英文版公司理财课件chapter .ppt

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1、Chapter2Whycorporationsneedfinancialmarketsandinstitutions1ObjectivesUnderstandhowfinancialmarketsandinstitutionschannelsavingstocorporateinvestmentUnderstandthebasicstructureofmutualfunds,pensionfunds,banks,andinsurancecompaniesEnumerate(列举)thefunctionsoffinancia

2、lmarketsandinstitutionsUnderstandwhythecostofcapitalforcorporateinvestmentisdeterminedbyinvestmentopportunitiesinfinancialmarkets2ContentWhyfinancemattersTheflowofsavingstocorporationsFunctionsoffinancialmarketsandintermediariesValuemaximizationandthecostofcapital

3、3Financialmarkets:金融市场Financialinstitutions:金融机构Financialsystem:金融系统Intermediary:中介4Amodernfinancialsystemoffersfinancinginmanydifferentforms,dependingonthecompany’sage,itsgrowthrate,andthenatureofitsbusiness.5Thefinancialmarketsinwhichthefirmraisesmoneyarelikewis

4、einternational.Thestockholdersoflargecorporationsarescatteredaroundtheglobe.SharesaretradedaroundtheclockinNewYork,London,Tokyo,andotherfinancialcenters.Day-to-daycashmanagementbecomesacomplextaskforfirmsthatproduceorsellindifferentcountries.Bondsandbankloansmovee

5、asilyacrossnationalborders.Acorporationthatneedstoraisecashdoesn’thavetoborrowfromitshometownbank.6ContentWhyfinancemattersTheflowofsavingstocorporationsFunctionsoffinancialmarketsandintermediariesValuemaximizationandthecostofcapital7Realassets:实物资产Stockmarket:股票市

6、场Primarymarket:初级市场Secondarymarket:二级市场Fixed-incomemarket:固定收益市场Bondmarket:债券市场Capitalmarket:资本市场Moneymarket:货币市场Commoditiesmarket:商品市场Foreign-exchangemarket:外汇交易市场Mutualfund:共同基金Pensionfund:养老基金Options:期权Derivatives:衍生金融工具8Themoneythatcorporationsinvestinrealasse

7、tscomesultimatelyfromsavingsbyinvestors.Buttherecanbemanystopsontheroadbetweensavingsandcorporateinvestment.Theroadcanpassthroughfinancialmarkets,financialintermediaries,orboth.Investorspurchaseshareswithpersonalsavings(1),whichareinvested(2).Thebusinessgeneratesc

8、ash(3),whichisreinvested(4a)orpaidouttoshareholders(4b).Reinvestment(4a)representsadditionalsavingonbehalfofshareholders.9Firm’sOpertationsRealassets(la