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1、CHAPTER 12National Capital Markets and International Financing 第一页，共十七页。I. CORPORATE SOURCES AND USES OF FUNDSI. CORPORATE SOURCES AND USES OF FUNDSA.3 General Sources of Funds:1.Internally-generated cash2.Short-term external funds3.Long-term external fundsB.Forms of Securities1.Equity2.Debt: the mo
2、st preferred form第二页，共十七页。CORPORATE SOURCES AND USES OF FUNDSC.Debt Instruments Used1.Commercial Bank Loans2.Bondsa.Publicly issuedb.Privately issued第三页，共十七页。CORPORATE SOURCES AND USES OF FUNDSD. Financial Markets v. Financial Intermediaries1.Securitizationa. Definition:replacing bank loans withsecu
3、rities issued in public markets.b.Reflects reduction in access costs due to1.)Technological improvements2.)Globalization第四页，共十七页。CORPORATE SOURCES AND USES OF FUNDSE.Corporate Governancedifferences exist and fall into two general categories:1.Anglo-Saxon (AS) Model2.Continental European and Japanese
4、 (CEJ) Model- example: keiretsus第五页，共十七页。The Sony Keiretsu:A System of Interlocking DirectorsSONYSUPPLIER NO.1BANKNO. 1TRANSPORTCOBANKNO. 2SUPPLIERNO.2第六页，共十七页。CORPORATE SOURCES AND USES OF FUNDSF. Globalization of Financial Markets-has led to1.Global center competition:London v. NY v. Tokyo2.Regula
5、tory arbitrage第七页，共十七页。II.NATIONAL CAPITAL MARKET AS INTERNATIONAL CENTERSA. Principal Functions of Financial Centers1.To transfer purchasing power2.To allocate fundsbetween savers and borrowers第八页，共十七页。NATIONAL CAPITAL MARKET AS INTERNATIONAL CENTERSB.International Financial Market1.Most important:
6、a.Londonb.New Yorkc.Tokyo2.Other Centers for Intermediariesa.Singaporeb.Hong Kongc.the Bahamas第九页，共十七页。NATIONAL CAPITAL MARKET AS INTERNATIONAL CENTERS3. Prerequisites to be a global financial centera.political stabilityb.minimal government interventionsc.legal infrastructured.financial infrastructu
7、re第十页，共十七页。NATIONAL CAPITAL MARKET AS INTERNATIONAL CENTERSC.Foreign Access to Domestic Markets1. The Foreign Bond Marketa. Extension of domestic marketb. Issues floated by foreign cos. or governmentsExamples:Yankee bonds, samurai bonds第十一页，共十七页。NATIONAL CAPITAL MARKET AS INTERNATIONAL CENTERSc. Thr
8、ee Major Types of Foreign Bonds1.)Fixed rate2.)Floating rate3.)Equity related第十二页，共十七页。NATIONAL CAPITAL MARKET AS INTERNATIONAL CENTERS2. The Foreign Bank Marketa.Extension of domestic marketsb.Important funding source:Japanese banks for U.S. firms3. The Foreign Equity Marketa.Cross listing internat
9、ionally can1.) diversify risk2.) increase potential demand3.) build base of global owners. 第十三页，共十七页。III.DEVELOPMENT BANKSA. General Purposefounded by governments to help financevery large infrastructure projects.第十四页，共十七页。DEVELOPMENT BANKSB.Types of Development Banks1.World Bank Group includesa. In
10、ternational Bank for Reconstruction and Developmentb. International Development Associationc. International Finance Corporation第十五页，共十七页。DEVELOPMENT BANKSB.Types of Development Banks (cont)2.Regional Development Banksfinance industry, agricultural, and infrastructure projects3.National Development Banksconcentrate on a particular industry or region.第十六页，共十七页。内容(nirng)总结CHAPTER 12。3.Long-term external funds。E.Corporate Governance。1.Anglo-Saxon (AS) Model。b.minimal government interventions。b.Important funding source:。DEVELOPMENT BANKS第十七页，共十七页。