文档介绍：金融市场概论
Overview of The Financial Market
Teaching objectives
Describe the types of financial markets that modate various transactions,
Describe the role of financial institutions within financial markets,
Introduce the concept of security valuation within financial markets, and
Identify the types of financial institutions that facilitate transactions in financial markets.
第一节金融市场的概念及功能 Definition / Functions
一、金融市场的概念
1、什么是金融市场?
金融市场是指以金融资产为交易对象而形成的供求关系及其机制的总和。
A financial market is a market in which financial assets (securities) such as stocks and bonds can be purchased or sold.
第一,金融市场是进行金融资产交易的场所:
有形的,如我们所熟悉的证券交易所;
无形的,外汇交易员;
第二,金融市场反映供求关系;
第三,金融资产交易过程中产生的各种运行机制:
价格机制,风险机制,分配机制
2、金融资产 Financial Assets/Security
金融资产是指一切代表未来收益或资产合法要求权的凭证,亦称金融工具或证券。
An instrument representing ownership (stocks), a debt agreement (bonds), or the rights to ownership (derivatives).
1)分类
债务性证券(debt securities)
权益性证券(equity securities)
(1)债务性证券是发行者在约定的时间,按照约定的条件向投资支付报酬的承诺。能够给其持有者带来固定的收益
Debt security: A security representing a loan given by an investor to an issuer. In return for the loan, the issuer promises to pay interest and to repay the debt on a specified date.
政府发行的国库券 treasury bill, bond, note, municipal bond
银行发行的定额存款单 CDs
汽车或者住房贷款 car loan, mortgage
2)基础性和延伸性金融资产
权益和债务性证券属于基础性金融资产。
Underlying (asset): what supports the security or instrument that parties agree to exchange in a derivative contract. 价格取决于实物资产
在基础性金融资产基础上产生的金融资产,称为衍生性金融资产。价格取决于基础金融资产
Derivatives: In finance, a security whose price is dependent upon or derived from one or more underlying assets. Forward Contract, Futures, Option, Swap
基础性金融资产能代表社会财富的增加和降低,但衍生性金融资产财富在投资者之间的转移。
3、金融市场与要素市场、产品市场
产品市场提供生产出来的商品和服务;
A market that provides goods and services
要素市场提供生产商品和服务所需劳动力、资金等要素。
A market that provides labor, funds that used in the production of goods services.
金融市场是要素市场的重要组成部分
是一种借贷关系或委托代理关系,以信用为基础;
特殊的交易对象:货币资金,能带来更多的余额
大部分情况下是无形市场