R33：Market Organization & Structure

Ⅰ、The Functions of the Financial System：金融系统的功能

1、The Functions of the Financial System：金融系统的功能

（1）Helping people achieve their purposes：帮助人们实现他们的目标

- Saving

- 储蓄，投资

- Borrowing

- 借款

- Raise equity capital

- 权益的融资

- Managing risks

- 管理风险

- Exchanging assets for immediate delivery( spot market trading)

- 资产的交易

- Information-motivated trading

- 信息驱动型交易

Information-motivated traders: trade to profit from information that they believe allows them to predict future prices

信息驱动交易者：通过交易从他们认为可以预测未来价格的信息中获利，主动型交易

（2）Determining rates of return：决定利率

The equilibrium interest rate exists, in theory, in which the aggregate supply of funds for investing( supply of funds saved) and the aggregate demand for funds through borrowing and equity issuing are equal.

理论上，均衡利率存在于投资资金的总供给（储蓄资金的供给）与通过借贷和股票发行获得的资金总需求相等的情况下。

（3）Allocate capital to its most efficient uses：将资本分配到最有效的用途

Economies are said to be allocationally efficient when their financial systems allocate capital (funds) to those uses that are most productive.

当经济体的金融系统将资本（资金）分配给生产率最高的用途时，就可以说经济体具有配置效率。

2、Characteristics of Well-Functioning Financial Systems：运作良好的金融系统的特点

The financial system allows traders to solve financing and risk management problems.

金融系统允许交易员解决融资和风险管理问题。

- Complete markets: all needed assets or contracts are available to trade

- 完备市场：所有需要的资产或合同都可以交易

- Operationally efficient markets: low trading costs

- 运转效率高的市场：交易成本低

- Informationally efficient markets: prices reflect all available information related to fundamental values

- 信息有效市场：价格反映与基本价值相关的所有可用信息

3、Market Regulation：市场监管

（1）Purpose of market regulation：市场监管的目的

- Promote fair and orderly markets

- 促进公平有序的市场

Traders can trade at prices that accurately reflect fundamental values without incurring excessive transaction costs.

交易员可以以准确反映基本价值的价格进行交易，而不会产生过高的交易成本。

（2）Objectives of market regulation：市场监管的目标

- Control fraud

- 控制欺诈

- Control agency problems

- 控制代理成本问题

- Promote fairness

- 促进公平

- Set mutually beneficial standards

- 制定互惠标准

- Prevent undercapitalized financial firms from exploiting their investors by making excessively risky investments

- 防止资本不足的金融公司通过进行风险过高的投资来剥削投资者

- Ensure that long-term liabilities are funded

- 确保为长期负债提供资金（实体经济）

Ⅱ、Assets and Contracts：资产和合约

1、Financial Assets：金融资产

 

标签：Financial,efficient,funds,trade,Equity,financial,markets,Investments
来源： https://www.cnblogs.com/eryuehong/p/16334675.html