文档介绍：Capital Markets
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Chapter Outline
Capital market and securities
Fund raisers in the capital markets
The three-sector economy of the United States
Physical and electronic markets
Rapid adjustment of prices as an indication of efficiency
Security legislation
2
Security Markets
Consist of various government bonds and mon stock
The markets are influenced by variables like:
Interest rates
Investor confidence
Economic growth
Global crises, etc.
3
Types of Security Markets
Money markets
Short-term prising of securities with maturities of one year or less
Treasury bills, commercial paper, negotiable certificates of deposits
Capital markets
Long-term markets consisting of securities having maturities greater than one year
Bonds, common stock, preferred stock, convertible securities
These prise a firm’s capital structure
4
International Capital Markets
Have played an important role over the last decade due to various factors:
The Soviet Union disbanded in 1991
China has moved along a capitalistic course for several decades
Central and Eastern European countries “privatized” many of their state industries during the 1990s
Continuing development of international “free trade”
5
International Capital Markets (cont’d)
Establishment of NAFTA in 1994
CAFTA reduces trade barriers
The six original members of EU abolished internal tariffs in 1968
WTO strives to further liberalize international trade
Euro still considered second most important international currency
Value of “euro cash” in circulation now exceeds value of dollars in circulation worldwide
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即北美自由贸易协定,由美加墨三方于92年签订、94年元旦起生效和实施。
内容:
①关税相互减免;
②取消进口限制;
③坚持产地规定;
  
  
④政府采购协定;
⑤鼓励投资;
⑥扩大相互金融服务;
⑦发展相互自由运输;
⑧鼓励保护知识产权;
⑨协商争端解决机制等。
7
2006 Total Dollar Trading Volume on Ten Largest Equity Markets
8
International Capital Markets as a Source of Funds
An opportunity panies to raise debt capital at the lowest cost
Many list mon stock around the world to:
Increase liquidity for the stockhold