金融專業(yè)英語-第二講金融體系概覽

金融專業(yè)英語第二講

AnOverviewofFinancialSystem

(金融體系概覽）2LearningObjectivesCompareandcontrastdirectandindirectfinance(直接和間接融資).Identifythestructureandcomponentsoffinancialmarkets(金融市場).Listanddescribethedifferenttypesoffinancialmarketinstruments(金融市場工具).Identifythereasonsforandlistthetypesoffinancialmarketregulations

(金融市場制度).3FinancialSystem

金融系統(tǒng)4FinancialSystem

金融系統(tǒng)What?FinancialInstrumentsInezandWalter---cofounder---CEO/CFO/…---shareholders---shares/stocksWhere?FinancialMarketsWho?FinancialInstitutions/IntermediariesFigure1FlowsofFundsThroughtheFinancialSystem

(通過金融體系實現(xiàn)的資金流動)5Figure1FlowsofFundsThroughtheFinancialSystem

(通過金融體系實現(xiàn)的資金流動)6FunctionofFinancialMarkets

金融市場的作用Performstheessentialfunctionofchannelingfundsfromeconomicplayersthathavesavedsurplusfundstothosethathaveashortageoffunds.(向居民、企業(yè)和政府提供資金融通服務(wù)，將資金從收大于支而擁有盈余的的經(jīng)濟體那里轉(zhuǎn)移到收小于支出現(xiàn)短缺的經(jīng)濟主體手中。)Indirectfinance（間接融資）:Afinancialintermediaryborrowsfundsfromlender-saversandthenusesthesefundstomakeloanstoborrower-spenders.Directfinance（直接融資）:borrowersborrowfundsdirectlyfromlendersinfinancialmarketsbysellingthemsecurities.7按契約的性質(zhì)按在發(fā)行和交易中的地位按金融工具交易的地點和場所按所交易金融工具期限長短債務(wù)市場Debt一級市場Primary場內(nèi)交易市場Exchanges貨幣市場Money股權(quán)市場Equity二級市場Secondary場外交易市場OTC資本市場CapitalStructureofFinancialMarkets

金融市場的結(jié)構(gòu)7StructureofFinancialMarkets

金融市場的結(jié)構(gòu)DebtandEquityMarkets（債務(wù)市場和權(quán)益市場）Twoexternalsourcesofraisingfunds,differentfeaturesofcontracts.Debt（債務(wù)）/bondPaytheholderoftheinstrumentfixeddollaramountsatregularintervals.Obligation（償還義務(wù)）:debtorvscreditorMaturity（期限）:shorttermif≤1y;intermediatetermif≥1ybut≤10y;longtermif≥10y.Example:/disclosure/bond/announcement/company/c/2020-07-13/3920533187718162780863751.pdfThelongerthematurity,thehighertheinterestrate（why?risk）9StructureofFinancialMarkets

金融市場的結(jié)構(gòu)DebtandEquityMarkets（債務(wù)市場和權(quán)益市場）Equities（權(quán)益）/shares/stocksEquity:claimstoshareinthenetincomeandtheassetsofabusiness.Ownership（所有權(quán)）:shareholderofthecorporationMakeperiodicpayments(dividends),thereforeamounttolongtermsecurities./cgnp/c100743/201910/9008aa75b81a48efb97aa9c3a9c3dde8/files/cee2a8c0344b44669e6cb86e7f25896f.pdf10StructureofFinancialMarkets

金融市場的結(jié)構(gòu)DebtandEquityMarkets（債務(wù)市場和權(quán)益市場）11StructureofFinancialMarkets

金融市場的結(jié)構(gòu)PrimaryandSecondaryMarkets（一級市場和二級市場）Primarymarketisafinancialmarketinwhichnewissuersofasecurityaresoldtoinitialbuyersbythecorporationorgovernmentagencyborrowingthefunds.Initialpublicoffering(IPO)isunderwrittenbyoneormoreinvestmentbanks.Firmcommitmentunderwrittenoffering（包銷）besteffortoffering（代銷）/acc/CN_DISC/STOCK_NT/2019/08/16/003816_ls_1206534633.PDF12StructureofFinancialMarkets

金融市場的結(jié)構(gòu)PrimaryandSecondaryMarkets（一級市場和二級市場）Secondarymarketisafinancialmarketinwhichsecuritiesthathavebeenpreviouslyissuedareresolde.g.NASDAQ,NewYorkStockExchange;ShanghaiStockExchange,ShenzhenStockExchangee.g.foreignexchangemarket,futuresmarket:ChicagoBoardofTrade,Daliancommodityexchange13StructureofFinancialMarkets

金融市場的結(jié)構(gòu)PrimaryandSecondaryMarkets（一級市場和二級市場）Brokersanddealersworkinsecondarymarkets.Brokers(經(jīng)紀人)areagentsofinvestorswhomatchbuyerswithsellersofsecurities.brokersdonotbuyorsellsecuritiesthemselvesandworkasintermediary（只起到中介作用）.Dealers(交易商)linkbuyersandsellersbybuyingandsellingsecuritiesatstatedprices（進行雙向交易）.14StructureofFinancialMarkets

金融市場的結(jié)構(gòu)PrimaryandSecondaryMarkets（一級市場和二級市場）Securitiescompany（券商）isoriginallycalleddealer-broker.Theirmainbusinessincludes(seeGuotaiJunanSecuritiese.g.):Investmentbanking（投行）:underwritingsecurities,EquityFinancingorDebtFinancingFinancialConsulting（咨詢）:servicesasM&AandassetrestructuringBroker（經(jīng)紀人）:securitiesbrokerage---commissionDealer（交易商）:Trading---pricespreadAssetmanagementandfundmanagement（資產(chǎn)管理）:acceptsclientscommissionsDirectinvestment（投資）:directinvestmentwithitsownfundResearch（研究）15StructureofFinancialMarkets

金融市場的結(jié)構(gòu)SecondaryMarket:ExchangesandOver-the-Counter(OTC)Exchanges(交易所):

buyersandsellersmeetinonecentrallocationtotrade.NYSE,ShanghaiStockExchange,ShenzhenStockExchangeOTCmarkets（場外交易市場）:over-the-counter(outsidetheofficialexchanges).Tradingisdonedirectlybetweentwoparties.e.g.Foreignexchange,governmentbondThetradingvolumeofUSgovernmentbondislargerthanNYSE,butitisanOTCmarket!16QuestionCorporationsreceivefundswhentheirstockissoldintheprimarymarket.Whydocorporationspayattentiontowhatishappeningtotheirstockinthesecondarymarket?17Mainfunctionofsecondarymarkets：1.Toprovideliquidity（提供流動性）.Investorswhobuystocksintheprimarymarketswanttosellthemagaintoacquireothersecuritiessuchasrisk-freebondsandcash.2.Toprovidepricinginformation（提供價格信息）.Newissuesofstocksandbondsarebasedonpricesinthesecondarymarkets.Question主板、中小板；創(chuàng)業(yè)板；新三板；科創(chuàng)板分別是Exchange還是OTCmarket?18StructureofFinancialMarkets

金融市場的結(jié)構(gòu)MoneyandCapitalMarkets（貨幣市場和資本市場）

Moneymarketsdealinshort-termdebtinstruments（短期債務(wù)）Maturitylessthanoneyear.Capitalmarketsdealinlonger-termdebtandequityinstruments（長期債務(wù)和權(quán)益產(chǎn)品）Maturitygreaterthanoneyear.19FinancialMarketInstruments

金融市場工具

Moneymarketinstruments（貨幣市場工具）:debtinstrumentswithshorttermstomaturity,thusundergoleastpriceinflationandleastriskyinvestment（短期；價格波動?。伙L(fēng)險低）.20美國國庫券可轉(zhuǎn)讓存單（大額）商業(yè)票據(jù)聯(lián)邦基金與證券回購協(xié)議MoneyMarketInstruments

貨幣市場工具

Treasurybills（國庫券）:ashort-termdebtobligationbackedbythetreasurydepartment.1-month,3-month,6-monthNointerestpayment（不付息）overintermediatetimeLiquid,safemoneymarketinstrumentbecauseoflowdefaultrisk（流動性強，違約風(fēng)險低）China:/gp/xxgkml/gks/202008/t20200827_3576179.htm21MoneyMarketInstruments

貨幣市場工具

Negotiablebankcertificatesofdeposit（可轉(zhuǎn)讓存單（大額））:adebtinstrumentsoldbybankstodepositorsthatpayannualinterestsofagivenamountandpaysbacktheoriginalpurchasepriceatmaturity.Negotiableonthesecondarymarket（可轉(zhuǎn)讓）Largedenominations（大額）ImportantsourceoffundsforcommercialbanksAbigsteptowardinterestrateliberalization（利率市場化）ABC:/cn/businesses/deposit/decd/decdcp/201605/t20160516_883845.htm22MoneyMarketInstruments

貨幣市場工具

Commercialpaper（商業(yè)票據(jù)）:ashorttermdebtinstrumentissuedbylargebanksandwellknowncorporations（一般由大型銀行或企業(yè)發(fā)行）.BackedbythefinancialstrengthoftheissuerMaturity:normallylessthan270days23MoneyMarketInstruments

貨幣市場工具

Repurchaseagreement(repos，回購協(xié)議):shorttermloanwithTreasurybillascollateral(抵押物).

Maturity:usuallylessthantwoweeks（期限短）.Themostimportantlendersarelargecorporations（大型企業(yè)）.e.g.Microsoftwithonemillion,lendonemilliontobankwithtreasuryascollateral,bankpromisestorepurchasetreasurybackoneweeklaterwithhigherprice.Ifbankdoesnotrepurchase,Microsofttakesthetreasury.Whatisreverserepurchase?Centralbanksuse

reverserepos

（逆回購）toaddmoneytothemoneysupplyviaopenmarketoperations（公開市場操作）.Itisashort-termagreementtopurchasesecuritiesinordertosellthembackataslightlyhigherprice.

24CapitalMarketInstruments

資本市場工具

Capitalmarketinstruments:moreuncertainty,thereforefairlyriskyinvestmentandfarwidenpricefluctuations（風(fēng)險更高，價格波動較大）.25企業(yè)股票住房抵押貸款企業(yè)債券美國政府債券美國政府機構(gòu)債券州和地方政府債券銀行商業(yè)貸款消費者貸款商業(yè)與農(nóng)場抵押貸款Stocks（股票）:Stockisthedominantinstrument（最主導(dǎo)的金融工具）:marketvalueisupto$21trillionin2013inU.S.,largerthananyothertypeofsecurities.Heldbyindividuals(higherproportioninChina),pensionfunds,mutualfunds,andinsurancecompanies.Commonstockversuspreferredstock（普通股/優(yōu)先股）26CapitalMarketInstruments

資本市場工具

Corporatebond（公司債券）:Thevolumeofnewcorporatebondissuedeachyearisgreaterthanthevolumeofnewstockissues.Moreimportanttoafirm‘sfinancingdecision（融資決策）.Governmentsecurities（國債）:Longtermdebtissuedbytreasurytofinancethedeficit（赤字）ofthegovernment.U.S.governmentbond:mostliquidsecurity,thereforemostwidelytradedbond（流動性高）HeldbyFederalReserve,banks,households,andforeigners(BOJ,PBOCasforeignexchangereserve)TaxfreeinChina（利息免稅）27CapitalMarketInstruments

資本市場工具

CapitalMarketInstruments

貨幣市場工具

Chinagovernmentbond：Issuedbyministryoffinance/gp/xxgkml/gks/202008/t20200826_3575565.htm28Stateandlocalgovernmentbonds（地方政府債券）Longtermdebtissuedtofinanceexpenditureonschools,road,andotherlargeprograms（主要用于基礎(chǔ)設(shè)施建設(shè)）Taxfree（利息免稅）Holder:commercialbank,wealthyindividuals,insurancecompanies,etc.政府債務(wù)-蘇州市財政局()Mortgages（抵押貸款）:Loanstohouseholdorfirmstopurchaseland,housing,orotherrealstructures,thestructuresorlanditselfservesascollateralfortheloan.Amongit,residentialmortgages（住房抵押）accountforthelargestproportion.MBS:mortgagebackedsecurities（抵押支持債券）.29CapitalMarketInstruments

資本市場工具

QuestionAhedgefundholdsitsexcesscashin90-daycommercialpaperandnegotiablecertificatesofdeposit.Thecashmanagementpolicyofthehedgefundisbestdescribedasusing:A.capitalmarketinstruments.B.moneymarketinstruments.C.intermediate-termdebtinstruments.30InternationalizationofFinancialMarkets

金融市場的國際化ForeignBonds（外國債券）:soldinaforeigncountryanddenominatedinthatcountry’scurrencyTraditionalinstrumentsintheinternationalbondmarkete.g.PandabondEurobond（歐洲債券）:abonddenominatedinacurrencyotherthanthatofthecountryinwhichitissoldaccountfor80%ofnewlyissuesintheinternationalbondmarket31InternationalizationofFinancialMarkets

金融市場的國際化Eurocurrencies（歐洲貨幣）:foreigncurrenciesdepositedinbanksoutsidethehomecountryAvariantoftheEurobond.Eurodollars（歐洲美元）:U.S.dollarsdepositedinforeignbanksoutsidetheU.S.orinforeignbranchesofU.S.banks.WorldStockMarkets:

QDII:

QualifiedDomestic（境內(nèi)）InstitutionalInvestor

QFII:QualifiedForeign（外國）InstitutionalInvestor”32RegulationoftheFinancialSystem

金融市場制度1.Toincreasetheinformationavailabletoinvestors:增加投資者的可得信息（透明度）Reduceadverseselection（反向選擇）andmoralhazard（道德風(fēng)險）problemsAdverseselection：riskyfirmsmoreeagertoselltheirsecurities.Moralhazard:firmsmaychoosetotakemoreriskyproject.Reduceinsidertrading（內(nèi)幕交易）SEC

(U.S.:SecuritiesandExchangeCommission)CSRC(China:ChinaSecuritiesRegulatoryCommission，證監(jiān)會)33RegulationoftheFinancialSystem

金融市場制度2.Toensurethesoundnessoffinancialintermediaries:確保金融中介的可靠性Restrictionsonentry（準入門檻）.RestrictionsonAssetsandActivities（資產(chǎn)、行為規(guī)范）.DepositInsurance(avoidbankruns銀行擠兌).U.S.:250,000dollars;China:500,000yuanfrom1May2015.RestrictionsonInterestRates(利率限制）ChinaBankingandInsuranceRegulatoryCommission（銀保監(jiān)會）34QuestionThegovernmentofacountrywhosefinancialmarketsareinanearlystageofdevelopmenthashiredyouasaconsultantonfinancialmarketregulation.Yourfirsttaskistopreparealistoftheobjectivesofmarketregulation.Whichofthefollowingisleastlikelytobeincludedinthislistofobjectives?A.Minimizeagencyproblemsinthefinancialmarkets.B.Ensurethatfinancialmarketsarefairandorderly.C.Ensurethatinvestorsinthestockmarketachieve