財務(wù)管理基礎(chǔ)課件：Capital Markets

CapitalMarkets

ChapterOutlineCapitalmarketandsecuritiesFundraisersinthecapitalmarketsThethree-sectoreconomyoftheUnitedStatesPhysicalandelectronicmarketsRapidadjustmentofpricesasanindicationofefficiencySecuritylegislationSecurityMarketsConsistofamyriadofsecuritiesfromgovernmentbondstocorporatecommonstockInfluencedbyvariableslike:InterestratesInvestorconfidenceEconomicgrowthGlobalcrisesTypesofSecurityMarketsMoneymarketsShort-termmarketscomprisingofsecuritieswithmaturitiesofoneyearorlessTreasurybills,commercialpaper,negotiablecertificatesofdepositsCapitalmarketsLong-termmarketsconsistingofsecuritieshavingmaturitiesgreaterthanoneyearBonds,commonstock,preferredstock,convertiblesecuritiesThesesecuritiescompriseafirm’scapitalstructureInternationalCapitalMarketsEmergedasaresultof:AdoptionofbasicprinciplesofcapitalismGlobalprivatizationReducedtelecommunicationcostsContinuingdevelopmentofinternational“freetrade”EstablishmentofNAFTAin1994CAFTAreducestradebarriersThesixoriginalmembersofEUabolishedinternaltariffsin1968WTOstrivestofurtherliberalizeinternationaltradeEurozoneandembracetheeuro,theofficialcurrencyforthe16Eurozonecountries2008TotalDollarTradingVolumeonTenLargestEquityMarketsInternationalCapitalMarkets

asaSourceofFundsAnopportunityforcompaniestoraisedebtandequitycapitalatthelowestcostManylisttheircommonstockaroundtheworldto:IncreaseliquidityforthestockholdersProvideopportunitiesforthepotentialsaleofnewstockinforeigncountriesAbout3.8%offoreigninvestments($885billion)hasbeeninvestedingovernmentsecuritiesCompetitionforFunds

intheU.S.CapitalMarketsSecuritiesavailableinthecapitalmarket:ThefederalgovernmentGovernmentagenciesStategovernmentsLocalmunicipalitiesInvestorsmustchooseamongcorporateandnoncorporatesecuritieswiththedesireto:MaximizereturnsforanygivenlevelofriskGovernmentSecuritiesU.S.Governmentsecurities-TreasuryManagesthefederalgovernment’sdebtinordertobalancetheflowoffundsSellsshort-orlong-termsecuritiestofinanceshortfallsorretiresincaseofsurplusFederallysponsoredcreditagenciesGovernmentalunitsissuingsecuritiesonaseparatebasisfromthosesoldbyU.S.TreasuryIncludes:FederalHomeLoanBanks(FHLB)GovernmentSecurities(cont’d)FederalNationalMortgageAssociation(FannieMae)FederalHomeLoanMortgageCorporation(FreddieMac)FarmCreditBanksStudentLoanMarketingAssociation(SallieMae)FederalAgriculturalMortgageCorporation,(FarmerMac)StateandlocalsecuritiesMunicipalsecuritiesortax-exemptofferingsPurchasedbyinvestorsinhighmarginaltaxbracketsSupportedbyrevenue-generatingprojectsCorporateSecuritiesCorporatebondsDebtinstrumentshavingafixedlifeandtoberepaidatmaturityAsbondscomedueandarepaidoff,thecorporationnormallyreplacesthisdebtwithnewbondsPreferredstockLeastusedofalllong-termsecuritiessincethedividendisnottax-deductibletothecorporationCommonstockSoldbycompaniesdesiringnewequitycapitalEithersoldasanewissueinaninitialpublicoffering(IPO)orasasecondaryofferingTreasurystock:AcompanypurchasesitsownstockNomaturitydateInternalversusExternal

SourcesofFundsInternallygeneratedfundsincluderetainedearningsandcashflowaddedbackfromdepreciationCompositionofinternalfundsisafunctionof:CorporateprofitabilityDividendspaidResultantretainedearningsDepreciationtaxshieldfirmsavailInternallyGeneratedFunds:DepreciationandRetainedEarningsThefigureshowstherelativeimportanceofdepreciation(provided77%)andretainedearnings(provided23%)inprovidinginternalfinancingTheSupplyofCapitalFundsHouseholdsector-majorsupplieroffundsIndirectinvestments:HouseholdsavingsgeneratedbywagesanddividendsArefunneledtofinancialintermediariesthat,inturn,makeinvestmentsinthecapitalmarketsPurchasemutualfundshares,investinlifeinsurance,orparticipateinprivatepensionplansDiversefinancialinstitutionschannelfundsintocommercialbanks,mutualsavingsbanks,andcreditunionsFlowofFunds

ThroughtheEconomyThree-sectoreconomy,consistingof:Households(themajorsupplieroffundsforinvestment)Business(netdemanderoffunds)Government(netdemanderoffunds)SuppliersofFundstoCreditMarkets(September2008)TheRoleoftheSecurityMarketsThecapitalmarketsaredividedintomanyfunctionalsubsetsEachspecificmarketservesacertaintypeofsecuritySecondarytrading:ThesecuritytradesinappropriatemarketsamongallkindsofinvestorsProvidesliquiditytoinvestorsandkeepsthepricescompetitiveamongalternativesecurityinvestmentsTheRoleoftheSecurityMarkets(cont’d)Securitymarketsprovideliquidityby:EnablingcorporationstoraisefundsbysellingnewissuesofsecuritiesAllowinginvestortosellthemwithrelativeeaseandspeedCorporationsandgovernmentunitswouldnotbeabletoraiselargeamountsofcapitalforeconomicgrowth–withoutmarketsTheOrganization

oftheSecurityMarketsSecuritymarketsstructuringhaschangedbecauseof:Technologicaladvanceswhichinclude:Theriseofelectroniccommunicationnetworks(ECNs)MergersoralliancesbetweenexchangesTransformationofmembership-ownedorganizationstopubliccompaniesAcquisitionofleadingECNsbythetraditionalexchangesTraditionalOrganizedExchangesEithernationalorregional,bothstructuredinsimilarfashionExchangeshavehadacentraltradinglocationtobuyandsellsecuritiesEachstocktradesataphysicallocation,atradingpost,onexchange’stradingfloorBrokersareregisteredmembersofexchangesNYSEisthelargestofalltraditionalexchangesRegionalExchangesBeganbytradingsecuritiesoflocalfirmsTradingontheseexchangesareprimarilydoneinnationallyknowncompaniesTradinginsamecompaniescommonbetweenNYSEandregionalslikeChicagoStockExchangeMorethan90percentofcompaniestradedontheChicagoStockExchangealsolistedontheNYSE–referredtoas“dualtrading”ListingRequirementsAfirm’ssecuritiescanbetradedonanexchangeifcompanymeetslistingrequirementsandhasbeenapprovedbyboardofgovernorsofthatexchangeAllexchangeshaveminimumrequirementsthatmustbemetbeforetradingoccursincompany’scommonstockAremostrestrictiveatNYSEArelessrestrictiveatNASDAQElectronicCommunicationNetworks(ECNs)ElectronictradingsystemsthatautomaticallybuyandsellordersatspecifiedpricesAlsoknownasalternativetradingsystems(ATSs)HaveSECapprovaltobefullyintegratedintothenationalmarketsystemCanchoosetoeitheractasabroker-dealerorasanexchangeDonothaveanexchangefloororphysicaltradingpostsLowerthecostoftradingForcedorganizedsecurityexchangestomakesignificantchangesintheiroperationsandstructureTheNewYorkStockExchangeIn2006,NYSEmergedwithalargeECNandbecameapubliccompanyComprisesofthousandsofhugecompanieswhosesharesarelistedontheNYSESpecialists(employedbymemberfirms)meettobuyandsellsecuritiesthroughabidandaskmarket,calledanauctionmarketInadditiontoacquiringArchipelago,NYSEmergedwithEuronext(thelargestEuropeanexchange)NYSEacquiredAmericanStockExchangein2008TheNASDAQMarketNASDAQ:WasconsideredanOTCmarketpriorto2006RecognizedasanationalsecuritiesexchangebytheSECfromAugust1,2006Alltradesaredoneelectronically–notradingfloorandnospecialistsLargestexchangeintheU.SbydollartradingvolumeKnownfortradingtechnologyandlistingofmanyoftheworld’slargesttechnologycompaniesTheNASDAQMarket(cont’d)CreatedSuperMontage,electronictradingsystemthatintegratestradingprocesswithlimitorders,timestampsforreceiptoforders,multiplequotes,etc.AcquiredthelargestECNcalledINET,andlaterBRUTCreatedmorespeedandpriceefficiencyinorderexecutionsDividesitsmarketsintonationalandsmallcapissuesForeignExchangesAsasignofgrowingimportanceofinternationalcapitalmarketsManylargeU.S.internationalcompaniestradeonforeignstockexchangesManyforeigncompaniestradeontheNYSEThefollowingslidepresentslistsmembersoftheWorldFederationofExchangesmostofwhichareflourishingwithgrowingvolumeWorldFederation

ofExchangesMembers(2006)OtherFinancialExchangesFutureexchangeshavegrownCorporationsusefuturesmarketstohedgeagainstchanging:InterestratesCommoditypricesWeatherorinadequaterainetc.CMEGroupisoneofthelargestfutureexchanges

MarketEfficiencyMarketsingeneralareefficientwhen:PricesadjustrapidlytonewinformationThereisacontinuousmarket,inwhicheachsuccessivetradeismadeatapriceclosertothepreviouspriceThemarketcanabsorblargedollaramountsofsecuritieswithoutdestabilizingthepricesTheimportantvariableaffectingefficiencyisthecertaintyofincomestreamMarketEfficiency(cont’d)Fixedincomesecurities,withknownmaturities,havereasonablyefficientmarketsThemostefficientisthatforU.S.governmentsecuritiesCorporatebondmarketsarereasonabletoadegreeCommonstocksmarkethasbeensupportedthroughdecimalization,ECNs,andonlinebrokeragesTheEfficientMarketHypothesisWeakformPastpriceinformationisunrelatedtofuturepriceTrendscannotbepredictedandtakenadvantageofbyinvestorsSemistrongformPricescurrentlyreflectallpublicinformationStrongformAllinformation,bothprivateandpublic,isimmediatelyreflectedinstockpricesRegulationoftheSecurityMarketsOrganizedsecuritiesmarketsareregulatedbythe:SecuritiesandExchangeCommission(SEC)Self-regulationoftheexchangesThreelawsgovernthesaleandtradingofsecuritiesTheSecuritiesActof1933TheSecuritiesExchangeActof1934TheSecuritiesActsAmendmentsof1975

Primarypurpose:ToprotectunwaryinvestorsfromfraudandmanipulationTomakemarketsmorecompetitiveandtransparentTheSarbanes-OxleyActof2002alsoprovidesadditionalprotectionforinvestorsSecuritiesActof1933DealswithregulationofnewissuesofsecuritiesImportantfeaturesinclude:AllofferingsexceptgovernmentbondsandbankstockstobesoldinmorethanonestatetoberegisteredwiththeSECTheregistrationstatementistobefilled20daysinadvanceofdateofsaleandmustincludedetailedcorporateinformationTheSECdoesnotcertifythefairnessofaprice,butonlythattheinformationseemstobeaccurateAllnewissuesofsecuritiesmustbeaccompaniedbyaprospectuscontainingthesameinformationappearingintheregistrationstatementOfficersofthecompanyandotherexpertspreparingtheprospectusortheregistrationstatementcouldbesuedforpenaltiesandrecoveryofrealizedlossesincaseofdiscrepanciesininformationSecuritiesExchangeActof1934DealswithtradinginthesecuritiesmarketsSomeoftheimportantfeaturesinclude:Guidelinesforinsidertradingpreventingthemfromtakingquickadvantageofinformationresultinginshort-termgainsTheFederalReserve’sBoardofGovernorsresponsibleforsettingmarginrequirementstodeterminequantityofcreditManipulationofsecuritiesbyconspiraciesamonginvestorswasprohibitedSECgivencontrolovertheproxyproceduresofcorporationsSEC