金融市场2overview of financial system

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1、Part1IntroductionChapter2ANOVERVIEWOFTHEFINANCIALSYSTEMSlide#2-11华中科技大学管理学院ChapterObjectivesFunctionofFinancialMarketsClassificationsofFinancialMarketsFunctionofFinancialIntermediariesTypesofFinancialIntermediariesRegulationofFinancialMarketsSlide#2-22华中科技大学管理学院FunctionofFinancialMarkets1.Allowstr

2、ansfersoffundsfrompersonorbusinesswithoutinvestmentopportunitiestoonewhohasthem2.ImproveseconomicefficiencySlide#2-33华中科技大学管理学院FunctionofFinancialMarkets一、聚敛二、配置功能三、调节功能四、反映功能国民经济的“晴雨表”和“气象台”Slide#2-44华中科技大学管理学院ChapterObjectivesFunctionofFinancialMarketsClassificationsofFinancialMarketsFunctionofF

3、inancialIntermediariesTypesofFinancialIntermediariesRegulationofFinancialMarketsSlide#2-55华中科技大学管理学院ClassificationsofFinancialMarkets1.DebtMarketsDebtSecurities:Contractualobligations(IOU)ofDebtor(borrower)toCreditor(lender)—Investorreceivesinterest—Capitalgain/losswhensold—Maturitydate2.EquityMar

4、ketsCommonStockSlide#2-66华中科技大学管理学院ClassificationsofFinancialMarkets1.DebtMarkets2.EquityMarketsCommonStockEquitySecurities:ClaimwithownershiprightsandresponsibilitiesInvestorreceivesdividendsifdeclaredCapitalgain/losswhensoldNomaturitydate—needmarkettosellSlide#2-77华中科技大学管理学院Moneyvs.CapitalMarket

5、sMoneyCapitalShort-Term,<1YearLong-Term,>1YrHighQualityIssuersRangeofIssuerQualityDebtOnlyDebtandEquityPrimaryMarketFocusSecondaryMarketFocusLiquidityMarket--LowFinancingInvestment--ReturnsHigherReturnsSlide#2-88华中科技大学管理学院ClassificationsofFinancialMarkets1.PrimaryMarketNewsecurityissuessoldtoiniti

6、albuyers2.SecondaryMarketSecuritiespreviouslyissuedareboughtandsoldSlide#2-99华中科技大学管理学院Primaryvs.SecondaryMarketsStocksandInvestorsBondsFirmssecuritiesMoneyBobSuemoneyPrimaryMarketSecondaryMarketSlide#2-1010华中科技大学管理学院ClassificationsofFinancialMarkets1.ExchangesTradesconductedincentrallocations(e.g

7、.,NewYorkStockExchange)2.Over-the-CounterMarketsDealersatdifferentlocationsbuyandsellSlide#2-1111华中科技大学管理学院Organizedvs.Over-the-CounterMarketsOTCOrganizedWiredNetworkofVisibleMarketplaceDealersMembersTradeNoCentr