英文财务管理技术方案.ppt

2- * 2- * Fundamentals of Corporate Finance Sixth Edition Richard A. Brealey Stewart C. Myers Alan J. Marcus Slides by Matthew Will Chapter 2 McGraw Hill/Irwin Copyright ? 2009 by The McGraw-Hill Companies, Inc. All rights reserved Financial Markets and Institutions Topics Covered The Importance of Financial Markets and Institutions The Flow of Savings to Corporations Functions of Financial Markets and of Financial Intermediaries（金融中介） Value Maximization and the Cost of Capital Financial Markets Primary Markets Secondary Markets OTC Markets Money Physical assets Markets （有形资产市场）(also called “tangible” or real asset markets) are those for such products as wheat, autos, real estate and so on. Financial assets Markets（财务资产市场）: Deal with stocks, bonds, mortgages, and other claims on real assets, as well as with derivative securities whose values are derived from changes in the prices of other assets. Fixed-income market（固定收益市场）Market for debt securities. Money Markets（货币市场）: The financial markets in which funds are borrowed or loaned for short periods (less than one year). Capital Markets（资本市场） : The financial markets for stocks and for intermediate- or long-term debt (one year or longer). Over-the-Counter Market (OTC,场外交易市场): A large collection of brokers and dealers, connected electronically by telephones and computers, that provides for trading in unlisted securities. Spot Markets(现货市场） :The markets in which assets are bought or sold for “on-the-spot” delivery. Futures Markets（期货市场）: The markets in which participants agree today to buy or sell an asset at some future date. Primary Markets（初级/发行市场）: Markets in which corporations raise capital by issuing new securities. Secondary Markets（二级/交易市场）: Markets in which securities and other financial assets are traded among investors after they have been issued by corporations. Initial Public Offering (IPO) Market（首次公开发行市场）: The market in which firms “go public” by offering shares to the public. （IPO vs. SEO,