- 1、本文档共6页,可阅读全部内容。
- 2、有哪些信誉好的足球投注网站(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
- 5、该文档为VIP文档,如果想要下载,成为VIP会员后,下载免费。
- 6、成为VIP后,下载本文档将扣除1次下载权益。下载后,不支持退款、换文档。如有疑问请联系我们。
- 7、成为VIP后,您将拥有八大权益,权益包括:VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
- 8、VIP文档为合作方或网友上传,每下载1次, 网站将根据用户上传文档的质量评分、类型等,对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档
查看更多
Chapter 2 An Overview of Financial SystemFunction of Financial Markets:
Channeling funds, economic efficiency, time purchases.
Structure of Financial Markets
Categorizations based on the way to obtain funds
Debt Markets
Equity Markets
By issuing a debt instrument, such as a bond or a mortgage
Reduce default risk
By issuing equities, such as common stock
Claims to share in the net income after expenses and taxes and the assets of a business.
The borrower should pay the holder of the instrument fixed dollar amounts (before taxes) at regular intervals (interest and principal payments) until a specified date.
Equities make periodic payments (dividends) to holders.
Benefit from any increases in the corporations profitability or asset value.
Maturity: short-term, intermediate-term, long term
No maturity date.
Residual claimant: all debt holders must be paid first
Equity holders get paid after debt holders
No ownership rights; often being accompanied by redemption provisions or convertibility
Equities confer ownership rights on equity holders.
Categorizations based on issues and liquidity of securities
Primary Markets
Secondary markets
New issues of a security are sold by corporation or government agency borrowing funds to initial buyers
Previously issued securities can be resold.
NASDAQ
Investment banks underwrite securities. A corporation acquires new fund only when its securities are first sold in primary markets.
Securities brokers - agents of investors who match buyers with sellers of securities;
Securities dealers - link sellers by buying and selling securities at stated prices.
Two important functions: LTo make the financial instruments more liquid, then make them more desirable and thus easier for the issuing firm to sell in the primary market;
2. To determine the price of the security that the issuing firm sells in primary markets.
Categorizations based on organization modes in secondary markets
Exchanges
Over-the Counter Markets
Meet in one central location to
文档评论(0)