chapter 2 financial markets and institutions 金融市场 金融机构课件.ppt

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1、IntroductiontoFinance–ACF108Session02:FinancialMarkets&InstitutionFundamentalsofCorporateFinanceSixthEditionRichardA.BrealeyStewartC.MyersAlanJ.MarcusSlidesbyMatthewWillChapter2McGrawHill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.AllrightsreservedFinancialMarketsandInstitutionsTopicsCoveredT

2、heImportanceofFinancialMarketsandInstitutionsTheFlowofSavingstoCorporationsFunctions:-FinancialMarketsand-FinancialIntermediariesFinancialMarketsFinancingDecisionSourceofFunds(Capital)CapitalStructure4SourceofFundsFinancing:-FinancialMarkets-InstitutionWhy-FinancialMarketsBuyingandSellingofFinancia

3、lproductProvidefinancingtothecorporationChannelingFundsfromsaverstoborrowersWhat–Financialmarket?Anymarketplacewherebuyersandsellerstradeinassetssuchasequities,bonds,currenciesandderivativesFeatures-Transparentpricing,basicregulationsontrading,lowcostsandfeesMarketforcesdeterminingthepricesofsecuri

4、tiesthattradeFinancialInstitutionInstitutionthatprovides financialservices foritsclientsormembersMostimportantfinancialserviceprovidedbyfinancialinstitutionsisactingas financialintermediariesRelationships-FinancialmarketandInstitutionEachfinancialmarketisservedbyfinancialinstitutionsthatactasinterm

5、ediariesTheFlowofCapital:10ChannelingFundsBorrowers-corporationsorinvestorswhohastheopportunitytomakeextrareturnstothemoneytheyborrowSavers–PeoplewhohasnottimetoinvestSmallamountofmoneyFunctionofFinancialMarketsTransportingcashacrosstimeRisktransferanddiversificationLiquidityPaymentmechanism-system

6、usedfortransferringmoneyProvideinformationFunctionofFinancialMarketsTransportingcashacrosstime-Saverscansavemoneynowtobewithdrawnandspentatalatertime,-BorrowerscanborrowcashtodayLiquidity-AbletoconverttheirinvestmentsintocashquicklyandeasilyPaymentMechanismUseinsteadofcash indomesticandinternationa

7、ltransactionsTheseinclude:Debitcards, creditcards, electronicfundstransfers, directcredits, directdebits, internetbanking ande-commercepaymentsystemsProvideInformationMarketsprovideextensivedatasuchas:-Inte