金融服務重點復習資料

1.Financialintermediation:Anorganizationwhichborrowsfundsfromlendersandlendsthemtoborrowersontermswhicharebetterforbothpartiesthaniftheydealtdirectlywitheachother.Theprocessofraisingfundsfromonesourceandlendingthosefundstoanothersource.2.Soleproprietorship:Asoleproprietorshipisaone-ownerbusinesswheretheindividualtradesunderhisorherownname,orunderatradingname.(Thenarrowerterm‘soletrader’isoftenused.)3.Partnership:Apartnershiporfirmis‘therelationwhichsubsistsbetweenpersonscarryingonabusinessincommonwithaviewofprofit’.4.Limitedliabilitypartnerships:Aformofpartnershipwheretheliabilityoftheownersislimited.Itisabodycorporate,thatisalegalpersondistinctfromitsownerswhoareknowasmembersratherthanpartners.5.Acreditcard:Itissimplyaplasticcardenablingthecardholdertopurchasegoodsandservicestobepaidforatalaterdate.Itisaformofmoneytransmissionandalsoasourceofrevolvingcreditforthecardholder.6.Cheques:Achequemaybefullydefinedas:-anunconditionalorderinwriting,addressedbyoneperson,toabankorotherfinancialinstitution,signedbythepersongivingit,requiringthebank/financialinstitution,topayondemand,asumcertaininmoney,to,ortotheorderof,aspecifiedpersonortobearer.7.Liquiditymanagement:Liquiditymanagementissimplythemanagementofliquidfunds,oftennarrowlyreferredtoascashandinterpretedasbankcurrentaccount.Liquidfundsactuallycomprisecash,bank,short-terminvestments,lessshort-termmoneycredit.Thesecomponentsweredefinedas‘netliquidfunds’.Lendingproducts(分為)：8,9,10.8.BusinessTermloans:中長期貸款areparticularlydesignedtofinancethepurchaseoftangible（fixed）assets,andaregrantedforamountsofhundredsofpoundsupwards.Termloansarethebasiccommercialloan.9.Bridgingloans:areintendedforsituationswherelarge-scalepurchasesprecedemajorsales,creatinglargedeficitsforshortperiods.Interestischargedonadailybasis,andafeepayable.Bridgingloansareexpensiveandareintendedtobeveryshortterm;:preferablytheunderlyingpurchase/salecontractsshouldbewelladvanced.10.Commercialmortgages/loans:isaspecifictypeofsecuredloantoenableabusinesstopurchase,orevenlease,businesspremises.Althoughthetermmortgageiscommonlyusedtorefertotheloan,itis,infact,thesecuritytakenfortheloan.11.Creditpolicy:involvesbothdebtorsandcreditors.Inthecaseofcreditors,theprimaryobjectiveistomaximizethecreditperiodallowedwhileretaininggoodrelationswithsuppliersandoptimizingstocklevels.12.CapitalFundingPlanning:Determiningofmeanstofinancecapitalexpenditure.Theprocessofselectingsuitablefundstofinancelong-termassetsandworkingcapital.15.Gearing:Gearingistherelationshipbetweendebt(creditors:amountsfallingdueinmorethanoneyear)andequity(ordinarysharecapitalandreserves).Theeffectisalwaystoaddfinancialrisktotheexistinglevelofcommercialrisk.16.Capitalresourceplanning:isconcernedwiththebuying,leasing&replacementofproperty,machinery,vehicles,etc.Itthereforetendstoinvolvelargefundingoverlongperiods.Theprocessofevaluatingandselectinglong-termassetstomeetstrategies.17.Workingcapital:isthesourceofsurvivalandgrowthofthebusinesssincetheothermainelementswilltendtofeduce.Firm'smoneyavailablefortrading；thefundsthatarereadilyavailabletooperateabusiness.Workingcapitalisoftenreferredtoasthe‘lifebloodofabusiness’andtheworkingcapital,ortrading,cycleisanalogoustotheheart,thefunctionofwhichistopumpandcirculatebloodthroughoutthebody.1.Financialinstitutionsasfirms:Deposittakers:1）Banks-retailbanks：investmentbanks；overseasbanks2）Buildingsocieties。Non-Deposittakers:Insurancecompanies；Pensionfunds；Unittrusts；Investmenttrusts2.Qualitiesrequiredfromfinancialmarkets：一Primarymarkets:1)Lowcostsoftransactions；2)Freelyavailableinformation；3)Asecondarymarket,ifapplicable,whichisactiveandlargeinrelationtotheprimarymarket。二Secondarymarkets:1)Beactive；2)Offerfreelyavailableinformation；3)Notbetoovolatile；4)Belowcostintermsoftransactions3.Typesofproducts：1)Banksdeposits；2)Buildingsocietydeposits；3)Nationalsavingscertificates；4)Treasurybills5)Governmentbonds；6)Commercialbills；7)Equities；8)Lifeinsurancepolicies；9)Eurobonds；10)Certificatesofdeposit4.FinancialPlanning：1CapitalFundingPlanning：theprocessofselectingsuitabalefundstofinancelong-termassetsandworkingcapital.2CapitalResourcePlanning:theprocessofevaluatingandselectinglong-termassetstomeetstrategies.15.Workingcapitalcomprisesfourmainelements:1)stocks,2)debtors(includingprepaidcharges/accruedincome),3)cashandcashequivalents(cashin‘hand’,non-interest-bearingcurrentaccounts,shortterminvestments,lessshorttermmoneycredit),4)creditors(includingaccruedcharges/prepaidincome)6.Threetypesofendorsement:1)blank;2)specific:在付款期內(nèi)可以多次背書3)restrictive:只可背書一次。7.Inmanagingliquidity,businessmanagementshouldbemindfulofthefollowingobjectives:1)solvency:theabilityofabusinesstomeetitsshort-termobligationsfromitsshort-termsources.2)risk:surplusfundshavetheexpectationofhighreturnforhighrisk,andlowreturnforlowrisk:shortagesshouldbeidentifiedsothatfundscanbearrangedtocoversuchshortages.3)return:maximizethereturnonsurplusfunds;minimizethecostofborrowedfunds.4)flexibility:theabilitytoreactquicklytounexpected.8.什么時候用Nornimalrate什么時候用APR：Inpractice,therelationshipbetweenthetwoisnotofimportanceand,onapplyingforanadvanceofmonies,theborrowerwillbeadvisedoftheAPRwhichistherealcostofborrowing.Lateroninthismodule,youwilllookathowtoapplytheserates.Whentheinterestarrangementisforfront-endloading,youshouldusenominalrateinpreparingacashflowforecasttoassessanabilitytorepay.However,whenassessingtheviabilityofaproject,youneedtouseAPR.名義利率(給別人看)實際利率(自己看).9.Lifepolicies:1)Wholelife:Onthedeathofthelifeassured,theinsurerswillremittheproceedsofthepolicytotheestateofthedeceased.2)Term:Here,coverisprovidedforafixedtermand,ifthelifeassuredsurvives,noproceedsarepayable.Premiumsare,therefore,lowerthanforotherformsoflifeassurance.3)Endowment:Thisisacombinationoflifecoverandsavings/investment.Thecontractisforasetnumberofyearsand,shouldthelifeassuredsurvive,proceedsarepaidouttothatindividual.4)Annuities:Annuitiesworkinreversetotheotherthreetypesmentionedabove.Inreturnforalumpsuminvestment,theindividualreceivesregularincomeuntildeath.1.Chequecrossingsandendorsements區(qū)別:Crossingachequeisintendedtorestrictnegotiabilitysoonlyuncrossedchequesmaybepassedonbythepayeeendorsingthecheque,i.e.signingitontheback.Theendorseebecomesthenewholderofthechequeandassumesthesamerightsastheendorserifhe/shetakesthechequeingoodfaithwithnonoticeofanydefectinthetitle.Crossingchequecannotbeendorsed；Uncrossingchequecanbeendorsed.2.Financialservicesforliquiditymanagement(每項用一句話說明):1)savings/investmentservices：Depositorsavingsaccountsaredesignedforveryshort-termsurpluses盈余.Institutionsofferarangeof‘investment’orhigherinterestaccountswhichattractmoneymarketrates.2)moneytransmissionproductsandservices：whichisthetransferofmoneyfromthereceiverofgoodsorservices(thedebtor)totheproviderofthegoodsorservices(thecreditor).3)borrowingbyoverdraftandcreditcard：Overdraftsareaformofshort-termmoneycreditbutattachtothecurrentaccount.Withregardtobusinessliquiditymanagement,thecreditcardmayservetwopurposes.Itisaformofmoneytransferand,becauseoftheinterest-freecreditperiod,maywellbethepreferredoption,evenallowingforapossibleannualchargeforthecard.Thecreditcardmayalsoserveasaformofborrowingsincethereisnorequirementtosettleotherthanaminimumamountofthestatementbalancebytheduedate.4)nightsafefacilities：Thenightsafefacilityoffersveryshort-termprotectionformoniesdeposited,usuallyafterbankinghours.4.Principlesoflending:Priortothegrantingofanymonies,thebankerwillcarefullyconsidertheevidencerelevanttotherequest.Whetherbyinterview,discussion,writtenevidence,andsoon,thebankerwilladdressthefollowing:1）Personalaspects：Personalaspectscomprisecharacter,capacityorcapability,capital,collateral,condition,control.2）Purposeandamount：Attheoutsetoftheborrowing/lendingproposition,thebankerchecksoutanydirectiveandregulationprohibitingthegrantingoftheadvancetothebusinessconcernedorforthestatedpurpose.Itistherequirementofthebusinesstorequestadefiniteamount,ratherthananunlimitedsumandthebankerwillexpecttoseerelevantdatatobackthisup.Itinclude:1creditcontrolsimposedbyagovernmentwhichrestrictlendingtoparticularsectors.2centralbankguidelineswhichmayleadtoarestrictionoflendingtoparticularcustomersorsectors.3bankpolicylimitingthetotalamountwhichthebankispreparedtolendtoanyonebusinessorsector.4theregulationsofthebusiness.5thelegalityofthepurpose.3）Repayment:Thepatternofrepaymentisamatterofnegotiationbetweenthebusinessowners/partnersandthelendingbankerbutwillbebasedonprojectionsofcashflow.4）Safetyorsecurity:Takingsecuritysimplymeansarrangingtoobtainrightsoverassets,theserightsgrantingpowertodisposeoftheassetstorepaytheborrowingshouldtheborrowerdefaultinrepayment.3.Telebanking:Telebankingidentifiesamoneytransmissionsystemwhichoperatesbydirectrelayofinstructionsviaatelecommunicationlink.Theservicemaybedeliveredthroughoneormoredistinctsystemsorchannels,namelyscreen,automatedvoiceresponse(avr)orperson-to-person..Telebankingsystemsprovidethefollowingfacilities:1)accountdetails.2)statements/mini-statements.3)examinationofregularpayments.4)billpayments.5)inter-accounttransfers.6)servicerequests(e.g.chequebooksandprintedstatement).7)cashmanagement(businesscustomersonly).25.Principlesofcapitalfundingplanning:一)Cost:Itisusedtodeterminetheviabilityofprojectswhicharethenundertakenornot.Currentandfuturecostsofeachpotentialsourceoffinanceshouldbedeterminedorestimated,andacomparisonmade.Businesseswillnormallyseektominimizetheweightedaveragecostofcapital.二)Acceptability:1)Financecanonlyberaisedifinvestorsarewillingtoinvest.Capitalstructuremustbeacceptabletoinvestingindividualsandinstitutions.2)votewithfeet.三)Risk:Athighgearing,theremaybedangersinbeingunabletomeetinterestand/orothercharges,ordefaultingonthedebtishigher(i.e.bankruptcyrisk),thenprofitlevelsandgearingrequireconsideration.四)Control:Existingownersmaywishtoavoidfundingwhichwouldhavetheeffectofremovingordilutingtheircontrol.五)Transferability:Capitalshouldbecapabalofbeingtransferredeasilyonchangeinownershiporothercircumstancesconcerningpartnerssuchasmentalincapacity,bankruptcyordeath.1)Existinginvestorscantransfertheirfunding.2)Businesscanchoosetoissuethefinancinginstrumentswhichisconvertibleintootherformse.g.ConvertibleBondsandWarrants.6.Whythecostofequityrises:1)businessriskincludesthestateoftheeconomyandthemarketinwhichthebusinessoperates,fluctuationsindemandforproducts,andchangesinthelevelofproductivity.2)wherethereisnogearingandthecapitalstructureiscomprisedofordinaryshares,allbusinessriskissharedbetweentheequityshareholders.3)ifdebtisintroduced,atleastinmoderateamounts,theprovidersofthatdebtwillnottakeashareofthecommercialrisksincetheirincomeis“guaranteed”.4)soinagearedstructure,therewillbelessequitybutthesamecommercialrisk,i.e.thesamelevelofcommercialriskwillbesufferedbylessshareholdersandtheshareholdingbecomesriskierfundingabovethatlevelwillmeangreaterrisktothedebtprovidersothecostofdebtcapitalwillrise.5)asaconsequenceofthis,theshareholderswillseekagreaterreturnontheirinvestmentsinvolvingthecompanyingreatercostofequitycapital.7.Whythecostofdebtrises:1)theleveloffundingprovidedtothebusinessisdeterminedbythedebtprovider’sassessmentofbusinessrisk.2)fundingabovethatlevelwillmeangreaterrisktothedebtprovidersothecostofdebtcapitalwillrisebecausethegreaterthedebtcapitalprovided,thelesstheequitycapitalprovidedmeaningfewershareholders.3)thereis,therefore,agreaterrisktodebtprovidersinthatafallinprofitsmayaffecttheabilityofthebusinesstopayinterestastherearefewershareholderstocushionthedropinprofitsthroughcutsindividends.8.Taxation(作用):Nomeaningfulappraisalofcapitalprojectscanexcludetaxationsince:1)capitaloutlayontangiblefixedassetsmayearntaxrelief.2)disposaloftangiblefixedassetsmayreducetaxrelief.3)operatinginflowsattracttaxliability.4)operatingoutflowsmayrelievetaxliability.5)taxisleviedontheassessableprofitofabusiness,notthenetprofit.6)hemainnotabledifferencebetweenthetwoprofitsisthatdepreciationisreplacedbytheinlandrevenueequivalent–capitalallowances.Loansofferthebusinessataxadvantageasthechargeonsuchfinance,interest,isallowablefortaxpurposes,whereasdrawingsarenot.9.1)Rateofreturn:advantage:reflectthetruerateofreturn.disadvantages:a.Computationalcomplexity;b.forunconventionalprojects,theresultsofthecalculationiserror.2)Paybackperiod:Advantage:a.easytounderstand,b.simplecalculation.Disadvantages:a.Cannotbeusedindependentlyb.doesn’ttakeintoaccountthetimevalueofmoney.3)Discountedpayback:Advantage:takeintoaccountthetimevalueofmoney.Disadvantages:Doesnottakeintoaccountcashflowsafterthepaybackperiod.4)Netpresentvalue:Advantage:a.recognizesthetimevalueofmoneyb.allfutureflowsarediscounted.Disadvantages:Doesnotreflecttherealrateofreturnprojects.31.Businessrisks:1)Personnelrisks:Deathorinjuryofemployeescaninvolvethebusinessinthecostsofcompensationpayments,timelostduetoanaccidentandpossiblefinesifbreachesofsafetylegislationareinvolved.Therewillalsobeindirectcosts,includingthetimespentininvestigationofanaccidentandthecostsofrecruitingandtrainingareplacementemployee.Thelattercanbeconsiderableifakeyemployeeisinvolved.2)Laborrisks:Apartfromtheriskofaccidenttoemployees,thebusinessfacesriskswithregardtothequantityandqualityofemployees.Itisdependentontheavailabilityofsuitablelabor.Satisfactionandmoraleoftheworkforceisalsoimportantinmaintainingproductivityattargetlevels.3)Productionrisks:Inbothmanufacturingandserviceindustries,thereisariskthatcircumstancesmightoccurwhichmeanthatthebusinessisunabletomaintainitsnormaloutput.Lossesmayoccurasaresultofmachineryorcomputerbreakdown,inadequatequalitycontrols,badweather,orfaultymaterials.4)Technicalrisks:Thepaceofdevelopmentofnewtechnologyincreasesriskforanybusiness.Thebusinessfacestheriskthattechnologymaynotproducetheexpectedbenefits,ormayresultinbreakdownsorstoppages,orthatcompetitorsmaygainanadvantagefromimprovedtechnology.Ontheotherhand,therearepotentialgainsfromimprovedefficiency,andpotentialcompetitiveadvantage.5)Environmentalrisks:Thisisaspecialcategoryoflegalandsocialrisks.Societyisbecomingmoreawareofthepotentialforpollution,andthelegalconsequencesareincreasingallthetime.Again,theremaybelong-termrisksastheeffectsofpollutionmaynotbecomeapparentuntilsometimeinthefuture.Additionally,theenvironmentallobbyisapowerfulforcewhichcaninfluenceabusiness’sactivities.2.Currentaccountfeatures:1)cashcard:Advantages:Cashisextremelypopularwithprivateindividuals,particularlyforsmallpayments,asitissoconvenientandquicktoeffectsettlement.Itsacceptabilityandlegaltenderstatusprovideitwithimmediatepurchasingpowerforconsumergoodsandservices.Cashisalsoimpersonalanddifficulttotrace,thereforeitispopularwithpersonswhodonotwishtheirtransactionstobereadilyidentifiedforwhateverreason.Disadvantages:Thereare,however,anumberofdisadvantageswithcashasameansofexchange.Inparticular,thereisthesecurityaspect,anddangersoftheftandassault.Itisneitherconvenientnorsafetocarryaroundinlargequantitiesorremitthroughthepostalsystem.Additionally,moneyisnotusefullyemployedwhileinthisformasthereistheopportunitycostofinterestlostthroughnotbeinginvested.2)standingorders:asignedauthoritybythecustomer,totheirbankorotherfinancialinstitution,instructingthebankorotherfinancialinstitution,instructingthebankorfinancialinstitution,tomakeregularpaymentsf