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1、Chapter 12 章,Securities Markets證券市場,Prentice Hall Inc.,2,Security Markets證券市場,The primary markets初級市場 Secondary markets stocks次級市場股票 Secondary markets bonds次級市場債券,Prentice Hall Inc.,3,The Primary Market Two Forms of Issues初級市場的兩種不同發行方式,Initial public offerings (IPO) the very first shares ever issued
2、 by a company初次公開承銷公司股票第一次 公開上市之買賣 Seasoned new issues new shares being issued by a company that is already publicly traded增資新股發行公司股票掛牌上市後，再發行的股票 Investment bankers serve as underwriters.通常是透過投資銀行作為證券承銷商,Prentice Hall Inc.,4,Secondary Markets次級市場,Trade previously owned shares of stock買賣已經發行證券的市場 Con
3、sist of organized exchanges and an over-the-counter market是交易所或櫃檯買賣方式的買賣,Prentice Hall Inc.,5,Secondary Markets: The Organized Exchanges次級市場交易所,Are used to facilitate trading between investors提供實質交易場所，比較容易找到買賣雙方 New York Stock Exchange (NYSE)紐約證券交易所 American Stock Exchange (AMEX)美國證券交易所 Regional sto
4、ck exchanges 地區型證券交易所,Prentice Hall Inc.,6,Regional Stock Exchanges地區型證券交易所,Pacific Stock Exchange太平洋證券交易所 Chicago Stock Exchange芝加哥證券交易所 Philadelphia Stock Exchange費城證券交易所 Cincinnati Stock Exchange辛辛那提證券交易所 Intermountain Stock Exchange山間(鹽湖城)證券交易所 Spokane Stock Exchange波斯凱證券交易所 Boston Stock Exchang
5、e波士頓證券交易所,Prentice Hall Inc.,7,Makeup of the New York Stock Exchange紐約証券交易所的組成,Over 200 years old 有超過200年的歷史 Limited to 1,366 seats since 1953; highest price of a seat was $2.6 million 在1953年有1,366個席次，其一個席次的售價最高曾達260萬美元 Over 3,000 listed companies超過3,000家公司掛牌 $12.3 trillion (thats 12 zeros) worth of
6、 shares12.3萬億元的交易市值 80% of typical trading volume80%的交易量,Prentice Hall Inc.,8,Requirements for NYSE Listing, 1999 1999年紐約證券交易所初次掛牌上市的規定,Profitability $2.5 million before tax earnings獲利能力稅前純益必須最少是250萬美元 Size $40.0 million net tangible assets規模有形資產，必須至少4,000萬美元 Market value $100.0 million publicly hel
7、d stock市值公開發行的股票，市值至少是1億美元 Public ownership 1.1 million publicly held common shares股權分散(公開發行)至少有110萬公開發行的普通股 2,000 holders of 100 or more shares 擁有100股或以上的股東人數要超過2,000人,Prentice Hall Inc.,9,Makeup of the American Stock Exchange美國證券交易所的組成,660 seats 660個席次 800 firms listed 800家的公司掛牌 Trading only 3% of
8、 the volume of the NYSE成交量只有紐約證券交易所的3% Daily dollar trading less than some regional exchanges每日成交額甚至小於地區型證券交易所,Prentice Hall Inc.,10,Secondary Markets: Over-the-Counter (OTC) Market次級市場櫃檯買賣市場,Consists of an electronic network of dealers used to execute trades是以電腦網路完成交易,Prentice Hall Inc.,11,Secondar
9、y Markets: Over-the-Counter (OTC) Market次級市場櫃檯買賣市場,Trades executed by:交易的完成是依賴 “Pink sheets”粉紅色報價單 National Association of Securities Dealer Automated Quotations System (NASDAQ)全國證券商協會自動報價系統(那斯達克) National Market System (NASDAQ/NMS)全國市場系統(那斯達克/全國市場系統) Handles 35,000 smaller, less frequently traded s
10、ecurities with no listing requirements掌握有約35,000個較小型且交易較不頻繁的證券,Prentice Hall Inc.,12,Secondary Markets Bonds次級市場債券,No organized secondary bond market, as little demand among individual investors.並沒有次級債券交易的專門機構，因為個別投資者的需求很小 Individual investors must work through a broker, who buys or sells with a bon
11、d dealer.個別的投資者必須透過券商擔任中間人才能買賣債券 Government bond trading is dominated by investment houses, commercial banks, and the Federal Reserve.政府公債主要的交易對象為聯邦儲備銀行、商業銀行和其他金融機構,Prentice Hall Inc.,13,International Markets國際市場,International bond market exceeds $25 trillion國際債券市場價值超過25萬億美元 To buy international sto
12、cks:如何購買國際股票呢? NYSE, AMEX, NASDAQ trade some companies紐約證券交換所、美國證券交換所與那斯達克，皆有些外國公司股票交易 Trade American depository receipts (ADRs) international shares are held on deposit by foreign banks and the ADRs are sold to investors as a representative ownership of the shares透過美國存託憑證交易(ADRs) 這是外國公司的股票，由發行公司國家的
13、銀行保管，再由該銀行發行美國存託憑證，代表這些股份的直接所有權，然後美國信託憑證就像股票一般可在國際間交易 Invest directly through .也可透過網站直接在線上投資外國的股票,Prentice Hall Inc.,14,Regulation of the Securities Markets證券市場的法規,Securities and Exchange Commission (SEC) regulation證券管理委員會 Securities Act of 1933 requires disclosure of relevant information in a timel
14、y manner 1933年制定的證券管理條例要求即時公開銷售和登記的相關訊息 Securities Exchange Act of 1934 established the SEC 1934年制定的證券交易法由證券管理委員會立法,Prentice Hall Inc.,15,)Regulation of the Securities Markets (contd)證券市場的法規(續),Investment Advisors Act of 1940 regulates advisor activity 1940年的投資顧問法提供投資人保護，以防止不道德的投資顧問 Investor Protect
15、ion Act of 1970 (SIPC) provides investor insurance similar to FDIC bank deposit insurance 1970年投資保護法提供投資人保險，類似於FDIC 銀行的存款保險,Prentice Hall Inc.,16,Self-Regulation內部法規,“Circuit breakers” triggers that momentarily stop trading to prevent disastrous market slides離合器市場急速下跌時關閉股市 Insider trading and market
16、 abuses:內線交易和市場弊端 Insider trading use of non-public information for personal gain in the market內線交易是依據未公開的資訊作証券操作以得到利益 Churning excessive trading without benefit to the client used to increase commissions殺進殺出券商為了賺取手續費，而在投資人的證券帳戶中過度頻繁的交易,Prentice Hall Inc.,17,How Securities are Traded證券如何交易,Specialists專業證券商 Buy and sell orders買進賣出委託單 Brokers經紀商 Brokerage services經紀服務 Cash and margin accounts現金和保證金帳戶,Prentice Hall Inc.,18,Role of t
