第三章金融市场和净现值.pptVIP

Chapter Outline3.1 The Financial Market Economy3.2 Making Consumption Choices Over Time3.3 The Competitive Market3.4 The Basic Principle3.5 Practicing the Principle3.6 Illustrating the Investment Decision3.7 Corporate Investment Decision?Making3.8 Summary and Conclusions第一页，共二十五页。 3.1 The Financial Market EconomyIndividuals and institutions have different income streams and different intertemporal consumption preferences. Because of this, a market has arisen for money. The price of money is the interest rate.第二页，共二十五页。 The Financial Market Economy: ExampleConsider a dentist who earns $200,000 per year and chooses to consume $80,000 per year. He has $120,000 in surplus money to invest.He could loan $30,000 to each of 4 college seniors. They each promise to pay him back with interest after they graduate in one year.DentistStudent #1Student #2Student #3Student #4$30,000$30,000$30,000$30,000$30,000×(1+r)$30,000×(1+r)$30,000×(1+r)$30,000×(1+r)第三页，共二十五页。 The Financial Market Economy: ExampleRather than performing the credit analysis 4 times, he could loan the whole $120,000 to a financial intermediary in return for a promise to repay the $120,000 in one year with interest.The intermediary in turn loans $30,000 to each of the 4 college seniors. Student #1Student #2Student #3Student #4$30,000$30,000$30,000Bank$120,000Dentist$30,000$30,000×(1+r)$30,000×(1+r)$30,000×(1+r)$30,000×(1+r)$120,000×(1+r)第四页，共二十五页。 The Financial Market Economy: ExampleFinancial intermediation can take three forms:Size intermediationIn the example above, the bank took a large loan from the dentist and made small loans to the students.Term intermediationCommercial banks finance long-term mortgages with short-term deposits.Risk intermediationFinancial intermediaries can tailor the risk characteristics of securities for borrowers and lenders with different degrees of risk tolerance.第五页，共二十五页。 Market ClearingThe job of balancing the supply of and demand for loanable funds is taken by the money market.Wh