金融機(jī)構(gòu)概述

金融機(jī)構(gòu)管理周天蕓中山大學(xué)國(guó)際商學(xué)院

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教材：金融機(jī)構(gòu)管理----一種風(fēng)險(xiǎn)管理方法(第5版)(高等學(xué)校教材)作者：(美)桑德斯,科尼特著,王中華,陸軍譯出版社：人民郵電出版社出版日期：2009年7月ISBN：711520993

金融機(jī)構(gòu)管理第一部分：金融機(jī)構(gòu)概論第二部分：風(fēng)險(xiǎn)及其測(cè)定第三部分：風(fēng)險(xiǎn)的管理金融機(jī)構(gòu)(FinancialInstitution)金融機(jī)構(gòu)是指從事金融服務(wù)業(yè)有關(guān)的金融中介機(jī)構(gòu)，為金融體系的一部分；金融服務(wù)業(yè)包括銀行、證券、保險(xiǎn)、信托、基金等行業(yè)，與此相應(yīng)，金融中介機(jī)構(gòu)也包括銀行、證券公司、保險(xiǎn)公司、信托投資公司和基金管理公司等。銀行性與非銀行性金融機(jī)構(gòu)銀行性金融機(jī)構(gòu)以吸收存款作為資金來源，且這種負(fù)債可以被存款的持有人當(dāng)作貨幣使用。銀行性金融機(jī)構(gòu)可包括商業(yè)銀行、中央銀行、專業(yè)銀行三種類型，在金融機(jī)構(gòu)體系中居于支配地位，構(gòu)成現(xiàn)代銀行制度。非銀行性金融機(jī)構(gòu)與銀行的區(qū)別在于不以吸收存款作為資金來源，而以某種方式吸收資金，以某種方式運(yùn)用資金并從中獲利，包括保險(xiǎn)公司、信用合作社、消費(fèi)信用機(jī)構(gòu)、信托公司、證券公司、租賃公司財(cái)務(wù)公司等。在金融機(jī)構(gòu)體系中是重要組成部分，其發(fā)展?fàn)顩r是衡量一國(guó)金融機(jī)構(gòu)體系是否成熟的重要標(biāo)志之一。金融中介機(jī)構(gòu)為何特殊？無金融中介的資金轉(zhuǎn)移公司（凈借款者）家庭（凈儲(chǔ)蓄者）現(xiàn)金股權(quán)和債權(quán)無金融中介資金轉(zhuǎn)移的特點(diǎn)缺乏效率、資金流量水平低監(jiān)督成本流動(dòng)性liqudity價(jià)格風(fēng)險(xiǎn)pricerisk通過金融中介的資金轉(zhuǎn)移現(xiàn)金家庭公司股權(quán)和債權(quán)金融中介機(jī)構(gòu)(經(jīng)紀(jì)人)金融中介機(jī)構(gòu)(資產(chǎn)轉(zhuǎn)換媒介)存款和保險(xiǎn)單現(xiàn)金金融中介的職能提供支付體系資產(chǎn)轉(zhuǎn)換(assettransfer)初級(jí)證券（Primarysecurities）二級(jí)證券（Secondarysecurities）經(jīng)紀(jì)人職能專門提供信息和交易服務(wù)導(dǎo)致交易成本的降低或者規(guī)模經(jīng)濟(jì)信息成本大的金融機(jī)構(gòu)就比小的家庭有更大激勵(lì)去收集信息和監(jiān)督公司的行為，因?yàn)檫@與其自身有很大利益關(guān)系；收集信息的平均成本更低；創(chuàng)造的二級(jí)證券，合同中加進(jìn)詳細(xì)的條款可以提高金融機(jī)構(gòu)的監(jiān)督能力；銀行貸款一般來說是短期債務(wù)合同，這個(gè)短期的性質(zhì)可以使金融機(jī)構(gòu)擁有更多的監(jiān)督權(quán)力從而控制借款者；

流動(dòng)性和價(jià)格風(fēng)險(xiǎn)

二級(jí)證券通常比初級(jí)證券如公司股票和債券有著更高的流動(dòng)性，包括存款、基金股份、人壽保險(xiǎn)的保單等。金融機(jī)構(gòu)利用規(guī)模效益來分散大部分資產(chǎn)組合風(fēng)險(xiǎn)，以低價(jià)或資本價(jià)值風(fēng)險(xiǎn)提供高流動(dòng)性的資產(chǎn)；在現(xiàn)實(shí)中，大部分金融機(jī)構(gòu)的倒閉是在產(chǎn)品種類上和地域范圍內(nèi)相對(duì)不能進(jìn)行分散投資的小的金融機(jī)構(gòu)

其他職能減少交易成本Reducedtransactioncosts期限調(diào)整Maturityintermediation貨幣政策的傳導(dǎo)Transmissionofmonetarypolicy.信貸分配Creditallocation代際財(cái)產(chǎn)轉(zhuǎn)移或時(shí)間媒介Intergenerationaltransfersortimeintermediation.結(jié)算服務(wù)Paymentservices(FedWireandCHIPS).面值調(diào)整Denominationintermediation.金融機(jī)構(gòu)的特殊性與監(jiān)管金融機(jī)構(gòu)向經(jīng)濟(jì)中的各部門提供各種特殊服務(wù)而顯得與眾不同；如果不能提供這些服務(wù)或者其有效服務(wù)中斷，對(duì)于儲(chǔ)蓄的最終來源（家庭）和使用者（公司）就會(huì)產(chǎn)生成本。當(dāng)經(jīng)濟(jì)中的金融機(jī)構(gòu)部門出現(xiàn)問題時(shí)，對(duì)公司和家庭產(chǎn)生負(fù)外部性；

監(jiān)管對(duì)整個(gè)社會(huì)是有利的，但是對(duì)金融機(jī)構(gòu)來說卻產(chǎn)生了私人成本；

金融中介的特殊性與監(jiān)管壟斷外部性信息不對(duì)稱監(jiān)管的內(nèi)容安全和穩(wěn)健性監(jiān)管

--資產(chǎn)分散化要求--資本充足度要求--保護(hù)基金B(yǎng)ankInsuranceFund(BIF)

--自律貨幣政策方面的監(jiān)管信用分配方面的監(jiān)管存款者保護(hù)方面的監(jiān)管市場(chǎng)準(zhǔn)入和特許方面的監(jiān)管ThePillarStructureoftheNewAccord

capitalchargeimposedonbanksbasedupontheresultsofanassessmentoflossesattributedtooperationalriskandthatmappedtheinstitution’soperationalriskprofile.Enhancementtothesupervisoryreviewprocess.Stressestheimportanceofbankmanagementdevelopinganinternalcapitalassessmentprocess.Enlistingactiveinvolvementofthefinancialservicescommunitytoinvokesomesortofmarketdisciplineovermemberinstitutions.(DisclosureRequirements)

Pillar1MinimumCapitalRequirements

Pillar3MarketDiscipline

Pillar2SupervisoryReviewProcess《新資本協(xié)議》簡(jiǎn)單結(jié)構(gòu)圖

ThePillarStructureoftheNewAccord監(jiān)管成本道德風(fēng)險(xiǎn)：由于制度方面或其他方面的變化而引發(fā)的私人部門行為的變化，進(jìn)而產(chǎn)生有害的和消極的作用合規(guī)成本：被監(jiān)管者為遵守或者符合有關(guān)監(jiān)管規(guī)定而額外承擔(dān)的成本。社會(huì)經(jīng)濟(jì)福利的損失：由于存在監(jiān)管，各經(jīng)濟(jì)主體的產(chǎn)量可能會(huì)低于不存在監(jiān)管時(shí)的產(chǎn)量。動(dòng)態(tài)成本：監(jiān)管起著保護(hù)低效率的生產(chǎn)結(jié)構(gòu)的作用，可能成為管理和技術(shù)革新的障礙。存款機(jī)構(gòu)

DepositoryInstitutionsAdepositoryinstitutionisafinancialinstitutionintheUnitedStates(suchasasavingsbank,commercialbank,savingsandloanassociation,orcreditunion)thatislegallyallowedtoacceptmonetarydepositsfromconsumers.FederaldepositoryinstitutionsareregulatedbytheFederalDepositInsuranceCorporation(FDIC).規(guī)模、結(jié)構(gòu)與組成Size,structureandcomposition資產(chǎn)負(fù)債表Balancesheetsandrecenttrends存款機(jī)構(gòu)的監(jiān)管Regulationofdepositoryinstitutions業(yè)績(jī)Depositoryinstitutionsperformance美國(guó)最大的存款機(jī)構(gòu)

LargestUSDepositoryInstitutions(billionsofdollars2007)Citigroup $1,746.2BankofAmerica 1,451.6J.P.MorganChase 1,338.0Wachovia 559.9WellsFargo 483.4HSBCNorthAmerica 473.7Taurus 430.4WashingtonMutual 348.9U.S.Bancorp 216.9CountrywideFinancial 193.2TotalAssets($Billions)存款機(jī)構(gòu)的類型

DepositoryInstitutions商業(yè)銀行

CommercialBanksLargestdepositoryinstitutionsarecommercialbanks.Differencesinoperatingcharacteristicsandprofitabilityacrosssizeclasses.NotabledifferencesinROEandROAaswellasthespread儲(chǔ)蓄機(jī)構(gòu)

ThriftsS&LsSavingsBanks信用社CreditUnionsMixofverylargebankswithverysmallbanks功能與結(jié)構(gòu)差異

Functions&StructuralDifferencesFunctionsofdepositoryinstitutionsRegulatorysourcesofdifferencesacrosstypesofdepositoryinstitutions.Structuralchangesgenerallyresultedfromchangesinregulatorypolicy.Example:changespermittinginterstatebranchingReigle-NealAct:《瑞格尼爾法案》1994年對(duì)銀行規(guī)模放松管制，并且允許跨州建立分行.

資產(chǎn)負(fù)債表

BalanceSheetandTrendsBusinessloanshavedeclinedinimportanceOffsettingincreaseinsecuritiesandmortgagesIncreasedimportanceoffundingviacommercialpapermarketSecuritizationofmortgageloansTemporaryeffects:creditcrunchduringrecessionsof1989-92and2001-02商業(yè)銀行的資產(chǎn)負(fù)債表(balancesheet)資產(chǎn)負(fù)債和權(quán)益現(xiàn)金資產(chǎn)交易賬戶存款投資證券非交易賬戶存款貸款借款貸款損失準(zhǔn)備其他負(fù)債其他資產(chǎn)權(quán)益普通股優(yōu)先股資本盈余未分配利潤(rùn)資本公積金損益表IncomeSheet利息收入服務(wù)費(fèi)和手續(xù)費(fèi)其他非利息收入利息支出貸款損失準(zhǔn)備金非利息支出損益表和資產(chǎn)負(fù)債表的關(guān)系*財(cái)務(wù)報(bào)表分析FinancialStatementAnalysis關(guān)鍵比率的時(shí)間序列分析

(Timeseriesanalysisofkeyratios)分析框架ROEframeworkROE=ROA×EM（權(quán)益乘數(shù)）ROA=PM（利潤(rùn)率）×AU（資產(chǎn)利用率）表外業(yè)務(wù)

Off-balanceSheetActivitiesHeightenedimportanceofoff-balancesheetitemsOBSassets表外資產(chǎn) OBSliabilities表外負(fù)債LargeincreaseinderivativespositionsisamajorissueStandbylettersofcredit備用信用證Loancommitments貸款承諾When-issuedsecurities虛售證券其他收費(fèi)業(yè)務(wù)OtherFee-generatingActivities

Trustservices信托服務(wù)Correspondentbanking往來銀行業(yè)務(wù)CheckclearingForeignexchangetradingHedgingParticipationinlargeloanandsecurityissuancesPaymentusuallyintermsofnoninterestbearingdeposits主要監(jiān)管機(jī)構(gòu)

KeyRegulatoryAgenciesFDICRoleinpreventingcontagiousrunsorpanicsOCC:Primaryfunctionistocharternationalbanks.FRS:monetarypolicy,lenderoflastresort.NationalbanksareautomaticallymembersoftheFRS.State-charteredbankscanelecttobecomemembers.StatebankregulatorsDualBankingSystem:Coexistenceofnationallyandstate-charteredbanks.BankRegulators儲(chǔ)蓄機(jī)構(gòu)SavingsInstitutionsComprisedof:SavingsandLoansAssociations儲(chǔ)蓄協(xié)會(huì)SavingsBanks儲(chǔ)蓄銀行EffectsofchangesinFederalReserve’spolicyofinterestratetargetingcombinedwithRegulationQanddisintermediation(脫媒).Effectsofmoralhazardandregulatorforbearance.QualifiedThriftLender(QTL)test.信用社

CreditUnionsNonprofitdepositoryinstitutionsownedbymember-depositorswithacommonbond.ExemptfromtaxesandCommunityReinvestmentAct(CRA社區(qū)再投資法).ExpansionofservicesofferedinordertocompetewithotherFIs.ClaimofunfairadvantageofCUsoversmallcommercialbanks2006:66.4percentofCUsfederallycharteredandregulatedbyNCUA全球問題

GlobalIssues

NarrowingmarginsandflatteningyieldcurvesMortgagesdominatingretailgrowthPersonalbankruptciesrisingNearcrisisinJapaneseBankingChinaDeteriorationinearly2000s,NPLsat50%levelsOpeningtoforeignbanks(WTOentry)slow保險(xiǎn)公司

InsuranceCompaniesDifferencesinservicesprovidedby:LifeInsuranceCompanies人壽保險(xiǎn)公司PropertyandCasualtyInsurance財(cái)產(chǎn)事故保險(xiǎn)公司Size,structureandcompositionBalancesheetsandrecenttrendsRegulationofinsurancecompaniesGlobalcompetitionandtrends互助Mutual股份Stock保險(xiǎn)公司InsuranceCompaniesBiggestLifeInsurers(2007)人壽保險(xiǎn)LifeInsurance:IssuesDemutualizationAdverseselectionInsuredhavehigherriskthangeneralpopulationAlleviatedbygroupingofpolicyholdersintoriskpools人壽保險(xiǎn)公司

LifeInsuranceCompaniesLifeInsuranceProducts:Ordinarylife（普通壽險(xiǎn)）Termlife（定期壽險(xiǎn)),Wholelife(終身壽險(xiǎn))Endowmentlife（兩全壽險(xiǎn))Variablelife（可變壽險(xiǎn)),Universallife（萬能壽險(xiǎn)),Variableuniversallife.Grouplife（團(tuán)體壽險(xiǎn)）Industriallife（產(chǎn)業(yè)壽險(xiǎn)）Creditlife（信用壽險(xiǎn)）其他人壽保險(xiǎn)業(yè)務(wù)OtherLifeInsurerActivities年金保險(xiǎn)AnnuitiesReverseoflifeinsuranceactivities.Topped$272billionin2005Ethics:Conseco,2004個(gè)人退休金基金PrivatepensionfundsCompetewithotherfinancialservicecompanies.Mid2000s,managing$2.3trillion(45%ofallprivatepensionplans)意外和醫(yī)療事故保險(xiǎn)AccidentandhealthinsuranceMorbidityinsuranceEffectsofgrowthinHMOenrollment資產(chǎn)負(fù)債表

BalanceSheetLong-termassetsNeedtogeneratecompetitivereturnsonsavingscomponentsoflifeinsurancepoliciesBonds,equities,governmentsecuritiesPolicyloans(保單質(zhì)押貸款)Long-termliabilitiesNetpolicyreservestomeetpolicyholders’claimsSeparateaccountbusiness32.9%oftotalliabilitiesandcapitalin2006.監(jiān)管

RegulationofLifeInsuranceCompaniesMcCarran-FergusonActof1945Confirmsprimacyofstateoverfederalregulation.StateinsurancecommissionsCoordinatedexaminationsystemdevelopedbytheNationalAssociationofInsuranceCommissioners(NAIC).StatespromotelifeinsuranceguarantyfundsNotpermanentfunds(likeFDIC)Requiredcontributionsfromsurvivingwithin-statefirms.FinancialServicesModernizationAct,1999財(cái)產(chǎn)災(zāi)害保險(xiǎn)

P&CProducts保費(fèi)凈額（NPWnetpremiumswritten）火險(xiǎn)和關(guān)聯(lián)險(xiǎn)Fireinsuranceandalliedlines屋主多種事故險(xiǎn)Homeownersmultipleperilinsurance商業(yè)多種事故險(xiǎn)Commercialmultipleperilinsurance汽車責(zé)任與損壞險(xiǎn)Automobileliabilityandphysicaldamageinsurance責(zé)任保險(xiǎn)Liabilityinsurance(otherthanautomobile)財(cái)產(chǎn)保險(xiǎn)公司的資產(chǎn)負(fù)債表

P&CBalanceSheetSimilartolifeinsurancecos.(Smallerassetbase)RequirementforliquidassetsMajorliabilities:lossreserves損失儲(chǔ)備lossadjustmentexpense損失調(diào)整費(fèi)用unearnedpremiums未到期保費(fèi)損失風(fēng)險(xiǎn)損失程度(severityofloss)和損失頻率(frequencyofloss)長(zhǎng)期損失和短期損失Long-tailriskexposure產(chǎn)品通脹和社會(huì)通脹Productinflationversussocialinflation保險(xiǎn)業(yè)比率UnderwritingRatiosLossratioshavegenerallyincreased.Expenseratioshavegenerallydecreased.Trendtowardsellingdirectlythroughtheirownbrokersratherthanindependentbrokers.綜合比率Combinedratio:Includesbothlossandexpenseexperience.Ifgreaterthan100thenpremiumsareinsufficienttocoverlossesandexpenses.投資收益/回報(bào)風(fēng)險(xiǎn)

InvestmentYieldReturnRisk運(yùn)營(yíng)率=扣除紅利后的綜合比率與投資收益率之差Operatingratio=Combinedratioafterdividendsminusinvestmentyield.Importanceofinvestmentincome:CausesPCmanagerstoplaceimportanceonmeasuringandmanagingcreditriskandinterestraterisk.監(jiān)管

RegulationPCinsurerscharteredandregulatedbystatecommissions.StateguarantyfundsNationalAssociationofInsuranceCommissioners(NAIC)providesvariousservicestostateregulatorycommissions.IncludesInsuranceRegulatoryInformationSystem(IRIS).Somelinesfacerateregulation.CriticismregardingKatrinarelatedclaims全球問題

GlobalIssuesInsuranceindustrybecomingmoreglobalRegulatoryandtaxeffectsinCaymanIslandsandBahamasIntroductionandaccelerationofinsurancemarketreformscross-countrymergers(insurancecompaniesaswellasuniversalbanks)證券公司和投資銀行

SecuritiesFirms&InvestmentBanksNatureofbusiness:Underwritesecurities.Marketmaking.Advising(example:M&A,restructurings).主要業(yè)務(wù)

KeyActivitiesInvestingInvestmentbankingActivitiesrelatedtounderwritinganddistributingnewissuesofdebtandequity.MarketmakingIncreasingimportanceofonlinetradingTechnologyriskDecimalizationTradingPositiontrading,purearbitrage,riskarbitrage,programtradingCashmanagementAssistingwithM&ABack-officeandservicefunctions資產(chǎn)負(fù)債表

BalanceSheetKeyassets:Longpositionsinsecuritiesandcommodities.Reverserepurchaseagreements.Keyliabilities:Repurchaseagreementsmajorsourceoffunds.Securitiesandcommoditiessoldshort.BrokercallloansfrombanksCapitallevelsmuchlowerthanlevelsinbanks監(jiān)管

RegulationPrimaryregulator:SECReiteratedbyNationalSecuritiesMarketsImprovementAct(NSMIA)of1996.PriortoNSMIA,regulatedbySECandstates.RegulatetradingactivitiessuchasshelfregistrationEarly2000serosionofSECdominanceIncreasedvigilancebyStateAttorneysGeneralSpring2003,$1.4billioninpenaltiesoverinvestorabuses.Sarbanes-OxleyActof2002IndependentauditingoversightboardunderSECInstigatedbyEnron,GlobalCrossings,Tyco,WorldComInvestorProtection&OtherMonitoringSecuritiesInvestorsProtectionCorporation(SIPC).Protectionlevelof$500,000FederalReservealsohasroleinoverseeingsecuritiesfirmsandinvestmentbanksVulnerabilityofthefinancialsystemIssueoftimelysettlementraisedbyGreenspan共同基金

MutualFundsDiversificationopportunitiesenhancedforsmallinvestorsEconomiesofscalePredominantlyopen-endedfundsAttheendofOctober2011,thetop10mutualfundcomplexesintheUnitedStateswere:（InvestmentCompanyInstitute,ascitedinIgnites,December30,2011）1、Vanguard2、Fidelity3、AmericanFunds(CapitalResearch)4、BlackRock5、PIMCO6、FranklinTempleton7、JPMorgan8、SSgA9、T.RowePrice10、Federated共同基金的類型

TypesofMutualFundsTypesofLong-termFundsBondandincomefunds.Equityfunds.Hybrid.Short-termfunds共同基金的收益

ReturnstoMutualFundsIncomeanddividendsofunderlyingportfolio.Capitalgainsontradesbymutualfundmanagement.Capitalappreciationinvaluesofassetsheldintheportfolio.Marked-to-marketNet-assetvalue(NAV).共同基金的成本

MutualFundCostsTwotypesoffees:SalesloadsGenerally,negativeeffectonperformanceoutweighsbenefitsShorttermversuslongterminvestmentaltersimpactofloadsoncostFundoperatingexpensesManagementfee12b-1feesFrontendandbackendfeesClassA,ClassBandClassCdifferencesSECcreationofnewrulesSweepingdecreasesinfees,2005and2006資產(chǎn)負(fù)債表

BalanceSheetandTrendsMoneyMarketFundsKeyassetsareshort-termsecurities(consistentwithdeposit-likenature)Mosthavesharevaluesfixedat$1andadjustnumberofsharesownedbytheinvestor.Long-termFundsStockscomprisedover70.7%ofassetportfoliosin2006.Creditmarketinstruments27.2%ofassetportfoliosShifttoothersecuritiessuchascreditmarketinstruments,U.S.Treasuries,municipalbondsetc.whenequitymarketsnotperformingaswell.財(cái)務(wù)公司

FinanceCompaniesActivitiessimilartobanks,butnodepositoryfunction.Mayspecializeininstallmentloans(e.g.automobileloans)ormaybediversified,providingconsumerloansandfinancingtocorporations,especiallythroughfactoring.Commercialpaperiskeysourceoffunds.CaptiveFinanceCompanies:e.g.GMACHighlyconcentratedLargest20firms:65percentofassets財(cái)務(wù)公司的類型

TypesofFinanceCompaniesSalesfinanceinstitutionsFordMotorCreditandSearsRoebuckAcceptanceCorp.PersonalcreditinstitutionsHSBCFinanceandAIGAmericanGeneral.BusinesscreditinstitutionsCITGroupandFleetBostonFinancial.Equipmentleasingandfactoring.資產(chǎn)負(fù)債表

BalanceSheetBusinessandconsumerloansarethemajorassets52.8%oftotalassets,2006.Reducedfrom95.1%in1977.Increasesinrealestateloansandotherassets.GrowthinleasingFinancecompaniesfacecreditrisk,interestrateriskandliquidityrisk.

負(fù)債

LiabilitiesMajorliabilities:commercialpaperandotherdebt(longer-termnotesandbonds).Financefirmsarelargestissuersofcommercialpaper(frequentlythroughdirectsaleprograms).Commercialpapermaturitiesupto270days.Consequently,managementofliquidityriskdiffersfromcommercialbanksrelyingondeposits監(jiān)管

RegulationofFinanceCompaniesFederalReservedefinitionofFinanceCompanyFirm,otherthandepositoryinstitution,whoseprimaryassetsareloanstoindividualsandbusinesses.Subjecttostate-imposedusuryceilings.Muchlowerregulatoryburdenthandepositoryinstitutions.NotsubjecttoCommunityReinvestmentAct.Lackthebanks’regulatorysafety-net金融中介的風(fēng)險(xiǎn)RisksofFinancialIntermediation