{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","uuid":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","normalized_title":"虚拟资本金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","isbns":["9787300330303"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":236,"navigation_url":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title_url":"https://workshop.closeclaw.top/ai/title/%E8%99%9A%E6%8B%9F%E8%B5%84%E6%9C%AC%EF%BC%9A%E9%87%91%E8%9E%8D%E6%80%8E%E6%A0%B7%E6%8C%AA%E7%94%A8%E6%88%91%E4%BB%AC%E7%9A%84%E6%9C%AA%E6%9D%A5","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","page_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page","search_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/search"},"page":{"printed_page":"三 / 111","pdf_page":149,"physical_index":149,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"ce0c99bdca7e352393edb6b70e6f059c27bea4873a15694ce112b685afd07488"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"金融机构的利润\n\n现在，我们来研究最后一类金融利润—履行金融中介职能的公司的利润。这既包括它们以自己的名义开展业务所产生的收入（股息、利息和资本收益），也包括它们为客户开展业务所产生的利润。\n\n这些机构最直接的有形收入来源是它们收取的费用和佣金。相关业务种类繁多。仅举几例，从大型投资银行在进行并购时给予自己的佣金，到账户管理费以及商业银行在提款机取款或货币兑换业务中收取的佣金，不一而足。\n\n第二类收入是金融中介活动的核心。从银行到抵押贷款保险，从外汇业务到出口信贷，从消费信贷公司到养老金储蓄，金融机构始终遵循同样的原则—转变债务的质量和期限，使可用的货币资本能够满足融资需求。例如，保险公司从客户那里收取保费，建立资产组合。在扣减必须支付的赔款后，保险公司进行投资。为了使保险活动保持稳定可靠，这些资产必须超过赔付估计成本的现值。同样的一般原则也适用于养老基金和银行活动。因此，这些金融机构创造的利润基于它们能够使资产的估值率高于负债的动态变化。\n\n在此，对未来负债的现时衡量至关重要。它有两方面的不确定性。第一种不确定性是对未来债务的评估（对保险公司来说是事故风险；对养老基金来说是养老基金的支付等)。毫无疑问，对这种不确定性进行评估是非常困难的，尽管这些参与者可以根据以往的经验进行概括。相较之下，第二种不确定性是一种系统性的不确定性，它恰恰存在于用来评估这些未来负债现值的贴现率中。贴现率越高，现有负债的现值就越低，反之亦然。\n\n第六章 金融利润从何而来？\n\n三\n\n111","previous_page":148,"next_page":150}