财务管理_PPT.pptVIP

Capital Markets 14 Chapter Outline Capital market and securities Fund raisers in the capital markets The three-sector economy of the United States Physical and electronic markets Rapid adjustment of prices as an indication of efficiency Security legislation Security Markets Consist of various government bonds and corporate common stock The markets are influenced by variables like: Interest rates Investor confidence Economic growth Global crises, etc. Types of Security Markets Money markets Short-term markets comprising of securities with maturities of one year or less Treasury bills, commercial paper, negotiable certificates of deposits Capital markets Long-term markets consisting of securities having maturities greater than one year Bonds, common stock, preferred stock, convertible securities These securities comprise a firm’s capital structure International Capital Markets Have played an important role over the last decade due to various factors: The Soviet Union disbanded in 1991 China has moved along a capitalistic course for several decades Central and Eastern European countries “privatized” many of their state industries during the 1990s Continuing development of international “free trade” International Capital Markets (cont’d) Establishment of NAFTA in 1994 CAFTA reduces trade barriers The six original members of EU abolished internal tariffs in 1968 WTO strives to further liberalize international trade Euro still considered second most important international currency Value of “euro cash” in circulation now exceeds value of dollars in circulation worldwide 即北美自由贸易协定，由美加墨三方于92年签订、94年元旦起生效和实施。 　　内容: 　　①关税相互减免； 　　②取消进口限制； 　　③坚持产地规定； 　　 ?? ?? ④政府采购协定； 　　⑤鼓励投资； 　　⑥扩大相互金融服务； 　　⑦发展相互自由运输； 　　⑧鼓励保护知识产权； 　　⑨协商争端解决机制等。 2006 Total Dollar Trading Volume on Ten Largest Equity Markets International Capital Markets as a Source of Funds An opportunity for companies to raise debt capital at the lowest cost Many list their common stock around the world to: I