第十二章 国际融资x和国内资本市场(国际财务管理,joseph f.greco).pptVIP

* CHAPTER 12 国际融资和国内资本市场 * INTERNATIONAL FINANCING AND NATIONAL CAPITAL MARKETS CHAPTER OVERVIEW: I. 公司资金的来源与运用 II. 作为国际金融中心的国内资本市场 III. 开发银行 IV. 项目融资 * I.公司资金的来源与运用 I. CORPORATE SOURCES OF FUNDS A. 3 General Sources of Funds: 1. 内部融资 2. 短期外部融资 3. 长期外部融资 B. Forms of Securities 1. 权益 2. 负债 * CORPORATE SOURCES AND USES OF FUNDS C. 债务工具 1. 商业银行贷款 2. 债券 a. 公开发行 b. 私募 * CORPORATE SOURCES AND USES OF FUNDS D. 金融市场与金融中介 1. 证券化 a. 定义: replacing bank loans with securities issued in public markets. * CORPORATE SOURCES AND USES OF FUNDS b. 进入公司发行市场的成本正在下降归因于 1.) 信息处理和通信技术的发展 2.) 全球化 * CORPORATE SOURCES AND USES OF FUNDS E . 金融体系和公司治理377: 1. Anglo-Saxon (AS) Model 2. Continental European and Japanese (CEJ) Model - example: keiretsus * CORPORATE SOURCES AND USES OF FUNDS F. 金融市场全球化 导致 1. 竞争加剧,降低发行成本 2. 管制套利 * II. 作为国际金融中心的国内资本市场  II. NATIONAL CAPITAL MARKET AS INTERNATIONAL CENTERS A. 金融市场及其中介的主要职能 -在借贷者之间 1. 转移购买力 2. 分配资金 * NATIONAL CAPITAL MARKETS AS INTERNATIONAL CENTERS B. 国际金融市场 1. Development of most important: a. London b. New York c. Tokyo * NATIONAL CAPITAL MARKETS AS INTERNATIONAL CENTERS 2. Other Centers (entrepots) For intermediaries such as a. Singapore b. Hong Kong c. the Bahamas 非居民资金供应者和非居民资金使用者之间的金融中介. * NATIONAL CAPITAL MARKETS AS INTERNATIONAL CENTERS 3. 成为金融中心的先决条件３８２ a. political stability b. minimal government interventions c. legal infrastructure d. financial infrastructure * NATIONAL CAPITAL MARKETS AS INTERNATIONAL CENTERS C. 外资进入国内市场 1. The Foreign Bond Market a. Extension of domestic market b. Issues floated by foreign cos. or governments c. Examples: yankee bonds, samurai bonds * NATIONAL CAPITAL MARKETS AS INTERNATIONAL CENTERS c. Three Major Types of Foreign Bonds 1.) Fixed rate 2.) Floating rate 3.) Equity related * NATIONAL CAPITAL MARKETS AS