金融英語(yǔ)(4-13)ppt課件(全)

1、Financial EnglishTopic TwoFinancial MarketChapter 4 Financial Markets【Learning Objectives】 After learning this chapter, you should be able to understand the following:The meanings of financial marketsTypes of financial marketsRoles of financial marketsParticipants of financial marketChapter 4 Financ

2、ial Markets4.1 Types of Financial Markets The financial markets can be divided into different types by different standards.Money market and capital market Themoney market is the systemin which banksand other similar organizationsbuyand sell short term assets with original maturities of one year or l

3、ess with each other. Capital marketsarefinancial marketsfor the buying and selling of long-termdebts orequity-backedsecurities.Chapter 4 Financial Markets4.1 Types of Financial Markets Primary market and secondary market Theprimary marketis the part of thecapital marketthat deals with issuing of new

4、securities. 一級(jí)市場(chǎng)是資本市場(chǎng)的一部分，它涉及的是新證券的發(fā)行。 Secondary market deals with the tradingof existing bonds, shares, etc. rather than new ones, which allows for a change in the ownership of the securities. 二級(jí)市場(chǎng)涉及的是已發(fā)行的債券、股票等的交易，而不是新發(fā)行證券，它允許證券所有權(quán)的變更。Chapter 4 Financial Markets4.1 Types of Financial Markets Visib

5、le market and invisible market The term market is sometimes used for what are more strictlyexchanges, organizations that facilitate the trade in financial securities, such as astock exchangeorcommodity exchange. This may be a physical location (like theNYSE,BSE,NSE) which is called visible market, o

6、r an electronic system (likeNASDAQ) which is called invisible market. Chapter 4 Financial Markets4.1 Types of Financial Markets Spot market and future market Thespot marketorcash marketis apublicfinancial marketin whichfinancial instrumentsor commodities are traded forimmediate delivery. Afutures ex

7、changeorfutures marketis a central financial exchange where people can trade standardizedfutures contracts, that is, a contract to buy specific quantities of acommodityor financial instrumentat a specified price withdeliveryset at a specified time in the future. Chapter 4 Financial Markets4.1 Types

8、of Financial Markets Direct financial market and indirect financial marketIn direct financial market, borrowers borrow funds directly from lenders without using a third party service. Indirect financeis where borrowers borrow funds from thefinancial marketthrough afinancial intermediary, such as thr

9、ough a bank. Chapter 4 Financial Markets4.1 Types of Financial Markets Domestic financial market and international financial market Domestic financial markets involve participants within a country and they operate in markets that are regulated by domestic rules and standards. International financial

10、 markets allow a number of traders who are not only across the country but also around the world to make transactions. Chapter 4 Financial Markets4.2 Roles of Financial Markets Accommodating corporate finance needs. The financial markets serve as the mechanism whereby corporations (acting as deficit

11、 units) can obtain funds from investors (acting as surplus units).Accommodating investment needs. Financial institutions serve as intermediaries within the financial markets to channel funds from investors to corporations. Chapter 4 Financial Markets4.3 Participants of Financial Markets Savers and o

12、ther investors. The end-users of the financial markets are the savers, other investors, and borrowers. The current spending of the savers and other investors is less than their income, who have money available to lend to others and who are surplus units. Borrowers. The current spending of the borrow

13、ers is more than their income, who have a shortage of funds relative to their desired expenditures and who are deficit units.Chapter 4 Financial Markets4.3 Participants of Financial Markets Financial intermediaries. Financial intermediaries are institutions which attempt to serve the needs of both l

14、enders and borrowers. They accept funds from surplus units and channel the funds to deficit units. In addition, they provide a variety of specific services, such as money transmission facilities, evaluating the creditworthiness of the borrowers, advice on corporate finance and so on. Brokers and adv

15、isers. The main role of brokers and advisers is to help organized markets to function properly. Chapter 4 Financial Markets4.3 Participants of Financial Markets Regulators. Most countries need regulators who control their financial institutions and regulate dealings in securities markets with the ob

16、jects of ensuring that the financial institutions are able to honour their commitments, that people have access to relevant information before they enter into contracts, and dealing in securities is fair. 多數(shù)國(guó)家需要監(jiān)管者，它們調(diào)控其金融機(jī)構(gòu)，管理證券交易，旨在確保金融機(jī)構(gòu)能夠兌現(xiàn)其承諾，確保人們?cè)诤炗喓霞s前了解相關(guān)信息，并確保正確交易的公平。Chapter 4 Financial Mark

17、etsChapter 5 Interest and Interest Rate5.1 What is Interest and Interest Rate? Interest Interest is the amount expressed as a percentage of principal and charged by alenderto a borrower for the use ofassets.Interest Rate Aninterest rateis the rate at whichinterestis paid by borrowers (debtors) for t

18、he use of money that they borrow from lenders (creditors). Chapter 5 Interest and Interest Rate5.1 What is Interest and Interest Rate? the relationship between interest and interest rate The total accumulated value, including the principal sum plus compounded interest, is given by the formula: S= P(

19、1+r/n)nt P=principal t=lengthofinvestment(inyears) I=interest n=the compounding frequency r=rateofinterestperyear S=accumulatedvalueofP,orthematurityvalueofPChapter 5 Interest and Interest Rate5.2 Types of Interest Rate Nominal interest rate and real interest rate The nominal interest rate, which re

20、fers to the price before adjustment to inflation, is the one visible to the consumer (i.e., the interest tagged in a loan contract, credit card statement, etc.). The real interest rate measures the growth in real value of the loan plus interest, taking inflation into account.Chapter 5 Interest and I

21、nterest Rate5.2 Types of Interest Rate Simple interest and compound interest Simple interestis calculated only on the principal amount, or on that portion of the principal amount that remains. Compound interestisinterestadded to theprincipalof a deposit or loan so that the added interest also earns

22、interest from then on.Chapter 5 Interest and Interest Rate5.3 Factors Affecting Interest Rate Impact of economic growth on interest rate Changes in economic conditions cause the changes of demand for loanable funds, which affects the equilibrium interest rate. 經(jīng)濟(jì)條件的變化導(dǎo)致對(duì)可貸資金需求的變更，這會(huì)影響到均衡利率。 Just as

23、economic growth puts upward pressure on interest rates, an economic slow-down puts downward pressure on the equilibrium interest rate. 正如經(jīng)濟(jì)增長(zhǎng)給利率施加壓力一樣，經(jīng)濟(jì)放緩也會(huì)給均衡利率施加壓力。Chapter 5 Interest and Interest Rate5.3 Factors Affecting Interest Rate Impact of inflation on interest rate Changes in inflationary

24、expectation can affect interest rates by affecting the amount of spending by households or businesses. 通貨膨脹預(yù)期的改變能夠通過影響家庭和企業(yè)的支出量影響利率。 Chapter 5 Interest and Interest Rate5.3 Factors Affecting Interest Rate Impact of monetary policy on interest rate The central bank can increase or reduce the money su

25、pply by use of three monetary policy instruments, that is, required reserves ratio, re-discount rate and open market operation, which increases or reduces the supply of loanable funds and thus places downward or upward pressure on increase rate.required reserves ratio 法定存款準(zhǔn)備金比率re-discount rate 再貼現(xiàn)率o

26、pen market operation 公開市場(chǎng)操作 Chapter 5 Interest and Interest Rate5.3 Factors Affecting Interest Rate Impact of the budget deficit on interest rate A higher federal government deficit increases the quantity of loanable funds demanded at any prevailing interest rate. Assuming that all other factors are

27、 held constant, increase rate will rise. 較高的聯(lián)邦政府赤字增加了任何現(xiàn)行利率下的可貸資金的量。假設(shè)所有其他因素保持不變，利率將上升。 Chapter 5 Interest and Interest Rate5.3 Factors Affecting Interest Rate Impact of foreign flow of funds on interest rate The interest rate for a specific currency is determined by the demand for funds denominated

28、 in that currency and the supply of funds available in that currency. In recent years, massive flows of funds have shifted between countries, causing abrupt adjustments in the supply of funds available in each country and thereby affecting interest rate. Chapter 5 Interest and Interest RateChapter 6

29、 Money Market【Learning objectives】After learning this chapter, you should be able to understand the following:What is money market? Importance of the money marketMoney market instrumentsChapter 6 Money Market6.1 What Is Money Market A money market is made up of a network of lenders and borrowers fro

30、m financial institutions which trade debt securities. These are short-term securities, which range from a few days to under one year. Money market securities have three basic characteristics in common. They are usually sold in large denominations. 大面額 They have low default risk. 低違約風(fēng)險(xiǎn) They mature in

31、 one year or less from their original issue date. 從原始發(fā)行日起，期限為一年或一年以下 Chapter6 Money Market6.2 Importance of the Money Market The importance of the money market arises from two facts: the existence of an efficient money market means that short-term financial assets can almost instantly be converted i

32、nto money to make payments, and the central banks operates in the money market to increase or reduce bank reserves and incidentally affects the short-term interest rates. Chapter6 Money Market6.3 What Are Money Market Instruments Individual investors can take advantage of these investment vehicles a

33、s well. The more popular money market securities are:Certificates of Deposit (CDs) or Negotiable Certificates of Deposit (NCDs)Treasury Bills (T-Bills)Commercial Paper Bankers AcceptancesRepurchase Agreements (Repos)Federal FundsChapter6 Money MarketCertificates of Deposit (CDs) or Negotiable Certif

34、icates of Deposit (NCDs) 定期存單或可轉(zhuǎn)讓定期村存單CDs are savings certificates that allow the owners to receive a fixed interest rate for one month to five years. CDs are available through banks and are insured by the Federal Deposit Insurance Corporation (FDIC). Negotiable certificates of deposit (NCDs) are ce

35、rtificates issued by large commercial banks and other depository institutions as a short- term source of funds. The minimum denomination is $100,000, although a $1 million denomination is more common.Chapter6 Money MarketTreasury Bills (T-Bills) 短期（無息）國(guó)庫(kù)券When the U.S. Government needs to borrow fund

36、s, the U.S. Treasury frequently issues short-term securities known as Treasury bills. The Treasury issues T-Bills with 4-week, 13-week, and 26-week maturities on a weekly basis. Treasury bills were formerly issued in paper form but are now maintained electronically. The par value (amount received by

37、 investors at maturity) of T-Bills was historically a minimum of $10,000, but now it is $1,000 and multiples of $1,000. Since T-Bills do not pay interest, they are sold at a discount from par value, and the gain to the investor holding a T-bill until maturity is the difference between par value and

38、the price paid. Chapter6 Money MarketCommercial Paper 商業(yè)票據(jù)Commercial paper is a short-term debt instrument issued only by well-known, creditworthy firms and is typically unsecured. It is normally issued to provide liquidity or to finance a firms investment in inventory and accounts receivable. The m

39、inimum denomination of commercial paper is usually $100,000, and typical denominations are in multiples of $1 million. Maturities are normally between 20 and 45 days but can be as short as 1 day or as long as 270 days. The 270-day maximum is due to a Securities and Exchange Commission ruling that pa

40、per with a maturity exceeding 270days must be registered. Only companies with high credit ratings will find investors, because no collateral is offered.Chapter6 Money MarketBankers Acceptances 銀行承兌匯票A bankers acceptance indicates that a bank accepts responsibility for a future payment. A bankers acc

41、eptance (BA) is a short-term credit investment created by a non-financial firm and guaranteed by a bank. Corporations use BAs, which sell at a discount from the face value, to finance imports, exports or other goods-related transactions, particularly when theyre dealing with an unfamiliar trade part

42、ner.Chapter6 Money MarketRepurchase Agreements (Repos) 回購(gòu)協(xié)議Repos are a form of overnight borrowing by dealers of U.S. Treasury bonds, bills and notes. The dealers sell the government securities to investors and buy them back the next day. With a repurchase agreements (or repo), one party sell securi

43、ties to another with an agreement to repurchase the securities at a specified date and price.A reverse repo refers to the purchase of securities by one party from another with an agreement to sell them. The size of the repo market is about $4.5 trillion, and transaction amounts are usually for $10 m

44、illion or more. The most common maturities are from 1 day to 15 days and for one, three, and six months. A secondary market for repos does not exist.Chapter6 Money MarketFederal funds 聯(lián)邦基金The federal funds market enables depository institutions to lend or borrow short-term funds from each other at t

45、he so-called federal funds rate. The Federal Reserve adjusts the amount of funds in depository institutions in order to influence the federal funds rate and several other short-term interest rates. All types of firms closely monitor the federal funds rate because the Federal Reverse manipulates it t

46、o affect general economic conditions.Chapter6 Money MarketChapter 7 Capital Market【Learning Objectives】 After learning this chapter, you should be able to understand the following:What is capital marketImportance of the capital marketCapital market participantsThe structure of capital marketChapter7

47、 Capital Market7.1 What is capital market Capital markets aremarketsfor buying and selling equity anddebtinstruments. Capital markets are vital to the functioning of aneconomy, since capital is a critical component for generating economic output. Capital markets are overseen by theSecurities and Exc

48、hange Commissionin the United States or other financial regulators elsewhere.Chapter7 Capital Market7.2 Importance of the Capital Market Financial markets are absolutely vital for the proper functioning of capitalistic economies, since they serve to channel funds from savers to borrowers. Furthermor

49、e, they provide an important allocative function by channeling the funds to those who can make the best use of them-presumable, the most productive. In fact, the chief function of a capital market is to allocate resources optimally. 優(yōu)化資源配置Chapter7 Capital Market7.3 Capital Market ParticipantsThe pri

50、mary issuers of capital market securities are central and local governments and corporations. The central government issues long-term notes and bonds to fund the national debt. State and municipal governments also issue long-term notes and bonds to finance capital projects, such as school and prison

51、 construction. Corporations issue both bonds and stock. One of the most difficult decisions a firm faces can be whether it should finance its growth with debt or equity. The distribution of a firms capital between debt and equity is its capital structure.The largest purchasers of capital market secu

52、rities are households. Chapter7 Capital Market7.4 The Structure of Capital MarketPrimary marketAprimarymarketisafinancialmarketinwhichnewissuesofasecurity,suchasabondora stock, are sold to initial buyers bythecorporationorgovernmentagencyborrowingthefunds. The primary market is also called the New I

53、ssue Market or NIM. Animportantfinancialinstitutionthatassistsintheinitialsale ofsecuritiesintheprimarymarket is the investment bank.Itdoesthisbyunderwritingsecurities,thatis,itguaranteesaprice for a corporations securitiesandthensellsthemtothepublic. 投資銀行通過承銷證券，也就是為公司證券保證一個(gè)價(jià)格實(shí)現(xiàn)證券的初始銷售，然后將其出售給公眾。Cha

54、pter7 Capital Market7.4 The Structure of Capital MarketSecondary marketAsecondarymarketisafinancialmarketinwhichsecurities thathavebeenpreviously issued (and are thus secondhand） canbesold. Securitiesbrokersanddealersarecrucialtoawell-functioning secondarymarket.Brokersareagentsofinvestorswhomatchbu

55、yerswithsellersofsecurities;dealerslinkbuyersandsellersbybuyingandsellingsecuritiesatstatedprices. Chapter7 Capital MarketTopic ThreeBanking Industry銀 行 業(yè)Chapter 8 Commercial BankChapter8 Commercial BankLearning objectivesIntroduction to Commercial BankCommercial Bank OperationsRegulation of Commerc

56、ial Bank8.1 Introduction to Commercial Bank the definition of commercial bank A commercial bank is a financial institution authorized by law to accept deposits to personal and corporate accounts, and then uses the deposits to finance loans for individuals, institutions, and businesses. Chapter8 Comm

57、ercial Bank8.1 Introduction to Commercial Bank The general role of commercial bankThe general role of commercial banks is to provide financial services to the general public and business, ensuring economic and social stability and sustainable growth of the economy.（確保經(jīng)濟(jì)和社會(huì)的穩(wěn)定和經(jīng)濟(jì)的可持續(xù)發(fā)展） Chapter8 Comm

58、ercial Bank8.1 Introduction to Commercial Bank Activities of commercial banks include underwriting, facilitating mergers and other corporate reorganizations, acting as an intermediary between an issuer of securities and the investing public, and also acting as a broker for institutional clients 商業(yè)銀行

59、的活動(dòng)包括：證券包銷，促進(jìn)企業(yè)合并和公司重組，作為證券發(fā)行者和投資公眾的媒介，也作為機(jī)構(gòu)客戶的經(jīng)紀(jì)人。 Chapter8 Commercial Bank8.2 Commercial Bank Operations According to the funds sources of commercial banks and its use, the operations can be divided into three types.assets operations 資產(chǎn)業(yè)務(wù)liabilities operations 負(fù)債業(yè)務(wù)intermediary operations 中間業(yè)務(wù) Chap

60、ter8 Commercial Bank8.2 Commercial Bank Operationsassets operations1)Discounting Bills of Exchange2) Loans3) Securities Investmentliabilities operations1)Accepting Deposits2) Borrowing Operations Chapter8 Commercial Bank8.2 Commercial Bank Operationsintermediary operations1)Settlement Operations 結(jié)算業(yè)