofNondepositoryFinancialInstitutionsNondepositoryfinancialinstitutionsgeneratefundsfromsourcesotherthandeposits.FinanceCompanies.Obtainfundsbyissuingsecurities,thenlendthefundstoindividualandsmallbusinesses.MutualFunds.Sellsharestosurplusunitsandusethefundsreceivedtopurchaseaportfolioofsecurities.Stock,bondandmoneymarketmutualfunds.RoleofFinancialInstitutionsinFinancialMarketsSecuritiesFirms.Provideawidevarietyoffunctionsinfinancialmarkets.Broker,underwriter,dealerInsuranceCompanies.Investmoneysetasidetopayfutureclaimsinsecurities,realestates,andotherassets.PensionFunds.Investmoneysetasidetopayfuturepensionsinsecurities,realestates,andotherassets.RoleofFinancialInstitutionsinFinancialMarketsHoldingCompanyofaFinancialConglomerateCommercialBankOperations

CommercialLoansOtherCorporationServicesThriftOperationsMortgagesInsuranceOperationsInsuranceforIndividualsInsuranceforFirmsSecuritiesOperationsBrokerageInvestmentBankingMutualFundOperationsStockFundsBondFundsMoneyMarketFundsConsumerFinanceOperationsConsumerloansSmallBusinessLoansCompetitionBetweenFinancialInstitutionsConsolidationofFinancialInstitutionsSummaryFinancialmarketsfacilitatethetransferoffundsfromsurplusunitstodeficitunits.Theprimarymarketallowsfortheissuanceofnewsecurities,whilethesecondarymarketallowsforthesaleofexistingsecurities.Moneymarketsfacilitatethesaleofshort-termsecurities,whilecapitalmarketsfacilitatethesaleoflong-termsecurities.Thevaluationofasecurityrepresentsthepresentvalueoffuturecashflowsthatitisexpectedtogenerate.Newinformation(economicandfirm-specificconditions)thatindicatesachangeinexpectedcashflowsorthedegreeofuncertaintyaffectsthepricesofsecuritiesinfinancialmarkets.Depositoryandnondepositoryinstitutionshelptofinancetheneedsofdeficitunits.Depositoryinstitutionscanserveaseffectiveintermediarieswithinfinancialmarkets,whilenondepositoryinstitutionsaremajorpurchasesofsecuritiesandthereforeprovidefundingtodeficitunits.Commercialbanks,savinginstitutions,andcreditunionsarethemaindepositoryinstitutions.Themainnondepositoryinstitutionsarefinancecompanies,mutualfunds,pensionfunds,andinsurancecompanies.QuestionsandApplicationsDistinguishbetweenprimaryandsecondarymarkets;Distinguishbetweenmoneyandcapitalmarkets;Distinguishbetweenperfectandimperfectsecuritymarkets;Whatarethefunctionsofsecuritiesfirms?Whatarethefunctionsofamutualfund?Whyaremutualfundspopularamonginvestors?ThepriceofIBMwillnotbeaffectedbytheannouncementthatitsearningshaveincreasedasexpected.Why?QuestionsandApplications什么是美國(guó)次債危機(jī)？產(chǎn)生原因、及其潛在的影響？第三周課后交作業(yè)（手寫稿，打印稿不接收）思考的話題：“養(yǎng)老金”入市？

我國(guó)的現(xiàn)狀：目前地方政府社保資金結(jié)余2萬億元，住房公積金結(jié)余也達(dá)2.1萬億元，共計(jì)4.1萬億。2000年至2008年全國(guó)社保基金總的收益率可能不足2%，低于同期的通脹率。美國(guó)401K計(jì)劃:401K計(jì)劃也稱為401K條款，適用于私人公司，為雇主和雇員的養(yǎng)老金存款提供稅收方面的優(yōu)惠。企業(yè)為員工設(shè)立專門的401K賬戶，員工每月從其工資中拿出一定比例的資金存入養(yǎng)老金賬戶，而企業(yè)一般也為員工繳納一定比例的費(fèi)用。員工自主選擇證券組合進(jìn)行投資，收益計(jì)入個(gè)人賬戶。混業(yè)經(jīng)營(yíng)(Conglomeration)分業(yè)經(jīng)營(yíng)和混業(yè)經(jīng)營(yíng)是金融業(yè)的兩種經(jīng)營(yíng)模式?；鞓I(yè)經(jīng)營(yíng)是指金融業(yè)之間實(shí)現(xiàn)交叉