中譯 本科銀行管理課件cha.ppt

1、Chapter 8. Liquidity Planning and Managing Cash Assets流動(dòng)性和現(xiàn)金資產(chǎn)的管理規(guī)劃,The purpose of this chapter is to explore the reasons why banks often face heavy demands for immediately spendable funds (liquidity) and learn about the methods bank can use to prepare for meeting their cash needs. 本章在于了解銀行需要立即可支付資金

2、的原因(流動(dòng)性資產(chǎn))以及銀行現(xiàn)金準(zhǔn)備的手段,Chapter 8. Liquidity Planning and Managing Cash Assets,One of the most important tasks the management of any financial institution faces is ensuring adequate liquidity at all times. 金融機(jī)構(gòu)管理之一即為保證充足流動(dòng)資產(chǎn) How much financial institutions depend upon public confidence to survive and

3、prosper. 金融機(jī)構(gòu)對(duì)公眾信心的依賴度是否很高. How quickly the essential item called “l(fā)iquidity” can be eroded when the public, even temporarily, loses its confidence in one or more financial institutions. 若公眾失去對(duì)該銀行信息，盡管很短暫，流動(dòng)性資產(chǎn)消耗的速率是否很快,1The demand for and supply of bank liquidity銀行流動(dòng)性資產(chǎn)的供求,What activities give rise

4、 to the demand for liquidity inside a bank? What sources can the bank rely upon to supply liquidity when spendable funds are needed? 什么會(huì)引起銀行流動(dòng)性資產(chǎn)需求上升? 銀行尋求何種流動(dòng)性資產(chǎn)供給? For most banks, the most pressing demands for spendable funds come from sources 銀行重要的流動(dòng)性資金需求為: (1). Customers withdrawing money from t

5、heir deposits. （客戶提取存款） (2). Credit requests from customers the bank wishes to keep .（優(yōu)質(zhì)客戶的信貸要求,1. The demand for and supply of bank liquidity,3). Repayment of nondeposit borrowings. Paying off obligations arising from bank borrowings, such as loans the bank may have received from other banks or fro

6、m the central bank.（償還存款之外的借款） (4). Operating expenses and taxes incurred in producing and selling services. (生產(chǎn)及出售服務(wù)時(shí)產(chǎn)生的經(jīng)營(yíng)費(fèi)用和稅賦） (5). Payment of stockholder cash dividends. (向股東發(fā)放現(xiàn)金股利,1. The demand for and supply of bank liquidity,To meet the foregoing demands for liquidity, banks can draw upon sev

7、eral potential sources of supply. 當(dāng)需要時(shí), 銀行可借助的流動(dòng)性資產(chǎn)供給: (1). Receipt of new customer deposits (客戶存款） (2). Customers repaying their loans （償還貸款） (3). Revenues from the sale of nondeposit services （非存款服務(wù)收入） (4). Sales of bank assets （資產(chǎn)出售） (5). Borrowing from the money market （貨幣市場(chǎng)借款,1. The demand for

8、and supply of bank liquidity,A banks net liquidity position (Lt)流動(dòng)資金頭寸 =supplies of liquidity flowing into the bank demands on the bank for liquidity =所獲得的流動(dòng)資金供給- 流動(dòng)資金需求 Lt0 liquidity surplus Lt0 liquidity deficit,2Why Banks Face Significant Liquidity Problems銀行面臨流動(dòng)性問題的緣由,1) Most banks face some imb

9、alances between the maturity dates on their assets and the maturity dates attached to their liabilities. 銀行資產(chǎn)到期日和負(fù)債到期日分配不均衡 (2) Another source of liquidity problems is the banks sensitivity to changes in interest rates. 利率變動(dòng)對(duì)銀行的影響也會(huì)導(dǎo)致流動(dòng)性問題。 (3) A bank must give high priority to meeting demands for l

10、iquidity. To fail in this area may severely damage public confidence in the institution. 滿足流動(dòng)性需求必須優(yōu)先考慮，因?yàn)槿舨荒芗皶r(shí)償付將會(huì)極大影響公眾的信心,3.Strategies for Liquidity Managers流動(dòng)性管理策略,Asset Liquidity Management (or Asset Conversion) Strategiesthis strategy calls for storing liquidity in assets, predominantly in cash

11、 and marketable securities. 資產(chǎn)流動(dòng)性管理(或資產(chǎn)轉(zhuǎn)換)策略: 主要在于保持資產(chǎn)的流動(dòng)性，特別強(qiáng)調(diào)現(xiàn)金和可出售證券。 What is a liquid asset? It must have three characteristics:流動(dòng)性資產(chǎn)的三個(gè)特點(diǎn) A liquid asset must have a ready market so that it can be converted into cash without delay.流動(dòng)性資產(chǎn)必須有成熟的市場(chǎng)，以便于快捷地轉(zhuǎn)換成現(xiàn)金,Asset Liquidity Management (or Asset Co

12、nversion) Strategies資產(chǎn)流動(dòng)性管理,It must have a reasonably stable price so that ,no matter how quickly the asset must be sold or how large the sale is, the market is deep enough to absorb the sale without a significant decline in price. 其資產(chǎn)價(jià)格穩(wěn)定，不會(huì)因?yàn)榇罅康膾伿鄱箖r(jià)格明顯下降。 It must be reversible(可逆的) so that the se

13、ller can recover his or original investment (principal) with little risk of loss. 交易可逆，以便賣出后可以小風(fēng)險(xiǎn)收回成本,1) Asset Liquidity Management (or Asset Conversion) Strategies,Among the most popular liquid assets for banks are Treasury bills, federal funds loans, deposits held with other banks, municipal bonds

14、, bankers acceptances（銀行承兌匯票）.國(guó)債，聯(lián)邦基金貸款，存放于其他銀行的存款，市政債券以及銀行承兌匯票。 Although a bank can strengthen its liquidity position by holding more liquid assets, it will not necessarily be a liquid institution if it does so, because a banks liquidity position is also influenced by the demands for liquidity made

15、 against it. 通過持有更多流動(dòng)性資產(chǎn)銀行可以增加其流動(dòng)性頭寸，但是并不一定頭寸大于0，因?yàn)殂y行的流動(dòng)性頭寸也受流動(dòng)性的需求影響,1) Asset Liquidity Management (or Asset Conversion) Strategies,Asset liquidity management strategy is used mainly by smaller banks that find it a less risky approach to liquidity management than relying on borrowings. But asset co

16、nversion is not a cost-less approach to liquidity management. 資產(chǎn)流動(dòng)性管理一般被小銀行采用，因?yàn)閷?duì)于他們，借貸成本較高，而流動(dòng)性管理風(fēng)險(xiǎn)較低。但不意味著資產(chǎn)轉(zhuǎn)化的成本低,2) Borrowed Liquidity (Liability) Management strategies借入性流動(dòng)資產(chǎn)(負(fù)債)管理,This strategies called purchased liquidity or liability managementin its purest form calls for borrowing immediate

17、ly spendable funds to cover all anticipated（預(yù)期） demands for liquidity.購(gòu)買流動(dòng)性或負(fù)債管理，實(shí)質(zhì)上即為借入貸款去償付流動(dòng)性需求。 Advantages:優(yōu)勢(shì) A bank can choose to borrow only when it actually needs funds.靈活性高，需要時(shí)才會(huì)選擇去借 Using borrowed funds permits a bank to leave the volume and composition of its asset portfolio unchanged. 運(yùn)用借

18、款資金不會(huì)銀行銀行的資產(chǎn)結(jié)構(gòu),2) Borrowed Liquidity (Liability) Management strategies,The principal sources of borrowed liquidity for a bank. 銀行借入性流動(dòng)資金主要來源: Federal funds borrowings, CDs, repurchase agreement. 聯(lián)邦基金, 存款單(Certificates of Deposit), 回購(gòu)協(xié)議 Borrowing liquidity is the most risky approach to solving bank l

19、iquidity problems because of the volatility of money market interest rates and the rapidity with which the availability of credit can change. 借入流動(dòng)資金來緩解短期需求是風(fēng)險(xiǎn)比較大的方法, 因?yàn)樨泿攀袌?chǎng)利率和信用會(huì)隨時(shí)變化. Remember: a bank is liquid only if it has access, at reasonable cost, to liquid funds in exactly the amounts require

20、d at the time they are needed. （只有在金融機(jī)構(gòu)能以合理的成本在需要時(shí)獲得所需數(shù)量的流動(dòng)性資金時(shí)，才可以說它是具有流動(dòng)性的,3) Balanced (asset and liability) liquidity management strategies綜合流動(dòng)性(資產(chǎn)和負(fù)債)管理策略,Due to the risks inherent in relying on borrowed liquidity and the costs of storing liquidity in assets, most financial firms compromise by u

21、sing both asset and liability management. Under a balanced liquidity management strategy, some of the expected demands for liquidity are stored in assets( principally holdings of marketable securities), while other anticipated liquidity needs are backstopped by advanced arrangements for lines of cre

22、dit from potential suppliers of funds. 因?yàn)榻枞肓鲃?dòng)資產(chǎn)的風(fēng)險(xiǎn)高，而轉(zhuǎn)換已有資產(chǎn)為流動(dòng)性資產(chǎn)的機(jī)會(huì)成本高, 大多數(shù)金融機(jī)構(gòu)運(yùn)用兩種方法尋求一種平衡。在這種管理策略下部分流動(dòng)性需求將由流動(dòng)性資產(chǎn)(主要為可變現(xiàn)證券)償付，而其他的短期負(fù)債則由借入資金來償還.（與其它資金供應(yīng)者事先達(dá)成的信用安排來支持,3) Balanced (asset and liability) liquidity management strategies,Unexpected cash needs are typically met from near-term borrowings.

23、 （突發(fā)性現(xiàn)金需求通常通過立即借款來滿足） Longer-term liquidity needs can be planned for and the funds to meet these needs can be parked in short-term and medium-term loans and securities that will roll over into cash as those liquidity needs arise. （長(zhǎng)期流動(dòng)性需求可由計(jì)劃好的中短期貸款解決，需要提高其流動(dòng)性時(shí)，有價(jià)證券也可以轉(zhuǎn)換成現(xiàn)金,Guidelines for liquidity

24、managers經(jīng)理準(zhǔn)則,First, the liquidity manager must keep track of the activities of all funds-using and funds-raising departments within the bank. 首先, 經(jīng)理必須要知道銀行里每個(gè)部門的資金使用和情況. Second, the liquidity manager should know in advance, wherever possible, when the banks biggest credit or deposit customers plan t

25、o withdraw their funds or add to their deposits 其次, 經(jīng)理要能提前預(yù)知大客戶什么時(shí)候要存取大額資金,Guidelines for liquidity managers,Third, the liquidity manager must make sure the banks priorities and objectives for liquidity management are clear. (明確流動(dòng)性管理的政策和目標(biāo)） Fourth, the banks liquidity needs and liquidity decisions m

26、ust be analyzed on a continuing basis to avoid both excess and deficit liquidity positions. （避免流動(dòng)性盈余或赤字的基礎(chǔ)上加以分析,4. The Ultimate Standard for Assessing Liquidity Management: signal from the Marketplace衡量管理流動(dòng)性最終看市場(chǎng)反映結(jié)果,Public confidence (公眾的信心） Stock price behavior (股價(jià)表現(xiàn)） Risk premiums on CDs and othe

27、r borrowings. (對(duì)存單及其他借款的風(fēng)險(xiǎn)溢價(jià)） Loss sales of assets (資產(chǎn)出售損失） Meeting commitments to credit customers. (履行對(duì)信貸客戶的信貸承諾） Borrowings from the central bank. (央行借款,5. Legal Reserves and Money Position Management法定準(zhǔn)備金以及貨幣頭寸管理,vault cash庫(kù)存現(xiàn)金 deposit held with the Federal Reserve 存于央行存款 deposit at other banks存于同行間存款 cash items in the process of collection在途資金,6. Factors In Choosing Among The Different Sources,In choosing whic