金融市场学双语课件C09-Powerpoint Slides
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《金融市场学》PPT课件
20世纪70年代以来，证券投资机构化趋势。
完整版ppt
17
第二节金融市场的要素
保险公司 养老金基金 信托投资公司 人寿保险公司 财产和灾害保险公司
保险目的 为人们因意外事故或死亡 为企业及居民提供财产意外损
而造成经济损失保险
失保险
资金来源 保险费稳定
不稳定
资金运用 高收益 高风险 股票
流动性 安全性较高 政府债券、高级别的企业债券
5
第一节 金融市场的概念及功能
一、金融市场的概念 金融市场是指以金融资产为交易对象而形成 的供求关系及其机制的总和。
有形和无形的场所； 供求关系；运行机制， 市场体系。
完整版ppt
6
第一节 金融市场的概念及功能
金融工具:最初是指载明债权债务关系的契约，它是 将资金从盈余部门转移到短缺部门的载体。
19
第二节金融市场的要素
保险公司 养老金基金 信托投资公司
信托投资公司(投资公司、投资基金） 向公众出售其股份或受益凭证募集资金，并将所获资金分 散投资于多样化证券组合的金融中介机构。 当事人：委托人；受托人；受益人；托管人 特点
规模经营 分散投资 专家管理 服务专业化
完整版ppt
20
第二节金融市场的要素
完整版ppt
10
第二节金融市场的要素
一、金融市场参与者(P9+P26)
参加和促进金融市场交易顺利达成的组织和个人。 1、基于金融活动特点的金融市场参与者分类 筹资者，投资者，投机者，套期保值者，套利者，监管者
2、基于自身特性的金融市场参与者分类 1)金融市场主体(资金供给者、需求者) 2)金融市场中介
中国银行业监督管理委员会 银行、金融资产管理公司信托投 资公司及其他存款性金融机构
完整版ppt
17
第二节金融市场的要素
保险公司 养老金基金 信托投资公司 人寿保险公司 财产和灾害保险公司
保险目的 为人们因意外事故或死亡 为企业及居民提供财产意外损
而造成经济损失保险
失保险
资金来源 保险费稳定
不稳定
资金运用 高收益 高风险 股票
流动性 安全性较高 政府债券、高级别的企业债券
5
第一节 金融市场的概念及功能
一、金融市场的概念 金融市场是指以金融资产为交易对象而形成 的供求关系及其机制的总和。
有形和无形的场所； 供求关系；运行机制， 市场体系。
完整版ppt
6
第一节 金融市场的概念及功能
金融工具:最初是指载明债权债务关系的契约，它是 将资金从盈余部门转移到短缺部门的载体。
19
第二节金融市场的要素
保险公司 养老金基金 信托投资公司
信托投资公司(投资公司、投资基金） 向公众出售其股份或受益凭证募集资金，并将所获资金分 散投资于多样化证券组合的金融中介机构。 当事人：委托人；受托人；受益人；托管人 特点
规模经营 分散投资 专家管理 服务专业化
完整版ppt
20
第二节金融市场的要素
完整版ppt
10
第二节金融市场的要素
一、金融市场参与者(P9+P26)
参加和促进金融市场交易顺利达成的组织和个人。 1、基于金融活动特点的金融市场参与者分类 筹资者，投资者，投机者，套期保值者，套利者，监管者
2、基于自身特性的金融市场参与者分类 1)金融市场主体(资金供给者、需求者) 2)金融市场中介
中国银行业监督管理委员会 银行、金融资产管理公司信托投 资公司及其他存款性金融机构
第一章 金融市场导论《金融市场学》PPT课件
按交割方式划分
现货市场(spot market) 期货市场(future market) 期权市场(option market)等
1.2金融市场的分类
按交易标的物划分
货币市场(money market) 债券市场(bond market) 股票市场(stock market) 外汇市场(foreign exchange market) 黄金市场(gold market) 金融衍生市场(derivatives market)
金融中介与服务机构 。
主要包括证券交易所、商品交易所、登记结算公司、会计师事 务所、律师事务所、资产评估师事务所、信用评价机构、投资 咨询公司等。
1.2金融市场的分类
讲授
1.2金融市场的分类
按融资期限划分
短期金融市场 。 长期金融市场 。
按交易层次划分
一级市场(primary market ),也称初级市场或发行市场 二级市场(secondary market ),又称为次级市场、交易市场
1.4金融市场的形成和发展趋势
主要的发展趋势：
金融全球化
前提：金融自由化 表现：金融交易的国际化
市场参与者的国际化
1.4金融市场的形成和发展趋势
金融创新
包括：基础金融产品的创新和金融衍生产品的创新 重要标志：金融工程化
资产证券化
指把流动性较差但质量较高、预期未来有稳定现金流收入 的资产通过商业银行或投资银行的集中及重新组合，形成 一个资产池，然后出售给特设信托机构（SPV），由后者 进行必要的信用增级后，发行以该资产池为担保的可在市 场上流通的证券的过程。
按交易中介划分
直接金融市场 间接金融市场
按地域划分
国内金融市场 国际金融市场
现货市场(spot market) 期货市场(future market) 期权市场(option market)等
1.2金融市场的分类
按交易标的物划分
货币市场(money market) 债券市场(bond market) 股票市场(stock market) 外汇市场(foreign exchange market) 黄金市场(gold market) 金融衍生市场(derivatives market)
金融中介与服务机构 。
主要包括证券交易所、商品交易所、登记结算公司、会计师事 务所、律师事务所、资产评估师事务所、信用评价机构、投资 咨询公司等。
1.2金融市场的分类
讲授
1.2金融市场的分类
按融资期限划分
短期金融市场 。 长期金融市场 。
按交易层次划分
一级市场(primary market ),也称初级市场或发行市场 二级市场(secondary market ),又称为次级市场、交易市场
1.4金融市场的形成和发展趋势
主要的发展趋势：
金融全球化
前提：金融自由化 表现：金融交易的国际化
市场参与者的国际化
1.4金融市场的形成和发展趋势
金融创新
包括：基础金融产品的创新和金融衍生产品的创新 重要标志：金融工程化
资产证券化
指把流动性较差但质量较高、预期未来有稳定现金流收入 的资产通过商业银行或投资银行的集中及重新组合，形成 一个资产池，然后出售给特设信托机构（SPV），由后者 进行必要的信用增级后，发行以该资产池为担保的可在市 场上流通的证券的过程。
按交易中介划分
直接金融市场 间接金融市场
按地域划分
国内金融市场 国际金融市场
金融市场学双语课件C06-Powerpoint Slides
Money Market Securities
■
Estimating commercial paper yields
Par – PP PP
YCP =
×
360 n
YCP = Commercial paper yield Par = Face value at maturity PP = Purchase price n = number of days to maturity
◆ Yield
based on the difference between price paid for T-bill and selling price adjusted for time
Money Market Securities
■
Calculating T-Bill Annualized Yield
■
Money Market Securities
■
Treasury bills
● It-term needs of the U.S. government ● Attractive to investors
◆ Minimal
default risk—backed by Federal Government ◆ Excellent liquidity for investors
■
Money Market Securities
Negotiable certificates of deposits certificates of deposit (CD) is a time deposit with a bank. ● The banks pay interest and principal to the depositor only at the end of the fixed term of the CD. ● CDs issued in denominations greater than $100,000 are usually negotiable. ● CDs are treated as bank deposits by the Federal Deposit Insurance Corporation. ■ Federal funds Funds in the bank’s reserve account are called federal funds. ● Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements.
金融市场学英文版ppt
1.1 1.2 1.3 1.4 1.5 1.6 1.7 Introduction Functions of the Financial System Financial Instruments Financial Markets Impact of Globalisation Financial Institutions Summary
1
Chapter 1
The Financial System
Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson
2
Learning Objectives
financial markets • Categorise the main types of financial institutions • Understand the impact of a financial crisis on a financial system and a real economy
Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson
13
1.2 Functions of the Financial System (cont.)
• An efficient financial system – Encourages savings – Savings flow to the most efficient users – Implements the monetary policy of governments by influencing interest rates – The combination of assets and liabilities comprising the desired attributes of return, risk, liquidity and timing of cash flows
1
Chapter 1
The Financial System
Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson
2
Learning Objectives
financial markets • Categorise the main types of financial institutions • Understand the impact of a financial crisis on a financial system and a real economy
Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson
13
1.2 Functions of the Financial System (cont.)
• An efficient financial system – Encourages savings – Savings flow to the most efficient users – Implements the monetary policy of governments by influencing interest rates – The combination of assets and liabilities comprising the desired attributes of return, risk, liquidity and timing of cash flows
金融市场与金融机构英文课件ppt.ppt
─ Mutual Savings Banks ─ Savings and Loan Associations ─ Savings and Loans in Trouble: The Thrift Crisis ─ Political Economy of the Savings and Loan Crisis
篮球比赛是根据运动队在规定的比赛 时间里 得分多 少来决 定胜负 的，因 此，篮 球比赛 的计时 计分系 统是一 种得分 类型的 系统ຫໍສະໝຸດ Chapter Preview
Consumer banking was almost non-existent in the early 1800s. Commercial banks were common, but their business was primarily restricted to commercial loans and services. But, in the late 1800s, a new type of institution opened—the savings and loan association. This is the topic of chapter 25.
Mutual Savings Banks
▪ Depositors are the owners of the firm
▪ Stock in the bank is not sold or issued, but rather depositors own a share of the bank in proportion to their deposits
© 2012 Pearson Education. All rights reserved.
篮球比赛是根据运动队在规定的比赛 时间里 得分多 少来决 定胜负 的，因 此，篮 球比赛 的计时 计分系 统是一 种得分 类型的 系统ຫໍສະໝຸດ Chapter Preview
Consumer banking was almost non-existent in the early 1800s. Commercial banks were common, but their business was primarily restricted to commercial loans and services. But, in the late 1800s, a new type of institution opened—the savings and loan association. This is the topic of chapter 25.
Mutual Savings Banks
▪ Depositors are the owners of the firm
▪ Stock in the bank is not sold or issued, but rather depositors own a share of the bank in proportion to their deposits
© 2012 Pearson Education. All rights reserved.
金融市场学双语课件C10-Powerpoint Slides
Public Placement of Stock
s
Secondary stock offerings
q New
stock issued by firm that already has shares outstanding
s
Shelf Registration
q 1982
SEC rule q Allows firms to place securities without the time lag associated with registering with SEC
q Short
sales
x Borrow
stock and sell x Repay stock loan, hopefully at a lower price x Investor able to have potential profit from decline in stock price
statement to SEC (Securities and Exchange Commission) x Prospectus x Firm is assisted by an investment banker
q Performance
x Price
of IPOs
generally rises on first day x Longer-term performance of IPOs is poor
Regulation of Trading on Stock Exchanges
sSecurities Act
Of 1933 and 1934 Exchange Commission Of Securities Dealers
金融市场学双语课件C07-Powerpoint Slides
q q
The YTM is the investor’s expected rate of return if the bond is held to maturity The actual YTM may vary from the expected because of risks assumed by the investors
s
Corporate Bonds
s
When corporations want to borrow for longterm periods they issue corporate bonds
q Usually
pay semiannual interest q Most have maturities between 10-30 years q Public offering vs. private placement q Limited exchange, larger OTC secondary market q Investors seek safety of principal and steady income
U. S. Treasury Bonds
Issued by the U.S. Treasury to finance federal government expenditures s Maturity
s
q Notes,
< 10 Years q Bonds, > 10 to 30 Years
Active OTC Secondary Market s Semiannual Interest Payments s Benchmark Debt Security for Any Maturity
The YTM is the investor’s expected rate of return if the bond is held to maturity The actual YTM may vary from the expected because of risks assumed by the investors
s
Corporate Bonds
s
When corporations want to borrow for longterm periods they issue corporate bonds
q Usually
pay semiannual interest q Most have maturities between 10-30 years q Public offering vs. private placement q Limited exchange, larger OTC secondary market q Investors seek safety of principal and steady income
U. S. Treasury Bonds
Issued by the U.S. Treasury to finance federal government expenditures s Maturity
s
q Notes,
< 10 Years q Bonds, > 10 to 30 Years
Active OTC Secondary Market s Semiannual Interest Payments s Benchmark Debt Security for Any Maturity
《金融市场学,》PPT课件
1、货币市场是无形的市场 2、货币市场交易规模大 3、货币市场工具流动性强、风险小和收益低
三、货币市场的功能
（一）提供短期资金融通的渠道和手段 （二）货币市场利率具有“基准”利率的性质 （三）为中央银行实施货币政策提供有利条件
四、货币市场参与者
按照货币市场各主体参与货币市场交易的目的， 可以分为：
（一）金融市场的产生 1、商品经济的发展是建立金融市场的经济基础 2、股份制度的出现是建立金融市场的主要动力 3、信用制度的发展促进了金融市场的发展
（二）国际金融市场的发展历程
1、萌芽和初步形成阶段 2、两次世界大战的调整阶段 3、欧洲货币市场的产生与发展阶段 4、新兴金融市场的崛起和发展阶段
（三）中国金融市场的形成与发展
（三）按金融市场的市场形态分 有形市场、无形市场
（四）按金融市场所在地域分 国内市场、国际市场
三、金融市场的功能
（一）货币资金融通功能 （二）优化资源配置功能 （三）风险分散功能 （四）经济调节功能 （五）综合反映功能
第二节 金融市场要素
一、金融市场主体
（一）政府部门 （二）企业部门 （三）居民部门 （四）金融机构 （五）中央银行
四、同业拆借市场的管理
（一）市场准入的管理 （二）对拆借资金的管理 （三）对拆借期限的管理 （四）对拆借市场利率的管理 （五）其他的管理措施
二、金融市场工具
（一）金融工具分类 1、按金融工具性质分 债权凭证、所有权凭证 2、按发行人性质和融资方式分 直接证券、间接证券 3、按金融工具的市场属性和期限分 货币市场工具、资本市场工具、金融衍生 市场工具
（二）金融工具的特征 期限性、收益性、流动性、风险性
（三）金融工具特征之间的关系 期限性与收益性、风险性成正比，与流动性 成反比 风险性与收益性成正比，与流动性成反比 流动性与收益性成反比
三、货币市场的功能
（一）提供短期资金融通的渠道和手段 （二）货币市场利率具有“基准”利率的性质 （三）为中央银行实施货币政策提供有利条件
四、货币市场参与者
按照货币市场各主体参与货币市场交易的目的， 可以分为：
（一）金融市场的产生 1、商品经济的发展是建立金融市场的经济基础 2、股份制度的出现是建立金融市场的主要动力 3、信用制度的发展促进了金融市场的发展
（二）国际金融市场的发展历程
1、萌芽和初步形成阶段 2、两次世界大战的调整阶段 3、欧洲货币市场的产生与发展阶段 4、新兴金融市场的崛起和发展阶段
（三）中国金融市场的形成与发展
（三）按金融市场的市场形态分 有形市场、无形市场
（四）按金融市场所在地域分 国内市场、国际市场
三、金融市场的功能
（一）货币资金融通功能 （二）优化资源配置功能 （三）风险分散功能 （四）经济调节功能 （五）综合反映功能
第二节 金融市场要素
一、金融市场主体
（一）政府部门 （二）企业部门 （三）居民部门 （四）金融机构 （五）中央银行
四、同业拆借市场的管理
（一）市场准入的管理 （二）对拆借资金的管理 （三）对拆借期限的管理 （四）对拆借市场利率的管理 （五）其他的管理措施
二、金融市场工具
（一）金融工具分类 1、按金融工具性质分 债权凭证、所有权凭证 2、按发行人性质和融资方式分 直接证券、间接证券 3、按金融工具的市场属性和期限分 货币市场工具、资本市场工具、金融衍生 市场工具
（二）金融工具的特征 期限性、收益性、流动性、风险性
（三）金融工具特征之间的关系 期限性与收益性、风险性成正比，与流动性 成反比 风险性与收益性成正比，与流动性成反比 流动性与收益性成反比
[]金融市场学双语课件C02-Powerpoint Slides
![[]金融市场学双语课件C02-Powerpoint Slides](https://img.taocdn.com/s3/m/2e22804f700abb68a982fbd1.png)
Loanable Funds Theory
Business Demand for Loanable Funds
l There is an inverse relationship between interest rates and the quantity of loanable funds demanded
n Demand = borrowers, issuers of securities, deficit spending unit
n Supply = lenders, financial investors, buyers of securities, surplus spending unit
n Explains how economic and other factors influence interest rate changes
n Interest rates determined by demand and supply for loanable funds
Loanable Funds Theory, cont.
Net Present Value is calculated as follows:
n
NPV =
–INV +
t= 1
CFt (1 + k)t
Loanable Funds Theory
Business Demand for Loanable Funds
l Projects with a positive NPV are accepted because the present value of their benefits outweighs their costs
国际金融英文PPT课件 (9)
Firms Use?
5
8-5
13.1 Forward Market Hedge: Exports
If you are going to receive foreign currency in the future, agree to sell the foreign currency in the future at a set price by entering into short position in a forward contract.
Value of €1 in $ $1.20/€ $1.50/€ $1.80/€ in one year
But he will be worse off if the pound appreciates.
Unhedged
payable
9
Forward Market Hedge
If he agrees
Importer
Forward Contract Counterparty
Foreign Supplier
Forward Market Hedge: Importer’s Example
A U.S.-based importer of Italian shoes has just ordered next year’s inventory. Payment of €100M is due in one year. If the importer buys €100M at the forward exchange rate of $1.50/€, the cash flows at maturity look like this:
Chapter Outline
13.1 Forward Market Hedge 13.2 Money Market Hedge 13.3 Options Market Hedge 13.4 Cross-Hedging Minor Currency Exposure (次要
5
8-5
13.1 Forward Market Hedge: Exports
If you are going to receive foreign currency in the future, agree to sell the foreign currency in the future at a set price by entering into short position in a forward contract.
Value of €1 in $ $1.20/€ $1.50/€ $1.80/€ in one year
But he will be worse off if the pound appreciates.
Unhedged
payable
9
Forward Market Hedge
If he agrees
Importer
Forward Contract Counterparty
Foreign Supplier
Forward Market Hedge: Importer’s Example
A U.S.-based importer of Italian shoes has just ordered next year’s inventory. Payment of €100M is due in one year. If the importer buys €100M at the forward exchange rate of $1.50/€, the cash flows at maturity look like this:
Chapter Outline
13.1 Forward Market Hedge 13.2 Money Market Hedge 13.3 Options Market Hedge 13.4 Cross-Hedging Minor Currency Exposure (次要
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q q
Lenders stabilize profits as yields move with cost of funds Uncertainty for borrowers whose mortgage payments can change over time
Residential Mortgage Characteristics
q Monthly
payments consist of interest and principal q During loan’s early years, most of the payment reflects interest
Creative Mortgage Financing
s
Graduated-payment mortgage (GPM)
Residential Mortgage Characteristics
Fixed-Rate vs. Adjustable Mortgages
s
Adjustable-rate mortgages
q
Rates and the size of payments can change
x x
Maximum allowable fluctuation over year and life of loan Upper and lower boundaries for rate changes
Residential Mortgage Characteristics
s
Fixed monthly payment includes
q Interest
owed first q Balance to principal
Interest on the declining principal balance s Calculating monthly payment
Activities in the Mortgage Markets
s
Unbundling of mortgage activities provides for specialization in:
q Loan
origination q Loan servicing q Loan funding q Any combination of the above
s
q Origination,
servicing and funding are separate business activities and may be “unbundled” q Secondary market exists for loans
s
Securitization
q Pool
and repackage loans for resale q Allows resale of loans not easily sold on an individual basis
Mortgage Maturities
s
Trend shows increased popularity of 15-year loans
q Lender
has lower interest rate risk if the term or maturity of the loan is lower q Borrower saves on interest expense over loan’s life but monthly payments higher
ห้องสมุดไป่ตู้
interest rates rise in the market, lender’s cost of funds increases x No matching increase in fixed-rate mortgage return
q Borrowers
lock in their cost and have to refinance to benefit from lower market rates
Residential Mortgage Characteristics
Calculate the monthly payment for a $330,000 home. The new owner has made a $70,000 down payment and plans to finance over 30 years at the current fixed rate of 7%. $330,000 – $70,000 = $260,000 PV (original investment of the financial institution) 30 x 12 = 360 N; 7/12 = I; Calculate PMT
Government agencies including Fannie Mae and Freddie Mac s Brokerage firms s Investment banks s Finance companies
s
Valuation of Mortgages
s
Market price of mortgages is present value of cash flows
PM =
Where:
n
∑
t =1
C + PRIN t (1 + k )
CHAPTER
Mortgage Markets
Chapter Objectives
Describe characteristics of residential mortgages s Describe the common types of creative mortgage financing s Explain the role of the federal government in supporting the development of the secondary mortgage market s Relate the development and use of mortgagebacked securities
Residential Mortgage Characteristics
Fixed Rate vs. Adjustable Mortgages
s
Fixed rate loans have a constant, unchanging rate
q Interest
x If
rate risk can hurt lender rate of return
Institutional Use of Mortgage Markets, December, 2002
s s
Federally related mortgage pools
q
37% of all mortgages, mostly residential Dominate commercial mortgage market Hold 23.3% of all mortgages Primarily residential mortgages Hold 10% of all mortgages Commercial mortgages Hold 3% of all mortgages
q Small
initial payments q Payments increase over time then level off q Assumes income of borrower grows
s
Growing-equity mortgage
q Like
GPM low initial payments q Unlike GPM, payments never level off
s
Residential Mortgage Characteristics
Insured vs. Conventional Mortgages
q Federal
and private insurance guarantees repayment in the event of borrower default q Limits on amounts, borrower requirements q Borrower pays insurance premiums q Federal insurers include Federal Housing Administration and Veterans Administration
Creative Mortgage Financing
s
Second mortgage used in conjunction with first or primary mortgage
Shorter maturity typically for 2nd mortgage q 1st mortgage paid first if default occurs so 2nd mortgage has a higher rate q If used by sellers, makes a home with an assumable loan more affordable
Residential Mortgage Characteristics
Mortgage Maturities
s
Balloon payments
q Principal
not paid until maturity q Forces refinancing at maturity
s
Amortizing mortgages
q
s
Shared-appreciation mortgage