金融机构概述

金融机构管理周天芸中山大学国际商学院

lnszty@

教材：金融机构管理----一种风险管理方法(第5版)(高等学校教材)作者：(美)桑德斯,科尼特著,王中华,陆军译出版社：人民邮电出版社出版日期：2009年7月ISBN：711520993

金融机构管理第一部分：金融机构概论第二部分：风险及其测定第三部分：风险的管理金融机构(FinancialInstitution)金融机构是指从事金融服务业有关的金融中介机构，为金融体系的一部分；金融服务业包括银行、证券、保险、信托、基金等行业，与此相应，金融中介机构也包括银行、证券公司、保险公司、信托投资公司和基金管理公司等。银行性与非银行性金融机构银行性金融机构以吸收存款作为资金来源，且这种负债可以被存款的持有人当作货币使用。银行性金融机构可包括商业银行、中央银行、专业银行三种类型，在金融机构体系中居于支配地位，构成现代银行制度。非银行性金融机构与银行的区别在于不以吸收存款作为资金来源，而以某种方式吸收资金，以某种方式运用资金并从中获利，包括保险公司、信用合作社、消费信用机构、信托公司、证券公司、租赁公司财务公司等。在金融机构体系中是重要组成部分，其发展状况是衡量一国金融机构体系是否成熟的重要标志之一。金融中介机构为何特殊？无金融中介的资金转移公司（净借款者）家庭（净储蓄者）现金股权和债权无金融中介资金转移的特点缺乏效率、资金流量水平低监督成本流动性liqudity价格风险pricerisk通过金融中介的资金转移现金家庭公司股权和债权金融中介机构(经纪人)金融中介机构(资产转换媒介)存款和保险单现金金融中介的职能提供支付体系资产转换(assettransfer)初级证券（Primarysecurities）二级证券（Secondarysecurities）经纪人职能专门提供信息和交易服务导致交易成本的降低或者规模经济信息成本大的金融机构就比小的家庭有更大激励去收集信息和监督公司的行为，因为这与其自身有很大利益关系；收集信息的平均成本更低；创造的二级证券，合同中加进详细的条款可以提高金融机构的监督能力；银行贷款一般来说是短期债务合同，这个短期的性质可以使金融机构拥有更多的监督权力从而控制借款者；

流动性和价格风险

二级证券通常比初级证券如公司股票和债券有着更高的流动性，包括存款、基金股份、人寿保险的保单等。金融机构利用规模效益来分散大部分资产组合风险，以低价或资本价值风险提供高流动性的资产；在现实中，大部分金融机构的倒闭是在产品种类上和地域范围内相对不能进行分散投资的小的金融机构

其他职能减少交易成本Reducedtransactioncosts期限调整Maturityintermediation货币政策的传导Transmissionofmonetarypolicy.信贷分配Creditallocation代际财产转移或时间媒介Intergenerationaltransfersortimeintermediation.结算服务Paymentservices(FedWireandCHIPS).面值调整Denominationintermediation.金融机构的特殊性与监管金融机构向经济中的各部门提供各种特殊服务而显得与众不同；如果不能提供这些服务或者其有效服务中断，对于储蓄的最终来源（家庭）和使用者（公司）就会产生成本。当经济中的金融机构部门出现问题时，对公司和家庭产生负外部性；

监管对整个社会是有利的，但是对金融机构来说却产生了私人成本；

金融中介的特殊性与监管垄断外部性信息不对称监管的内容安全和稳健性监管

--资产分散化要求--资本充足度要求--保护基金BankInsuranceFund(BIF)

--自律货币政策方面的监管信用分配方面的监管存款者保护方面的监管市场准入和特许方面的监管ThePillarStructureoftheNewAccord

capitalchargeimposedonbanksbasedupontheresultsofanassessmentoflossesattributedtooperationalriskandthatmappedtheinstitution’soperationalriskprofile.Enhancementtothesupervisoryreviewprocess.Stressestheimportanceofbankmanagementdevelopinganinternalcapitalassessmentprocess.Enlistingactiveinvolvementofthefinancialservicescommunitytoinvokesomesortofmarketdisciplineovermemberinstitutions.(DisclosureRequirements)

Pillar1MinimumCapitalRequirements

Pillar3MarketDiscipline

Pillar2SupervisoryReviewProcess《新资本协议》简单结构图

ThePillarStructureoftheNewAccord监管成本道德风险：由于制度方面或其他方面的变化而引发的私人部门行为的变化，进而产生有害的和消极的作用合规成本：被监管者为遵守或者符合有关监管规定而额外承担的成本。社会经济福利的损失：由于存在监管，各经济主体的产量可能会低于不存在监管时的产量。动态成本：监管起着保护低效率的生产结构的作用，可能成为管理和技术革新的障碍。存款机构

DepositoryInstitutionsAdepositoryinstitutionisafinancialinstitutionintheUnitedStates(suchasasavingsbank,commercialbank,savingsandloanassociation,orcreditunion)thatislegallyallowedtoacceptmonetarydepositsfromconsumers.FederaldepositoryinstitutionsareregulatedbytheFederalDepositInsuranceCorporation(FDIC).规模、结构与组成Size,structureandcomposition资产负债表Balancesheetsandrecenttrends存款机构的监管Regulationofdepositoryinstitutions业绩Depositoryinstitutionsperformance美国最大的存款机构

LargestUSDepositoryInstitutions(billionsofdollars2007)Citigroup $1,746.2BankofAmerica 1,451.6J.P.MorganChase 1,338.0Wachovia 559.9WellsFargo 483.4HSBCNorthAmerica 473.7Taurus 430.4WashingtonMutual 348.9U.S.Bancorp 216.9CountrywideFinancial 193.2TotalAssets($Billions)存款机构的类型

DepositoryInstitutions商业银行

CommercialBanksLargestdepositoryinstitutionsarecommercialbanks.Differencesinoperatingcharacteristicsandprofitabilityacrosssizeclasses.NotabledifferencesinROEandROAaswellasthespread储蓄机构

ThriftsS&LsSavingsBanks信用社CreditUnionsMixofverylargebankswithverysmallbanks功能与结构差异

Functions&StructuralDifferencesFunctionsofdepositoryinstitutionsRegulatorysourcesofdifferencesacrosstypesofdepositoryinstitutions.Structuralchangesgenerallyresultedfromchangesinregulatorypolicy.Example:changespermittinginterstatebranchingReigle-NealAct:《瑞格尼尔法案》1994年对银行规模放松管制，并且允许跨州建立分行.

资产负债表

BalanceSheetandTrendsBusinessloanshavedeclinedinimportanceOffsettingincreaseinsecuritiesandmortgagesIncreasedimportanceoffundingviacommercialpapermarketSecuritizationofmortgageloansTemporaryeffects:creditcrunchduringrecessionsof1989-92and2001-02商业银行的资产负债表(balancesheet)资产负债和权益现金资产交易账户存款投资证券非交易账户存款贷款借款贷款损失准备其他负债其他资产权益普通股优先股资本盈余未分配利润资本公积金损益表IncomeSheet利息收入服务费和手续费其他非利息收入利息支出贷款损失准备金非利息支出损益表和资产负债表的关系*财务报表分析FinancialStatementAnalysis关键比率的时间序列分析

(Timeseriesanalysisofkeyratios)分析框架ROEframeworkROE=ROA×EM（权益乘数）ROA=PM（利润率）×AU（资产利用率）表外业务

Off-balanceSheetActivitiesHeightenedimportanceofoff-balancesheetitemsOBSassets表外资产 OBSliabilities表外负债LargeincreaseinderivativespositionsisamajorissueStandbylettersofcredit备用信用证Loancommitments贷款承诺When-issuedsecurities虚售证券其他收费业务OtherFee-generatingActivities

Trustservices信托服务Correspondentbanking往来银行业务CheckclearingForeignexchangetradingHedgingParticipationinlargeloanandsecurityissuancesPaymentusuallyintermsofnoninterestbearingdeposits主要监管机构

KeyRegulatoryAgenciesFDICRoleinpreventingcontagiousrunsorpanicsOCC:Primaryfunctionistocharternationalbanks.FRS:monetarypolicy,lenderoflastresort.NationalbanksareautomaticallymembersoftheFRS.State-charteredbankscanelecttobecomemembers.StatebankregulatorsDualBankingSystem:Coexistenceofnationallyandstate-charteredbanks.BankRegulators储蓄机构SavingsInstitutionsComprisedof:SavingsandLoansAssociations储蓄协会SavingsBanks储蓄银行EffectsofchangesinFederalReserve’spolicyofinterestratetargetingcombinedwithRegulationQanddisintermediation(脱媒).Effectsofmoralhazardandregulatorforbearance.QualifiedThriftLender(QTL)test.信用社

CreditUnionsNonprofitdepositoryinstitutionsownedbymember-depositorswithacommonbond.ExemptfromtaxesandCommunityReinvestmentAct(CRA社区再投资法).ExpansionofservicesofferedinordertocompetewithotherFIs.ClaimofunfairadvantageofCUsoversmallcommercialbanks2006:66.4percentofCUsfederallycharteredandregulatedbyNCUA全球问题

GlobalIssues

NarrowingmarginsandflatteningyieldcurvesMortgagesdominatingretailgrowthPersonalbankruptciesrisingNearcrisisinJapaneseBankingChinaDeteriorationinearly2000s,NPLsat50%levelsOpeningtoforeignbanks(WTOentry)slow保险公司

InsuranceCompaniesDifferencesinservicesprovidedby:LifeInsuranceCompanies人寿保险公司PropertyandCasualtyInsurance财产事故保险公司Size,structureandcompositionBalancesheetsandrecenttrendsRegulationofinsurancecompaniesGlobalcompetitionandtrends互助Mutual股份Stock保险公司InsuranceCompaniesBiggestLifeInsurers(2007)人寿保险LifeInsurance:IssuesDemutualizationAdverseselectionInsuredhavehigherriskthangeneralpopulationAlleviatedbygroupingofpolicyholdersintoriskpools人寿保险公司

LifeInsuranceCompaniesLifeInsuranceProducts:Ordinarylife（普通寿险）Termlife（定期寿险),Wholelife(终身寿险)Endowmentlife（两全寿险)Variablelife（可变寿险),Universallife（万能寿险),Variableuniversallife.Grouplife（团体寿险）Industriallife（产业寿险）Creditlife（信用寿险）其他人寿保险业务OtherLifeInsurerActivities年金保险AnnuitiesReverseoflifeinsuranceactivities.Topped$272billionin2005Ethics:Conseco,2004个人退休金基金PrivatepensionfundsCompetewithotherfinancialservicecompanies.Mid2000s,managing$2.3trillion(45%ofallprivatepensionplans)意外和医疗事故保险AccidentandhealthinsuranceMorbidityinsuranceEffectsofgrowthinHMOenrollment资产负债表

BalanceSheetLong-termassetsNeedtogeneratecompetitivereturnsonsavingscomponentsoflifeinsurancepoliciesBonds,equities,governmentsecuritiesPolicyloans(保单质押贷款)Long-termliabilitiesNetpolicyreservestomeetpolicyholders’claimsSeparateaccountbusiness32.9%oftotalliabilitiesandcapitalin2006.监管

RegulationofLifeInsuranceCompaniesMcCarran-FergusonActof1945Confirmsprimacyofstateoverfederalregulation.StateinsurancecommissionsCoordinatedexaminationsystemdevelopedbytheNationalAssociationofInsuranceCommissioners(NAIC).StatespromotelifeinsuranceguarantyfundsNotpermanentfunds(likeFDIC)Requiredcontributionsfromsurvivingwithin-statefirms.FinancialServicesModernizationAct,1999财产灾害保险

P&CProducts保费净额（NPWnetpremiumswritten）火险和关联险Fireinsuranceandalliedlines屋主多种事故险Homeownersmultipleperilinsurance商业多种事故险Commercialmultipleperilinsurance汽车责任与损坏险Automobileliabilityandphysicaldamageinsurance责任保险Liabilityinsurance(otherthanautomobile)财产保险公司的资产负债表

P&CBalanceSheetSimilartolifeinsurancecos.(Smallerassetbase)RequirementforliquidassetsMajorliabilities:lossreserves损失储备lossadjustmentexpense损失调整费用unearnedpremiums未到期保费损失风险损失程度(severityofloss)和损失频率(frequencyofloss)长期损失和短期损失Long-tailriskexposure产品通胀和社会通胀Productinflationversussocialinflation保险业比率UnderwritingRatiosLossratioshavegenerallyincreased.Expenseratioshavegenerallydecreased.Trendtowardsellingdirectlythroughtheirownbrokersratherthanindependentbrokers.综合比率Combinedratio:Includesbothlossandexpenseexperience.Ifgreaterthan100thenpremiumsareinsufficienttocoverlossesandexpenses.投资收益/回报风险

InvestmentYieldReturnRisk运营率=扣除红利后的综合比率与投资收益率之差Operatingratio=Combinedratioafterdividendsminusinvestmentyield.Importanceofinvestmentincome:CausesPCmanagerstoplaceimportanceonmeasuringandmanagingcreditriskandinterestraterisk.监管

RegulationPCinsurerscharteredandregulatedbystatecommissions.StateguarantyfundsNationalAssociationofInsuranceCommissioners(NAIC)providesvariousservicestostateregulatorycommissions.IncludesInsuranceRegulatoryInformationSystem(IRIS).Somelinesfacerateregulation.CriticismregardingKatrinarelatedclaims全球问题

GlobalIssuesInsuranceindustrybecomingmoreglobalRegulatoryandtaxeffectsinCaymanIslandsandBahamasIntroductionandaccelerationofinsurancemarketreformscross-countrymergers(insurancecompaniesaswellasuniversalbanks)证券公司和投资银行

SecuritiesFirms&InvestmentBanksNatureofbusiness:Underwritesecurities.Marketmaking.Advising(example:M&A,restructurings).主要业务

KeyActivitiesInvestingInvestmentbankingActivitiesrelatedtounderwritinganddistributingnewissuesofdebtandequity.MarketmakingIncreasingimportanceofonlinetradingTechnologyriskDecimalizationTradingPositiontrading,purearbitrage,riskarbitrage,programtradingCashmanagementAssistingwithM&ABack-officeandservicefunctions资产负债表

BalanceSheetKeyassets:Longpositionsinsecuritiesandcommodities.Reverserepurchaseagreements.Keyliabilities:Repurchaseagreementsmajorsourceoffunds.Securitiesandcommoditiessoldshort.BrokercallloansfrombanksCapitallevelsmuchlowerthanlevelsinbanks监管

RegulationPrimaryregulator:SECReiteratedbyNationalSecuritiesMarketsImprovementAct(NSMIA)of1996.PriortoNSMIA,regulatedbySECandstates.RegulatetradingactivitiessuchasshelfregistrationEarly2000serosionofSECdominanceIncreasedvigilancebyStateAttorneysGeneralSpring2003,$1.4billioninpenaltiesoverinvestorabuses.Sarbanes-OxleyActof2002IndependentauditingoversightboardunderSECInstigatedbyEnron,GlobalCrossings,Tyco,WorldComInvestorProtection&OtherMonitoringSecuritiesInvestorsProtectionCorporation(SIPC).Protectionlevelof$500,000FederalReservealsohasroleinoverseeingsecuritiesfirmsandinvestmentbanksVulnerabilityofthefinancialsystemIssueoftimelysettlementraisedbyGreenspan共同基金

MutualFundsDiversificationopportunitiesenhancedforsmallinvestorsEconomiesofscalePredominantlyopen-endedfundsAttheendofOctober2011,thetop10mutualfundcomplexesintheUnitedStateswere:（InvestmentCompanyInstitute,ascitedinIgnites,December30,2011）1、Vanguard2、Fidelity3、AmericanFunds(CapitalResearch)4、BlackRock5、PIMCO6、FranklinTempleton7、JPMorgan8、SSgA9、T.RowePrice10、Federated共同基金的类型

TypesofMutualFundsTypesofLong-termFundsBondandincomefunds.Equityfunds.Hybrid.Short-termfunds共同基金的收益

ReturnstoMutualFundsIncomeanddividendsofunderlyingportfolio.Capitalgainsontradesbymutualfundmanagement.Capitalappreciationinvaluesofassetsheldintheportfolio.Marked-to-marketNet-assetvalue(NAV).共同基金的成本

MutualFundCostsTwotypesoffees:SalesloadsGenerally,negativeeffectonperformanceoutweighsbenefitsShorttermversuslongterminvestmentaltersimpactofloadsoncostFundoperatingexpensesManagementfee12b-1feesFrontendandbackendfeesClassA,ClassBandClassCdifferencesSECcreationofnewrulesSweepingdecreasesinfees,2005and2006资产负债表

BalanceSheetandTrendsMoneyMarketFundsKeyassetsareshort-termsecurities(consistentwithdeposit-likenature)Mosthavesharevaluesfixedat$1andadjustnumberofsharesownedbytheinvestor.Long-termFundsStockscomprisedover70.7%ofassetportfoliosin2006.Creditmarketinstruments27.2%ofassetportfoliosShifttoothersecuritiessuchascreditmarketinstruments,U.S.Treasuries,municipalbondsetc.whenequitymarketsnotperformingaswell.财务公司

FinanceCompaniesActivitiessimilartobanks,butnodepositoryfunction.Mayspecializeininstallmentloans(e.g.automobileloans)ormaybediversified,providingconsumerloansandfinancingtocorporations,especiallythroughfactoring.Commercialpaperiskeysourceoffunds.CaptiveFinanceCompanies:e.g.GMACHighlyconcentratedLargest20firms:65percentofassets财务公司的类型

TypesofFinanceCompaniesSalesfinanceinstitutionsFordMotorCreditandSearsRoebuckAcceptanceCorp.PersonalcreditinstitutionsHSBCFinanceandAIGAmericanGeneral.BusinesscreditinstitutionsCITGroupandFleetBostonFinancial.Equipmentleasingandfactoring.资产负债表

BalanceSheetBusinessandconsumerloansarethemajorassets52.8%oftotalassets,2006.Reducedfrom95.1%in1977.Increasesinrealestateloansandotherassets.GrowthinleasingFinancecompaniesfacecreditrisk,interestrateriskandliquidityrisk.

负债

LiabilitiesMajorliabilities:commercialpaperandotherdebt(longer-termnotesandbonds).Financefirmsarelargestissuersofcommercialpaper(frequentlythroughdirectsaleprograms).Commercialpapermaturitiesupto270days.Consequently,managementofliquidityriskdiffersfromcommercialbanksrelyingondeposits监管

RegulationofFinanceCompaniesFederalReservedefinitionofFinanceCompanyFirm,otherthandepositoryinstitution,whoseprimaryassetsareloanstoindividualsandbusinesses.Subjecttostate-imposedusuryceilings.Muchlowerregulatoryburdenthandepositoryinstitutions.NotsubjecttoCommunityReinvestmentAct.Lackthebanks’regulatorysafety-net金融中介的风险RisksofFinancialIntermediation