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1、3.FINANCIALMARKETS ANDINSTRUMENTSFinancialmarkets&instrumentsBusinessesraisemoneytofinancecurrentoperationsaswellasforfuturegrowthMoneyisraisedInfinancialmarkets(capitalmarketsandmoneymarkets)Byissuingfinancialinstruments(alsocalledsecurities)whichgivetheholders
2、claimsonfuturecashflowsofthebusiness2FinancialmarketsFinancialmarketsdescribesthedistributionsystembywhichcash-deficitentitiesengageintransactionswithcash-surplusentities.Besidesbusinesses,participantsincludegovernmentagencies,pensionfunds,endowments,individuals
3、,commercialbanks,insurancecompanies…RegulatedbySecurities&ExchangeCommissionCapitalmarketsdealwithlongterminstrumentslikestocksandbondswhilemoneymarketsdealwithshort-terminstrumentswithmaturitylessthanoneyearsuchascommercialpaper.3FinancialinstrumentsInstruments
4、mustappealtoinvestorsandmeettheneedsofthecompany.TheyaredesignedkeepinginmindInvestors’claimsonfuturecashflowsInvestors’righttoparticipateincompanydecisionsInvestors’claimsoncompanyassetsintheeventofliquidationSECregulationsrequireadequatedisclosurebeforepurchas
5、e.4TypesofinstrumentsDebtinstrumentsofferfixedclaims.Equityoffersresidualclaims.Hybridssuchasconvertibledebtcombineboth.Derivativessuchasforwards,futuresandoptionsprovideahedgeagainstrisk5BONDSFixedincomesecurity–interestpaidperiodicallyRepaymentofprincipalatmat
6、urity.Bondsaresoldtothepublicinsmallincrements,suchas$1000,andcanbetradedonanexchangeafterissue.Yield(returnwithreferencetomarketprice)inverselyrelatedtomarketprice6BondcharacteristicsParvalueMaturitydateCouponrateCurrentyieldvs.yieldtomaturity(YTM)Sinkingfundfo
7、rperiodicrepaymentofprincipalVariableratevs.fixedratebonds7CallProvisions提前贖回條款Righttoretirebondspriortomaturity.Investorsrequireapremiumforcallprovisions.Callpriceistypicallyamodestpremiumabovepar.Delayedcallpreventsretirementbeforesomedate.Calloptionshelpcompa
8、niestakeadvantageofdeclinesininterestratesandrearrangecapitalstructure8Covenants契約Contractualtermstoprotectbondholdersbyimpactingmanagementdecisions.Examples:Lowerlim
