金融英语课件2

Chapter2FinancialsystemTheteachingpurposeofthischapterThestudentwilllearnaboutthefunctionsofthefinancialsystemtheparticipantsinthefinancialsystemthefinancialintermediariesandtheirrespectivefunctionsCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall2FinancialsystemThecompositionofFinancialsystem:Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall3Everyonehassomecontactwiththefinancialsystem.Weareallawareoffinancialinstitutionslikebanks,buildingsocieties,andinsurancecompanies,eachprovidinginitsownwayforsomeofoureverydayneeds.Forexample,paymentsfacilitiesthroughbanks,convenientsavingsandaccesstohomeloansfrombuildingsocieties,andcar,house,orlifeinsurance.beawareof:了解Otherfinancialinstitutions,suchasinvestmenttrusts,venturecapitalcompanies,anddiscounthouses-tonameonlyafew-arelesswell-knownandcarryoutmorespecializedfunctions.investmenttrusts：信托投资公司venturecapitalcompanies：风险投资公司Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall4Mostpeoplealsoknowsomethingaboutfinancialmarkets,liketheStockExchangewheresecuritiesareboughtandsold,thoughcomparativelyfewaredirectlyconcernedwiththeiractivities.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall5Allthesefinancialinstitutionsandmarketsfittogetherintoanetworkwhichcomprisesthefinancialsystem.Thereareotherimportantbutlessfamiliarfinancialmarkets,likethemoneymarketinwhichlargesumsareborrowedandlentforveryshortperiods,andtheforeignexchangemarketinwhichdealingsinforeigncurrenciestakeplace.Majorfunctions:channelhouseholdsavingstocorporatesectorallocateinvestmentfundsamongfirmsAllowsmoothconsumptionbyhouseholdsandexpendituresbyfirmsenablehouseholdsandfirmstosharerisksCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall6Theparticipantsinthefinancialsystem:Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall7savers;investorsandotherborrowers;financialintermediaries;brokersandadvisers;regulatorsSaversandinvestors：Theend-usersofthefinancialsystemarethesavers,whosecurrentspendingislessthantheirincomeandwhohavemoneyavailabletolendtoothers;Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall8andtheinvestors,whowanttoborrowmoneyinordertobuycapitalgoodsorincreasethescaleoftheirbusiness,aswellasotherborrowerswhowanttospendmorethantheirincomes.Inbetweenliethefinancialinstitutionsandmarkets.Ensuringthatmoneyflowssmoothlyfromsaversthroughinstitutionsand/ormarketstoinvestorsisanimportantfunctionofthefinancialsystem.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall9Itistheultimatesaversandultimateborrowerswhoare,asitwere,ontheperipheryofthefinancialsystem,whoseneedsitservesandwhoprovidetherationaleforitsexistence.Periphery：外围，边缘；ontheperipheryof：在…的外围，边缘Rationale：（决定、信念、计划的）基本原理，理论基础Financialintermediariesareinstitutionswhichattempttoservetheneedsofbothlendersandborrowers.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall10Saverswishtoholdtheirsavings-forexamplebankdeposits-frequentlydifferfromthewaysinwhichborrowerswouldliketoobtaintheirfunds-forexamplelong-termloans.Financialintermediariesareoftenabletoreconcilethesedivergentrequirements.Inadditiontheyprovideavarietyofspecificserviceswhichsaversandborrowersvalueintheirownright.intheirownright=basedontheirownneedsExamplesaremoneytransmissionfacilitiesandadviceoncorporatefinanceinthecaseofbanks,lifeassurancecoverinthecaseofinsurancecompanies.corporatefinance（公司理财）:Financialdecisionsregardingfundraising,businessexpansion,mergersandacquisitions,financialplanning,cashmanagementandsoon.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall11brokersandadvisers：Inacompetitivefinancialsystem(likethatinBritain)institutionscompeteforbusinessinbroadlyconstrued“markets”forsavingandlendingbusiness,theyseektoattractfundsfromsaversandsupplyfundstoborrowers.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall12Buttherearealsoorganizedmarketswhichprovidefacilitiesforeconomicagentstoborrowandlendortobuyorsellsecurities.Themainroleofbrokersandadvisersistohelptheseorganizedmarketstofunctionproperly.1)Brokersandadvisersprovideinformationtoparticipantsinthemarkets,andattempttoensurethatlendersandborrowers,buyersandsellers,havethefactstheyneedtostrikeafairbargain.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall132)Theyalsoperformthevitaltaskofputtingactuallendersandborrowersintouchwitheachother.Byobviatingtheneedforindividualborrowersorlenderstosearchoutcounterpartsthemselves,thebrokerssubstantiallyreducetransactionscosts.Forexample,themoney-marketbrokerbringstogetherthelenderwhohasmoneytosparewiththeborrowerwhowantsittemporarily.=Inmostorganizedmarketstherearealsomarketmakers,professionaldealerswhosefunctionistoensurethatlendersandborrowersarealwaysabletofindacounterpartfortheirdeals.marketmakers：做市商Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall14Regulators：Historicalexperienceinmanycountrieshasshownthatwherelargesumsofmoneyareinvolvedinfinancialmarketsthereisaconsiderabledangeroffraudorothermalpractices.Copyright©2010PearsonEduc