金融的英語(yǔ)第二版劉文國(guó)課后翻譯題答案詳解

中譯英：一.1.金融管理是商業(yè)管理的重要方面之一，沒(méi)有合適的金融計(jì)劃企業(yè)是不可能成功的。Financeisoneofthemostimportantaspectsofbusinessmanagement.Withoutproperfinancialplanninganewenterpriseisunlikelytobesuccessful..金融中介機(jī)構(gòu)的基本宗旨是把不受公眾歡迎的金融資產(chǎn)轉(zhuǎn)變?yōu)樗麄兡軌蚪邮艿慕鹑谫Y產(chǎn)。Financialintermediariesplaythebasicroleoftransformingfinancialassetsthatlessdesirableforalargepartofthepublicintootherfinancialassets-theirownliabilities-whicharemorewidelypreferredbythepublic..企業(yè)經(jīng)營(yíng)是有風(fēng)險(xiǎn)的，因而，財(cái)務(wù)經(jīng)理必須對(duì)風(fēng)險(xiǎn)進(jìn)行評(píng)估和管理。Businessesareinherentlyrisky,sothefinancialmanagerhastoidentifyrisksandmakesuretheyaremanagedproperly..投資決策首先是指投資機(jī)會(huì)，常常指資本投資項(xiàng)目。Theinvestmentdecisionstarswiththeidentificationofinvestmentopportunities,oftenreferredtoascapitalinvestmentprojects..現(xiàn)金預(yù)算常常被用來(lái)評(píng)估企業(yè)是否有足夠的現(xiàn)金來(lái)維持企業(yè)的日常經(jīng)營(yíng)運(yùn)轉(zhuǎn)和（或）是否有太多現(xiàn)金富裕。Cashbudgetsareoftenusedtoassesswhethertheentityhassufficientcashtofulf川regularoperationsand/orwhethertoomuchcashisbeingleftinunproductivecapacities..按照金融學(xué)的觀點(diǎn)，資本就是企業(yè)購(gòu)買(mǎi)商品以生產(chǎn)其它商品或提供服務(wù)的貨幣資金。Capital,inthefinancialsense,isthemoneythatgivesthebusinessthepowertobuygoodstobeusedintheproductionofothergoodsortheofferingofaservice.四.1.商業(yè)銀行應(yīng)積極開(kāi)展電話(huà)銀行轉(zhuǎn)賬功能風(fēng)險(xiǎn)評(píng)估和分類(lèi)，依據(jù)收款賬戶(hù)的潛在風(fēng)險(xiǎn)高低，相應(yīng)設(shè)置不同的轉(zhuǎn)賬額度和次數(shù)限制。Acommercialbankshallactivelyconducttheriskassessmentandclassificationofthetelephonebankingtransferfunctions,andsetdifferentlimitsonthetransferamountandtimesaccordingtothedegreeofpotentialrisksontherecipientaccount..商業(yè)銀行相對(duì)其他行業(yè)屬于信息化程度較高的行業(yè)，銀行數(shù)據(jù)庫(kù)里積累了海量的客戶(hù)信息Commercialbankshavegainedmoreinformationandhavelargescaleofdata..商業(yè)銀行的管理人員在分析客戶(hù)的貸款申請(qǐng)時(shí)必須考慮許多因素。ManagersinCommercialbankshavetoconsidermanyfactorsinanalyzingacustomer'sloanrequest..除中國(guó)銀行外，交通銀行、農(nóng)業(yè)銀行、工商銀行、建設(shè)銀行在城鄉(xiāng)也都設(shè)立了許多的機(jī)構(gòu)，便于你獲得金融服務(wù)。BesidestheBankofChina,theCommunicationBank,AgriculturalBank,IndustrialandCommercialBank,ConstructionBankalsohavecreatedmanybranchesinacityortown,andthatmakeseasierforyoutogetfinancialservices..定期存款也叫CD是存款證書(shū)的一種類(lèi)型。Acertificateofdeposit,alsocalledaCD,isatypeofsavingscertificate..商業(yè)銀行作為一家金融機(jī)構(gòu)，其業(yè)務(wù)范圍包括：從個(gè)人和公司吸收存款；通過(guò)提供貸款和其他對(duì)客戶(hù)的財(cái)務(wù)或生意的運(yùn)轉(zhuǎn)很重要的金融業(yè)務(wù)來(lái)建立信貸，包括資金轉(zhuǎn)賬、支票兌現(xiàn)、銀行保管箱等。Acommercialbankisanfinancialinstitutionestablishedto:acceptdepositsfromindividualsandbusinesses;originatecreditbyprovidingloansandofferingotherfinancialservicesessentialtotherunningofacustomer'sfinancialorbusinessaffairs,includingfundtransfers,checkcashing,safedepositboxes,etc.六.1.外匯交易市場(chǎng)，也稱(chēng)為"Forex"或"FX"市場(chǎng)，是世界上最大的金融市場(chǎng)，平均每天超過(guò)1兆美元的資金在當(dāng)中周轉(zhuǎn)--相當(dāng)于美國(guó)所有證券市場(chǎng)交易總和的30倍。TheForeignExchangeMarket,calledby"Forex"marketorFXmarket,isthebiggestfinancialmarketintheworldwithtradingvolumessurpassingUSD1trillionaverageone-day,itisasbigas30timesofstockmarket.."外匯交易”是同時(shí)買(mǎi)入一對(duì)貨幣組合中的一種貨幣而賣(mài)出另外一種貨幣。外匯是以貨幣對(duì)形式交易，例如歐元/美元(EUR/USD或美元/日元(USD/JPY)?！癋oreignexchangeistobuyonecurrencyandsellanotherincurrencypairatthesametime.Thetradingformofforeigncurrencyisthecurrencypair,forexampleEUR/USDORUSD/JPY..外匯交易市場(chǎng)是一個(gè)24小時(shí)全球交易市場(chǎng)，市場(chǎng)交易每天從悉尼開(kāi)始，并且隨著地球的轉(zhuǎn)動(dòng)，全球每個(gè)金融中心的營(yíng)業(yè)日將依次開(kāi)始，首先是東京，然后倫敦，和紐約。Foreignexchangemarketisworldwidemarketwhereoperating24hoursaday,themarkettradingstartsfromSydney,turningaroundtheearth,thebusinessdayofeveryfinancialcenterintheworldwillstartotradeinturn,thenisTokyo,nextisLondon,andNewYork..外匯交易投資者可以對(duì)無(wú)論是白天或者晚上發(fā)生的經(jīng)濟(jì)，社會(huì)和政治事件而導(dǎo)致的外匯波動(dòng)而隨時(shí)反應(yīng)。InvestorsofFXmaymakedecisionsbaseonthefluctuationofforeigncurrencypriceleadedbyeconomics,societyandpoliticaleventsnomatterhappensindaytimeornight.外匯交易市場(chǎng)是一個(gè)超柜臺(tái)(OTC)或“銀行內(nèi)部”交易市場(chǎng)，因?yàn)槭聦?shí)上外匯交易是交易雙方通過(guò)電話(huà)或者一個(gè)電子交易網(wǎng)絡(luò)而達(dá)成的，外匯交易不象股票和期貨交易市場(chǎng)那樣，不是集中在某一個(gè)交易所里進(jìn)行的。TheforeignexchangemarketisOvertheCounter(OTC)orinterbankmarketbecauseforeigncurrencyistradedthroughphoneorelectronictradingnetinfact,thetradingofforeigncurrencydoesnotlikestocktrade,itisnotintensivetradinginexchangecenter.在外匯交易中，您會(huì)看到一個(gè)兩邊的報(bào)價(jià)，由買(mǎi)價(jià)與賣(mài)價(jià)組成，買(mǎi)價(jià)是在此價(jià)格上您擬賣(mài)掉基礎(chǔ)貨幣(同時(shí)買(mǎi)進(jìn)相反貨幣)。賣(mài)價(jià)是這個(gè)價(jià)格，在此價(jià)格上您可以買(mǎi)進(jìn)基準(zhǔn)貨幣時(shí)賣(mài)掉相反貨幣。Youwillseethepriceboardconsistedofbidpriceandaskpriceintradingofforeigncurrency,bidpriceisthepriceyousellyourbasecurrency(atthesametimebuyreversecurrency).Askpriceisthepriceyoubuybasecurrencyandsellreversecurrency.七.1.企業(yè)融資是指企業(yè)在發(fā)展擴(kuò)張中籌集所需資金的行為。Businessfinancingisanactionofraisingmoneywhenfirmsextendbusinessanddevelopment.企業(yè)融資是為了滿(mǎn)足企業(yè)戰(zhàn)略調(diào)整、產(chǎn)業(yè)擴(kuò)張、現(xiàn)金周轉(zhuǎn)等方面的需要。Businessfinancingistomeettherequirementofstrategyadjustment,industryextending,andturnoverofcashandsoon..企業(yè)通過(guò)融資行為改變資本結(jié)構(gòu)，使資金得以形成、集中、積累、組合，同時(shí)形成相應(yīng)的產(chǎn)權(quán)關(guān)系和權(quán)利、責(zé)任、利益格局。Thecapitalstructureofthefirmwillbechangedthroughraisingmoney,thecapitalwillbeformedintheformofcentralization,accumulation,combination,andatthesametimerelativepropertyrightrelationsandpatternofbenefit,dutyandrightwillbeformed..內(nèi)部融資的來(lái)源公司的自有資金，以及在生產(chǎn)經(jīng)營(yíng)過(guò)程中的資金積累部分，在公司內(nèi)部通過(guò)計(jì)提折舊而形成現(xiàn)金，或通過(guò)留用利潤(rùn)等增加公司資本。Theresourceofinternalfinancingcomesfromcompany'sinternalfund,thepartoffundaccumulationofproducingandoperating,cashfromdepreciation,orcapitalfromremainingearning..債權(quán)性融資主要有向金融機(jī)構(gòu)貸款和發(fā)行企業(yè)債券兩種形式。Thetwomajorityformsaboutdebitfinancingarelendingmoneyfromfinancialinstitutesandissuingcompanybond..目前國(guó)內(nèi)企業(yè)在進(jìn)行投資時(shí)采用的融資方式有股權(quán)性融資、債權(quán)性融資等。Presentlyfinancingmethodsusedbydomesticenterpriseswheninvestingareequityfinancinganddebitfinancing,etc.九.1.組合投資原則，即將風(fēng)險(xiǎn)資金按一定比例投向不同行業(yè)、不同企業(yè)（項(xiàng)目），或聯(lián)合幾個(gè)風(fēng)險(xiǎn)投資公司共同向一家企業(yè)投資。Theprincipleofportfolioinvestmentisthattheventurecapitalisinvestedintodifferentindustriesanddifferentprojects,ormakeacooperationwithotherinvestingcompaniestoinvestacompany..風(fēng)險(xiǎn)投資主體多元化原則，在美國(guó)，風(fēng)險(xiǎn)資金來(lái)源相當(dāng)廣泛，既有政府、財(cái)團(tuán)法人的資金，也有來(lái)自大眾游資、民間企業(yè)和海外的投資，還有養(yǎng)老保險(xiǎn)基金的積極參與。Theprincipleofdiversificationofventurecapital,inAmerican,theresourceofventurecapitalisquitewidespread,itcomesfromgovernment,financialinstitutes,anditcancomefromprivates,privatefirmsandoverseainvestment,andpensionfundjointventurecapitaltoo..創(chuàng)業(yè)投資是由專(zhuān)業(yè)投資者投入到新興的、迅速發(fā)展的、有巨大競(jìng)爭(zhēng)潛力的企業(yè)中的一種股權(quán)性資本。Ventureinvestmentisanequitycapitalwhichprofessionalinvestorsinvesttoanew,developingrapidlyandmorecompetitivefirm..隨著社會(huì)經(jīng)濟(jì)的快速發(fā)展，如何投資、如何理財(cái)已經(jīng)成為商業(yè)人士關(guān)注的焦點(diǎn)。Withsocietyeconomyhigh-speeddevelopment,howtoinvestandfinanceisthefocalpointwhichbusinessmenfocuson..創(chuàng)業(yè)投資以其謀求長(zhǎng)期資本收益、分散投資及專(zhuān)業(yè)化管理的特點(diǎn)適應(yīng)了高新技術(shù)產(chǎn)業(yè)的資金需求，以其特別的投資方式、合同方式和組織架構(gòu)部分地解決了信息不對(duì)稱(chēng)和激勵(lì)約束不當(dāng)所帶來(lái)的問(wèn)題.Venturecapitalislookingforlongtermcapitalreturn,thecharacteristicofdiversificationofinvestmentandprofessionalmanagementadaptscapitalrequirementsofhigh-newtechnicalindustry,specialinvestingmodelofventurecapital,contractmodelandframeoforganizationsolveproblemsofinformationasymmetryandincentiveandrestraintmechanismsflawinpartly..投資者可把目光聚焦到正在發(fā)售的銀行保本基金上，這種在國(guó)際市場(chǎng)上大受歡迎的新型理財(cái)品種不但能夠提供銀行儲(chǔ)蓄股的安全感，而且可以利用此次利率上升的機(jī)會(huì)創(chuàng)造更高的收益；同時(shí)，加息導(dǎo)致債券價(jià)格下跌，實(shí)際上提高了即將入市的銀行保本基金的債券投資收益率。Investorsmayfocusonguaranteedfundissuedbybank,itisnewstyleoffinancingproductwhichiswelcomedintheinternationalmarket,itisnotonlyshowsthesafetylikebankdeposit,butalsomakehigherreturnwiththeinterestratearise,atthesametime,risinginterestrateswillleadtofallofthebondprice,andmakehigherreturnofguaranteedfundwhichwillbeissuedbybanks.十.1.債券買(mǎi)賣(mài)是指交易雙方以約定的價(jià)格買(mǎi)賣(mài)一定金額的債券并在規(guī)定的清算時(shí)間內(nèi)辦理債券款交割的交易方式。Securitytradingisatradingmodelthatbothofsellerandbuyersignacontractwiththeconfirmedbondpriceandnumber,duringsettlementbothofsellerandbuyermakeadelivery..債券回購(gòu)是指交易雙方進(jìn)行的以債券為權(quán)利質(zhì)押的一種短期資金融通業(yè)務(wù)。資金融入方(正回購(gòu)方)在將債券賣(mài)給資金融出方(逆回購(gòu)方)以融入資金的同時(shí)，雙方約定在將來(lái)某一日期由正回購(gòu)方按約定回購(gòu)利率計(jì)算的金額向逆回購(gòu)方買(mǎi)回相等數(shù)量的同品種債券的交易行為。Redeemofsecurityisashorttermfinancingbusinessthatbothofissuerandholderofbondtakesbondasrightpledge,whentheborroweroffund(positiveredeemer)sellsbondtolenderoffund(negativeredeemer)forfinancing,bothofthemsignacontractintherepositiveredeemerwillredeemthebondthatheissuedwithredeeminterestfromnegativeredeemerbeforematurityofbond.3.所謂可轉(zhuǎn)換公司債券是指由公司發(fā)行的，投資者在一定時(shí)期內(nèi)可選擇一定條件轉(zhuǎn)換成公司股票的公司債券，通常稱(chēng)作可轉(zhuǎn)換債券或可轉(zhuǎn)債。這種債券兼具債權(quán)和股權(quán)雙重屬性。Convertiblebondissecurityissuedbyfirmwhichinvestorshaveoptiontoconvertbondintofirm'sstockduringholdingperiod,theconvertiblebondconsistsoftwocharactersofbondandstock..證券交易必需受SEC及證券交易所自我約束機(jī)制的監(jiān)管。SecuritytradingmustbemanagedbySECandself-regulatingmechanismofthestockexchange..場(chǎng)外交易市場(chǎng)不是一個(gè)正式的證券交易所，而是由經(jīng)紀(jì)人和交易商組成的一個(gè)非正式的網(wǎng)絡(luò)，他們通過(guò)這一網(wǎng)絡(luò)協(xié)商證券的交易。Theover-the-countermarketisnotofficialsecurityexchangemarket,itisunofficialnetworkgroupedbydealersandbrokers,dealersandbrokersexchangesecuritiesthroughthenetwork..一級(jí)市場(chǎng)上的發(fā)行方式也分為兩種，公募和私募。Theissuemodelofstockintheprimarymarketcanbeclassifiedinto:publicofferingandprivateoffering.十二.1.新股的發(fā)行價(jià)總是超過(guò)面值的，記錄在公司帳上的這個(gè)差叫附加實(shí)繳資本，也叫資本公積。Thepriceatwhichnewsharesaresoldtoinverstorsalmostalwaysexceedsparvalue,thedifferenceisenteredthecompanysaccountsasadditionalpaid-incapital,orcapitalsurplus..盡管股票這個(gè)名字很大眾化，但是，大部分人都不是充分了解它。Despitetheirpopularity,however,mostpeopledon'tfullyunderstandstocks..公司的管理層的主要任務(wù)是增加公司股票持有人所持有公司資產(chǎn)的價(jià)值。Themanagementofthecompanyissupposedtoincreasethevalueofthefirmforshareholders..有限責(zé)任是股票的一個(gè)十分重要的特征，這意味著公司在不能支付它的債務(wù)時(shí)股票持有者沒(méi)有負(fù)債責(zé)任。Anextremelyimportantfeatureofstockisitslimitedliability,whichmeansthat,asanownerofastock,youarenotpersonallyliableifthecompanyisnotabletopayitsdebts..理解股票供求關(guān)系是容易的，但是理解人們喜歡哪些股票不喜歡哪些股票是苦難的。Understandingsupplyanddemandiseasy,Whatisdifficulttocomprehendiswhatmakespeoplelikeaparticularstockanddislikeanotherstock..一些人人為預(yù)測(cè)股票價(jià)格變化是不可能的，而一些人認(rèn)為通過(guò)畫(huà)圖和分析以前的價(jià)格變化就能決定買(mǎi)賣(mài)時(shí)間。Somebelievethatitisn'tpossibletopredicthowstockpriceswillchange,whileothersthinkthatbydrawingchartsandlookingatpastpricemovements,youcandeterminewhentobuyandsell.英譯中：一.1.Acashbudgetisextremelyimportant,especiallyforsmallbusinesses,becauseitallowsacompanytodeterminehowmuchcredititcanextendtocustomersbeforeit?beginstohaveliquidityproblems.現(xiàn)金預(yù)算是十分重要的，特別是對(duì)小企業(yè)，這是因?yàn)樗鼪Q定了企業(yè)可以使用多大的賒銷(xiāo)份額而不發(fā)生現(xiàn)金困難。Financialintermediariesincludedepositoryinstitutions(commercialbanksandcreditunion)whoacquiredthebulkoftheirfundsbyofferingtheirliabilitiestothepublicmostlyformofdeposit.金融中介機(jī)構(gòu)包括：存款性機(jī)構(gòu)(商業(yè)銀行和信用合作社)主要通過(guò)存款的形式向公眾借款，從而獲得大部分資金。Acorporationisalegallydistinctfromitsowners,whoarecalledshareholdersorstockholders.公司在法律上獨(dú)立于其所有者，即股東。Long-termfinancialplanningfocusonthefirm'sgoals,theinvestmentthatwillbeneededtomeetthosegoals,andthefinancingthatmustberaised.長(zhǎng)期財(cái)務(wù)計(jì)劃是關(guān)于企業(yè)的長(zhǎng)期目標(biāo)、為實(shí)現(xiàn)目標(biāo)所需要的投資以及因此必須籌集的資金的計(jì)劃。Businessesareclassifiedintononfinancialandfinancialbusinesses.Theseentitiesborrowfundsinthedebtmarketandraisefundsintheequitymarket.企業(yè)可被分成金融企業(yè)和非金融企業(yè)兩類(lèi)。這些企業(yè)在債務(wù)市場(chǎng)借款和在權(quán)益市場(chǎng)融資。Financeisthesetofactivitiesdealingwiththemanagementoffunds.Morespecifically,itisthedecisionofcollectionanduseoffunds.Itisabranchofeconomicsthatstudiesthemanagementofmoneyandotherassets.金融是涉及到一系列有關(guān)資金管理的活動(dòng)。特別的，它是有關(guān)資金使用和籌集的決策。它是經(jīng)濟(jì)學(xué)的一個(gè)研究貨幣和其它資產(chǎn)管理的分枝。四.1.Therisk-basedcapitalrequirementsimposedoncommercialbankandsavingandloanassociations.對(duì)商業(yè)銀行和存貸款協(xié)會(huì)實(shí)施以風(fēng)險(xiǎn)為基礎(chǔ)的資本金要求。.Whoregulatescommercialbanksandthriftsandtypesofregulationsimposed.誰(shuí)來(lái)監(jiān)管商業(yè)銀行與儲(chǔ)蓄機(jī)構(gòu)以及何種方式來(lái)進(jìn)行。.Banksgenerateincomeinthreeways:(1))thebid-askspread;(2)capitalgainsonthesecuritiesorforeigncurrencyusedintransactions,and(3)inthecaseofsecurities,thespreadbetweeninterestincomeearnedbyholdingthesecurityandcostoffundingthepurchaseofsecurity.銀行可以從三個(gè)方面產(chǎn)生收入：(1)買(mǎi)賣(mài)差價(jià)；(2)證券或外匯交易的資本利益；(3)證券的利息收入和購(gòu)買(mǎi)證券資金成本之間的價(jià)格差異。.Severaltypesofdepositaccountsareavailable.Checkingaccountspaynointerestandcanbewithdrawnupondemand.存款帳戶(hù)有好幾種，支票帳戶(hù)不支付利息可以隨時(shí)提取。.Acertificateofdepositcantakeawidevarietyofformswhicharenegotiablewiththeissuingbank.定期存單可以采取多種多樣的形式是可轉(zhuǎn)讓的發(fā)卡銀行。.Banksthatraisemostoftheirfundsfromthedomesticandinternationalmoneymarkets,relyinglessondepositorsforfunds,arecalledmoneycenterbanks.貨幣中心銀行是指較少依賴(lài)存款，并在國(guó)內(nèi)或國(guó)外貨幣市場(chǎng)籌集資金的銀行。六.1,Theforeignexchangemarketisaplacetotradeforeignexchangecurrency,oritisalsoaplaceforthetransactionofallforeigncurrency.外匯市場(chǎng)是交易外國(guó)貨幣或各國(guó)貨幣的場(chǎng)所..Aforeignexchangerateistherelativevaluebetweentwocurrencies.Inparticular,itisthequantityofonecurrencyrequiredtobuyorselloneunitoftheothercurrency.匯率是兩種貨幣間的相對(duì)價(jià)值,特別是，它是買(mǎi)賣(mài)一個(gè)其它貨幣單位所代表的本幣量值..WhereU.S.dollarsarenotusedtoexpressanexchangerate,theterm"crossrate"isusuallyusedtoexpresstherelativevaluesbetweentwocurrencies.在美元被用來(lái)表示匯率的地方，套匯匯率就被用來(lái)表示兩種貨幣間的相對(duì)價(jià)值..Ifanonlinecurrencytraderwantstosurviveinthebusiness,hemustlearntolimithislosses.Thisisoneofthekeystosmartmoneymanagement.如果一個(gè)網(wǎng)絡(luò)貨幣交易者要持續(xù)他的交易他必須學(xué)習(xí)限制損失，這是貨幣管理的關(guān)鍵百八、、.5.Itissafertogetintoacurrencypositioninmultiplelotsthantodoitallatonce.在多個(gè)地點(diǎn)持有外匯頭寸比同時(shí)持有多個(gè)頭寸安全.6.TheForexmarketitselfconsistsofaworldwidenetworkofprimarilyinterbanktradersconnectedbytelephonelinesandcomputers.FXtradersconstantlynegotiatepricesbetweenoneanotherandtheresultingmarketbid/askpriceforaparticularcurrencyisthenfedintocomputersanddisplayedonofficialquotescreens.外匯市場(chǎng)本身含有提供給銀行交易者通過(guò)電話(huà)線(xiàn)和計(jì)算機(jī)連接的全球范圍的網(wǎng)絡(luò)，外匯交易者討論的匯率價(jià)格產(chǎn)生了市場(chǎng)上某種貨幣的報(bào)價(jià)和詢(xún)價(jià)并通過(guò)計(jì)算機(jī)系統(tǒng)顯示在交易屏幕上.七.1.Ifyouhavetoomuchdebt,yourbusinessmaybeconsideredoverextendedandriskyandanunsafeinvestment.如果你的企業(yè)負(fù)債比重過(guò)高，投資者則會(huì)認(rèn)為企業(yè)是擴(kuò)張過(guò)度，對(duì)投資者來(lái)說(shuō)是不安全和高風(fēng)險(xiǎn)的。.Debtfinancingisattractivebecauseyoudonothavetosacrificeanyownershipinterestsinyourbusiness,interestontheloanisdeductible,andthefinancingcostisarelativelyfixedexpense.債務(wù)融資對(duì)企業(yè)權(quán)益者是有吸引力的因?yàn)閭鶆?wù)融資不會(huì)犧牲權(quán)益者的利益，借款利息可在收益中扣減，財(cái)務(wù)成本是相對(duì)固定費(fèi)用..Acorporationisaseparatelegalentitythatcanbecreatedonlybycompliancewithstatestatutes.公司是一個(gè)其所有權(quán)與經(jīng)營(yíng)權(quán)相分離的經(jīng)濟(jì)實(shí)體（即法人組織），公司的成立要遵守洲法..Thepartnersraiseequityfundsthroughtheirowncapitalcontributions,byaddinganewpartner,orbyrestructuringtherelativeownershipinterestsoftheexistingpartnerstoreflectnewcontributions.合伙人企業(yè)可通過(guò)出讓合伙人自己的資本份額，或增加合伙人的方式來(lái)增加企業(yè)資本，或采用對(duì)原有合伙人所擁有的相對(duì)資本份額進(jìn)行重組的方式來(lái)反映新的資本..Equityfinancingrequiresthatyousellanownershipinterestinthebusinessinexchangeforcapital.權(quán)益融資需要企業(yè)所有者出讓企業(yè)的所有權(quán)利益來(lái)?yè)Q取資本..Themajordisadvantagetoequityfinancingisthedilutionofyourownershipinterestsandthepossiblelossofcontrolthatmayaccompanyasharingofownershipwithadditionalinvestors.權(quán)益融資的主要缺點(diǎn)是稀釋了所有者的利益，隨著其他投資者所占權(quán)益份額的擴(kuò)大企業(yè)控制權(quán)也可能失去.九.1.Abullmarketiswheneverythingintheeconomyisgreat,peoplearefindingjobs,GDPsgrowing,andstocksarerising.Thingsarejustplainrosy!Pickingstocksduringabullmarketiseasierbecauseeverythingisgoingup.牛市意味著經(jīng)濟(jì)發(fā)展強(qiáng)勁，工作崗位多,GDP增長(zhǎng)，股票價(jià)格上升.前景變得光明.在牛市期間投資股票將有豐厚收益因?yàn)樗形锲返膬r(jià)格都將上升.2.Bullmarketscannotlastforeverthough,andsometimestheycanleadtodangeroussituationsifstocksbecomeovervalued.牛市不可能永遠(yuǎn)持續(xù)，如果股票價(jià)格被高估則牛市就將導(dǎo)致崩盤(pán).3.Ifapersonisoptimistic,believingthatstockswillgoup,heorsheiscalleda"bull"andsaidtohavea"bullishoutlook."如果一個(gè)人樂(lè)觀的認(rèn)為股票價(jià)格將上升，他或她被稱(chēng)做“多頭”和有一個(gè)行情看漲的形象.ninvestmentsitiscriticaltodistinguishbetweenanexpectedreturn(theanticipatedreturnforsomefutureperiod)andarealizedreturn(theactualreturnoversomepastperiod).Investorsinvestforthefuture—forthereturntheyexpecttoearn—butwhentheinvestingperiodisover,theyareleftwiththeirrealizedreturns.投資學(xué)對(duì)期望收益(預(yù)測(cè)的將來(lái)某時(shí)間段的收益)和已實(shí)現(xiàn)收益(過(guò)去某時(shí)段的實(shí)際收到的收益)有嚴(yán)格的區(qū)分.投資者投資為將來(lái)-他們希望獲取的收益-但是在投資周期結(jié)束后，他們只得到實(shí)際的收益..Whatinvestorsactuallyearnfromtheirholdingsmayturnouttobemoreorlessthanwhattheyexpectedtoearnwhentheyinitiatedtheinvestment.Thispointistheessenceoftheinvestmentsprocess:investorsmustalwaysconsidertheriskinvolvedininvesting.投資者在投資期間實(shí)際得到的收益與他們初始投資所預(yù)想的收益或多或少有差異.投資過(guò)程的關(guān)鍵點(diǎn)是：投資者在投資時(shí)必須牢記風(fēng)險(xiǎn)的成在..Therearethreeimportantfactorsyouneedtoconsiderbeforebuyingabond.Thefirstisthepersonissuingthebond.Thesecondistheinterest(orcoupon)youwillreceive.Thethirdisthematuritydate,thedaywhentheborrowermustpaybacktheprincipaltothelender.在投資債券前你要考慮三個(gè)重要因素：第一是債券發(fā)行人；第二是你將得到的利息(或折扣)；第三是到期時(shí)間，在到期日債券發(fā)行人必須將本金退給債券持有人.十.1.Thehigherrateofreturnthebondoffers,themoreriskytheinvestment.Therehavebeeninstancesofcompaniesfailingtopaybackthebond(default),so,toenticeinvestors,mostcorporatebondswillofferahigherreturnthanagovernmentbond.債券收益率越高投資風(fēng)險(xiǎn)越大，已有公司不能在到期日償還債券本金(違約)的先例，所以，為了誘使投資者購(gòu)買(mǎi)公司債券大多數(shù)公司都發(fā)行高于政府債券利率的債券.tisimportantforinvestorstoresearchabondjustastheywouldastockormutualfund.Thebondratingwillhelpindecipheringthedefaultrisk.象研究股票和共同基金樣研究債券對(duì)投資者來(lái)說(shuō)是必要的，辨別債券等級(jí)將有助于識(shí)別違約風(fēng)險(xiǎn)..Accruedinterest?isaddedtothecontractpriceofabondtransaction.應(yīng)計(jì)利息要加到債券交易合同價(jià)格中..CapitalGain.Anincreaseinthevalueofacapitalasset(investmentorrealestate)thatgivesitahigherworththanthepu