An Overview of the Financial System(英文版)(ppt 43页)
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An Overview of the Financial System(英文版)内容提要：
Function of Financial Markets：
Perform the essential function of channeling funds from economic players that have saved surplus funds to those that have a shortage of funds
Direct finance: borrowers borrow funds directly from lenders in financial markets by selling them securities.
Debt and Equity Markets
Debt instruments
A bond or a mortgage, which is a contractual agreement by the borrower to pay the holder of the instrument fixed dollar amounts at regular intervals until a specified date (maturity date).
Maturity: number of years (term) until that instrument’s expiration date.
short-term: less than a year.
long-term: ten years of longer
intermediate-term: between one and ten years
Equities
Claims to share in the net income and the assets of a business.
Equities often make periodic payments (dividends) to their holders and have no maturity date.
Owing stock means you own a portion of the firm and thus have the right to vote on issues important to the firm and to elect its directors.
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