bài 5-S&I-hệ thống tài chính

8/14/2019 bi 5-S&I-h thng ti chnh

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NGUYN L KINH T HCPHN V M

Tham kho: N.G. Mankiw, Nhng nguyn l ca Kinh t hc,

chng 25

12/2005Hoan Yen

Bi 5 Tit kim / u tv H thng ti chnh


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Nhng ni dung chnhI. Tit kim v u t

II. H thng ti chnh

III. Th trng vn vayIV. Cc chnh sch khuyn khch tit kim

v u t


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nh ngha: Tit kim l vic cc c nhn trong nn

kinh t dng phn thu nhp khng tiu

dng ht ca mnh cho vay trn th trngti chnh

u t l vic cc hng kinh doanh dng

tin (vay c trn th trng) m rngsn xut bng vic mua my mc thit bv nh xng


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Quan h gia tit kim v u t

H thng ti chnhTit kim u t

Mua dy chuyn SXMy mc thit bNh, xng

Thu nhptr i

Tiu dng


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Quan h gia tit kim v u t ng nht thc thu nhp v chi tiu trong

nn kinh t ng Tng thu nhp bng tng chi tiu Tng thu nhp = Y Tng chi tiu = C + I + G Suy ra: Y = C + I + G Hay: Y C G = I


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Quan h gia tit kim v u t Tit kim

Sn = thu nhp chi tiu

Sn = (Y T C) + (T G)Sn = SP + SG

u t

I = Y C G Suy ra:

Sn = I


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Quan h gia tit kim v u t Tit kim quc dn

Sn = SP + SG Tit kim t nhn SP: l phn thu nhp m h gia

nh khng tiu dng ht v cho vay trn th trngvn vay

Tit kim ca chnh ph SG = T G l s d ngnsch chnh ph SG > 0: ngn sch thng d

SG

< 0: ngn sch thm ht

S = 0: n n sch cn bn


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Quan h gia tit kim v u t Sn = SP + SG = I

Nu ngn sch chnh ph thm ht SG < 0 th

SP>0 : chnh ph vay tin ca HG chi tiu

hoc I < 0: gim bt u t ca khu vc t nhn

Nu ngn sch chnh ph thng d SG

>0 th

SP 0: tng u t cho khu vc t nhn

Ngoi ra: cc mi quan h khc da trn du ca ccthnh hn tron hn trnh


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II. H thng ti chnh1. Tit kim v u t trong h thng ti

chnh

2. Th trng tri phiu v c phiu3. Trung gian ti chnh: ngn hng thng

mi v qu h tng (qu u t)


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1. Tit kim v u t

trong h thng ti chnh

Trc tip

Trung gian

Tit kim u t


Thu nhptr i

Tiu dng


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Tit kim u tH thng ti chnh


Thu nhptr i

Tiu dng

1. Tit kim v u t


Trung gian

tin

C phiu

Triphiu


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2. Th trng c phiu v tri phiu Tri phiu:

l mt loi chng nhn n ca ngi i vay (nh u t) ivi ngi cho vay (ngi tit kim)

c im ch th pht hnh tri phiu c th l chnh ph, thnh ph,

ngn hng, cng ty C mnh gi C li sut c xc nh theo

Thi hn Ri ro tn dng

C ghi danh hoc khng ghi danh


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Tri phiu chnh ph: cng tri gio dc

n v vay/pht hnh

Li sut

Mnh gi

Thi hn


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2. Th trng c phiu v tri phiu C phiu:

l mt loi chng nhn quyn s hu i vi hng kinh

doanh, c gi tr thay i tu theo kt qu hot ng kinhdoanh

c im Doanh nghip pht hnh c phiu gi l cng ty c phn Ngi s hu c phiu c gi l c ng Khng c li sut c nh Khng c thi hn


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2. Th trng c phiu v tri phiu So vi tri phiu, c phiu c li cao hn

do: Thi hn di hn Ri ro tn dng ln hn kh nng sinh li ln hn


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2. Th trng c phiu v tri phiu Cc thng tin v c phiu:

Gi (ca c phiu) Lng (s lng c phiu c bn) C tc (li tr cho cc c ng)

t l gi trn thu nhp t c phiu Phn tch ti chnh v hot ng kinh doanh

ca ch th pht hnh c phiu

Ngun: 14h00 ng 14/10/2004 U b n chng khon Nh nc www bsc com vn


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Ngun: 14h00 ngy 14/10/2004, U ban chng khon Nh nc, www.bsc.com.vn

AGF CTCP Xut nhp khu Thy sn An Giang 36 310 111,600,000BBC CTCP bnh ko Bin Ha 16.6 3,806 1,291,314,000BBT CTCP Bng Bch Tuyt 11.3 1,868 211,084,000

BPC CTCP Bao b Bm Sn 17 135 22,950,000BT6 CTCP B tng 620 Chu Thi 31.8 86 27,348,000BTC CTCP c kh v xy dng Bnh Triu 15.5 17 2,635,000CAN CTCP hp H Long 14.2 115 16,330,000DHA CTCP Ho An 29.6 296 87,616,000DPC CTCP nha Nng 9.6 152 14,592,000GIL CTCP sn xut kinh doanh XNK Bnh Thnh 30.1 50 15,050,000

GMD CTCP i l lin hip vn chuyn 52.5 1,180 2,719,500,000HAP CTCP giy Hi Phng 36.1 189 68,229,000HAS CTCP xy lp bu in H Ni 28.8 249 71,712,000KHA CTCP Xut nhp khu Khnh Hi 21.7 1,349 292,733,000LAF CTCP ch bin hng xut khu Long An 21.5 176 37,840,000PMS CTCP c kh xng du 14.2 26 3,692,000

REE CTCP c in lnh 23.2 4,283 993,656,000SAM CTCP cp v vt liu vin thng 36.6 2,088 764,208,000SAV CTCP Hp tc kinh t v Xut nhp khu Savimex 29.8 135 40,230,000SFC CTCP Nhin liu Si Gn 17.5 70 12,250,000SGH CTCP khch sn Si gn 14 111 15,540,000TMS CTCP Transimex - Saigon 31.8 170 54,060,000TRI CTCP nuc gii kht Si gn 21 37 7,770,000

TS4 CTCP Thy sn s 4 16 60 9,600,000VTC CTCP Vin thng VTC 32.2 20 6,440,000

C phiugi c phiu(000 ng)

lng CPgiao dch

tng gi tr(VN)

Tn cng ty


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Tit kim v u t


Ngn hng thng mi

Qu h tng

Tit kim u t

th trngc phiu v

tri phiu


Thu nhptr i

Tiu dng


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3. Cc trung gian ti chnh

Ngn hng thng mi

Qu h tng/Qu u t


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BANK

Tit kim u tChovay

ivay


Thu nhptr i

Tiu dng


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Ngn hng thng mi Nhn tin gi ca ngi dn To iu kin cho ngi dn k sc thanh

ton t ti khon ca h Cho vay/ lm trung gian chuyn vn t ngi

tit kim sang nh u t


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Qu h tng / Qu u t Pht hnh c phiu cho ngi tit kim

Dng tin thu ht c mua cc c phiu v triphiu trn th trng

Vai tr To iu kin cho ngi tit kim a dng ho danh

mc u t (porfolio) t lng tin t i

Cung cp kin thc phn tch v kinh doanh v thtrng chng khon


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III. Th trng vn vay

Tit kim u tNgn hng thng mi

Qu h tng

Tri phiu

C phiu

CUNG CU


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III. Th trng vn vay

Cung: Sn = S

P+ S

G Li sut thc t r

Cu I Li sut thc t r

Cn bng cung cuSn = I

Li sutthc t

Lngvn vay

CUNGSn = S

P

+ SG

CUI

r0

Q0


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S thay i ca cung cu vn vay

Cung thay i ng cung dch

chuyn Li sut thay i Lng vn cho

vay thay i

Li sutthc t

Lngvn vay

CUNGSn = SP + SG

CUI

r0

Q0


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Cu thay i ng cu dch

chuyn Li sut thay i Lng vn cho

vay thay i

Li sutthc t

Lngvn vay

CUNGSn= SP + SG

CUI

r0

Q0


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s thay i ngthi ca cung vcu vn vay

Li sutthc t

Lngvn vay

CUNGSn = SP + SG

CUI

r0

Q0


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IV. Chnh sch

khuyn khch tit kim v u t1. Gim thu i vi li sut v c tc

2. Gim thu cho cc d n u t3. Gim n v thm ht ngn sch chnh

ph


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Chnh sch 1

Gim thu i vi lisut v c tc lm tng

tit kim t nhn SP

Li sutthc t

Lngvn vay

CUNGS = S

P

+ SG

CUI

r0

Q0

r1

Q1


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Chnh sch 1

Gim thu i vi li sut v c tc lm tng tit kimt nhn SP

D cung vn vay lm gim li sut Li sut gim lm:

Tit kim t nhn gim bt mt phn

u t tng Kt qu:

Tit kim = u t v u tng Li sut gim


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Chnh sch 2

Li sutthc t

Lngvn vay

CUNGS = SP + SG

CUI

r0

Q0

Gim thu i

vi cc d nu t r1

Q1


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Chnh sch 2

Gim thu i vi cc d n u t s khuynkhch u t nhiu hn

Cu vn vay tng Dn n d cu lm tng li sut Li sut tng:

u t gim bt Tit kim tng

Kt qu: u t = Tit kim v u tng Li sut tng


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Chnh sch 3

Li sutthc t

Lngvn vay

CUNGS = SP + SG

CUI

r0

Q0

r1

Q1

Gim n chnh phv thm ht ngn

sch chnh ph


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