Short answer to financial market science
1, the function of financial market
(1) microscopic function
① Get timely financing for all kinds of entity enterprises ② Provide payment and settlement for all kinds of entity enterprises (2) Macro function.
① Convergence function
② Configuration function ③ Adjustment function ④ Reflection function
2. Risk characteristics of money market.
(1) Short term, strong liquidity, low interest rate risk and easy to avoid; (2) Easy realization, stable price and relatively small risk of reinvestment.
(3) Investors have good reputation and low default risk.
(4) Efficient liquidity makes it easy for investors to leave the market, so inflation and interest rate risks are small. (5) The laws and regulations of a country will not change frequently in the short term, so the political risk is not great.
3. Transaction characteristics of money market.
(1) In the virtual market, traders mainly trade by telephone or computer network. (2) Less barriers to entry, more tools and more trading channels. (3) Commodity prices are stable, with strong liquidity and easy realization.
(4) As the trading is extremely active, once the arbitrage opportunity appears, a huge amount of funds immediately flock to it, and the price is instantaneous.
Therefore, after adjustment, the money market is also a very effective market.
4, the composition of the money market
(1) interbank lending market and repurchase agreement market
(2) The bill market includes: commercial bill market, bank acceptance bill market and central bank bill market; (3) Money markets and mutual funds.
(4) Large negotiable certificates of deposit market (5) treasury bill market.
5. Characteristics of interbank lending market
(1) The financing fund has short term and high liquidity; (2) The interest rate shall be agreed by both the supplier and the demander, and it shall go with the market; (3) Having strict market access conditions.
(4) Advanced technology, simple procedures and short transaction time; (5) Credit transaction with large transaction amount.
6, in the repurchase agreement market, the factors that determine the interest rate.
(1) Texture of securities used for repurchase. (2) duration.
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(3) delivery conditions.
(4) Interest rates in other sub-markets of the money market.
7. Characteristics of bills
(1) Notes are complete securities; (2) Bill is a security with rights; (3) Bill is a necessary guarantee; (4) Bill is a negotiable securities.
8. The impact of central bank bills on the market
(1) central bank bills are an important tool for the central bank to adjust the money supply and short-term interest rates.
(2) If a weekly issuance mechanism of central bank bills is formed, it will provide a basis for transactions in the secondary market of central bank bills.
(3) Central bank bills will become an important tool for all kinds of well-funded institutions to use temporary capital positions.
(4) Central bank bills are more liquid than repurchase, so many of them have not actively participated in the repurchase operation of the central bank before.
Institutions will increase their participation because of the strong liquidity of central bank bills.
9. Functions and functions of bond credit rating
(1) Reveal the credit risk of the issuer and reduce the transaction cost.
(2) Credit rating is the "ID card" and "passport" in the financial market. A good credit rating can improve the government and enterprises.
Reputation and credit rating determine the cost and quantity of financing. (3) Improve the external pressure and internal motivation of business management. The credit rating of enterprises is announced to the public, which has a certain effect on enterprises.
Pressure will prompt enterprises to improve management in order to achieve excellent results.
(4) Credit rating can also help government departments to strengthen market supervision and effectively prevent financial risks. The regulatory experience of various countries shows that,
The adoption of credit rating results by government supervision departments is helpful to improve information transparency and effectively prevent financial risks.
10, main content of bond rating
(1) business environment
(2) Corporate governance structure and internal risk management system (3) Major risks and management
Mainly investigate the credit risk, liquidity risk, market risk, operational risk and other risks of the issuing company ① Qualitative analysis and quantitative analysis methods ② Liquidity risk ③ Market risk.
(4) Financial analysis
Examine the company's financial situation: ① profitability ② solvency ③ leverage ratio.
④ Liquidity ratio ⑤ The ratio of cash flow to total liabilities.
(5) Creditor's rights protection clauses
1 1. Classification of the stock market
(1) Classification by market organization form
① Exchange market ② OTC market ③ Third market ④ Fourth market (2) According to the trading area and scope,
① Regional market ② National market ③ International market.
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12, the function of the stock market
(1) direct financing and investment function (2) optimization of resource allocation function (3) price discovery function.
(4) risk dispersion and transfer function (5) information transmission function (6) macro-control function
(7) Unique supervision and management mechanism
13. Influencing factors of exchange rate
(1) Macroeconomic factors
① Balance of payments ② Relative interest rate ③ Relative inflation rate ④ Economic growth rate ⑤ Domestic economic structure.
(2) Political factors
① Political environment ② Macroeconomic policy ③ Exchange rate policy ④ Interest rate policy ⑤ Foreign exchange intervention policy (3) Market factors.
① Market expectation psychology ② Speculative activities
14, the characteristics of securities investment funds
(1) Centralized financial management and professional management (2) Portfolio investment and risk diversification (3) Benefit sharing and risk taking (4) Strict supervision and information transparency (5) Independent custody and security guarantee.
15. Basic types of securities investment funds
(1) Different organizational forms: corporate funds and contractual funds; (2) Different modes of operation: closed-end funds and open-end funds.
(3) Different investment objects: stock funds, bond funds, money market funds and hybrid funds; (4) Different investment objectives: growth fund, income fund and balanced fund; (5) Different investment concepts: active funds and passive (index) funds; (6) Different ways of raising funds: Public Offering of Fund and private equity funds.
(7) The sources and uses of funds are the same: onshore funds and offshore funds.
(8)ETF: refers to an open-end fund that can be listed and traded on a debt exchange.
LOF: After the issuance, the daily subscription and redemption can be carried out in the primary market or in the stock exchange.
When trading, you can also arbitrage open-end funds in the primary and secondary markets.
(9) Special types of funds: series funds, funds in funds, capital preservation funds and hedge funds.
16, the difference between financial forward and financial futures
(1) Centralized trading of exchanges (2) Contract standardization
(3) Margin and Daily Settlement (4) Trading Reference