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1、12-1,Chapter 12,Nonbank Finance,12-2,12.1 Insurance Companies,12.1.1 Life Insurance Companies-The first life insurance company was established in 1759 and there are currently about 1700 companies. -Regulated by states, not federal government.-Hold illiquid long-term assets-Poor returns caused insura
2、nce demand -Became managers of pension funds,12-3,12.1.2 Property & Casualty Insurance Companies-Regulated by states-Hold more liquid assets-Insure against losses from almost any type of event. If a possible loss is too large, several firms may join together to write a policy or reduce their risk by
3、 obtaining reinsurance.,12-4,Table 1 Relative Shares of Total Financial Intermediary Assets, 19702008 (percent),12-5,Insurance Management,Screening: Try to screen out good insurance risks from poor ones.2.Risk-based premiums: Charging insurance premiums on the basis of how much risk a policyholder p
4、oses for the insurance provider.3.Restrictive provisions: discourage policyholders from engaging in risky activities that make an insurance claim more likely.4.Prevention of fraud: Conduct investigations to prevent fraud so that only policyholders with valid claims receive compensation.,12-6,5.Cance
5、llation of insurance: Being prepared to cancel policies.6.Deductibles: is the fixed amount by which the insureds loss is reduced when a claim is paid off.7.Coinsurance: A policyholder shares a percentage of the losses along with the insurer.8.Limits on amounts of insurance,12-7,12.2 Pension Funds,Pe
6、nsion funs provide the public with another kind of protection: regular income payments during retirement.1.Rapid growth: encouraged by tax policy2.Bigger role in stock market3.Problem of underfunding4.Private Pension Plans: administered by a bank, a life insurance company, or a pension fund manager.
7、5.Public Pension PlansSocial Security: covers virtually all individuals employed in the private sector.,12-8,12.3 Finance Companies,Borrow in large amounts but often lend in small amounts.1.Minimal regulation by states2.Rapid growth3.Three types:Sales finance companiesOwned by a retailing or manufac
8、turing company and make loans to consumers to purchase items from that company.,12-9,Consumer finance companiesMake loans to consumers to buy particular items or to help refinance small debts.Business finance companiesProvide specialized forms of credit to businesses by making loans and purchasing a
9、ccounts receivable at a discount.,12-10,12.4 Mutual Funds,Pool the resources of many small investors by selling shares and using the proceeds to buy securities. Advantage:-Lower transaction costs in purchasing securities - Reducing the risk by diversifying,12-11,Large increase in the market share si
10、nce 1980. Primarily held by households. And become increasingly important in household savings. Institutional investors (mutual funds and pension funds) control more than 50% of the outstanding stock in the U.S. Open-end vs. closed-endOpen-end fund: shares can be redeemed at any time at price that i
11、s tied to the asset value of the fund.Closed-end fund: a fixed number of nonredeemable shares are sold at an initial offering and are then traded like a common stock.,12-12,5. Load vs. no-loadLoad funds: commission is paid at the time of purchase.No-load funds: sold directly to the public with no sa
12、les commissions.The managers earn their living from management fees, which amounts to approximately 0.5% of the asset value of the fund per year.6. Regulated by SEC,12-13,7. Money market mutual fundsInvests in money market instruments of very high quality.Effectively function as checkable deposits t
13、hat earn market interest rates on short-term debt securities.Currently account for around one-third of the asset value of all mutual funds.8. Hedge fundsDifferent from traditional mutual funds.Have a minimum investment requirement between $10,000 and $20 million. Usually require that investors commi
14、t their money for long periods of time and charge large fees to investors. Despite their name, these funds can and do take big risks, particularly if it has leveraged up its positions.,12-14,12.5 Government Financial Intermediation,Federal credit agencies:FNMA, GNMA, FHLMC, Farm Credit System, SLMAM
15、oral hazard problem of government loan guarantees,12-15,12.6 Securities Market Institutions,All are regulated by SEC1. Investment banksThey assist in the sale of securities.Advise the corporation on whether it should issue bonds or stock.As a underwriter, they guarantee the corporation a price on th
16、e securities and then sell them to the public.,12-16,2011年度证券公司的投行业务排名表,全行业共81家证券公司合计承销股票和债券（下简称“股债”）1.3万亿元。中信证券为承销总额最高的券商，平安证券则以承销家数占全行业之首。同时行业分化依然显著，列入统计口径的81家券商中，中信证券一家的全年股债承销额，就相当于排名后50家券商之总和。以股债承销金额排名，中信证券的承销金额高达1764.998亿元，排名第一，平安证券及国信证券紧随其后，但承销额均不足千亿。承销股债家数排名，平安证券以全年60家列行业首位，中信证券和国信证券分列第二、第三位。
17、以股票承销金额排名，依然是中信证券遥遥领先，全年承销金额711.85亿元，远超国信证券465.1万元和平安证券的338.4万元。以股票承销家数排名，平安证券以1家的微弱优势领先于国信证券，全年承销42家居首位，海通证券排名第三，全年承销22家。相比2010年，曾是国内投行业“大佬级”券商的中国国际金融有限公司（中金公司），以及曾被喻为“2010年黑马”的中银国际出现了较大幅度的下滑。,12-17,2012年度证券公司总资产排名,12-18,Securities brokers and dealersConduct trading in secondary markets.Brokers act
18、 as agents for investors, matching buyers with seller and are paid brokerage commissions.Dealers hold inventories of securities and make their living on the “spread” between the asked price and the bid price.Brokerage firms engage in all three securities market activities, acting as brokers, dealers and investment bankers. Organized exchangesNYSE, AMEX,12-19,上海证券交易所,12-20,最早的是1613年成立的荷兰阿姆斯特丹证券交易所。中国最早的是1905年设立的“上海众业公所”。建国后，一度取消证券交易。1990年至1991年，上海和深圳相继设立证券交易所。 上海证券交易所：上市公司959家，上市证券3069只，上市股票1003只，总股本26106亿，总市值145,798亿。深圳证券交易所：上市公司1,578家，上市证券2,389只，总市值87,662亿元。其中主板公司480家，中小企业板公司719家，创业板公司379家。,
