《金融学基础》Module 2金融市场与金融机构.ppt

* * * * * × Asymmetric Information × Incentive Problems Incentive Problems may arise when one party to a financial transaction has information that the other party does not, Ex ante: Adverse Selection Ex post: Moral Hazard or when those who bear the risks associated with the decisions (the principals) delegate the decision-making authority to others (the agents). Principal-Agent problem The Adverse Selection Problem 事前的信息不对称有哪些生活中的例子？ 世界上最遥远的距离是什么？ “世界上最遥远的距离，不是生与死，而是我就站在你面前，你却不知道我爱你。” 金融系统中的例子 银行贷款、保险 有什么解决办法？ 甄别 信号传递 《运筹学》余勇老师的故事 抵押贷款 The Moral-Hazard Problem 有哪些生活中的例子？ 新手与车险 借钱本来说交学费，结果拿去打麻将 Any more? 金融系统中的例子 银行：信用评级 保险：第二年增加保费 变更募集资金投向：出台法规 风险投资：分阶段注资、或有控制权、VC监控…… The Principal-Agent Problem 生活中有哪些例子？ 叫一个哥们儿去帮忙追女孩儿，结果… Agents may not make the same decisions that the principals would have made if they knew what the agents know and were making the decisions themselves. Shareholders in a corporation delegate the running of the firm to its managers Investors in a mutual fund delegate the authority to select the mix of their security holdings to a fund manager Solution: 内部激励：Performance-based compensation of management , options 外部激励：Takeovers by Merger Acquisition Financial institutions generally differ across borders and also change over time. Financial products and services become more and more. The Evolution of Financial Systems Why? consumption preferences! Financial Innovation Sub-premium Mortgages Securitization Pros. vs. Cons: Regulation… Financial Infrastructure and Regulation Financial infrastructure consists of legal and accounting procedures the organization of trading and clearing facilities the regulatory structure that govern the relations among the users of the financial system Rules for trading To serve the function of standardizing procedures so that the costs of transacting are kept to a minimum Accounting systems To present financial information in a standard format Governmental Quasi-Governmental Organizations Central Banks T