金融专业英语-第二讲金融体系概览

金融专业英语第二讲

AnOverviewofFinancialSystem

(金融体系概览）2LearningObjectivesCompareandcontrastdirectandindirectfinance(直接和间接融资).Identifythestructureandcomponentsoffinancialmarkets(金融市场).Listanddescribethedifferenttypesoffinancialmarketinstruments(金融市场工具).Identifythereasonsforandlistthetypesoffinancialmarketregulations

(金融市场制度).3FinancialSystem

金融系统4FinancialSystem

金融系统What?FinancialInstrumentsInezandWalter---cofounder---CEO/CFO/…---shareholders---shares/stocksWhere?FinancialMarketsWho?FinancialInstitutions/IntermediariesFigure1FlowsofFundsThroughtheFinancialSystem

(通过金融体系实现的资金流动)5Figure1FlowsofFundsThroughtheFinancialSystem

(通过金融体系实现的资金流动)6FunctionofFinancialMarkets

金融市场的作用Performstheessentialfunctionofchannelingfundsfromeconomicplayersthathavesavedsurplusfundstothosethathaveashortageoffunds.(向居民、企业和政府提供资金融通服务，将资金从收大于支而拥有盈余的的经济体那里转移到收小于支出现短缺的经济主体手中。)Indirectfinance（间接融资）:Afinancialintermediaryborrowsfundsfromlender-saversandthenusesthesefundstomakeloanstoborrower-spenders.Directfinance（直接融资）:borrowersborrowfundsdirectlyfromlendersinfinancialmarketsbysellingthemsecurities.7按契约的性质按在发行和交易中的地位按金融工具交易的地点和场所按所交易金融工具期限长短债务市场Debt一级市场Primary场内交易市场Exchanges货币市场Money股权市场Equity二级市场Secondary场外交易市场OTC资本市场CapitalStructureofFinancialMarkets

金融市场的结构7StructureofFinancialMarkets

金融市场的结构DebtandEquityMarkets（债务市场和权益市场）Twoexternalsourcesofraisingfunds,differentfeaturesofcontracts.Debt（债务）/bondPaytheholderoftheinstrumentfixeddollaramountsatregularintervals.Obligation（偿还义务）: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

金融市场的结构DebtandEquityMarkets（债务市场和权益市场）Equities（权益）/shares/stocksEquity:claimstoshareinthenetincomeandtheassetsofabusiness.Ownership（所有权）:shareholderofthecorporationMakeperiodicpayments(dividends),thereforeamounttolongtermsecurities./cgnp/c100743/201910/9008aa75b81a48efb97aa9c3a9c3dde8/files/cee2a8c0344b44669e6cb86e7f25896f.pdf10StructureofFinancialMarkets

金融市场的结构DebtandEquityMarkets（债务市场和权益市场）11StructureofFinancialMarkets

金融市场的结构PrimaryandSecondaryMarkets（一级市场和二级市场）Primarymarketisafinancialmarketinwhichnewissuersofasecurityaresoldtoinitialbuyersbythecorporationorgovernmentagencyborrowingthefunds.Initialpublicoffering(IPO)isunderwrittenbyoneormoreinvestmentbanks.Firmcommitmentunderwrittenoffering（包销）besteffortoffering（代销）/acc/CN_DISC/STOCK_NT/2019/08/16/003816_ls_1206534633.PDF12StructureofFinancialMarkets

金融市场的结构PrimaryandSecondaryMarkets（一级市场和二级市场）Secondarymarketisafinancialmarketinwhichsecuritiesthathavebeenpreviouslyissuedareresolde.g.NASDAQ,NewYorkStockExchange;ShanghaiStockExchange,ShenzhenStockExchangee.g.foreignexchangemarket,futuresmarket:ChicagoBoardofTrade,Daliancommodityexchange13StructureofFinancialMarkets

金融市场的结构PrimaryandSecondaryMarkets（一级市场和二级市场）Brokersanddealersworkinsecondarymarkets.Brokers(经纪人)areagentsofinvestorswhomatchbuyerswithsellersofsecurities.brokersdonotbuyorsellsecuritiesthemselvesandworkasintermediary（只起到中介作用）.Dealers(交易商)linkbuyersandsellersbybuyingandsellingsecuritiesatstatedprices（进行双向交易）.14StructureofFinancialMarkets

金融市场的结构PrimaryandSecondaryMarkets（一级市场和二级市场）Securitiescompany（券商）isoriginallycalleddealer-broker.Theirmainbusinessincludes(seeGuotaiJunanSecuritiese.g.):Investmentbanking（投行）:underwritingsecurities,EquityFinancingorDebtFinancingFinancialConsulting（咨询）:servicesasM&AandassetrestructuringBroker（经纪人）:securitiesbrokerage---commissionDealer（交易商）:Trading---pricespreadAssetmanagementandfundmanagement（资产管理）:acceptsclientscommissionsDirectinvestment（投资）:directinvestmentwithitsownfundResearch（研究）15StructureofFinancialMarkets

金融市场的结构SecondaryMarket:ExchangesandOver-the-Counter(OTC)Exchanges(交易所):

buyersandsellersmeetinonecentrallocationtotrade.NYSE,ShanghaiStockExchange,ShenzhenStockExchangeOTCmarkets（场外交易市场）:over-the-counter(outsidetheofficialexchanges).Tradingisdonedirectlybetweentwoparties.e.g.Foreignexchange,governmentbondThetradingvolumeofUSgovernmentbondislargerthanNYSE,butitisanOTCmarket!16QuestionCorporationsreceivefundswhentheirstockissoldintheprimarymarket.Whydocorporationspayattentiontowhatishappeningtotheirstockinthesecondarymarket?17Mainfunctionofsecondarymarkets：1.Toprovideliquidity（提供流动性）.Investorswhobuystocksintheprimarymarketswanttosellthemagaintoacquireothersecuritiessuchasrisk-freebondsandcash.2.Toprovidepricinginformation（提供价格信息）.Newissuesofstocksandbondsarebasedonpricesinthesecondarymarkets.Question主板、中小板；创业板；新三板；科创板分别是Exchange还是OTCmarket?18StructureofFinancialMarkets

金融市场的结构MoneyandCapitalMarkets（货币市场和资本市场）

Moneymarketsdealinshort-termdebtinstruments（短期债务）Maturitylessthanoneyear.Capitalmarketsdealinlonger-termdebtandequityinstruments（长期债务和权益产品）Maturitygreaterthanoneyear.19FinancialMarketInstruments

金融市场工具

Moneymarketinstruments（货币市场工具）:debtinstrumentswithshorttermstomaturity,thusundergoleastpriceinflationandleastriskyinvestment（短期；价格波动小；风险低）.20美国国库券可转让存单（大额）商业票据联邦基金与证券回购协议MoneyMarketInstruments

货币市场工具

Treasurybills（国库券）:ashort-termdebtobligationbackedbythetreasurydepartment.1-month,3-month,6-monthNointerestpayment（不付息）overintermediatetimeLiquid,safemoneymarketinstrumentbecauseoflowdefaultrisk（流动性强，违约风险低）China:/gp/xxgkml/gks/202008/t20200827_3576179.htm21MoneyMarketInstruments

货币市场工具

Negotiablebankcertificatesofdeposit（可转让存单（大额））:adebtinstrumentsoldbybankstodepositorsthatpayannualinterestsofagivenamountandpaysbacktheoriginalpurchasepriceatmaturity.Negotiableonthesecondarymarket（可转让）Largedenominations（大额）ImportantsourceoffundsforcommercialbanksAbigsteptowardinterestrateliberalization（利率市场化）ABC:/cn/businesses/deposit/decd/decdcp/201605/t20160516_883845.htm22MoneyMarketInstruments

货币市场工具

Commercialpaper（商业票据）:ashorttermdebtinstrumentissuedbylargebanksandwellknowncorporations（一般由大型银行或企业发行）.BackedbythefinancialstrengthoftheissuerMaturity:normallylessthan270days23MoneyMarketInstruments

货币市场工具

Repurchaseagreement(repos，回购协议):shorttermloanwithTreasurybillascollateral(抵押物).

Maturity:usuallylessthantwoweeks（期限短）.Themostimportantlendersarelargecorporations（大型企业）.e.g.Microsoftwithonemillion,lendonemilliontobankwithtreasuryascollateral,bankpromisestorepurchasetreasurybackoneweeklaterwithhigherprice.Ifbankdoesnotrepurchase,Microsofttakesthetreasury.Whatisreverserepurchase?Centralbanksuse

reverserepos

（逆回购）toaddmoneytothemoneysupplyviaopenmarketoperations（公开市场操作）.Itisashort-termagreementtopurchasesecuritiesinordertosellthembackataslightlyhigherprice.

24CapitalMarketInstruments

资本市场工具

Capitalmarketinstruments:moreuncertainty,thereforefairlyriskyinvestmentandfarwidenpricefluctuations（风险更高，价格波动较大）.25企业股票住房抵押贷款企业债券美国政府债券美国政府机构债券州和地方政府债券银行商业贷款消费者贷款商业与农场抵押贷款Stocks（股票）:Stockisthedominantinstrument（最主导的金融工具）:marketvalueisupto$21trillionin2013inU.S.,largerthananyothertypeofsecurities.Heldbyindividuals(higherproportioninChina),pensionfunds,mutualfunds,andinsurancecompanies.Commonstockversuspreferredstock（普通股/优先股）26CapitalMarketInstruments

资本市场工具

Corporatebond（公司债券）:Thevolumeofnewcorporatebondissuedeachyearisgreaterthanthevolumeofnewstockissues.Moreimportanttoafirm‘sfinancingdecision（融资决策）.Governmentsecurities（国债）:Longtermdebtissuedbytreasurytofinancethedeficit（赤字）ofthegovernment.U.S.governmentbond:mostliquidsecurity,thereforemostwidelytradedbond（流动性高）HeldbyFederalReserve,banks,households,andforeigners(BOJ,PBOCasforeignexchangereserve)TaxfreeinChina（利息免税）27CapitalMarketInstruments

资本市场工具

CapitalMarketInstruments

货币市场工具

Chinagovernmentbond：Issuedbyministryoffinance/gp/xxgkml/gks/202008/t20200826_3575565.htm28Stateandlocalgovernmentbonds（地方政府债券）Longtermdebtissuedtofinanceexpenditureonschools,road,andotherlargeprograms（主要用于基础设施建设）Taxfree（利息免税）Holder:commercialbank,wealthyindividuals,insurancecompanies,etc.政府债务-苏州市财政局()Mortgages（抵押贷款）:Loanstohouseholdorfirmstopurchaseland,housing,orotherrealstructures,thestructuresorlanditselfservesascollateralfortheloan.Amongit,residentialmortgages（住房抵押）accountforthelargestproportion.MBS:mortgagebackedsecurities（抵押支持债券）.29CapitalMarketInstruments

资本市场工具

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

金融市场的国际化ForeignBonds（外国债券）:soldinaforeigncountryanddenominatedinthatcountry’scurrencyTraditionalinstrumentsintheinternationalbondmarkete.g.PandabondEurobond（欧洲债券）:abonddenominatedinacurrencyotherthanthatofthecountryinwhichitissoldaccountfor80%ofnewlyissuesintheinternationalbondmarket31InternationalizationofFinancialMarkets

金融市场的国际化Eurocurrencies（欧洲货币）:foreigncurrenciesdepositedinbanksoutsidethehomecountryAvariantoftheEurobond.Eurodollars（欧洲美元）:U.S.dollarsdepositedinforeignbanksoutsidetheU.S.orinforeignbranchesofU.S.banks.WorldStockMarkets:

QDII:

QualifiedDomestic（境内）InstitutionalInvestor

QFII:QualifiedForeign（外国）InstitutionalInvestor”32RegulationoftheFinancialSystem

金融市场制度1.Toincreasetheinformationavailabletoinvestors:增加投资者的可得信息（透明度）Reduceadverseselection（反向选择）andmoralhazard（道德风险）problemsAdverseselection：riskyfirmsmoreeagertoselltheirsecurities.Moralhazard:firmsmaychoosetotakemoreriskyproject.Reduceinsidertrading（内幕交易）SEC

(U.S.:SecuritiesandExchangeCommission)CSRC(China:ChinaSecuritiesRegulatoryCommission，证监会)33RegulationoftheFinancialSystem

金融市场制度2.Toensurethesoundnessoffinancialintermediaries:确保金融中介的可靠性Restrictionsonentry（准入门槛）.RestrictionsonAssetsandActivities（资产、行为规范）.DepositInsurance(avoidbankruns银行挤兑).U.S.:250,000dollars;China:500,000yuanfrom1May2015.RestrictionsonInterestRates(利率限制）ChinaBankingandInsuranceRegulatoryCommission（银保监会）34QuestionThegovernmentofacountrywhosefinancialmarketsareinanearlystageofdevelopmenthashiredyouasaconsultantonfinancialmarketregulation.Yourfirsttaskistopreparealistoftheobjectivesofmarketregulation.Whichofthefollowingisleastlikelytobeincludedinthislistofobjectives?A.Minimizeagencyproblemsinthefinancialmarkets.B.Ensurethatfinancialmarketsarefairandorderly.C.Ensurethatinvestorsinthestockmarketachieve