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1、Treasury and Capital Market Management 财务与资本市场管理,Historical Performance 历史表现,2,Historical Performance 历史表现,3,4,5,6,History历史,7,8,Types of financial markets 金融市场的类型,Physical assets vs. Financial assets 实物资产市场和金融资产市场的比较 Money vs. Capital 货币市场和资本市场的比较 Primary vs. Secondary 一级市场和二级市场的比较 Spot vs. Futures
2、 现货市场和期货市场的比较 Public vs. Private 公开市场和私募市场的比较,9,How is capital transferred between savers and borrowers? 资本如何在出借人和借款人之间转移的？,Direct transfers 直接转移 Investment banking house 投资银行 Financial intermediaries 金融中介,10,Types of financial intermediaries 金融中介的类型,Commercial banks 商业银行 Savings and loan associatio
3、ns 储蓄和贷款协会 Mutual savings banks 共同储蓄银行 Credit unions 信贷协会 Pension funds 养老基金 Life insurance companies 寿险公司 Mutual funds 共同基金,11,Physical location stock exchanges vs. Electronic dealer-based markets 实际场所的股票交易市场与基于经纪的电子市场的比较,Auction market vs. Dealer market (Exchanges vs. OTC) 拍卖市场和经纪市场的比较（交易市场和场外交易市场
4、OTC的比较） NYSE vs. Nasdaq 纽约证交所和纳斯达克 的比较 Differences are narrowing 差异很小,12,Primary Markets versus Secondary Markets(一级市场与二级市场）,Primary Markets（一级市场） 在一级市场，资金需求方（如企业、政府）通过发行金融产品（如股票、债券等）筹集资金。 Secondary Markets（二级市场） 在二级市场， 投资者进行金融产品的交易。 (如： NYSE, NASDAQ),13,Primary Markets 一级市场,Business 企业,Investors 投资
5、者,Cash现金,Newly issued securities 新发行的证券,14,Secondary Markets 二级市场,Investors 投资者,Investors 投资者,Cash现金,Outstanding securities 流通证券,15,Markets 资本市场,Primary Markets raise needed capital for businesses to expand assets and operations.一级市场-为企业筹集所需的资本以扩大资产及运营规模 Secondary Markets reflects businesss health a
6、nd provides a pricing, or market, signal on the value of the business.二级市场-反映企业健康状况并提供一个价格或产权市场,是企业价值的信号.,16,Money Markets versus Capital Markets 货币市场与资本市场,Money Markets（货币市场） markets that trade debt securities with maturities of one year or less (e.g. CDs, U.S. Treasury bills) 主要是一年期及以内的债券或其他融资券的交易
7、。 Capital Markets（资本市场） markets that trade debt (bonds) and equity (stock) instruments with maturities of more than one year 主要是一年期以上的债券或权益类金融产品的交易。,17,1-18,Money Market Instruments Outstanding, （货币市场流通产品）1990-2004 ($Bn),商业票据,联邦基金与票据,国债,可转让存单,银行承兑票据,1-19,Capital Market Instruments Outstanding, 资本市场流
8、通产品1990-2004 ($Bn10亿),公司股票,公司债券,州与地方政府债,银行与消费者贷款,抵押贷款,政府证券,美国政府机构债券,Foreign Exchange Markets 外汇市场,“FX” markets deal in trading one currency for another (e.g. dollar for yen)外汇市场主要进行不同币种间的交易 The “spot” FX transaction involves the immediate exchange of currencies at the current exchange rate现期交易主要是以当前
9、汇率并即时结算。 The “forward” FX transaction involves the exchange of currencies at a specified date in the future and at a specified exchange rate（远期交易主要是以未来某个时段汇率并在未来结算。,20,Overview of Financial Institutions 金融机构概览,Institutions that perform the essential function of channeling funds from those with surpl
10、us funds to those with shortages of funds (e.g. banks, thrifts, insurance companies, securities firms and investment banks, finance companies, mutual funds, pension funds) 金融机构主要承担为资金需求方与富余方进行中介服务的职能（如银行、保险结构、证券公司、投资银行、共同基金等）,21,Flow of Funds in a World without FIs: Direct Transfer（如果世界没有金融机构:资金流直接转
11、移）,Users of Funds（资金需求方） (Corporations)公司,Suppliers of Funds (Households) 资金提供方(家庭),Financial Claims（金融索取权） (Equity and debt instruments) (权益与债权工具),Cash（现金）,Example: A firm sells shares directly to investors without going through a financial institution举例:企业直接出售股份给投资者,而不经过金融机构,22,Flow of Funds in a
12、world with FIs: Indirect transfer（有金融机构下的资金流动资金流间接转移）,Users of Funds（需求方）,FI金融机构 (Brokers) (经纪商) FI (Asset transformers),Suppliers of Funds（供应方）,Financial Claims金融索取权 (Equity and debt securities) 权益与债权类证券,Financial Claims金融索取权 (Deposits and Insurance policies) (存款与保险),23,Risks Faced by Financial Ins
13、titutions 金融机构的可能面临的风险,Interest Rate Risk 利率风险 Foreign Exchange Risk外汇风险 Market Risk市场风险 Credit Risk信用风险 Liquidity Risk流动性风险 Off-Balance-Sheet Risk表外业务风险 Technology Risk技术风险 Operation Risk营运风险 Country or Sovereign Risk政府风险 Insolvency Risk偿债能力风险,24,Ongoing trends（当前趋势）,Globalization（全球化） Securitizati
14、on（证券化） Financial Engineering（金融工程化） Computer Networks（计算机网络化）,25,Raising capital 筹集资本,The ability to raise capital at a reasonable price is one of the primary determinants of long-term success. Globally, capital can be raised in private or public markets.以合理价格筹集资本的能力是企业长期成功的首要因素。国际上，资本可以从私募市场或公开市场筹
15、集。 Methods:途径 Debt instruments.债务手段 Preferred stock.优先股 Common stock (equity).普通股(股权) Private placements typically to institutional investors: pension fund, insurance company, bank or trust.私募安排-通常对机构投资人：养老基金、保险公司、银行或信托基金。 Size of issue. 发行规模 Need for quick transaction.对快捷交易的需要 Complexity of the sec
16、urity.证券的复杂性 Maintain company privacy.维护公司的独立性 Pricing of issue.发行定价,26,Parties involved in capital transactions 与资本交易相关的主体,Investment bankers.投资银行家 Corporate bankers.企业银行家 Regulatory agencies.管制部门 Analysts.分析师 Rating agencies.评级机构 Auditors.审计师 Shareholders and bondholders.股东与债券持有者,27,Investment Companies 投资公司简介,Mutual Funds 共同基金 Hedge Funds 对冲基金 Investment Banks 投资银行 Commercial Banks 商业银行,28,Investment Securities 投资工具简介,Debt 债务工具 Money market i
