公司理财03 金融市场和净现值.pptVIP

第3章 金融市场和净现值 3.1 金融市场经济 3.2 跨期消费决策 3.3 竞争性市场 3.4 基本原则 3.5 原则的应用 3.6 投资决策示例 3.7 公司投资决策过程 3.1 金融市场经济The Financial Market Economy 金融研究的是某些特定市场处理不同时期的现金流量的过程。这些市场就叫做金融市场。 个人通过金融市场对其一段时期内的消费模式进行调整，公司通过金融市场对其投资支出模式进行调整。 个人和公司都能利用金融市场进行投资决策。 假设：某牙科医生年入20万元，消费8万，投资12万元Consider a dentist who earns $200,000 per year and chooses to consume $80,000 per year. He has $120,000 in surplus money to invest. 他向四个学生每人贷款3万元He could loan $30,000 to each of 4 college seniors. They each promise to pay him back with interest after they graduate in one year. 考虑到要做四次信用分析，他可通过银行做中介 Rather than performing the credit analysis 4 times, he could loan the whole $120,000 to a financial intermediary in return for a promise to repay the $120,000 in one year with interest. 金融中介三种形式 Financial intermediation can take three forms: 数量中介 Size intermediation In the example above, the bank took a large loan from the dentist and made small loans to the students. 时期中介 Term intermediation Commercial banks finance long-term mortgages with short-term deposits. 风险中介 Risk intermediation Financial intermediaries can tailor the risk characteristics of securities for borrowers and lenders with different degrees of risk tolerance. 3.1.2 市场出清Market Clearing 当供方提供的资金等于需方需求的资金时，市场均衡，此时的资金价格就是均衡价格。When the quantity supplied equals the quantity demanded, the market is in equilibrium at the equilibrium price. 资金的价格就是利率。 The price of money is the interest rate. 3.2 跨期消费决策Making Consumption Choices over Time 个人可能通过借贷改变他的消费 An individual can alter his consumption across time periods through borrowing and lending. 我们可画图来举例说明 We can illustrate this by graphing consumption today versus consumption in the future. 此图可显示跨期消费的各种机会 This graph will show intertemporal consumption opportunities. 3.3 竞争性市场The Competitive Market 在一个完全竞争性市场: In a competitive market: 无交易成本 Trading is costless. 有关借贷机会的信息是可获得的 Information about borrowing and lending is available 存在大量的交易者, 没有哪一个交易者对价格具有举足轻重的影响 There are many traders; no individua