Chap002资产种类与金融机构

INVESTMENTS|BODIE,KANE,MARCUSCopyright©2011byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinCHAPTER2AssetClassesandFinancialInstruments资产种类与金融机构INVESTMENTS|BODIE,KANE,MARCUS2-2AssetClasses•Moneymarketinstruments货币市场•Capitalmarketinstruments资本市场–Bonds债券–EquitySecurities股票–DerivativeSecurities衍生工具INVESTMENTS|BODIE,KANE,MARCUS2-3TheMoneyMarket货币市场•Subsectorofthefixed-incomemarket:Securitiesareshort-term,liquid,lowrisk,andoftenhavelargedenominations固定收益市场的子市场，短期，流动性高，风险低，本金大•Moneymarketmutualfundsallowindividualstoaccessthemoneymarket.货币市场基金使得个人投资者进入货币市场INVESTMENTS|BODIE,KANE,MARCUS2-4Table2.1MajorComponentsoftheMoneyMarket货币市场的主要构成INVESTMENTS|BODIE,KANE,MARCUS2-5MoneyMarketSecurities货币市场证券•Treasurybills:Short-termdebtofU.S.government短期国库券–Bidandaskedprice买卖报价–Bankdiscountmethod银行贴现法•CertificatesofDeposit:Timedepositwithabank大额存单•CommercialPaper:Short-term,unsecureddebtofacompany商业票据INVESTMENTS|BODIE,KANE,MARCUS2-6MoneyMarketSecurities货币市场•Bankers’Acceptances:Anordertoabankbyabank’scustomertopayasumofmoneyonafuturedate银行承兑汇票•Eurodollars:dollar-denominatedtimedepositsinbanksoutsidetheU.S.欧洲美元•ReposandReverses:Short-termloanbackedbygovernmentsecurities.回购，拟回购•FedFunds:Veryshort-termloansbetweenbanks联邦基金，银行间的超短期贷款INVESTMENTS|BODIE,KANE,MARCUS2-7YieldsonMoneyMarketInstruments货币市场证券的收益•ExceptforTreasurybills,moneymarketsecuritiesarenotfreeofdefaultrisk除了短期国库券都有违约风险•BoththepremiumonbankCDsandtheTEDspreadhaveoftenbecomegreaterduringperiodsoffinancialcrisis大额存单类的风险溢价在金融危机期间大幅上涨•Duringthecreditcrisisof2008,thefederalgovernmentofferedinsurancetomoneymarketmutualfundsaftersomefundsexperiencedlosses危机期间联邦政府曾经提供过保险INVESTMENTS|BODIE,KANE,MARCUS2-8TheBondMarket债券市场•TreasuryNotesandBonds中长期国债•Inflation-ProtectedTreasuryBonds通胀保值债券•FederalAgencyDebt联邦机构债•InternationalBonds国际债券INVESTMENTS|BODIE,KANE,MARCUS2-9TheBondMarket债券市场•MunicipalBonds市政债券•CorporateBonds公司债券•MortgagesandMortgage-BackedSecurities资产抵押债券INVESTMENTS|BODIE,KANE,MARCUS2-10TreasuryNotesandBonds中长期国债•Maturities期限–Notes–maturitiesupto10years–Bonds–maturitiesfrom10to30years•ParValue-$1,000面值•Interestpaidsemiannually付息•Quotes–percentageofpar报价INVESTMENTS|BODIE,KANE,MARCUS2-11TheBondMarket债券市场•Inflation-ProtectedTreasuryBonds通胀保值债券–TIPS:Provideinflationprotection抗击通货膨胀•FederalAgencyDebt联邦机构债–Debtofmortgage-relatedagenciessuchasFannieMaeandFreddieMac房利美房地美•InternationalBonds国际债券–EurobondsandYankeebonds欧洲债券、扬基债券INVESTMENTS|BODIE,KANE,MARCUS2-12MunicipalBonds市政债券•Issuedbystateandlocalgovernments州政府或者地方政府•Interestisexemptfromfederalincometaxandsometimesfromstateandlocaltax利息不须缴纳收入税，但是需要缴纳资本利得税INVESTMENTS|BODIE,KANE,MARCUS2-13MunicipalBonds市政债券•Types–Generalobligationbonds:Backedbytaxingpowerofissuer一般责任债券：征税能力支持–Revenuebonds:backedbyproject’srevenuesorbythemunicipalagencyoperatingtheproject.收入债券：由具体的市政项目的收益支持INVESTMENTS|BODIE,KANE,MARCUS2-14Figure2.4Tax-exemptDebtOutstandingINVESTMENTS|BODIE,KANE,MARCUS2-15MunicipalBondYields市政债券•Tochoosebetweentaxableandtax-exemptbonds,compareafter-taxreturnsoneachbond.在收税和不收税的债券间选择，需要比较两者的最终收益•Lettequaltheinvestor’smarginaltaxbracket•Letrequalthebefore-taxreturnonthetaxablebondandrmdenotethemunicipalbondrate.•Ifr(1-t)rmthenthetaxablebondgivesahigherreturn;otherwise,themunicipalbondispreferred.INVESTMENTS|BODIE,KANE,MARCUS2-16Table2.2Tax-ExemptYieldTableTheequivalenttaxableyieldissimplythetax-freerate,rm,dividedby(1-t).INVESTMENTS|BODIE,KANE,MARCUS2-17CorporateBonds公司债券•Issuedbyprivatefirms私人公司发行•Semi-annualinterestpayments半年付息•Subjecttolargerdefaultriskthangovernmentsecurities比政府债券违约风险大•Optionsincorporatebonds期权–Callable可回收–Convertible可转换INVESTMENTS|BODIE,KANE,MARCUS2-18•Proportionalownershipofamortgagepooloraspecifiedobligationsecuredbyapool抵押贷款池或者其他权益池的部分所有权•Producedbysecuritizingmortgages由证券化的抵押贷款形成–Mortgage-backedsecuritiesarecalledpass-throughsbecausethecashflowsproducedbyhomeownerspayingofftheirmortgagesarepassedthroughtoinvestors.资产支持证券业被叫做传递证券因为它们的收益由屋主支付然后传递到投资者手里Mortgage-BackedSecurities资产支持证券INVESTMENTS|BODIE,KANE,MARCUS2-19Mortgage-BackedSecurities资产支持证券•Mostmortgage-backedsecuritieswereissuedbyFannieMaeandFreddieMac.大部分这类证券都是由房地美与房利美发行截止2009年5.1万亿美元直逼国债市场超过公司债•Traditionally,pass-throughswerecomprisedofconformingmortgages,whichmetstandardsofcreditworthiness.传递证券由符合标准的抵押贷款组成，需要符合信用价值标准INVESTMENTS|BODIE,KANE,MARCUS2-20Mortgage-BackedSecurities资产支持证券•Eventually,“Private-label”issuerssecuritizedlargeamountsofsubprimemortgages,madetofinanciallyweakborrowers.•Finally,FannieandFreddiewereallowedandevenencouragedtobuysubprimemortgagepools.•September,2008:FannieandFreddiegottakenoverbythefederalgovernment.INVESTMENTS|BODIE,KANE,MARCUS2-21Figure2.6Mortgage-backedsecuritiesoutstandingINVESTMENTS|BODIE,KANE,MARCUS2-22EquitySecurities股票证券•Commonstock:Ownership普通股–Residualclaim剩余索取权–Limitedliability有限责任•Preferredstock:Perpetuity优先股–Fixeddividends固定收益–Priorityovercommon优先级–Taxtreatment税务扣减70%•AmericanDepositoryReceipts存托凭证INVESTMENTS|BODIE,KANE,MARCUS2-23StockMarketIndexes股票市场指数•DowJonesIndustrialAverage道琼斯工业平均指数–Includes30