金融市场学第六组要点.ppt

FINANCE COMPANIES PURPOSE RISK TYPES Section header HISTORY David Dunbar Buick (戴维·邓巴·别克) On May 19, 1903 The creator of Buick Motor Company (别克汽车公司) Albert Fisher(阿尔伯特·费雪) June 22, 1908 Fisher autombile body manufacturing plant（费雪车身生产厂） Henry leeland （亨利·利兰德） In 1909 The manager of General Motors(通用汽车) FINANCE COMPANIES PURPOSE RISK TYPES Section header HISTORY 3.Peakedness: 1900s Banks(银行)-Supporter installment credit(提供分期付款) FINANCE COMPANIES HISTORY RISK TYPES Section header PURPOSE Business finance conpanies exist to fill financing needs not served by banks. (企业财务公司存在的目的是满足银行没有满足的融资需要) FINANCE COMPANIES HISTORY RISK TYPES Section header PURPOSE A key feature of finance companies is that although they lend to many of the same customers that borrow from banks,they are vitually unregulated compared to commerical banks and thrift institutions. (财务公司的一个主要特征是尽管它们发放贷款的客户很多也从银行贷款，但是和商业银行与储蓄机构相比，财务公司实际上不受管制) FINANCE COMPANIES HISTORY RISK TYPES Section header PURPOSE So,they have: more opportunities more customers very easy policy settings FINANCE COMPANIES HISTORY PURPOSE RISK TYPES Section header default risk (违约风险) liquidity risk (流动性风险)： roll over (循环续期) 财务公司美国模式 HISTORY PURPOSE RISK TYPES Section header default risk: customers will fail to repay their loans. 消费者不能支付贷款。 财务公司美国模式 HISTORY PURPOSE RISK TYPES Section header liquidity risk (流动性风险)： Refer to problems that arise when a firm runs short of cash. 是指企业缺少现金时出现的问题。 FINANCE COMPANIES HISTORY PURPOSE RISK TYPES Section header roll over meas to renew the debt each time it matures. 在债券每次到期之前续期。 The greater problem: a change in the perceived risk of the finance company may take it difficult to roll over its short-term debt instruments. 更大的问题在于财务公司预料风险的变化会使他很难为其短期债务工具循环续期。 FINANCE COMPANIES HISTORY PURPOSE RISK TYPES Section header Business (企业财务公司) Sales (销售财务公司) Comsumer (消费财务公司) FINANCE COMPANIES HISTORY PURPOSE RISK TYPES Section header Business (Commerical) Finan