基本信息
- 原书名：Financial Markets and Institutions
- 原出版社： The McGraw-Hill
编辑推荐
由金融学国际权威安东尼·桑德斯教授和马西娅·科尼特教授共同编著的这本《金融市场与金融机构》一经出版，就占据了金融学专业基础课教材和领导者地位。本书编写清晰易懂，信息容量大，内容时新，并融合了丰富的教学法，对金融行业的银行、投资、证券、保险、基金等五大分支做了全面的介绍和详细的分析。作者采用现代风险管理和风险测量框架，对投资者和储户面临的风险进行了独到的分析，阐明新的风险是如何演化而来的，传统的风险是如何发生变化的，所有的这些风险是如何被计量和管理的，并对轼内外金融市场正在加强的一体化趋势，以及金融中介朝向单一的金融服务行业发展等变化给予了特别关注。独创的双语教学版形式以及恰当的翻译和注释，能更好地满足我国融学这一重要基础课程的双语教学的需要。
随着金融业对外开放程度的逐步提高和金融体制改革的不断深入，中国金融在持续稳健中发展。渣打银行预测，中国将在2010年底取代韩国，成为亚洲第二大个人金融服务市场。对此，专家指出，金融专业人才，如金融分析师、精算师、投资经理、基金经理和业务总监等，将是本行业最紧缺的人才。
人才的培养离不开好的教材。美国的桑德斯和科尼特两位金融学教授撰写的《金融市场与金融机构》这部著作，为我们学习和掌握现代金融学知识提供了一个很好的机会。两位作者既是金融学研究领域的专家，又具有丰富的实践经验。本书独到的编写体系和广泛的信息既能够给我们很多启发，同时也能够使我们认识到金融学知识在现实生活中的重要性。学完这本书后，读者不仅对现代金融学知识有一个比较完整的了解，而且也为日后更深入的学习和研究奠定了基础。
内容简介
书籍
经济管理学书籍
本书由金融学国际权威安东尼·桑德斯教授和马西亚·克尼特教授共同编著。英文版一经出版就占据了美国市场金融学专业基础教材的领导地位。本双语版译注自其2007年的第3版。在保留了原版100%的英文基础之上，由金融学教授王中华先生对知识重点、难点以及语法难点做了中文翻译，对3000余条英文字词作了中文注释。本书编写清晰易懂，信息容量大，内容时新，并融合了丰富的教学法，对金融行业的银行、投资、证券、保险、基金等五大分支做了全面的介绍和详细的分析。
本书共5编24章：包括利率、联邦储备系统、货币市场、债券市场、抵押市场、股票市场、外汇市场、衍生证券市场、商业银行、保险公司、证券公司和投资银行、共同基金、 养老基金以及金融机构的风险管理。对利用衍生证券、贷款出售和资产证券化进行了风险管理进行了详细地分析。
本书适用于高等院校金融学专业基础课双语教学教材，也可作为理论工作者研究之用。
经济管理学书籍
本书由金融学国际权威安东尼·桑德斯教授和马西亚·克尼特教授共同编著。英文版一经出版就占据了美国市场金融学专业基础教材的领导地位。本双语版译注自其2007年的第3版。在保留了原版100%的英文基础之上，由金融学教授王中华先生对知识重点、难点以及语法难点做了中文翻译，对3000余条英文字词作了中文注释。本书编写清晰易懂，信息容量大，内容时新，并融合了丰富的教学法，对金融行业的银行、投资、证券、保险、基金等五大分支做了全面的介绍和详细的分析。
本书共5编24章：包括利率、联邦储备系统、货币市场、债券市场、抵押市场、股票市场、外汇市场、衍生证券市场、商业银行、保险公司、证券公司和投资银行、共同基金、 养老基金以及金融机构的风险管理。对利用衍生证券、贷款出售和资产证券化进行了风险管理进行了详细地分析。
本书适用于高等院校金融学专业基础课双语教学教材，也可作为理论工作者研究之用。
作译者
[美] 安东尼·桑德斯 是约翰·希夫（John M.Schiff）金融学教授和纽约大学斯特恩（Stern）商学院金融系主任。桑德斯教受从伦敦经济学院获得了博士学位。自从1987年以来，他一直在纽约大学讲授本科和研究生的课程。在他的整个学术生涯中（包括教学和研究活动），其主要研究方向集中在金融机构和国际银行业务方面。他在全球各地担任客座教授，其中包括欧洲工商管理学院（INSEAD）、斯德哥尔摩经济学院和默尔本大学。
桑德斯教授同时在联邦储备理事会的学术顾问委员会和联邦国民抵押贷款协会的研究顾委员会任职。此外，桑德斯博士还是货币监理署和国际货币基金组织的访问学者。他是《银行与金融杂志》和《金融市场、工具与机构杂志》的主编，同时还担任其他8种刊物的副主编——其中包括《金融管理》和《货币、信货与银行杂志》。他的研究成果发表在所有重要的金融与银行杂志上，同时也包含在自己的几本著作中。他与马西娅·米伦·科尼特博士合作出版了一本新教材《金融机构管理——一种风险管理的方法》（McGraw-Hill出版社，第5版），以及一本关于信用风险计理的著作（John wiley & Sons出版公司，第2版）。1953～2002年，在7种最重要的金融学术期刊上发表论文的5800位作者中，桑德斯教授名列多产作家的第16位；在最有影响力的16本期刊中，他名列第1位。〔参见：《金融学领域的多产作家：半个世纪的作品》、《金融学杂志》（2005年冬，第1卷）〕
桑德斯教授同时在联邦储备理事会的学术顾问委员会和联邦国民抵押贷款协会的研究顾委员会任职。此外，桑德斯博士还是货币监理署和国际货币基金组织的访问学者。他是《银行与金融杂志》和《金融市场、工具与机构杂志》的主编，同时还担任其他8种刊物的副主编——其中包括《金融管理》和《货币、信货与银行杂志》。他的研究成果发表在所有重要的金融与银行杂志上，同时也包含在自己的几本著作中。他与马西娅·米伦·科尼特博士合作出版了一本新教材《金融机构管理——一种风险管理的方法》（McGraw-Hill出版社，第5版），以及一本关于信用风险计理的著作（John wiley & Sons出版公司，第2版）。1953～2002年，在7种最重要的金融学术期刊上发表论文的5800位作者中，桑德斯教授名列多产作家的第16位；在最有影响力的16本期刊中，他名列第1位。〔参见：《金融学领域的多产作家：半个世纪的作品》、《金融学杂志》（2005年冬，第1卷）〕
目录
前言
第一编 导论及金融市场概述
第1章 导论
第2章 利率的决定因素
第3章 利率和证券估价
第4章 联邦储备系统、货币政策和利率
第二编 证券市场
第5章 货币市场
第6章 债券市场
第7章 抵押市场
第8章 外汇市场
第9章 股票市场
第10章 衍生证券市场
第三编 商业银行
第11章 商业银行行业概
第12章 商业银行的财务报表及报表分析
第13章 对商业银行的监管
第四编 其他金融机构
第14章 其他贷款机构
第15章 保险公司
第一编 导论及金融市场概述
第1章 导论
第2章 利率的决定因素
第3章 利率和证券估价
第4章 联邦储备系统、货币政策和利率
第二编 证券市场
第5章 货币市场
第6章 债券市场
第7章 抵押市场
第8章 外汇市场
第9章 股票市场
第10章 衍生证券市场
第三编 商业银行
第11章 商业银行行业概
第12章 商业银行的财务报表及报表分析
第13章 对商业银行的监管
第四编 其他金融机构
第14章 其他贷款机构
第15章 保险公司
前言
The 1990s were characterized as a period in which financial markets in the United States boomed. The Dow Jones Industrial Average rose from a level of 2,800 in January 1990 to more than 11,000 by the end of the decade; this compared to a move from 100 at its inception in 1906 to 2,800 eighty-four years later. How·ever, in the early 2000s, as a result of an economic recession and corporate scan·dals involving major companies such as Euron, WorldCom, and Tyco, this index fell back below 10,000. Further, several stocks trading in the NASDAQ stock market lost all gains made in the late 1990s. While security values in U.S. financial markets rose dra·matically in the 1990s, financial markets in Southeast Asia, South America, and Russia plummeted. More recently, in the early 2000s Argentina's economic and financial system collapsed and its currency fell more than 30 percent in value relative to the U.S. dollar. .
Meanwhile, the financial services industry continues to undergo dramatic changes. Not only have the boundaries between traditionai industry sectors, such as commercial banking and investment banking, broken down but competition is becoming increasingly global in nature as FIs from Germany, France, and other European countries enter into U.S. financial service markets, and vice versa. Many forces are contributing to this breakdown in in·terindustry and intercountry barriers, including financial innovation, technology, taxation, and regulation.
As the economic and competitive environments change, attention to profit and, more than ever, risk becomes increasingly important. This book offers a unique analysis of the risks faced by investors and savers interacting through both financial institutions and financial markets, as well as strategies that can be adopted for controlling and better managing these risks. Special emphasis is also put on new areas of operations in financial markets and institutions such as asset securitization, off-balance-sheet activities, and globalization of financial services.
While maintaining a risk measurement and management framework, Financial Markets and Institutions provides a broad application of this important perspective. This book recognizes that domestic and foreign financial markets are becoming increasingly in·tegrated and that financial intermediaries are evolving toward a single financial services in·dustry. The analytical rigor is mathematically accessible to ail levels of students, undergraduate and graduate, and is balanced by a comprehensive discussion of the unique environment within which financial markets and institutions operate. Important practical tools such as how to issue and trade financial securities and how to analyze financial state·ments and loan applications will arm students with skills necessary to understand and man·age financial market and institution risks in this dynamic environment. While descriptive concepts, so important to financial management (financial market securities, regulation, in·dnstry trends, industry characteristics, etc.) are included in the book, ample analytical tech·niques are also included as practical tools to help students understand the operation of modern financial markets and institutions.
适用范围
Financial Markets and Institutions is aimed at the first course in financial markets and in·stitutions at both the undergraduate and M.B.A. levels. While topics covered in this book are found in more advanced textbooks on financial markets and institutions, the explana·tions and illustrations are aimed at those with little or no practical or academic experience beyond the introductory level finanoe courses. In most chapters, the main relationships are presented by figures, graphs, and simple examples. The more complicated details and technical problems related to in-chapter discussion are provided in appendixes to the chapters located at the book's Web site (www. mhhe.com/sc3e).
本书结构 Since our focus is on return and risk and the sources of that return and risk in domestic and foreign financial markets and institutions, this book relates ways in which a modem finan·cial manager, saver, and investor can expand return with a managed level of risk to achieve the best, or most favorable, return-risk outcome.
The book is divided into five major sections. Part 1 provides an introduction to the text and an overview of financial markets and institutions. Chapter 1 defines and introduces the various domestic and foreign financial markets and describes the special functions of lis. This chapter also takes an analytical look at how financial markets and institutions beneft today's economy. In Chapter 2, we provide an in-depth!ook at interest rates. We first re·view the concept of time value of money. We then look at factors that determine interest rate levels, as well as their past, present, and expected future movements. Chapter 3 then applies these interest rates to security valuation. In Chapter 4, we describe the Federal Re·serve System and how monetary policy implemented by the Federal Reserve affects inter·est rates and, ultimately, the overall economy.
Part 2 of the text presents an overview of the various securities markets. We describe each securities market, its participants, the securities traded in each, the trading process, and how changes in interest rates, inflation, and foreign exchange rates impact a financial man·ager's decisions to hedge risk. These chapters cover the money markets (Chapter 5), bond markets (Chapter 6), mortgage markets (Chapter 7), foreign exchange markets (Chapter 8), stock markets (Chapter 9), and derivative securities markets (Chapter 10).
Part 3 of the text summarizes the operations of commercial banks. Chapter 11 describes the key characteristics and recent trends in the commercial banking sector. Chapter 12 describes the financial statements of a typical commercial bank and the ratios used to analyze those statements. This chapter also analyzes actual financial statements for representative commercial banks. Chapter 13 provides a comprehensive look at the regulations under which these financial institutions operate and, particularly, at the effect of recent changes in regulation.
Part 4 of the text provides an overview describing the key characteristics and regula·tory features of the other major sectors of the U.S. financial services industry. We discuss other lending institutions (savings institutions, credit unions, and finance companies) in Chapter 14, insurance companies in Chapter 15, securities frms and investment banks in Chapter 16, mutual fund firms in Chapter 17, and pension funds in Chapter 18. ..
Part 5 concludes the text by examining the risks facing a modem FI and FI managers, and the various strategies for managing these risks. In Chapter 19, we preview the risk measurement and management chapters that follow with an overview of the risks facing a modem FI. We divide the chapters on risk measurement and management along two lines: measuring and managing risks on the balance sheet, and managing risks off the balance sheet. In Chapter 20, we begin the on-balance-sheet risk measurement and management section by looking at credit risk on individual loans and bonds and how these risks ad·versely impact an FI's profits and value. The chapter also discusses the lending process, in·cluding loans made to households and small, medium-size, and large corporations. Chapter 21 covers liquidity risk in financial institutions. This chapter includes a detailed analysis of ways in which Ils can insulate themselves from liquidity risk, and the key role deposit in·surance and other guarantee schemes play in reducing liquidity risk.
In Chapter 22, we investigate the net interest margin as a source of profitability and risk, with a focus on the effects of interest rate risk and the mismatching of asset and liabil·ity maturities on FI risk exposure. At the core of FI risk insulation is the size and adequacy of the owner's capital stake, which is also a focus of this chapter.
The management of risk off the balance sheet is examined in Chapter 23. The chapter highlights various new markets and instruments that have emerged to allow FIs to better manage three important types of risk: interest rate risk, foreignexchange risk, and credit risk. These markets and instruments and their strategic use by FIs include forwards and fu·tures, options, and swaps.
Finally, Chapter 24 explores ways of removing credit risk from the loan portfolio through asset sales and securitization.
新版的特点
·In-chapter discussions of the many ethical controversies surrounding financial markets and institutions (such as those involving stock market brokers and dealers, commercial banks, investment banks, and mutual funds) have been added to most chapters.
·Ethical Debates boxes have been added to many chapters to highlight specific news stories relating to the ethical controversies involving financial markets and institutions in the early 2000s.
·Discussions of the impact of the Patriot Act and the Sarbanes-Oxley Act on financial institutions management are included in several chapters.
·The impact of the economic slowdown and the subsequent economic recovery in the United States and worldwide on financial markets and institutions is highlighted and dis·cussed in all relevant chapters. This discussion is particularly evident in the first six chap·ters of the book.
Meanwhile, the financial services industry continues to undergo dramatic changes. Not only have the boundaries between traditionai industry sectors, such as commercial banking and investment banking, broken down but competition is becoming increasingly global in nature as FIs from Germany, France, and other European countries enter into U.S. financial service markets, and vice versa. Many forces are contributing to this breakdown in in·terindustry and intercountry barriers, including financial innovation, technology, taxation, and regulation.
As the economic and competitive environments change, attention to profit and, more than ever, risk becomes increasingly important. This book offers a unique analysis of the risks faced by investors and savers interacting through both financial institutions and financial markets, as well as strategies that can be adopted for controlling and better managing these risks. Special emphasis is also put on new areas of operations in financial markets and institutions such as asset securitization, off-balance-sheet activities, and globalization of financial services.
While maintaining a risk measurement and management framework, Financial Markets and Institutions provides a broad application of this important perspective. This book recognizes that domestic and foreign financial markets are becoming increasingly in·tegrated and that financial intermediaries are evolving toward a single financial services in·dustry. The analytical rigor is mathematically accessible to ail levels of students, undergraduate and graduate, and is balanced by a comprehensive discussion of the unique environment within which financial markets and institutions operate. Important practical tools such as how to issue and trade financial securities and how to analyze financial state·ments and loan applications will arm students with skills necessary to understand and man·age financial market and institution risks in this dynamic environment. While descriptive concepts, so important to financial management (financial market securities, regulation, in·dnstry trends, industry characteristics, etc.) are included in the book, ample analytical tech·niques are also included as practical tools to help students understand the operation of modern financial markets and institutions.
适用范围
Financial Markets and Institutions is aimed at the first course in financial markets and in·stitutions at both the undergraduate and M.B.A. levels. While topics covered in this book are found in more advanced textbooks on financial markets and institutions, the explana·tions and illustrations are aimed at those with little or no practical or academic experience beyond the introductory level finanoe courses. In most chapters, the main relationships are presented by figures, graphs, and simple examples. The more complicated details and technical problems related to in-chapter discussion are provided in appendixes to the chapters located at the book's Web site (www. mhhe.com/sc3e).
本书结构 Since our focus is on return and risk and the sources of that return and risk in domestic and foreign financial markets and institutions, this book relates ways in which a modem finan·cial manager, saver, and investor can expand return with a managed level of risk to achieve the best, or most favorable, return-risk outcome.
The book is divided into five major sections. Part 1 provides an introduction to the text and an overview of financial markets and institutions. Chapter 1 defines and introduces the various domestic and foreign financial markets and describes the special functions of lis. This chapter also takes an analytical look at how financial markets and institutions beneft today's economy. In Chapter 2, we provide an in-depth!ook at interest rates. We first re·view the concept of time value of money. We then look at factors that determine interest rate levels, as well as their past, present, and expected future movements. Chapter 3 then applies these interest rates to security valuation. In Chapter 4, we describe the Federal Re·serve System and how monetary policy implemented by the Federal Reserve affects inter·est rates and, ultimately, the overall economy.
Part 2 of the text presents an overview of the various securities markets. We describe each securities market, its participants, the securities traded in each, the trading process, and how changes in interest rates, inflation, and foreign exchange rates impact a financial man·ager's decisions to hedge risk. These chapters cover the money markets (Chapter 5), bond markets (Chapter 6), mortgage markets (Chapter 7), foreign exchange markets (Chapter 8), stock markets (Chapter 9), and derivative securities markets (Chapter 10).
Part 3 of the text summarizes the operations of commercial banks. Chapter 11 describes the key characteristics and recent trends in the commercial banking sector. Chapter 12 describes the financial statements of a typical commercial bank and the ratios used to analyze those statements. This chapter also analyzes actual financial statements for representative commercial banks. Chapter 13 provides a comprehensive look at the regulations under which these financial institutions operate and, particularly, at the effect of recent changes in regulation.
Part 4 of the text provides an overview describing the key characteristics and regula·tory features of the other major sectors of the U.S. financial services industry. We discuss other lending institutions (savings institutions, credit unions, and finance companies) in Chapter 14, insurance companies in Chapter 15, securities frms and investment banks in Chapter 16, mutual fund firms in Chapter 17, and pension funds in Chapter 18. ..
Part 5 concludes the text by examining the risks facing a modem FI and FI managers, and the various strategies for managing these risks. In Chapter 19, we preview the risk measurement and management chapters that follow with an overview of the risks facing a modem FI. We divide the chapters on risk measurement and management along two lines: measuring and managing risks on the balance sheet, and managing risks off the balance sheet. In Chapter 20, we begin the on-balance-sheet risk measurement and management section by looking at credit risk on individual loans and bonds and how these risks ad·versely impact an FI's profits and value. The chapter also discusses the lending process, in·cluding loans made to households and small, medium-size, and large corporations. Chapter 21 covers liquidity risk in financial institutions. This chapter includes a detailed analysis of ways in which Ils can insulate themselves from liquidity risk, and the key role deposit in·surance and other guarantee schemes play in reducing liquidity risk.
In Chapter 22, we investigate the net interest margin as a source of profitability and risk, with a focus on the effects of interest rate risk and the mismatching of asset and liabil·ity maturities on FI risk exposure. At the core of FI risk insulation is the size and adequacy of the owner's capital stake, which is also a focus of this chapter.
The management of risk off the balance sheet is examined in Chapter 23. The chapter highlights various new markets and instruments that have emerged to allow FIs to better manage three important types of risk: interest rate risk, foreignexchange risk, and credit risk. These markets and instruments and their strategic use by FIs include forwards and fu·tures, options, and swaps.
Finally, Chapter 24 explores ways of removing credit risk from the loan portfolio through asset sales and securitization.
新版的特点
·In-chapter discussions of the many ethical controversies surrounding financial markets and institutions (such as those involving stock market brokers and dealers, commercial banks, investment banks, and mutual funds) have been added to most chapters.
·Ethical Debates boxes have been added to many chapters to highlight specific news stories relating to the ethical controversies involving financial markets and institutions in the early 2000s.
·Discussions of the impact of the Patriot Act and the Sarbanes-Oxley Act on financial institutions management are included in several chapters.
·The impact of the economic slowdown and the subsequent economic recovery in the United States and worldwide on financial markets and institutions is highlighted and dis·cussed in all relevant chapters. This discussion is particularly evident in the first six chap·ters of the book.
【插图】
