具体描述
在过去30年间，金融业发生了翻天覆地的变化，其标志是创新、全球化和放松管制。作者写作本书的目的就是帮助学生了解金融业的巨大变化。和其他教科书相比，本书有其自身的特点：一是取材广泛，从机构到市场、工具，如资产的证券化、抵押市场等等，这些是其他教材没有或不够深入的。二是内容全面、资料新，给学生大量的信息和分析工具，并且详细描绘了一些大型市场与机构的运行、结构和规章制度，使学生能够学会分析金融业的某些全
好的，这是一本关于现代企业战略管理与组织变革的深度研究的图书简介，旨在为企业高管、战略规划师和商学院学生提供一套系统、前沿且具有实践指导意义的理论框架与案例分析。 --- 战略重塑：驾驭数字时代的复杂性与不确定性 内容概述 在当前这个由技术颠覆、地缘政治重构和消费者行为剧变所定义的时代，传统的企业战略规划范式正面临严峻的挑战。本书《战略重塑：驾驭数字时代的复杂性与不确定性》并非传统意义上的商业管理教科书，而是一部聚焦于“动态能力构建”、“敏捷组织设计”与“价值网络生态系统构建”的实战指南。它深刻剖析了企业如何在高度不确定性的环境中，实现从“静态规划”向“持续演化”的根本性转变。 本书的写作风格注重深度分析、跨学科整合以及对全球领先企业的深入案例挖掘，旨在帮助读者理解如何在宏观战略层面做出前瞻性决策，并在微观执行层面构建起适应性强的组织架构。 第一部分：理解复杂性与重构战略思维 本部分致力于为读者建立一套全新的战略分析框架，以适应VUCA（易变性、不确定性、复杂性、模糊性）时代的需要。 1. 告别线性预测：从线性思维到非线性适应 传统的战略规划依赖于对未来稳定趋势的预测。然而，在数字革命驱动下，市场变化呈现出指数级和突发性的特征。本章首先批判性地审视了波特的五力模型在当前环境下的局限性，并引入“复杂适应系统”（CAS）理论来解析市场结构。我们将探讨企业如何将不确定性视为“机遇的拓扑空间”而非单纯的“风险源”，从而实现主动而非被动的响应。 2. 战略的新核心：动态能力理论的深化应用 动态能力（Dynamic Capabilities）被认为是后资源基础观（RBV）的核心。本书深入剖析了动态能力的三大支柱：感知（Sensing）、抓住（Seizing）和重构（Transforming）。 感知能力（Sensing）： 重点探讨如何构建跨界信息捕获机制（如“弱信号”识别网络、跨部门知识集成），以及如何运用大数据分析和情景规划（Scenario Planning）来构建多重未来图景。 抓住能力（Seizing）： 详细阐述了如何在不确定性中快速锁定高潜力机会，包括“精益创业”（Lean Startup）的战略应用、快速原型构建与市场测试的节奏管理。 重构能力（Transforming）： 这是最关键的环节。本章将分析组织结构、文化和治理机制如何阻碍或促进资源和能力的根本性重组，特别关注“僵局打破者”在组织变革中的作用。 3. 价值网络与生态系统战略 在高度互联的数字经济中，竞争不再局限于企业与企业之间，而是发生在价值网络（Value Networks）之间。本书系统性地介绍了“平台战略”的构建逻辑，区分了“多边市场平台”、“技术堆栈平台”与“身份/信任平台”的不同模式。重点研究了企业如何策略性地引入合作伙伴、控制关键标准、管理网络外部性（Network Externalities）以及在生态系统中扮演“主导者”、“赋能者”或“关键连接器”的角色。 第二部分：组织架构的敏捷化与文化重塑 战略的有效性取决于组织的执行力。本部分将重点关注如何将静态的层级结构转化为适应性强的、以价值流为中心的敏捷组织。 4. 敏捷组织设计：超越Scrum的结构变革 敏捷不再是IT部门的专属工具。本章探讨了“组织敏捷性”（Organizational Agility）的深层含义，即组织在不牺牲效率的前提下，快速调整方向和资源的能力。我们将详细拆解“双元组织”（Ambidexterity）模型：如何有效隔离和保护探索性（Exploration）业务，同时确保利用现有核心业务（Exploitation）的效率。内容涵盖了从功能部门制向“超越团队”（Team of Teams）架构的过渡策略、去中心化决策权的最佳实践，以及如何建立“自适应控制系统”以替代严格的自上而下的控制。 5. 赋能文化：从服从到主人翁精神的转变 成功的战略转型往往失败于文化阻力。本书深入剖析了驱动数字时代创新文化的要素：心理安全感、失败的常态化、以及跨职能的信任。我们引入了“行为设计学”的概念，探讨如何通过精心设计的流程和激励机制，而非单纯的口号，来塑造员工的日常行为，使其自然倾向于协作、实验和问责。同时，对“技术采纳生命周期”在组织内部的应用进行分析，以克服内部变革阻力。 6. 人才战略：面向未来角色的能力建模 面对自动化对传统职位的冲击，企业必须重塑其人才获取和发展模型。本书提出“T型人才”到“π型人才”（多专长人才）的升级路径。重点关注如何识别和培养“战略叙事者”（能将复杂战略清晰传达的领导者）、“数据伦理师”以及“跨域整合者”等未来关键角色。内容包括“即时反馈机制”的嵌入、学习型组织的关键绩效指标（KPIs）设计，以及如何将人才管理与组织动态能力直接挂钩。 第三部分：战略执行与治理的变革 战略的落地需要创新的治理机制和财务支持。本部分侧重于量化战略进展和确保资源分配的灵活性。 7. 战略财务：投资于不确定性 传统的年度预算和项目审批机制严重拖慢了敏捷组织的步伐。本章提出“动态资源配置模型”，强调将预算视为“可流动的资本池”而非“固定支出”。我们将详细介绍如何运用“期权定价模型”来评估高风险、高回报的战略投资（如前沿技术研发），以及如何使用“基于成果的里程碑支付”来管理外部合作项目的财务风险。 8. 风险的再定义：韧性（Resilience）的战略构建 韧性是企业在遭受重大冲击后恢复和适应的能力。本书将韧性视为一种主动构建的战略资产，而非被动保险。我们将探讨供应链的“冗余设计”与“多样化冗余”的平衡，以及如何利用数字孪生技术对潜在的系统性故障进行压力测试。最终目标是实现“反脆弱性”（Antifragility）——即系统在冲击中反而能够变得更强的能力。 9. 领导力：从指挥到策展 在分布式决策的敏捷组织中，领导力的角色发生了根本性转变。本书认为未来的领导者是“战略策展人”（Strategic Curator），他们的核心职责是： 1. 定义清晰的“北极星指标”，确保所有分散的行动方向一致。 2. 管理信息流，确保关键决策者获得及时、无偏见的数据。 3. 维护组织价值观和心理安全网，使员工敢于承担经过计算的风险。 本书通过对多位成功跨界转型领导者的访谈和分析，提炼出“透明度、同理心与战略清晰度”三位一体的领导力模型。 --- 目标读者： 渴望在数字经济中实现持续竞争优势的企业首席执行官（CEO）、首席战略官（CSO）、高级管理团队成员、以及致力于研究和实践组织变革的商学院高年级学生和学者。 核心价值： 本书提供了一套将复杂理论转化为可执行战略行动的完整路线图，是企业领导者应对“未来已来”的必备参考工具书。
作者简介
目录信息
Partl INTRODUCTION
Introduction
Financial Intermediaries
and Financial Innovation
The Role of the Government
in Financial Markets
Part 11 DEPOSITORY INSTITUTIONS
Chdpter 4 Depository Institutions: Activities
and Characteristics
Chapter 5 Central Banks and the Creation
of Money
Chapter 6 Monetary Policy
Part 111 NON-DEPOSITORY FINANCIAL
INTERMEDIARIES
Chapter 7 Insurance Companies
Chapter 8 Investment Companies
Chapter 9 Pension Funds
Part IV DETERMINANTS OF ASSET PRICES
AND INTEREST RATES
Properties and Pricing
of Financial Assets
The Level and Structure
of Interest Rates
The Term Structure
of Interest Rates
Risk/Rcturn and Asset
Pricing Models
Part V ORGANIZATION AND STRUCTURE
OF MARKETS
Chapter 14 Primary Markets and the
Underwriting of Securities
Secondary Markets
Part Vl MARKETS FOR GOVERNMENT
DEBT
Chapter 16 Treasury and Agency Securities
Markets
Chapter 17 Municipal Securities Markets
Part Vll MARKETS FOR CORPORATE
SECURITIES
Chapter 18 Common Stock Markets
in the United States
Chapter 19 Stock Markets around the World
Chapter 20 Markets for Corporate Senior
Instruments: 1
Chapter 21 Corporate Senior Instmments: 11
Chdpter 22 The Markets for Bank Obligations
Part Vlll MORTGAGE AND SECURITIZED
ASSET MARKETS
Chdpter 23 The Mortgage Market
Chdpter 24 Mortgage-Backed Securities
Market
Chdpter 25 Asset-Backed Securities Market
Part IX MARKETS FOR DERIVATIVE
SECURITIES
Chdpter 26
Chdpter 27
Chdpter 28
Chdpter 29
Chdpter 30
Chdpter31
Index
Financial Futures Markets
Options Markets
Pricing of Futures and Options
Contracts
The Applications of Futures
and Options Contracts
Interest Rate Swap and Interest Rate
Agreement Market
The Market for Foreign Exchange
Rate Risk Control Instruments
Preface xv
Acknowledgments xuiii
Biographical Sketches xx
Part 1 INTRODUCTION
Chapter 1 Introduction
Financial Assets
Debt versus Equity Claims 3 The Price of a Financial Asset and Risk 3 *
Financial Assets versus Tangible Assets 4 The Role of Financial Assets 4
Financial Markets
Role of Finandal Markets 6 CIassification of Financial Markets 6
Market Participants
Globalization of Financial Markets
Classification of Global Finandal Markets 9 Motivation for Using Foreign
Markets and Euromarkets
Derivative Markets
Types of Derivative Instruments 11 The Role of Derivative Instruments
Summary
Chapter 2 Financial Intermediaries and Financial Innovation
Financial Institutions
Role of Financial Intermediaries
Maturity Intermediation 20 Reducing Risk via Diversification 20 *
Reducing the Cost ofContracting and Information Processing 21 Providing
a Payments Mechanism
Overview of Asset/Liability Management for Financial Institutions
Nature of Liabilities 23 Liquidity Concerns 24 Regulations and Taxation
Financial Innovation
Categorizations of Financial Innovation 25 Motivation
for Financial Innovation
Asset Securitization as a Financial Innovation
Benefits to Issuers 28 Benefits to Investors 29 Benefits to Borrowers 29
Implications of Securitization for Financial Markets 29 Social Benefits 30
Summary
Chapter 3 The Role of the Govemment in Financial Markets
Purposes and Forms of Regulation
Justification for Regulation 35 An Introduction to Forms of Regulation 36
Regulation in the United States
Regulation in Japan
Regulation in Germany
Regulation in the United Kingdom
Regulatory Refonn
Summary
Part 11 DEPOSITORY INSTITUTIONS
Chapter 4 Depository Institutions: Activities and Characteristics
Asset/Liability Problem of Depository Institutions
Interest Rate Risk 54 Liquidity Concerns
Commercial Banks
Bank Services 61 Bank Funding 62 Regulation
�avings and Loan Associations
Assets 72 Funding 74 Regulation 74 The S&L Crisis
Savings Banks
Credit Unions
Summary
Chapter 5 Central Banks and the Creation of Money
The Central Bank and Money Creation in the United States
The Central Bank of the United States: The Federal Reserve System 85
Instruments of Monetary Policy: How the Fed Influences the Supply of Money 86
?Different Kinds of Money 89 Money and Monetary Aggregates 89 The Money
Multiplier: The Expansion of the Money Supply 91 The Impact of Interest Rates
on the Money Supply 93 The Money Supply Process in an Open Economy 94
The Central Banks of Other Countries
Germany 96 Japan 97 United Kingdom
Summary
Chapter 6 Monetary Policy
Monetary Policy in the United States
Goals of Monetary Policy 103 Trade-Offs and Conflicts among Polides 108
Goals and Types of Targets 108 Choosing the Operating Target 109 Choosing
the Intermediate Target 110 A Review of Recent Federal Reserve Policy
Goals and Targets of Monetary Policy in Other Economies
Germany l6 Japan 117United Kingdom
Summary
Part 111 NON-DEPOSITORY FINANCIAL INTERMEDIARIES
Chapter 7 Insurance Companies
Fundamental Characteristics of the Insurance Industry
Insurance Policy and Premiums 123 Surplus and Reserves 124 Determination
of Profits 124 Government Guarantees 125 Regulation 125
Life Insurance Companies
Liabilities and Liability Risk 127 Types of Policies 127 Investments
Property and Casualty Insurance Companies
Nature of the Liabilities 131 Investments
Financial Trends in the Intemational Insurance Industry
Bancassurance 133 Cross-Border Activities 134 Pension Funds
and Insurance Companies
Summary
Chapter 8 Investment Companies
Types of Investment Companies
Open-End Funds 140 Closed-End Funds 141 Unit Trusts 143
Structure and Expenses of a Fund
Types of Funds by Investment Objective
Economic Motivation for Funds
Regulation of Funds
Commercial Banks and Mutual Funds
The Concept of a Family of Funds
Industry Concentration
Mutual Funds in Other Economies
United Kingdom 151 �ermany I53 Japan 154
Summary
Chapter 9 Pension Funds
Introduction to Pension Plans
Types of Pension Plans
Defined Contribution Plan 161 Defined Benefit Plan 162 Hybrid
Pension Plans 162
Investments
Regulation
Managers of Pension Funds
Pension Funds in Other Countries
Germany 166United Kingdom 167 Japan 168
Summary
Appendix: Endowment Funds
Part IV DETERMINANTS OF ASSET PRICES AND INTEREST RATES
Chapter 10 Properties and Pricing of Financial Assets
Properties of Financial Assets
Moneyness 174 Divisibility and Denomination 174 Reversibility 174 Cash
Flow 175 Term to Maturity 176 Convertibility 176 Currency 176 Liquidity
177 Return Predictability 177 Complexity 178 Tax Status 179
Principles of Pricing Financial Assets
The Appropriate Discount Rate 180 Illustration 180 Price
and Asset Properties
Price Volatility of Financial Assets
The Effect of Maturity 184 The Effect of the Coupon Rate 184 The Effect of
the Level of Yields 186 Measuring Price Sensitivity to Interest Rate
Changes: Duration
Summary
Appendix: Review of Present Value
Chapter 11 The Level and Structure of Interest Rates
The Theory of Interest Rates
Fisher's Classical Approach 199 The Loanable Funds Theory 203
The Liquidity Preference Theory 204 Changes in the Money Supply
and Interest Rates
The Determinants of the Structure of Interest Rates
Features of a Bond 208 Yield on a Bond 209 The Base Interest Rate 212
The Risk Premium 212
Summary
Chapter 12 The Term Structure of Interest Rates
The Yield Curve and the Term Structure
Using the Yield Curve to Price a Bond 225 Constructing the Theoretical Spot
Rate Curve 226 Using Spot Rates to Value a Bond 229
Forward Rates
Other Forward Rates 233 Relationship between Spot Rates and Short-Term
Forward Rates 234 Forward Rate as a Hedgeable Rate 235
Determinants of the Shape of the Term Structure
The Pure Expectations Theory 236 The Liquidity Theory 239 The Preferred
Habitat Theory 240 Market Segmentation Theory 241
Summary
Chapter 13 Risk/Return and Asset Pricing Models
Portfolio Theory
Investment Return 247 Portfolio Risk 249 Diversification 252 The Risk
of Individual Securities 254 Estimating Beta 257
The Capital Asset Pricing Model
L'nderlying Assumptions 260 Tests of the Capital Asset Pricing Model 261
Multifactor CAPM 263
Arbitrage Pricing Theory Model
Empirical Evidence 265
Summary
Part V ORGANIZATION AND STRUCTURE OF MARKETS
Chapter 14 Primary Markets and the Underwriting of Securities
The Traditional Process for Issuing New Securities
Investment Bankers
Regulation of the Primary Market
Variations in the Underwriting Process
Bought Deal 277 Auction Process 278 Preemptive Rights Offering 280
Private Placement of Securities
Rule 144A 283
Summary
Chapter 15 Secondary Markets
Function of Secondary Markets
Trading Locations
Market Structures
Perfect Markets
Role of Brokers and Dealers in Real Markets
Brokers 293 Dealers as Market Makers 293
Market Efficiency
Operational Efficiency 295 Pricing Efficiency 296
Summary
Part Vl MARKETS FOR GOVERNMENT DEBT
Chapter 16 Treasury and Agency Securities Markets
Treasury Securities
Types of Treasury Securities 301 The Primary Market 302 The Secondary
Market 306 Stripped Treasury Securities 311 Coupon Stripping
and the Theoretical Value of Treasury Securities 313
Federal Agency Securities
Government-Sponsored Enterprise Securities 316
A Look at Non-U.S. Government Bond Markets
Summary
Chapter 17 Municipal Securities Markets
Types and Features of Municipal Securities
General Obligation Bonds 326 Revenue Bonds 327 Hybrid and Special Bond
Securities 327 Municipal Notes 328 Redemption Features 329
Municipal Bond Ratings
Tax Risks Associated with Investing in Municipal Securities
The Primary Market
The Secondary Market
Yields on Municipal Bonds
Regulation of the Municipal Securities Market
Summary
Part Vll MARKETS FOR CORPORATE SECURITIES
Chapter 18 Common Stock Markets in the United States
Characteristics of Common Stock
Trading Locations
Stock Exchanges 340 Over-the-Counter Market 341 Independent Electronic
Trading Systems 341 Trading Mechanics 342 Short-Selling 344 Margin
Transactions 345 Transactions Costs 346 Role of Dealers in Exchanges
and OTC Markets 347 The National Market System 348 The SEC's Look
into the Future: Market 2000 349
Trading Arrangements for Institutional Investors
Block Trades 351 Program Trades 352
Stock Market Indicators
Pricing Efficiency of the Stock Market
Forms of Efficiency 356 Implications for Investing in Common Stock 357
The Stock Market Crash of 1987
Summary
Chapter 19 Stock Markets around the World
National Stock Markets
Multiple Listings on National Markets 366 Global Diversification: Correlation
of World Equity Markets 370 Ownership and Control of National Stock
Markets 371 Trading Procedures and Computerization 374 Dealers in Major
Markets 375 Stock Market Indexes 376
Euroequity Issues
Global Depository Receipts
Summary
Chapter 20 Markets for Corporate Senior Instruments: 1
Credit Risk and the Role of Rating Companies
Commercial Paper
Issuers of Commercial Paper 388 Directly Placed versus Dealer-Placed
Paper 389 Non-U.S. Commercial Paper Markets 390
Medium-Term Notes
Size of Market and Issuers 391 The Primary Market 392
Structured MTNs 394
Euronotes
Bank Loans
Syndicated Bank Loans 396 Lease Finandng 397
Summary
Chapter 21 Corporate Senior Instruments: 11
Corporate Bonds
Basic Features of a Corporate Bond Issue 402 Bonds with Special Features 405
Corporate Bond Credit Ratings 407 High-Yield Sector 410 Secondary
Market 413 * Eurobond Market 413
Preferred Stock 415
Adjustable-Rate Preferred Stock 416 Auction and Remarketed
PTefeTredStock417
Bankruptcy and Creditor Rights
Summary
Chapter 22 The Markets for Bank Obligations
Types of Banks Operating in the United States
Large-Denomination Negotiable CDs
CD Issuers 425 Yields on CDs 426
Federal Funds
Federal Funds Rate 428 Market for Federal Funds
Bankers Acceptances
Illustration of the Creation of a Bankers Acceptance 430 Accepting Banks 431
Dealers 431 * Credit Risk 432
Summary
Part Vlll MORTGAGE AND SECURITIZED ASSET MARKETS
Chapter 23 The Mortgage Market
What Is a Mortgage?
Mortgage Origination
The Mortgage Origination Process 437 The Risks Associated
with Mortgage Origination
Types of Mortgage Design
Fixed-Rate, Level-Payment, Fully Amortized Mortgages 441 Adjustable-Rate
Mortgages 444 Other Mortgage Designs
Investment Risks
Credit Risk 450 Liquidity Risk 450 Price Risk 450 Prepayments and Cash
Flow Uncertainty 450
Summary
Chapter 24 Mortgage-Backed Securities Market
Development of the Secondary Mortgage Market
Foundations of the Mortgage Market 455 Securitization of Mortgages
Mortgage Pass-Through Securities
Cash Flow Characteristics 457 Issuers of Mortgage Pass-Through Securities
457 Government National Mortgage Association 459 Federal Home Loan
Mortgage Corporation 459 FederarNational Mortgage Association 460
Nonagency Pass-Through Securities 460 Prepayment Risks Associated with
Pass-Through Securities 463 Prepayment Conventions 465 Average Life 471
Collateralized Mortgage Obligations
Sequential-Pay CMOs 473 Accrual Bonds 478 Planned Amortization
Class Tranches 479
Stripped Mortgage-Backed Securities
Yields on Mortgage-Backed Securities
Summary
Chapter 25 Asset-Backed Securities Market
Asset-Backed Securities Issuance
Cash Flow of Asset-Backed Securities
Automobile-Loan-Backed Securities 493 Credit Card Receivable Asset-Backed
Securities 493 Home Equity Loan-Backed Securities 494 Manufactured-
Housing-Backed Securities 495
Credit Risk
Summary
Part IX MARKETS FOR DERIVATIVE SECURITIES
Chapter 26 Financial Futures Markets
Futures Contracts
Liquidating a Position 501 The Role of the Clearinghouse 502 Margin
Requirements 502 Leveraging Aspects of Futures 504 Market Structure 505
Daily Price Limits 506
Futures versus Forward Contracts
The Role of Futures in Financial Markets
U.S. Financial Futures Markets
Stock Index Futures Markets 509 Interest Rate Futures Markets 510
The GAO Study on Financial Derivatives
Financial Futures Markets in Other Countries
Japanese Stock Index Futures 516 Japanese Interest Rate Futures 516
Forward Rate Agreements
Summary
Chapter 27 Options Markets
Options Contracts
Differences between Options and Futures Contracts
Risk and Retum Characteristics of Options
Buying Call Options 527 Writing (Selling) Call Options 530 * Buying Put
Options 531 Writing (Selling) Put Options 534 Considering the Time Value
of Money 534
Economic Role of the Option Markets
U.S. Options Markets
Stock Options 537 Stock Index Options 539 * Interest Rate Options 542
Exotic Options
Options Markets Outside the United States
Futures Options
Mechanics of Trading Futures Options 544 Reasons for Popularity
of Futures Options 546
Summary
Chapter 28 Pricing of Futures and Options Contracts
Pricing of Futures Contracts 551
Theoretical Futures Price Based on Arbitrage Model 553 Price Convergence
at the Delivery Date 556 A Closer Look at the Theoretical Futures Price 556
Pricing of Options
Basic Components of the Option Price 559 Put-Call Parity Relationship 560
Factors That Influence the Option Price 562 * Option Pridrtg Models 563 Deriving
the Binomial Option Pridng Model 564 * Fixed-Income Option Pricing Models 568
Summary
Chapter 29 The Applications of Futures and Options Contracts
Applications of Futures Contracts
Stock Index Futures 575 *Interest Rate Futures 578
Applications of Options Contracts
Stock Options and Stock Index Options 580 * Interest Rate Options 581
Summary
Appendix: General Principles of Hedging with Futures
Chapter 30 Interest Rate Swap and Interest Rate Agreement Market
Interest Rate Swaps
Risk/Return Characteristics of a Swap 591 * Interpreting a Swap Position 592 *
Applications 595 Reasons for the Development of the Interest Rate Swap
Market 600 Role of the Intermediary 603 Market Quotes 604 Primary
Determinants of Swap Spreads 605 Secondary Market for Swaps 606 Beyond
the Plain Vanilla Swap 607 Interest RateEquity Swaps 608
Interest Rate Agreements
Risk/Return Characteristics 610 * Applications 612
Summary
Chapter 31 The Market for Foreign Exchange Rate Risk
Control Instruments
Foreign Exchange Rates
Exchange Rate Quotation Conventions 618 Foreign Exchange Risk 620
Spot Market
Cross Rates 622 Dealers 622 The European Currency Unit 623
Instruments for Hedging Foreign Exchange Risk
Currency Forward Contracts 624 Currency Future Contracts 630 Currency
Option Contracts 630 Currency Swaps 631
Summary
Index
· · · · · · (收起)
Introduction
Financial Intermediaries
and Financial Innovation
The Role of the Government
in Financial Markets
Part 11 DEPOSITORY INSTITUTIONS
Chdpter 4 Depository Institutions: Activities
and Characteristics
Chapter 5 Central Banks and the Creation
of Money
Chapter 6 Monetary Policy
Part 111 NON-DEPOSITORY FINANCIAL
INTERMEDIARIES
Chapter 7 Insurance Companies
Chapter 8 Investment Companies
Chapter 9 Pension Funds
Part IV DETERMINANTS OF ASSET PRICES
AND INTEREST RATES
Properties and Pricing
of Financial Assets
The Level and Structure
of Interest Rates
The Term Structure
of Interest Rates
Risk/Rcturn and Asset
Pricing Models
Part V ORGANIZATION AND STRUCTURE
OF MARKETS
Chapter 14 Primary Markets and the
Underwriting of Securities
Secondary Markets
Part Vl MARKETS FOR GOVERNMENT
DEBT
Chapter 16 Treasury and Agency Securities
Markets
Chapter 17 Municipal Securities Markets
Part Vll MARKETS FOR CORPORATE
SECURITIES
Chapter 18 Common Stock Markets
in the United States
Chapter 19 Stock Markets around the World
Chapter 20 Markets for Corporate Senior
Instruments: 1
Chapter 21 Corporate Senior Instmments: 11
Chdpter 22 The Markets for Bank Obligations
Part Vlll MORTGAGE AND SECURITIZED
ASSET MARKETS
Chdpter 23 The Mortgage Market
Chdpter 24 Mortgage-Backed Securities
Market
Chdpter 25 Asset-Backed Securities Market
Part IX MARKETS FOR DERIVATIVE
SECURITIES
Chdpter 26
Chdpter 27
Chdpter 28
Chdpter 29
Chdpter 30
Chdpter31
Index
Financial Futures Markets
Options Markets
Pricing of Futures and Options
Contracts
The Applications of Futures
and Options Contracts
Interest Rate Swap and Interest Rate
Agreement Market
The Market for Foreign Exchange
Rate Risk Control Instruments
Preface xv
Acknowledgments xuiii
Biographical Sketches xx
Part 1 INTRODUCTION
Chapter 1 Introduction
Financial Assets
Debt versus Equity Claims 3 The Price of a Financial Asset and Risk 3 *
Financial Assets versus Tangible Assets 4 The Role of Financial Assets 4
Financial Markets
Role of Finandal Markets 6 CIassification of Financial Markets 6
Market Participants
Globalization of Financial Markets
Classification of Global Finandal Markets 9 Motivation for Using Foreign
Markets and Euromarkets
Derivative Markets
Types of Derivative Instruments 11 The Role of Derivative Instruments
Summary
Chapter 2 Financial Intermediaries and Financial Innovation
Financial Institutions
Role of Financial Intermediaries
Maturity Intermediation 20 Reducing Risk via Diversification 20 *
Reducing the Cost ofContracting and Information Processing 21 Providing
a Payments Mechanism
Overview of Asset/Liability Management for Financial Institutions
Nature of Liabilities 23 Liquidity Concerns 24 Regulations and Taxation
Financial Innovation
Categorizations of Financial Innovation 25 Motivation
for Financial Innovation
Asset Securitization as a Financial Innovation
Benefits to Issuers 28 Benefits to Investors 29 Benefits to Borrowers 29
Implications of Securitization for Financial Markets 29 Social Benefits 30
Summary
Chapter 3 The Role of the Govemment in Financial Markets
Purposes and Forms of Regulation
Justification for Regulation 35 An Introduction to Forms of Regulation 36
Regulation in the United States
Regulation in Japan
Regulation in Germany
Regulation in the United Kingdom
Regulatory Refonn
Summary
Part 11 DEPOSITORY INSTITUTIONS
Chapter 4 Depository Institutions: Activities and Characteristics
Asset/Liability Problem of Depository Institutions
Interest Rate Risk 54 Liquidity Concerns
Commercial Banks
Bank Services 61 Bank Funding 62 Regulation
�avings and Loan Associations
Assets 72 Funding 74 Regulation 74 The S&L Crisis
Savings Banks
Credit Unions
Summary
Chapter 5 Central Banks and the Creation of Money
The Central Bank and Money Creation in the United States
The Central Bank of the United States: The Federal Reserve System 85
Instruments of Monetary Policy: How the Fed Influences the Supply of Money 86
?Different Kinds of Money 89 Money and Monetary Aggregates 89 The Money
Multiplier: The Expansion of the Money Supply 91 The Impact of Interest Rates
on the Money Supply 93 The Money Supply Process in an Open Economy 94
The Central Banks of Other Countries
Germany 96 Japan 97 United Kingdom
Summary
Chapter 6 Monetary Policy
Monetary Policy in the United States
Goals of Monetary Policy 103 Trade-Offs and Conflicts among Polides 108
Goals and Types of Targets 108 Choosing the Operating Target 109 Choosing
the Intermediate Target 110 A Review of Recent Federal Reserve Policy
Goals and Targets of Monetary Policy in Other Economies
Germany l6 Japan 117United Kingdom
Summary
Part 111 NON-DEPOSITORY FINANCIAL INTERMEDIARIES
Chapter 7 Insurance Companies
Fundamental Characteristics of the Insurance Industry
Insurance Policy and Premiums 123 Surplus and Reserves 124 Determination
of Profits 124 Government Guarantees 125 Regulation 125
Life Insurance Companies
Liabilities and Liability Risk 127 Types of Policies 127 Investments
Property and Casualty Insurance Companies
Nature of the Liabilities 131 Investments
Financial Trends in the Intemational Insurance Industry
Bancassurance 133 Cross-Border Activities 134 Pension Funds
and Insurance Companies
Summary
Chapter 8 Investment Companies
Types of Investment Companies
Open-End Funds 140 Closed-End Funds 141 Unit Trusts 143
Structure and Expenses of a Fund
Types of Funds by Investment Objective
Economic Motivation for Funds
Regulation of Funds
Commercial Banks and Mutual Funds
The Concept of a Family of Funds
Industry Concentration
Mutual Funds in Other Economies
United Kingdom 151 �ermany I53 Japan 154
Summary
Chapter 9 Pension Funds
Introduction to Pension Plans
Types of Pension Plans
Defined Contribution Plan 161 Defined Benefit Plan 162 Hybrid
Pension Plans 162
Investments
Regulation
Managers of Pension Funds
Pension Funds in Other Countries
Germany 166United Kingdom 167 Japan 168
Summary
Appendix: Endowment Funds
Part IV DETERMINANTS OF ASSET PRICES AND INTEREST RATES
Chapter 10 Properties and Pricing of Financial Assets
Properties of Financial Assets
Moneyness 174 Divisibility and Denomination 174 Reversibility 174 Cash
Flow 175 Term to Maturity 176 Convertibility 176 Currency 176 Liquidity
177 Return Predictability 177 Complexity 178 Tax Status 179
Principles of Pricing Financial Assets
The Appropriate Discount Rate 180 Illustration 180 Price
and Asset Properties
Price Volatility of Financial Assets
The Effect of Maturity 184 The Effect of the Coupon Rate 184 The Effect of
the Level of Yields 186 Measuring Price Sensitivity to Interest Rate
Changes: Duration
Summary
Appendix: Review of Present Value
Chapter 11 The Level and Structure of Interest Rates
The Theory of Interest Rates
Fisher's Classical Approach 199 The Loanable Funds Theory 203
The Liquidity Preference Theory 204 Changes in the Money Supply
and Interest Rates
The Determinants of the Structure of Interest Rates
Features of a Bond 208 Yield on a Bond 209 The Base Interest Rate 212
The Risk Premium 212
Summary
Chapter 12 The Term Structure of Interest Rates
The Yield Curve and the Term Structure
Using the Yield Curve to Price a Bond 225 Constructing the Theoretical Spot
Rate Curve 226 Using Spot Rates to Value a Bond 229
Forward Rates
Other Forward Rates 233 Relationship between Spot Rates and Short-Term
Forward Rates 234 Forward Rate as a Hedgeable Rate 235
Determinants of the Shape of the Term Structure
The Pure Expectations Theory 236 The Liquidity Theory 239 The Preferred
Habitat Theory 240 Market Segmentation Theory 241
Summary
Chapter 13 Risk/Return and Asset Pricing Models
Portfolio Theory
Investment Return 247 Portfolio Risk 249 Diversification 252 The Risk
of Individual Securities 254 Estimating Beta 257
The Capital Asset Pricing Model
L'nderlying Assumptions 260 Tests of the Capital Asset Pricing Model 261
Multifactor CAPM 263
Arbitrage Pricing Theory Model
Empirical Evidence 265
Summary
Part V ORGANIZATION AND STRUCTURE OF MARKETS
Chapter 14 Primary Markets and the Underwriting of Securities
The Traditional Process for Issuing New Securities
Investment Bankers
Regulation of the Primary Market
Variations in the Underwriting Process
Bought Deal 277 Auction Process 278 Preemptive Rights Offering 280
Private Placement of Securities
Rule 144A 283
Summary
Chapter 15 Secondary Markets
Function of Secondary Markets
Trading Locations
Market Structures
Perfect Markets
Role of Brokers and Dealers in Real Markets
Brokers 293 Dealers as Market Makers 293
Market Efficiency
Operational Efficiency 295 Pricing Efficiency 296
Summary
Part Vl MARKETS FOR GOVERNMENT DEBT
Chapter 16 Treasury and Agency Securities Markets
Treasury Securities
Types of Treasury Securities 301 The Primary Market 302 The Secondary
Market 306 Stripped Treasury Securities 311 Coupon Stripping
and the Theoretical Value of Treasury Securities 313
Federal Agency Securities
Government-Sponsored Enterprise Securities 316
A Look at Non-U.S. Government Bond Markets
Summary
Chapter 17 Municipal Securities Markets
Types and Features of Municipal Securities
General Obligation Bonds 326 Revenue Bonds 327 Hybrid and Special Bond
Securities 327 Municipal Notes 328 Redemption Features 329
Municipal Bond Ratings
Tax Risks Associated with Investing in Municipal Securities
The Primary Market
The Secondary Market
Yields on Municipal Bonds
Regulation of the Municipal Securities Market
Summary
Part Vll MARKETS FOR CORPORATE SECURITIES
Chapter 18 Common Stock Markets in the United States
Characteristics of Common Stock
Trading Locations
Stock Exchanges 340 Over-the-Counter Market 341 Independent Electronic
Trading Systems 341 Trading Mechanics 342 Short-Selling 344 Margin
Transactions 345 Transactions Costs 346 Role of Dealers in Exchanges
and OTC Markets 347 The National Market System 348 The SEC's Look
into the Future: Market 2000 349
Trading Arrangements for Institutional Investors
Block Trades 351 Program Trades 352
Stock Market Indicators
Pricing Efficiency of the Stock Market
Forms of Efficiency 356 Implications for Investing in Common Stock 357
The Stock Market Crash of 1987
Summary
Chapter 19 Stock Markets around the World
National Stock Markets
Multiple Listings on National Markets 366 Global Diversification: Correlation
of World Equity Markets 370 Ownership and Control of National Stock
Markets 371 Trading Procedures and Computerization 374 Dealers in Major
Markets 375 Stock Market Indexes 376
Euroequity Issues
Global Depository Receipts
Summary
Chapter 20 Markets for Corporate Senior Instruments: 1
Credit Risk and the Role of Rating Companies
Commercial Paper
Issuers of Commercial Paper 388 Directly Placed versus Dealer-Placed
Paper 389 Non-U.S. Commercial Paper Markets 390
Medium-Term Notes
Size of Market and Issuers 391 The Primary Market 392
Structured MTNs 394
Euronotes
Bank Loans
Syndicated Bank Loans 396 Lease Finandng 397
Summary
Chapter 21 Corporate Senior Instruments: 11
Corporate Bonds
Basic Features of a Corporate Bond Issue 402 Bonds with Special Features 405
Corporate Bond Credit Ratings 407 High-Yield Sector 410 Secondary
Market 413 * Eurobond Market 413
Preferred Stock 415
Adjustable-Rate Preferred Stock 416 Auction and Remarketed
PTefeTredStock417
Bankruptcy and Creditor Rights
Summary
Chapter 22 The Markets for Bank Obligations
Types of Banks Operating in the United States
Large-Denomination Negotiable CDs
CD Issuers 425 Yields on CDs 426
Federal Funds
Federal Funds Rate 428 Market for Federal Funds
Bankers Acceptances
Illustration of the Creation of a Bankers Acceptance 430 Accepting Banks 431
Dealers 431 * Credit Risk 432
Summary
Part Vlll MORTGAGE AND SECURITIZED ASSET MARKETS
Chapter 23 The Mortgage Market
What Is a Mortgage?
Mortgage Origination
The Mortgage Origination Process 437 The Risks Associated
with Mortgage Origination
Types of Mortgage Design
Fixed-Rate, Level-Payment, Fully Amortized Mortgages 441 Adjustable-Rate
Mortgages 444 Other Mortgage Designs
Investment Risks
Credit Risk 450 Liquidity Risk 450 Price Risk 450 Prepayments and Cash
Flow Uncertainty 450
Summary
Chapter 24 Mortgage-Backed Securities Market
Development of the Secondary Mortgage Market
Foundations of the Mortgage Market 455 Securitization of Mortgages
Mortgage Pass-Through Securities
Cash Flow Characteristics 457 Issuers of Mortgage Pass-Through Securities
457 Government National Mortgage Association 459 Federal Home Loan
Mortgage Corporation 459 FederarNational Mortgage Association 460
Nonagency Pass-Through Securities 460 Prepayment Risks Associated with
Pass-Through Securities 463 Prepayment Conventions 465 Average Life 471
Collateralized Mortgage Obligations
Sequential-Pay CMOs 473 Accrual Bonds 478 Planned Amortization
Class Tranches 479
Stripped Mortgage-Backed Securities
Yields on Mortgage-Backed Securities
Summary
Chapter 25 Asset-Backed Securities Market
Asset-Backed Securities Issuance
Cash Flow of Asset-Backed Securities
Automobile-Loan-Backed Securities 493 Credit Card Receivable Asset-Backed
Securities 493 Home Equity Loan-Backed Securities 494 Manufactured-
Housing-Backed Securities 495
Credit Risk
Summary
Part IX MARKETS FOR DERIVATIVE SECURITIES
Chapter 26 Financial Futures Markets
Futures Contracts
Liquidating a Position 501 The Role of the Clearinghouse 502 Margin
Requirements 502 Leveraging Aspects of Futures 504 Market Structure 505
Daily Price Limits 506
Futures versus Forward Contracts
The Role of Futures in Financial Markets
U.S. Financial Futures Markets
Stock Index Futures Markets 509 Interest Rate Futures Markets 510
The GAO Study on Financial Derivatives
Financial Futures Markets in Other Countries
Japanese Stock Index Futures 516 Japanese Interest Rate Futures 516
Forward Rate Agreements
Summary
Chapter 27 Options Markets
Options Contracts
Differences between Options and Futures Contracts
Risk and Retum Characteristics of Options
Buying Call Options 527 Writing (Selling) Call Options 530 * Buying Put
Options 531 Writing (Selling) Put Options 534 Considering the Time Value
of Money 534
Economic Role of the Option Markets
U.S. Options Markets
Stock Options 537 Stock Index Options 539 * Interest Rate Options 542
Exotic Options
Options Markets Outside the United States
Futures Options
Mechanics of Trading Futures Options 544 Reasons for Popularity
of Futures Options 546
Summary
Chapter 28 Pricing of Futures and Options Contracts
Pricing of Futures Contracts 551
Theoretical Futures Price Based on Arbitrage Model 553 Price Convergence
at the Delivery Date 556 A Closer Look at the Theoretical Futures Price 556
Pricing of Options
Basic Components of the Option Price 559 Put-Call Parity Relationship 560
Factors That Influence the Option Price 562 * Option Pridrtg Models 563 Deriving
the Binomial Option Pridng Model 564 * Fixed-Income Option Pricing Models 568
Summary
Chapter 29 The Applications of Futures and Options Contracts
Applications of Futures Contracts
Stock Index Futures 575 *Interest Rate Futures 578
Applications of Options Contracts
Stock Options and Stock Index Options 580 * Interest Rate Options 581
Summary
Appendix: General Principles of Hedging with Futures
Chapter 30 Interest Rate Swap and Interest Rate Agreement Market
Interest Rate Swaps
Risk/Return Characteristics of a Swap 591 * Interpreting a Swap Position 592 *
Applications 595 Reasons for the Development of the Interest Rate Swap
Market 600 Role of the Intermediary 603 Market Quotes 604 Primary
Determinants of Swap Spreads 605 Secondary Market for Swaps 606 Beyond
the Plain Vanilla Swap 607 Interest RateEquity Swaps 608
Interest Rate Agreements
Risk/Return Characteristics 610 * Applications 612
Summary
Chapter 31 The Market for Foreign Exchange Rate Risk
Control Instruments
Foreign Exchange Rates
Exchange Rate Quotation Conventions 618 Foreign Exchange Risk 620
Spot Market
Cross Rates 622 Dealers 622 The European Currency Unit 623
Instruments for Hedging Foreign Exchange Risk
Currency Forward Contracts 624 Currency Future Contracts 630 Currency
Option Contracts 630 Currency Swaps 631
Summary
Index
· · · · · · (收起)
读后感
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语言风格的通俗易懂也是本书让我爱不释手的重要原因。尽管金融领域充斥着专业术语，但作者却能用一种非常平易近人的方式进行阐释。每当出现一个新概念时，作者都会首先给出清晰的定义，然后通过生动形象的比喻或生活中的例子来进一步说明，确保读者能够理解其精髓。 我记得在解释“金融中介”功能时，作者就用了“银行就像连接借款人和储蓄者的桥梁”这样的比喻，瞬间就让我明白了银行在促进资金融通中的核心作用。又比如在讲到“套利”时，作者解释说就像是在不同的市场中寻找价格差异，然后低买高卖，从中获利。这些贴切的比喻，让那些原本可能让我望而却步的专业概念，变得触手可及。
评分此外，作者在处理金融监管和风险管理方面的内容时，也显得非常客观和全面。它既阐述了监管的重要性，也分析了过度监管可能带来的负面影响，以及如何在效率和安全之间取得平衡。 我对书中关于金融稳定和系统性风险的讨论尤为欣赏。它详细介绍了金融危机发生的原因，以及各国监管机构采取的应对措施，例如巴塞尔协议对银行资本充足率的要求。通过对这些内容的学习，我能更好地理解金融机构的稳健运营对于整个经济体系的重要性，以及监管在其中扮演的“守门员”角色。
评分本书的另一个亮点在于其逻辑结构的严谨性和过渡的自然性。从金融市场的宏观概述，到各类金融机构的微观剖析，再到两者之间的相互作用，整本书的叙述脉络清晰，环环相扣。作者巧妙地将理论知识与实际操作相结合，使得读者在学习抽象概念的同时，也能看到这些概念如何在现实世界中落地。 比如说，在讲到货币市场和债券市场时，作者会紧接着介绍货币市场基金和债券基金等金融机构的产品，以及商业银行和证券公司在这些市场中的交易活动。这种“市场-机构-产品”的联动式讲解，帮助我构建了一个完整的金融生态系统认知。我不再是零散地记忆各种名词，而是能够理解它们之间是如何相互联系、共同运作的。这种学习体验，就像是在拼凑一幅精美的金融拼图，每一块碎片都找到了它合适的位置。
评分我特别欣赏书中对金融市场与宏观经济之间关系的阐释。它不仅仅将金融市场视为一个独立运行的系统，而是将其置于更广阔的宏观经济背景下进行考察。 书中关于货币政策、财政政策如何影响金融市场，以及金融市场波动又如何反馈给宏观经济的分析，让我豁然开朗。例如，在解释利率变动时，作者不仅分析了利率对债券价格的影响，还探讨了它对企业投资、居民消费以及整体经济增长的传导效应。这种多维度的分析视角，让我能够将金融知识与宏观经济学更紧密地结合起来，形成更全面的认知体系。
评分总的来说，这本书不仅仅是一本教科书，更像是一位经验丰富的引路人，带领我走进金融世界的殿堂。它用清晰的语言、丰富的案例和严谨的逻辑，为我打下了坚实的金融基础，也激起了我对更深入金融知识的渴望。 我曾以为金融世界是冰冷而复杂的，但通过这本书，我看到了它背后蕴含的逻辑、活力和对社会经济发展的巨大推动作用。它让我看到了金融是如何支撑实体经济发展，如何帮助个人和企业实现财富增长，如何分散和管理风险。这种认知的转变，对我未来的人生规划和职业选择都将产生深远的影响。
评分阅读此书，我最大的感受是知识的获得感和视野的开阔感。它为我提供了一个系统性的框架，让我能够更清晰地认识和理解当今世界复杂的金融体系。我不再是被动地接受信息，而是能够主动地去分析和判断。 比如，在学习了不同的金融市场之后，当我再听到关于央行加息、股市波动或者汇率变动的新闻时，我能够从更深层次去理解这些事件背后的逻辑和它们可能带来的影响。不再是单纯的“知道”，而是“理解”了“为什么”。这种能力的变化，对我而言是巨大的进步。
评分接着，在“金融机构”的部分，这本书更是为我打开了一扇了解现代经济心脏的窗户。我过去只知道银行，但这本书让我认识到了金融机构的多元化和专业化。从商业银行、投资银行，到证券公司、保险公司，甚至是信托公司和资产管理公司，每一个类型的机构都被赋予了清晰的定位和详细的功能描述。作者并没有停留在概念的介绍，而是深入挖掘了它们在金融体系中扮演的角色，例如商业银行如何通过存贷款业务支持实体经济，投资银行如何为企业提供融资和并购服务，保险公司如何分散和管理风险。 尤其令我印象深刻的是，书中对金融机构如何进行风险管理和盈利模式的探讨。这部分内容让我看到了金融机构背后复杂的运营和决策过程，以及它们在市场中的竞争策略。例如，在讲解商业银行的风险管理时，作者详细介绍了信用风险、市场风险、操作风险等，并阐述了银行如何通过审慎的信贷审批、风险定价和资本充足率管理来规避和控制这些风险。这种深入的分析，让我对金融机构的稳定性和系统性风险有了更深刻的认识，也理解了为什么金融监管如此重要。
评分本书的深度和广度也让我印象深刻。虽然名为“基础”，但其内容之丰富、分析之透彻，远超我的预期。它涵盖了金融市场的主要类型、运作机制，以及各类核心金融机构的职能、业务和风险管理。 特别是在探讨金融创新和金融科技的章节，作者并没有回避这些新兴话题，而是将其融入到金融机构和市场发展的宏观叙事中，让我看到了金融行业未来的发展趋势。例如，书中对于第三方支付平台、P2P借贷以及区块链技术在金融领域的应用进行了初步的介绍和分析，让我对未来的金融图景有了一个初步的认知。
评分本书对于金融市场和金融机构的互动分析，也给我留下了深刻的印象。它不仅仅是分别介绍，更是着力于揭示它们之间是如何相互影响、共同发展的。我学会了理解市场情绪如何影响金融机构的决策，金融机构的创新又如何反过来塑造市场格局。 例如，关于金融衍生品的章节，作者详细介绍了期权、期货、互换等工具，并分析了它们在风险管理和投机中的作用。同时，也讨论了这些金融工具的出现和发展，是如何改变了金融市场的交易方式和效率。书中通过一些历史事件，比如2008年金融危机的案例，分析了金融机构过度使用和滥用金融衍生品所带来的巨大风险，以及监管机构如何对此进行反思和调整。这种动态的分析，让我认识到金融市场和金融机构是一个不断演进、相互制约的动态系统。
评分这本书给我带来了前所未有的金融世界启蒙。在此之前，我对于“金融市场”和“金融机构”这些概念，仅仅停留在媒体报道和日常生活中模糊的印象中。总觉得它们是高高在上、遥不可及的专业领域，充斥着各种晦涩的术语和复杂的公式。然而，当我翻开《金融市场与金融机构基础（第2版）》时，这种畏惧感瞬间荡然无存。作者以一种非常贴近读者的方式，将那些看似复杂抽象的概念，变得生动有趣且易于理解。 首先，这本书在“金融市场”的介绍上，着实让我大开眼界。它不仅仅是简单地罗列出股票市场、债券市场、货币市场等等，而是深入剖析了每个市场的运作机制、参与主体以及它们之间的内在联系。我学会了区分不同类型的市场，理解了它们各自的功能和在整个金融体系中的作用。例如，关于股票市场的章节，不仅仅讲解了股票的发行和交易，还详细阐述了股票价格波动的内在逻辑，以及影响股价的宏观经济因素和公司基本面分析。作者运用大量的实际案例，比如某知名科技公司的IPO过程，或者某次全球金融危机中股票市场的剧烈波动，让理论知识跃然纸上，我仿佛亲身经历了一次市场洗礼。
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