before you knew it every county had an airplane
不知不觉每个国家都有了飞机
because there was a best practice,
因为这些最佳的设计
there was a best technology and
这些最好的技术
it was not unique to any one county.
并不是一个国家所独有的
So that's why I view this course
这就是为什么我把这门课程定位为
as fundamentally about technology.
基本理论课程
I want to say something about morality
我想提一提道德问题
and about mixed feelings that people have about finance.
以及人们对金融的不同观点
I know that undergraduates--
我知道本科生
I don't know how you feel about finance.
我不知道你们是如何看待金融的
Some people have a reaction--
有些人的反应是···
if you say you're taking a course in finance
如果你说你正在上一门金融课
they think that maybe you're selling out
别人认为你在推销你自己
or maybe you value money too much and that
或者你有些拜金
you should really be in some other field.
而你应该选择其他的专业领域
This is a longstanding conflict in our thinking.
这种思想斗争广泛存在
There is some contempt for finance,I believe,
我觉得有人蔑视金融
because it make so much money for many people.
因为他让人们赚了太多的钱
Many of our students go into finance.
而且许多学生从事金融学
Yale is very strong in providing people to the financial community 耶鲁为金融界提供了大量的人才
and,I have to say,they do very well.
我必须说他们做得都很不错
My first advice is if you want to make money
我的第一个建议是如果你想赚钱
which I don't particularly advise,
虽然我并不鼓励
but if you do it's not a bad idea
但是如果你要赚钱
to go into finance.
从事金融并不是个坏主意
Just as,you know,you can make a lot of money
就像如果你懂的有机化学
with organic chemistry too.
你也能赚很多钱
I think that what you have to do as a young person 我认为作为一个年轻人你们应该做的
is develop your human capital
是发展你们的人力资本
and that means knowing how to do things.
而这意味着你们要知道怎样做事情
But there is a hostility toward finance
但是人们对于金融有敌对情绪
that I think is very fundamental
我认为这种情绪对于很多人来说
to a lot of our thinking.
是深植于心的
I want to say something about that.
我想就这几点说几句话
Part of it is that some people
出现这种情绪的原因之一
in finance get so rich.
是一些人因为金融暴富
If you look at the list of the richest people
如果你看一下财富排行榜的话
they are all connected to finance,right?
他们都与金融有或多或少的联系对吧
I mean they understand it.
我的意思是他们都懂金融
Maybe they're not--
也许他们不是
Maybe they're in publishing
也许有一些人是从事出版事业的
or some other field but they understand finance
或者是其他行业的但是他们都懂金融
and a lot of them are directly in finance.
而且他们中很多人直接从事金融业
So what do we make of that
所以我们怎么看那些人
Well part of it is we get very
我们也许会有点
We get a sort of jealousy of these people
我们对这些人有一些仇富的情绪
because why should someone have billions of dollars?
为什么有人成了亿万富翁
Did they really deserve that?
他们真的配吗
Some people (who make a lot of money)get self-important 有些人赚了很多钱就变得狂妄自大
who make a lot of money--
他们赚了很多钱
and they end up not making a lot of friends in the process. 而且他们不会交到很多朋友
The Yale University Press is publishing a new book
耶鲁大学出版了一本新书
by Steve Fraser about Well Street.
《华尔街文化史》作者是史蒂夫·弗雷瑟
He gives examples in this book about hostility
他在书中给出了一些仇富的实例
toward--it goes way back--In Fraser's book
早以前的时候···Fraser的书中写到
he give an example of--
他举了个例子关于
I've never heard of this person before,
我从来没有听过这个人
but William Durr,
他叫威廉·德尔
who was a financier in colonial America in the 1700s,
他是十八世纪美国殖民地的金融家
made a lot of money and helped finance
他赚了很多钱
the Revolutionary War in the United States.
并且资助了美国独立战争
He ended up being chased down
他最终的下场
the street by an angry mob.
却是被一群愤怒的暴徒沿街追打
People hated him and why was that?
人们都憎恨他为什么呢
Well it was partly because he got so rich
部分原因是因为他太富有了
and he started wanting to show off.
于是他想要四处炫耀
He had what they called"Livery servants" 他拥有一群被叫做“制服仆人”的仆人
not just servants,
这些并不只是仆人
but servants who were wearing livery.
而是穿着制服的仆人
It look like a military uniform.
他们的衣服就像军人穿的军装一样
35分钟
It look like aristocracy comeing back
看上去就像贵族卷土重来
in the form of
只是这次披上了
rich financial successes
财富与金融外衣
and we don't like that.
所以我们不喜欢这种事情
There is a feeling of hostility toward that. 人们对这种事情肯定有一种敌视的情绪There has been a long discussion
曾经有一次很长的讨论
about what people owe each other
关于自己欠别人多少
and how okay it is to try to make money.
而自己应该赚多少才适合
I don't know if you remermber--
我不知道你们是否还记得
I have to start erasing here--
我要把这边擦掉
one of the most well known Yale professors 一位十九世纪非常有名的
of the nineteenth century was
耶鲁大学教授
William Graham Sumner,
威廉·格雷厄姆·萨姆纳
who wrote a famous piece called,
他写了一部很有名的著作叫做
What Social Classes Owe to Each Other 《社会各阶级间的作用》
Sumener graduated from Yale in 1863.
他在1863年从耶鲁大学毕业
He was member of Skull and Bones--
他是骷髅会的成员之一
have you heard of that
听说过吗
You know that group?
听说过哪个社团吗
He spent his entire career at Yale and he wrote-- 他将毕生奉献给了耶鲁
He was Head of our social sciences department, 它是社会科学系的主任
before we had separate
社会科学是
departments of economics and psychology,etc.
经济学系与心理学系等系的前身
He was a very prominent exponent of the idea
他是个非常卓越的倡导者
that people should go out for their own interest. 他们提倡人们应该追求自己的利益
One social class does not owe anything to another 一个社会阶层对另一个社会阶层并没有亏欠and we should not feel guilty
而且我们不必为追求经济利益
about pursuing financial interests.
感到内疚
That led to an attiude among
这致使我们社会中的很大一部分人
a good segment of our society that
有这样的观点
it's okay to go out and make money
出去赚钱没什么不好的
because making money means
因为赚钱就意味着
doing productive things for the economy
为经济做了贡献
and ultimately it's a benfit to society.
并且最终这有益于社会
But we have some discomefort with that.
但是我们对此会感到有一些不快
Another book,which I haven't
另一本书虽然我还没有把他
put on reserve yet but I'm going to,
列进参考书目但是我要加上它
is by Peter Unger
是彼得·昂格尔写的
who is a philosopher.
他是个哲学家
It's a remarkable book called
这是本很出众的书
Living High and Letting Die
《让生活从高处死去》
that refers to a more broad
其中探讨的哲学范畴
philosophical issue that we have.
非常宽泛
It is that most of us are really
我们绝大多数人
making money for ourself--
我们都为自己赚钱
that's what we do with our lives--and
这就是我们的生活方式
whether or not that is moral.
赚钱方式也无论道德与否
It's not just rich people who do that--
并不是只有富人才这样做
the rest of us do it also--
所有人都这样做
and in Peter Unger's book
而在彼得·昂格尔的书中
he-One the first page,
他在第一页上
he has an address
印有一个地址
and it's an address for UNICEF,
这个地址是UNICEF的地址
which is the United Nations Children's Fund, UNICEF是联合国儿童基金
and he starts his book with that address
他的书以这个地址开始
where you could send the money right now. 读者可以直接把钱寄到这个地址
I thought it was very impressive that
我觉得这种做法令人印象深刻
he put that on page one of the book
他把地址放在书的第一页
because it puts the reader in a dilemma.
这是读者陷入了一种道德上的两难困境He points out that estimated that
他指出据估计
for every $3 you send to UNICEF,
你给联合国儿童基金会每寄去3美元
you can save a life.
就能救助一个人的性命
That's because there are people in this world
因为在世界上有些人
who are not getting medical care.
无法接受到医疗救助
There are people who are dying of disease
有些人因疾病而死
for which there are known cures
而这些疾病是可以被治愈的
because they don't have the best medicine.
但是他们没有最好的药物
which are often not even expensive
这些药甚至并非很昂贵
but they're living in such poverty
但是他们是在生活太穷困了
So he say,
所以他在书中写道
why don't you stop right now
为什么你不立刻放下手中的书
and send $100 to UNICEF
给联合国基金会寄去100美元呢
It was very impactful to start a book that way 这是一个有力的开场白
because I doubt that hardly any readers actually 因为我认为几乎不会有读者真的
write out a check on the spot to UNICEF;
写张支票寄给联合国儿童基金会
but if you don't,then you are in some sense
如果你无动于衷你会在某种意义上responsible for the loss 30 lives.
要为那逝去的30个生命负责
It's quite atriking and it helps you to reflect
这是很震撼的促使你反思
on what make us behave the way we do.
是什么使我们冷漠地无动于衷
By the way,when you go back
顺便当你使用电脑
to your computer,Google UNICEF,
用谷歌搜索联合国儿童基金会
and you can give $100
你只需花一个小时
to UNICEF within the hour
就能向联合国儿童基金会捐赠100美元Maybe I could ask for a show of hands
也许我们可以让你们举手示意
of how many people did that.
有多少人这样做过
I expect that not many of you will and
我估计你们没有人会这么做
I don't think that proves that you are bad people--
但是我并不认为这说明你们是坏人
this is a very interesting philosophical question--
这是一个非常有趣的哲学为题
but what it mean is that
但是
there is a moral dilemma
对于经济
underlying all of our ceconomic lives
我们会在道德上左右为难
I think this moral dilemma is
而对于金融来说
the same as the moral dilemma in finance.
这种两难的困境也是相同的
It's just that people in finance
只是从事金融行业的人们
are sometimes very successful
有的时候非常成功
and they could give a lot of more than $100 to UNICEF 他们可以给联合国儿童基金更多的钱
One thing that I wanted to emphasize
在这堂课上我还要强调一点
in this course,or try to emphasize,
或者是试图强调
is that part of finance
金融中的一部分
is actually philanthropy
慈善事业
The most important--The most successful people
最重要的在金融领域最唱功的人士
in finance,I believe,end up giving the money away
我认为最终会把钱捐出去
and that means--you can't consume a billion dollars.
这就意味着你不可能花十亿美元
There's no way you can do that.
你不可能这样做
You can only drive one car at a time
你只能一次开一辆车
and if you have five cars--
而且如果你有五辆车
well I mean that's kind of--
我的意思是那种
all right you could have five cars
好吧你能有五辆车
and you could drive a different one everyday,
而且你可以每天开不同的车
but it's starting to seem a little ridiculous,right?
但是这有点荒谬
At any rate,you're not using them
无论如何你不可能都用到他们
and they're going to end up being used by somebody else. 他们最终会被送给别人
So I think the outcome
所以我认为有钱人
should be philanthropy
就应该做慈善事业
and those of you who are successful
而你们中那些成功人士
really ought to give it away.
真的应该将财富捐出去
I'm bring in outside speakers
我会要请客做嘉宾
as part of this course and,
在课上讲座
I'm going to,among them,bring in people
而这些可做嘉宾中
who I think have been philanthropists.
会有一些慈善家
That's the mode of thinking that is most attractive
当你想到金融市场的时候
when you think about financial markets.
慈善是很有兴趣的
So let me tell you about--
我来介绍一下
I have slots now for four outside speakers.
我将安排四位客座嘉宾
I've lined up two of them
我已经安排好了其中两位
and let me tell you about the two
让我为你们介绍一下
that I've already lined up
这两位我已经联系好了的嘉宾
The first one is our David Swensen.
第一位是大卫·斯文森
42分钟
David Swensen came to Yale University in 1985
大卫·斯文森在1985年来到耶鲁大学
from Well Street,
来自华尔街
although he was a Yale graduate.
他是耶鲁的研究生
At that time the Yale endowment was
在那时耶鲁的基金
acutually slightly one billion dollars.
实际上略小于十亿
What is the endowment of Yale?
耶鲁基金是什么
The endowment is defined as the financial assets
that Yale University owns.
金融资产
Yale also has an art collection,
耶鲁还有一些艺术藏品
which is worth many billions,
价值好几亿美元
but we don't count that as part of the endowment
但我们并不把它作为金融的一部分
because they will never sell it
因为学校不会卖掉他们
so it doesn't provide income for us.
所以他不会为学校提供任何收入
Yale also has a physical plant.
耶鲁还有一些事务产业
like this beautiful building that we're in,
例如我们所处的这栋漂亮的建筑
but that's not part of the endowment either.
但是他们也不是基金的一部分
The financial assets that Yale had,at that time,
在那时耶鲁拥有的金融资产
were about one billion dollars.
大概有十亿美元
Since then,Daivd Swensen has invested or
从那时起大卫·斯文森投资
has managed the investment of this endowment
或者说开始管理这笔基金
and it has done phenomenally well.
而且成效相当的明显
Yale now has over twenty-two billion dollars in its endowment.
耶鲁现在拥有超过220亿美金的基金
The return he got from 1996 to 2006
从1996到2006
was 17% a year on investments.
他的个人投资收益率为一年17%
Last year the return on the Yale portfolio
去年耶鲁大学投资组合的收益率
was 28% in one year
是28%
Now I don't know how impressed you are,
我不知道你们是否被震撼到了
the year before that it was 22% in one year.
前年的收益率是22%
Now some of this might be luck
这里面也许有运气的成分
but I don't think it's all luck
但我并不认为这都归因于好运
because he's done this consistently for so many years. 因为他一直从事着这项事业
If you look up around this campus now,
如果你在校园里观察的话
you'll see a lot of construction,
你会看到很多建筑
a lot of things are being spruced and improved.
其中很多都被修正并改进过了
I think David Swensen has a big hand in doing that 我认为大卫斯文森在投资上很有一手
because we have the money that makes it possible.
因为有了钱这一切成为了可能
The endowment at Yale is something like
耶鲁基金总额目前折合下来是
two million dollars per student now
每个学生两百万美元
that's just sitting here as money that could be spent. 这笔钱就放在那里随时可以拆现花掉
How did he do this
他是怎么做到的呢
That's one of the amazing things.
这就是神奇的地方
It seems to have something to do,I think,
我认为也许
with academic understanding.
这与学术理解有关
That being part of university community
即对于一个在校学生来说
is a good thing for investing
经营投资是很有好处的
and you can see some evidence in that.
而且你们可以看到关于这的证据
Harvard University Princeton University,
哈佛大学普林斯顿大学
and other university have done
和其他的大学
extremely well on their endowments
各自的基金上都经营的很好
however,not quite as well as Yale.
但是都比不上耶鲁大学
Yale I think,is the number one performer
我认为耶鲁的经营收益是排第一名的
so it's very interesting that we're able
所以很有意思的是我们能够
it's very significant that
很有意义的是
We're able to get David Swensen.
我们能够请到大卫斯文森
He doesn't do a lot of public speaking
他很少做公共演讲
but he is willing,for young people like you
但他很愿意为你们这样的年轻学生们
to do this
做这次演讲
so that's one of our outside speakers
这是客座嘉宾之一
He also has two books about investing
他也写过两本投资方面的著作
that we'll talk about.
我们会谈到的
The second person I have set up now to come
我邀请的第二位客座嘉宾
although the date on the syllabus online
也许网上教学大纲的日期
is going to be changed--is Andrew Redleaf
会有所的变动是安德鲁·雷德利夫
who is also a Yale graduate
他也是一个耶鲁的毕业生
and who set up a hedge fund called Whitebox Advisors 他创设了Whitebox Advisors对冲基金
It has done phenomenally well in investing
此基金在投资领域有着卓越的表现
I think--I have on the syllabus
我在大纲中放了一篇
a New York Times artical about him.
《纽约时报》上关于他的文章
He's a very original and creative thinker
他的想法独到而又有创见
who looks at things from a unique perspective
从独到的视角审视一切
and I find it very interesting talking with him
我觉得跟他聊天是很有意思的事情
To do well in investing you have to
如果你想要在投资中表现出色
have your independent view of things
而你必须有独立的观点
and really be thinking how about things work
了解事物的运行规律
and he is someone who does that.
而且他正是这样一个人
Incidentally,the New York Times had
顺便提一下《纽约时报》中
another article about Redleaf,
另一篇关于雷德利夫的报告
saying that he was really one of the first persons
说他是第一位
to clearly delineate the subprime crisis that we're now in. 真正清晰地描述了目前的次贷危机
He saw it coming and,
他遇见了这一场危机
I have to say,profited from it
而且不得不佩服他还从中获利
If you know the subprime crisis is coming,
如果你能语言次贷危机
then there's always a way to profit from that
那总有从中获利的方法
and that's what he did
而他就是这样做的
But he also has a philanthropic side
同时也热心于慈善
so it all comes out very well.
总的来说他的一切都是近乎昭然
I think in the remaining time
剩下的时间里
I will just go through an outline of the
我大体讲一下
an outline of the course
这门课程的框架
and that means go through the topics
大概讲一下每节课
of the various lectures and then
所涉及的主体
I'll let you go for today
然后我们就下课
So the way this course is divided up
这门课程的划分
is different then the Financial Theory course.
与另一科目“金融理论”不一样
If you look at John Geanakoplos's course
如果你们听约翰·吉纳科普洛斯的
on Financial Theory
金融理论课
his mathematical concepts are central
他的大纲中心部分
to his outline of the course
是金融学中的数学概念
but this being a Financial Markets course,
而我们这是金融市场课
I'm dividing it up more
于是我从金融市场和
in terms of markets and instiutions.
金融机构的角度来划分这一课
I still want to start with some theory
课程开始的时候我会涉及一些理论
and I thought that--well I will--I plan to start by talking about 我认为这些理论
the most basic concepts
是风险管理的最基本的概念
of risk management,which underlie finance.
也是金融学中最基础的概念
That will be Wednesday's lecture
这就是星期三那堂课的主要内容
I call it the uniersal principle of
我称之为风险管理的普遍原则
risk management pooling and the hedging of risk
风险汇聚和风险对冲
I think it's the most important
我认为
theoretical concept that underlies
这是构成金融学和保险学
finance and insurance,
最为重要的理论核心概念
which we'll also talk about
而这些我们在以后的课程中
a little bit in this course
还会再提到
The idea is that if you spread
这种观念就是说如果你把风险分散
they don't disappear,they're still there
风险仍然存在并没有消失
but they're spread out over many people
但如果风险分散到许多人身上
and the impact on any one person is reduced
那每一个人受到的风险冲击就会减少
So a basic principle of insurance is that
保险学的基本概念就是
if each person or each family suffers the risk, 如果单个人或家庭遭遇风险
for example,that a person,father or mother,
举个例子某个人的父亲或者母亲
might die then it is a terrible blow to the family 不幸去世而是这个家庭遭受沉重的打击but it's not a blow to society as a whole
但这并不会给社会整体带来太大的影响because people die and it has
因为人的死亡
a certain statistical regularity.
有某种统计学的规律性
It makes sense that we pay families
我们给失去亲人的家庭
who has lost a father or a mother
付钱是有一些道理的
so that they can keep going
这样他们可以继续生活
It benefits everyone to have
保险就使得每一个
a situation in place for that.
处境艰难的人获益
I wanted to talk about that with
讲到这些内容的时候
a little bit of reference to probability theory
会涉及一些概率的知识
and so that's what I will be covering.
这就是下一讲的内容
The next lecture will be
下一讲中
among the more mathematical,
会有较多的数学内容
although it's very elementary.
都是基础的知识
If you had a course in probability and statics, 如果你们都学过统计学或者概率论
then you'll find it easy to follow,
你会比较容易理解
but it selt-contained again.
也需要你们独立学习
I feel I have to introduce concepts like
我会讲到像方差协方差
variance and co-variance and correlation
相关系数这样的概念
in order to talk about finance;
为金融学的内容做一些铺垫
so that's what we'll do in Lecture Two.
我们会在第二课讲到
Then text lecture--I want to come back
再后面的一讲就是第三讲
to some basic themes that--the third lecture-- 将会回到基础的主题中
about technology and it relates to
会讲到金融技术这涉及到
another book that I wrote.
另外一本鄙人的拙著
I'm not assigning it,but
这不是指定书目
I wrote a book called New Financial Order
我在2003年写了这本书
in 2003
《金融新秩序》
about technology and finance.
主要探讨金融技术和金融学
A theme of that book was that-
这本书的其中一个主题是
I've already said this to you
尽管已经提过
but it's a very important point--
但这非常重要我想强调一下
fiancial technology is evolving and improving
就是金融技术的演进过程
just the way engineering technology or
与工程技术和生物技术
biochemical technology is improving.
的演进过程并无二致
It's getting better year by year
年复一年金融技术越来越出色
and the course of finance
而在你们的有生之年
over your lifetime
金融学的课题
will be dramatic
都将引人注目
so the financial institutions
正因为此
taht we have ten years from now
和今天的金融机构相比
will look very different from
十年后的金融机构
the ones we have now.
会有着巨大的差距
We have to understanding--in understanding
我们需要了解
the progress of financial technology
理解金融技术演进的过程中
is its fundamental relation to information technology 与信息技术之间的基本关系
Computers,the Internet,and communication devices 计算机网络通讯设备
are fundamental to financial progress
是金融进步的基础
and they make things possible
正是这些技术使得过去不可能的事情
that wouldn't been possible before.
如今变成了现实
Oftentimes,inventions that seem,
通常理论上
in the abstract,to be good ideas
创新固然不错
may be impossible because something
但却很难实现
that you have to do to make it actually
因为把创意变成向现实
come into practice is too expensive and
花费会相当的昂贵
so it's not economic to produce the invention
实现这样的创意非常不划算
But then developments in other fields
而其他领域的发展
can change the relative prices
改变了相对价格
and suddenly make an idea
过去那看似空想
that had been hypothetical and unapplied
而且不切实际的注意
suddenly work well.
就突然之间变得可行了
So financial inventions also involve experimentation. 金融创新也会涉及实验
Like in any other invention,
正如其他的创新一样
nobody knows that will work and
没有人知道哪些是可行的
abstract theory doesn't guide you completely.
有时候理论完全无法指导实践
Once an invention is seen to work
而当一种创新品运行顺畅的时候
it is rapidly copied around the world
就会在世界范围内被模仿
We can see various breaks in financial history
金融史上当新的想法突然间变得可行
when some new idea was suddenly proven workable. 我们就能看到许多的创新突破
Traditionally,finacial inventions were
传统的金融产品
not granted patent rights,
是没有专利的
but now in the United States and
但现在在美国
in a number of other countries
和其他的一些国家中
it has become possible to patent financial inventions 金融产品也拥有了专利
I know I've done that in my life and
我就做了这样的事情
so I think it
我认为
gives a different perspective on finance.
这也给我们提供了审视金融的另一个角度Then I want to talk about insurance.
然后我们谈谈保险业
The institution of insurance is something
保险机构的出现
that really came in--it's one of the earliest--
我认为这是金融业中
I consider it a division of finance--
最早的分支之一
really came in the 1600s when
大约在17世纪
probability theory was invested.
概率论刚刚诞生
The mathematical theory of probability
在那之前概率的数学理论
was unknown until that time
是不存在的
and you can see that insurance suddenly
而随着概率论的出现
made an appearance at that time.
保险业也突然出现了
This will be an historical as well as
这对于保险业来说不仅具有历史意义
a theoretical discussion of insurance.
同样具有理论意义
Then I will move to portfolio diversification
之后我们会讲讲投资组合的多元化
and supporting financial institutions.
和辅助的金融机构
this is again a more theoretical lecture.
同样这节课设计更多的理论
It will be about the capital asset pricing model 会讲到资本资产的定价模型
It will be about the securities market line
证券市场的风险线
about the beta,about the mutual fund theorem, beta系数共同基金定律
and it will also be about institutions
还有当下的一些金融机构
that we have--about investment companies
包括投资公司
and their management.
以及他们的管理
So it's really parallel to an insurance discussion
讨论的主线与保险业实现对应的
Isurance pools risk like
保险业分散风险是通过
life risks or fire risks
与个人签订保险合同
by writing policies to individual policyholoders
比如寿险合同或者火险合同
Portfolio management pools risks in a different way
而投资组合管理采用不同的方式
by assembling a diversified portfolio
多元化的资产配置
or a portfolio that's negatively correlated
或者风险负相关性的
with a risk that someone has.
投资组合
Then I want to go to the efficient markets theory
这之后我们会讲到有效市场假设
"Efficient markets"is a theory about
有效市场是
well it came in about three decades ago,
大约三十年前甚至四十年前
maybe it's closer to four decades ago
有人提出了这一假说
it's a theory that financial markets work very well
他认为金融市场运行良好
The efficient markets markets hypothesis was encouraged 有效市场的假说倡导
actually the idea goes back over 100 years
实际上这要回溯到一百年以前
it's encouraged by the observation that
观察发现
financial markets seem to respond
金融市场对于新信息的回馈
with great speed to new information and
非常迅速
when new information appears,
而且当新信息出现
prices will suddenly adjust
金融市场中的价格
in the financial markets.
会迅速调整
Certain kinds of financial markets
人们称这种金融市场为
called"Prediction markets"
浅谈互联网金融对商业银行传统业务的影响 摘要:随着货币数字化、大数据、信用理念的发展以及互联网对金融业的渗透,“互联网金融”成为一个新的研究和讨论热点。互联网金融发展势头强劲,网络银行、第三方支付、金融理财产品网络销售、网络保险销售,以及网络小额信贷等多种形式应运而生,本文试图通过分析互联网金融的主要特征及其现状,以余额宝为例,探讨互联网金融对商业银行传统业务的影响,并提出商业银行应对互联网金融挑战的策略。 关键词:互联网金融;余额宝;第三方支付;商业银行 互联网金融是指以依托于社交网络、支付、云计算以及搜索引擎等互联网工具,实现资金融通、信息中介和支付等业务的一种新兴金融。互联网金融在我国的发展主要表现在三个方面:首先是移动支付逐渐替代传统支付业务(银行汇款、信用卡等);其次是大电子商务企业涉足金融,阿里巴巴金融冲击传统信贷模式;最后是P2P网络贷款平台井喷式的发展。 一、互联网金融的特征 1.低成本、高效的信息处理能力。在互联网金融模式下,资金供求方运行完全依赖于互联网和移动通信网络进行联系和沟通,并可以实现多方同时交易,客户信用等级的评价以及风险管理也主要通过数据分析来完成,交易双方在信息收集成本、借贷双方信用等级评价成本、双边签约成本以及贷后风险管理成本等极小。 2.交易信息相对对称。互联网金融通过社交网络生成和传播信息,任何企业和个人的信息都会与其他主体发生联系。交易双方通过互联网搜集信息,能够较全面了解一个企业或个人的财力和信用情况,降低信息不对称。 3.操作更加便捷。通过第三方支付平台,用户在将银行卡与第三方支付账号绑定并设定后,仅凭账号和密码就可完成所有支付交易,客户不需要到营业网点去,只需要有一部智能手机终端或电脑设备,就可以随时随地完成资金的划转和信贷,这极大方便了客户。 4.大众化。传统金融服务有明显的金融排斥性特征,即金融服务大都只针对那些中高端收入群体或大型企业,众多低收入群体或者是小型企业大都享受不到
Chapter 1 Role of Financial Markets and Institutions Questions 1. Explain the meaning of surplus units and deficit units. Provide an example of each. ANSWER: Surplus units provide funds to the financial markets while deficit units obtain funds from the financial markets. Surplus units include households with savings, while deficit units include firms or government agencies that borrow funds. 2. Distinguish between primary and secondary markets. ANSWER: Primary markets are used for the issuance of new securities while secondary markets are used for the trading of existing securities. 3. Distinguish between money and capital markets. ANSWER: Money markets facilitate the trading of short-term (money market) instruments while capital markets facilitate the trading of long-term (capital market) instruments. 4. Distinguish between perfect and imperfect security markets. ANSWER: With perfect financial markets, all information about any securities for sale would be freely available to investors, information about surplus and deficit units would be freely available, and all securities could be unbundled into any size desired. In reality, markets are imperfect, so that surplus and deficit units do not have free access to information, and securities can not be unbundled as desired. 5. Explain why the existence of imperfect markets creates a need for financial institutions. ANSWER: Financial intermediaries are needed to facilitate the exchange of funds between surplus and deficit units. They have the information to provide this service and can even repackage deposits to provide the amount of funds borrowers desire. 6. Explain the meaning of efficient markets. Why might we expect markets to be efficient most of the time? ANSWER: If markets are efficient then prices of securities available in these markets properly reflect all information. We should expect markets to be efficient because if they weren't, investors would capitalize on the discrepancy between what prices are and what they should be. This action would force market prices to represent the appropriate prices as perceived by the market. 7. In recent years, several securities firms have been guilty of using inside information when purchasing securities, thereby achieving returns well above the norm (even when accounting for risk). Does this suggest that the security markets are not efficient? Explain. ANSWER: Efficiency is often defined with regard to publicly available information. In this case, markets can be efficient, but investors with inside information could possibly outperform the market on a consistent basis. A stronger version of efficiency would hypothesize that even access to inside information will not consistently outperform the market. 1
Chapter 6 Are Financial Markets Efficient? Multiple Choice Questions 1. How expectations are formed is important because expectations influence (a) the demand for assets. (b) bond prices. (c) the risk structure of interest rates. (d) the term structure of interest rates. (e) all of the above. Answer: E 2. According to the efficient market hypothesis, the current price of a financial security (a) is the discounted net present value of future interest payments. (b) is determined by the highest successful bidder. (c) fully reflects all available relevant information. (d) is a result of none of the above. Answer: C 3. The efficient market hypothesis (a) is based on the assumption that prices of securities fully reflect all available information. (b) holds that the expected return on a security equals the equilibrium return. (c) both (a) and (b). (d) neither (a) nor (b). Answer: C 4. If the optimal forecast of the return on a security exceeds the equilibrium return, then (a) the market is inefficient. (b) an unexploited profit opportunity exists. (c) the market is in equilibrium. (d) only (a) and (b) of the above are true. (e) only (b) and (c) of the above are true. Answer: D
龙源期刊网 https://www.doczj.com/doc/d21472888.html, 互联网金融对商业银行的机遇与挑战 作者:于鑫 来源:《商情》2014年第27期 互联网金融作为互联网时代金融的新形态,已经来势汹汹,2012年“三马”在上海成立合资保险公司,京东和苏宁分别进军互联网金融,阿里巴巴“余额宝”,新浪“微银行”,腾讯“微支付”等互联网金融产品的推出,让传统金融业感受到了互联网金融的巨大压力。主要以余额宝为例介绍了现代网络金融产品的创新特点和对商业银行的影响以及启示。 互联网网金融余额宝第三方机构一站式服务; 一、互联网金融产品的创新性 (一)在金融产品模式方面的创新 2013年6月,余额宝作为第一支互联网基金面世,推出不久就受到违规争议。支付宝公 司为规避监管风险,在余额宝的设计上把基金销售行为定义为直销,并严格按照直销来设计业务流程,支付宝收取提供交易平台的管理费,这样就成功地规避了监管风险。证监会对余额宝在第三方支付业务与货币基金产品的组合创新给予肯定和支持。余额宝的另一大产品创新亮点在于将即时支付(T+0)融入客户消费场景,为客户提供账户增值的同时,丝毫不影响客户所有的支付体验,支付宝客户可以使用余额宝资产在淘宝网站进行实时支付或转账到他人的支付宝。 (二)在营销途径方面的创新 余额宝在营销渠道上开创基金公司在大电商平台直销基金的模式。目前,天弘基金是余额宝服务的唯一产品提供者,增利宝也是唯一与余额宝进行对接的产品。增利宝利用支付宝的渠道优势,在零推广成本下,将产品直接显现在近八亿的客户群体面前,独享规模近200亿的市场。公司正是利用互联网的营销渠道优势创造了奇迹;余额宝在营销流程开创互联网一站式销售模式。 (三)在技术应用方面的创新 支付宝客户的备付金具有小额性和流动不定性的特点,特别是在“节日促销”期间有流动性爆发的特点。基金公司要吸收支付宝的备付金,难点在如何化解备付金流动性爆发而带来的风险。货币型基金虽然相当安全,但突发性大规模赎回容易导致基金的流动性不足,而迫使基金出售未到期的资产而发生亏损。随着信息科学技术的发展,天弘基金公司委托金证公司,利用大数据技术,锁定支付宝客户,把握客户购物支付的规律,对“大促”和节前消费等影响备付金流动的因素进行事先预测,有效的解决了备付金的流动性风险,保证增利宝产品的低风险。
第一章金融市场体系 第一节全球金融体系 考点一金融市场的概念 金融市场是指以金融资产为交易对象,已金融资产的供给方和需求方为交易主体形成的交易机制及其关系的总和。广而言之,金融市场是实现货币借贷和资金融通、办理各种票据和有价证券交易活动的市场。比较完善的金融市场定义是:金融市场是交易金融资产并确定金融资产价格的一种机制。 考点二金融市场的分类 考点三影响金融市场的主要因素 一般来说,影响金融市场发展的因素是多方面的,但最为重要的则是以下五个方面:(1)经济因素 (2)法律因素 (3)市场因素 (4)技术因素 (5)体制或管理因素 考点四金融市场的特点和功能
考点五非证券金融市场的概念和分类 非证券金融市场是指除了证券以外的其他金融工具发行和交易的场所。它包括: 1.股权投资市场。股权投资指通过投资取得被投资单位的股份,及企业(或者个人)购买的其他企业(准备上市、未上市公司)的股票或以货币、无形资产和其他事物资产直接投资于其他单位,最终目的是获得较大的经济利益,这种经济利益可以通过分得利润或股利获取,也可以通过其他方式取得。股权投资市场,即实现上述交易过程的市场。 2.信托市场。信托投资是金融信托投资机构用自有资金及组织的资金进行的投资。当信托成为一种商业行为后,特别是其特殊的制度优势成为金融业的重要组成部分后,信托这种服务方式的需求和供给的总和就形成了信托市场,也可以说信托服务业实现其价值的领域即为信托市场。 3.融资租赁市场。融资租赁又称设备租赁或现代租赁,是指实质上转移与资产所有权有关的全部或绝大部分风险和报酬的租赁。 考点六全球金融市场的形成及发展趋势
Chapter 9 The Money Markets Multiple Choice Questions 1. Activity in money markets increased significantly in the late 1970s and early 1980s because of (a) rising short-term interest rates. (b) regulations that limited what banks could pay for deposits. (c) both (a) and (b). (d) neither (a) nor (b). Answer: C 2. Money market securities have all the following characteristics except they are not (a) short term. (b) money. (c) low risk. (d) very liquid. Answer: B 3. Money market instruments (a) are usually sold in large denominations. (b) have low default risk. (c) mature in one year or less. (d) are characterized by all of the above. (e) are characterized by only (a) and (b) of the above. Answer: D 4. The banking industry (a) should have an efficiency advantage in gathering information that would eliminate the need for the money markets. (b) exists primarily to mediate the asymmetric information problem between saver-lenders and borrower-spenders. (c) is subject to more regulations and governmental costs than are the money markets. (d) all of the above are true. (e) only (a) and (b) of the above are true. Answer: D
第二章金融市场和金融机构 (一) 第二章金融市场和金融机构 ?1 金融体系的定义 ?2 资金流动 ?3 金融制度的功能 ?4 金融创新 ?5 金融市场 ?6 金融市场中的比率 第一部分 金融体系介绍 金融系统(金融体系) ?被用于订立金融合约和交换资产及风险的金融市场和金融机构(中介)的集合 ?金融机构担当投资者的代理人和帮助资本(金)的流动等 ?金融市场是所有金融交易的核心 ?居民户、企业和政府实施其金融决策离不开金融市场和金融机构。 第一节 金融市场 一、金融市场概述 (一)金融市场的概念和分类 1.金融市场: 金融市场是买卖金融工具以融通资金的场所或机制。 ?之所以把金融市场视作为一种场所,是因为只有这样才与市场的一般含义相吻合; ?之所以同时又把金融市场视作为一种机制,是因为金融市场上的融资活动既可以在固定场所进行,也可以不在固定场所进行,如果不在固定场所进行的融资活动就可以理解为一种融资机制。 ?按有无固定场所进行分,金融产品市场可分为两类: ?交易所交易市场(Exchange traded) ?场外市场(Over-the-counter ,OTC) 交易所交易市场 ?芝加哥期货交易所(CBOT) ?纽约证券交易所(NYSE) ?芝加哥期权交易所(CBOE) ?上海证券交易所 ?深圳证券交易所 ?上海黄金交易所 ?上海期货交易所(金属) ?大连商品交易所(农产品) ?郑州商品交易所(农产品) ?中国金融期货交易所(股指期货) ?……
?交易所的主要职责: ?定义交易合约 ?组织交易 ?使交易双方的利益同时得到保护 ?交易规则:由组织化的证券交易所制定,对交易程序进行标准化。 ?传统上,交易双方在交易所内相见并通过特定手语达成交易,而现在交易更多的是采用电子交易系统。 场外市场 ?由电话和计算机将金融机构和大型企业的交易员以及基金经理联系在一起的网络系统。银行等金融机构通常扮演做市商的角色。 ?场外交易的最大优点是合约内容不受交易所限制。 ?场外市场用于交易的电话通常都是被录音的。 ?场外市场与交易所交易市场的一个重要区别在于信用风险的大小。 ?场外市场交易额远远大于交易所交易市场。 ?最简单的交易,例如: ?买入100股IMB股票 ?卖出100万英镑 ?买入1000盎司黄金 ?卖出价值100万美元的通用汽车公司债券 ?第一个交易往往发生在交易所内,而其它三个交易更可能是场外交易,但四种均属现货交易。(二)分类 (三)金融市场的构成要素 1.金融市场主体:即金融市场的参与者 2.金融市场客体:金融市场的交易载体——货币资金。 3.金融市场交易工具:金融市场的交易对象指的是金融工具,也称信用工具,它是证明金融交易金额、期限、价格的书面文件,它对交易双方的权利和义务具有法律约束意义。 4.金融市场价格:在金融市场上,交易对象的价格就是用货币资金表示的价格。 二、货币市场和资本市场 ?按到期期限划分 ?货币市场,期限短于一年,强调流动性 ?短期债务市场:比如美国的短期国库券,企业的商业票据等。 ?资本市场,期限长于一年,强调收益性 ?包括长期债务市场和权益性证券市场。 金融资产 三种基本的金融资产类型:债务、股权和衍生工具 ?债券(固定收益证券,Fixed Income Securities):承诺未来支付固定数量现金的借款合约。 ?公司债券、政府债券、住宅性和商业性按揭贷款、消费贷款。 股票(普通股):公司发行的所有权凭证。 ?每份股票代表对企业所有权的等同份额; ?通常还代表对公司治理事务的投票权; ?股票代表对一家公司资产和收益的剩余索取权(Residual Claim); ?普通股同时具备有限责任的特征,即如果资不抵债,债权人无法向股票所有者索取更多 资金来弥补缺口,债权人的索取权被限定在该企业资产的范围之内。
阅读下面的文字,完成1-3题。 传统商业银行与互联网金融的兼容 阿里巴巴金融对小微企业实行贷款,目前已有了几十万家用户借助这个平台完成了贷款。互联网金融对传统金融不断蚕食,传统金融行业如果不利用大规模的电商交易数据建立信用模型,将会很快被时代所抛弃。实际上,信用模型的建立并非偶然,它受到技术、资金、设备等各方面因素的制约,而其中最易被忽略、但却最关键的因素则是社会关系诚信资本的原始积累。 成功企业都有着一定的社会关系诚信资本原始积累,腾讯微信从一开始的大量用户的社会关系的诚信资本一步一个脚印的逐渐发展,先是社交平台后来发展到支付平台,最后是理财,最终涉足金融领域,这些都和社会资本初步积累有着密切的联系。基于这种社会诚信资本,才会有了物流、信息流、资金流等的聚集,这样才能够实现更加精准的分析。针对金融服务领域,社会关系的诚信资本能够提升对资金的需求和供给双方借贷的成功概率,有效降低违约率,降低交易成本等,因此在大数据时代它需要被银行所重视。 虽然小微企业的年均银行贷款金额的攀升速度比较快,但是我国中小企业的融资满意度仍然很低。对于信贷来讲,传统金融理念与普惠金融的内涵有着较大差距,惠普信贷重视社会性和公益性,旨在解决中小企业等的融资难问题,而传统金融则注重盈利性。中小企业贷款,由于抵押担保的信用程度比较低,信息出现了极大的不对称,贷款机构的风险成本相对而言较高。此外,中小企业贷款的额度一般较小,因此,在以盈利为目的的传统金融,显然并不愿意贷款给中小企业。政府为了推动惠普金融的发展采取了多种奖励措施,但是仍旧不能有效弥补金融机构为中小企业贷款而出现的风险和效率损失。 营业点数量少、业务经理人数有限是国有银行推行普惠金融中的重要制约因素,但是互联网的低成本、广覆盖的优势为惠普金融的推进提供了重要机遇。近几年,银行作为电商的第三方支付平台发展缺乏主动性,加上完全脱离了银行支付形式的支付宝等新的、操作更为便捷的支付形式的出现为银行业敲响了警钟。银行作为我国金融机构的中流砥柱,急需借助互联网来拓宽自身的业务领域,应对互联网金融下几何级增多的客户量。传统的商业银行逐渐开办网络银行办理业务,同时紧跟互联网潮流开设了各自的银行微信公众
金融市场的特点与分类 ●金融市场的定义 金融市场是金融领域各种市场的总称。所谓金融,即资金的融通,它是商品货币关系发展的产物,只要存在着商品货币关系,就必然会有金融商品的融通活动。 金融市场就是通过各种交易方式,促使金融产品在供求双方达成交易即进行商品买卖的场所,或者说,是金融商品的供求双方运用市场机制,通过交易进行融资活动的流通领域。资金融通是通过金融产品来进行的。所谓金融产品,是指资金融通过程的各种载体,它包括货币、黄金、外汇、有价证券等。就是说,这些金融产品就是金融市场的买卖对象,供求双方通过市场竞争原则形成金融产品价格,如利率或收益率,最终完成交易,达到融通资金的目的。 一个金融市场既可以是某一特定的“地方”,如证券交易所,也可以是某些特定的网络,如计算机网络。一个金融市场的本质是一种关系,一种交换的关系,一种资本的交换关系。因此,对于金融市场来说,重要的不是其地理位置和场地,而是在其中交换的资本数量和交换的质量。随着通讯技术的发展,纯粹从金融市场的组成来看,区域空间的分布在很大程度上已经失去其意义。 ●金融市场的特点 一般而言,金融市场具有如下特点: 1、金融市场的非物质化。这种非物质化首先表现为股票等证券的转手并不涉及发行企业相应份额资产的变动;其次,即使在“纸张”上,金融资产的交易也不一定发生实物的转手,它常常表现为结算和保管中心有关双方帐户上的证券数量和现金储备额的变动。金融产品交易的非物质化使得金融交易可以完全凭空进行,买空卖空活动在金融市场上司空见惯。尽管这种非物质化,在一定程度上加大了金融市场上的投机性,然而,它却加速了金融产品的流动性。而这正是金融市场的生命力旺盛的原因之一。 2、现代金融市场是信息市场。由于金融市场的核心内容──金融产品交易可以抽象掉其硬的物质方面的限制,所以金融市场的“软”的方面,即信息方面就显得特别重要。金融市场事实上是一个信息市场。其信息的发布、传递、收集、处理和运用成为金融市场上所有参与者都不能回避的竞争焦点。信息在金融市场中的特殊地位,不仅表现在关于已经实际发
CHAPTER 4 THE U.S. FEDERAL RESERVE AND THE CREATION OF MONEY CENTRAL BANKS AND THEIR PURPOSE The primary role of a central bank is to maintain the stability of the currency and money supply for a country or a group of countries. The role of central banks can be categorized as: (1) risk assessment, (2) risk reduction, (3) oversight of payment systems, (4) crisis management. One of the major ways a central bank accomplishes its goals is through monetary policy. For this reason, central banks are sometimes called monetary authority. In implementing monetary policy, central banks, acting as a reserve bank, require private banks to maintain and deposit the required reserves with the central bank. In times of financial crisis, central banks perform the role of lender of last resort for the banking system. Countries throughout the world may have central banks. Additionally, the European Central Bank is responsible for implementing monetary policy for the member countries of the European Union. There is widespread agreement that central banks should be independent of the government so that decisions of the central bank will not be influenced for short-term political purposes such as pursuing a monetary policy to expand the economy but at the expense of inflation. In implementing monetary and economic policies, the United States is a member of an informal network of nations. This group started in 1976 as the Group of 6, or G6: US, France, Germany, UK, Italy, and Japan. Thereafter, Canada joined to for the G7. In 1998, Russia joined to form the G8. THE CENTRAL BANK OF THE UNITED STATES: THE FEDERAL RESERVE SYSTEM The Federal Reserve System consists of 12 banking districts covering the entire country. Created in 1913, the Federal Reserve is the government agency responsible for the management of the US monetary and banking systems. It is independent of the political branches of government. The Fed is managed by a seven-member Board of Governors, who are appointed by the President and approved by Congress. The Fed's tools for monetary management have been made more difficult by financial innovations. The public's increasing acceptance of money market mutual funds has funneled a large amount of money into what are essentially interest-bearing checking accounts. Securitization permits commercial banks to change what once were illiquid consumer loans of several varieties into securities. Selling these securities gives the banks a source of funding that is outside the Fed's influence.
Chapter 10 The Bond Market Multiple Choice Questions 1. Compared to money market securities, capital market securities have (a) more liquidity. (b) longer maturities. (c) lower yields. (d) less risk. Answer: B 2. (I) Securities that have an original maturity greater than one year are traded in capital markets. (II) The best known capital market securities are stocks and bonds. (a) (I) is true, (II) false. (b) (I) is false, (II) true. (c) Both are true. (d) Both are false. Answer: C 3. (I) Securities that have an original maturity greater than one year are traded in money markets. (II) The best known money market securities are stocks and bonds. (a) (I) is true, (II) false. (b) (I) is false, (II) true. (c) Both are true. (d) Both are false. Answer: D 4. (I) Firms and individuals use the capital markets for long-term investments. (II) The capital markets provide an alternative to investment in assets such as real estate and gold. (a) (I) is true, (II) false. (b) (I) is false, (II) true. (c) Both are true.
金融机构与金融市场论文 Prepared on 22 November 2020
离岸金融市场研究的文献评述 摘要:随着金融自由化和金融制度创新的进一步发展,离岸金融市场在国际金融体系中占据越来越重要的地位。本文先从国外离岸金融研究的发展入手,从对离岸金融市场的定义到实践中对离岸金融市场建立的建议,阐述了国外学者的研究历程。进而转向国内学者对离岸金融市场的认识过程,并在文末指出了国内外相关研究中目前存在的问题。 关键词:离岸金融市场;研究;评述 离岸金融市场是金融自由化和金融制度创新的产物,从上世纪中期至今,迅速发展成为现代国际金融体系的重要组成部分,建立离岸金融市场的浪潮更是方兴未艾。尤其是亚洲,更是掀起了一股离岸金融的浪潮,新加坡、日本、香港等亚洲国家和地区相继建立其区域性离岸金融中心,为其带来了巨大的收益和便利,甚至带动该国(地区)经济的发展与飞跃。因此,发展我国离岸金融市场成为金融体系改革的重要环节。 一、国外离岸金融研究情况综述 离岸金融理论研究伴随着离岸金融市场的产生而产生,关于离岸金融市场的定义,在国外有不同的见解。Grabbe (1997)从离岸金融市场运行方式上界定指出:“离岸金融市场代表着一种针对管理规则的套利行为,离岸银行是一个金融管理组合体:它所经营的货币在货币发行国之外运动着,因此它所经营的货币是一个国家的(一种法律环境),而它所适用的银行条例和竞争效率却是另一个国家的。”“为促进国际银行业务而专门设定的小型区域”、“可以财政中性的方式进行国际金融业务的地
方”、“为避免政府当局限制和管制而进行的地域选择”,但总体而言都是指非居民间的资金融通市场。 随着国际金融市场的发展,离岸金融市场基本理论也突破了传统的范畴。(2007)对离岸金融中心和市场进行了全新的定义,他突破了传统的对离岸金融的理论概述,结合金融服务和具体金融活动指出离岸金融市场是一种经营非居民间金融服务的市场,建立离岸金融市场是金融自由化、全球一体化的必然产物。另有一些文献在有关金融自由化、国际化发展及金融创新的理论研究中涉及离岸金融的产生和其市场建立问题,认为金融管制促使了离岸金融的产生,离岸金融市场的建立和发展加速了金融自由化、国际化的进程。 Andrew 和Mark (2005)通过对建立离岸金融市场国家的数据考察,提出影响离岸金融市场的因素,并提出评价离岸金融市场的相关指标,指出离岸金融市场的避税和洗钱特征。Ahmed Zorome(2007)开发了统计方法区分离岸金融市场和非离岸金融市场的数据,从证券投资统计调查、国际投资头寸和国际收支的平衡的角度构建了一个简单的二元回归模型对离岸金融市场的条件进行了评估,并确定了新的国家离岸金融条件的三个评价标准。 在实践中关于建立离岸金融市场的研究焦点集中在以下三个方面:一是,从货币发行国的角度研究离岸金融市场建立及其风险控制问题,Hudson(1998)指出关于离岸金融市场的建立更多的是要适应各个国家的不同国情,并从离岸金融中心的角度进行分析。二是,从避税港角度研究“避税天堂”的税收政策及其对发达国家金融体系的冲击,从而使人们开始关注离岸金融市场的建立设立一定的准入标准,Ingo Walter (1990)从避税港角度研究“避税天堂” 二、国内离岸金融研究情况综述
商业银行互联网金融发展的优劣势分析 银行业有着数百年的发展历史,在金融领域有着深厚的经营积淀。商业银行的金融服务种类齐全,产品线广泛,风险控制能力也经历了历史的检验。在发展互联网金融方面,商业银行具有如下优势。 客户基础和服务体系。商业银行同样拥有规模不小的客户资源,多年来积累了一定量的客户数据,并建立了科学、成熟的客户分层服务与经营体系,对客户的金融需求比较了解。商业银行具有较完善的线上线下一体化渠道服务体系。在线下,分布广泛的银行网点在建立客户信任、提高服务体验等方面具有无可比拟的优势,是实现将客户从线下引流到线上的最佳载体;在线上,已经构建了网上银行、手机银行、微信银行等丰富的电子渠道体系,浦发银行已有近90%的交易通过电子渠道完成,在实现线上线下一体化(也称之为O2O)的服务模式方面,具有更为有利的基础条件。 金融专业能力。互联网金融的本质还是金融,金融的专业化能力至关重要。商业银行在资产配置、产品设计、风险管理等方面积累了丰富的经验,拥有金融全牌照优势,建立了庞大的专业人才队伍,拥有良好的经营传统和稳健文化。这都将有利于商业银行利用互联网的先进工具,进一步提高服务能力。 商业信誉和品牌。经过多年经营积累,商业银行建立了良好的客户口碑和品牌形象,并且始终都致力于打造金融的“百年老店”,重视对客户服务的价值传承,有利于快速建立客户信任和认同。 相对于互联网企业,商业银行在发展互联网金融的过程中,弱项主要体现在对市场变化转身相对较慢。 创新需要兼顾存量业务的稳定运行。互联网企业做金融,业务范围相对单一,没有历史包袱,而商业银行经过几十年的发展,已具有包括公司、个人、同业、金融市场等在内的成百上千项业务,相互之间的联系和影响更大,因此在创新决策上更审慎,业务创新实现的速度上相对偏慢。 管理模式影响决策效率。互联网企业的更多采用扁平化的管理模式,强调以市场和用户为中心建立快速响应的机制。商业银行所建立的“总——分——支”分级管理,同级横向部门之间的公文流转机制,在确保执行力、防范经营风险方面具有显著的保障作用,但也导致决策链条相对较长,灵活性相对缺乏。 企业责任不同导致的经营理念差异。商业银行做为经营性企业,需要以实现盈利为目标,但作为支撑国家金融稳定和经济发展的重要主体,还同时具有服务国家经济发展、保障民生、促进金融普惠的社会职责,企业发展需要与股东的经济效益、民众的服务效益、社会的示范效益等因素相结合考量,决定了商业银行要把稳健经营放在十分重要的位置。互联网企业则强调以风险投资、高薪、股权、期权等激励方式,以扩大市场盈利为主要导向。 商业银行互联网金融发展的方向思考 商业银行具有特许经营、资本雄厚、客户资源丰富、风控体系完善、物理网点广泛等可利用的传统优势,完全可以在发挥自身优势、规避劣势的基础上,通过不断创新实现互联网金融的快速发展。 第一,注重顶层设计,再造业务流程。商业银行应从自身组织结构的顶层设计开始,对各项业务流程进行再造和重构,建立便捷、快速、高效的互联网金融新形象。一是以业务电子化、网络化为手段重构服务体系,组织架构实现扁平化,加
金融市场:是办理各种票据、有价证券、外汇和金融衍生品买卖,以及同业之间进行货币借贷的场所。 金融市场主体:即金融市场的交易者。这些交易者或是资金的资金供给者,或是资金的需求者,或者是以双重身份出现。金融市场客体:是指金融市场的交易对象或交易的标的物,亦即通常所说的金融工具。 金融工具:最初又称信用工具,指表示债权、债务关系的有价证券或凭证,是具有法律关系的契约。 短期金融市场:又称货币市场,指专门融通短期资金的场所。所谓短期通常指一年以内。 长期金融市场:又称资本市场,是指专门融通期限在一年以上的中长期资金市场。现货市场:是随交易协议达成而立即交割的市场。 期货市场:指交易协议虽然已经达成,交割却要在某一特定时间进行的市场。 初级市场:指新证券发行的市场,又称一级市场。 次级市场:指旧证券流通的市场,又称二级市场。 金融市场管理:指国家根据有关的金融市场法律,如票据法、证券法、银行法等,规范金融市场交易行为,以达到引导金融市场健康有序营运、稳步发展的目的。金融市场监督:指为了实现金融管理所要达到的目的,而对金融市场进行全面监测、分析、发现问题并及时校治,使市场运行恪守国家法令及规定,严格遵守市场管理的过程。 金融市场主体:即金融市场的交易者,具 体包括企业、政府、金融机构、机构投资 者和家庭五个部门。在开放的金融市场 上,还包括国外投资者。 金融机构:指专门从事各种金融活动的组 织,包括间接融资领域活动的组织和直接 融资领域活动的组织。 机构投资者:用自有资金或者从社会公众 中筹集的资金专门进行有价证券投资活 动的法人机构,特点是资金规模大、分析 能力强、专业水平高。 信托投资公司:也称投资公司或投资基 金。这类金融机构是向投资者(一般是小 额投资者)出售自己的股份或发行债券, 以所得资金买入多种证券。 养老金基金:又称退休金基金,是一种契 约性金融机构。这种基金的参与者多为私 人企业的职工,资金来源一般有两条:途 径:一是劳资双方的积聚,即雇主和雇员 各交纳一部分;二是基金运用的收益。 货币头寸:又称现金头寸,是指商业银行 每日收支相抵后,资金过剩或不足的数 量。它是同业拆借市场的重要交易工具。 票据:指出票人承诺或委托付款人,在指 定日期或见票时,无条件支付一定金额, 并可流通转让的有价证券。票据是国际通 用的结算和信用工具。 债券:是债务人在筹集资金时,依据法律 手续发行,向债权人承诺按约定利率或日 期支付利息,并在特定日期偿还本金,从 而明确债权债务关系的有价证券。 股票:指股份公司发给股东作为入股凭 证,并借以取得股息收益的一种有价证 券。 普通股票:指股份公司发行的无特别权利 的股票。 优先股:相对于普通股而言,在分红和公 司清算时分配财产方面,可以享受某些优 先权利的股票。 基金证券:又称投资基金证券,是指由投 资基金发起人向社会公众发行,证明持有 人按其所持份额享有资产所有权、资产收 益权和剩余财产分配权的有价证券。 外汇:是指外国货币及其用外币表示的用 于国际间结算的支付手段。外币的含义包 括两个方面:一是指外国货币,如美元、 日元、德国马克等;二是指以外币表示的 外国信用工具和有价证券,如商业汇票、 银行汇票以及在外国银行的存款等。 汇率:又称汇价,即用一国货币表示的另 一国货币的价格或比率。其实质是两国货 币价值之比。 金融衍生品:又称衍生金融工具或衍生金 融商品,它是在基础性金融工具如股票、 债券、货币、外汇甚至利率和股票价格指 数的基础上衍生出来的金融工具或金融 商品。 货币经纪人:又称货币市场经纪人,是指 在货币市场上充当交易双方中介收取佣 金的中间商人。 证券经纪人:是指在证券市场上充当交易 双方中介和代理买卖而收取佣金的中间 商人。 1 / 4