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新编金融专业英语(微课版)张成思全套PPT课件.pptx

发布:2024-10-06约4.8万字共316页下载文档
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;;;Fundamentalsoffinance(金融的原理)

;;;;;;;;;;;Importantconceptsinfinance

;Importantconceptsinfinance

;Importantconceptsinfinance

;;;;Moreaboutcommercialbanks

;;Savingsinstitutions(储蓄机构)

;Savingsinstitutions(储蓄机构)

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;;Mutualfund;;

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Whatisa‘commercialpaper’

Commercialpaper(CP)isanunsecured,short-termdebtinstrumentissuedbyacorporation,typicallyforthefinancingofaccountsreceivableandinventories,andmeetingshort-termliabilities.

Adiscountedinstrument

Mostmaturesin1to6months,somematuresinupto9months

Raiseshorttermfunds

‘unsecured’meansbuyershavenoclaimonacompany’sassetsifthecompanyfailstopayupatmaturity

soldinlargedenominationsof$100,000ormoretolargeinstitutionsandwealthyindividuals.

;Advantagesofcommercialpaper

DoesnotneedtoberegisteredwiththeSecuritiesandExchangeCommission(SEC)aslongasitmaturesbeforeninemonths,or270days,makingitaverycost-effectivemeansoffinancing.

Exampleofcommercialpaper

Aretailfirmislookingforshort-termfundingtofinancesomenewinventoryforanupcomingholidayseason.

Thefirmneeds$10millionandoffersinvestors$10.1millioninfacevalueofcommercialpaperinexchangefor$10millionincash,accordingtoprevailinginterestrates.Ineffect,therewouldbea$0.1millioninterestpaymentuponmaturityofthecommercialpaperinexchangeforthe$10millionincash,equatingtoaninterestrateof1%.Thisinterestratecanbeadjustedfortime,contingentonthenumberofdaysthecommercialpaperisoutstanding.;

Commercialpapervs.commercialbill(商业票据与商业汇票)

Commercialbillsareinstrumentsissuedbybanksthatfinanceinvoicesraisedbyacompany.

Supposeacompanysellinggoodsorproductstoanothercompanyisapprehensiveaboutthepaymentoratleastwishestoenhancethesafetyofhismoneycangetcommercialbillsissuedbybanks.Banks

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