ln08_mish10e(lrw)_融資渠道的選擇(編輯修改稿)
2025-03-22 19:39 本頁面
【文章內(nèi)容簡介】 omy 6. Only large, wellestablished corporations have easy access to securities markets to finance their activities The rules is changing as time goes by. How about crowdfunding? Kickstarter is the world‘s largest funding platform for creative projects. 雷鋒網(wǎng)。 7. Collateral is a prevalent feature of debt contracts for both households and businesses. Why? Any examples? Think about the story of rural loans in republic of china. Is this true in china. 8. Debt contracts are extremely plicated legal documents that place substantial restrictive covenants on borrowers LRW Theory 1, Transaction cost ? Why Financial intermediaries? ? Transaction cost： – Economies of scale and Expertise 169。 2023 Pearson Education, Inc. All rights reserved. 827 Transaction Costs ? Why transaction costs is cause problems? (1) Threshold of investment: large mission on small trade. (2) restricted channel of investment, you have to put all your eggs in one basket. ? Financial intermediaries have evolved to reduce transaction costs – Economies of scale Examples? Bundle small investor’s funds together. Mutual funds. (1) Overe threshold problem。 (2) diversification. – Expertise the expertise in puter/inter technology reduce the cost （supply side） – Case: Alibaba’s Yu’E Bao （余 額 寶） Hits Users, $1 Billion Already Deposited。 Yongjinbao（國金 證 券 “傭金寶”） LRW Theory 2, Adverse selection ? 原理： lemon problem in second hand car market ? 股權(quán)： PE ? 債權(quán)： lemon problem in Loan market – For instance, if you offer an average interest rate for your loans, the people who are better risks will go elsewhere for their money, while the risky people will gladly take your money. 169。 2023 Pearson Education, Inc. All rights reserved. 829 Asymmetric Information: Adverse Selection and Moral Hazard ? Adverse selection occurs before the transaction ? Moral hazard arises after the transaction ? Agency theory analyses how asymmetric information problems affect economic behavior 169。 2023 Pearson Education, Inc. All rights reserved. 830 The Lemons Problem: How Adverse Selection Influences Financial Structure ? If quality cannot be assessed, the buyer is willing to pay at most a price that reflects the average quality ? Sellers of good quality items will not want to sell at the price for average quality ? The buyer will decide not to buy at all because all that is left in the market is poor quality items ? This problem explains fact 2 and partially explains fact 1 ? Cases： the usedcar market. Akelof(1970). Stock and bond markets. ? Discuss: Why there are still peach in the usedbysicle market? LRW Adverse Selection ： lemons problem LRW lemons problem in finance Good Bad Government regulation to increase information Private production and sale of information Financial intermediation Collateral and worth 169。 2023 Pearson Education, Inc. All rights reserved. 833 Tools to Help Solve Adverse Selection Problems ? Private production and sale of information – that distinguishes good from bad firms and then sell it (征信公司 ) – Freerider problem (與盜版有何區(qū) 別 ) – How about public goods. ? Government regulation to increase information – Not always works to solve the adverse selection problem, explains Fact 5.
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