第03章资本市场(讲义)

ChapterThreeCapitalMarkets资本市场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.资产，财产（商店、破产者等的）财产有价值的人或物优点，长处Keyword:AssetThebankhasassetsofmorethan￡1billion.该银行有十亿多英镑的资产。Thecompany’sliquidassetsareenormous.这家公司拥有巨额流动资产。Keyword:Asset资产负债率ratioofliabilitiestoassetsliability/assetratioKeyword:Asset固定资产利用率percentageofutilizationoffixedasset资产折旧幅度assetdepreciationrangeKeyword:Assetn.保险费；津贴，奖金，额外费用Keyword:PremiumApremiumof2percentispaidonlong-terminvestments.对投资期限较长者可获百分之二的奖励.你的第一期保险费现已到期。Yourfirstpremiumisnowdue.Keyword:Premium不用说，保险公司承担风险越大，你付的保险费也就越高。Needlesstosay,thebiggertheriskaninsurancecompanytakes,thehigherthepremiumyouwillhavetopay.Keyword:PremiumSpecificregulationsgoverningtheissueofsharecertificatesatapremiumareseparatelyissuedbythestateCouncil.股票溢价发行的具体管理办法由国务院另行规定。Keyword:PremiumWecancertainlydothis,butitissubjecttoanadditionalpremium,becauseourCIFquotationdoesn’tincludethisrisk.我们当然可以做到，但战争险要交额外保险费，因为我们CIF报价没有包括这种险别。Keyword:Premiumputapremiumon高度重视Workpaidaccordingtotheamountdoneputsapremiumonspeedandnotonquality.按工作量付薪注重的是速度而不是质量。Keyword:Premiumv.使负有责任或义务Keyword:Obligate债券发行人有义务在约定日期支付规定的金额给债券持有者。Bondsobligatetheissuertopayaspecifiedamountatagivendate.Keyword:Obligaten.义务，责任；证券，契约；债务Keyword:ObligationHavetheemployersmet（fulfilled）theircontractualobligations?雇主们履行合同义务了吗？Everyonehasalegalobligationtoprovidethetaxofficewiththedetailoftheirearnings.Keyword:ObligationAsthematuritydateofalong-termliabilityapproaches,theobligationeventuallybecomesduewithinthecurrentperiod.在一项长期负债接近到期日时，它最终会在本期内到期。Keyword:Obligationn.等级，类别Keyword:RatingThemoviewasgivenaPGratinginHongKong,andmightnowonlyappearafter9pmonmainlandTVscreens.在香港，该片被评为PG级影片，在大陆只可能在晚间9点后放映。Keyword:RatingTheUnitedStatesheldS&P'stopratingforseventyyearsandneverhadadowngrade.However,lastFridayoneofthethreemajorcreditratingagencies—S&P,downgradedlong-termUnitedStatesgovernmentdebt.Standard&Poor'slowereditsopinionofTreasurysecuritiesonestepfromthehighestrating,triple-A,toAA-plus.Keyword:RatingThegoalistoimprovethecountry'screditratinginordertoeasetheconcernsofinvestorsandreduceborrowingcosts.其目标是提高该国的信用评级，从而缓解投资者担忧，降低借贷成本。Keyword:Ratingn.公债，股份，股票；存货，供应物Keyword:Stockpreferredstock优先股commonstock普通股Stockholder=shareholder股东Stockexchange=stockmarket股市Keyword:StockOnWallStreet,asuddendropinabigstockindexshockedinvestorsonMaysixth.TheDowJonesIndustrialAveragedroppedaboutninepercentinlessthananhour.在华尔街，5月6日，一项大型股票指数的骤降震惊了投资者。道琼斯工业平均指数在不到一小时的时间里跌了约9%。Keyword:StockCorporationscansellstockasawaytoraisemoney.Stockrepresentssharesofownershipinacompany.Investorswhobuystockcantradetheirsharesorkeepthemaslongasthecompanyisinbusiness.Keyword:Stockn.红利，股息Keyword:DividendAcompanymightusesomeofitsearningstopaydividendsasarewardtoshareholders.Orthecompanymightreinvestthemoneybackintothebusiness.公司可能会拿出一部分收益作为股息奖励给股东，也可能把钱再次投入公司运营。Keyword:DividendBanksthatfallbelowthereservelimitscouldhavetostoppayingdividendstoshareholdersorbo