第一章 商业银行公司理财

PARTⅠIntroductiontobankfinancialmanagementinthefinancial-servicesindustryChapter1Overviewofbankingandthefinancial-servicesindustryChinaUniversityofMiningandTechnologySchoolofManagement李凯风LEARNINGOBJECTIVESTounderstandthefunctionsofafinancialsystemTounderstandtherole,importance,andtherisksofbankingTodistinguishbetweendirectandindirectfinanceTounderstandthe“decline”ofbankingTodistinguishbetweentraditionalcommercialbankingandmodernbankingTounderstandthedimensionofbankcompetitionandhowregulationshapesthemCHAPTERTHEMEThischapterpresentsanintroductionandoverviewofbankingandthefinancial-servicesindustry(FSI).Financial-servicesfirms(FSFs)actasintermediariesintheallocationoffinancialresources.Asfinancialmarketsbecomemorecomplete,directfinancetendstoreducetheimportanceofcertainfinancialinstitutionsandtheprocessofindirectfinance.Afinancial-managementperspectiveemphasizestheimportanceofunderstandingtherisksofbankingandhowtomanagethem.Bothmarketandregulatorydisciplinemonitorandrestrictbankrisktaking.Explicitprice,userconvenience,andpublicconfidencearetheprimarydimensionsofbankcompetition.KEYCONCEPTS,IDEAS,ANDTERMS●Bankholdingcompany(BHC)●Creditrisk●Dimensionsofbankcompetition●DirectfinanceVSindirectfinance(intermediation)●Discipline(marketandregulatory)●Financialmarkets●Financial-servicesfirm(FSF)●Financial-servicesindustry●Financialsystem(corefunctions)●Globalization●Institutionalization●Interest-raterisk●IntermediationVSdisintermediation●Liquidityrisk●Pass-throughfinance●Regulatorydialectic(strugglemodel)●Riskmanagement●SecuritizationKEYCONCEPTS,IDEAS,ANDTERMS●Assetprices●Confidencefunction●Creditordefautrisk●Expectedinflation●FDICImprovementAct(FDICIA)●FederalDepositInsuranceCorporation(FDIC)●FederalReserveSystem●Federalsafetynet●Fishereffect●FiveCsofcreditanalysis●Interestrates(nominalversusreal)●OfficeoftheComptrolleroftheCurrency(OCC)●Pricefunction●Privatization●Promptcorrectiveaction(PCA)●Regulaion●Techniquesformanagingtheguaranteebusiness●Transactionscost●TypesandclassesofcommercialbanksSection1.ThefunctionsofafinancialsystemSection2.Financial-servicesfirmsandthefinancial-servicesindustrySection3.TypesandclassesofcommercialbanksSection4.Bankholdingcompanies:thedominantorganizationalformSection5.IntermediationVSdisintermediationandindirectfinanceVSdirectfinanceSection6.Theendofbankingasweknowit?Section7.TheroleofbankregulationandsupervisionSection8.Theregulatorydialectic(strugglemodel)Section9.TherisksofbankingSection10.Thedimensionsoffinancial-servicescompetitionandtheroleofregulationinshapingthemSection1ThefunctionsofafinancialsystemTheprimaryfunctionofafinancialsystemis:resourceallocation.Section1ThefunctionsofafinancialsystemClearandsettlepaymentsAggregateanddisaggregatewealthandflowsoffundsTransfereconomicresourcesfunctionsAccumulate,processAnddisseminateinformationProvidewaysformanaginguncertaintyandcontrollingriskProvidewaysfordealingWithincentiveandasymmetric-InformationproblemsSection2.Financial-servicesfirmsandthefinancial-servicesindustryAfinancialsystemcanbeviewedintermsoffinancial-servicesindustry(FSI)consistingoffinance-servicesfirms(FSFs)BanksThriftinstitutionsInsurancecompaniesPensionfundsFinancecompaniesMutualfundsNonfinancialcorporationsThemajorplayersintheFSI(FSFs)ThestructuralchangesoccurringintheFSIcanbedescribeasits“-ization”.TheroleofbanksintheFSITheviewthatcommercialbanksoperateintheFSImeansthattheirrolewilllookdilutedinthisframework.Nevertheless,commercialbanksarestillthekingpinsoftheFSI.InstitutionalizationSecuritizationGlobalizationPrivatization“-ization”KEYCONCEPTS●Commercialbank●Investmentbank●Savings&loans●Savingsbanks●Creditunions●Life(propertyandcasualty)insurancecompanies●Moneymarketfunds●Check-cashingstores●Nonfinancialcorporations(NFCs)●Depositoryinstitutions●Nondepositoryinstitutions●Poolandpackageloans●Interestandprincipalpayment●Mortgage-backedsecurities●rent-to-ownstores●State-ownedenterprises●Transformingeconomies●Collapseofcommunism●Thriftcrisis●Legal,political,social,andethicalsignificance●Wholesalemarket●PawnshopsSection3.TypesandclassesofcommercialbanksThesearevarioustypesandclassesofcommercialbanksintheUnitedStates(Box1-1andTable1-1)The1970amendmenttotheBankHoldingCompanyActof1956definesacommercialbankasaninstitutionthat“(1)acceptsdepositsthatthedepositorhasalegalrighttowithdrawondemandand(2)engagesinthebusinessofmakingcommercialloans”.Inthe1980s,priortothepassageoftheCompetitiveEqualityBankingActof1987,organizationswerecharteredthatengagedinoneoftheseactivitiesbutnorboth.Theywerecallednonbankbanksorlimited-servicesbanks;thosethatdidnotmakecommercialloanswerealsoknownasconsumerbanks.Byusingthisloophole,theseorganizationsavoidedbeingregulatedbytheFederalReserveasbankholdingcompanies.ToattempttoleveltheplayingfieldintheFSI,theCompetitiveEqualityBankingActof1987bannedfurtherEstablishmentofnonbankbanks.Althoughthe160orsoexistingnonbankbanksweregrandfathered,theiractivitieswererestrictedsuchthattheycouldnotcross-marketproductsandserviceswiththeirparentcompanie