米什金货币金融学(商学院版)第8章课件电子版本.pptVIP

Copyright ? 2010 Pearson Addison-Wesley. All rights reserved. 8-* Copyright ? 2010 Pearson Addison-Wesley. All rights reserved. Chapter 8 An Economic Analysis of Financial Structure 第一页，共18页。 Sources of External Finance in U.S 第二页，共18页。 FIGURE 1 Sources of External Funds for Nonfinancial Businesses: A Comparison of the United States with Germany, Japan, and Canada Source: Andreas Hackethal and Reinhard H. Schmidt, “Financing Patterns: Measurement Concepts and Empirical Results,” Johann Wolfgang Goethe-Universitat Working Paper No. 125, January 2004. The data are from 1970–2000 and are gross flows as percentage of the total, not including trade and other credit data, which are not available. 第三页，共18页。 8.1 Eight Basic Facts Stocks are not the most important sources of external financing for businesses Issuing marketable debt and equity securities is not the primary way in which businesses finance their operations Indirect finance is many times more important than direct finance Financial intermediaries, particularly banks, are the most important source of external funds used to finance businesses. 第四页，共18页。 Eight Basic Facts (cont’d) The financial system is among the most heavily regulated sectors of the economy Only large, well-established corporations have easy access to securities markets to finance their activities Collateral is a prevalent feature of debt contracts for both households and businesses. Debt contracts are extremely complicated legal documents that place substantial restrictive covenants on borrowers 第五页，共18页。 8.2 Transaction Costs and Financial Structure Transaction costs hinder flow of funds to people with productive investment opportunities Financial intermediaries make profits by reducing transaction costs 1. Take advantage of economies of scale Example: Mutual Funds 2. Develop expertise to lower transaction costs Explains Fact 3 第六页，共18页。 8.3 Asymmetric Information Adverse Selection: 1. Before transaction occurs 2. Potential borrowers mos