113分析金融市场与金融机构_第二章

Slide#2-1Part1IntroductionChapter2ANOVERVIEWOFTHEFINANCIALSYSTEMSlide#2-2ChapterObjectivesFunctionofFinancialMarketsClassificationsofFinancialMarketsFunctionofFinancialIntermediariesTypesofFinancialIntermediariesRegulationofFinancialMarketsSlide#2-3FunctionofFinancialMarkets1.Allowstransfersoffundsfrompersonorbusinesswithoutinvestmentopportunitiestoonewhohasthem2.ImproveseconomicefficiencySlide#2-4一、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”FunctionofFinancialMarketsSlide#2-5ChapterObjectivesFunctionofFinancialMarketsClassificationsofFinancialMarketsFunctionofFinancialIntermediariesTypesofFinancialIntermediariesRegulationofFinancialMarketsahref=江西癫痫病医院/aahref=江西癫痫病医院/aSlide#2-6Slide#2-7Slide#2-8Slide#2-9Slide#2-10Slide#2-11Slide#2-12Slide#2-13Slide#2-14Slide#2-15Slide#2-16Slide#2-17Slide#2-18AsymmetricInformation:AdverseSelectionandMoralHazardAdverseSelection1.Beforetransactionoccurs2.PotentialborrowersmostlikelytoproduceadverseoutcomeareonesmostlikelytoseekloanandbeselectedSlide#2-19AsymmetricInformation:AdverseSelectionandMoralHazardExample:r=8%,20%loan=£100-BorrowerA:hasprojectwith10%returnwith100%probabilityofsuccess-BorrowerB:projectwith100%returnwith75%probabilityofsuccess(25%prob.offailure)Slide#2-20AsymmetricInformation:AdverseSelectionandMoralHazardMoralHazard1.Aftertransactionoccurs2.Hazardthatborrowerhasincentivestoengageinundesirable(immoral)activitiesmakingitmorelikelythatwon'tpayloanbackSlide#2-21AsymmetricInformation:AdverseSelectionandMoralHazardMoralHazardExample:int.rate=8%-LoanapprovedforProjectI:10%returnwith100%probabilityofsuccess-NewopportunityProjectII:100%returnwith80%probabilityofsuccess(20%prob.offailure)Slide#2-22Diamond(1984)对Leland和Pyle(1977)做了一个重要推广:假设企业家的投资项目的回报是独立分布的,那么他们可以联合起来向投资者借款。这样,每个项目的期望回报不变,但由于多元化,其风险大大降低了,从而减少了信息不对称带来的资本成本,这样的联合便是银行。银行可以克服企业家和投资者之间的信息不对称,吸收存款并投资于银行有内部信息的投资项目。信息发掘(informationprovision)受委托的监管者(deligatedmonitor)Williamson(1986),Krasa和Villamil(1992)等文献都抓住了银行的这一重要特征:银行是大量投资人和融资人的联合,能集中处理监管企业的任务,并且能更好的解决信息不对称问题。银行的这一优势核心在于其多元化发放贷款,因此对存款人来说,只要银行足够大,就不需要监管银行能否按时还款。———金融中介：文献综述和最新发展，黄张凯，管理世界，2006（2）Slide#2-23ChapterObjectivesFunctionofFinancialMarketsClassificationsofFinancialMarketsFunctionofFinancialIntermediariesTypesofFinancialIntermediariesahref=癫痫病医生/aahref=癫痫病生育/aRegulationofFinancialMarketsSlide#2-24FinancialIntermediariesSlide#2-25TypesofFinancialIntermediariesDepositoryInstitutions(Banks)CommercialbanksSavings&LoanAssociations(S&Ls)MutualSavingsBanksCreditUnionsSlide#2-26CommercialbanksDefinedbytheFunctionsItServesandtheRolesItPlayAfinancialintermediaryacceptingdepositsandgrantingloansOfferthewidestrangeoffinancialservices.--FinancialdepartmentstoresSlide#2-27TheBankBalanceSheetSlide#2-28ChinaBigFourBanks(12/31/2002)v.s.AllUSBanks(12/31/2002)Asset(%)Liabilities(%)CNUSCNUSLoans60.261.4Deposits81.465.8Investments6.623.1Borrowings14.927.2Cash24.89.1Other8.47.4Capital3.87.1Total100100Total100100Slide#2-29Banks'IncomeStatementSlide#2-30BankingRisksandReturnsProfitability,liquidity,andsolvencytrade-offThefundamentalobjectiveofbankmanagementistomaximizeshareholders’wealth,i.e.,tomaximizethemarketvalueofthebank’scommonstock.Wealthmaximizationrequiresthemanagertoevaluateandbalancethetrade-offsbetweentheopportunityforhigherreturns,theprobabilityofnotrealizingthosereturns,andthepossibilitythatthebankmightfail.ahref=癫痫病种类/aahref=癫痫病问答/aRiskmanagementistheprocessbywhichmanagersidentify,assess,monitor,andcontrolrisksassociatedwithafinancialinstitution’sactivities.Slide#2-31GovernmentalregulatorCompetitorsHurry!Hurry!JustanInchRemained!CreditriskLiquidityriskMarketriskOperationalriskWellDone!BankGOALCustomersstockholdersCapitalriskLegalriskReputationalriskSlide#2-32FundamentalrisksCreditriskLiquidityriskMarketriskOperationalriskReputationalriskLegalriskCapitalorsolvency偿付能力riskSlide#2-33TypesofFinancialIntermediariesContractualSavingsInstitutions(契约性储蓄机构包括各种保险公司和养老基金。它们的共同特征是以合约方式定期定量地从持约人手中收取资金（保险费或养老金预付款），然后按合约规定向持约人提供保险服务或养老金。)LifeinsurancecompaniesFire&casualtyinsurancecompaniesPensionfunds,governmentretirementfundsSlide#2-34假设某人寿保险公司拥有100000个保单持有人，他们每个人都是40岁，每个客户申请100万美元的保单。保险公司应向每个保单持有人收取多少保险费呢？确定预期死亡人数。100000*4/000=400预期索赔金额=100*400=4亿假设该保险公司的分析家估计本年其投资组合平均收益率为8%。预期索赔现值=4亿/（1+8%）=370.4百万估计每个保单持有人的净保险费=370.4百万/100000=3704Slide#2-35TypesofFinancialIntermediariesInvestmentIntermediariesFinancecompanies(指以经营消费信贷及工商企业信贷为主的非银行金融机构。)Mutualfunds（投资基金又称共同基金，是通过向投资者发行基金券或受益凭证，将众多小额投资者的资金汇集起来，交给专业投资机构进行操作，所得的收益由投资者按出资比例分享的投资工具。）ahref=癫痫病寿命/aahref=癫痫病遗传/aMoneymarketmutualfundsSlide#2-36FinanceCompanyBalanceSheetAssetsBillionsofdollarsPercentofTotalConsumerloans255.327%Businessloans335.136%Realestateloans98.511%Lessreserveforloanlosses-65.6-7%Otherassets313.633%TotalAssets936.9100%LiabilitiesBankLoans24.