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Chapter12NonbankFinance12-212.1InsuranceCompanies12.1.1LifeInsuranceCompanies-Thefirstlifeinsurancecompanywasestablishedin1759andtherearecurrentlyabout1700companies.-Regulatedbystates,notfederalgovernment.-Holdilliquidlong-termassets-Poorreturnscausedinsurancedemand-Becamemanagersofpensionfunds12-312.1.2Property&CasualtyInsuranceCompanies-Regulatedbystates-Holdmoreliquidassets-Insureagainstlossesfromalmostanytypeofevent.Ifapossiblelossistoolarge,severalfirmsmayjointogethertowriteapolicyorreducetheirriskbyobtainingreinsurance.12-4Table1RelativeSharesofTotalFinancialIntermediaryAssets,1970–2008(percent)12-5InsuranceManagement1.Screening:Trytoscreenoutgoodinsurancerisksfrompoorones.2.Risk-basedpremiums:Charginginsurancepremiumsonthebasisofhowmuchriskapolicyholderposesfortheinsuranceprovider.3.Restrictiveprovisions:discouragepolicyholdersfromengaginginriskyactivitiesthatmakeaninsuranceclaimmorelikely.4.Preventionoffraud:Conductinvestigationstopreventfraudsothatonlypolicyholderswithvalidclaimsreceivecompensation.12-65.Cancellationofinsurance:Beingpreparedtocancelpolicies.6.Deductibles:isthefixedamountbywhichtheinsured’slossisreducedwhenaclaimispaidoff.7.Coinsurance:Apolicyholdersharesapercentageofthelossesalongwiththeinsurer.8.Limitsonamountsofinsurance12-712.2PensionFundsPensionfunsprovidethepublicwithanotherkindofprotection:regularincomepaymentsduringretirement.1.Rapidgrowth:encouragedbytaxpolicy2.Biggerroleinstockmarket3.Problemofunderfunding4.PrivatePensionPlans:administeredbyabank,alifeinsurancecompany,orapensionfundmanager.5.PublicPensionPlansSocialSecurity:coversvirtuallyallindividualsemployedintheprivatesector.12-812.3FinanceCompaniesBorrowinlargeamountsbutoftenlendinsmallamounts.1.Minimalregulationbystates2.Rapidgrowth3.Threetypes:A.SalesfinancecompaniesOwnedbyaretailingormanufacturingcompanyandmakeloanstoconsumerstopurchaseitemsfromthatcompany.12-9B.ConsumerfinancecompaniesMakeloanstoconsumerstobuyparticularitemsortohelprefinancesmalldebts.C.Businessfinancecompanies•Providespecializedformsofcredittobusinessesbymakingloansandpurchasingaccountsreceivableatadiscount.12-1012.4MutualFunds•Pooltheresourcesofmanysmallinvestorsbysellingsharesandusingtheproceedstobuysecurities.•Advantage:-Lowertransactioncostsinpurchasingsecurities-Reducingtheriskbydiversifying12-111.Largeincreaseinthemarketsharesince1980.2.Primarilyheldbyhouseholds.Andbecomeincreasinglyimportantinhouseholdsavings.3.Institutionalinvestors(mutualfundsandpensionfunds)controlmorethan50%oftheoutstandingstockintheU.S.4.Open-endvs.closed-endOpen-endfund:sharescanberedeemedatanytimeatpricethatistiedtotheassetvalueofthefund.Closed-endfund:afixednumberofnonredeemablesharesaresoldataninitialofferingandarethentradedlikeacommonstock.12-125.Loadvs.no-loadLoadfunds:commissionispaidatthetimeofpurchase.No-loadfunds:solddirectlytothepublicwithnosalescommissions.Themanagersearntheirlivingfrommanagementfees,whichamountstoapproximately0.5%oftheassetvalueofthefundperyear.6.RegulatedbySEC12-137.MoneymarketmutualfundsInvestsinmoneymarketinstrumentsofveryhighquality.Effectivelyfunctionascheckabledepositsthatearnmarketinterestratesonshort-termdebtsecurities.Currentlyaccountforaroundone-thirdoftheassetvalueofallmutualfunds.8.HedgefundsDifferentfromtraditionalmutualfunds.A.Haveaminimuminvestmentrequirementbetween$10,000and$20million.B.Usuallyrequirethatinvestorscommittheirmoneyforlongperiodsoftimeandchargelargefeestoinvestors.C.Despitetheirname,thesefundscananddotakebigrisks,particularlyifithasleveragedupitspositions.12-1412.5GovernmentFinancialIntermediationFederalcreditagencies:FNMA,GNMA,FHLMC,FarmCreditSystem,SLMAMoralhazardproblemofgovernmentloanguarantees12-1512.6SecuritiesMarketInstitutionsAllareregulatedbySEC1.InvestmentbanksTheyassistinthesaleofsecurities.A.Advisethecorporationonwhetheritshouldissuebondsorstock.B.Asaunderwriter,theyguaranteethecorporationapriceonthesecuritiesandthensellthemtothepublic.12-162011年度证券公司的投行业务排名表•全行业共81家证券公司合计承销股票和债券（下简称“股债”）1.3万亿元。中信证券为承销总额最高的券商，平安证券则以承销家数占全行业之首。同时行业分化依然显著，列入统计口径的81家券商中，中信证券一家的全年股债承销额，就相当于排名后50家券商之总和。•以股债承销金额排名，中信证券的承销金额高达1764.998亿元，排名第一，平安证券及国信证券紧随其后，但承销额均不足千亿。承销股债家数排名，平安证券以全年60家列行业首位，中信证券和国信证券分列第二、第三位。•以股票承销金额排名，依然是中信证券遥遥领先，全年承销金额711.85亿元，远超国信证券465.1万元和平安证券的338.4万元。以股票承销家数排名，平安证券以1家的微弱优势领先于国信证券，全年承销42家居首位，海通证券排名第三，全年承销22家。•相比2010年，曾是国内投行业“大佬级”券商的中国国际金融有限公司（中金公司），以及曾被喻为“2010年黑马”的中银国际出现了较大幅度的下滑。12-172012年度证券公司总资产排名12-182.SecuritiesbrokersanddealersConducttradinginsecondarymarkets.Brokersactasagentsforinvestors,matchingbuyerswithsellerandarepaidbrokeragecommissions.Dealersholdinventoriesofsecuritiesandmaketheirlivingonthe“spread”betweentheaskedpriceandthebidprice.Brokeragefirmsengageinallthreesecuritiesmarketactivities,actingasbrokers,dealersandinvestmentbankers.3.OrganizedexchangesNYSE,AMEX12-19上海证券交易所12-20•最早的是1613年成立的荷兰阿姆斯特丹证券交易所。中国最早的是1905年设立的“上海众业公所”。建国后，一度取消证券交易。1990年至1991年，上海和深圳相继设立证券交易所。•上海证券交易所：上市公司959家，上市证券3069只，上市股票1003只，总股本26106亿，总市值145,798亿。•深圳证券交易所：上市公司1,578家，上市证券2,389只，总市值87,662亿元。其中主板公司480家，中小企业板公司719