Краткая история финансового менеджмента
Финансовый менеджмент как научное направление зародился в начале прошлого века в США и на первых этапах становления рассматривал вопросы, связанные с финансовыми аспектами создания новых фирм и компаний, а впоследствии – управление финансовыми инвестициями и проблемы банкротства.
Принято считать, что начало данному направлению было положено Г. Марковицем, разработавшим в конце 1950-х гг. теорию портфеля, на основе которой У. Шарп, Дж. Линтнер и Дж. Моссин через несколько лет создали модель оценки доходности финансовых активов (CAPM), связывающую риск и доходность портфеля финансовых инструментов. Дальнейшее развитие этой области привело к разработке концепции эффективного рынка, созданию теории арбитражного ценообразования, теории ценообразования опционов и ряда других моделей оценки рыночных инструментов. Примерно в это же время начались интенсивные исследования в области структуры капитала и цены источников финансирования. Основной вклад в этой области был сделан Ф. Модильяни и М. Миллером. После опубликования их работы «Стоимость капитала. Корпоративные финансы. Теория инвестиций» финансовый менеджмент выделился как самостоятельная дисциплина из прикладной микроэкономики. Теорию портфеля и теорию структуры капитала можно назвать ядром финансового менеджмента, поскольку они позволяют ответить на два основных вопроса: откуда взять и куда вложить деньги.
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(From: http://www.grandars.ru)
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Read the article and say what new niche Goldman Sachs has found.
Goldman Builds Private Bank
Goldman Sachs Group Inc. is building an in-house bank to lend money to wealthy people and companies, in a significant shift that underlines the harsh business climate facing Wall Street since the financial crisis.
The New York securities firm, known for its aggressive trading and big corporate deal-making, is ramping up its activities to become a private bank to serve wealthy customers around the world. The new unit will also lend more directly to corporations, some of whom already make investments and do business with Goldman. Executives have set a goal of $100 billion in loans, up from $12 billion at the end of March.
While Goldman says its financial investment in expanding its bank is a modest one, its ambitions represent a huge change of heart among the managers of the 144-year-old firm, including Chairman and Chief Executive Lloyd C. Blankfein.
Goldman has long been almost synonymous with Wall Street’s swashbuckling style and big bonuses, largely from businesses like trading and investment banking.
The new bank is a part of Goldman’s cautious strategy to reshape its business. But the modest income from interest on mortgages and other loans likely won’t come close to replacing the profits lost elsewhere.
The banking push, which hasn’t been previously disclosed, will give Goldman more deposits – a source of low-cost funding less vulnerable to the vagaries of financial markets. Like other investment banks, Goldman currently funds most of its activities by borrowing cash against its store of securities holdings.
Goldman’s powerful management committee has embraced the in-house bank. At weekly meetings of the 30-member group, the executives also have recently debated how to set priorities for the company’s own investments, ways to improve Goldman’s struggling asset-management business, and how to cope with tougher regulations and competition world-wide, Goldman executives said.
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For its wealthy investing clients, “it’s a private bank,” Mr. Blankfein said. “We can afford to do that because we have the contacts and the balance sheet.”
In addition to making personal loans to clients, Goldman will make loans to companies that the bank unit will keep on its balance sheet. Many of Goldman’s corporate clients have said they used to get more loans from European banks that have recently pulled back, said Goldman executives.
To date, Goldman’s banking unit has about $100 billion in assets, or nearly 10% of Goldman’s total assets. About half of the bank’s assets are in the form of derivatives instead of loans. Goldman parked them there after the financial crisis. Derivatives are trading instruments whose value is derived from another investment or security, rather than loans.
The in-house bank isn’t likely to overshadow the traders and investment bankers who dominate the corporate culture. Company executives expect only modest returns by the bank.
The deal-making business has suffered because corporate chiefs are nervous about putting their cash to work while the economy remains weak.
“This whole industry is trying to get where it is supposed to be ahead of it, and we're no exception,” Mr. Blankfein said in the interview. “We have to be right.”
(From: online.wsj.com)
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