Chap26_储蓄与投资讲义.pptx

? 2007 Thomson South-Western 儲蓄是經濟成長的動力 儲蓄與經濟成長 家庭儲蓄率提高 →企業取得資金 →投資增加 →資本存量增加 →生產力提高 →未來的消費增加 (經濟成長) 2 有趣的問題 家庭的儲蓄透過何種管道變成企業投資的資金? 企業取得資金需要付出的代價為何? 3 Saving, Investment, and the Financial System The financial system consists of the group of institutions in the economy that help to match one person’s saving with another person’s investment. It moves the economy’s scarce resources from savers to borrowers. FINANCIAL INSTITUTIONS IN THE U.S. ECONOMY The financial system is made up of financial institutions that coordinate the actions of savers and borrowers. Financial institutions can be grouped into two different categories: Financial markets Financial intermediaries 金融市場與金融機構 功能 撮合資金的提供者(家庭)與資金的需求者(廠商) 金融機構 (Financial Institutions) .銀行、(共同基金) .間接金融 金融市場 (Financial markets) .股票市場、債券市場 .直接金融 6 FINANCIAL INSTITUTIONS IN THE U.S. ECONOMY Financial Markets Stock Market Bond Market Financial Intermediaries Banks Mutual Funds FINANCIAL INSTITUTIONS IN THE U.S. ECONOMY Financial markets are the institutions through which savers can directly provide funds to borrowers. Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers. Financial Markets The Bond Market A bond is a certificate of indebtedness that specifies obligations of the borrower to the holder of the bond. Characteristics of a Bond Term: The length of time until the bond matures. Credit Risk: The probability that the borrower will fail to pay some of the interest or principal. Tax Treatment: The way in which the tax laws treat the interest on the bond. Municipal bonds are federal tax exempt. 債券市場 債券 (bond) 債務的證明 (借據) 發行者: 企業 (公司債) 政府 (公債) 面額 到期日要還的金額 到期日: 1-30年以後 票面利率 每半年或一年債券發行者要支付利息 利息金額=票面利率*面額 10 債券市場 某甲於發行日以99,951元買進面額10萬元的台積電公司債 101/9/28可得到利息: 10萬*1.63%=1,630 107/9/28可拿回本金: 10萬 問題: 為什麼債券價格不等於面額? .投資人要求的報酬率(殖利率)與票面利率不同 殖利率=1.6374 (要一塊給五毛), 壓低價格當作補償 公司代號 公司名稱 債券代碼 債券簡稱 發行日期 票面利率 到期日期 發行總額 2330 台積電 B618AX 00台積1B 100/09/28 1.63000 107/09/28 75億 11