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1、Summary-Chapter 10The capital markets exist to provide financing for long-term captial assets. Households, often through investments in pension an mutual funds, are net investor in the capital markets. Corporations and the federal and state governments are net users of these funds.资本资本市场市场的的存在存在为为长期
2、长期资本资本资产资产提供提供了了融资融资渠道。渠道。通过通过养养老老基金基金和和共同共同基金基金进行进行投资投资的的家庭家庭往往往往是是资本资本市场市场的的净净投投资资者。者。而而企业、企业、联邦联邦政府政府和和州政府州政府是是这些这些资金资金的的净净使用者。使用者。The three main capital market instruments are bonds, stock, and mortgage. Bonds represent borrowing by the issuing firm. Stock represents ownership in the issuing fir
3、m. Mortgage are long-term loans secured by real property. Only corporations can issue stock. Corporations and governments can issue bonds. In any given year, far more funds are raised with bonds than with stock.资本资本市场市场上上三种三种主要主要的的工具工具室室债券、债券、股票股票和和抵押抵押贷款。贷款。债债券券代表代表了了发行发行公司公司的的负债。负债。股票股票代表代表了了发行发行公
4、司公司的的所有权。所有权。抵押抵押贷款贷款是是以以不动产不动产作为作为担保担保的的长期长期贷款。贷款。只有只有企业企业才才可可以以发行发行股票。股票。企业企业和和政府政府都都可以可以发行发行债券。债券。任何任何一年一年中，中，债券债券所所筹集筹集的的资金资金都都比比股票股票所所筹集筹集的的资金资金多。多。Firm managers are hired by stockholders to protect and increase their wealth. Bondholders must rely on a contract called an indenture to protect th
5、eir interests. Bond indentures contain covenants that restrict the firm form activities that increase risk and hence the chance of default on the bonds. Bond indendtures also contain many provisions that make them more or less attractive to investors, such as a call option, convertibility, or sinkin
6、g fund.股东股东雇雇用用公公司司经理经理来来保护保护和和增加增加他们他们的的财富。财富。债券债券持有人持有人必须必须依赖依赖债券债券契约契约来来保护保护自身自身的的利益。利益。债券债券契约契约包含包含了了限制限制公司公司从从事事高风险高风险活动活动而对而对债券债券产生产生违约违约机会机会的的条款。条款。债券债券契约契约还还包含包含许多许多增加增加或或减少减少对对投资者投资者吸引吸引程度程度的的条款，条款，如如看涨看涨期权、期权、可可转转换换性性或或偿债偿债基金。基金。The value of any business asset is computed the same way, by
7、computing the present value of the cash flows that will go to the holder of the asset. For example, a commercial building is valued by computing the present value of the net cash flows the owner will receive. We compute the value of bonds by finding the present value of the cash flows, which consist
8、 of periodic interest payments and a final principal payment.任何任何企业企业资产资产的的价值价值都都可以可以用用相同相同方法，方法，通过通过流向流向资产资产所有者所有者能够能够获得获得的的现金流现金流的的现值现值来来计算。计算。例如，例如，通过通过计算计算所有所有者者将将获获得得的的净净现金现金流流的的现值，现值，来来确定确定一个一个商业商业大厦大厦的的价值。价值。我们我们通过通过确定确定现金流现金流的的现值现值来来计算计算债券债券的的价值，价值，这些这些现金流现金流包括包括定期定期支支付付的的利息利息以及以及最后最后偿还偿还的的本
9、金。本金。The value of bonds fluctuates with current market prices. If a bond has an interest payment based on a 5% coupon rate, no investor will buy it at face value if new bonds are available for the same price with interest payments based on 8% coupon interest. To sell the bond, the holder will have t
10、o discount the price until the yield to the holder equals 8%. The amount of the discount is greater the longer the term to maturity.债券债券的的价值价值随随着着当期当期市场市场价格价格的的波动波动而而波动。波动。如果如果一种一种债券债券以以5%的的票面票面利率利率支付支付利息，利息，另另一种一种新发行新发行的的债券债券以以8%的的票面票面利利率率支付支付利息，利息，那么那么没有没有投资者投资者愿意愿意以以相同相同价格价格购买购买票面票面利率利率为为5%的的债券。债券。为了为了出售出售债券，债券，持有人持有人会会将将债券债券价格价格进行进行贴现，贴现，直直到到持有持有其其能能获得获得8%的的收益收益为止。为止。距离距离到期到期期限期限越长，越长，贴现贴现金额金额就就越大。越大。
