金融英语(4-13).ppt

Financial EnglishFinancial EnglishTopic TwoTopic TwoFinancial MarketFinancial MarketChapter 4 Financial Markets【LearningObjectives】Afterlearningthischapter,youshouldbeabletounderstandthefollowing:ThemeaningsoffinancialmarketsTypesoffinancialmarketsRolesoffinancialmarketsParticipantsoffinancialmarketChapter 4 Financial MarketsChapter 4 Financial Markets4.1TypesofFinancialMarketsThefinancialmarketscanbedividedintodifferenttypesbydifferentstandards.pMoneymarketandcapitalmarketThemoneymarketisthesysteminwhichbanksandothersimilarorganizationsbuyandsellshorttermassetswithoriginalmaturitiesofoneyearorlesswitheachother.Capitalmarketsarefinancialmarketsforthebuyingandsellingoflong-termdebtsorequity-backedsecurities.Chapter 4 Financial MarketsChapter 4 Financial Markets4.1TypesofFinancialMarketspPrimarymarketandsecondarymarketTheprimarymarketisthepartofthecapitalmarketthatdealswithissuingofnewsecurities.一级市场是资本市场的一部分，它涉及的是新证券的发行。一级市场是资本市场的一部分，它涉及的是新证券的发行。Secondarymarketdealswiththetradingofexistingbonds,shares,etc.ratherthannewones,whichallowsforachangeintheownershipofthesecurities.二级市场涉及的是已发行的债券、股票等的交易，而不是新二级市场涉及的是已发行的债券、股票等的交易，而不是新发行证券，它允许证券所有权的变更。发行证券，它允许证券所有权的变更。Chapter 4 Financial MarketsChapter 4 Financial Markets4.1TypesofFinancialMarketspVisiblemarketandinvisiblemarketThetermmarketissometimesusedforwhataremorestrictlyexchanges,organizationsthatfacilitatethetradeinfinancialsecurities,suchasastockexchangeorcommodityexchange.Thismaybeaphysical location(liketheNYSE,BSE,NSE)whichiscalledvisiblemarket,oranelectronic system(likeNASDAQ)whichiscalledinvisiblemarket.Chapter 4 Financial MarketsChapter 4 Financial Markets4.1TypesofFinancialMarketspSpotmarketandfuturemarketThespotmarketorcashmarketisapublicfinancialmarketinwhichfinancialinstrumentsorcommoditiesaretradedforimmediatedelivery.Afuturesexchangeorfuturesmarketisacentralfinancialexchangewherepeoplecantradestandardizedfuturescontracts,thatis,acontracttobuyspecificquantitiesofacommodityorfinancialinstrumentataspecifiedpricewithdeliverysetataspecifiedtimeinthefuture.Chapter 4 Financial MarketsChapter 4 Financial Markets4.1TypesofFinancialMarketspDirectfinancialmarketandindirectfinancialmarketIndirectfinancialmarket,borrowersborrowfundsdirectlyfromlenderswithoutusingathirdpartyservice.Indirectfinanceiswhereborrowersborrowfundsfromthefinancialmarketthroughafinancialintermediary,suchasthroughabank.Chapter 4 Financial MarketsChapter 4 Financial Markets4.1TypesofFinancialMarketspDomesticfinancialmarketandinternationalfinancialmarketDomesticfinancialmarketsinvolveparticipantswithinacountryandtheyoperateinmarketsthatareregulatedbydomesticrulesandstandards.Internationalfinancialmarketsallowanumberoftraderswhoarenotonlyacrossthecountrybutalsoaroundtheworldtomaketransactions.Chapter 4 Financial MarketsChapter 4 Financial Markets4.2RolesofFinancialMarketsAccommodatingcorporatefinanceneeds.Thefinancialmarketsserveasthemechanismwherebycorporations(actingasdeficitunits)canobtainfundsfrominvestors(actingassurplusunits)Accommodatinginvestmentneeds.Financialinstitutionsserveasintermediarieswithinthefinancialmarketstochannelfundsfrominvestorstocorporations.Chapter 4 Financial MarketsChapter 4 Financial Markets4.3ParticipantsofFinancialMarketsSaversandotherinvestors.Theend-usersofthefinancialmarketsarethesavers,otherinvestors,andborrowers.Thecurrentspendingofthesaversandotherinvestorsislessthantheirincome,whohavemoneyavailabletolendtoothersandwhoaresurplusunits.Borrowers.Thecurrentspendingoftheborrowersismorethantheirincome,whohaveashortageoffundsrelativetotheirdesiredexpendituresandwhoaredeficitunits.Chapter 4 Financial MarketsChapter 4 Financial Markets4.3ParticipantsofFinancialMarketsFinancialintermediaries.Financialintermediariesareinstitutionswhichattempttoservetheneedsofbothlendersandborrowers.Theyacceptfundsfromsurplusunitsandchannelthefundstodeficitunits.Inaddition,theyprovideavarietyofspecificservices,suchasmoneytransmissionfacilities,evaluatingthecreditworthinessoftheborrowers,adviceoncorporatefinanceandsoon.Brokersandadvisers.Themainroleofbrokersandadvisersistohelporganizedmarketstofunctionproperly.Chapter 4 Financial MarketsChapter 4 Financial Markets4.3ParticipantsofFinancialMarketsRegulators.Mostcountriesneedregulatorswhocontroltheirfinancialinstitutionsandregulatedealingsinsecuritiesmarketswiththeobjectsofensuringthatthefinancialinstitutionsareabletohonourtheircommitments,thatpeoplehaveaccesstorelevantinformationbeforetheyenterintocontracts,anddealinginsecuritiesisfair.多数国家需要监管者，它们调控其金融机构，管理证券多数国家需要监管者，它们调控其金融机构，管理证券交易，旨在确保金融机构能够兑现其承诺，确保人们在签交易，旨在确保金融机构能够兑现其承诺，确保人们在签订合约前了解相关信息，并确保正确交易的公平。订合约前了解相关信息，并确保正确交易的公平。Chapter 4 Financial MarketsChapter 4 Financial MarketsChapter 5 Interest and Interest Rate5.1WhatisInterestandInterestRate?InterestInterestistheamountexpressedasapercentageofprincipalandchargedbyalendertoaborrowerfortheuseofassets.InterestRateAninterestrateistherateatwhichinterestispaidbyborrowers(debtors)fortheuseofmoneythattheyborrowfromlenders(creditors).Chapter 5 Interest and Interest RateChapter 5 Interest and Interest Rate5.1WhatisInterestandInterestRate?therelationshipbetweeninterestandinterestrateThetotalaccumulatedvalue,includingtheprincipalsumpluscompoundedinterest,isgivenbytheformula:S=P(1+r/n)ntP=principalt=lengthofinvestment(inyears)I=interestn=thecompoundingfrequencyr=rateofinterestperyearS=accumulatedvalueofP,orthematurityvalueofPChapter 5 Interest and Interest RateChapter 5 Interest and Interest Rate5.2TypesofInterestRateNominalinterestrateandrealinterestrateThenominalinterestrate,whichreferstothepricebeforeadjustmenttoinflation,istheonevisibletotheconsumer(i.e.,theinteresttaggedinaloancontract,creditcardstatement,etc.).Therealinterestratemeasuresthegrowthinrealvalueoftheloanplusinterest,takinginflationintoaccount.Chapter 5 Interest and Interest RateChapter 5 Interest and Interest Rate5.2TypesofInterestRateSimpleinterestandcompoundinterestSimpleinterestiscalculatedonlyontheprincipalamount,oronthatportionoftheprincipalamountthatremains.Compoundinterestisinterestaddedtotheprincipalofadepositorloansothattheaddedinterestalsoearnsinterestfromthenon.Chapter 5 Interest and Interest RateChapter 5 Interest and Interest Rate5.3FactorsAffectingInterestRateImpactofeconomicgrowthoninterestrateChangesineconomicconditionscausethechangesofdemandforloanablefunds,whichaffectstheequilibriuminterestrate.经济条件的变化导致对可贷资金需求的变更，这会影响经济条件的变化导致对可贷资金需求的变更，这会影响到均衡利率。到均衡利率。Justaseconomicgrowthputsupwardpressureoninterestrates,aneconomicslow-downputsdownwardpressureontheequilibriuminterestrate.正如经济增长给利率施加压力一样，经济放缓也会给均正如经济增长给利率施加压力一样，经济放缓也会给均衡利率施加压力衡利率施加压力。Chapter 5 Interest and Interest RateChapter 5 Interest and Interest Rate5.3FactorsAffectingInterestRateImpactofinflationoninterestrateChangesininflationaryexpectationcanaffectinterestratesbyaffectingtheamountofspendingbyhouseholdsorbusinesses.通货膨胀预期的改变能够通过影响家庭和企业的支出量通货膨胀预期的改变能够通过影响家庭和企业的支出量影响利率。影响利率。Chapter 5 Interest and Interest RateChapter 5 Interest and Interest Rate5.3FactorsAffectingInterestRateImpactofmonetarypolicyoninterestrateThecentralbankcanincreaseorreducethemoneysupplybyuseofthreemonetarypolicyinstruments,thatis,requiredreservesratio,re-discountrateandopenmarketoperationwhichincreasesorreducesthesupplyofloanablefundsandthusplacesdownwardorupwardpressureonincreaserate.requiredreservesratio法定存款准备金比率法定存款准备金比率re-discountrate再贴现率再贴现率openmarketoperation公开市场操作公开市场操作Chapter 5 Interest and Interest RateChapter 5 Interest and Interest Rate5.3FactorsAffectingInterestRateImpactofthebudgetdeficitoninterestrateAhigherfederalgovernmentdeficitincreasesthequantityofloanablefundsdemandedatanyprevailinginterestrate.Assumingthatallotherfactorsareheldconstant,increaseratewillrise.较高的联邦政府赤字增加了任何现行利率下的可贷资金较高的联邦政府赤字增加了任何现行利率下的可贷资金的量。假设所有其他因素保持不变，利率将上升。的量。假设所有其他因素保持不变，利率将上升。Chapter 5 Interest and Interest RateChapter 5 Interest and Interest Rate5.3FactorsAffectingInterestRateImpactofforeignflowoffundsoninterestrateTheinterestrateforaspecificcurrencyisdeterminedbythedemandforfundsdenominatedinthatcurrencyandthesupplyoffundsavailableinthatcurrency.Inrecentyears,massiveflowsoffundshaveshiftedbetweencountries,causingabruptadjustmentsinthesupplyoffundsavailableineachcountryandtherebyaffectinginterestrate.Chapter 5 Interest and Interest RateChapter 5 Interest and Interest RateChapter 6 Money Market【Learning objectivesLearning objectives】After learning this chapter,you should be able to After learning this chapter,you should be able to understand the following:understand the following:What is money market?What is money market?Importance of the money marketImportance of the money marketMoney market instrumentsMoney market instrumentsChapter 6 Money MarketChapter 6 Money Market6.1WhatIsMoneyMarketAmoneymarketismadeupofanetworkoflendersandborrowersfromfinancialinstitutionswhichtradedebtsecurities.Theseareshort-termsecurities,whichrangefromafewdaystounderoneyear.Moneymarketsecuritieshavethreebasiccharacteristicsincommon.Theyareusuallysoldinlargedenominations.大面额大面额Theyhavelowdefaultrisk.低违约风险低违约风险Theymatureinoneyearorlessfromtheiroriginalissuedate.从原始发行日起，期限为一年或一年以下从原始发行日起，期限为一年或一年以下Chapter6 Money MarketChapter6 Money Market6.2ImportanceoftheMoneyMarketTheimportanceofthemoneymarketarisesfromtwofacts:1.theexistenceofanefficientmoneymarketmeansthatshort-termfinancialassetscanalmostinstantlybeconvertedintomoneytomakepayments,and2.thecentralbanksoperatesinthemoneymarkettoincreaseorreducebankreservesandincidentallyaffectstheshort-terminterestrates.Chapter6 Money MarketChapter6 Money Market6.3WhatAreMoneyMarketInstrumentsIndividualinvestorscantakeadvantageoftheseinvestmentvehiclesaswell.Themorepopularmoneymarketsecuritiesare:CertificatesofDeposit(CDs)orNegotiableCertificatesofDeposit(NCDs)TreasuryBills(T-Bills)CommercialPaperBankersAcceptancesRepurchaseAgreements(Repos)FederalFundsChapter6 Money MarketChapter6 Money MarketCertificatesofDeposit(CDs)orNegotiableCertificatesofDeposit(NCDs)定期存单或可转让定期村存单定期存单或可转让定期村存单lCDsaresavingscertificatesthatallowtheownerstoreceiveafixedinterestrateforonemonthtofiveyears.CDsareavailablethroughbanksandareinsuredbytheFederalDepositInsuranceCorporation(FDIC).lNegotiablecertificatesofdeposit(NCDs)arecertificatesissuedbylargecommercialbanksandotherdepositoryinstitutionsasashort-termsourceoffunds.lTheminimumdenominationis$100,000,althougha$1milliondenominationismorecommon.Chapter6 Money MarketChapter6 Money MarketTreasuryBills(T-Bills)短期（无息）国库券短期（无息）国库券lWhentheU.S.Governmentneedstoborrowfunds,theU.S.Treasuryfrequentlyissuesshort-termsecuritiesknownasTreasurybills.lTheTreasuryissuesT-Billswith4-week,13-week,and26-weekmaturitiesonaweeklybasis.lTreasurybillswereformerlyissuedinpaperformbutarenowmaintainedelectronically.lTheparvalue(amountreceivedbyinvestorsatmaturity)ofT-Billswashistoricallyaminimumof$10,000,butnowitis$1,000andmultiplesof$1,000.lSinceT-Billsdonotpayinterest,theyaresoldatadiscountfromparvalue,andthegaintotheinvestorholdingaT-billuntilmaturityisthedifferencebetweenparvalueandthepricepaid.Chapter6 Money MarketChapter6 Money MarketCommercialPaper商业票据商业票据lCommercialpaperisashort-termdebtinstrumentissuedonlybywell-known,creditworthyfirmsandistypicallyunsecured.lItisnormallyissuedtoprovideliquidityortofinanceafirmsinvestmentininventoryandaccountsreceivable.lTheminimumdenominationofcommercialpaperisusually$100,000,andtypicaldenominationsareinmultiplesof$1million.lMaturitiesarenormallybetween20and45daysbutcanbeasshortas1dayoraslongas270days.The270-daymaximumisduetoaSecuritiesandExchangeCommissionrulingthatpaperwithamaturityexceeding270daysmustberegistered.lOnlycompanieswithhighcreditratingswillfindinvestors,becausenocollateralisoffered.Chapter6 Money MarketChapter6 Money MarketBankersAcceptances银行承兑汇票银行承兑汇票lAbankersacceptanceindicatesthatabankacceptsresponsibilityforafuturepayment.lAbankersacceptance(BA)isashort-termcreditinvestmentcreatedbyanon-financialfirmandguaranteedbyabank.lCorporationsuseBAs,whichsellatadiscountfromthefacevalue,tofinanceimports,exportsorothergoods-relatedtransactions,particularlywhentheyredealingwithanunfamiliartradepartner.Chapter6 Money MarketChapter6 Money MarketRepurchaseAgreements(Repos)回购协议回购协议lReposareaformofovernightborrowingbydealersofU.S.Treasurybonds,billsandnotes.Thedealerssellthegovernmentsecuritiestoinvestorsandbuythembackthenextday.Witharepurchaseagreements(orrepo),onepartysellsecuritiestoanotherwithanagreementtorepurchasethesecuritiesataspecifieddateandprice.lAreversereporeferstothepurchaseofsecuritiesbyonepartyfromanotherwithanagreementtosellthem.lThesizeoftherepomarketisabout$4.5trillion,andtransactionamountsareusuallyfor$10millionormore.Themostcommonmaturitiesarefrom1dayto15daysandforone,three,andsixmonths.Asecondarymarketforreposdoesnotexist.Chapter6 Money MarketChapter6 Money MarketFederalfunds联邦基金联邦基金lThefederalfundsmarketenablesdepositoryinstitutionstolendorborrowshort-termfundsfromeachotherattheso-calledfederalfundsrate.lTheFederalReserveadjuststheamountoffundsindepositoryinstitutionsinordertoinfluencethefederalfundsrateandseveralothershort-terminterestrates.lAlltypesoffirmscloselymonitorthefederalfundsratebecausetheFederalReversemanipulatesittoaffectgeneraleconomicconditions.Chapter6 Money MarketChapter6 Money MarketChapter 7 Capital Market【LearningObjectives】Afterlearningthischapter,youshouldbeabletounderstandthefollowing:WhatiscapitalmarketImportanceofthecapitalmarketCapitalmarketparticipantsThestructureofcapitalmarketChapter7 Capital MarketChapter7 Capital Market7.1WhatiscapitalmarketCapitalmarketsaremarketsforbuyingandsellingequityanddebtinstruments.Capitalmarketsarevitaltothefunctioningofaneconomy,sincecapitalisacriticalcomponentforgeneratingeconomicoutput.CapitalmarketsareoverseenbytheSecuritiesandExchangeCommissionintheUnitedStatesorotherfinancialregulatorselsewhere.Chapter7 Capital MarketChapter7 Capital Market7.2ImportanceoftheCapitalMarketFinancialmarketsareabsolutelyvitalfortheproperfunctioningofcapitalisticeconomies,sincetheyservetochannelfundsfromsaverstoborrowers.Furthermore,theyprovideanimportantallocativefunctionbychannelingthefundstothosewhocanmakethebestuseofthem-presumable,themostproductive.Infact,thechieffunctionofacapitalmarketistoallocateresourcesoptimally.优化资源配置优化资源配置Chapter7 Capital MarketChapter7 Capital Market7.3CapitalMarketParticipantspTheprimaryissuersofcapitalmarketsecuritiesarecentralandlocalgovernmentsandcorporations.Thecentralgovernmentissueslong-termnotesandbondstofundthenationaldebt.Stateandmunicipalgovernmentsalsoissuelong-termnotesandbondstofinancecapitalprojects,suchasschoolandprisonconstruction.pCorporationsissuebothbondsandstock.Oneofthemostdifficultdecisionsafirmfacescanbewhetheritshouldfinanceitsgrowthwithdebtorequity.Thedistributionofafirmscapitalbetweendebtandequityisitscapitalstructure.pThelargestpurchasersofcapitalmarketsecuritiesarehouseholds.Chapter7 Capital MarketChapter7 Capital Market7.4TheStructureofCapitalMarketpPrimarymarketlAprimarymarketisafinancialmarketinwhichnewissuesofasecurity,suchasabondorastock,aresoldtoinitialbuyers