Lecture3 financial system and financial structure

1， components of financial system 看一下定义 2，funds flows 流动的载体、原则、监管 Indirect financing 间接融资： 3，直接融资和间接融资（了解） Indirect financing is a means of financing via financial intermediaries which mainly includes commercial banks. Commercial banks, insurance companies, investment funds, etc., are bridges for indirect financing. Theory of financial intermediation focusing on the reason why there is financial intermediary, the nature of financial intermediary, and the division of labor between financial markets and intermediaries. Direct financing Financing activities between demanders for funds and suppliers of funds are conducted in financial markets directly. It is worth pointing out that direct financing also involves financial institutions such as investment banks, security brokers, and market makers, etc. Financial market theory focusing on allocation efficiency of capitals, and asset pricing, etc. Disadvantages of direct financing Advantages vs. disadvantages of different financings Expertise requirements Higher risks involved Indirect financing Tough requirements for issuers Reducing information and contract costs Reducing risks by diversifications Transformation of maturities 4，两种结构，大致理解比较 bank-based and market-based 市场，伙伴关系相对少，股权分散 银行，贷款，商业往来，合作伙伴，允许交叉持股 直接融资：市场 间接融资：银行 Lecture3 financial system and financial structure 2011年12月9日 15:49 分区 MF 的第 1 页 5，中国的金融体系概览（有所了解）A glimpse at china's financial system 中国以商业银行主导的间接融资模式为主 非简单的银行主导，政府干预太多 在直接融资中，通过发行企业债券方式所筹集的资金比例低于股票融资。目前我国企业债券市 场发展规模十分有限  政府的干预 在间接融资中，四大国有商业银行占据了绝对的市场份额，但是其所占市场份额有下降趋势 6，台湾的金融体系，大致了解，中小企业而非正式金融 7，金融体系的功能（ functions of financial system) （不确定条件下资源的时空配置，6个功能，分清楚，能判断） The primary function of any financial system is to ficilitate the allocation and deployment of economic resources, both spatially and temporally, in an uncertain environment. Function 1: A financial system provides a payment system for the exchange of goods and services. 支付清算 Function 2: A financial system provides a mechanism for the pooling of funds to undertake large-scale indivisible enterprise.融资机制的供给 Function 3: A financial system provides a way to transfer economic resources through time and across geographic regions and industries.资源配置 Function 4: A financial system provides a way to manage uncertainly and control risk. 不确定性管理和风险控制，最基本的有跨期平滑（intertemporal smoothing）和横向分担（cross- sectional risk sharing） Function 5: A financial system provides price information that helps coordinate decentralized decision- making in various sectors of the economy. 协调经济中不同部门的分散化决策 Function 6: A financial system provides a way to deal with the asymmetric-information and incentive problems when one party to financial transaction has information that the other party does not. 解决信息不对称和激励问 题 快递公司问题件快递公司问题件货款处理关于圆的周长面积重点题型关于解方程组的题及答案关于南海问题 8信息问题，解决问题的相对优势及不足 了解银行跟市场降低信息不对称的 措施 《全国民用建筑工程设计技术措施》规划•建筑•景观全国民用建筑工程设计技术措施》规划•建筑•景观软件质量保证措施下载工地伤害及预防措施下载关于贯彻落实的具体措施 分区 MF 的第 2 页 解决信息不对称： 逆向选择：在交易发生之前，信息不对称造成的问题是会导致逆向选择。 解决办法：中介的信息生产和甄别[screening] 道德风险：在交易发生之后由于信息不对称所造成的问题。 解决 方法 快递客服问题件处理详细方法山木方法pdf计算方法pdf华与华方法下载八字理论方法下载 ：受托监控[delegated monitoring] 9，中国的金融体系，了解 eg：抵押品有利于减轻逆向选择或道德风险吗？ 分区 MF 的第 3 页