第三节 金融工具.pptVIP

第三节 金融工具 课前思考题： 1、请思考一下你现在了解的金融产品有哪些？如果你老爸每年1次性给你5000元生活费，你如何处理这5000元？全部存款（存款种类繁多，如何存款？）、买基金、债券、股票和其他投资？ 2、在我国，民营企业、中小企业融资存在哪些困难？他们在哪些金融产品上受到限制？ 3、金融产品的风险可以用“睡眠指数”来衡量，那么，你所知道的金融产品的睡眠指数是多少？ 4、如果一家企业发行期限100年的债券，票面利率7.5％（比30年期高1.5％）。这种债券有没有人购买？如果有人购买，你猜想可能是哪些人购买？你会不会购买？ 内容 一、货币市场工具（ instruments of monetary markets） 二、资本市场工具（ instruments of capital markets ） 三、案例分析：“孙大午事件” instruments of monetary markets 1、Bills of Exchange（B/Es） 2、Banker`s Acceptance（BAs） 3、Commercial Papers（ CPs） 4、Treasury bill（ T-bills） 5、Monetary Market Funds（MMFs） 6、Repurchase Agreements（Repos） 7、Negotiable Certificates of Deposit（NCDs） B/Es（汇票） A bill of exchange is an unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at fixed or determinable future time a sum certain in money to order or to bearer. Uniform Commercial Code, Article 3-104. Promissory notes （IOU） BAs（银行承兑汇票） BAs are bank-guaranteed bills of exchange normally used to finance foreign trade. Under specified conditions and for a fee a bank may guarantee payment of a B/Es that has been drawn on it by an stamping “accepted” on the face of the draft. Letters of Credit（L/C） CPs（商业票据） CP is the name given to short-term unsecured notes sold by large corporations, usually on a discount basis, to dealers and other financial and non-financial firms. 在美国商业票据最长期限不得超过270天。超过则视为是证券。 T－bills T-bills are such short-term financial instruments that are publicly issued by government and sold at discount. 美国、英国T-bills采取滚动发行方式。 MMFs（货币市场基金） 好处： 同时享有支票功能（支付）和储蓄功能。 Repos（回购） A repurchase agreement represents the sale of securities by one party to another with an agreement to repurchase the securities at a specified date and price. In essence, the repo transaction represents a loan backed by the securities. NCDs（可转让定期存单） The NCD is issued by large commercial banks and other depository institutions as a short-term source of funds. O