Did not write an article for a long time. Have the impulse that wants to write suddenly today, want how to understand finance a little with everybody. This is a very simple topic.
Because financial education scientific research pursues 18 years in the college, real work is engaged in 6 years in financial orgnaization, the understanding to finance by brief it is difficult to arrive, again by arrive hard brief. Had turned round to look, finance actually very simple, no more than is the country, enterprise, thing that be in harmony of 3 levels capital knows the individual. Be mingled with is worn among this financial orgnaization and money market.
One, the finance of national level; Money
Talk about the finance of national level above all. Regard a country as the finance of the level, more should understand for the money. To the money, what the government pays close attention to is monetary price, namely currency of a country internally the price and external the price. Money internally the price is prices, perhaps say inflation or constrictive, in credit money times, more it is inflation. Of the money external the price is exchange rate. The money that takes our country -- for the RMB. Internally, what administration pays close attention to everyday is the CPI, PPI index that reflects inflation. External, what administration pays close attention to everyday is RMB add dollar, euro develop between economic system money change rate, because the United States, European Union is main commerce associate of China, annual with thousands of 100 million dollars plan forehead of imports and exports, the RMB devalues or appreciate to affect the entrance cost of our country enterprise and export earnings directly, affect the economic benefits of the enterprise then, affect the square respect range such as national taxation and obtain employment finally.
To the management of money and monetary value, country of the great majority on the world and area set central bank, for instance federal of the Chinese people bank of our country, United States lays in bank of system, England, Japan bank, european central bank. Only individual country and area do not have central bank, be in charge of running the financial management board of financial orgnaization only.
Large building of Chinese people bank
(one) run price internally
To the money internally the price -- the management of prices, in credit money times, basically be inflationary management. Because central bank pressworks and the money is distributed, much or what deciding the money in economy on the technology at least is little. Be opposite at economy relatively monetary demand, hair is much, can cause prices to rise, inflation; Hair is little, cause prices to drop, deflationary. So, the money is issued should measurable. But, be opposite at economy relatively monetary demand, more or less be measurable? This should make clear Hunan above all, inflation and deflationary which have positive effect or negative effect to economy. British economist Keynesia and American economist Friedman are western economics two universities are sent -- Keynesia school and the chief that numismatics appoints, had thorough research to the relation of money and economy from different point of view. Keynesia thinks, moderate inflation is helpful for economic growth. That is to say, economic growth needs lubricant, moderate inflation is lubricant, but lubricant is too much, full ground of float oil and bubble, rotate what affect bearing instead normally. Friedman of monetary creed Great Master thinks, inflation is monetary phenomenon, monetary hair is much, natural meeting prices rises. So, centrally bank issues the system of credit money to fall, want to control monetary emission through the system, maintain the reasonable and measurable relationship between money and economic growth.
Each countries are below these two academic guidance, produced the model that accords with native and actual specific control inflation and method, for instance, inflationary target is made. The money of our country Central Bank issues formulary M ' =Y ' + P ' it is inflationary target actually inflationary model is changed.
(2) charge exchange rate to transfer to other localities
To exchange rate, why need not " does the canal live " 2 words? The element that because of the influence exchange rate fluctuates is extremely complex, unless you do not open economy, otherwise, common country is very bad control exchange rate according to his apiration.
To affecting the factor of exchange rate, there are a lot of theories in western economics, to knowing exchange rate to reach its influencing factor is having important academic support. But, specific the specific period to a country, theory often has limitation. To us a the 2nd old economy of such world for body, put in be in a dilemma to the management of exchange rate, it is to regard world economy as big country, RMB internationalization is our target. Only country of great majority of which day of whole world does business settle accounts of money of civilian of choose and employ persons, the Chinese reachs the world each district travel, study, be in business, basically close with the RMB pay, at that time the RMB makes international money really, china also becomes the economic powerful nation on world meaning truly. Beautiful now imperialism regards universal money as show one's strength with the dollar everyday, gas evil spirit I also! The premise of RMB internationalization is strong, costly. The 2 3 big engine that are Chinese economy progress: In investment, consumption, exit, the contribution that export increases to economy is very important. If the RMB devalues relative to money of commerce home products, it is a few cheaper that the commodity of our country sells this country to be met, it is certain to be measured in business character, below the premise with changeless demand, exit can rise naturally. So, the RMB devalues be helpful for exit. Rise also RMB, demote also RMB. We do not hope the RMB devalues, also do not hope the RMB rises too quickly. So, to the management of exchange rate, a bit difficult.
Baconian rise, the finance of national level manages prices and exchange rate namely, involve the government of monetary emission and foreign exchange reserve rear of course, the economic big country that opens to especially, kelugeman, Mengdaierdi went out " impossible triangle " academic. So, the truth looks be like simple, practical government is extremely complex. Managing a money is one country the main function of central bank, face economic situation of complex international country politics, the central bank president when a qualification is not easy still.
2, the finance of company level: Financial orgnaization and money market
The enterprise is economic cell. Only the enterprise produces a product, taxation of turn over to the higher authorities, common people ability lives, national ability runs. Business development needs capital, capital is the blood of the enterprise, the person is exsanguine and overmuch dead, enterprise Yi Ran. So, a mature money market, the financial orgnaization that has all sorts of kinds, money market assures a company can the capital that be in harmony needs to development. The financing means no more than of the enterprise is loan or issue stock, bond, professional name calls creditor's rights debt financing and equity financing.
To satisfy the capital requirement that different specified amount spends many companies, the bank that is engaged in leasehold service arose. Although the first contemporary bank -- the setting that England bank establishs is to be governmental raise the wind, final development is central bank, but more banks serve for company fund. At that time the condition falls, the management mode of the bank decided can (main) provide circulating fund loan for the enterprise, satisfy the long-term capital requirement of the enterprise very hard. As the development of the market, banker people innovation goes theory of origin of origin of the first reimbursement, the 2nd reimbursement, from now on in long-term mortgage loan appeared. In the meantime, proprietor of an enterprises create kind of financing of be derailed bill, "Stock " emerge as the times require of such proof of a kind of droit. The occurrence of the stock solved an enterprise further problem of long-term capital requirement. The stock exchange that releases a stock to provide a service for the enterprise appeared. The occurrence of bank, stock exchange solved an enterprise short-term with long-term capital requirement issue.
To the enterprise, the no more than of attention is use efficiency of dimensions of capital cost, usable capital, capital. So, a money market that mature or develops, already the enterprise of different dimensions, condition offers promising the bank system of credit, also promising is different what the enterprise of dimensions, condition offers financing of equity financing, creditor's rights debt is mutiple level capital market.
Copper of new York stock exchange is arrogant
To the financial orgnaization such as the bank, the no more than of attention is accrual and risk, borrow money to you can call in namely capital? Is interest rate much higher appropriate? Someone says, the bank is the orgnaization that is engaged in risk management, this word not without the truth. So, the bank is put borrow when undertaking the risk is examined, two keys nod main attention borrower, it is to want not to want to return, 2 it is to have ability to return. So, was based on these two requirements to produce a series of credit to investigate a method, include lofty go up those who be based on metric model and big data " agreement of Basel new capital " in-house grade law, complex degree lets person be left speechless with wonder or fear. Result, when economic depression completely flameout, again lofty the method that go up also nots work. So, all risks examine the premise with effective method is economic stability. That is to say, below the premise of economic stability, the method is effective, empty like Sun Wu same piercing eye, can judge borrower to want not to want to return already, also can judge borrower to be able to be returned. So, economic situation good doggie also is banker (the invention that this language is not me, it is national statistic bureau language of source of scene of Yao of division of former total economy, former word is " the doggie sits make money all the same on president seat " ) , economic situation is bad that the god also cannot become banker.
This is the finance of company level, the truth is very simple also, character namely bright, beardless give uncecessary details.
3, the finance of individual level: Financial orgnaization and money market
No matter be the person on the natural person of biologic meaning or sociological meaning and family, it is basic cell of the society. Person vivid on earth, need money. Have a meal should money, clad want money, go to school want money, fall ill want money, died to also want money. Some person income deduct defray to have balance, some people are entered not apply goes out. Into not the person that apply gives needs leasehold life, the person hope money of superabundant money can lay the hand money, namely so called " conduct financial transactions " . Lend the person of money hope accrual low, the bit of person hope risk of conduct financial transactions, income is bit higher. This is normal psychology of the person. So, offer the financial orgnaization that finance serves and money market arise at the historic moment for the individual. With respect to conduct financial transactions character, careful stick-in-the-mud puts money in the bank, protect this low interest; The person that dares to take a risk, throw money in the stock market, day takes the likelihood a bottle of gold, likely also share price steeps fall, those who go in is BMW, those who come out is a bicycle, be about to cry without the tear.
To the individual, finance only this just.
Reach an industry from the country, to the individual, finance is so return a responsibility, the flicker of noun of a lot of obscure cramped that the person outside just be being encircled is gone by the man-made inside the circle, think its have much mystery. And the person inside the circle encircles the person outside through flicker of so called professional knowledge and do not let him come in, natural form barrier of a kind of trade just.
Finance -- actually so simple.
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Author brief introduction: Lei Lijun, 20 centuries 70 age person, financial practitioner / finance learns a professor / finance learns a doctor / prairie person of outstanding ability
On September 16, 2018
