金融市場與淨現值分析報告(ppt 23頁)（英文版）

金融市場與淨現值分析報告目錄：
1、The Financial Market Economy
2、Making Consumption Choices Over Time
3、The Competitive Market
4、The Basic Principle
5、Practicing the Principle
6、Illustrating the Investment Decision
7、Corporate Investment Decision?Making
8、Summary and Conclusions

金融市場與淨現值分析報告內容提要：
The Financial Market Economy
Individuals 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.
The Financial Market Economy: Example
Consider 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.
The Financial Market Economy: Example
Rather 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.
The Financial Market Economy: Example
Financial intermediation can take three forms:
Size intermediation
In the example above, the bank took a large loan from the dentist and made small loans to the students.
Term intermediation
Commercial banks finance long-term mortgages with short-term deposits.
Risk intermediation
Financial intermediaries can tailor the risk characteristics of securities for borrowers and lenders with different degrees of risk tolerance.

..............................