financial markets and institutions 金融市场与机构课件.ppt

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1、FinancialMarketsandInstitutions6thEditionPowerPointSlidesfor:ByJeffMaduraPreparedbyDavidR.DurstTheUniversityofAkron1RoleofFinancialMarketsandInstitutions©2003South-Western/ThomsonLearningChapterObjectivesDescribethetypesoffinancialmarketsDescribethero

2、leoffinancialinstitutionswithfinancialmarketsIdentifythetypesoffinancialinstitutionsthatfacilitatetransactionsOverviewofFinancialMarketsFinancialmarketsprovideforfinancialintermediation--financialsavings(SurplusUnits)toinvestment(DeficitUnits)Financial

3、marketsprovidepaymentssystemFinancialmarketsprovidemeanstomanageriskFinancialMarket:amarketinwhichfinancialassets(securities)suchasstocksandbondscanbepurchasedorsoldBroadClassificationsofFinancialMarketsMoneyversusCapitalMarketsPrimaryversusSecondaryMa

4、rketsOrganizedversusOver-the-CounterMarketsOverviewofFinancialMarketsPrimaryvs.SecondaryMarketsPRIMARYNewIssueofSecuritiesExchangeofFundsforFinancialClaimFundsforBorrower;anIOUforLenderSECONDARYTradingPreviouslyIssuedSecuritiesNoNewFundsforIssuerProvid

5、esLiquidityforSellerMoneyvs.CapitalMarketsMoneyShort-Term,<1YearHighQualityIssuersDebtOnlyPrimaryMarketFocusLiquidityMarket--LowReturnsCapitalLong-Term,>1YrRangeofIssuerQualityDebtandEquitySecondaryMarketFocusFinancingInvestment--HigherReturnsOrganized

6、vs.Over-the-CounterMarketsOrganizedVisibleMarketplaceMembersTradeSecuritiesListedNewYorkStockExchangeOTCWiredNetworkofDealersNoCentral,PhysicalLocationAllSecuritiesTradedofftheExchangesMoneyMarketSecuritiesDebtsecuritiesOnlyCapitalmarketsecuritiesDebta

7、ndequitysecuritiesDerivativeSecuritiesFinancialcontractswhosevalueisderivedfromthevaluesofunderlyingassetsUsedforhedging(riskreduction)andspeculation(riskseeking)SecuritiesTradedinFinancialMarketsDebtvs.EquitySecuritiesDebtSecurities:Contractualobligat

8、ions(IOU)ofDebtor(borrower)toCreditor(lender)InvestorreceivesinterestCapitalgain/losswhensoldMaturitydateDebtvs.EquitySecuritiesEquitySecurities:ClaimwithownershiprightsandresponsibilitiesInvestorreceivesdividendsifdeclaredCapitalgain/l