核心金融理論前導(dǎo)課英語(yǔ)市場(chǎng)與

StockStockTheProcessesofInvestingMoneyintheStockMarketTheAmericanStockMarketPriceTheProcessesofInvestingMoneyintheStockMarketThemarket,asastockexchangeissometimescalled,isimportanttomanypeoplebecausetheymakemoneybyinvestinginit.Inthisessay,thestockexchangeitselfwillbeexTheProcessesofInvestingMoneyintheStockMarketThemarket,asastockexchangeissometimescalled,isimportanttomanypeoplebecausetheymakemoneybyinvestinginit.Inthisessay,thestockexchangeitselfwillbeexined,andtheprocessofinvestingmoneyinthestockmarketwillbedescribed.Inthelargest"cityinmanycountriesaroundtheworld,youmaywanttovisitthestockexchange.TherearestockexchangesinParis,London,Tokyo,Toronto,andmanyotherces.Oneofthelargest,mostfamousandmostimportantstockexchangesintheworldislocatedinNewYorkCity.TheProcessesTheProcessesofInvestingMoneyintheStockMarketPerhapsyoucanguesswhathappensatastockmarketfromitsname.Itiscalledamarketbecauseitisacewheresomepeoplesellthingsandothersbuythings.Anexchangeofthingstakesce.ThethingsthatareexchangedatthestockmarketaresharesofstockinbusinessesorTheProcessesofInvestingMoneyintheStockMarketThesharesrepresentapartialownershipofthe .Inotherwords,ifyoubuypartialownerofthebusiness.Thestockmarketorstockexchange,then,isacewherepeoplecanbuyorsellsharesina orbusiness.TheProcessesofInvestingMoneyintheStockMarketTherearemanyotherreasonswhypeoplebuyandsellstock.Ingeneral,everyonewhobuysorsellsstockhopestomakemoney.Allthepeoplewhobuystockareinvestingmoneyina orTheProcessesofInvestingMoneyintheStockMarketTherearemanyotherreasonswhypeoplebuyandsellstock.Ingeneral,everyonewhobuysorsellsstockhopestomakemoney.Allthepeoplewhobuystockareinvestingmoneyina orbusiness.Theyarecalledinvestors.ManydifferentkindsofpeoplebuysharesofstockinthestockmarketSomeofthesepeopleareverywealthy.Theyhavealotofmoney;theyhavemuoremoneythantheyreallynedforeverydaylivingexpenses.Theybuysharesofstockinhopesofgettingmoremoneythantheyhave.Otherpeoplearenotveryrich,buttheybuystockanyway.Theymaybuyittotrytobecomerich.Ortheymaybuyitaspartofantosavemoney.TheProcessesTheProcessesofInvestingMoneyintheStockMarketWhydoeswanttosharemoneywithotherpeople?Thereareseveralreasons.:First,the bengverywell.Itmayneedmoneytoexpand.Bysellingsharesofstock,cangetthemoneyitTheProcessesofInvestingMoneyintheStockMarketSometimes,itisadvantageousfortheto"gopublic"fortaxBecauseofthetaxlaws,the savemoneyontaxesbysellingshareson mayowealotofmoneytobanks.Bysellingsharesofstock,itmaybeabletopaythebanks.Manycompaniessellstockforthisreason.TheProcessesofInvestingMoneyintheStockMarketInvestorsTheProcessesofInvestingMoneyintheStockMarketInvestorswhobuysharesofstockinamaymakemoneyintwoTheymaybegintomakemoneyrightaway.Supposethat investsin,andthe makesmoney. sharesthismoneywiththeinvestor.Thismoneythatissharediscalledadividend.Dividendsareusuallysenttoinvestorsonceeverythreemonthswhiletheyownthestock.However,thereasonswhyompaniesselltheirstockonthestockexchangeareoftencomplex.Ingeneral,allcompaniesthatsellsharesofstockonthestockexchangeneedtoraisemoneyforonereasonorTheProcessesTheProcessesofInvestingMoneyintheStockMarketAsecondwaythatinvestorsmaymakemoneyistosellthestockatahigherpricethantheypaidwhentheyboughtit.Thepriceofeachshareofstockgoesupifthedoesverywell.Itmayalsogoupformanyotherreasons.Butwhenitdoesgoup,a maysellitaridmakeaTheProcessesofInvestingMoneyintheStockMarketInvestingmoneyinthestockmarketisnotthesafestwayintheworldtomakemoremoney.Thereisnoguarantee,thatthewilldowell,andthatthestockwillgoup,the maydobadly.Thenthestockwillgodown,andtheinvestorswilllosemoney.TheProcessesofInvestingMoneyintheStockMarketInvestingmoneyinthestockmarketisagambleTheProcessesofInvestingMoneyintheStockMarketInvestingmoneyinthestockmarketisagamble.Everyonehopestomakemoneybyinvesting.Companiesthatneedmoneyaregladthatmanypeoplearewillingtogambleinordertomakemoney.Thestockmarketisaveryinterestingandcomplexpartofthebusinessworld.Thestockmaygoupordownforanumberofverycomplexreasons.Everyonewantsthestockmarkettogoup,butsometimesevenwhena doeswellthestockmaygodown.ThisisusuallytrueforalltheAmericantheAmericanStockTheAmericanstockmarketisthemostcloselywatchedofthemarketsaroundtheworld.Thereareseveralreasonsforthis.TheAmericanstockmarketreflectstheeconomicoutlookofmostAmericans.ItalsoreflectsthestateofAmericanbusinessingeneral.theAmericanStockTheNewYorkStockExchangeoftenhasaneffectonstockmarketsinothercountries.ThestockmarketisalsowatchedforreactionsintheUnitedStatestointernationalandnationalnewsdevelopments.Eachoftheseaspectsofthestockmarketisquitecomplex.theAmericanStockInfact,threeaveragesarecalculated.ThesearecalledtheDowJonesAveragestheAmericanStockInfact,threeaveragesarecalculated.ThesearecalledtheDowJonesAverages.Theseareaveragesofthirtyindustrialstocks,twentyrailroadstocks,andfifteenutilitystocks.Theaveragesofthesegroupsofstocksshowwhatishappeninginthemarketgenerally.ThewayinwhichthestockmarketiswatchedandstudiedismportantandinterestingTheAmericantockmarketisusuallyreportedtobeupordownascomparedtothepreviousday'sbusiness.Theupordownpositionofthemarketiscalculatedbytakinganaverageofthepricechangesofafewimportantstocks.theAmericantheAmericanStockIngeneral,iftheDowJonesAveragesareup,thenmoststocksareprobablyup.Iftheaveragesaredown,thenmoststocksareprobablydowninpricecomparedtothepreviousday.AndwhethertheAmericanstockmarketsareupordowninthesewaysmaylyouquitealotaboutthegeneraleconomicoutlook.theAmericanStockTheAmericanstockmarketreflectstheeconomicoutlookofmostAmericans.Manyofthepeoplewhoinvestinthestockmarketaresmallinvestors.Theydonothaveverymuoneyinvestedinstocks.theAmericanStockWheneconomictimesaregoodintheUnitedStates,manypeoplemaybuysmallamountsofstock.Allofthisbuyingmaycausethemarkettogoup,reflectinggoodtimesandconfidenceintheAmericantheAmericanStockWheneconomictimesaregoodintheUnitedStates,manypeoplemaybuysmallamountsofstock.Allofthisbuyingmaycausethemarkettogoup,reflectinggoodtimesandconfidenceintheAmericanUsually,thesepeoplebuystockfortworeasons.First,iftheyhaveextramoneywhichtheywouldliketoinvest,theyarelikelytoputitintothestockmarket.Second,whenthemarketisgoingup,aninvestorcanmakemoneybyinvesting.theAmericantheAmericanStockWhentimesarebadandpeopleareshortofmoney,theyarelikelytoholdontotheirmoney.Theymayalsodecidetosellstocktheyalreadyown.Bothactionsgivepeoplemoremoneyfortheirownuse.theAmericanStockTheAmericanstockmarketisalsoanindexofAmericanbusiness.Manyofthesamethingsthatcauseindividualinvestorstobuyorsellstockalsocausebusinessestobuyorsell.theAmericanStockLargecompaniesmayownlargeamountsofstock.Ifalarge buysorsellsmanysharesofamajorstock,thismayaffectthestockofothercompaniesintheAmericanStockLargecompaniesmayownlargeamountsofstock.Ifalarge buysorsellsmanysharesofamajorstock,thismayaffectthestockofothercompaniesinrelatedfields.Adecisiontobuyorsellstockbyoneorafewoftheselargecompaniesmayhaveaveryimportanteffectonthemarketasawhole.Iftimesaregoodandbusinesseshavemoney,theyalsomayinvestinthestockmarket.Inthisway,thestockmarketshowswhetherthewholeeconomyngwellortheAmericantheAmericanStockTheAmericanstockmarkethasastrongeffectonotherstockexchanges.Therearestockexchangesinmanymajorcitiesaroundtheworld.AllofthesestockexchangeswatchtheactivityofthetwoAmericanexchanges.theAmericanStockThisisbecauseeachbusinessallovertheworldisaffectedbyallotherbusiness.ItisalsobecausethetwoAmericanstockexchanges---theNewYorkStockExchangeandtheAmericanStockExchange--aretwoofthelargestintheworld.DevelopmentsontheAmericanexchangeshaveaneffectondevelopmentsonotherexchangesaroundtheworld.StockIndex– AnarithmeticaverageaddsupallthepercentagechangesinStockIndex– Anarithmeticaverageaddsupallthepercentagechangesinthepricesoftheconstituentstocksandthendividesthatbythenumberofstocksintheindex.Thegeometricaverageisaveryprecisemeasurement,calculatedbymultiplyingallthepricesofthesharesintheindexandtakingthenthrootwherenisthenumberofsharesyouare計(jì)算方法，計(jì)算時(shí)將指數(shù)中所有的價(jià)格連乘積，然后按計(jì)算平均數(shù)的數(shù)量n開(kāi)n次Amarketindexisanumericalrepresentationofthewayanentiremarkethasperformedrelativetosome'base'referencedateinthepast.Theyarecalculatedintwoways–weightedornweighted.Unweightedindicesaresimplearithmeticorgeometricaverages.StockIndexStockIndex–Itismuchlessfrequentlyusedthananarithmeticaverage.InWeightedindices,certainstockscarryagreaterweightingthanothers,usuallybasedontheirmarketvalueorcapitalization.幾何平均數(shù)的使用頻率不如算術(shù)平均數(shù)。在 Capitalization–Thetotalmarketvalueofissuedsharecapital.Calculatedasthenumberofsharesmultipliedbythepriceofoneshare. ReverseStockSplit-反 ReverseStockSplit-反 Areductionofthenumberofoutstandingsharesina intoasmallernumberofstockswithoutcosttotheshareholderswhoretaintheirproportionateholdings.Thisisnotascommonasastocksplitandisusuallyonlyseenwhenthestockpriceislow.指將公司已的數(shù)量縮小至少量，而股東所持的比例不變，亦不會(huì)對(duì)股東造成損失。這不如股Thebreakupofashareintosmallerunitswithoutaffectingeitherthetotalsharecapitalorreserves.Themaineffecistoreducetheunitpriceofeachquotedsharemakingthemeasiertotradeinsmalllotsandmoreattractivetosmallinvestors.Oppositeofareversestocksplit指將公司的分割成數(shù)量更小的，但不影響股本總額，也不影響公司儲(chǔ)備。分割的主要效應(yīng)是降低每一股上市的單位價(jià)格，使之更易于做小股，對(duì)小額投資者更具。與之對(duì)稱的是“反向分割”ReverseStockReverseStockSplit反向分割Themovebooststhenominalpriceofeachshare,althoughitdoesnotaffecttheirvaluebecauseeachofthereducednumberofsharesnowrepresentsalargershareofownershipofthe .Alsoknownasanegativestocksplit. 分割”(negativestocksplit)。Unadjustedforinflation.Acalculationofnominaleconomicgrowthsimplyaddsupthetotalofgoodsandservicesincurrentcashtermsandmakesnoadjustmentforinflation,whiayleadtogreatoverstatementofthereal,underlying會(huì)了經(jīng)濟(jì)的實(shí)際表現(xiàn)。LetterStock–AUSprivaLetterStock–AUSprivayissuedsecurity,whichisnotwiththeSECandisthusnoteasytransfer.Alsoknownaslettersecurities,atermwhichcoversletterbondsaswellasletterstocksor的私 ，這 沒(méi)有 Agenerictermforthestocksofmajorcompanieswithsoundearningsanddividendrecordsandabove-averageshareperformance.Bluechipstocksarealsoknownasomestock.Namedafterhigh-valuepokerchips,whichweretraditionallyblue.大公司。股息穩(wěn)定且豐厚的又稱收息股(omestock)。藍(lán)籌股的名稱源自使用的籌碼，SecuritiesandExchangeCommission(SEC)TheUSregulatorybodyresponsibleforSecuritiesandExchangeCommission(SEC)TheUSregulatorybodyresponsibleforoverseeingandadministeringrulesassociatedwithallsectorsofthesecuritiesindustry.Itsmainaimistoprotectinvestorsandmaintaintheintegrityofthemarketsbyfullpublicdisclosure. -Asecuritythatislistedonastockexchangeandcantherefor radedinthemarket.在 CommonStock–Commonstock,orordinaryshares,representownershipinalimitedliability .Thesearecompaniesinwhichtheowners'liabilitiesarelimitedtotheshareholders'fundsandtheshareholdersusuallyappointdirectorstomanagethe CommonStock–Commonstock,orordinaryshares,representownershipinalimitedliability .Thesearecompaniesinwhichtheowners'liabilitiesarelimitedtotheshareholders'fundsandtheshareholdersusuallyappointdirectorstomanagethe theirbehalf.英文也稱ordinaryshares或commonshares，代表在有限于股東，換言之，其最大的損失限于其投入的金錢Atypeofordinarysharewhichiscurrentlyofnegligiblevalue,butmayprovetobeagoodspeculativeinvestment.IntheUSthesesharesarepricedatlessthanonedollar.IntheUKtheycostlessthanonepound.CommonStockCommonStockHoldersofcommonstockareentitledtodividendswhentheyaredeclared.Theyhavethelastclaimontheassetsandomeofa ,afterothercreditorshavebeenpaid. lastclaim或residualclaim)，即在滿足所有債權(quán)人剩下來(lái)的才Aclassofownershipinacorporationthathasahigherclaimontheassetsandearningsthancommonstock.Preferredstockgenerallyhasadividendthatmustbepaidoutbeforedividendstocommonstockholdersandthesharesusuallydonothavevotingrights.財(cái)產(chǎn)分配的權(quán)利方面，優(yōu)先于普通股。優(yōu)先股無(wú)權(quán)。CumulativePreerredStockCumulativePreerredStockAtypeofpreferredsharethatgrantstheholdertherighttodividendarrearsbeforeanypaymentsaremadetoholdersofordinaryshares.thebestwaytothinkofpreferredstockisasafinancialinstrumenttathascharacteristicsofbothdebt(fixeddividends)andequity(potentialappreciation)Alsoknownas"preferredshares".Non-votingStockNon-votingStock–Securitiesthatdonotallowtheholdertovoteon LimitedLiabilityArestrictionoftheowners'lossinabusinesstotheamountofcapitaltheyhaveinvested.就企業(yè)的組織形式而言最高損失以投入 為是指投資者(股東)StockLendingLendingofsharesStockLendingLendingofsharesbylong-termholderssuchaspensionfundsorinsurancecompanieswhensharesareinshortsuppy.Oftenaninvestmenthousewillnotactuallytakedeliveryofthestockbutwilluseitasanunderlyinginstrumentinaderivativesstrategy.指當(dāng)供不應(yīng)求時(shí)，由諸如基金或公司等長(zhǎng)期持有的機(jī)構(gòu)貸出。通常投資公司實(shí)際上并不作的 orindividual,executingtradesand/orprovidinginvestmentadvicetoindividualandinstitutionalcustomers,butnotactingasapripal.或個(gè)人他們自己本身不投資。Derivatives–Derivatives–Derivativesinstrumentsarederivedfromunderlyingcashassetsthatcanbebought,soldandtradedinasimilarwaytosharesoranyotherfinancialinstrument.Thepricingandperformanceofderivativessuchasfutures,optionsandswapsislargelybasedontheunderlyingasset.金融衍生工具由現(xiàn)貨市場(chǎng)的標(biāo)的資產(chǎn)(underlyingcashassets)衍生出來(lái)，標(biāo)的資產(chǎn)的方式如同或其他金融工具。諸如、以及互換等衍生工具的價(jià)格及走勢(shì)Derivatives–Inpractice,derivativesoftendrivetheunderlyingmarketandthevolumetradedincertainfuturesandoptonscontactscanoutstriptheunderlyingcashmarket.Derivativescanbetradedonaninvestmentexchange,ordirectlybyephoneorcomputerinanover-the-counter(OTC)market.，某 量較現(xiàn)貨市場(chǎng)還要活躍。金融生工具可以 所掛 ，亦可通過(guò) 。HighTechStock–HighTechStock–Thestockofcompaniesinvolvedtechnologyandadvancedelectronics. Shareswhichrepresentovervaluedassets,usuallybecauseofinatedaccountingvalues.Derivedfromthepracticeofgivingcatewaterbeforetheywereweighedinatheslaughterhouse.指價(jià)值被顯著的。這種所代表的資產(chǎn)在會(huì)計(jì)場(chǎng)稱重前被灌水的做法。SystematicRiskSystematicRiskRiskthatcannotbediversifiedawaybecauseitistheriskofmovementsintheoverallmarketorintherelevantmarketsegment.個(gè)股的個(gè)別因素(如會(huì)計(jì))所造成的風(fēng)險(xiǎn)，是可以通過(guò)分DefensiveStockLowbetastocksthatarelessriskythantheoverallmaket.Defensivestockstendtobeinnon-cyclicalsectorssuchasfoodretailingandpublicutilities,wheresalesdonotfluctuatemarkedlythroughouttheeconomiccycle.指風(fēng)險(xiǎn)較市場(chǎng)整體水平為低的，其β值較低。諸如食品零售和公用事業(yè)等非周期性類股(non-cyclicalsectors)多屬于防御性，這些公司的營(yíng)業(yè)收入在經(jīng)濟(jì)周期中一般Beta-βBetarecordshowvolatileandriskyinvestinginanindividualstockiscomparedwiththeriskoftheequitymarketasawhole. Beta-βBetarecordshowvolatileandriskyinvestinginanindividualstockiscomparedwiththeriskoftheequitymarketasawhole. Astockwhosemarketvalumovestheriseandfalloftheeconomy.Typicalysharesofcompaniesthatproducenecessitiesforwhichthedemandremainsrelativelyconstantirespectiveofeconomiccycles,suchasfoodretailers.BetaβBetaβBetameasureshowmuchtheindividualstock'sexcessreturn(theamountitearnsindividendsandcapitalgainscomparedwithashort-termmoneymarketrate)variesincomparisonwithmovementintheexcessreturnofthemarketasawhole(usuallyrepresentedbythemarket'sbenarkindex).BetaβBetacessreturnwithshort-rnmentpaperbecausethelatterinvestmentisregardedasrisk.Ifthemarket'sexcessreturnrisesbyonepercentandthestock'sexcessreturnrisesduringthesameperiodbythesameonepercentthenthestock'sbetaisone.Beta-βHighBeta-βHighbetastockstendtobeyclicalsectorssuchaspropertyandconsumerdurables.Lowbetastocks,alsoknownasdefensivestocks,tendtobeinnon-cyclicalsectorssuchasfoodretailingandpublicutilities.高的通常屬于景氣循環(huán)股(cyclicals)，如地產(chǎn)股和耐用消費(fèi)品股；低的亦稱防御類股(defensiveThehigherthatheriskierthestock,reflectedinitsgreaterrequredreturn.Astockwithabetaofmorethanendstoberiskierthanthemarket.Astockwithabetaoflessthanoneislessrisky.系數(shù)＞1則代表該個(gè)股的系統(tǒng)風(fēng)險(xiǎn)高于大盤，即受整體經(jīng)濟(jì)因素影響的程度甚于大盤。系數(shù)越高，投資該股BetaβBetaβBetasforindividualstockscanvaryaccordingtowhethertheoverallmarketdirectionisupwardsordownwards.Astockmayberiskierinafallingmarketthanarisingmarket. ark-Astandardusedforcomparison.Abenarksecurityisusuallythemostrecentsecurityofitstypeissuedina ty.Itsetsthestandardfortherestofthemarket.Abenarkissueishighlyliquid.的 RequiredReturn-RequiredReturn-Therateofreturnusedbyinvestorstodecidewhetheraninvestmentisattractiveornot.Economistsdefinecapitalasassets,otherthanlaborandlandthatarerequiredforproduction.Infinancialmarketscapitalreferstothefinancinginstrumentsusedpripallytoacquirecapitalgoods.Inparticularitreferstodebtinstrumentsandequity.外的資產(chǎn)。在上，資本指主要用于購(gòu)置資本貨物(apitalgoods)的融資工具，尤其是工具和。Utilities-Utilities-Stateorprivate-sectorenterprisesprovidingpublicservicessuchasgas,electricityandwater.StockIndexFund Afundthatinvestsinagroupofsecuritiesfromaparticularstockmarketindex. StockIndexFuture- AfuturescontractonStockIndexFuture- Afuturescontractonasharemarket Acallorputoptiononastok SingleStockSingleStockFuture-Afuturescontractwhichgivestherighttopurchasesharesofasingle atasetprice.Thiscontrastswithanindexfuturewhichgivestherighttobuyalltheconstituentsofaspecificsharemarketindex. 。SingleStockFuture-Singlestockfuturesofferamorehighlygearedwayofinvestinginastockbecausetheholdingcanbeinitiallycontrolledbyjustthecostofthefutures MarketPriceMarketPricesharesplummeted doorfelloff際機(jī)場(chǎng)）andlandedintheWhiteHousePlummet:tosuddenlyandquicklydecreaseinoramount[=tofallsuddenly=plunge] 1.Afterearlylosses,theDowJonesralliedtofinishtenpointsup.raly=fightbackorbecomestrongeragainafperiodofweaknessordefeat在受挫后重新振奮，恢復(fù)=MarketPriceMarketPrice3.Chrysler汽車tofinishing75centsdownat45andahalf.收于45.5美圓MarketPrice4CIBA-Geigyedafterannouncedthediscoveryofadrugthaturepeopleofw gtomakeafortuneonthestockmarket.的汽巴(Ciba)-嘉基(Geigy)價(jià)格飚升，當(dāng)要在發(fā)財(cái)?shù)娜?ifapriceors, quicklyandsuddenly=torisesuddenlylikeMarketPrice6.MarketPrice6.Eurotunnelshareswentthroughthefloor,finishingat0.14.歐洲隧道公司 降到了很低的水平，收盤于Go/fallthroughthefloor:ifaprice,amountetcgoesthroughthefloor,itbecomesverylow5.Compaqstocksufferedasmallsetback,受挫，下跌Setback:aproblemthatdelaysorpreventsprogress,ormakesthingsworsethantheywere事物發(fā)MarketPriceMarketPrice7.Goldslippedbackalittleto$385.40.(fellalittle)Slip:fellslipbackalittle=fellaMarketPrice8Hl-Lewissharestookaknock,afterthenewsthatompanychairmanStuartTiphadresigned.(fellalittleoralot)takeaknockmean‘totakeabeating/tosufferfromsomeimpactorblow.受到打擊，受挫MarketPrice10.MarketPrice10.InFrankfurt,theDAXindexfailedtohaltitsslide,finishing6pointsdown. 其下滑，收盤下69.IBMstockssufferedadropafterdisappointing quarterlyresults（季度報(bào)告）werereleased.在令人失望的季度報(bào)告公布出來(lái)后，IBM價(jià)格有MarketPriceMarketPrice11InLisbon（里斯本：葡萄牙首都）shareswereslightlyweakerinlighttrading. light MarketPriceInMilan,shareseasedslightlyinsubduedtrading. MarketPrice1４MarketPrice1４.InParis,theCAC-40recoveredslightly,finishingupby0.32%.1３. InNewYork,theJapaneseyenslumpedto123tothedolar.Slump：大幅度下MarketPriceMarketPrice1５.InthePhilippines,sharestookatumble,withtheManilaCompositeIndexTumble:v.tofalldownquicklyandsuddenly,especiallywitharollingmovement快速下Takeatumble=tumble=slump快速M(fèi)arketPrice1６.InTokyo,sharesrebounded,theNikkeiclosingat20677.83.20677.MarketPrice18.SharesMarketPrice18.SharesofTottenhamHotspurFootballClubcrashedtoarecordlowof16paftertheteamlosttheirhomegame（主場(chǎng)）onSaturday.TottenhamHotspurFootballClub托特納姆熱刺俱樂(lè)部，英超聯(lián)賽球隊(duì)之一，簡(jiǎn)稱Spurs（熱刺）.16p=16pennyorpence16分錢100pence=1pound１７.PhilipMorrisalsodipped,down75centsto$52.75.PhilipMorris：煙草業(yè)和食品業(yè)巨人頭（fellaDip:tomovedown,ortomakesomethingmovedownusuallyforjustashorttime下MarketPriceMarketPrice19.Silverwassteadyatsixhundredandthirty-fivecentsanounce.Steady=unchanged=flat：如 ，以“平盤”收尾，就說(shuō)unchanged/Steady，表示沒(méi)什么變化，或者用“flat”來(lái)MarketPrice20.Yuanleaptl-Leapall-timehigh上升，打破新記錄，創(chuàng)造歷SecuritiesAssetSecuritiesAssetMoneyInvestmentInvestmentTopInvestmentBanksintheUnitedStatesludeMerrillLynch（美林 ）,Goldman 士丹），LehmanBrothers（雷曼兄弟）,JPMorgan 大通）, SecuritiesMostWallStreetfirmsofferafullrangeofcapitalraisingandcorporatefinanceservice,frominitialpublicofferings(IPOs)andsecondaryequityofferings,todebtfinancing,toprivatecements.StockUnderwritingdescribestheprocessofbringingsecuritiestothepublic.InitialPublicOfferings(IPOs)-TheInitialPublicOfferings(IPOs)-Theissuernormallyoffersthesharestothepublicthroughanunderwriterwhosetstheprice,promotestheofferingandusuallyguaranteestotakethesharesatacertainprice,toprotecttheissuer marketmovements. 商設(shè)定的價(jià)格、促銷，且通常還保證按一定的價(jià)格吸納部分，以免者Thefirstofferingofsharesothepublicbyaprivayowned .IPOsareusedbycompaniestoraisenewfunds,ortoachievealistingonanexchange.Alsoknownasaflotationorgoingpublic. 籌措,令公司成為在所掛牌的上市公司,英文亦稱為flotation或goingpublic.SecondaryMarketSecondaryMarketOfferings-Asecondarymarketofferingisa ofalargeblockofasecuritythathasbeenpreviouslyissuedtothepublic.Theblocksbeingofferedmayhavebeenheldbylargeinvestorsorinstitutions,andproceedsofthesalegotothoseholders,notthe .Alsocalledsecondarydistribution.存量，是指公司上市的不是新增發(fā)的， SecondaryMarketOfferings-Asecondaryofferingisnotdilutivetoexistingshareholderss enonewsharesarecreated.Theproceedsfromthesaleofthesecuritiesdonotbenefittheissuing inanyway.Theofferedsharesarepriva yheldbyshareholdersoftheissuingwhichmaybedirectorsorotherinsiders(suchasventurecapitalists)whomaybelookingtodiversifytheirholdings. ShelfRegistration–暫 /ShelfRegistration–暫 /提Shelfregistration/shelfoffering/shelfprospectusisatypeofpublicofferingwherecertainissuersareallowedtoofferandsellsecuritiestothepublicwithoutaseparateprospectusforeachactofoffering.Instead,thereisasingleprospectusformultiplefutureofferings.Theprospectusmaybeusedtooffersecuritiesforuptoseveralyearsafteritspublication. 的手續(xù)，并自Aseasonedequityofferingorsecondaryequityofferingisanewequtyissuebyanalreadypublicly .Secondaryofferingsmayinvolvesharessoldbyexistingsharholders(non-dilutive),newshares(dilutive)orboth.Iftheseasonedequityofferingismadebyanissurthatmeetscertainregulatorycriteria,itmaybeshelfoffering.供股是指上市公司新增讓現(xiàn)有股東，股東可按其持股比例新股。如股東不參與供股，其權(quán)益將遭到ShelfRegistrationShelfRegistration–暫 /提Beforeeachofferingandsaleisactuallymade,themustfilearelativelyshortregardingmaterialchangesinitsbusinessandfinancess etheshelfprospectuswasfiled.ShelfRegistration–暫 /提Shelfregistrationisusuallyavailabletocompaniesdeemedreliablebythesecuritiesregulationauthorityintherelevantcountry.Shelfofferings,duetotheirpurposefullytime-constraineture,areexaminedfarlessrigorouslyby,comparedtostandardpublicAssetAssetsecuritizationisthesellingofsecuritiesbackedbythecashflowsfromapooloffinancialassets.資產(chǎn)AssetAssetsecuritizationisthesellingofsecuritiesbackedbythecashflowsfromapooloffinancialassets.資產(chǎn)化是指由一批金融資產(chǎn)組合產(chǎn)生現(xiàn)金流作為支持的的過(guò)程。Usuallyreferstoabond/shareissuethatisceddirectlywithivestors,isnotlistedonastockexchangeanddoesnothave 等機(jī)構(gòu)投資 。因不涉及向公 AssetAssetIthasrevolutionizedthewaybywhichwithaccesstonewsourcesofcapitalatlowercosts,evenafterfactoringinysis,structuring,andcreditenhancementcosts.這一創(chuàng)新給企業(yè)融資方式帶來(lái)了一場(chǎng).它給企業(yè)提供了成本更低的來(lái)源，即使在考慮了前期分析、業(yè)務(wù)結(jié)構(gòu)的構(gòu)造以及信用增強(qiáng)成本其成本還是很低。AssetTherevolutionaryprocessfirstbeganwithmortgagepassthroughandthenmovedtootherassettypes.Oneofthelargestasset-backedmarketsi