全套可編輯PPT

課件Chapter1Finance

Basics金融學1-1After

studying

this

chapter

you

will

understand:◆

What

a

finance

is.◆

What

the

personal

finance

is.◆

What

the

corporate

finance

is.◆

What

the

capital

is.◆

What

the

portfolio

is.◆

What

quantitative

behavioral

finance

is.◆

What

the

budget

is.◆

What

the

public

finance

is.Learning

Objectives1-2

FinanceBasicsFinance

is

a

broad

term

that

describesactivities

associated

with

banking,leverage

or

debt,credit,capital

markets,money,andinvestments.Basically,finance

represents

money

managementand

the

process

of

acquiring

neededfunds.1-3Themain

techniquesandsectorsofthefinancialindustryThefieldoffinancerefersto

theconceptsoftime,moneyandrisk

andhowtheyare

interrelated.Banksarethemainfacilitatorsoffundingthroughtheprovisionofcredit,althoughprivateequity,mutual

funds,hedge

funds,andotherorganizations

havebecomeimportant.1-4Abankaggregatestheactivities

ofmanyborrowersand

lenders.A

bankacceptsdepositsfrom

lenders,onwhichit

paysthe

interest.The

bankthen

lendsthesedepositstoborrowers.Banksarethuscompensatorsofmoneyflowsinspace.Themain

techniquesandsectorsofthefinancialindustryallowborrowersand

lenders,ofdifferentsizes,tocoordinatetheiractivity.Banks1-5Aspecificexampleofcorporate

finance

isthesaleofstock

byacompanyto

institutional

investors

like

investment

banks,who

inturn

generallysell

ittothe

public.The

stockgiveswhoeverowns

it

part

ownership

inthatcompany.Themain

techniquesandsectorsofthefinancialindustry1-6Finance

is

used

by

individuals(personalfinance),bygovernments(publicfinance),bybusinesses(corporatefinance),aswellasby

awidevarietyoforganizationsincludingschoolsand

non-profitorganizations.Themain

techniquesandsectorsofthefinancialindustry1-7

BankA

bank

isafinancial

intermediarythatacceptsdepositsand

channels

thosedeposits

into

lendingactivities,

eitherdirectlyorthroughcapitalmarkets.Abankconnects

customerswithcapitaldeficitsto

customerswithcapitalsurpluses.1-8

PersonalfinancePersonalfinance

istheapplicationoftheprinciplesoffinancetothemonetarydecisionsofan

individualobtain,budget,save,andspendmonetaryresourcesovertime,takingintoaccountvariousfinancialrisksandfuture

lifeevents.orfamilyunit.Itaddressesthewaysinwhich

individualsorfamilies1-9

CorporatefinanceCorporatefinance

isanarea

offinancedealingwiththefinancialdecisionscorporationsmakeand

the

toolsandanalysis

usedto

makethesedecisions.Theprimary

goalof

corporatefinance

istomaximizecorporatevaluewhilemanagingthe

firm'sfinancialrisks.1-10

PublicfinancePublicfinance

includestax,spending,budgeting,

anddebt

issuancepoliciesthataffect

how

agovernmentpaysfortheservices

itprovidestothe

public.Thefederalgovernment

helpspreventmarketfailurebyoverseeingtheallocationof

resources,

distributionofincome,andeconomicstability.Regularfunding

issecuredmostlythroughtaxation.

Borrowingfrombanks,insurancecompanies,andothernationsalso

helpfinancegovernment

spending.1-11

CapitalFinancialcapitalcan

referto

money

usedbyentrepreneurs

andbusinessestobuywhatthey

needto

maketheirproductsor

providetheirservicesortothatsectoroftheeconomy

based

on

its

operation,i.e.retail,corporate,investmentbanking,ect.1-12

CapitalbudgetCapital

budget

isthe

process

inwhichabusiness

determineswhetherprojectssuch

asbuildinga

new

plantor

investingina

long-termventureareworth

pursuing.1-13CashBudget

isan

estimation

ofthecashinflows

and

outflows

for

abusiness

or

individual

for

a

specificperiod

of

time.Cash

budgets

are

oftenused

to

assess

whether

the

entity

hassufficient

cash

to

fulfill

regularoperationsand/orwhethertoo

muchcash

is

being

left

in

unproductive

capacities.Cashbudget1-14

InsuranceInsurance,in

lawandeconomics,isaform

ofriskmanagement

primarily

usedtohedgeagainsttherisk

ofa

contingentloss.Insurance

isdefinedastheequitable

transferoftheriskofa

loss,from

oneentitytoanother,inexchangeforapremium,andcanbethought

ofas

aguaranteedsmall

lossto

preventa

large,

possiblydevastating

loss.1-15163

PublicfinancePublicfinance

isafield

ofeconomicsconcernedwithpayingfor

collective

or

governmentalactivities,andwiththeadministrationanddesignofthose

activities.1-16

FinancialeconomicsFinancial

economics

is

the

branch

ofeconomicsstudying

the

interrelationof

financial

variables,such

as

prices,

interest

ratesand

shares,as

opposed

to

those

concerning

the

real

economy.1-17

FinancialmathematicS

o

at

tii

ath

ma

Concerned

with

the

financialmarkets.Financialmathematics

isthe

study

offinancial

datawith

thetools

of

mathematics,mainlystatistics.sincatimeamisedcsapplhemafmbranchFinancial1-18

ExperimentalfinanceExperimentalfinanceaimstoestablishdifferentmarketsettingsandenvironmentstoobserveexperimentallyand

providealensthroughwhichsciencecananalyzeagents'behaviorandtheresultingpricesettingmechanisms,andreturnsprocesses.characteristicsoftradingflows,informationdiffusionandaggregation,1-19Quantitative

Behavioral

Finance

is

a

newdisciplinethat

usesmathematicalandstatisticalmethodologytounderstandbehavioralbiases

inconjunctionwith

valuation.QuantitativeBehavioralFinance1-20IntangibleAsset

Finance

isthebranchoffinancethatdealswith

intangibleassetssuchaspatents(legal

intangible)and

reputation(competitiveintangible).IntangibleAssetFinance1-21

SummaryThe

field

of

finance

refers

to

the

concepts

of

time,money

and

riskand

how

they

are

interrelated.

A

bank

aggregates

the

activities

of

many

borrowers

and

lenders.A

bank

accepts

deposits

from

lenders,on

which

it

pays

theinterest.Thebankthenlendsthesedepositstoborrowers.Banksallowborrowersandlenders,ofdifferentsizes,tocoordinatetheiractivity.Finance

is

used

by

individuals(personalfinance),bygovernments(publicfinance),bybusinesses(corporatefinance),aswellas

by

awidevariety

oforganizationsincluding

schoolsand

non-profit

organizations.Personalfinanceis

the

application

of

the

principles

of

finance

tothe

monetarydecisions

of

an

individual

or

family

unit.1-22

SummaryCorporate

finance

is

an

area

offinance

dealing

withthe

financial

decisions

corporations

make

and

thetools

and

analysis

used

to

make

these

decisions.Cash

Budget

is

an

estimation

of

the

cash

inflows

andoutflows

for

a

business

or

individual

for

a

specificperiod

of

time.Cash

budgets

are

often

used

to

assesswhether

the

entity

has

sufficient

cash

to

fulfill

regularoperations

and/or

whether

too

much

cash

is

being

leftin

unproductivecapacities.Budgetis

an

estimation

of

therevenue

and

expensesoveraspecified

futureperiodoftime.1-23

Summary

Insurance,inlawandeconomics,isaformofriskmanagement

primarily

usedtohedge

againsttherisk

ofacontingentloss.Insuranceisdefined

as

the

equitable

transfer

of

the

risk

of

a

loss,

from

one

entity

to

another,in

exchange

for

a

premium,and

can

bethoughtofas

a

guaranteed

small

loss

to

prevent

a

large,possibly

devastating

loss.Financial

mathematics

is

a

main

branch

of

applied

mathematicsconcerned

with

the

financial

markets.Financial

mathematics

isQuantitative

Behavioral

Finance

is

a

new

discipline

that

usesmathematical

and

statistical

methodology

to

understandbehavioral

biases

in

conjunction

with

valuation.the

study

of

financial

data

with

the

tools

of

mathematics,mainlystatistics.Such

data

can

be

movements

of

securities—stocks

andbonds

etc.—and

their

relations.Another

large

subfield

isinsurance

mathematics.1-24Chapter2Internet

Finance網(wǎng)絡(luò)金融1-25Afterstudythischapter,youshouldbeable

to:◆Understandwhat

the

internet

finance

is.◆Know

how

manytypes

ofthe

internet

finance.◆Know

something

about

the

risk

of

internet

finance◆Understand

the

P2P◆Understand

the

crowed

funding.Learning

Objectives

1-26

OverviewInternet

finance

is

defined

as"The

provisionoffinancialservices

and

markets

usingelectroniccommunication,computation

andinternet

work”.1-27

OverviewThedevelopmentsofinternetfinance

can

bedivided

intotwo

broadareas.Thefirst

isthe

impacton

bankingandfinancialservices.Theyarguethattheadventofthe

internetandotherelectroniccommunicationmeans

hasfundamentally

alteredmanyaspectsofthe

bankingindustry.Manyoftheservicestraditionally

provided

by

banksare

being

provided

byotherentities.1-28Onlinebanking,also

knownasinternet

banking,e-bankingorvirtual

banking,isanelectronicpaymentsystemthatenablescustomersofabankorotherfinancial

institutiontoconductarange

offinancialtransactionsthroughthefinancialinstitution'swebsite.-OnlineBanking1

29Theonlinebankingsystemwilltypicallyconnectto

or

be

partofthecorebankingsystemoperated

bya

bank

and

isincontrasttobranchbankingwhichwasthetraditionalwaycustomersaccessedbankingservices.Toaccessafinancial

institution'sonlinebankingfacility,acustomerwith

internetaccesswill

needtoregisterwiththeinstitutionfortheservice,andset

upapasswordandothercredentialsforcustomerverification.OnlineBanking1-30Thecredentialforonlinebanking

is

normally

notthesameasfortelephoneor

mobilebanking.Financial

institutions

nowroutinely

allocatecustomers

numbers,whetherornotcustomers

have

indicatedan

intentiontoaccesstheironlinebankingfacility.OnlineBanking1-31Online

banking

facilities

typically

have

many

features

andcapabilities

in

common,but

also

have

some

that

areapplication

specific.The

common

features

fall

broadly

intoseveral

categories:●A

bank

customer

can

perform

non-transactional

tasksthrough

online

banking,including:OViewing

account

balances.OViewing

recent

transactions.ODownloading

bank

statements,for

example

in

PDF

format.OViewing

images

of

paid

cheques.●Ordering

cheque

books.●Download

periodic

account

statements.ODownloading

applications

for

M-banking,E-banking

etc.Features1-32Bank

customers

can

transact

banking

tasks

through

onlinebanking,including:OFunds

transfers

between

the

customer's

linked

accounts.OPaying

third

parties,including

bill

payments

(see,e.g.,BPAY)and

third

party

fund

transfers.OInvestment

purchase

or

sale.OLoan

applications

and

transactions,such

asrepayments

ofenrollments.●Credit

card

applications.ORegister

utilitybillers

andmakebill

payments.OFinancial

institution

administration.OManagement

of

multiple

users

havingvarying

levels

ofauthority.dfransaction

approval

process.FeaturesSomefinancial

institutionsofferspecial

internetbanking

services,forexample:Personalfinancialmanagementsupport,suchas

importingdata

intopersonalaccountingsoftware.Someonlinebankingplatformssupportaccountaggregationtoallowthecustomerstomonitoralloftheiraccounts

inone

place

whethertheyarewiththeirmainbankorwith

otherinstitutions.Features1-34There

are

some

advantages

on

using

e-bankingboth

for

banks

and

customers:OPermanent

access

to

the

bankOLower

transaction

costs

/general

cost

reductions●Access

anywhere

using

mobile

or

computerOLess

time

consumingOVery

safe

and

secure

methodOHelps

to

transfer

the

money

immediately

andaccuratelyOEasyto

use-Advantages1

35Therearefivesecuritytokendevicesforonlinebanking.Securityofacustomer'sfinancial

information

isvery

important,withoutwhichonlinebankingcould

notoperate.Similarlythereputationalriskstothe

banks

themselvesare

important.Financial

institutionshaveset

upvarioussecurityprocessestoreducetheriskofunauthorized

online

accessto

acustomer'srecords,butthere

is

noconsistency

tothevariousapproachesadopted.Security1-36The

useofasecurewebsite

hasbeenalmost

universallyembraced.Thoughsingle

passwordauthentication

isstill

in

use,

it

by

itselfis

notconsideredsecureenoughforonlinebanking

insomecountries.Basicallytherearetwodifferentsecuritymethods

in

useforonline

banking:The

PIN/TANsystemwherethe

PINrepresentsapassword,usedforthe

loginandTANsrepresenting

one-time

passwordstoauthenticatetransactions.Security1-37TANscanbedistributed

indifferentways,themost

popularone

istosenda

listofTANstothe

onlinebanking

userby

postal

letter.Anotherwayofusing

TANs

istogeneratethem

by

need

usingasecuritytoken.ThesetokengeneratedTANsdependonthetimeanda

uniquesecret,stored

inthesecurity

token(two-factorauthenticationor2FA).Security1-38MoreadvancedTANgeneratorsalso

includethe

transactiondata

intotheTANgenerationprocessafterdisplaying

itontheirownscreentoallowtheusertodiscoverman-in-the-middleattackscarried

outbyTrojanstryingtosecretlymanipulate

thetransactiondata

inthebackgroundofthe

PC.Security1-39AnotherwaytoprovideTANsto

an

online

bankinguser

istosendtheTANofthe

current

banktransactiontotheuser's(GSM)mobile

phoneviaSMS.TheSMStextusuallyquotesthetransaction

amountanddetails,theTAN

isonlyvalidfora

short

periodoftime.Especially

inGermany,Austria

and

the

Netherlandsmanybanks

haveadoptedthis"SMSTAN"service.UsuallyonlinebankingwithPIN/TAN

isdoneviaawebbrowser

using

SSLsecuredconnections,sothatthere

is

noadditional

encryption

needed.SecurityAttacksononlinebankingused

today

are

basedondeceivingthe

usertosteal

logindataandvalidTANs.

Twowellknownexamplesforthoseattacksarephishingandpharming.Cross-sitescriptingand

keylogger/Trojan

horsescanalsobe

usedtosteal

login

information.Amethodtoattacksignaturebased

online

bankingmethods

istomanipulatethe

usedsoftware

inaway,thatcorrecttransactionsareshownonthescreenandfakedtransactionsaresigned

inthebackground.Attacks1-41Anotherkindofattack

istheso-calledman-in-the-

browserattack,avariationoftheman-in-the-middle

attackwhereaTrojan

horsepermitsa

remoteattackertosecretlymodifythedestinationaccountnumberandalsotheamount

inthewebbrowser.Attacks1-42Thereexistseveralcountermeasureswhichtrytoavoidattacks.Digitalcertificatesareused

against

phishingand

pharming,insignaturebasedonline

bankingvariants(HBCI/FinTS)theuseof"Secoder"cardreaders

isameasurementto

uncoversoftwaresidemanipulationsofthetransactiondata.ToprotecttheirsystemsagainstTrojan

horses,usersshould

usevirusscannersandbecarefulwithdownloadedsoftwareore-mailattachments.Countermeasures1-43Peer-to-peerlending,alsoabbreviatedas

P2Plending,isthe

practiceoflendingmoneytoindividualsorbusinessesthroughonlineservices

thatmatch

lenderswithborrowers.Sincepeer-to-peerlendingcompaniesofferingtheseservicesgenerallyoperateonline,theycanrunwith

loweroverheadandprovidetheservicemore

cheaplythantraditionalfinancial

institutions.PeertoPeerLending1-44Asaresult,lenderscanearn

higher

returnscomparedtosavingsand

investmentproductsofferedbybanks,while

borrowerscan

borrowmoneyat

lowerinterestrates,even

afterthe

P2Plendingcompany

hastakenafeeforproviding

thematch-makingplatformandcreditcheckingtheborrower.There

istheriskoftheborrowerdefaultingonthe

loanstakenoutfrompeer-lendingwebsites.PeertoPeerLending1-45P2P

lendingalsoknownascrowdlending,many

peer-to-peerloansare

unsecured

personal

loans,

thoughsomeofthe

largestamountsare

lenttobusinesses.Secured

loansaresometimesoffered

by

using

luxuryassetssuchasjewelry,watches,vintagecars,fineart,buildings,aircraftandotherbusinessassetsascollateral.Theyare

madetoanindividual,companyorcharity.Otherformsofpeer-to-peerlending

includestudent

loans,commercialandrealestate

loans,payday

loans,aswellase-4

uredbusiness

loans,leasing,andfactoring.6c1sPeertoPeerLendingThe

interest

ratescanbeset

by

lenderswhocompeteforthe

lowestrateonthereverse

auctionmodelorfixedbythe

intermediarycompanyon

thebasisofananalysisoftheborrower's

credit.Thelender's

investment

inthe

loan

is

not

normallyprotectedbyanygovernmentguarantee.Onsomeservices,lendersmitigatetheriskof

bad

debt

bychoosingwhichborrowersto

lendto,andmitigate

totalriskbydiversifyingtheir

investments

among

differentborrowers.PeertoPeerLending1-47Othermodels

involvethe

P2P

lendingcompanymaintainingaseparate,ringfencedfund,suchasRateSetter's

Provision

Fund,which

pays

lenders

back

intheeventtheborrowerdefaults,butthevalueofsuchprovisionfundsforlenders

issubjecttodebate.PeertoPeerLending1-48Peer-to-peerlendingdoes

notfitcleanly

intoany

ofthethreetraditionaltypesoffinancialinstitutions—

deposittakers,investors,insurers—and

issometimes

categorized

as

an

alternative

financialservice.Typicalcharacteristicsofpeer-to-peerlendingare:

Oit

issometimesconductedforprofit;Ono

necessarycommon

bondorpriorrelationship

between

lendersandborrowers;Characteristics1-49●intermediation

by

a

peer-to-peer

lending

company;Otransactions

take

place

online;Olenders

may

often

choose

which

borrowers

to

invest

in,if

the

P2Pplatformoffersthatfacility;Othe

loans

can

be

unsecured

or

secured

and

are

not

normally

protectedby

government

insurance

but

there

can

be

protection

funds

like

those

offered

byZopa

and

RateSetter

inthe

UK;●loans

are

securities

that

can

be

transferred

to

others,either

for

debtcollection

or

profit,though

not

all

P2P

platforms

provide

transfer

facilities

or

free

pricing

choices

and

costs

can

be

very

high,tens

of

percent

of

the

amount

sold,or

nil.Characteristics1-50Mostpeer-to-peerintermediariesprovidethefollowingservices:●online

investment

platformtoenableborrowerstoattract

lendersandinvestorsto

identifyand

purchase

loansthatmeettheirinvestmentcriteria.Odevelopmentofcreditmodelsforloanapprovalsand

pricing.Overifyingborroweridentity,bankaccount,employmentand

income.

operformingborrowercreditchecksandfilteringoutthe

unqualified

borrowers.Oprocessingpaymentsfromborrowersandforwardingthose

paymentstothe

lenderswho

invested

inthe

loan.Oservicing

loans,providingcustomerservicetoborrowersandattemptingtocollectpaymentsfromborrowerswhoare

delinquent

orindefault.Olegalcomplianceandreporting.fbiding

new

lendersandborrowers(marketing).CharacteristicsIn

many

countries,soliciting

investments

from

the

general

public

is

considered

illegal.Crowd

sourcing

arrangements

in

which

peopleareaskedtocontributemoney

in

exchangeforpotential

profits

basedontheworkofothers

are

consideredto

be

securities.Legalregulation1-52Oneofthemainadvantagesofperson-to-person

lendingfor

borrowers

can

sometimes

be

better

rates

than

traditionalbankratescanoffer.Theadvantagesfor

lenders

can

behigherreturnsthanobtainablefromasavingsaccount

orotherinvestments,butsubjecttoriskof

loss,unlike

asavingsaccount.Interestratesandthemethodologyforcalculatingthoseratesvariesamongpeer-to-peerlendingplatforms.The

interestratesmayalso

havea

lowervolatilitythanotherinvestmenttypes.AdvantagesandcriticismInterestrates1-53Peer-to-peerlendingalsoattractsborrowerswho,becauseoftheircreditstatusorthe

lackthereof,areunqualifiedfortraditionalbank

loans.Because

pastbehaviorisfrequently

indicativeoffuture

performanceand

lowcreditscorescorrelatewith

high

likelihoodofdefault,peer-to-peerintermediaries

havestartedtodeclinea

large

numberofapplicantsandcharge

higherinterestratesto

riskier

borrowersthatareapproved.AdvantagesandcriticismCreditrisk1-54Onlinepayment

iswhenthecustomeror

buyermakes

hispaymenttransactions

forthegoodsorservicespurchasingwiththeuseofthe

Internet."Thistype

ofpayment

lowersthecostsforbusinesses

as

themorepaymentsmadeelectronicallythe

lesstheyspendforpaperand

postage.Online

Payment(Third

party

pavment)-55Also,it

helpson

improvingcustomerretentionas

he

ismore

likelyto

returntothesamee-commercesitewhere

his

orherinformation

hasalready

beenenteredandstored."Withonlinepayment,it

is

not

necessaryforthepayerto

be

ina

longqueueas

paymentismade

injustaclick

ofa

mouse.1-56Online

Payment(Thirdpartypavment)Online

Payment

Methods

Forthepurchasesdoneonline

most

likely

hewill

also

make

his

paymentsonline.You

can

find

some

different

methods

onVirtual

Credit

Cards.This

virtual

credit

card

is

aninnovation

in

online

credit

cards.Credit

card

issuer1-57providesaspecial

numberthat

can

be

used

in

placeofthe

regularcredit

card

numberto

make

online

purchases.Online

Payment(Third

party

pavment)making

online

payments.SmartCards.Thiscard

looks

likeany

plasticpaymentcardbut

it

hasa

microchipembedded

on

itsface.Thiscan

holdmore

informationthanordinarycreditcardswithmagneticstrips.e-Checks.Ane-Check

isanelectronicversionor

representationofapapercheck.Itcontains

thesame

informationasa

papercheckand

basedonthesame

legalframework.Itworksthesameasthe

papercheck

howevertheyarefaster,cheaperand

more

secure.OnlinePayment(Third

party

payment)1-58DigitalCash.Digitalcash

isanexampleofadigital

currency,

where

itallowspeoplewhodonot

have

credit

cardto

shop

online.It

issimilartoatraditionalbankaccount:consumers

depositmoney

intotheirdigitalcashaccountsto

be

used

in

the

purchaseonline.This

isoften

usedwithothertechnology

suchasdigitalwallets.e-Wallets.Ane-wallet

isasoftwarecomponentthata

userdownloadstotheirdesktopand

inwhichtheuserstorescreditcard

numbersandotherpersonal

information.When

a

usershopsatamerchantwhoacceptse-wallet,the

userclicksthee-walletandtheformsareautomaticallyfilled

inwitgallthe

necessary

information

injustoneclick.Online

Payment(Third

party

pavment)Security

isvitalwhendoingbusinessonlineoroffline.Ifwe

comparethetraditionaltransactionusingacreditcard,what

themerchant

need

isthesignatureofthecardholderandsometimesthephotoonthecreditcard

is

also

usetoverify

the

identityofthecustomer.Inthevirtualworld,information

neededarethecreditcard

number,theverificationcodeandthebillingaddresstoverifythe

identityofthecardholderandfraudulenttransactionsarealwaysaround.Commonchallengesthatthemerchantshavetofaceare

Internetfraud,productreturns,non-deliveryclaims,disputesthat

leadstochargebacksandetc.Securityin

OnlinePayment1-60Therearesomeonlinepaymentenablerscommonly

usedbymerchantstoenabletheacceptanceofpaymentsonlineparticularlyfortheonlinecreditcardtransactions.There

are

a

lotmoreofthembutIwill

only

discuss

a

few

ofthem.Th