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单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,Chapter 3,Introduction to Direct Financing,1,The purposes of this chapter are to explain how direct financing is organized through financial markets and to provide a basic understanding of the operations of these markets . The material presented in this chapter is developed further in chapter 9to12 where the four main financial markets are discussed.,2,Study objectives,From your study of this chapter you should be able to :,Explain the general process of direct financing through financial markets;,Describe the trading and settlement processes used by financial market ;,Describe the general activities of the main participants in financial markets;,3,Explain the ways in which secondary markets assist the performance of primary market;,Explain the main implications of the efficient market hypothesis;,Explain the main implications of price volatility in financial markets.,4,1.Overview of the direct financing,Direct financing raises funds from investors through the issue of securities in financing markets.,Deficit units issue securities by selling them to investors.,The issue process is arranged by specialist wholesale banking .,5,Direct financing raises funds from financial markets rather than from DTIs. This is an important distinction given that markets and DTIs are the two main sources of finance.,6,2.Securities,A security is essentially a promise by the issuer to make one or more future payments that can be traded in a financial market.,Debt securities,Equity securities,7,3.Trading arrangements,The financial markets are organized either by an exchange or by an association of market dealers .,Auction market is an exchange organized market,Over-the counter market is a dealer-organized market,8,The trading activities of a financial market can be divided into two parts :,The deal-making arrangements,The back-room functions of clearing and settlement that result in the traded securities being exchanged for cash.,9,4.,Trading system,Deal making can occur on a trading floor ,where buy and sell prices are communicated by open outcry.,Two-way prices,Australia stock exchange,Sydney future exchange,10,5. Clearing and settlement,Settlement can follow after a transaction has been cleared.,11,6.,Market Information,Insider trading,12,7.,Participants,The main participants in financial markets are:,Deficit units ,being large-scale borrowers,Surplus units,mainly large-scale investors,such as fund managers,13,Professional deals and /or brokers,Specialist services providers ,such as investment banks ,clearing houses,rating agencies and information systems,regulators,14,8.,Wholesale and retail clients,Financial institutions ,governments and large business enterprises are the main clients of wholesale markets whereas individuals and small businesses are the main retail clients .,Most financial markets have large minimum-sized trading parcels ,which allow them to establish very low transaction costs.,15,9.,Professional dealers and brokers,Trading is undertaking by professional dealers in major dealer-organized markets and by brokers in exchange organized markets.,16,10.,Primary market,Financing market have two related purposes, one being to facilitate direct financing and the other to organized trading in financial instruments .,New securities are issued in the primary market .,17,The issue of new securities involves a number of specialist functions ,such as the preparation of legal documents ,the registration of the securities ,their sale to the wholesale or retail markets,and the arrangements for making interest and redemption payments.,18,Underwriting,The process of arranging the sale of new securities on behalf of the issuer is generally referred to as underwriting .,19,11.,Rating agencies,Moodys,Standard & Poors,20,12.,Secondary markets,Liquidity and maturity transformation,Price discovery and financial assessment of issues,Identifying investors for the primary market,21,13.,Price volatility,Excessive volatility can harm market liquidity . Long term price movements are generally do not harm financial market. But excessive short term volatility can harm a market.,Risk takers ,however , are attracted by volatility. They expect to make to make a profit from price movements,.,22,14.,Efficient market hypothesis,The EMH is based on on the assumption that information is used efficiently by the traders in the market . In general, market uses information efficiently when all relevant information is quickly taken into account in the bids and offers within a market.,23,When bids and offers efficiently use information, it can be assumed that the market price represents a fair value for the item being traded.,A fair price is one that best represents the items value .,24,Given the role of expectations in the information of market prices, the EMH implies that today price will be the best predictor of tomorrows prices.,25,Efficient market hypothesis,有效资本市场理论,资本市场的充分有效性是指在金融市场上信息的传播与信息的占有的均等性。,资本市场充分有效假设认为，新信息的出现会立即导致金融证券价格的调整，而证券价格的变动程度则充分反映了所有的信息变化。充分有效的资本市场意味着证券的现实价格完全体现了金融市场的预期收益。因此，在这一市场中，没有任何个人或集团能够通过信息垄断而获得超额市场利润。,26,资本市场的有效化程度可以归纳为三类：,弱势有效的资本市场：在这一假设下，当前的证券价格充分反映了与资本市场有关的所有公开信息。例如，历史上的证券价格水平及其变化情况、证券交易的密度及数量、批发交易与零售交易等等。,27,半强势有效的资本市场,半强势有效的资本市场：在这种假设之下，除以上与资本市场本身相关的信息外，证券价格还包含了其他与资本市场无直接关系的公开信息。例如，微观经济方面的公司管理状况及利润分配信息，宏观经济方面的国民生产总值，货币供应量、物价上涨率、汇率等信息，以及政治和社会方面的公开信息。,28,强势有效的资本市场,强势有效的资本市场：在这一市场上，证券价格充分反映了所有公开渠道的各种信息，包括内部流传的信息及个人间传递的信息。,29,在企业的帐面价值与市场价值不一致、政府对市场价格干预存在以及其他市场不完善的状况下，信息流动不再具有迅速与顺畅的特性，从而资本市场远非有效。这时银行就有可能通过其掌握的信息而获取超过平均水平的利润。,30,15.,Brief introduction to Australias financial market,See table 3.1,Short-term money market,Long-term debt-capital market,Equity-capital market,Foreign exchange market,31,16.,Introduction to American financial market,Direct financing in the United States,.,32,17.,Introduction to Chinas financial market,Direct financing in china,33,
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