金融英語課件2

Chapter2Financial

systemChapter2FinancialsystemTheteachingpurposeofthischapterThestudentwilllearnaboutthefunctionsofthefinancialsystemtheparticipantsinthefinancialsystemthefinancialintermediariesandtheirrespectivefunctionsCopyright?2010PearsonEducation,Inc.PublishingasPrenticeHall2TheteachingpurposeofthiscFinancialsystemThecompositionofFinancial

system:Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall3Everyonehassomecontactwiththefinancialsystem.Weareallawareoffinancialinstitutionslikebanks,buildingsocieties,andinsurancecompanies,eachprovidinginitsownwayforsomeofoureverydayneeds.

Forexample,paymentsfacilitiesthroughbanks,convenientsavingsandaccesstohomeloansfrombuildingsocieties,andcar,house,orlifeinsurance.beawareof:了解FinancialsystemThecompositio

Otherfinancialinstitutions,suchasinvestmenttrusts,venturecapitalcompanies,anddiscounthouses-tonameonlyafew-arelesswell-knownandcarryoutmorespecializedfunctions.investmenttrusts：信托投資公司venturecapitalcompanies：風險投資公司Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall4Otherfinancialinstitutions,Mostpeoplealsoknowsomethingaboutfinancialmarkets,liketheStockExchangewheresecuritiesareboughtandsold,thoughcomparativelyfewaredirectlyconcernedwiththeiractivities.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall5Allthesefinancialinstitutionsandmarketsfittogetherintoanetworkwhichcomprisesthefinancialsystem.Thereareotherimportantbutlessfamiliarfinancialmarkets,likethemoneymarketinwhichlargesumsareborrowedandlentforveryshortperiods,andtheforeignexchangemarketinwhichdealingsinforeigncurrenciestakeplace.MostpeoplealsoknowsomethinMajorfunctions:channelhouseholdsavingstocorporatesectorallocateinvestmentfundsamongfirmsAllowsmoothconsumptionbyhouseholdsandexpendituresbyfirmsenablehouseholdsandfirmstosharerisksCopyright?2010PearsonEducation,Inc.PublishingasPrenticeHall6Majorfunctions:Copyright?20Theparticipantsinthefinancialsystem:Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall7savers;investorsandotherborrowers;financialintermediaries;brokersandadvisers;regulatorsTheparticipantsinthefinancSaversandinvestors：Theend-usersofthefinancialsystemarethesavers,whosecurrentspendingislessthantheirincomeandwhohavemoneyavailabletolendtoothers;Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall8andtheinvestors,whowanttoborrowmoneyinordertobuycapitalgoodsorincreasethescaleoftheirbusiness,aswellasotherborrowerswhowanttospendmorethantheirincomes.Inbetweenliethefinancialinstitutionsandmarkets.Saversandinvestors：CopyrightEnsuringthatmoneyflowssmoothlyfromsaversthroughinstitutionsand/ormarketstoinvestorsisanimportantfunctionofthefinancialsystem.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall9Itistheultimatesaversandultimateborrowerswhoare,asitwere,ontheperipheryofthefinancialsystem,whoseneedsitservesandwhoprovidetherationaleforitsexistence.Periphery：外圍，邊緣；ontheperipheryof：在…的外圍，邊緣Rationale：（決定、信念、計劃的）基本原理，理論基礎(chǔ)EnsuringthatmoneyflowssmooFinancialintermediariesareinstitutionswhichattempttoservetheneedsofbothlendersandborrowers.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall10Saverswishtoholdtheirsavings-forexamplebankdeposits-frequentlydifferfromthewaysinwhichborrowerswouldliketoobtaintheirfunds-forexamplelong-termloans.Financialintermediariesareoftenabletoreconcilethesedivergentrequirements.FinancialintermediariesareiIheirownright=basedontheirownneedsExamplesaremoneytransmissionfacilitiesandadviceoncorporatefinanceinthecaseofbanks,lifeassurancecoverinthecaseofinsurancecompanies.corporatefinance（公司理財）:Financialdecisionsregardingfundraising,businessexpansion,mergersandacquisitions,financialplanning,cashmanagementandsoon.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall11Inadditiontheyprovideavarbrokersandadvisers：Inacompetitivefinancialsystem(likethatinBritain)institutionscompeteforbusinessinbroadlyconstrued“markets”forsavingandlendingbusiness,theyseektoattractfundsfromsaversandsupplyfundstoborrowers.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall12Buttherearealsoorganizedmarketswhichprovidefacilitiesforeconomicagentstoborrowandlendortobuyorsellsecurities.Themainroleofbrokersandadvisersistohelptheseorganizedmarketstofunctionproperly.brokersandadvisers：Copyright1)Brokersandadvisersprovideinformationtoparticipantsinthemarkets,andattempttoensurethatlendersandborrowers,buyersandsellers,havethefactstheyneedtostrikeafairbargain.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall132)Theyalsoperformthevitaltaskofputtingactuallendersandborrowersintouchwitheachother.Byobviatingtheneedforindividualborrowersorlenderstosearchoutcounterpartsthemselves,thebrokerssubstantiallyreducetransactionscosts.Forexample,themoney-marketbrokerbringstogetherthelenderwhohasmoneytosparewiththeborrowerwhowantsittemporarily.=>1)BrokersandadvisersprovidInmostorganizedmarketstherearealsomarketmakers,professionaldealerswhosefunctionistoensurethatlendersandborrowersarealwaysabletofindacounterpartfortheirdeals.marketmakers：做市商Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall14InmostorganizedmarketstherRegulators：Historicalexperienceinmanycountrieshasshownthatwherelargesumsofmoneyareinvolvedinfinancialmarketsthereisaconsiderabledangeroffraudorothermalpractices.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall15Regulators：Copyright?2010PeMostcountriesthereforeneedregulators,whocontroltheirfinancialinstitutionsandregulatedealingsinsecuritiesmarketswiththeobjectsofensuringthatthefinancialinstitutionsareabletohonortheircommitments,thatpeoplehaveaccesstorelevantinformationbeforetheyenterintocontracts,andthatdealinginsecuritiesisfair.Theserulescomeunderthegeneralheadingofprudentialregulations.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall16MostcountriesthereforeneedButmoregeneraleconomiccontrolsarealsoneeded.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall17反義詞：Expansion(contractions)

Boom(slump)Compel:force；Curb:controlorlimit；expansionofcredit:

信貸膨脹Sharpexpansionsorcontractionsofactivityinfinancialmarketsareoftenassociatedwithboomsandslumpsintheeconomyatlarge,andtheintimateconnectionbetweenmoney,creditandeconomicstabilitycompelscountriestocurbtheexpansionofcreditinsomeperiodsandtostimulateitinothers.Economiccontrolsmayalsoberequiredtoguardagainstmonopolisticstructuresorpracticesinthefinancialsystem.ButmoregeneraleconomiccontFinancialinstrumentsThefinancialsystemdealsinfinancialinstruments.dealin=tradein經(jīng)營ThesearemostlymoreorlesssophisticatedformsofIOUsorclaims-theyareanassetofonepartyandaliabilityofanother.Inmostinstancestheformerpartyisentitledtorepaymentataspecifiedtime,andreceivesapromiseofsomeinterest,shareofprofits,orotherserviceascompensationfortheloan.beentitledtosth.=tohavetherighttodemandsth..Eg:Everycitizenisentitledtoequalprotectionunderthelaw.每個公民都有權(quán)依法受同等保護。ascompensationforsth.作為…的補償Eg:Hereceivedoneyear’ssalaryascompensationforlossofoffice.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall18FinancialinstrumentsThefinanForexample,depositsareliabilitiesofbanksorotherinstitutions,aregenerallyrepayableondemandorinthefairlynearfuture,andusuallybearinterest.Loansareoftenliabilitiesofultimateborrowers,areusuallyrepayablebytheendofsomepredeterminedperiod,andcarryanobligationtopayinterest.Andordinarysharesareliabilitiesoffirms,whichconferontheirownerstherighttoashareoftheprofitsearnedbut,incontrastwithloans,donothavetoberepaid.repayondemand:隨時償還bearinterest=carryonobligationtopayinterestCommonstock(US)=ordinaryshares(GB)；Confer=entitleCopyright?2010PearsonEducation,Inc.PublishingasPrenticeHall19Forexample,depositsareliabAswellasclaimstherearealsoderivativeinstruments-contractsrelatingtothepricesofsecurities,interestratesorforeignexchangeratesatsomedateinthefuture.aswellas=inadditiontoCopyright?2010PearsonEducation,Inc.PublishingasPrenticeHall20AswellasclaimstherearealAlthoughawidevarietyoffinancialinstrumentsexists,differingsignificantlyindetail,themajordistinctionsrestonthreecharacteristics-risk,liquidity,andreal-valuecertainty(thatis,theirsusceptibilitytolossofvalueduetoinflation).susceptibility:theabilitytobeinfluenced敏感度Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall21AlthoughawidevarietyoffinRisk：Adistinctioncanbedrawnbetweenontheonehanddepositsandloans,whicharegenerallymadeonlyifrepaymentofcapitalandinterestisconfidentlyexpected,andontheothercompanyshares,whichareclaimstoashareofthesurplusincomeafterpriorclaimshavebeenmet.AdistinctioncanbedrawnbetweenAandB.capital=principle本金；Confidentlyexpected=guaranteedCopyright?2010PearsonEducation,Inc.PublishingasPrenticeHall22Risk：Copyright?2010PearsonPeoplethinkoftheirdepositswithfinancialinstitutionsassafe,andloansareusuallysecuredonassetsormadeconditionalontheborrower‘sfinancialperformance,togivethelenderaddedconfidenceinthesafetyofthefunds,thoughthereisusuallysomesmallchanceofpartialortotalloss.tobesecuredonsth.以…為擔保Tobemadeconditionalonsth.以…為附加條件Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall23PeoplethinkoftheirdepositsTheriskofloss,andconverselythepossibilityofgain,isheavilyconcentratedonequityassets,mainlytheordinarysharesofcompanies.Theshareholderisentitledtoashareofthecompany'sprofitsbutmustalsoacceptthechanceofexperiencingsomeloss.Indeed,theeffectsontheshareholdersofsuccessorfailureofacompanyaremagnifiedifthecompanyhasloansoutstandingaswellasordinaryshares.magnify=increaseLoansoutstanding

尚未償還的貸款Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall24Theriskofloss,andconverseLiquidityreferstotheeaseandspeedwithwhichsavingsinnonmonetaryformcanbeturnedintocash,andreflectsboththematurityoffinancialinstrumentsandtheirmarketability.Bymaturitywemeanthetimewhichelapsesbeforeadepositorloanisduetoberepaid.Depositswhicharerepayableondemandhaveashortmaturity,mortgageloansdueforrepaymentafter25yearsalongone.savingsinnonmonetaryform=marketablesecurities適銷證券適銷證券是指證券持有人在需要現(xiàn)金或希望將持有的證券轉(zhuǎn)化為現(xiàn)金時，能夠迅速地在證券市場上出售的證券。marketability（適銷性）Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall25LiquidityreferstotheeaseaThusmaturitycoversaverywiderange,andtheshorteristhematurityofadepositorloanthegreaterisitsliquidity.Butassetswhicharemarketablemayalsobeliquid,eveniftheyarenotautomaticallyrepayableinthenearfuture.Forexample,ordinarysharesinmanycompaniescanbesoldatshortnoticeandtheirvalueturnedintocash,thoughatapricewhichisuncertain.atshortnotice=withoutwarning隨時Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall26ThusmaturitycoversaverywiRealvaluecertainty:Neitherdepositsnorloans,whosevaluesarefixedinmoney(ornominal)terms,providetheirholderswithprotectionagainstpricelevelchanges.Ordinarysharesstandagoodchanceofdoingbetteronthisscore,becauseprofitscanbeexpectedintheendtoriseroughlyinlinewiththegeneralpricelevel,thoughtheremaybeprolongedperiodswhenthisdoesnotholdgood.onthisscore=inthisrespectInlinewith=atthesametimeProlonged=verylongThesamegoesforproperty,whererentscanbeexpectedtomirrorgeneralpricechangesoverlongperiods-thoughaswithordinarysharestheremaybeconsiderablefluctuationsinpricesaroundanylong-termtrends.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall27Realvaluecertainty:NeitherFunctions:MeansofpaymentsStoreofvalueTransferofriskCopyright?2010PearsonEducation,Inc.PublishingasPrenticeHall28Functions:Copyright?2010Pea1)AsstoreofvalueBankloans----short/medium/long-termBonds(債券)Securedbonds(擔保債券)Unsecuredbonds/debentures(無擔保債券)GovernmentbondsTreasurynotesandbonds(國債)Municipalbonds(市政債券)Equity(stock/share)CorporatebondsCommonstock/ordinarysharesPreferredstock/preferencesharesConvertiblenotes(quasi-equityinstrument)Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall291)AsstoreofvalueCopyright2)AstransferofriskInsurancecontracts/policiesDerivativesecurities/instruments:valuebasedon/derivedfromvalueofunderlyingassets(基礎(chǔ)資產(chǎn))Forwardscontract（遠期合約）Futurescontract（期貨）Optionscontract（期權(quán)）Swapsagreement（互換）Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall302)AstransferofriskCopyrighFinancialinstitutionsFinancialinstitutions:financialintermediary,firmthatprovidesaccesstofinancialmarkets,bothtosaversandborrowers.Roles:reducetransactioncostsCopyright?2010PearsonEducation,Inc.PublishingasPrenticeHall31FinancialinstitutionsFinanciaClassificationDepositoryinstitutions(存款金融機構(gòu))CommercialbanksServicestofirmsandindividualsMajorbusiness:deposittaking,creditlendingandsoon.Savingsbanks:ServicestohouseholdsandindividualsDepositorycreditunion(信用社，互助會)：servicestomembersNondepositoryinstitutions（非存款金融機構(gòu)）Investmentbanks（投資銀行）;Factoringcompany;Leasingcompany;Financecompany;MortgagebanksVenturecapitalco.;Discounthouse;Mutualfund;Insurancecompany;Pensionfund;BuildingsocietyCopyright?2010PearsonEducation,Inc.PublishingasPrenticeHall32ClassificationCopyright?2010Typesofbankdeposits1)Demand/checking/transactiondeposit活期存款Demanddeposit個人的活期存款transactiondeposit企業(yè)的活期存款工具：Checkbook支票簿Debitcard借記卡2)savingsdeposit儲蓄存款工具：passbook銀行存折3)time/termdeposit定期存款工具：Passbook;CertificateofdepositCopyright?2010PearsonEducation,Inc.PublishingasPrenticeHall33TypesofbankdepositsCopyrighInterpretationoftheconceptpaymentfacilities支付工具:meansofpaymentincludingcreditcards,checks,traveler’schecks,lettersofcredit,andpaymentorderssuchasdocumentsagainstpaymentanddocumentsagainstacceptance.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall34Interpretationoftheconceptpinvestmenttrust(company)投資信托公司:afinancialintermediarythatpoolsthefundsofindividualsandinveststhosefundsinsecuritiessuchasstock,bondsandmoneymarketinstruments.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall35investmenttrust(company)投資信托venturecapitalcompany風險投資公司:afinancialintermediarythatsupportsandpromotesinvestmentsandtechnologicaldevelopmentinfirmsbytemporarilyholdingsharesinthecapitalofthosefirms.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall36venturecapitalcompany風險投資公司:venturecapital

風險資本:isriskmoney,fundswhichareinvestedfortheinitialrisksofanewandpotentiallyrapidlygrowingcompanyoranewlydevelopedgrowthproduct.Itisusedfortheriskexpenseswhichcannotusuallybefinancedbyabankloan.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall37venturecapital

風險資本:Copyrightdiscounthouse

貼現(xiàn)行:afinancialintermediarythatspecializeinbuyingandsellingbillsofexchangeandothercommercialpapersatlessthanthefacevalue.securities有價證券（常用復(fù)數(shù)）:documentsthathavesomevalueorrepresentsomethingofvalue,e.g.sharecertificate,bondcertificate,lifeinsurancepolicy,etc.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall38discounthouse

貼現(xiàn)行:Copyright?moneytransmissionfacilities

資金匯送工具

:financialmeansthatfacilitatetheflowoffunds.Eg:Checks;Draft/billofexchange;MoneyorderDerivativeinstruments衍生金融工具:securitieswhosevalueisbasedon/derivedfromthevalueofequityanddebt.forwards遠期(合同)Futures期貨Options期權(quán)Swaps互換/掉期Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall39moneytransmissionfacilities

liquidity流通性/變現(xiàn)力:theeasewithwhichanassetcanbeconvertedintocashatclosetothepublishedmarketprice.maturity償還期

:thedateofscheduledrepaymentofanobligation.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall40liquidity流通性/變現(xiàn)力:theeasewitkeysentencesAproperlydevelopedandsmooth-runningfinancialsystemraisesthelevelsofsavingandinvestmentandprovidesincentivesfortheallocationoftheavailableresourcestothoseuseswheretheyarelikelytogivethehighestreturns.theallocationofAtoB把A分配給BCopyright?2010PearsonEducation,Inc.PublishingasPrenticeHall41keysentencesAproperlydeveloSatisfactorypaymentsfacilitiesaresomethingwhichweareinclinednowadaystotakeforgranted,butproductiveeconomicactivityisdependentonthereexistence,andindeedontradershavingreasonableaccesstoshort-termcreditfacilities.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall42SatisfactorypaymentsfacilitiMoreover,whilethereisnothingtopreventsaversandinvestorsfromdealingdirectlywitheachotheriftheywish,theexistenceoffinancialinstitutionsmakesdirectcontactunnecessary,sincebothgroupscandealwiththeintermediatinginstitutions.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall43Moreover,whilethereisnothiBytheirverynaturefinancialinstitutionsattractcriticism:bankerswouldnotbedoingtheirjobsiftheydidnotturndownsomerequestsforloans,andthosewhoaredeniedfundssometimesfeelharddonebyandarevociferousintheircomplaints.Vociferous:大叫大嚷（抱怨的時候）bytheirverynature=asaresultoftheirowncharacteristicsfeelharddoneby=haveafeelingofbeingtreatedunequally表示“拒絕”，意味從強到弱的四個詞：1)Reject:TheBritishgovernmentisexpectedtorejecttheideaofStatesubsidy(補助金，津貼)foranewhighspeedrailway.2)Refuse:Herefusedtocommentafterthetrial.3)Turndown4)Decline:Hedeclinedtheirinvitation.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall44BytheirverynaturefinancialThecontrolwhichfinancialinstitutionswieldoververysubstantialsumsofmoneyalsoattractstheattentionofgovernments,partlybecausetheymayseeirresistibleopportunitiestosecurecheapfinanceforfavoredborrowers(notablygovernmentsthemselves),andpartlyinviewoftheeconomicpowerattachedtocontroloffinance.Wieldover:表示對…有權(quán)利，有影響等favored=most-likedinviewof=becauseofattachedto=comingfrom/derivedfromCopyright?2010PearsonEducation,Inc.PublishingasPrenticeHall45Thecontrolwhichfinancialin

Exercises1

partA:Matchthetermswiththeexplanations

Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall46

Exercises1

partA:Matchthe1.inisolation2.saver3.investor4.marketmaker5.liquidity6.stockexchange7.maturity8.asawhole9.brokerA.thosewhowanttoborrowmoneyinordertobuycapitalgoodsorincreasethescaleofbusinessB.separately;aloneC.theeaseandspeedwithwhichsavingsinnon-monetaryformscanbeturnedintocash.D.theplacewheresecuritiesareboughtandsold.E.thetimewhichelapsesbeforeadepositorloanisduetoberepaid.F.theend-useroffinancialsystemwhosecurrentspendingislessthantheirincomeandwhohavemoneyavailabletolendtoothers.G.professionaldealerswhosefunctionistoensurethatlendersandborrowersarealwaysabletofindacounterpartfortheirdeal.H.whosemainroleistohelporganizedmarkettofunctionproperly.I.asonethingorpieceandnotasseparateparts.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall471.inisolation2.saver3.inpartB:TranslatetheEnglishintoChinese"Financialecology"doesnotrefertotheinternaloperationofthefinancialinstitutions.Instead,itreferstotheexternalenvironment,orthebasicconditionsforfinancialoperations.Thelegalframework,includingthelawsandregulationsthatprotecttheinterestsofinvestorsanddepositors,theaccountingstandardsandthebankruptcylaw,isakeycomponentoffinancialecology.Concertedeffortsfromallsectionsofthesocietyareneededtoimprovefinancialecology.First,effortsshouldbemadetoimprovethelegislationandlawenforcingsystem.Bankruptcylawisofutmostimportance.Withwell-developedbankruptcylaw,thelenderswillbeabletoresorttolegalprocedurestoprotecttheirrights.Second,thereformofthecorporatesectorincludingthestate-ownedenterprisesshouldbeaccelerated.Third,stepsneedtobetakentoestablishandimprovethesocialcreditsystem.Fourth,theaccounting,auditingandinformationdisclosurestandardsshouldbeimproved.Fifth,theintermediaryagenciesneedtoimprovetheirservices.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall48partB:TranslatetheEnglishipartC:TranslatetheChineseintoEnglish我國的人民幣匯率政策主要考慮本國的對外經(jīng)濟、國際收支平衡等方面因素，而不是個別國家的貿(mào)易逆差或者順差。我國的國際收支平衡情況來看，我們有一點經(jīng)常項目順差，不算很大。同時，我們也需要對人民幣匯率機制進行改革，不斷完善人民幣匯率的形成機制，使我國在中長期更好地適應(yīng)對外開放的新形勢，保持金融穩(wěn)定。我們將積極穩(wěn)妥、有計劃分步驟地推進人民幣匯率機制改革,并選擇合適的時機出臺。當然，由于中國經(jīng)濟在世界經(jīng)濟中的作用變得比以前大了，作為一個負責任的大國，我們會考慮這項改革對地區(qū)和全球經(jīng)濟的影響。Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall49partC:TranslatetheChineseiTheendofchapter2Theendofchapter2Chapter2Financial

systemChapter2FinancialsystemTheteachingpurposeofthischapterThestudentwilllearnaboutthefunctionsofthefinancialsystemtheparticipantsinthefinancialsystemthefinancialintermediariesandtheirrespectivefunctionsCopyright?2010PearsonEducation,Inc.PublishingasPrenticeHall52TheteachingpurposeofthiscFinancialsystemThecompositionofFinancial

system:Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall53Everyonehassomecontactwiththefinancialsystem.Weareallawareoffinancialinstitutionslikebanks,buildingsocieties,andinsurancecompanies,eachprovidinginitsownwayforsomeofoureverydayneeds.

Forexample,paymentsfacilitiesthroughbanks,convenientsavingsandaccesstohomeloansfrombuildingsocieties,andcar,house,orlifeinsurance.beawareof:了解FinancialsystemThecompositio

Otherfinancialinstitutions,suchasinvestmenttrusts,venturecapitalcompanies,anddiscounthouses-tonameonlyafew-arelesswell-knownandcarryoutmorespecializedfunctions.investmenttrusts：信托投資公司venturecapitalcompanies：風險投資公司Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall54Otherfinancialinstitutions,Mostpeoplealsoknowsomethingaboutfinancialmarkets,liketheStockExchangewheresecuritiesareboughtandsold,thoughcomparativelyfewaredirectlyconcernedwiththeiractivities.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall55Allthesefinancialinstitutionsandmarketsfittogetherintoanetworkwhichcomprisesthefinancialsystem.Thereareotherimportantbutlessfamiliarfinancialmarkets,likethemoneymarketinwhichlargesumsareborrowedandlentforveryshortperiods,andtheforeignexchangemarketinwhichdealingsinforeigncurrenciestakeplace.MostpeoplealsoknowsomethinMajorfunctions:channelhouseholdsavingstocorporatesectorallocateinvestmentfundsamongfirmsAllowsmoothconsumptionbyhouseholdsandexpendituresbyfirmsenablehouseholdsandfirmstosharerisksCopyright?2010PearsonEducation,Inc.PublishingasPrenticeHall56Majorfunctions:Copyright?20Theparticipantsinthefinancialsystem:Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall57savers;investorsandotherborrowers;financialintermediaries;brokersandadvisers;regulatorsTheparticipantsinthefinancSaversandinvestors：Theend-usersofthefinancialsystemarethesavers,whosecurrentspendingislessthantheirincomeandwhohavemoneyavailabletolendtoothers;Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall58andtheinvestors,whowanttoborrowmoneyinordertobuycapitalgoodsorincreasethescaleoftheirbusiness,aswellasotherborrowerswhowanttospendmorethantheirincomes.Inbetweenliethefinancialinstitutionsandmarkets.Saversandinvestors：CopyrightEnsuringthatmoneyflowssmoothlyfromsaversthroughinstitutionsand/ormarketstoinvestorsisanimportantfunctionofthefinancialsystem.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall59Itistheultimatesaversandultimateborrowerswhoare,asitwere,ontheperipheryofthefinancialsystem,whoseneedsitservesandwhoprovidetherationaleforitsexistence.Periphery：外圍，邊緣；ontheperipheryof：在…的外圍，邊緣Rationale：（決定、信念、計劃的）基本原理，理論基礎(chǔ)EnsuringthatmoneyflowssmooFinancialintermediariesareinstitutionswhichattempttoservetheneedsofbothlendersandborrowers.Copyright?2010PearsonEducation,Inc.PublishingasPrenticeHall60Saverswishtoholdtheirsavings-forexamp