金融專業(yè)英語(yǔ)-第二講金融體系概覽

金融專業(yè)英語(yǔ)第二講

AnOverviewofFinancialSystem

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

(金融市場(chǎng)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(guò)金融體系實(shí)現(xiàn)的資金流動(dòng))5Figure1FlowsofFundsThroughtheFinancialSystem

(通過(guò)金融體系實(shí)現(xiàn)的資金流動(dòng))6FunctionofFinancialMarkets

金融市場(chǎng)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(jì)體那里轉(zhuǎn)移到收小于支出現(xiàn)短缺的經(jīng)濟(jì)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(diǎn)和場(chǎng)所按所交易金融工具期限長(zhǎng)短債務(wù)市場(chǎng)Debt一級(jí)市場(chǎng)Primary場(chǎng)內(nèi)交易市場(chǎng)Exchanges貨幣市場(chǎng)Money股權(quán)市場(chǎng)Equity二級(jí)市場(chǎng)Secondary場(chǎng)外交易市場(chǎng)OTC資本市場(chǎng)CapitalStructureofFinancialMarkets

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

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

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

金融市場(chǎng)的結(jié)構(gòu)PrimaryandSecondaryMarkets（一級(jí)市場(chǎng)和二級(jí)市場(chǎng)）Brokersanddealersworkinsecondarymarkets.Brokers(經(jīng)紀(jì)人)areagentsofinvestorswhomatchbuyerswithsellersofsecurities.brokersdonotbuyorsellsecuritiesthemselvesandworkasintermediary（只起到中介作用）.Dealers(交易商)linkbuyersandsellersbybuyingandsellingsecuritiesatstatedprices（進(jìn)行雙向交易）.14StructureofFinancialMarkets

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

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

buyersandsellersmeetinonecentrallocationtotrade.NYSE,ShanghaiStockExchange,ShenzhenStockExchangeOTCmarkets（場(chǎng)外交易市場(chǎng)）:over-the-counter(outsidetheofficialexchanges).Tradingisdonedirectlybetweentwoparties.e.g.Foreignexchange,governmentbondThetradingvolumeofUSgovernmentbondislargerthanNYSE,butitisanOTCmarket!16QuestionCorporationsreceivefundswhentheirstockissoldintheprimarymarket.Whydocorporationspayattentiontowhatishappeningtotheirstockinthesecondarymarket?17Mainfunctionofsecondarymarkets：1.Toprovideliquidity（提供流動(dòng)性）.Investorswhobuystocksintheprimarymarketswanttosellthemagaintoacquireothersecuritiessuchasrisk-freebondsandcash.2.Toprovidepricinginformation（提供價(jià)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(chǎng)的結(jié)構(gòu)MoneyandCapitalMarkets（貨幣市場(chǎng)和資本市場(chǎng)）

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

金融市場(chǎng)工具

Moneymarketinstruments（貨幣市場(chǎng)工具）:debtinstrumentswithshorttermstomaturity,thusundergoleastpriceinflationandleastriskyinvestment（短期；價(jià)格波動(dòng)?。伙L(fēng)險(xiǎn)低）.20美國(guó)國(guó)庫(kù)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(gòu)協(xié)議MoneyMarketInstruments

貨幣市場(chǎng)工具

Treasurybills（國(guó)庫(kù)券）:ashort-termdebtobligationbackedbythetreasurydepartment.1-month,3-month,6-monthNointerestpayment（不付息）overintermediatetimeLiquid,safemoneymarketinstrumentbecauseoflowdefaultrisk（流動(dòng)性強(qiáng)，違約風(fēng)險(xiǎn)低）China:/gp/xxgkml/gks/202008/t20200827_3576179.htm21MoneyMarketInstruments

貨幣市場(chǎng)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(chǎng)化）ABC:/cn/businesses/deposit/decd/decdcp/201605/t20160516_883845.htm22MoneyMarketInstruments

貨幣市場(chǎng)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(chǎng)工具

Repurchaseagreement(repos，回購(gòu)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(gòu)）toaddmoneytothemoneysupplyviaopenmarketoperations（公開市場(chǎng)操作）.Itisashort-termagreementtopurchasesecuritiesinordertosellthembackataslightlyhigherprice.

24CapitalMarketInstruments

資本市場(chǎng)工具

Capitalmarketinstruments:moreuncertainty,thereforefairlyriskyinvestmentandfarwidenpricefluctuations（風(fēng)險(xiǎn)更高，價(jià)格波動(dòng)較大）.25企業(yè)股票住房抵押貸款企業(yè)債券美國(guó)政府債券美國(guó)政府機(jī)構(gòu)債券州和地方政府債券銀行商業(yè)貸款消費(fèi)者貸款商業(yè)與農(nóng)場(chǎng)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(chǎng)工具

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

資本市場(chǎng)工具

CapitalMarketInstruments

貨幣市場(chǎng)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(cái)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(chǎng)工具

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

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

金融市場(chǎng)的國(guó)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(guó)）InstitutionalInvestor”32RegulationoftheFinancialSystem

金融市場(chǎng)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(xiǎn)）problemsAdverseselection：riskyfirmsmoreeagertoselltheirsecurities.Moralhazard:firmsmaychoosetotakemoreriskyproject.Reduceinsidertrading（內(nèi)幕交易）SEC

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

金融市場(chǎng)制度2.Toensurethesoundnessoffinancialintermediaries:確保金融中介的可靠性Restrictionsonentry（準(zhǔn)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(huì)）34QuestionThegovernmentofacountrywhosefinancialmarketsareinanearlystageofdevelopmenthashiredyouasaconsultantonfinancialmarketregulation.Yourfirsttaskistopreparealistoftheobjectivesofmarketregulation.Whichofthefollowingisleastlikelytobeincludedinthislistofobjectives?A.Minimizeagencyproblemsinthefinancialmarkets.B.Ensurethatfinancialmarketsarefairandorderly.C.Ensurethatinvestorsinthestockmarketachieve