1、Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Financial Institutions in the U.S.EconomyuThe financial system is made up of financial institutions that coordinate the actions of savers and borrowers.uFinancial institutions can be grouped into two different categories:financial m
2、arkets and financial intermediaries.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.美国经济中的金融机构美国经济中的金融机构u金融体系由帮助协调储蓄者与借贷金融体系由帮助协调储蓄者与借贷者的各种金融机构所组成。者的各种金融机构所组成。u金融机构可以分为两种类型:金融金融机构可以分为两种类型:金融市场和金融中介机构。市场和金融中介机构。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Fi
3、nancial Institutions in the U.S.Economy美国经济中的金融机构美国经济中的金融机构uFinancial Markets 金融市场金融市场uStock Market 股票市场股票市场uBond Market 债券市场债券市场uFinancial Intermediaries 金融中介机构金融中介机构uBanks 银行银行uMutual Funds 共同基金共同基金Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Financial Institutions in the U.
4、S.Economy美国经济中的金融机构美国经济中的金融机构uFinancial markets are the institutions through which savers can directly provide funds to borrowers.金融市场金融市场想储蓄的人直接向想借款的想储蓄的人直接向想借款的人提供资金的机构。人提供资金的机构。uFinancial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers.金融中介
5、机构金融中介机构储蓄者可以储蓄者可以 通过它间通过它间接地向借款者提供资金的金融机构。接地向借款者提供资金的金融机构。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Financial MarketsuThe Bond MarketA bond is a certificate of indebtedness thatspecifies obligations of the borrower to the holder of the bond.Characteristics of a BondTerm:Th
6、e 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.IOUHarcourt,Inc.items and derived items copyright
7、 2001 by Harcourt,Inc.金融市场金融市场u债券市场债券市场债券债券一种债务证明书,规定了借款一种债务证明书,规定了借款人向债券持有人的负债责任。人向债券持有人的负债责任。债券特点债券特点期限期限:债券到期之前的时间长度。信用风险信用风险:借款者不能支付某些利息或本金的可借款者不能支付某些利息或本金的可能性。能性。税收待遇税收待遇:税法对待债券所赚到的利息的方式。市政债券利息免征联邦所得税。IOUHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Financial Markets uThe
8、Stock MarketStock represents a claim to partial ownership in a firm and is therefore,a claim to the profits that the firm makes.The sale of stock to raise money is called equity financing.Compared to bonds,stocks offer both higher risk and potentially higher returns.The most important stock exchange
9、s in the United States are the New York Stock Exchange,the American Stock Exchange,and NASDAQ.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.金融市场金融市场 u股票市场股票市场股票股票 代表企业的所有权,所以也代表对所获代表企业的所有权,所以也代表对所获得利润的索取权。得利润的索取权。出售股票来筹资称为出售股票来筹资称为股本筹资。股本筹资。与债券相比,股票的风险高,潜在收益也高。美国经济中最重要的股票交易所是纽约
10、股美国经济中最重要的股票交易所是纽约股票交易所、美国股票交易所和纳斯达克票交易所、美国股票交易所和纳斯达克(NASDAQ)。)。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.The Stock MarketMost newspaper stock tables provide the following information:uPrice(of a share)uVolume(number of shares sold)uDividend(profits paid to stockholders)uPr
11、ice-earnings ratioHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.股票市场股票市场大多数报纸的股票栏目提供以下信息:大多数报纸的股票栏目提供以下信息:u价格价格(每股每股)u交易量交易量(股票销售的量股票销售的量)u股利股利(付给股票持有人的利润付给股票持有人的利润)u价格每股赢利率价格每股赢利率(P/E)Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Financial Intermediaries金
12、融中介机构金融中介机构uFinancial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers.金融中介机构金融中介机构储蓄者可以通过它间储蓄者可以通过它间接地向借款者提供资金的金融机构。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Financial IntermediariesuBankstake deposits from people who
13、 want to save and use the deposits to make loans to people who want to borrow.pay depositors interest on their deposits and charge borrowers slightly higher interest on their loans.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.金融中介机构金融中介机构u银行银行从想储蓄的人那里得到存款,并用这些存从想储蓄的人那里得到存款,并用这
14、些存款向想借款的人进行贷款。款向想借款的人进行贷款。向存款人的存款支付利息,并向借款人的向存款人的存款支付利息,并向借款人的贷款收取略高一点的利息。贷款收取略高一点的利息。Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Financial Intermediaries uBanksBanks help create a medium of exchange by allowing people to write checks against their deposits.A medium of exchanges is an item that people can easily use to engage in transactions.This facilitates the purchases of goods and services.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.金融中介机构金融中介机构u银行银行银行通过允许人们根据自己的存款签发支银行通过允许人们根据自己的存款签发支票,帮助创造出一种票,帮助创造
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