mutualfunds,pensionfunds,insurancecompanies,financecompanies(编辑修改稿)

mutualfunds,pensionfunds,insurancecompanies,financecompanies(编辑修改稿)内容摘要：

Irwin 17 31 Finance Companies  Finance panies grant credit to businesses and consumers for a wide variety of purposes, including the purchase of business equipment, automobiles, vacations, and home appliances.  As such, they are sometimes called department stores of consumer and business credit.  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 32 Finance Companies  Consumer finance panies make personal cash loans to individuals, such as home equity loans and loans to support the purchase of passenger cars and home appliances.  Sales finance panies make indirect loans to consumers by purchasing installment paper from dealers selling consumer durables.  Commercial finance panies focus mainly on extending credit to business firms.  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 33 Finance Companies  Finance panies are heavy users of debt in financing their operations.  The lack of an extensive work of branch offices has put many finance panies at a disadvantage.  The number of finance panies is on the decline, although their average size has grown considerably.  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 34 Other Financial Institutions  Security dealers “take a position of risk” in securities. They trade in securities with the expectation of earning a profitable spread.  Investment bankers assist businesses and governments in issuing debt and stock.  Venture capital firms provide longterm capital financing for new businesses and rapidly emerging panies.  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 35 Other Financial Institutions  Mortgage banks work with other businesses on real estate development projects and sell the resulting loan instruments to other investors.  Real estate investment trusts (REITs) fund mercial and residential real estate projects.  Leasing panies purchase business equipment and other assets and then lease them in return for rental fees.  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 36 Trends Affecting All Financial Institutions Today  There are several major trends affecting virtually all financial institutions today:  increasing cost pressures  consolidation  service diversification and homogenization  convergence  technological revolution  global petition  regulatory cooperation and harmonization  deregulation  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 37 Money and Capital Markets in Cyberspace  Mutual funds are discussed at and  More information on pension funds can be found at and  Websites for the insurance industry include and  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 38 Money and Capital Markets in Cyberspace  Visit some finance panies and investment banks like and  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 39 Chapter Review  Mutual Funds (Investment Companies)  The Background of Investment Companies  Tax Status of the Industry  OpenEnd and ClosedEnd Investment Companies  Goals and Earnings of Investment Companies  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 40 Chapter Review  Pension Funds  Growth of Pension Funds  Investment Strategies of Pension Funds  Pension Fund Assets  Factors Affecting the Future Growth of Pension Funds  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 41 Chapter Review  Life Insurance Companies  The Insurance Principle  Investments of Life Insurance Companies  Sources of Life Insurance Company Funds  Structure and Growth of the Life Insurance Industry  New Services  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 42 Chapter Review  PropertyCasualty (P/C) Insurance Companies  Makeup of the P/C Insurance Industry  Changing Risk Patterns in Property/Liability Coverage  Investments by P/C Companies  Sources of Ine  Business Cycles, Inflation, and Competition  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 43 Chapter Review  Finance Companies  Different Finance Companies for Different Purposes  Growth of Finance Companies  Methods of Industry Financing  Recent Changes in the Character of the Industry  Other Financial Institutions  Trends Affecting All Financial Institutions Today  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 44 Money and Capital Markets 18 C h a p t e r Eighth Edition Financial Institutions and Instruments in a Global Marketplace Peter S. Rose Slide by YeeTien (Ted) FuThe Regulation Of The Financial Institutions’ Sector  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 45  Learning Objectives   To explore why financial institutions are one of the most regulated industries in the modern world.  To discover the many types of regulation, and to understand how the financial institutions have been affected.  To examine the recent global trend toward deregulation.  2020 by The McGrawHill Companies, Inc. All rights reserved. McGraw Hill / Irwin 17 46 The Reasons Behind Regulations  Concern for the safety of the public’s funds.  To promote public confidence in the system.  To ensure equal opportunities and fairness in the public’s access to financial services.  To prevent excessive money creation, and hence excessive inflation.。