第三節(jié) 金融工具

第三節(jié)金融工具課前思考題：1、請思考一下你現(xiàn)在了解的金融產(chǎn)品有哪些？如果你老爸每年1次性給你5000元生活費，你如何處理這5000元？全部存款（存款種類繁多，如何存款？）、買基金、債券、股票和其他投資？2、在我國，民營企業(yè)、中小企業(yè)融資存在哪些困難？他們在哪些金融產(chǎn)品上受到限制？3、金融產(chǎn)品的風險可以用“睡眠指數(shù)”來衡量，那么，你所知道的金融產(chǎn)品的睡眠指數(shù)是多少？4、如果一家企業(yè)發(fā)行期限100年的債券，票面利率7.5％（比30年期高1.5％）。這種債券有沒有人購買？如果有人購買，你猜想可能是哪些人購買？你會不會購買？內(nèi)容一、貨幣市場工具（instrumentsofmonetarymarkets）二、資本市場工具（instrumentsofcapitalmarkets）三、案例分析：“孫大午事件”instrumentsof

monetarymarkets1、BillsofExchange（B/Es）2、Banker`sAcceptance（BAs）3、CommercialPapers（CPs）4、Treasurybill（T-bills）5、MonetaryMarketFunds（MMFs）6、RepurchaseAgreements（Repos）7、NegotiableCertificatesofDeposit（NCDs）B/Es（匯票）Abillofexchangeisanunconditionalorderinwritingaddressedbyonepersontoanother,signedbythepersongivingit,requiringthepersontowhomitisaddressedtopayondemandoratfixedordeterminablefuturetimeasumcertaininmoneytoorderortobearer.UniformCommercialCode,Article3-104.Promissorynotes（IOU）BAs（銀行承兌匯票）BAsarebank-guaranteedbillsofexchangenormallyusedtofinanceforeigntrade.UnderspecifiedconditionsandforafeeabankmayguaranteepaymentofaB/Esthathasbeendrawnonitbyanstamping“accepted”onthefaceofthedraft.LettersofCredit（L/C）CPs（商業(yè)票據(jù)）CPisthenamegiventoshort-termunsecurednotessoldbylargecorporations,usuallyonadiscountbasis,todealersandotherfinancialandnon-financialfirms.在美國商業(yè)票據(jù)最長期限不得超過270天。超過則視為是證券。T－billsT-billsaresuchshort-termfinancialinstrumentsthatarepubliclyissuedbygovernmentandsoldatdiscount.美國、英國T-bills采取滾動發(fā)行方式。MMFs（貨幣市場基金）好處：同時享有支票功能（支付）和儲蓄功能。Repos（回購）Arepurchaseagreementrepresentsthesaleofsecuritiesbyonepartytoanotherwithanagreementtorepurchasethesecuritiesataspecifieddateandprice.Inessence,therepotransactionrepresentsaloanbackedbythesecurities.NCDs（可轉讓定期存單）TheNCDisissuedbylargecommercialbanksandotherdepositoryinstitutionsasashort-termsourceoffunds.Onecanbuyitascertificatesofdeposit,orinvestsatsecondarymarket.CapitalmarketinstrumentsBondsStocksMortgagesDerivativesecuritiesBondsBondsaredebtsecuritiesthatusuallyrequiretheissuertomakeaseriesofequalannualinterestpaymentsfollowedbyafinalmaturitypayment.Treasurynotes&TreasurybondsMunicipalbondsCorporatebondsYankeebonds&Warriorbonds&倫勃朗債券&PandaBonds&EurobondsConvertiblebondsstocksCommonstockisacertificaterepresentingpartialownershipinacorporation.Likedebtsecurities,commonstockisissuedbyfirmstoobtainfunds.However,thepurchaserofstockbecomespartowner,ratherthanjustacreditor.股權與債權的區(qū)別（Residualclaims&righttovote）思考題：Supposecorporationsaredeprivedoflimitedliability.Whatwillhappentobondyield?Whatwillhappentostockprice?Why?MortgagesAmortgageisalong-termloansecuredbyrealestate.Adevelopermayobtainamortgageloantofinancetheconstructionofanofficebuilding,orafamilymayobtainamortgageloantofinancethepurchaseofahome.美國次貸危機DerivativesecuritiesFinancialfutureOptionSwapStructuralFinancialInstrumentsFinancialfuturesAfinancialfuturescontractisastandardizedagreementtodeliverorreceiveaspecialamountofaspecialfinancialinstrumentataspecialpriceanddate.與商品期貨的最主要區(qū)別：現(xiàn)金交割世界上交易量最大的金融期貨是：外匯期貨、股指期貨和指數(shù)期貨。期貨是一種未來交割的交易合約，買入方（持有方）稱為多倉或好倉（long），賣出方稱為空倉或淡倉（short）。OptionsOptionsareclassifiedascallsorputs.Acalloptiongrantstheownertherighttopurchaseaspecifiedfinancialinstrumentforaspecifiedprice（exercisepriceorstrikeprice）withinaspecifiedperiodoftime.Therearetwomajordifferencesbetweenoptionandfuture:Theoptionrequiresthatapremiumbepaidinadditiontothepriceo