Chap11 The Global Capital Market
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a) smaller capital markets b) more investment opportunities c) similar costs of capital d) greater liquidity
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
❖ Borrowers include individuals, companies, and governments
❖ Markets makers are the financial service companies that connect investors and borrowers, either directly or indirectly
In 2006, the stock of cross-border bank loans was about a) $3,600 b) $7,800 c) $17,800 d) $33,600
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-12
Classroom Performance System
Which of the following is not true of global capital markets a) they benefit borrowers b) they benefit sellers c) they raise the cost of capital d) they provide a wider range of investment opportunities
❖ International portfolio diversification is even less risky because the movements of stock prices across countries are not perfectly correlated
❖ This low correlation reflects the differences in nations’ 国际投资组合的多元 化危险更少，因为不同国家的股票价格变动是不完全相关的macroeconomic policies and economic policies and how their stock markets respond to different forces, and nations’ restrictions on cross-border capital flows 这种 低相关性反映了国家的宏观经济政策和经济政策的差异，以及他们的股票市 场如何应对不同的力量，以及国家的限制跨境资本流动
1-15
Growth Of The Global Capital Market
Two factors are responsible for the growth of capital markets: 1. advances in information technology – the growth of international
the global capital market to emerge很多监管屏障在20世纪八十年代 和20世纪九十年代期间下滑了，这使得国际资本市场出现
❖ Today, firms can list their stock on multiple exchanges, raise funds by issuing equity or debt to investors from around the world, and attract capital from international investors今天, 公司可以列出他们在 多种交易所的股权，通过将股票与债务供给世界各地的投资者来筹集 资本，并且吸引国际投资者的资本
❖ Commercial banks are indirect market makers, and investment banks are direct market makers
❖ Capital market loans can be equity (stock) or debt ( cash
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-6
Functions Of A Generic Capital Market
Figure 11.1: The Main Players in a Generic Capital Market
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-3
Benefits Of The Global Capital Market
❖ There are market functions that are shared by both domestic and international capital markets 存在市场机能 被国内和国际资本市场共享
loans or bonds)
山东经济学院·国际贸易学院
School of International Trade, Shandong Economic University 1-5
Classroom Performance System
Which of the following are market makers? a) commercial banks b) pension funds c) insurance companies d) governments
❖ However, global capital markets offer some benefits not found in domestic capital markets 然而， 全球资本市场 提供一些国内资本市场无法找到的益处
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
❖ Investors also benefit from the wider range of investment opportunities in global capital markets that allow them to diversify their portfolios and lower their risks
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-11
Classroom Performance System
Compared to developed nations, less developed nations have
Shandong Economic University
International Business 国际商务
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
Shandong Economic University
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-13
Growth Of The Global Capital Market
❖ 全球资本市场以迅速的步伐增长着 ❖ 1990年，跨境银行贷款的股票仅是36000亿美元 ❖ 2006年之前,跨境银行贷款的股票是178750亿美元 ❖ 国际债券市场显示，一个相似的模式1997年有35150亿美
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-7
Attractions Of The Global Capital Market
❖ 借款人受益于： ❖ 全球资本市场提供的额外供给和资金 ❖ 相关的低资本成本(借贷资金或借款人付给投资者的还款
1-4
Functions Of A Generic Capital Market
❖ Capital markets bring together investors and borrowers
❖ Investors include corporations with surplus cash, individuals, and non-bank financial institutions
❖ 投资者也受益于全球资本市场中更广泛的投资机会，这使他们分散投资组合， 降低其风险
❖ Studies show that fully diversified portfolios are only about 27 percent as risky as individual stocks 研究表明，充分多元化的投资组合的风险大约只有 个股的百分之二十七
元的优秀国际债券，2006年有175610亿美元 ❖ 国际股票发行1997年是180亿美元，2006年是3370亿美元
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-14Biblioteka Classroom Performance System
Figure 11.2: Market Liquidity and the Cost of Capital
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-9
Attractions Of The Global Capital Market
❖
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-10
Attractions Of The Global Capital Market
Figure 11.3: Risk Reduction through Portfolio Diversification
Chapter 11
The Global Capital Market
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
Introduction
❖ The rapid globalization of capital markets facilitates the free flow of money around the world资本市场的迅速全球化有助于全球资金的自 由流动
比率)
❖ 国际市场上资本成本较低因为投资群体远远大于国内资本 市场
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-8
Attractions Of The Global Capital Market
❖ Traditionally, national capital markets have been separated by regulatory barriers传统上，国家资本市场已经被监管屏障所分割
❖ Therefore, it was difficult for firms to attract foreign capital ❖ Many regulatory barriers fell during the 1980s and 1990s, allowing
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
❖ Borrowers include individuals, companies, and governments
❖ Markets makers are the financial service companies that connect investors and borrowers, either directly or indirectly
In 2006, the stock of cross-border bank loans was about a) $3,600 b) $7,800 c) $17,800 d) $33,600
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-12
Classroom Performance System
Which of the following is not true of global capital markets a) they benefit borrowers b) they benefit sellers c) they raise the cost of capital d) they provide a wider range of investment opportunities
❖ International portfolio diversification is even less risky because the movements of stock prices across countries are not perfectly correlated
❖ This low correlation reflects the differences in nations’ 国际投资组合的多元 化危险更少，因为不同国家的股票价格变动是不完全相关的macroeconomic policies and economic policies and how their stock markets respond to different forces, and nations’ restrictions on cross-border capital flows 这种 低相关性反映了国家的宏观经济政策和经济政策的差异，以及他们的股票市 场如何应对不同的力量，以及国家的限制跨境资本流动
1-15
Growth Of The Global Capital Market
Two factors are responsible for the growth of capital markets: 1. advances in information technology – the growth of international
the global capital market to emerge很多监管屏障在20世纪八十年代 和20世纪九十年代期间下滑了，这使得国际资本市场出现
❖ Today, firms can list their stock on multiple exchanges, raise funds by issuing equity or debt to investors from around the world, and attract capital from international investors今天, 公司可以列出他们在 多种交易所的股权，通过将股票与债务供给世界各地的投资者来筹集 资本，并且吸引国际投资者的资本
❖ Commercial banks are indirect market makers, and investment banks are direct market makers
❖ Capital market loans can be equity (stock) or debt ( cash
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-6
Functions Of A Generic Capital Market
Figure 11.1: The Main Players in a Generic Capital Market
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-3
Benefits Of The Global Capital Market
❖ There are market functions that are shared by both domestic and international capital markets 存在市场机能 被国内和国际资本市场共享
loans or bonds)
山东经济学院·国际贸易学院
School of International Trade, Shandong Economic University 1-5
Classroom Performance System
Which of the following are market makers? a) commercial banks b) pension funds c) insurance companies d) governments
❖ However, global capital markets offer some benefits not found in domestic capital markets 然而， 全球资本市场 提供一些国内资本市场无法找到的益处
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
❖ Investors also benefit from the wider range of investment opportunities in global capital markets that allow them to diversify their portfolios and lower their risks
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-11
Classroom Performance System
Compared to developed nations, less developed nations have
Shandong Economic University
International Business 国际商务
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
Shandong Economic University
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-13
Growth Of The Global Capital Market
❖ 全球资本市场以迅速的步伐增长着 ❖ 1990年，跨境银行贷款的股票仅是36000亿美元 ❖ 2006年之前,跨境银行贷款的股票是178750亿美元 ❖ 国际债券市场显示，一个相似的模式1997年有35150亿美
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-7
Attractions Of The Global Capital Market
❖ 借款人受益于： ❖ 全球资本市场提供的额外供给和资金 ❖ 相关的低资本成本(借贷资金或借款人付给投资者的还款
1-4
Functions Of A Generic Capital Market
❖ Capital markets bring together investors and borrowers
❖ Investors include corporations with surplus cash, individuals, and non-bank financial institutions
❖ 投资者也受益于全球资本市场中更广泛的投资机会，这使他们分散投资组合， 降低其风险
❖ Studies show that fully diversified portfolios are only about 27 percent as risky as individual stocks 研究表明，充分多元化的投资组合的风险大约只有 个股的百分之二十七
元的优秀国际债券，2006年有175610亿美元 ❖ 国际股票发行1997年是180亿美元，2006年是3370亿美元
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-14Biblioteka Classroom Performance System
Figure 11.2: Market Liquidity and the Cost of Capital
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-9
Attractions Of The Global Capital Market
❖
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-10
Attractions Of The Global Capital Market
Figure 11.3: Risk Reduction through Portfolio Diversification
Chapter 11
The Global Capital Market
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
Introduction
❖ The rapid globalization of capital markets facilitates the free flow of money around the world资本市场的迅速全球化有助于全球资金的自 由流动
比率)
❖ 国际市场上资本成本较低因为投资群体远远大于国内资本 市场
山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University
1-8
Attractions Of The Global Capital Market
❖ Traditionally, national capital markets have been separated by regulatory barriers传统上，国家资本市场已经被监管屏障所分割
❖ Therefore, it was difficult for firms to attract foreign capital ❖ Many regulatory barriers fell during the 1980s and 1990s, allowing