财务管理基础全套配套课件沈洪涛 ch04.ppt

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1、CHAPTER4TheFinancialEnvironment:Markets,Institutions,andInterestRatesFinancialmarketsTypesoffinancialinstitutionsDeterminantsofinterestratesYieldcurvesWhatisamarket?Amarketisavenuewheregoodsandservicesareexchanged.Afinancialmarketisaplacewhereindividualsa

2、ndorganizationswantingtoborrowfundsarebroughttogetherwiththosehavingasurplusoffunds.TypesoffinancialmarketsPhysicalassetsvs.FinancialassetsMoneyvs.CapitalPrimaryvs.SecondarySpotvs.FuturesPublicvs.PrivateHowiscapitaltransferredbetweensaversandborrowers?Dir

3、ecttransfersInvestmentbankinghouseFinancialintermediariesTypesoffinancialintermediariesCommercialbanksSavingsandloanassociationsMutualsavingsbanksCreditunionsPensionfundsLifeinsurancecompaniesMutualfundsPhysicallocationstockexchangesvs.Electronicdealer-ba

4、sedmarketsAuctionmarketvs.Dealermarket(Exchangesvs.OTC)NYSEvs.NasdaqDifferencesarenarrowingThecostofmoneyTheprice,orcost,ofdebtcapitalistheinterestrate.Theprice,orcost,ofequitycapitalistherequiredreturn.Therequiredreturninvestorsexpectiscomposedofcompensa

5、tionintheformofdividendsandcapitalgains.Whatfourfactorsaffectthecostofmoney?ProductionopportunitiesTimepreferencesforconsumptionRiskExpectedinflation“Nominal”vs.“Real”ratesk=representsanynominalratek*=representsthe“real”risk-freerateofinterest.LikeaT-bill

6、rate,iftherewasnoinflation.Typicallyrangesfrom1%to4%peryear.kRF=representstherateofinterestonTreasurysecurities.Determinantsofinterestratesk=k*+IP+DRP+LP+MRPk=requiredreturnonadebtsecurityk*=realrisk-freerateofinterestIP=inflationpremiumDRP=defaultriskpre

7、miumLP=liquiditypremiumMRP=maturityriskpremiumPremiumsaddedtok*fordifferenttypesofdebtIPMRPDRPLPS-TTreasuryL-TTreasuryS-TCorporateL-TCorporateYieldcurveandthetermstructureofinterestratesTermstructure–relationshipbetweeninterestrates(oryields)and

8、maturities.Theyieldcurveisagraphofthetermstructure.ATreasuryyieldcurvefromOctober2002canbeviewedattheright.Constructingtheyieldcurve:InflationStep1–Findtheaverageexpectedinflationrateoveryears1ton:Constructingtheyie