财务管理基础 第13版 教学课件Chap014_PPT.ppt

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1、CapitalMarkets14ChapterOutlineCapitalmarketandsecuritiesFundraisersinthecapitalmarketsThethree-sectoreconomyoftheUnitedStatesPhysicalandelectronicmarketsRapidadjustmentofpricesasanindicationofefficiencySecuritylegislation2SecurityMarketsConsistofvariousgovernmentbondsandcorporate

2、commonstockThemarketsareinfluencedbyvariableslike:InterestratesInvestorconfidenceEconomicgrowthGlobalcrises,etc.3TypesofSecurityMarketsMoneymarketsShort-termmarketscomprisingofsecuritieswithmaturitiesofoneyearorlessTreasurybills,commercialpaper,negotiablecertificatesofdepositsCap

3、italmarketsLong-termmarketsconsistingofsecuritieshavingmaturitiesgreaterthanoneyearBonds,commonstock,preferredstock,convertiblesecuritiesThesesecuritiescompriseafirm’scapitalstructure4InternationalCapitalMarketsHaveplayedanimportantroleoverthelastdecadeduetovariousfactors:TheSovi

4、etUniondisbandedin1991ChinahasmovedalongacapitalisticcourseforseveraldecadesCentralandEasternEuropeancountries“privatized”manyoftheirstateindustriesduringthe1990sContinuingdevelopmentofinternational“freetrade”5InternationalCapitalMarkets(cont’d)EstablishmentofNAFTAin1994CAFTAred

5、ucestradebarriersThesixoriginalmembersofEUabolishedinternaltariffsin1968WTOstrivestofurtherliberalizeinternationaltradeEurostillconsideredsecondmostimportantinternationalcurrencyValueof“eurocash”incirculationnowexceedsvalueofdollarsincirculationworldwide62006TotalDollarTradingVol

6、umeonTenLargestEquityMarkets7InternationalCapitalMarketsasaSourceofFundsAnopportunityforcompaniestoraisedebtcapitalatthelowestcostManylisttheircommonstockaroundtheworldto:IncreaseliquidityforthestockholdersProvideopportunitiesforthepotentialsaleofnewstockinforeigncountriesAbout3

7、.7%offoreigninvestmenthasbeeninvestedingovernmentsecurities8CompetitionforFundsintheU.S.CapitalMarketsSecuritiesavailableinthecapitalmarket:ThefederalgovernmentGovernmentagenciesStategovernmentsLocalmunicipalitiesInvestorsmustchooseamongcorporateandnoncorporatesecuritieswiththed

8、esireto:Maximizereturnsforanygivenlevelo