1、Introduction,金融机构与风险管理 金融所：安辉财务所：秦学志,Consultation,Office Tel No.84709694 Office hours:E-mail: anhui828 ,Lecture Outline,Leadership,Part OneIntroduction to Financial Services Industry,People,Depository Institutions,Policy & Strategy,Insurance Company Investment Bank Mutual Funds,Partnerships,& Resour
2、ces,Finance Company,Processes,Part TwoRisk Measure- ment,People,Results,Interest Rate Risk Market Risk,Customer,Results,Foreign Ex. Risk Sovereign Risk,Society,Results,Liquidity Risk Technology Risk,Key,Performance,Results,Part Three,Risk Management (Capital Adequacy, Derivatives,etc),Lecture Object
3、ives,To be clear with the evolution and majorcharacters of the different financial institutions, including size ,structure and regulation; especially American systemTo understand the risks facing financialInstitutions To know how to manage and control the risks basically; To improve your English,Lec
4、ture Requirements,Attendance to the lectures Be ready for the lectures :reading text book Collect additional materials regarding the lectures,Assessment, Group assignment & Individual assignment 30% Final Examination70%,Text Book and Author -Anthony Saunders,Financial Institutions Management- A Risk
5、 Management Approach Seventh EditionAuthor: Anthony SaundersProfessor，Finance Department，Stern School of Business ，New York University academic career specialized in Financial institutions and international banking E-mail: asaunderstern.nyu.edu,Recommended readings,1.风险管理与金融机构（加）约翰.赫尔 著 王勇翻译，机械工业出版社
6、 2.金融机构管理（本书第五版）王中华翻译 人民邮电出版社 3 .金融制度国际比较张贵乐主编，东北财经大学出版社 4 .货币战争宋鸿兵编著，中信出版社,5 .经济过热、经济恐慌及经济崩溃金融危机史金德尔伯格著，朱隽译，北京大学出版社 6.次贷危机辛乔利 孙兆东 ，中国经济出版社 7.房价与泡沫经济徐滇庆著，机械工业出版社 8 .现代金融危机生成机理与国际传导机制研究安辉，经济科学出版社,Recommended readings,Chapter1 Depository Institutions,Chapter Outline Commercial Banks Savings Institutio
7、ns Credit UnionsMethods for Analyses Three major characteristics: size, structure and composition of industry balance sheets (资产负债表）and recent trends regulation,1 Introduction,1.Financial System金融制度一个国家用法律形式所确立的金融体系结构以及组成这一体系 的各类银行、非银行金融机构的职责分工和相互制度。总体上大部分是复合银行体系，即中央银行为核心，以商业银 行为主体，多种金融机构并存的金融体系。美国特
8、点：注册上的双轨银行制度（在联邦政府注册的nationallycharted and state charted国民银行和在州政府注册的州银行两 种Dual Banking System）、机构上的单一制度(single 不允许跨州 设立分行，1994年被打破）,经营上的单一经营（商业银行不允许 进入投资银行业务，1999后允许）；管理上的多头制（货币监理 署OCC、联邦存款保险公司FDIC、联邦储备体系FRS）,2 Financial institutions,金融中介（financial intermediary） 或金融机构（financial institutions）概念： 凡专门从
9、事各种金融活动的组织，均可称为金融机构,3 Types of Financial Institutions,Commercial Banks $5 (万亿）Trillion Total Assets,Savings Institutions $1.3 Trillion Total Assets,Credit Unions $.5 Trillion Total Assets,(1)Types of Depository Financial Institutions,Role of Financial Institutions in Financial Markets,Information pr
10、ocessing Serve special needs of lenders (liabilities) and borrowers (assets) By denomination and term(票面和期限） By risk and return Lower transaction cost Serve to resolve problems of market imperfection,Types of Nondepository Financial Institutions,Insurance companies Mutual funds（共同基金） Pension funds（养
11、老基金） Securities companies（证券公司） Finance companies（金融公司）,Role of Nondepository Financial Institutions,Focused on capital market Longer-term, higher risk intermediation Less focus on liquidity Less regulation Greater focus on equity investments,government sponsored agencies,美国： FHLMC（Federal Home Loan
12、 Mortgage Company）房利美 GNMA（Government National Mortgage Association） FNMA（Federal National Mortgage Association）房地美 Farm Credit System SLMA（Student Loan Market Association）,中国的金融机构体系,（1） 中国人民银行,（3）国有商业银行,（2 ）政策性银行,国家开发银行 中国进出口银行 中国农业发展银行,（4 ）其他商业银行,（5）其他非银行金融机构,4 Trends in Financial Institutions,比尔盖
13、茨曾预言：“传统商业银行将成为21世纪的恐龙”群雄逐鹿时代Rapid growth of mutual funds and pension funds Increased mergers and growth of financial conglomerates The drop in numbers Increased competition between financial Institutions Increasing similar More diversified International expansion,Reasons,Regulatory Changes, technol
14、ogy and competition By case of (1999) Impact of the Financial Services Modernization ActBank Participation in Financial conglomerates Prompted by the Citicorp-Travelers merger Banks and other financial service firms were given more freedom to merge and offer a range of financial services Insurance S
15、ecurities services Banks now a subsidiary of financial conglomerates,Case: Citicorp-Travelers merger,花旗集团的扩张自1812年成立以来就从来没有停止过，其扩张是通过一系列的收购实现的。因为按照当时的美国银行法，商业银行不许购买股票，不允许经营非银行业务，对分支行的开设也有严格的限制。为了避开法律的制约，花旗银行于1968年在美国特拉华州成立了单一银行控股公司，以其作为花旗银行的母公司。它把自己的股票换成其控股公司花旗公司(Citicorp)的股票，而花旗公司资产的99%是花旗银行的资产。花旗公
16、司当时拥有13个子公司，能提供多元化的金融服务：商业银行、证券业务、投资管理、信托服务、保险业务、融资租赁、商贸结算等。花旗公司与花旗银行的董事会成员是同一套人马，公司和银行是一个班子、两块牌子。,最引人注目的是在1998年4月花旗公司与银行旅行者集团宣布合并。合并组成的新公司称为“花旗集团”，其商标为旅行者集团的红雨伞。这是美国有史以来最大的一起企业兼并案，此次成功合并，引起了华尔街股市的强烈震荡，花旗公司的股票每股狂升33.9美元，达176.8美元。合并后花旗集团的总资产达到7000亿美元，集银行、证券、保险、信托、基金、租赁等全方位的金融业务于一身。客户到任何一个花旗集团的营业点都可以得
17、到储蓄、信贷、证券、保险、信托、基金、财务咨询、资产管理等“一条龙”式的金融服务。这种“金融超市”式的全方位、多角度的服务方式和理念是在金融业掀起了一场风暴。随着1999年金融服务现代化法案的出台，花旗集团所引起的这种新的组织、制度、方式的变革得到了法律的认可与保护，并将对世界金融业的发展产生深远的影响。（2007年，1兆美元，27万员工，100多个国家，矩阵式的结构）,Home Work: 查阅中国、英国、日本、德国、法国的 金融制度（主要中央银行、主要金融机 构及金融制度的特点等）,2 Commercial Banks,2 .1 Introduction The largest group
18、 of depository institutions in size. They accept deposits (liability) and make loans (assets) The difference among commercial ,saving institutions and credit union: (1)the size (2) the composition of assets and liabilities more varied; (3) The regulator, size and scope and organization chart: Unit b
19、ank-branch banking one bank holding company(1956 Act)multibank holding company(1970 Act )regional or super-regional bank(1994 Act）,Definitions & Terms 1,Community Bank(社区银行）: a bank that specializes in retail or consumer banking under $1 billion in asset size.Regional or super regional banks (above
20、$1 billion in asset size ): a bank that engages in a complete array of wholesale commercial banking activities, including consumer & residential lending, commercial and industrial lending（C & I),Definitions & Terms 2,Federal fund market: an inter bank market for short term borrowing and lending of b
21、ank reserves-big banks. Money center bank(货币中心银行，一些特大银行）: a bank that has a heavy reliance on non-deposit or borrowed sources of funds（主要依赖批发或借入资金作为） Salomon Brothers, Bank of Newyork, Chase Manhattan, Citigroup, J.Pmorgan (P3),2.2 Balance sheets,2.2.1 Liability : Bank Sources of Funds Two major sou
22、rces: deposits and borrowed or other liability funds （表P8约91.2%assets were funded by debt）（1）Deposits (accounts)交易（支付）存款帐户（代客户进行支付的Transaction deposits支票帐户） 3(checking): checkable deposits that bear no interest 不支付利息的活期存款 创新产品 Negotiable order of withdrawal (NOW) account: interest bearing;(1980,domi
23、nation)可转让支付命令帐户,（也称为付息的活期存款，是既可用于转账结算，又可支付利息，年利率略低于储蓄存款，提款使用规定的支付命令，和支票一样，可自由转让流通。它是一种不使用支票的支票帐户，以支付命令书取代了支票。 ）可转让支付命令帐户.doc, Retail or household Savings and Time Deposits(Nontransaction accounts ）非交易类帐户） Passbook savings存折储蓄存款（个人及机构都可以开设） Retail time deposit（零售定期存款） Have been falling because of MM
24、MF,补充：Money Market Mutual Fund,货币市场互助基金 货币市场互助基金简称MMMF。由于美国对定期存款支付的利率有最高限制，在市场利率上升的情况下，定期存款利率的限制就使得存款不如投资于其他有价证券有利，从而影响了银行的资金来源，为了规避这个限制，在70年代初创立了“货币市场互助基金”。这种基金吸收小额投资，然后再用来在货币市场上投资，如投资于大额存单，国库券等。向基金投资，每单位在500至1000美元之间，由于是向基金投资而不是存款，所以从基金得到的是利润，而不是利息，自然不受存款利率的限制。同时还允许帐户所有者签发金额不低于500美元支票, Larege Time
25、 Deposits（大额定期存款） 创新产品 Certificate of deposit (CD定期存单) Negotiable CD（可转让大额定期存单，面额大、利率高、不记名、可转让流通，大额存单由美国花旗银行于1961年首先开办，大额存单几乎成为发达国家商业银行一种重要的主动负债工具 ，我国交通银行上海分行1986年试用，1997由于盗开和伪造银行存单进行诈骗等犯罪活动凸现 而被迫终止） 大额定期存单市场概述.doc 创新产品 Money Market Deposit Accounts (MMDAs)货币市场存款帐户 MMDA是美国银行1972年推出的一种储蓄与投资相结合的“利率自由化
26、“支票存款帐户。MMDA类似于储蓄帐户，但它不属于转帐帐户。其开办成本低于NOW帐户。货币市场存款帐户的特点有：具有最低限额，银行可以支付所能够支付的利率；不过它要求获利前帐上的较低存款额较高。从这种帐户上取钱，不如支票账户上方便。该帐户每月限定只能交易六次，包括每月只能开具三张支票。 More liquid than CDs : no specified maturity Limited check writing Created in 1972 货币市场存款帐户.doc,(2)Borrowing and others Purchases of Federal Funds (联邦基金） Sh
27、ort-term loans between banks Allows banks to meet reserve requirement or funding needs Interest rate charged is the federal funds rate 联邦基金利率和联邦基金利率.doc Borrowing from the Federal Reserve Banks Borrowing at the discount window(贴现窗口） Discount rate Intended for meeting temporary short-term reserve req
28、uirement needs Must get Fed approval,Repurchase agreements(回购协议） Sale of securities by one party to another with an agreement to repurchase the securities at a specified date and price也称再购回协议，是指商业银行进行短期融资的一种方式，其含义是指出售证券等金融资产时签订协议，约定在一定的期限后按原定价格或约定价格购回所卖证券，从而获得即时可用资金。回购协议通常只有一个交易日。回购协议所涉及的证券主要是国债。 Ba
29、nks may sell bills to a corporation with temporary excess cash (bank demand deposit) and then buy them back later Source of funds for a few days Collateralized by the treasury bills,Eurodollar（欧洲美元） borrowings Banks outside the United States make dollar-denominated loans Eurodollar market is very la
30、rge Bonds issued by the bank Like other businesses, banks issue bonds to finance long-term fixed assets,（3）Bank capital Obtained from issuing stock or retaining earnings No obligation to pay out funds in the future Must be sufficient to absorb operating lossesrisk-based capital requirement(巴塞尔协议规定到1
31、992年底从事国际业务的银行的资本与加权风险资产的比例必须达到8% ）,2.2.2 Uses of Funds by Banks -Asset,Four principal earning assets: business loans, securities, mortgages and consumer loans.,Bank Loansbusiness or commercial & industrial loans Commercial and residential real estate Individual (auto purchases and credit card),Inve
32、stment securities,- Treasury securities(国债) Government agency securities Freddie Mac Fannie Mae Corporate and municipal securities Investment grade only(进行评级） Federal funds sold Lending funds in the federal funds market 结构趋势：P7Figure Tendency by the growth of the commercial paper market and securiti
33、zation of mortgages (抵押资产证券化）次贷危机的生成美国房利美公司.doc subprime mortgage crisis .doc ,运用“资产证券化”开拓筹资新领域.doc， ，美国政府为何接管房利美和房地美.doc,补充知识,贷款证券化(asset backed securitization)银行把缺乏流动性、但具有未来现金收入流的各类资产贷款汇集起来，形成一个资产池，然后通过一定的技术处理，将其转变成可以在金融资产上出售和流通的证券，据以融通资金。最早起源于70年代的美国住宅抵押市场，由政府国民抵押贷款协会担保，由从事抵押的金融机构将其贷款组合出售给房利美和房地美
34、，并由其发行抵押证券出售。由于是联邦政府担保，住房抵押贷款的规模仅次于国债，最终转化为表外业务。贷款出售。当某家银行发放一笔贷款并将其以有追索权或无追索权地方式出售给该银行之外的买主时就发生了银行贷款出售。其中无追索权将转化为表外业务。,2.3 Off-Balance Sheet Activities,Loan commitments (issuing various types of guarantee) 如、保函（letter of guarantee)、贷款承诺（loan commitment) Derivative transaction:如：futures(期货） forward（远
35、期） option（期权） swap（掉期） Others 贸易融通业务； letter of credit (信用证业务：进出口业务银行的承诺） 承兑汇票中介服务代理 、咨询等 Off-balance sheet activities are increasing more importance,2.4 Regulations,2.4.1美国金融体制的沿革 美国金融监管.doc州银行-国民银行（1861，由1863年成立的OCC监管）-美联储（1913，央行，货币政策的执行外，监管其会员银行，包括加入会员的州银行）美国存款保险公司（1933，主要监管加入保险计划的国民银行和多数缴纳保险的州注
36、册银行）。另有各州政府均设立了州银行监管机构state bank regulators，形成了联邦和州政府的双线监管体制 。美国银行演变Image1.bmp美国银行法案Image2.bmp,2.4.2 Four major Regulators,(1)FDIC (Federal deposit Insurance Corporation) 联邦存款保险公司established in1933, it levies insurance premiums on member banks, manages the deposit insurance fund, and carries out ban
37、k examinations, acts as the last receiver and liquidator when bank is closed. It was established on the The Glass-Steagall Act(格拉斯斯蒂格尔法-如果会员银行发生破产或无法偿还债务的危机时，FDIC将为这个会员银行的每个储户提供最高限额为$100,000的存款保险,OCC （2）(the Office of the Comptroller of the currency货币监理署),Established in 1863, the oldest regulatory a
38、gency, a sub-agency of the US Treasury. Function is to charter so-called national banks as well as to close them. To examine national banks and has rights to approve their merger application. Dual banking system: the coexistence of both nationally chartered and state-chartered banks in the US. (stat
39、e bank regulators),（3）FRS (Federal Reserve System),1913 ，US central bank. All nationally chartered banks are automatically members of Federal ReserveSystems, state-chartered bank chosen to be. FRS membership are direct access to the federal funds wire transfer network for nationwide interbank borrow
40、ing and lending of reserves and to the discount window for lender of last resort borrowing of funds(货款的最后提供者) FRS regulates and examines bank holding companies.,美国联邦储备系统在理论上的权力分配,由7名理事构成的联邦储备委员会由总统任命并得到参议院的认可 主要职能是指导货币政策 占有FOMC的十二个席位中的七个 制定法定准备率和边际法定准备率 审视FRBs制订的贴现率,联邦公开市场委员会FOMC12名成员包括5名FRB的行长，其中纽约
41、联邦储备银行的行长是常任成员 主要职能是指导联邦储备体系的公开市场业务操作 向位于纽约联邦储备银行的联邦储备体系交易柜台发出政策指令,12个联邦储备银行FRBs每个联邦储备银行委员会有9名成员，银行业、工农商业和公众各有三名代表 主要职能是实行监督和管理职责 拥有FOMC的十二个席位中的五个 制定贴现率和决定哪些银行可以攻得贴现贷款 管理流通中的现金：发行新货币和回收旧货币,货币政策,美国联邦储备系统在实际中的权力分配,联储主席,货币政策,联邦储备委员会 作为FOMC的成员而拥有投票权,联邦储备委员会的成员,FOMC 12名成员发布政策指令,投票权和制定议程,监督,投票权和制定议程,商业银行的
42、成员 拥有区内FRBs的所有权，并选出区FRBs委员会的成员 对货币政策没有直接的影响力,FRBs 五名FRBs的行长在FOMC拥有投票权,联邦咨询委员会几乎没有实权,投票,投票,制定法定准备率,制定贴现率,商议,商议,指导公开市场操作,美国联邦储备系统地方级12家联邦储备银行的分布,（4）State bank regulator,Bank Regulators,Insured commercial banks (FDIC-BIF)Nationally chartered State chartered (OCC) Members (FRS) Non-members (FDIC),$4771.
43、2 billion in assets 9308 in number,2656,6652,992,5660,2.4.3 Commercial banks Regulations,Regulators imposed numerous restrictions on their product and geographic activities. Non-bank ba!nk: a firm that undertakes many of the activities of commercial bank without meeting the legal definition of a ban
44、k,Major Bank Laws,（1）1927 The McFadden Act麦克非登法 Restrict interstate bank branching （2）1933 Glass-Steagall Act格拉斯斯蒂格尔法（影响最大的法律）Separate commercial banks from investment banks （3）1956 The Bank Holding Company Act and its 1970 amendment银行控股公司法 Restriction on the ability of a bank s parent holding compa
45、ny to engage in commercial ,insurnce and other non-bank activities of commercial banks,Regulations,Banks,（4）1978 International Banking Act To extend the 1927 and 1933 Act to foreign branches and agencies in the US. （5）1980 DIDMCA （存款机构放松管制与货币控制法（Depository Institutions Deregulation and Monteary Cont
46、rol Act 又称新银行法） Mainly deregulation act to eliminate interest ceilings on deposits and gave banks new liability and assets powers,(6)1982 DIA (Garn-St.Germain Depository Institution Act加恩圣杰曼存款机构法 （7）1987 CEBA(Competitive Equality in Banking Act银行平等竞争法案 Control a growing number of non-bank banks to g
47、et around interstate banking restrictions （8）1989 FIRREA（Financial Institutions Reform Recovery and Enforcement Act)金融机构改革恢复与执行法 Respond to the problems of thrift banks and the collapse of the FSLIC with the passage of FIRREA,（9）1991 FDICIA（Federal Deposit Insurance Corporation Improvement )联邦存款保险公司
48、改进法Enact FDICIA to deal numbers of bank failures and the threatened insolvency of the FDIC, insurance funds to commercial banks （10)1994 Riegle-Neal Interstate Banking and Branching(瑞格尔尼尔垮州从事银行业务及设立分支机构效率法）Efficiency Act,补充：（10）1999 Financial Services Act of 1999 (Gramm-Leach-Bliley Act)Commercial b
49、anks can operate the business of investment其核心内容就是取消银行业与保险业、证券业之间的壁垒，允许组建“金融控股公司”，通过控股公司内部的银行、证券、保险等子公司向客户提供全方位金融服务。 美联储被赋予伞型监管者（Umbrella Supervisor）的职能，成为金融控股公司的基本监管者。在伞型监管模式下，金融控股公司的银行类分支机构和非银行分支机构仍分别保持原有的监管模式，即前者仍接受原有银行监管者的监管，而后者中的证券部分仍由证券交易委员会（SEC）监管，保险部分仍由州保险监管署（SIC）监管，SEC和SIC被统称为功能监管者。 GLB法案对美国保险监管体系的影响是巨大的。法案的这一规定冲击了美国长期实行的分业监管体制，使联邦银行体系监管机构介入到保险和证券监管当中，从而使监管冲突成为可能。,
