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1、,Chapter 2,An Overview of the Financial System, 2004 Pearson Addison-Wesley. All rights reserved,2-2,Function of Financial Markets,1. Allows transfers of funds from person or business without investment opportunities to one who has them 2. Improves economic efficiency, 2004 Pearson Addison-Wesley. A
2、ll rights reserved,2-3,直接與間接金融,資金有餘者要將資金提供給資金不足者，有二種方式： 直接金融：透過金融市場，購買資金不足者直接發行的證券，如股票、債券或票券，然後資金直接融通給資金不足者。 間接金融：資金有餘者將錢交給金融中介機構，再由金融中介機構間接融通給資金不足者。 前者資金有餘者所持有的有價證券，是資金不足者發行的證券(直接證券)；而後者是金融機構憑其自己信用所發行的證券(間接證券)。, 2004 Pearson Addison-Wesley. All rights reserved,2-4,圖2-3 台灣直接與間接金融的消長, 2004 Pearson Ad
3、dison-Wesley. All rights reserved,2-5,Classifications of Financial Markets,依有價證券請求權的不同分類: Debt Markets債務市場 依信用工具的長短分類 Short-term (maturity 1 year) Capital Market 資本市場 2. Equity Markets股權市場、股票市場 Common stocks 貨幣市場係指一年期以內金融工具發行與買賣的市場。 資本市場係一年期以上金融工具發行與買賣的市場。 貨幣市場主要的作用在調節經濟單位現金收付的短期失衡現象；而資本市場之主要作用在做為溝通
4、長期儲蓄與投資的管道，俾促使資本形成。, 2004 Pearson Addison-Wesley. All rights reserved,2-6,債務市場與股權市場,債務市場是債務憑證發行與買賣的市場；股權市場是指股權憑證發行與買賣的市場。 債務市場的債務憑證，常見的有短期的票券，長期的公債、公司債與金融債券。 股權市場的股權憑證，最常見的為股票。, 2004 Pearson Addison-Wesley. All rights reserved,2-7,Classifications of Financial Markets,依有價證券是否為首次發行分類 1. Primary Market
5、初級市場 New security issues sold to initial buyers 2. Secondary Market次級市場 Securities previously issued are bought and sold 初級市場又稱為發行市場，是有價證券首次發行的市場。 次級市場又稱為流通市場，是指有價證券發行之後的買賣或交易市場。 發行市場與流通市場是相輔相成的，發行市場若不健全，發行證券的品質不好，或發行量太少又集中少數特定人，則難以建立順暢的流通市場。, 2004 Pearson Addison-Wesley. All rights reserved,2-8,Cla
6、ssifications of Financial Markets,依交易場所分類 1. Exchanges集中市場 Trades conducted in central locations (e.g., New York Stock Exchange) 2. Over-the-Counter Markets店頭市場 Dealers at different locations buy and sell, 2004 Pearson Addison-Wesley. All rights reserved,2-9,表2-1 集中和店頭市場的差異, 2004 Pearson Addison-Wes
7、ley. All rights reserved,2-10,Internationalization of Financial Markets,依資金活動的範圍分類，可分為國內金融市場與國際金融市場。 International Bond Market 1. Foreign bonds 2. Eurobonds Now larger than U.S. corporate bond market World Stock Markets U.S. stock markets are no longer always the largest: Japan sometimes larger, 200
8、4 Pearson Addison-Wesley. All rights reserved,2-11,Function of Financial Intermediaries (金融中介機構),1. Engage in process of indirect finance間接金融 2. More important source of finance than securities markets 3. Needed because of transactions costs and asymmetric information Transactions Costs 1. Financial
9、 intermediaries make profits by reducing transactions costs 2. Reduce transactions costs by developing expertise and taking advantage of economies of scale, 2004 Pearson Addison-Wesley. All rights reserved,2-12,金融體系所提供的三大服務或功能： 風險分擔 資訊揭露 提高流動性, 2004 Pearson Addison-Wesley. All rights reserved,2-13,F
10、unction of Financial Intermediaries,Risk Sharing風險分擔 1. Create and sell assets with low risk characteristics and then use the funds to buy assets with more risk (also called asset transformation). Also lower risk by helping people to diversify portfolios 風險分散：藉由多樣化的資產組合，來分散風險。 風險承擔：由交易雙方以外的第三人或政府，來承
11、擔 交易對手違約的風險。 風險規避：藉由金融工具的操作，來規避風險。, 2004 Pearson Addison-Wesley. All rights reserved,2-14,Asymmetric Information資訊不對稱: Adverse Selection,and Moral Hazard,Adverse Selection 1. Before transaction occurs 2. Potential borrowers most likely to produce adverse outcomes are ones most likely to seek loans a
12、nd be selected Moral Hazard 1. After transaction occurs 2. Hazard that borrower has incentives to engage in undesirable (immoral) activities making it more likely that wont pay loan back Financial intermediaries reduce adverse selection and moral hazard problems, enabling them to make profits, 2004
13、Pearson Addison-Wesley. All rights reserved,2-15,資訊揭露,資訊不對稱(asymmetric information)是金融體系上很重要的現象。所謂資訊不對稱，係指交易的一方(借款人)擁有的資訊超過另一方(儲蓄者)。 為解決資訊不對稱的問題，可以加強資訊的收集與揭露。, 2004 Pearson Addison-Wesley. All rights reserved,2-16,提高流動性,金融體系提供具有不同流動性的金融資產，作為資金有餘者的儲蓄工具，可提高儲蓄率，並增進資產選擇的效率。 提供迅速安全的支付系統，讓交易得以迅速完成，並使金融資產有
14、更高的流動性。,2-17,Financial Intermediaries, 2004 Pearson Addison-Wesley. All rights reserved,2-18,Size of Financial Intermediaries,2-19,Regulatory Agencies,2-20,Regulatory Agencies, 2004 Pearson Addison-Wesley. All rights reserved,2-21,Regulation of Financial Markets,Two Main Reasons for Regulation 1. In
15、crease information to investors A. Decreases adverse selection and moral hazard problems B. SEC forces corporations to disclose information 2. Ensuring the soundness of financial intermediaries A. Prevents financial panics B. Chartering, reporting requirements, restrictions on assets and activities,
16、 deposit insurance, and anti-competitive measures, 2004 Pearson Addison-Wesley. All rights reserved,2-22,圖2-5 我國現行的金融體系, 2004 Pearson Addison-Wesley. All rights reserved,2-23,金融市場發達的條件,一個健全發達的金融市場至少應具備以下條件： 健全的信用制度 透明化的管理規則 健全的中央銀行與銀行制度 多樣化的交易工具 大量儲蓄的供給, 2004 Pearson Addison-Wesley. All rights reserved,2-24,有效率金融市場的特性： 廣度：指稱市場中有大量各種來源之投資者參與交易。 深度：指稱在現行價格下，會有大量買賣交易的存在。 彈性：指稱一旦市場價格稍有變動，就會引致為追求利益而產生的大量交易。, 2004 Pearson Addison-Wesley. All rights reserved,2-25,我國的貨幣市
