金融学英文课件(6)

Chapter 6
Overview of the Financial Markets
CONTENTS
6.1 L e a d - i n 6.2 K e y Po i n t s 6.3 L a n g u a g e N o t e s 6.4 F o l l o w - u p Ta s k s 6.5 E x t e n d e d Ta s k s
6.3 Language Notes
III. Sentences
1. Financial markets are typically defined by having transparent pricing, basic regulations on trading, costs and fees, and market forces determining the prices of securities that trade.
2. Financial markets can be classified as debt or equity markets, as primary or secondary markets, as exchanges and Over-the-Counter markets, as money or capital markets, or as spot or futures and forward markets.
discuss the various functions of the financial market.
6.2 Key Points
6.2.1 Definition of Financial Markets
￥$
Financial Markets

Financial English 2014
◄ ►●
Opposition to the Bank
be opposed to… 反对… be in the best interest of sb. / be in sb.’s best interest 某人的最大/最佳利益 in question
讨论中的；谈及的
私营部门和公共部门
Financial English 2014
◄ ►●
II. Membership
--To become a member of the WBG, what should a country do first? --How should a member pay for the 195 Bank shares? -- Where does the president of the World Bank come from? --What are the five largest shareholders? --Where does the World Bank get its funding?
Financial English 2014
◄ ►●
The Parts That Make Up the Whole
Its five agencies are:
International Bank for Reconstruction and Development (IBRD)
国际复兴开发银行
International Development Association (IDA)
Chapter
3
The World Bank Group
Financial English

11 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Financial Decisions of Firms
• Strategic plans specify the business the firm is in
Defining Finance
• Financial theory consists of:
– the set of concepts that help to organize one’s thinking about how to allocate resources over time
– the set of quantitative models used to help evaluate alternatives, make decisions, and implement them
• These concepts and models apply at all levels and scales of decision making
– Preferred stock holders usually gain some control if preferred dividends are not paid
– Bondholder covenants restrict decisions that could adversely affect bond values
– they vary widely in size from part-time businesses run from a spare room, to giant corporations (e.g. Mitsubishi or General Motors) with hundreds of thousands of employees, and an even larger ownership

Major Functions of SAFE
2. To participate in the drafting of relevant laws, regulations, and departmental rules on foreign exchange administration, releasing standard documents related to the carrying out of responsibilities.
To cultivate and develop the foreign exchange market.
Major Functions of SAFE
5. To be responsible for supervising and checking the authenticity and legality of the receipt and payment of foreign exchange under the current account according to law;
Major Functions of SAFE
4. To be responsible for the supervision and management of the foreign exchange market of the state;
To undertake supervision and management of the settlement and sale of foreign exchange;
To study and implement policy measures for the gradual advancement of the convertibility of the RMB under the capital account and the cultivation and development of the foreign exchange market; to provide suggestions and a foundation for the People's Bank of China to formulate policy on RMB exchange rate.

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Passage 1
(3)address:
v. 1.make a speech to; speak to, using a title 向……发
表演说；对……说话 例句：Mr Green will now address the meeting. 2.write a destination on 写收件人的姓名、地址 例句：The letter was wrongly addressed. 3.address sth to: send to向……提出（评论、诉愿等） 4.address oneself to: work at, be busy with 从事于，
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Passage 1
(5)specify: state or name definitely 指 定，详述
(6)bearer: people who presents a check payable on demand 持票人
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Passage 1
(7)settle:v. 1.make one’s home in; live in安家，定居 2.pay 付，偿付 settle a bill Will you settle for all of us? (8)initiate:set (a scheme, etc) working 开始，
忙着做
例句：It’s time we addressed ourselves to the business in hand.
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Passage 1
(4)instruct: v.1.teach a school subject, a skill 教授 instruct a class in economics 2.give orders or directions to 命令，指导 instruct sb how to do his work rm 通知 instructor 教师、教练 instructress

3-7
LO 1
Recognizing Revenues and Expenses
REVENUE RECOGNITION PRINCIPLE
Recognize revenue in the accounting period in which the performance obligation is satisfied.
2. Accrued Expenses. Expenses incurred
but not yet paid in cash or recorded.
3-15
LO 1
Types of Adjusting Entries
Trial Balance – Each account is analyzed to determine whether it is complete and upto-date.
d. all of the above.
3-14
LO 1
Types of Adjusting Entries
Illustration 3-2 Categories of adjusting entries
Deferrals
1. Prepaid Expenses. Expenses paid in
cash before they are used or consumed.
.....
Jan. Feb. Mar. Apr. Dec.
Generally a
u u u
3-3
month, quarter, or year.
Alternative Terminology The time period assumption is also called the periodicity assumption.

Keown, Martin, Petty - Chapter 2 5
1. Principles Used in this Chapter
Principles Used in this Chapter
Principle 1: The Risk-Return Tradeoff — We Won't Take on Additional Risk Unless We Expect to Be Compensated with Additional Return. Principle 6: Efficient Capital Markets — The Markets are Quick and the Prices Are Right. Principle 10: Ethical Behavior Is Doing the Right Thing, and Ethical Dilemmas Are Everywhere in Finance.
Financial Markets
Financial markets exist in order to allocate the supply of savings in the economy to the demanders of those savings. Financial markets are institutions and procedures that facilitate transactions in all types of financial claims. A securities market is simply a place where you can buy and sell securities (example, New York Stock Exchange)

• 掉期交易的主要特点是买卖同时进行， 货币买卖数额相等，但交割的期限结构 各不相同。
#
1.买入£10000现汇进行投资 2.卖出£10000的
二月期期汇
银行
即期汇率：£1 = $ 2.0845~2.0855 买进英镑 远期汇率：£1 = $ 2.0860~2.0880 卖出英镑
预 期 2 个 月 收 回 投 资
比现在支付瑞郎预计将多支付多少美元？
（2）美进口商如何利用远期外汇市场进行保值？
#
案例2
2004年8月中旬美国外汇市场行情：
即期汇率 GBP/USD 1.6770/80
3个月掉期率
125/122
一美国出口商签订向英国出口价值10万英镑的仪器
的协定，预计三个月后才会收到英镑，到时需要将英
镑兑换成美元核算盈亏。假若美出口商预测3个月后
• 2.有一美国投机商预期欧元将大幅度升值。当时欧 元3个月期汇是￠1＝US$1.0089,假设他预期三个月 后的即期汇率为￠1＝US$1.1289，此投机商应该怎 么做？如果三个月后，汇率果真为：￠1＝ US$1.1289，则他可以有多少盈利？若市场汇率刚 好相反为：￠1＝US$0.9089呢？
#
英镑将贬值，即期汇率水平将变为：
GBP/USD=1.6600/10,如不考虑交易费用，此例中
（1）如果美国出口商现在不采取避免汇率变动风险
的保值措施，则3个月后将收到的英镑折算为美元时
相对8月中旬兑换美元将会损失多少？
（2）美国出口商如何利用远期外汇市场进行套期保
值？
#
ห้องสมุดไป่ตู้
案例3
• 香港某外汇银行在一天的营业结束后， 在三个月期的美元期汇买卖中，从客户 手中共买入了100万美元，卖出了90万美 元，则此银行的头寸处于一种什么状况？ 若三个月后美元汇率下降，银行会不会 遭受损失？此银行可以怎么做？

it + iet+1
From implication above expected returns of two strategies are equal: Therefore
2(i2t) = it + iet+1
Solving for i2t
i2t =
it + iet+1 2
© 2005 Pearson Education Canada Inc.
12
Expected Return from Strategy 1
More generally for n-period bond:
int =
it + iet+1 + iet+2 + ... + iet+(n–1) n
In words: Interest rate on long bond = average short rates expected to occur over life of long bond
© 2005 Pearson Education Canada Inc.
7
Term Structure Facts to be Explained
1. Interest rates for different maturities move together over time
2. Yield curves tend to have steep upward slope when short rates are low and downward slope when rates are high
1. When short rates are low, they are expected to rise to normal level, and long rate = average of future short rates will be well above today’s short rate: yield curve will have steep upward slope

1.1 1.2 1.3 1.4 1.5 1.6 1.7 Introduction Functions of the Financial System Financial Instruments Financial Markets Impact of Globalisation Financial Institutions Summary
1
Chapter 1
The Financial System
Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson
2
Learning Objectives
financial markets • Categorise the main types of financial institutions • Understand the impact of a financial crisis on a financial system and a real economy
Copyright 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson
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1.2 Functions of the Financial System (cont.)
• An efficient financial system – Encourages savings – Savings flow to the most efficient users – Implements the monetary policy of governments by influencing interest rates – The combination of assets and liabilities comprising the desired attributes of return, risk, liquidity and timing of cash flows