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Financial markets perform the essential economic function of channelingfunds from households , firms , and government that have saved surplusfunds by spending less than their income to those that have a shortage offunds because they wish to spend more than their income . This function isshown schematically in Figure 1
Unit 15: THE FINANCIAL MARKETS Group 12 includes: •Lê Mỹ Linh •Trần Thị Duyên •Dương Diệp Linh •Trần Hải Đăng •Đỗ Minh Anh UNIT15: THE FINANCIAL MARKETS Vocabulary: New words Definition Mortage /'mɔ:gidʤ/ Thế chấp Maturity /mə'tjuəriti/ Kỳ hạn Expiration /,ekspaiə'reiʃn/ Mãn hạn Residual /ri'zidjuəl/ Thặng dư Ownership /'ounəʃip/ Quyền sở hữu Institution /,insti'tju:ʃn/ Sự thành lập Initial Short-term Long – term /i'niʃl/ /'ʃɔ:ttə:m/ /'lɔɳtə:m/ Ban đầu Ngắn hạn Dài hạn Corporation /,kɔ:pə'reiʃn/ Đồn thể Negotiable /ni'gouʃjəbl/ Có thể thương lượng Deposit /di'pɔzit/ Vật gửi, tiền gửi Principal /'prinsəpəl/ Chủ yếu New words Pronunciation Definition Dividends /ˈdɪvɪˌdɛnd/ tiền lãi cổ phần; cổ tức Trillion /´triliən/ nghìn tỷ Acquire /ə'kwaiə/ đạt được; thu Relevant /´reləvənt/ có liên quan Behavior /bi’heivjə/ thái độ, hành vi Pension /'penʃn/ tiền trợ cấp Dealers /´di:lə/ người môi giới Majority /mə’ʤɔriti/ phần lớn, đa số Investment /in’vestmənt/ vốn đầu tư Certificate /sə'tifikit/ chứng Financial markets perform the essential economic function of channeling funds from households , firms , and government that have saved surplus funds by spending less than their income to those that have a shortage of funds because they wish to spend more than their income This function is shown schematically in Figure Functions Of Financial Markets • Those who have saved and are lending funds , the lender-savers , are at the left , and those who must borrow funds to finance their spending , the borrower-spenders , are at the right The principal lender-saver are househoulds , but business enterprises and the government ( particularly state and local government ) , as well as foreigners and their governments , sometimes also find themselves with escess funds so they lend them out The most important borrower-spenders are businesses and the government ( particularly the federal goverments), but households and foreigners also borrow to finance their purchases of cars, furniture , and houses The arrows show that funds flow from lenders-savers to borrower-spender via two routes Functions Of Financial Markets • • Financial markets perform the essential economic function of channeling funds from households , firms , and government that have saved surplus funds by spending less than their income to those that have a shortage of funds because they wish to spend more than their income This function is shown schematically in Figure Those who have saved and are lending funds , the lender-savers , are at the left , and those who must borrow funds to finance their spending , the borrower-spenders , are at the right The principal lender-saver are househoulds , but business enterprises and the government ( particularly state and local government ) , as well as foreigners and their governments , sometimes also find themselves with escess funds so they lend them out The most important borrowerspenders are businesses and the government ( particularly the federal goverments), but households and foreigners also borrow to finance their purchases of cars, furniture , and houses The arrows show that funds flow from lenders-savers to borrowerspenders via two routes • • Thị trường tài đóng vai trò quan trọng kênh dẫn vốn từ hộ gia đình , doanh nghiệp phủ , từ nơi dư thừa vốn họ chi tiêu thu nhập , đến nơi thiếu vốn họ chi tiêu nhiều thu nhập tạo Chức thể dạng biểu đồ hình Những đối tượng dư vốn cho vay phía tay trái , đối tượng sử dụng vốn vay cho mục đích chi tiêu bên phải Đối tượng cho vay chủ yếu hộ gia đình , hãng kinh doanh phủ ( đặc biệt quyền liên bang quyền địa phương ) , người nước ngồi phủ nước ngồi đơi dư vốn có nhu cầu cho vay Đối tượng vay chủ yếu hang kinh doanh phủ ( đặc biệt quyền liên bang ) , hộ gia đình người nước ngồi vay để mua xe , thiết bị nhà Mũi tên cho biết dòng chảy vốn từ bên cho vay sang bên vay thông qua đường What is the main function of financial markets ? -> The main function of financial markets is channeling funds from households , firms , and government that have saved surplus funds by spending less than their income , to those that have a shortage of funds , because they wish to spend more than their income STRUTURE OF FINANCIAL MARKETS Now that we understand the basic function of financial market, let’s look at their structure The following descriptions of several categorizations of financial markets illustrate essential features of these markets Debt and Equity Markets A firm or an individual can obtain funds in a financial market in two ways The most common method is to issue a debt instrument, such as a bond or a mortgage, which is a contractual agreement by the borrower to pay the holder of the instrument fixed dollar amounts at regular interval (interest and principal payments) until a specified date (the maturity date),when a final payment is made The maturity of a debt instrument is the number of years (term) until that instrument’s expiration date A debt instrument is short-term if its maturity is less than a year and long-term if its maturity is ten years or longer A debt instrument with a maturity between one and ten years are said to be intermediate-term • The second method of raising funds is issuing equities, such as common stock, which are claims to share in the net income (income after expenses and taxes) and the assets of a business If you own one share of common stock in a common in a company that has issued one million shares, you are entitled to one-millionth of the firm’s net income and one-millionth of the firm’s assets Equities often make periodic payments (dividends) to their holder and are considered longterm securities because they have no maturity date In addition , owning stock means that you own a portion of the firm and thus have the right to vote on issues important to the firm and to elect its director Primary and Secondary Markets • • A primary market is a finacial market • Question: in which new issues of security, such as In which type of financial markets a bond or stock, are sold to intial are fresh shares issued and sold ? buyers by the corporation or government agency borrowing funds -> The primary market A secondary market is a financial market in which securities that have been previously issued can be resold Why are the primary markets for securities not well known to the The primary market for securities are public ? not well know to the public because the selling of securities to intial buyers often take place behind closed doors -Because the selling of securities to intial An important financial institution that buyers often take place behind closed assists in the intial sale of securities in doors the primary market is the investment bank It does this by underwriting securities: it guarantees a price for a corporation’s securities and then sells them to the public Primary and Secondary Markets The New York and American stock exchanges and NASDAQ ( National Association of Securities Dealer Automated Quotation System), in which previously issued stocks are traded, are the best – known examples of secondary markets, although the bond market, in which previously issued bonds of major corporation and the U.S government are bought and sold, actually have a larger trading volume Other examples of secondary markets are exchange markets, futures markets and option markets Brokers are agents of investors who match buyers with sellers of securities; dealers link buyers and sellers by buying and selling securities at stated prices When an individual buys a security in the secondary market, the person who has sold the security receives money in exchange for the security, but the corporation that issued the security acquires no new funds A corporation acquires new funds only when its securities are first sold in the primary market Primary and Secondary Markets • Nonetheless, secondary markets serve two important functions First, they make it easier and quicker to sell these financial instruments to raise cash; that is, they make the financial instruments more liquid The increased liquidity of these instruments then make them more desirable and thus easier for the issuing firm to sell in the primary market Second, they determine the price of securities in the primary will pay the issuing corporation no more than the price they think the secondary market will set for this securities The higher the security’s price in the secondary market, the higher the price that the issuing firm will receive for a new security in the primary market, and hence the greater the amount of financial capital it can raise Conditions in the secondary are therefore the most relevant to corporations issuing securities It is for this reason that book like this one, which deal with financial markets, focus on the behavior of secondary markets rather than primary markets Primary and Secondary Markets • • A primary market is a financial market in which new issues of security, such as a bond or stock, are sold to intial buyers by the corporation or government agency borrowing funds A secondary market is a financial market in which securities that have been previously issued can be resold The primary market for securities are not well know to the public because the selling of securities to intial buyers often take place behind closed doors An important financial institution that assists in the intial sale of securities in the primary market is the investment bank It does this by underwriting securities: it guarantees a price for a corporation’s securities and then sells them to the public • • Thị trường thứ cấp nơi mà phát hành chứng khoán ( trái phiếu cổ phiếu) cách doanh nghiệp quan Chính phủ bán cho người mua Thị trường thứ cấp nơi giao dịch chứng khốn phát hành trước Thị trường chứng khốn sơ cấp khơng phổ biến giao dịch chứng khoán tới tay người mua giao dịch tổ chức kín Ngân hàng nơi diễn lần phát hành chứng khoán thị trường sơ cấp cách bảo lãnh chứng khoán: họ tiến hành mua tồn chứng khốn phát hành sau bán ngồi thị trường Primary and Secondary Markets • The New York and American stock exchanges and NASDAQ ( National Association of Securities Dealer Automated Quotation System), in which previously issued stocks are traded, are the best – known examples of secondary markets, although the bond market, in which previously issued bonds of major corporation and the U.S government are bought and sold, actually have a larger trading volume Other examples of secondary markets are exchange markets, futures markets and option markets Brokers are agents of investors who match buyers with sellers of securities; dealers link buyers and sellers by buying and selling securities at stated prices • Sàn giao dịch chứng khốn New York NASDAQ ( Hiệp hội quốc gia nhà đầu tư chứng khoán), nơi giao dịch cổ phiếu lên sàn hình mẫu thị trường thứ cấp, thị trường trái phiếu ( nơi tiến hành giao dịch trái phiếu phát hành từ doanh nghiệp Chính phủ Mỹ) có lượng giao dịch lớn Thị trường hối đối ví dụ khác thị trường thứ cấp bên cạnh thị trường kỳ hạn thị trường quyền chọn Nhà môi giới chứng khốn người bn chứng khốn nhân tố định đến vận hành trơn tru thị trường nhà môi giới đại diện nhà đầu tư, đóng vai trò cầu nối người mua người bán chứng khốn; người bn chứng khốn đóng vai trò trung gian người mua người bán thơng qua mua bán chứng khốn mức giá định sẵn Primary and Secondary Markets • When an individual buys a security in the secondary market, the person who has sold the security receives money in exchange for the security, but the corporation that issued the security acquires no new funds A corporation acquires new funds only when its securities are first sold in the primary market Nonetheless, secondary markets serve two important functions First, they make it easier and quicker to sell these financial instruments to raise cash; that is, they make the financial instruments more liquid The increased liquidity of these instruments then make them more desirable and thus easier for the issuing firm to sell in the primary market • Khi người mua chứng khoán thị trường, người bán nhận tiền từ giao dịch, doanh nghiệp phát hành không nhận thêm khoản họ nhận trước lần phát hành thị trường sơ cấp Tuy vậy, thị trường thứ cấp có chức quan trọng Đầu tiên, đơn giản hóa đẩy nhanh tiến độ giao dịch để thu tiền mặt tức tang tính lỏng cho cơng cụ tài Điều dẫn đến việc cơng cụ tài thu hút đầu tư hơn, giao dịch thị trường sơ cấp diễn thuận tiện Primary and Secondary Markets • Second, they determine the price of securities in the primary will pay the issuing corporation no more than the price they think the secondary market will set for this securities The higher the security’s price in the secondary market, the higher the price that the issuing firm will receive for a new security in the primary market, and hence the greater the amount of financial capital it can raise Conditions in the secondary are therefore the most relevant to corporations issuing securities It is for this reason that book like this one, which deal with financial markets, focus on the behavior of secondary markets rather than primary markets • Thứ hai, chúng định giá chứng khoán mà doanh nghiệp định phát hành vào thị trường sơ cấp Các nhà đầu tư chứng khoán mà doanh nghiệp thị trường sơ cấp trả cho đơn vị phát hành không nhiều thị trường thứ cấp ấn định Giá chứng khoán thị trường thứ cấp tăng kéo theo giá chứng khoán mà doanh nghiệp phát hành thị trường sơ cấp tăng vốn đầu tư tăng Thị trường thứ cấp nơi thích hợp để doanh nghiệp phát hành chứng khốn Đó lý sách thị trường tài ln tập trung vào hành vi thị trường thứ cấp thị trường sơ cấp Exchanges and Over-The-Counter Markets • Secondary markets can be organized in two ways One is to organized exchanges, where buyers and sellers of securities (or their agents or brokers) meet in one central location to conduct trades The New York and American stock exchanges for stocks and the Chicago Board of trade for commodities (Wheat, corn, silver, and other raw materials) are examples of organized exchanges The other method of organizing a secondary market is to have an over-the-counter (OTC) market, in which dealers at different locations who have an inventory of securities stand ready to buy and sell securities “over the counter” to anyone who comes to them and is willing to accept their prices Because over-the-counter dealers are in computer contact and know the prices set by one another, the OTC market is very competitive and not very different from a market with an organized exchange • Many common stocks are traded over-the-counter, although a majority of the largest corporations have their shares traded at organized stock exchanges such as the New York Stock Exchange The U.S government bond market, with a larger trading volume than the New York Stock Exchange, is set up as an over-the-counter market Forty or so dealers establish a “market” in these securities by standing ready to buy and sell U.S government bonds Other over-the-counter markets include those that trade other types of financial instruments such as negotiable certificates of deposit, federal funds, banker’s acceptances, and foreign exchange Exchanges and Over-The-Counter Markets Secondary markets can be organized in two ways One is to organized exchanges, where buyers and sellers of securities (or their agents or brokers) meet in one central location to conduct trades The New York and American stock exchanges for stocks and the Chicago Board of trade for commodities (Wheat, corn, silver, and other raw materials) are examples of organized exchanges The other method of organizing a secondary market is to have an over-thecounter (OTC) market, in which dealers at different locations who have an inventory of securities stand ready to buy and sell securities “over the counter” to anyone who comes to them and is willing to accept their prices Because over-the-counter dealers are in computer contact and know the prices set by one another, the OTC market is very competitive and not very different from a market with an organized exchange Thị trường thứ cấp tồn hình thức Thứ thị trường tập trung, nơi mà người mua người bán chứng khoán (hoặc đại diện, môi giới) thực giao dịch địa điểm Sàn giao dịch chứng khoán New York American sàn giao dịch hàng hóa Chicago (lúa mì, ngơ, bạc ngun liệu thơ khác) mơ hình mẫu thị trường có tổ chức Một hình thức khác thị trường thứ cấp thị trường OTC- thị trường chứng khoán phi tập trung, nơi mà người kinh doanh chứng khoán từ nhiều nơi khác thực mua bán chứng khoán trực tiếp với người có nhu cầu chấp nhận giá đưa Vì người bn chứng khốn giao dịch aqua máy tính báo giá qua người khác , thị trường phi tập trung có tính cạnh tranh cao khơng khác so với thị trường tập trung Exchanges and Over-The-Counter Markets • Many common stocks are traded overthe-counter, although a majority of the largest corporations have their shares traded at organized stock exchanges such as the New York Stock Exchange The U.S government bond market, with a larger trading volume than the New York Stock Exchange, is set up as an over-the-counter market Forty or so dealers establish a “market” in these securities by standing ready to buy and sell U.S government bonds Other over-the-counter markets include those that trade other types of financial instruments such as negotiable certificates of deposit, federal funds, banker’s acceptances, and foreign exchange • Rất nhiều cổ phiếu thường giao dịch phi tập trung dù phần đông doanh nghiệp lớn giao dịch cổ phiếu họ sàn tập trung sàn giao dịch New York Thị trường trái phiếu phủ Mỹ, với lượng giao dịch lớn sàn New York sàn giao dịch phi tập trung Khoảng 40 nhà buôn chứng khốn thành lập nên thị trường mà họ ln sẵn sàng mua bán trái phiếu phủ Các thị trường phi tập trung khác bao gồm thị trường giao dịch cơng cụ tài khác chứng tiền gửi chuyển nhượng, quỹ liên bang, chấp phiếu ngân hàng ngoại tệ Exchanges and Over-The-Counter Markets Questions: What are two ways of organizing secondary markets ? -> One is to organized exchanges, where buyers and sellers of securities (or their agents or brokers) meet in one central location to conduct trades The other method of organizing a secondary market is to have an over-the-counter (OTC) market, in which dealers at different locations who have an inventory of securities stand ready to buy and sell securities “over the counter” to anyone who comes to them and is willing to accept their prices 10 What are differences between Exchanges and OTC markets ? -> The OTC market is very competitive and not very different from a market with an organized exchange Money and Capital Markets • Another way of distinguishing between markets is on the basis of the maturity of the securities traded in each market The money market is a financial market in which only short-term debt instruments (generally those with original maturity of less than one year) are traded; the capital market is the market in which longer-term debt (generally those with original maturity of one year or greater) and equity instruments are traded Money market securities, are usually more widely traded than longer-term securities and so tend to be more liquid In addition, as we will see in Chapter 4, short-term securities have smaller fluctuations in prices than long-term securities, making them safer investments As a result, corporations and banks actively use the money market to earn interest on surplus funds that they expect to have only temporarily Capital market securities, such as stocks and long-term bonds, are often held by financial intemediaries such as insurance companies and pension funds, which have little uncertainty about the amount of funds they will have available in the future Tiền thị trường vốn • • • cách khác để phân biệt thị trường dựa sở thay đổi chứng khoán giao dịch thị trường Thị trường tiền tệ thị trường tài có công cụ nợ ngắn hạn (thường năm) giao dịch; thị trường vốn thị trường nợ dài hạn (thường năm hơn) cơng cụ vốn giao dịch Chứng khốn thị trường tiền tệ thường giao dịch rộng rãi chứng khốn dài hạn có xu hướng lỏng Ngoài ra, thấy Chương 4, chứng khốn ngắn hạn có biến động nhỏ giá so với chứng khoán dài hạn, làm cho chúng đầu tư an toàn Do vậy, tập đoàn ngân hang chủ động sử dụng thị trường tiền tệ để tăng lãi suất cho quỹ thặng dư mà họ mong muốn có tạm thời Thị trường chứng khốn vốn, ví dụ cổ phiếu trái phiếu dài hạn, thường tổ chức tổ chức tài trung gian công ty bảo hiểm quỹ hưu trí, có số khơng chắn số tiền quỹ mà họ có tương lai Question: 11.On the basis of the maturity of the securities traded in each market, what are financial markets classified into ? -> Money and capital markets Summary • Functions of financial markets: Financial markets perform the essential economic function of channeling funds from households , firms , and government that have saved surplus funds by spending less than their income to those that have a shortage of funds There are: + Lender-Savers: mostly are households, business firms, government and foreigners + Borrower-Spenders: are business firms, government, households and foreigners • Structure of Financial Markets Debt and Equity Markets + A firm or an individual can obtain funds in a financial market in two ways +/ The most common method is to issue a debt instrument, such as a bond or a mortgage, which is a contractual agreement by the borrower to pay the holder of the instrument fixed dollar amounts at regular interval (interest and principal payments) until a specified date (the maturity date),when a final payment is made +/ The second method of raising funds is issuing equities, such as common stock, which are claims to share in the net income (income after expenses and taxes) and the assets of a business • • • Summary Primary and Secondary Markets + A primary market is a finacial market in which new issues of security, such as a bond or stock, are sold to intial buyers by the corporation or government agency borrowing funds + A secondary market is a financial market in which securities that have been previously issued can be resold Exchanges and Over-the-Counter Markets + Secondary markets can be organized in two ways +/ One is to organized exchanges, where buyers and sellers of securities (or their agents or brokers) meet in one central location to conduct trades +/ The other method of organizing a secondary market is to have an over-thecounter (OTC) market, in which dealers at different locations who have an inventory of securities stand ready to buy and sell securities “over the counter” to anyone who comes to them and is willing to accept their prices Money and Capital Markets + The money market is a financial market in which only short-term debt instruments (generally those with original maturity of less than one year) are traded + The capital market is the market in which longer-term debt (generally those with original maturity of one year or greater) and equity instruments are traded ... cash; that is, they make the financial instruments more liquid The increased liquidity of these instruments then make them more desirable and thus easier for the issuing firm to sell in the primary... Second, they determine the price of securities in the primary will pay the issuing corporation no more than the price they think the secondary market will set for this securities The higher the security’s... will pay the issuing corporation no more than the price they think the secondary market will set for this securities The higher the security’s price in the secondary market, the higher the price