贵金属投资技术分析英文版 (27)

Unit2:FinancialInvestmentFinancialEnglishUnit2:•RevisionofUnit1•OverviewofUnit2•BackgroundinformationofUnit2•Text•Exercises•AssignmentsReviewofUnit1•ExercisesCheck-upQuestion&AnswerSentenceTranslationRevisionofUnit1Question&Answer1.Whatisthefinancialmarket?2.Whatdoesfinancialmarketfacilitate?3.Whatarethemaintypesoffinancialmarket?4.Whatisthepurposeoffinancialmarket?5.Whoarethemainborrowersinfinancialmarket?Check-upCheck-upAnswerthefollowingquestionsaccordingtothetextinUnit1Keytothequestions:1.Afinancialmarketisamechanismthatallowspeopletoeasilybuyandsell(trade)financialsecurities(suchasstocksandbonds),commodities(suchaspreciousmetalsoragriculturalgoods),andotherfungibleitemsofvalueatlowtransactioncostsandatpricesthatreflecttheefficient-markethypothesis.2.Theraisingofcapital;thetransferofriskandinternationaltrade.QuestionandAnswer3.Capitalmarkets,commoditymarkets,moneymarkets,derivativemarkets,insurancemarketsandforeignexchangemarkets.4.Financialmarketsfitintherelationshipbetweenlendersandborrowers.5.Individuals,companies,governments,municipalitiesandpubliccorporations.QuestionandAnswerTranslatethefollowingsentencesorallySentenceTranslation1.Financialmarketsgobymanyterms,includingcapitalmarkets,WallStreet,eventhemarkets.Someexpertsevensimplyrefertoitasthestockmarket,eventhoughtheyarereferringtostocks,bondsandcommodities.2.Futuresalsoincreasethetrader’sleveragebyallowinghimtoborrowthemoneytopurchasethecommodity.Thiscanhaveahugeimpactonthestockmarketifthetraderguesseswrong.Check-upSentenceTranslation3.Russianexpertssaythattheeconomicpotentialofthenationwillletthecountrysurvivethefinancialcrisiswithoutconsiderablelosses.TheRussianeconomytodayisalotbiggerthanitusedtobetenyearsago.4.Hedgefunds,creditdefaultswaps,canbelegitimateinstrumentswhentryingtoinsureagainstwhethersomeonewilldefaultornot,buttheproblemcameaboutwhenthemarketbecamemorespeculativeinnature.Check-upSentenceTranslation5.Theextentoftheproblemshasbeensoseverethatsomeoftheworld’slargestfinancialinstitutionshavecollapsed.Othershavebeenboughtoutbytheircompetitionatlowpricesandinothercases,thegovernmentsofthewealthiestnationsintheworldhaveresortedtoextensivebail-outandrescuepackagesfortheremaininglargebanksandfinancialinstitutions.Check-upSentenceTranslation—SuggestedAnswers1.金融市场包括很多方面，包括资本市场，华尔街，甚至是市场本身。一些专家简单的将股票市场成为金融市场，尽管市场实际上包括股票市场、债券市场和商品市场。2.期货允许投资者借贷资金购买商品从而增加交易者的投资杠杆。如果交易者预测有误，这将对股票市场产生巨大影响。SentenceTranslation—SuggestedAnswers3.俄罗斯的专家称，国家的经济潜力将使得国家不必遭受相当大的经济损失就可以渡过经济危机。如今的俄国经济比十年前要强很多。4.在试图确认某人是否会违约的时候，对冲基金和违约信用交换会是合法的工具，但是在市场自然而然变得投机性越来越强时问题就会显现出来。SentenceTranslation—SuggestedAnswers5.问题已经到了越来越严重的程度，以致于一些世界最大型的金融机构已经垮台。其他一些则被其竞争对手以低价收购。在另一些情况下，一些世界上最富有国家的政府也通过大量以优先股给股东分红或者出台救市计划来挽救现存的大型银行和金融机构。OverviewofUnit2本章旨在通过对金融投资机构、投资组合以及投机者市场关系的介绍让学生对金融投资有初步概念，并了解其中一些相关理论。本章重点难点什么是金融中介机构什么是投资组合如何看资产负债表投机者与市场的关系OverviewofUnit2Afterlearningthisunit,youshouldacquire:WhatisfinancialintermediaryWhatisaportfoliochoiceHowtoreadabanlancesheetTherelationshipbetweenspeculatorsandthemarket共有基金(mutualfund)共有基金是一个投资公司集结了众多投资人的资金，然后由财务管理专家依照该共有基金的投资方向而投资于美国或其它国家的金融和证券市场，其投资的组合可能包括股票，债券，银行定期存款,货币市场工具,贵重金属和房地产等。股票型共有基金投资于股票市场，债券型共有基金投资于债券，也有一部分共有基金的投资涵盖了股票，债券，贵重金属，房地产等。一般而言，共有基金的投资种类和百分比依基金公司的目标与策略的不同而有差异。投资者参与投资共有基金时，即拥有该共有基金的部分所有权，你需要付出它的净资产价（NetAssetValve，NVA)，加上所需的销售价（Salesloads）。当你买入基金后，那些基金管理费也是由你付出。BackgroundInformationBackgroundInformation共有基金的投资者可借助两种方式获利：收取所投资本的股息和利息收入，或籍所持证券的升值使投资升值。股息、利息及出售证券所得之收盈(资本利得)以收益分配的形式返还投资者。总体而言，任何投资者有权在任何时间，以所投资基金之当日收盘价出售(可赎回)所持股份。BackgroundInformation资产负债表(BalanceSheet)，亦称财务状况表（Statementoffinancialposition）按照有关统计，美国大约有93%的企业将这张报表称为“资产负债表”（BalanceSheet），另外，还有极少数的企业称其为“财务状况表”（Statementoffinancialposition）Unit2:•PartI:2.1Introduction•PartII:2.2FinancialIntermediaries•PartIII:2.3PortfolioChoice•PartIV:2.4SpeculatorsandMarketsFinancialInvestment2.1IntroductionInfinance,investmentisthecommitmentoffundsbybuyingsecuritiesorothermonetaryorpaper(financial)assetsinthemoneymarketsorcapitalmarkets,orinfairlyliquidrealassets,suchasgold,realestate,orcollectibles.Valuationisthemethodforassessingwhetherapotentialinvestmentisworthitsprice.Returnsoninvestmentswillfollowtherisk-returnspectrum.Text:Typesoffinancialinvestmentsincludeshares,otherequityinvestment,andbonds(includingbondsdenominatedinforeigncurrencies).Thesefinancialassetsarethenexpectedtoprovideincomeorpositivefuturecashflows,andmayincreaseordecreaseinvaluegivingtheinvestorcapitalgainsorlosses.Text:Text:Investmentsareoftenmadeindirectlythroughintermediaries,suchasbanks,mutualfunds,pensionfunds,insurancecompanies,collectiveinvestmentschemes,andinvestmentclubs.Thoughtheirlegalandproceduraldetailsdiffer,anintermediarygenerallymakesaninvestmentusingmoneyfrommanyindividuals,eachofwhomreceivesaclaimontheintermediary.Text:2.2FinancialIntermediariesMostpeopledonotenterfinancialmarketsdirectlybutuseintermediariesormiddlemen.Commercialbanksarethefinancialintermediarywemeetmostofteninmacroeconomics,butmutualfunds,pensionfunds,creditunions,savingsandloanassociations,andtosomeextentinsuranceco