第十二章 国际融资和国内资本市场姆(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 INTERNATIONAL CENTERS 2. 外国银