第03章資本市場(講義)

ChapterThreeCapital

Markets資本市場

Section1SpecializedtermsPurposeandParticipantsFirmsthatissuecapitalmarketsecuritiesandtheinvestorswhobuythemhaveverydifferentmotivationsthantheyhavewhentheyoperateinthemoneymarket.Firmsandindividualsusethemoneymarketprimarilytowarehousefundsforshortperiodsoftimeuntilamoreimportantneedoramoreproductiveuseforthefundsarises.

PurposeandParticipantsBycontrast,firmsandindividualsusethecapitalmarketforlong-terminvestments.Thecapitalmarketsprovideanalternativetoinvestmentinassetssuchasrealestateorgold.Meanwhile,theprimaryreasonthatindividualsandfirmschoosetoborrowlong-termfundsistoreducetheriskthatinterestrateswillrisebeforetheypayofftheirdebt.PurposeandParticipantsThisreductioninriskcomesatacost.However,Mostlong-terminterestratesarehigherthanshort-termratesduetoriskpremiums.Despitetheneedtopayhigherinterestratestoborrowinthecapitalmarkets,thesemarketsremainveryactive.PurposeandParticipantsTheprimaryissuersofcapitalmarketsecuritiesaregovernmentsandcorporations.However,governmentsneverissuestocks.Corporationsbothissuebondsandstocks.Oneofthemostdifficultdecisionsafirmfacescanbewhetheritshouldfinanceitsgrowthwithdebtorequity.Thedistributionofafirm’scapitalbetweendebtandequityisitscapitalstructure.TradingintheCapitalMarketCapitalmarkettradingoccursineithertheprimarymarketorthesecondarymarket.Investmentfunds,corporations,andindividualinvestorscanallpurchasesecuritiesofferedintheprimarymarket,wherenewissuesofstocksandbondsareintroduced.Whenfirmssellsecuritiesforthefirsttime,theissueisaninitialpublicoffering.TradingintheCapitalMarketThecapitalmarketsarewheresecuritieswithoriginalmaturitiesofgreaterthanoneyeartrade.Capitalmarketsecuritiesfallintothreecategories:bonds,stocks,andmortgages.TradingintheCapitalMarketBondsaresecuritiesthatrepresentadebtowedbytheissuertotheinvestor.Bondsobligatetheissuertopayaspecifiedamountatagivendate.TreasuryBondsCorporateBondsTradingintheCapitalMarketStocksSharesofstockinthefirmrepresentownership.Astockholderownsapercentageinterestinafirmconsistentwiththepercentageofoutstandingstockheld.Theownershipisincontrasttoabondholder,whoholdsnoownershipinterestbutisratheracreditorofthefirm.n.資產(chǎn)，財(cái)產(chǎn)

（商店、破產(chǎn)者等的）財(cái)產(chǎn)

有價(jià)值的人或物優(yōu)點(diǎn)，長處Keyword:AssetThebankhasassetsofmorethan￡1billion.該銀行有十億多英鎊的資產(chǎn)。Thecompany’sliquid

assetsareenormous.這家公司擁有巨額流動資產(chǎn)。Keyword:Asset資產(chǎn)負(fù)債率ratioofliabilitiestoassets

liability/assetratio

Keyword:Asset固定資產(chǎn)利用率percentageofutilizationoffixedasset

資產(chǎn)折舊幅度assetdepreciationrangeKeyword:Assetn.保險(xiǎn)費(fèi)；津貼，獎金，額外費(fèi)用Keyword:

PremiumApremiumof2percentispaidonlong-terminvestments.

對投資期限較長者可獲百分之二的獎勵(lì).你的第一期保險(xiǎn)費(fèi)現(xiàn)已到期。Yourfirstpremiumisnowdue.

Keyword:

Premium不用說，保險(xiǎn)公司承擔(dān)風(fēng)險(xiǎn)越大，你付的保險(xiǎn)費(fèi)也就越高。Needlesstosay,thebiggertheriskaninsurancecompanytakes,thehigherthepremiumyouwillhavetopay.

Keyword:PremiumSpecificregulationsgoverningtheissueofsharecertificatesatapremiumareseparatelyissuedbythestateCouncil.

股票溢價(jià)發(fā)行的具體管理辦法由國務(wù)院另行規(guī)定。Keyword:PremiumWecancertainlydothis,butitissubjecttoanadditionalpremium,becauseourCIFquotationdoesn’tincludethisrisk.

我們當(dāng)然可以做到，但戰(zhàn)爭險(xiǎn)要交額外保險(xiǎn)費(fèi)，因?yàn)槲覀僀IF報(bào)價(jià)沒有包括這種險(xiǎn)別。Keyword:Premiumputapremiumon高度重視Workpaidaccordingtotheamountdoneputsapremiumonspeedandnotonquality.按工作量付薪注重的是速度而不是質(zhì)量。Keyword:Premiumv.使負(fù)有責(zé)任或義務(wù)Keyword:Obligate

債券發(fā)行人有義務(wù)在約定日期支付規(guī)定的金額給債券持有者。Bondsobligatetheissuertopayaspecifiedamountatagivendate.Keyword:Obligate

n.義務(wù)，責(zé)任；證券，契約；債務(wù)Keyword:Obligation

Havetheemployersmet

（fulfilled）theircontractualobligations?雇主們履行合同義務(wù)了嗎？Everyonehasalegalobligationtoprovidethetaxofficewiththedetailoftheirearnings.Keyword:Obligation

Asthematuritydateofalong-termliabilityapproaches,theobligationeventuallybecomesduewithinthecurrentperiod.

在一項(xiàng)長期負(fù)債接近到期日時(shí)，它最終會在本期內(nèi)到期。Keyword:Obligation

n.等級，類別Keyword:Rating

ThemoviewasgivenaPGratinginHongKong,andmightnowonlyappearafter9pmonmainlandTVscreens.

在香港，該片被評為PG級影片，在大陸只可能在晚間9點(diǎn)后放映。Keyword:Rating

TheUnitedStatesheldS&P'stopratingforseventyyearsandneverhadadowngrade.However,lastFridayoneofthethreemajorcreditratingagencies—S&P,downgradedlong-termUnitedStatesgovernmentdebt.Standard&Poor'slowereditsopinionofTreasurysecuritiesonestepfromthehighestrating,triple-A,toAA-plus.Keyword:Rating

Thegoalistoimprovethecountry'screditratinginordertoeasetheconcernsofinvestorsandreduceborrowingcosts.其目標(biāo)是提高該國的信用評級，從而緩解投資者擔(dān)憂，降低借貸成本。

Keyword:Rating

n.公債，股份，股票；存貨，供應(yīng)物Keyword:Stock

preferredstock優(yōu)先股commonstock普通股Stockholder=shareholder股東Stockexchange=stockmarket股市Keyword:Stock

OnWallStreet,asuddendropinabigstockindexshockedinvestorsonMaysixth.TheDowJonesIndustrialAveragedroppedaboutninepercentinlessthananhour.在華爾街，5月6日，一項(xiàng)大型股票指數(shù)的驟降震驚了投資者。道瓊斯工業(yè)平均指數(shù)在不到一小時(shí)的時(shí)間里跌了約9%。

Keyword:Stock

Corporationscansellstockasawaytoraisemoney.Stockrepresentssharesofownershipinacompany.Investorswhobuystockcantradetheirsharesorkeepthemaslongasthecompanyisinbusiness.Keyword:Stock

n.紅利，股息Keyword:DividendAcompanymightusesomeofitsearningstopaydividendsasarewardtoshareholders.Orthecompanymightreinvestthemoneybackintothebusiness.公司可能會拿出一部分收益作為股息獎勵(lì)給股東，也可能把錢再次投入公司運(yùn)營。Keyword:DividendBanksthatfallbelowthereservelimitscouldhavetostoppayingdividendstoshareholdersorbonusestotopemployees.儲備金低于最低限制的銀行可能必須停止支付股東股息和高級雇員獎金。Keyword:DividendForagrowingcompany,itwillhavetokeepmostofitsprofittobuymoreplantsandequipmentandthusitsdividendpayoutratiowillbelow

成長中的公司必須把賺到的盈利保留下來，添置廠房和機(jī)械，所以它的派息率較低。Keyword:Dividendn.資本，本金；委托人adj.最重要的，主要的Keyword:Principal校長講了許多鼓勵(lì)他的話，希望他再接再厲，在今后的考試中取得優(yōu)異成績。Theprincipalsaidalottoencouragehim,expectinghimtomakepersistenteffortsanddoexceedinglywellinthefutureexamination.

Keyword:Principalrepayprincipalandinterest

付還本金和利息.Principal-AgentRelationship委托代理關(guān)系Keyword:PrincipalCommercialbank:abankwhoseprincipalfunctionsaretoreceivedemanddepositsandtomakeshort-termloans.

商業(yè)銀行：主要職能是接收需求存款和進(jìn)行短期貸款的銀行。Keyword:Principaladj.款項(xiàng)未償付的困難未解決的工作未完成的Keyword:OutstandingBrand-name,pure-woolsuitwithitsoutstandingfeaturesmakesyouappearesteemedandelegant.

名牌純羊毛套裝，優(yōu)點(diǎn)出眾，令您高貴典雅。Keyword:OutstandingTheoutstandingbillmustbepaidnextweek.這筆未償還的賬下周必須還清。不少工作尚未完成。

Agoodlotofworkisstilloutstanding.Keyword:OutstandingTheBankorcredit-cardcompanysettlestheclient'sBills,invoicinghimmonthlyandcharginginterestonanyoutstandingdebts.銀行或信用卡公司結(jié)清客戶的賬單,按月給客戶開列消費(fèi)清單,收取欠款的利息。Keyword:Outstanding=InitialPublicOfferings首次公開募股Keyword:

OIPGMplansanIPO,aninitialpublicofferingofstock,laterthisyear.Thecompanycouldraiseasmuchasfifteenbilliondollars.通用計(jì)劃今年晚些時(shí)候首次公開發(fā)行股票，他們將募集高達(dá)150億美元的資金。Keyword:

OIPUsingthesetactics,theybelievethatWallStreetwillaccepttheirIPO.Infact,theyarecheatingventurecapitalinvestorsandthepublic.

利用這些技巧，他們相信華爾街會接受他們的首次股票公開發(fā)行。實(shí)際上，他們在欺騙風(fēng)險(xiǎn)投資者和公眾。Keyword:

OIPn.緊急援助；跳傘Keyword:

BailoutBailoutloan:Loanmadetoborrowerwhoseabilitytoserviceoutstandingindebtednesshasbecomedoubtful.

拯救性貸款：即貸給償債能力已出現(xiàn)問題的借款人的貸款。Keyword:

BailoutIreland'sbankbailoutandgovernmentspendinghaveexpandedthisyear'sdeficittomorethanthirtypercentofgrossdomesticproduct.ThisistentimestheEUlimitforadeficitinrelationtothesizeofaneconomy,asmeasuredbyGDP.Keyword:

BailoutSection2SubjectTopicTheFutureFinancialCentersofChinaA:Asweallknow,bothHongKongandShanghaiaregoingtobeChina’sfuturefinancialcenters.ButIthinktheyhavetheirrespectivecharacteristics.Doyouthinkso?B:Yes.HongKongisafreeportandoneoftheworld’smostimportantmarketsforgold,foreignexchangeandcapitaleveryday.Capitalfromallovertheworldflowsinandoutfreely.Ithasahighlyadvancedcommunicationnetwork.TheFutureFinancialCentersofChinaTheFutureFinancialCentersofChinaAtthesametime,Itpossessesamanagementadvantagewithadvancedserviceindustriesandnumerousqualifiedpersonnel.Italsohasafavorablemarketenvironment.However,HongKonghasitsdifficulties,suchasnarrowspace,highservicecostandmorechallengesfromnewfinancialcenterssuchasSingaporeandTaiwan.TheFutureFinancialCentersofChinaHowever,asafinancialcenterwithafreecapitalistsystem,HongKongwouldforeverbeajointpointofSino-Europeancivilization.ItisabridgethatlinksChinawiththerestoftheworld.TheFutureFinancialCentersofChinaA:Thatistrue.ComparedwithHongKong,Shanghaialsoenjoysagreatdealofadvantages,likewiderspaceandlowerservicecost.TheproductioncapacityofShanghaiisimmense.IfShanghaifullyexertsitsproductioncapacity,itwouldbecomeincomparableinthefuture.TheFutureFinancialCentersofChinaSinceShanghaihasalargepopulationandistheeconomiccenteroftheYangtzeValley,itsmarketisextensive.Moreover,inrecentyears,itsinvestmentenvironmenthasbecomemoreandmorefavorable.Therefore,alargenumberofmultinationalcompaniesandforeign-fundedinstitutionshavebeenattractedtoestablishtheirbranchesthere.TheFutureFinancialCentersofChinaB:Whatyouhavesaidisright,butIthinkifShanghaiwantstobecomeoneofthetopfinancialcentersinAsia,itshouldfurtherimproveitself.Firstofall,itshouldmaintainasoundsocialistmarket-orientedeconomywithacompletelegalsysteminthefinancialfieldasthebasis.

TheFutureFinancialCentersofChinaSecondly,itshouldformahighlyadvancedfinancialmarketsystem.Thesystemshouldincludeanopenmarketforforeignexchange,goldandcapital.Next,itshouldattractmorequalifiedpersonnel.Theyshouldbeequippedwithcomprehensiveknowledgeinmanagement,finance,tradeandforeignlanguages.TheFutureFinancialCentersofChinaItsserviceindustryandinfrastructureconstructionshouldalsobeimproved.Finally,Shanghaishouldfullyexertitspotentialtobecomeahighlydevelopedfinancialcenter.TheFutureFinancialCentersofChinaA:Iquiteagreewithyou.Nowadays,withtheopeningupofChina’sfinancialfield,foreign-fundedbanksanddomesticbankswillbecomeintense.IsthisbeneficialtoChina’sfinancialindustry?TheFutureFinancialCentersofChinaB:Yes,theintensecompetitioncouldinsomewaybenefitChina’sfinancialdevelopment.Itwillstimulatedomesticbankstoimprovetheirmanagement,operationandservices.Atthesametime,foreign-fundedbanksinChinawillbringusadvancedknowledge,experienceandpracticeinmanagement.TheFutureFinancialCentersofChinaMoreover,theintensecompetitionwillhelptocreateafavorableinvestmentenvironmentinChina.Moreopportunitieswouldbeprovidedfordomesticbankstoengageininternationaloperations.Finally,itwillpromotefaircompetitioninChina’seconomicfieldaswell.TheFutureFinancialCentersofChinaHowever,theintensecompetitionwillalsoinfluenceChina’sfinancialenvironment.Foronething,comparedwithdomesticbanks,foreign-fundedbankspossessadvantagesinmanagement,technology,serviceandqualifiedpersonnel.TheFutureFinancialCentersofChinaThecompetitionwillinevitablymakedomesticbankslosepartoftheirtraditionalbusinesstoforeign-fundedbanks.Thecompetitionwillalsoprobablybringdifficultiestothecentralbank’sfinancial

supervision.TheFutureFinancialCentersofChinaSinceforeign-fundedbanks’operationobservesinternationalpractice,itdiffersfromthatofdomesticbanks.Therefore,itchallengestheefficiencyofthecentralbank’ssupervision.Section3QuestionsandAnswers1. Whataretheintermediateobjectivesofmonetarypolicies?a.Growthinmoneysupply;b.Interestratelevel;c.Growthinthevolumeofcredit;d.Theexchangerate.2.PleasepointoutthefullnameofSWIFTanditsheadquarter.SocietyforWorldInter-bankFinancialTelecommunications.Brussels,Belgian.3.Whatisthebiggestdifferencebetweenoff-balancesheetactivitiesandintermediaryactivitiesofcommercialbanks?Off-balancesheetactivitiesconstitutepotentialassetsorliabilitiesandbearcertainriskwhileintermediaryactivitiesdon’tconstituterisksinassetsorliabilities.4. Whatisthemainbodyofoffshorefinancialmarket?Itisnon-residents.Section4ListeningComprehensionReadytoSaveLikeThere'sNoTomorrow?準(zhǔn)備好存錢了嗎？Areyouasaveroraspender?"Apennysavedisapennyearned."Thisoldsayingcallsattentiontothewisdomofsavingmoney."Puttingmoneyawayforarainyday"isanotherwaytotalkaboutsavingforthefuture.Peoplewhohatetospendmoneyareknownas"tightwads,"whilethosewholiketogetthemostvaluefortheirmoneyarecalled"thrifty."Athriftypersonisdifferentfroma"spendthrift."Aspendthriftissomeonewhospendswastefully.Peoplelikethatareoftensaidtospendmoney"likeadrunkensailor"or"likethere'snotomorrow."IntheUnitedStates,peoplewhowanttostartasavingsaccounthavedifferentchoicesofwhereto