Chapter3IntroductiontoDirectFinancing(金融市场学)

Chapter3IntroductiontoDirectFinancingThepurposesofthischapteraretoexplainhowdirectfinancingisorganizedthroughfinancialmarketsandtoprovideabasicunderstandingoftheoperationsofthesemarkets.Thematerialpresentedinthischapterisdevelopedfurtherinchapter9to12wherethefourmainfinancialmarketsarediscussed.StudyobjectivesFromyourstudyofthischapteryoushouldbeableto:Explainthegeneralprocessofdirectfinancingthroughfinancialmarkets;Describethetradingandsettlementprocessesusedbyfinancialmarket;Describethegeneralactivitiesofthemainparticipantsinfinancialmarkets;Explainthewaysinwhichsecondarymarketsassisttheperformanceofprimarymarket;Explainthemainimplicationsoftheefficientmarkethypothesis;Explainthemainimplicationsofpricevolatilityinfinancialmarkets.1.OverviewofthedirectfinancingDirectfinancingraisesfundsfrominvestorsthroughtheissueofsecuritiesinfinancingmarkets.Deficitunitsissuesecuritiesbysellingthemtoinvestors.Theissueprocessisarrangedbyspecialistwholesalebanking.DirectfinancingraisesfundsfromfinancialmarketsratherthanfromDTIs.ThisisanimportantdistinctiongiventhatmarketsandDTIsarethetwomainsourcesoffinance.2.SecuritiesAsecurityisessentiallyapromisebytheissuertomakeoneormorefuturepaymentsthatcanbetradedinafinancialmarket.DebtsecuritiesEquitysecurities3.TradingarrangementsThefinancialmarketsareorganizedeitherbyanexchangeorbyanassociationofmarketdealers.Auctionmarketisanexchange–organizedmarketOver-thecountermarketisadealer-organizedmarketThetradingactivitiesofafinancialmarketcanbedividedintotwoparts:Thedeal-makingarrangementsTheback-roomfunctionsofclearingandsettlementthatresultinthetradedsecuritiesbeingexchangedforcash.4.TradingsystemDealmakingcanoccuronatradingfloor,wherebuyandsellpricesarecommunicatedbyopenoutcry.Two-waypricesAustraliastockexchangeSydneyfutureexchange5.ClearingandsettlementSettlementcanfollowafteratransactionhasbeencleared.6.MarketInformationInsidertrading7.ParticipantsThemainparticipantsinfinancialmarketsare:Deficitunits,beinglarge-scaleborrowersSurplusunits,mainlylarge-scaleinvestors,suchasfundmanagersProfessionaldealsand/orbrokersSpecialistservicesproviders,suchasinvestmentbanks,clearing–houses,ratingagenciesandinformationsystemsregulators8.WholesaleandretailclientsFinancialinstitutions,governmentsandlargebusinessenterprisesarethemainclientsofwholesalemarketswhereasindividualsandsmallbusinessesarethemainretailclients.Mostfinancialmarketshavelargeminimum-sizedtradingparcels,whichallowthemtoestablishverylowtransactioncosts.9.ProfessionaldealersandbrokersTradingisundertakingbyprofessionaldealersinmajordealer-organizedmarketsandbybrokersinexchange–organizedmarkets.10.PrimarymarketFinancingmarkethavetworelatedpurposes,onebeingtofacilitatedirectfinancingandtheothertoorganizedtradinginfinancialinstruments.Newsecuritiesareissuedintheprimarymarket.Theissueofnewsecuritiesinvolvesanumberofspecialistfunctions,suchasthepreparationoflegaldocuments,theregistrationofthesecurities,theirsaletothewholesaleorretailmarkets,andthearrangementsformakinginterestandredemptionpayments.UnderwritingTheprocessofarrangingthesaleofnewsecuritiesonbehalfoftheissuerisgenerallyreferredtoasunderwriting.11.RatingagenciesMoody’sStandard&Poor’s12.SecondarymarketsLiquidityandmaturitytransformationPricediscoveryandfinancialassessmentofissuesIdentifyinginvestorsfortheprimarymarket13.PricevolatilityExcessivevolatilitycanharmmarketliquidity.Longtermpricemovementsaregenerallydonotharmfinancialmarket.Butexcessiveshorttermvolatilitycanharmamarket.Risktakers,however,areattractedbyvolatility.Theyexpecttomaketomakeaprofitfrompricemovements.14.EfficientmarkethypothesisTheEMHisbasedonontheassumptionthatinformationisusedefficientlybythetradersinthemarket.Ingeneral,marketusesinformationefficientlywhenallrelevantinformationisquicklytakenintoaccountinthebidsandofferswithinamarket.Whenbidsandoffersefficientlyuseinformation,itcanbeassumedthatthemarketpricerepresentsafairvaluefortheitembeingtraded.Afairpriceisonethatbestrepresentstheitem’svalue.Giventheroleofexpectationsintheinformationofmarketprices,theEMHimpliesthattodaypricewillbethebestpredictoroftomorrow’sprices.Efficientmarkethypothesis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。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。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。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。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。15.BriefintroductiontoAustralia’sfinancialmarketSeetable3.1Short-termmoneymarketLong-termdebt-capitalmarketEquity-capitalmarketForeignexchangemarket16.IntroductiontoAmericanfinancialmarketDirectfinancingintheUnitedStates.17.IntroductiontoChina’sfinancialmarketDirectfinancinginchina