全球资本市场在线视频

同学们好
Hello everyone

我是云南财经大学
I’m Dr Yin Hao from the

我是云南财经大学
International Business School

国际工商学院的尹豪老师
of Yunnan University of

国际工商学院的尹豪老师
Finance and Economics

这节课的学习内容是全球资本市场
This lecture is about global capital markets

我们分别从
There are four sections in this part

全球资本市场的概况
the overview of the global capital market

欧洲货币市场
the European currency market

全球债券市场
the global bond market

和全球股票市场等四个方面展开学习
and the global stock market

资本市场是将资金的供应方
The capital market is a trading place that

和资金的需求方
connects the fund supplier

连接在一起的交易场所
and the fund demander

资本市场的参与方
Participants in the capital market

主要是资金供应方 投资人
mainly include fund suppliers-investors

资金的需求方 借款人
fund demanders-borrowers

以及连接两者的金融服务机构
and financial service institutions

以及连接两者的金融服务机构
that connect the two parties

做市商
named market makers

通常投资人包括
Investors usually include

有投资能力和意愿的企业 个人
companies and individuals with

有投资能力和意愿的企业 个人
investment ability and willingness

能够集聚社会资金的非银行金融机构
and non-bank financial institutions

能够集聚社会资金的非银行金融机构
that can gather social funds

比如养老基金和保险公司
such as pension funds and

比如养老基金和保险公司
insurance companies

借款人包括
Borrowers include

企业
companies

政府和个人
governments and individuals

做市商包括商业银行和投资银行
Market makers include commercial banks

做市商包括商业银行和投资银行
and investment banks

各参与方通过债权或股权的方式
Each participant takes part in the capital market

参与到资本市场中
through debt or equity

比如债权方式
For example in the form of debt

投资人将资金存入商业银行
investors deposit funds in commercial banks

商业银行向投资人支付存款利息
and commercial banks

商业银行向投资人支付存款利息
pay interest on deposits to investors

并承诺在约定时期内偿还本金
and promise to repay the

并承诺在约定时期内偿还本金
principal within an agreed period of time

商业银行再将这笔存款
The commercial bank then lends this deposit

扣除准备金后贷款给借款人
to the borrower after deducting the reserve

收取更高的贷款利息
charging higher loan interest

并要求借款人在约定的时期内
and requiring the borrower to repay the

偿还贷款
loan within the agreed period

这就是在资本市场中
This is an example of connecting the supply

以债权方式
and demand sides of funds

将资金的需求双方连接在一起的例子
in the form of debt in the capital market

再看股权方式
Now let’s see how equity method works

借款公司通过投资银行
The borrowing company sells the company’s

向资本市场出售公司的股票
stock to the capital market through

向资本市场出售公司的股票
the investment bank

当投资人通过投资银行
When the investor buys the company’s stock

购买了该公司的股票时
through the investment bank

投资人的资金就进入了借款公司
the investor’s funds enter

投资人的资金就进入了借款公司
the borrowing company

投资人成为借款公司的股东
and the investor becomes a shareholder of

投资人成为借款公司的股东
the borrowing company

享有股息收入的分配权利
The investor has the right to

享有股息收入的分配权利
distribute dividend income

这样 资本市场就以股权方式
In this way the capital market

这样 资本市场就以股权方式
connects the supply

将资金的需求双方连接起来
and demand sides of

将资金的需求双方连接起来
funds by way of equity

借款人在市场获得资金时
When borrowers obtain funds from the market

重点要考虑资金的规模
the scale of funds and the cost of funds

和资金的成本
should be taken into consideration

投资人在向市场提供资金时
When investors provide funds to the market

重点要考虑投资的机会
investment opportunities

投资的回报和投资的风险
investment returns and investment risks

投资的回报和投资的风险
are the main factors in decision making

全球资本市场比国内资本市场
The global capital market is better

全球资本市场比国内资本市场
than the domestic capital market

更能够同时满足
in that it can meet

投资人和借款人的多元化需要
the diverse needs of investors and borrowers

对于借款人
For borrowers

全球资本市场拥有比国内资本市场
the global capital market has more investors than

大得多的投资人群体
the domestic capital market

为借款人提供了更多的资金供应量
providing borrowers with more

为借款人提供了更多的资金供应量
capital supply and better liquidity

和更好的流动性
and better liquidity

资金提供者多
If there are more funding providers

资金成本就会下降
the cost of funding will drop

对于投资人
For investors

全球资本市场拥有比国内资本市场
the global capital market has more

全球资本市场拥有比国内资本市场
investment opportunities than

更广泛的投资机会
the domestic capital market

可以更大范围的分散投资组合
Besides they can diversify investment portfolios

更大程度的降低投资风险
and reduce investment

更大程度的降低投资风险
risks to a greater extent

发达国家与发展中国家
The low correlation between capital markets in

资本市场之间的相关性低
developed and developing countries

为降低系统性风险提供了更多的
provides more opportunities to

为降低系统性风险提供了更多的
diversify investment

分散投资组合的机会
portfolios for reducing systemic risks

全球资本市场
Although the global capital market

虽然对借贷双方都具有吸引力
is attractive to both borrowers and lenders

但是距离和管制会大大增加
distance and regulations will greatly increase

the cost of entering the

进入全球资本市场的成本
the cost of entering the

进入全球资本市场的成本
global capital market

提高市场进入的门槛
and raise the bar for the market entry

但是这种情况在全球化浪潮的推动下
But this situation has been fundamentally changed

得到了根本的改变
because of globalization

首先是信息技术的发展
Firstly the development of

首先是信息技术的发展
information technology

使得信息密集型的金融服务业
has revolutionized the information-intensive

发生了革命性的变化
financial service industry

信息成本已经下降到了
and the cost of information has dropped

可以忽略不计的程度
to a negligible level

其次是主要的资本市场所在国
Secondly the countries where the

其次是主要的资本市场所在国
main capital markets

放松对金融服务业的管制
are located have relaxed their controls

放松对金融服务业的管制
on the financial services industry

取消了跨国金融服务贸易的诸多限制
deregulated many restrictions on cross-border

取消了跨国金融服务贸易的诸多限制
financial services trade

并逐步解除对资本的管制
capital controls

放松对外来投资和对外投资的限制
and waved some restrictions on foreign

放松对外来投资和对外投资的限制
investment and external investment

但是资本市场的全球化和资本国际化
However globalization of capital markets

但是资本市场的全球化和资本国际化
and the internationalization

也带来了市场风险的扩散
of capital spread market risks

2008年
In 2008

始于美国的金融危机迅速蔓延到全球
financial crisis that began in the United States

始于美国的金融危机迅速蔓延到全球
quickly spread to the whole world

另外 放松管制也纵容了
In addition deregulation also allow

追求短期收益的热钱
the rapid global flow of hot money

在全球的快速流动
in pursuit of short-term gains

影响到金融市场的稳定
which affected the stability of financial markets

1997年的东南亚金融危机
The Southeast Asian financial crisis in 1997

就是一个活生生的案例
is a living case

下面我们来学习
Let's learn

欧洲货币市场
the eurocurrency market

全球债券市场
the global bond market

和全球股票市场
and the global equity market

三类资本市场
three types of capital markets

欧洲货币市场
The eurocurrency market

是从事欧洲货币借贷交易的市场
is a market for eurocurrency

是从事欧洲货币借贷交易的市场
lending transactions

欧洲货币
eurocurrency

是存放在发行国境外的
is any currency banked outside

任何一种货币
the country of issue

比如存放在美国以外的美元
For example US dollars banked

比如存放在美国以外的美元
outside the United States

存放在中国以外的人民币
RMB banked outside China

存放在欧洲以外的欧元都是欧洲货币
Euro banked outside

存放在欧洲以外的欧元都是欧洲货币
Europe are all eurocurrencies

欧洲货币市场
The eurocurrency market

起源于20世纪50年代
originated in the 1950s

为了避免美元被美国政府强行没收
In order to prevent the US government from

为了避免美元被美国政府强行没收
forcibly confiscating the US dollar

持有美元的外国政府 外国企业
foreign governments and foreign companies

持有美元的外国政府 外国企业
holding the US dollar

就将美元存放在美国以外
deposited the US dollar outside the US

并且存放在非美国的银行里
and deposited it in a non-US bank

英国伦敦就成为欧洲美元的交易中心
London England became the

英国伦敦就成为欧洲美元的交易中心
eurodollar trading center

防止被没收和规避管制
Eurocurrency originated

防止被没收和规避管制
because of the prevention

是欧洲货币产生的原因
of confiscation and circumvention of control

欧洲货币市场快速发展
The rapid development of

欧洲货币市场快速发展
the eurocurrency market

得益于该市场
benefits from

借贷货币具有低成本和高收益的
the financial advantages of low-cost and high-yield

金融优势
currency in this market

这种优势
This advantage

是由于欧洲货币市场
is formed due to the lack

缺乏政府管制而形成的
of government intervention in

缺乏政府管制而形成的
the eurocurrency market

比如 存放在英国银行的美元
For example USA as the issuing country

作为发行国
has no jurisdiction

美国对这些美元没有管辖权
over these U.S. dollars deposited

美国对这些美元没有管辖权
in British banks

不能提取准备金
and cannot withdraw reserves

英国的银行
British banks

对美元存款也没有准备金的要求
also have no reserve requirement for US dollar deposits

这些美元就能百分之100的
100% of these US dollars

被用于借贷
can be used for borrowing

生息的本金就多于有准备金的情况
The interest-bearing principal is

生息的本金就多于有准备金的情况
more than there are reserves

从而存贷利率的差额就小
so the difference in deposit

从而存贷利率的差额就小
and loan interest rates is small

能够实现存款高利率
and deposits can be realized

能够实现存款高利率
with high interest rates

贷款低利率
and loans with low interest rates

对存款方和贷款方都具有吸引力
It is attractive for both borrowers and lenders

但是
However

欧洲货币市场的风险
the risk of the eurocurrency market

要高于国内货币市场
is higher than that of the

要高于国内货币市场
domestic currency market

风险来自于两个方面
The risks come from two aspects

第一是由于缺乏政府的监管
The first is that due to the lack

第一是由于缺乏政府的监管
of government supervision

银行倒闭造成存款损失的可能性大
bank failures are more likely to

银行倒闭造成存款损失的可能性大
cause deposit losses

第二是国际贷款
The second is that international loans

会增加企业的外汇风险

会增加企业的外汇风险
will increase corporate foreign exchange risk

这些风险在一定程度上
To some extent

抵消了欧洲货币市场
these risks offset the benefits of

低成本和高收益带来的好处
low costs and high returns

低成本和高收益带来的好处
in the eurocurrency market

发行债券是企业融资的重要方式
Issuing bonds is an important method

发行债券是企业融资的重要方式
of corporate financing

为了筹措外币资金
In order to raise foreign currency funds

借款人可以发行国际债券
borrowers can issue international bonds

在全球债券市场发行的国际债券
International bonds issued

在全球债券市场发行的国际债券
in the global bond market

按照票面币种和发行债券市场
can be divided into two types

所在国的关系
foreign bonds and eurobond according to

可以分为
the relationship between

外国债券和欧洲债券两种类型
the currency and the country where

外国债券和欧洲债券两种类型
the bond market is located

外国债券是在借款人的国外发行
A foreign bond is a bond

外国债券是在借款人的国外发行
issued in a foreign country

并以发行地所在国的货币
of the borrower and priced in the currency

标价的债券
of the country of issue

外国债券的发行人
The issuer

和发行地分别在两个国家
and the place of issue of foreign

和发行地分别在两个国家
bonds are in two countries

债券的币种采用发行地的币种
and the currency of the bond is

债券的币种采用发行地的币种
the currency of the issuing place

比如 中国的企业
For example Chinese companies

在日本发行的以日元标价的债券
issued bonds denominated in yen in Japan

欧洲债券是借款人在
Eurobonds are bonds issued

欧洲债券是借款人在
by the borrower abroad in

国外以当地的欧洲货币发行的债券
the local European currency

该欧洲货币的币种
and the currency of the

该欧洲货币的币种
European currency

不是借款人所在国的币种
is not the currency of the country where

不是借款人所在国的币种
the borrower is located

欧洲债券的借款人
The borrower

发行地和发行货币
place of issue and

发行地和发行货币
currency of Eurobonds

分别属于三个或更多的国家
belong to three or more countries

比如
For example

中国的企业在日本发行的美元债券
US dollar bonds issued by

中国的企业在日本发行的美元债券
Chinese companies in Japan

在欧洲债券市场
In addition to raising foreign currency

除了能筹措到外币资金
funds in the European bond market

由于使用了欧洲货币
it also has three advantages due

还具有三个优势
to the use of eurocurrencies

第一 没有政府的法规干预
First there is no government

第一 没有政府的法规干预
regulatory intervention

使得发行成本较低
which reduced issuing costs

第二 信息披露的要求较为宽松
second information disclosure

第二 信息披露的要求较为宽松
requirements are relatively loose

第三 纳税条件也较为优惠
third the tax conditions are also more favorable

20世纪80年代以后
After the 1980s

发达国家的股票市场
the equity markets in developed countries

开始降低监管壁垒
began to reduce regulatory barriers

向全球的企业和投资者开放本国
and opened their own equity

向全球的企业和投资者开放本国
markets to global companies

股票市场
and investors

企业可以选择在海外上市
Companies can choose to list overseas

投资者也可以在国外的股票市场投资
and investors can also

投资者也可以在国外的股票市场投资
invest in foreign equity markets

一国的股票市场里
There are

有越来越多的外国公司和外国投资者
more and more foreign companies and

有越来越多的外国公司和外国投资者
foreign investors in the market

市场的国际化程度也越来越高
and the market is becoming more

市场的国际化程度也越来越高
and more internationalized

股票市场的国际化
The internationalization

股票市场的国际化
of the equity market

形成了企业所有权的多国化
has formed the

形成了企业所有权的多国化
multinationalization of corporate ownership

以便于投资者
and it is also convenient for investors

更大范围的分散投资组合
to diversify their investment

更大范围的分散投资组合
portfolios on a larger scale

由于发展中国家自身的股票市场
Due to the limited capacity

容量有限且缺乏流动性
and lack of liquidity in the

容量有限且缺乏流动性
equity market of developing countries

全球股票市场
the global equity market

越来越受到发展中国家企业的青睐
is increasingly favored by

越来越受到发展中国家企业的青睐
developing country companies

例如 2014年
For example in 2014

阿里巴巴选择在纽约证券交易所上市
Alibaba chose to list on the New York Stock Exchange

成为当年
which became the

规模最大的首次公开发行项目
largest scale of the public offering project of the year

以上我们学习了全球资本市场的内容
We have studied the content of the global capital market

对欧洲货币市场
and have a basic understanding

对欧洲货币市场
of the eurocurrency market

全球债券市场
the global bond market

和全球股票市场有了基本的认识
and the global equity market

这一节内容就是这些
That's all for this section

感谢大家参加
Thank you