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1、Financial Structure(金融结构）：金融结构）：金融结构是指构成金融结构是指构成金融总体金融总体的各个组成部分的的各个组成部分的存在、分布、相对规模、相互关存在、分布、相对规模、相互关系与配合系与配合的状态。的状态。一国的金融总体主要由金融组织、金融市场、各种融资活一国的金融总体主要由金融组织、金融市场、各种融资活动、各种金融资产等构成。动、各种金融资产等构成。Financial Structure(金融结构）：金融结构）：1、金融体系结构、金融体系结构各种金融机构（包括中央银行、商业银行、保险公司、信托投资公司、证券公司、各种金融机构（包括中央银行、商业银行、保险公司、信托投
2、资公司、证券公司、信用合作社等）的设置比例和金融机构内部的组织状况。信用合作社等）的设置比例和金融机构内部的组织状况。2、金融市场结构、金融市场结构包括货币市场、资本市场、证券市场、外汇市场、黄金市场等子市场的市场规模包括货币市场、资本市场、证券市场、外汇市场、黄金市场等子市场的市场规模及在金融市场中所占的比重。及在金融市场中所占的比重。3、金融工具结构、金融工具结构在金融市场上各种金融工具，如现金、商业票据、股票、债券等所使用的范围和在金融市场上各种金融工具，如现金、商业票据、股票、债券等所使用的范围和在金融交易量中所占的比重。在金融交易量中所占的比重。4、金融商品价格结构、金融商品价格结构
3、金融商品价格的构成状况，它反映了各种金融工具的质量、收益和期限的组合。金融商品价格的构成状况，它反映了各种金融工具的质量、收益和期限的组合。5、融资结构、融资结构直接融资和间接融资的规模及所占的比重。直接融资和间接融资的规模及所占的比重。Preview:The features of financial structureHow to explain these featuresTransaction cost Asymmetric information Basic Puzzles About Financial Structure Throughout the World 中国非金融企业外
4、部资金来源中国非金融企业外部资金来源 (1992-2008)数据来源：根据数据来源：根据中国金融年鉴中国金融年鉴中历年中国资金流量表计算。中历年中国资金流量表计算。Basic Puzzles About Financial Structure Throughout the World1、Stocks are not the most important source of external financing for businesses.2、Issuing marketable debt and equity securities is not the primary way in whic
5、h businesses finance their operations.3、Indirect finance,which involves the activities of financial intermediaries,is many times more important than direct finance,in which businesses raise funds directly from lenders in financial markets.4、Banks are the most important source of external funds used
6、to finance businesses.Basic Puzzles About Financial Structure Throughout the World5、The financial system is among the most heavily regulated sectors of the economy.6、Only large,well-established（组织完善）组织完善）corporations have easy access to securities markets to finance their activities.Individuals and
7、medium-small businesses 7、Collateral（抵押）（抵押）is a prevalent feature（显著特征）（显著特征）of debt contracts for both households and businesses.unsecured debt（无担保债务）；（无担保债务）；secured debt（担保债务）（担保债务）Collateral is property that is pledged to the lender to guarantee payment in the event that the borrower is unable
8、to make debt payments.8、Debt contracts typically are extremely complicated（极为复杂）极为复杂）legal documents that place substantial restrictions（无数限制）无数限制）on the behavior of the borrower.Asymmetric Information and Financial StructureAsymmetric information:One partys insufficient knowledge about the other pa
9、rty involved in a transaction to make accurate decisions.交易一方对另一方缺乏充分了解，以至于无法做出正确的决策。交易一方对另一方缺乏充分了解，以至于无法做出正确的决策。1）Adverse selection 2）Moral hazard Asymmetric Information and Financial Structure1、How Adverse Selection Influences Financial Structure-The Lemons Problem（柠檬问题）（柠檬问题）由经济学家乔治由经济学家乔治阿克洛夫（阿克
10、洛夫（George Akerlof）于）于1970年提出来。年提出来。“柠檬柠檬”一一词在美国俚语中表示词在美国俚语中表示“次品次品”，由于逆向选择对市场的影响类似于二手车市场，由于逆向选择对市场的影响类似于二手车市场的次品问题，故柠檬问题又称的次品问题，故柠檬问题又称次品车问题次品车问题。“柠檬问题柠檬问题”是信息不对称理论的是信息不对称理论的重要组成部分。重要组成部分。二手车市场（二手车市场（used-car market）买者不知道每辆车的质量但知道车市的质量分布。假设车市有三辆车，价格分买者不知道每辆车的质量但知道车市的质量分布。假设车市有三辆车，价格分别为：别为：0,5,10。首先，
11、顾客愿意花费的价格是首先，顾客愿意花费的价格是5，所以，价格为，所以，价格为10的车主退出市场；的车主退出市场；之后，基于市场质量分布，顾客将只愿意花费之后，基于市场质量分布，顾客将只愿意花费2.5，价格为，价格为5的车主退出市场；的车主退出市场；最后，顾客的花费意愿将降为最后，顾客的花费意愿将降为0，且只有最差的车留在市场。，且只有最差的车留在市场。（2）Lemons in the Stock and Bond Markets（股票与债券市场次品车问题）（股票与债券市场次品车问题）Asymmetric information;Investors are willing to pay only
12、 a price that reflects the average quality of firms issuing securitiesa price that lies between the value of securities from bad firms and the value of those from good firms.Good firms know that their securities are undervalued and will not want to sell them to investors at the price they are willin
13、g to pay.The only firms willing to sell investors securities will be bad firms(because the price is higher than the securities are worth).Investors do not want to hold securities in bad firms,and hence they will decide not to purchase securities in the market.(3)Explanations for puzzle 1 and 2.Asymm
14、etric Information and Financial Structure2、Tools to Help Solve Adverse Selection Problems（解决办法）解决办法）Asymmetric Information and Financial Structure（1）Private Production and Sale of Information存在的问题：存在的问题：Free-rider problem(免费搭车者问题）免费搭车者问题）people who do not pay for information take advantage of the in
15、formation that other people have paid for.（定义）（定义）Because you will not gain any profits from purchasing the information,you realize that you never should have paid for this information in the first place.If other investors come to the same realization,private firms and individuals may not be able to
16、 sell enough of this information to make it worth their while(值得花费值得花费时间）时间）to gather and produce it.The ability of private firms to profit from selling information is weakened and less information is produced in the marketplace.Private production of information can lessen,but do not eliminate,the a
17、dverse selection problem in financial markets.Adverse selection will still interfere with the efficient functioning of securities markets.2、Tools to Help Solve Adverse Selection Problems（解决办法）解决办法）（2）Government Regulation to Increase Information The government produces information to help investors
18、distinguish good from bad firms and provide it to the public free of charge.政府与企业间的关联？政府与企业间的关联？Government regulates securities markets in a way that encourages firms to reveal honest information about themselves so that investors can determine how good or bad the firms are.（信息披露原则）（信息披露原则）公司信息的可信度？
19、公司信息的可信度？Even when firms provide information to the public about their sales,assets,or earnings,they still have more information than investors.Government regulation can lessen（减缓）（减缓）asymmetric information problems,but cannot eliminate（消除）（消除）them.Explanations for puzzle 5.Asymmetric Information an
20、d Financial Structure2、Tools to Help Solve Adverse Selection Problems（解决办法）解决办法）（3）Financial Intermediation（金融中介作用）（金融中介作用）A financial intermediary,such as a bank,becomes an expert in the production of information about firms.It can avoid the free-rider problem,because a private loan is not traded,o
21、ther investors cannot watch what the bank is doing and bid up the loans price(抬高）抬高）to the point that the bank receives no compensation for the information it has produced.Explanations for puzzles 3,4,6.Asymmetric Information and Financial StructureFinancial Intermediary(Banks)investorscompaniesnon-
22、traded loans2、Tools to Help Solve Adverse Selection Problems（解决办法）解决办法）（3）Financial Intermediation（金融中介作用）（金融中介作用）结论：结论：In developing countries,banks play more important role in the financial systems than developed countries.As information about firms becomes easier to acquire,the role of banks shou
23、ld decline.pecking order hypothesis(啄食顺序假设）啄食顺序假设）企业融资一般遵循为内源融资；外源融资；间接融资；直接融资；债券融资；股企业融资一般遵循为内源融资；外源融资；间接融资；直接融资；债券融资；股票融资的先后顺序。即，在内源融资和外源融资中首选内源融资；在外源融资中票融资的先后顺序。即，在内源融资和外源融资中首选内源融资；在外源融资中的直接融资和间接融资中首选间接融资；在直接融资中的债券融资和股票融资中的直接融资和间接融资中首选间接融资；在直接融资中的债券融资和股票融资中首选债券融资。首选债券融资。其中内部融资主要是指公司的其中内部融资主要是指公司的
24、自有资金自有资金和在生产经营过程中的和在生产经营过程中的资金积累资金积累部分；外部分；外部融资又可分为通过部融资又可分为通过银行筹资银行筹资的间接融资和通过的间接融资和通过资本市场筹资资本市场筹资的直接融资（直接的直接融资（直接融资包括债券融资和股权融资）。融资包括债券融资和股权融资）。Asymmetric Information and Financial Structure2、Tools to Help Solve Adverse Selection Problems（解决办法）解决办法）（4）Collateral and Net Worth（抵押品与净值）抵押品与净值）Collatera
25、l,property promised to the lender if the borrower defaults,reduces the consequences of adverse selection because it reduces the lenders losses in the event of a default.Net worth(also called equity capital,权益权益/股权资本股权资本),the difference between a firms assets(what it owns or is owed)and its liabiliti
26、es(what it owes).If a firm has a high net worth,then even if it engages in investments that cause it to have negative profits and so defaults on its debt payments,the lender can take title to the firms net worth,sell it off,and use the proceeds to recoup(收回）收回）some of the losses from the loan.The mo
27、re net worth a firm has in the first place,the less likely it is to default.the consequences of adverse selection are less important and lenders are more willing to make loans.Explanation for puzzle 7.Asymmetric Information and Financial Structure缓冲资产缓冲资产3、How Moral Hazard Affects the Choice Between
28、 Debt and Equity ContractsMoral hazard in financial market is the asymmetric information problem that occurs after the financial transaction takes place,when the seller of a security may have incentives to hide information and engage in activities that are undesirable for the purchaser of the securi
29、ty.Asymmetric Information and Financial Structure3、How Moral Hazard Affects the Choice Between Debt and Equity Contracts（债务合约与股权合约）债务合约与股权合约）（1）Moral Hazard in Equity Contracts:The Principal Agent Problem（委委托托-代理问题）代理问题）Separation of ownership and control（所有权与控制权分离）所有权与控制权分离）Different interest of th
30、e principal and agent（利益不同）（利益不同）Asymmetric information（经理比股东拥有更多的信息）（经理比股东拥有更多的信息）moral hazard委托代理问题：由于代理人的目标函数与委托人的目标函数不一致，加上存在信息不对称，委托代理问题：由于代理人的目标函数与委托人的目标函数不一致，加上存在信息不对称，代理人有可能偏离委托人目标函数而委托人难以观察和监督，从而出现代理人损害委托人代理人有可能偏离委托人目标函数而委托人难以观察和监督，从而出现代理人损害委托人利益的现象，又称为代理问题。利益的现象，又称为代理问题。Principalagent prob
31、lem is a particular type of moral hazard.Asymmetric Information and Financial StructureEquity ContractsPrincipal(stockholders）Agent（managers）3、How Moral Hazard Affects the Choice Between Debt and Equity Contracts（债务合约与股权合约）债务合约与股权合约）（2）Tools to Help Solve the PrincipalAgent ProblemGovernment Regulat
32、ion to Increase Information.Governments everywhere have laws to force firms to adhere to standard accounting principles（标准会计准则）（标准会计准则）that make profit verification（利润（利润核实）核实）easier.They also pass laws to impose stiff criminal penalties（刑事（刑事处罚）处罚）on people who commit the fraud of hiding and steali
33、ng profits（隐（隐藏和骗取利润）藏和骗取利润）.Explanation for puzzle 5 Asymmetric Information and Financial Structure3、How Moral Hazard Affects the Choice Between Debt and Equity Contracts（债务合约与股权合约）债务合约与股权合约）（1）Tools to Help Solve the PrincipalAgent Problem Financial IntermediationVenture capital firm(风险投资公司，风险投资公司
34、，VC)-financial intermediaryTo pool the resources of their partners（风险资本）（风险资本）and use the funds to help budding entrepreneurs（正在成长的企业家）（正在成长的企业家）start new businesses（创业）（创业）;To receive an equity share in the new business；To have several of their own people participate as members of the board of dire
35、ctors of the firm;the equity in the firm is not marketable to anyone but the venture capital firm.Asymmetric Information and Financial Structure3、How Moral Hazard Affects the Choice Between Debt and Equity Contracts（债务合约与股权合约）债务合约与股权合约）（2）Tools to Help Solve the PrincipalAgent Problem Debt Contracts
36、Lender doesnt care the exact profits as long as these activities do not interfere with the ability of the firm to make its debt payments on time.Only when the firm cannot meet its debt payments,thereby being in a state of default,is there a need for the lender to verify the state of the firms profit
37、s.The advantage of a less frequent need to monitor the firm,and thus a lower cost of state verification,helps explain why debt contracts are used more frequently than equity contracts to raise capital.Asymmetric Information and Financial Structure4、How Moral Hazard Influences Financial Structure in
38、Debt Markets（2）Tools to Help Solve Moral Hazard in Debt ContractsNet WorthHigh net worth can avoid the moral hazard problem.High net worth makes the debt contract incentive-compatible（激励相容）激励相容）,that is,it aligns（统一）（统一）the incentives of the borrower with those of the lender.激励相容：存在道德风险的情况下，如何设计一种制度
39、安排，激励相容：存在道德风险的情况下，如何设计一种制度安排，保证拥有信息优势的一方按照保证拥有信息优势的一方按照契约的另一方的意愿行动，从而使双方都能趋向于效用最大化。契约的另一方的意愿行动，从而使双方都能趋向于效用最大化。The greater the borrowers net worth,the greater the borrowers incentive to behave in the way that the lender expects and desires,the smaller the moral hazard problem in the debt contract i
40、s,and the easier it is for the firm to borrow.Conversely,when the borrowers net worth is lower,the moral hazard problem is greater,and it is harder for the firm to borrow.Asymmetric Information and Financial Structure4、How Moral Hazard Influences Financial Structure in Debt Markets（2）Tools to Help S
41、olve Moral Hazard in Debt ContractsMonitoring and Enforcement of Restrictive Covenants（限制性条款（限制性条款/契契约的监督和执行）约的监督和执行）Restrictive covenants are directed at reducing moral hazard.内容：内容：Covenants to discourage undesirable behavior;（“不得不得”）Covenants to encourage desirable behavior;（“须须”或或“应应”）Covenants
42、to keep collateral valuable;Covenants to provide information.Explanation for puzzle 8.缺陷：缺陷：They must be monitored and enforced.A restrictive covenant is meaningless if the borrower can violate it knowing that the lender wont check up or is unwilling to pay for legal recourse（法律救助）（法律救助）；Free-riding
43、 problem;Asymmetric Information and Financial Structure如：汽车销售贷款合同如：汽车销售贷款合同总结：总结：Asymmetric Information and Financial StructureProblems：1、Would moral hazard and adverse selection still arise in financial markets if information were not asymmetric?Explain.（课后题（课后题3题）题）2、Do you think the lemons proble
44、m would be more severe for stocks traded on the New York Stock Exchange or those traded over-the-counter（场外市场）（场外市场）?Explain.（课后题（课后题5题）题）3、Would you be more willing to lend to a friend if she put all of her life savings into her business than you would if she had not done so?Why?（课后题（课后题8题）题）4、How
45、does the free-rider problem aggravate（恶化）（恶化）adverse selection and moral hazard problems in financial markets?（课后题（课后题11题）题）Asymmetric Information and Financial StructureApplication 1：Financial Development and Economic GrowthExplain how an underdeveloped financial system（financial repression,金融压制金融压
46、制/金融抑制）金融抑制）leads to a low state of economic development and economic growth in many developing countries(发展中国家）发展中国家）or transition countries（转轨国家）（转轨国家）.金融抑制金融抑制是指一国的金融体系不健全，金融是指一国的金融体系不健全，金融市场机制市场机制未充分发挥作用，经济生活中存在过未充分发挥作用，经济生活中存在过多的多的政府金融管制政府金融管制措施，而受到压制的金融反过来又阻滞着经济的成长和发展，从而造成措施，而受到压制的金融反过来又阻滞着经济的
47、成长和发展，从而造成了金融抑制和经济落后的恶性循环。了金融抑制和经济落后的恶性循环。1）金融价格控制：发展中国家一般都对）金融价格控制：发展中国家一般都对存贷款利率、汇率进行管制存贷款利率、汇率进行管制，时而采取规定上下，时而采取规定上下限的形式，时而又采用规定某一百分比的形式。限的形式，时而又采用规定某一百分比的形式。2）特别的信贷机构：这些信贷机构以）特别的信贷机构：这些信贷机构以非均衡的低利率非均衡的低利率将资金用于促进出口、对小农户的将资金用于促进出口、对小农户的信贷和政府想补贴的工业项目，如此等等。这些信贷机构承担了部分政府的功能，中央银信贷和政府想补贴的工业项目，如此等等。这些信贷
48、机构承担了部分政府的功能，中央银行的信贷也可以直接流向财政部，弥补政府预算赤字。行的信贷也可以直接流向财政部，弥补政府预算赤字。金融自由化金融自由化指政府放弃对金融市场和金融体系的过度干预，放松对利率和汇率的严格管制，指政府放弃对金融市场和金融体系的过度干预，放松对利率和汇率的严格管制，使利率和汇率成为反映资金供求和外汇供求对比变化的信号，从而有利于增加储蓄和投资，使利率和汇率成为反映资金供求和外汇供求对比变化的信号，从而有利于增加储蓄和投资，促进经济增长。促进经济增长。Asymmetric Information and Financial StructureApplication 1：Fi
49、nancial Development and Economic Growth It blocks the effective use of tools；The adverse selection and moral hazard problems will be worse;Lenders will be less willing to lend;Productive investment will be less;The growth rate for the economy will be lower.Asymmetric Information and Financial Struct
50、ureApplication 1：Financial Development and Economic Growth1、Pool legal system（落后的法律体系）（落后的法律体系）（bankruptcy procedures are often extremely slow and cumbersome）collateral,restrictive covenants2、Inadequate government regulation（欠发达的政府监管）（欠发达的政府监管）（weak accounting standards）government regulation3、Direct