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1、Chapter Three,Capital Markets 资本市场,Section 1,Specialized terms,Purpose and Participants,Firms that issue capital market securities and the investors who buy them have very different motivations than they have when they operate in the money market. Firms and individuals use the money market primarily
2、 to warehouse funds for short periods of time until a more important need or a more productive use for the funds arises.,Purpose and Participants,By contrast, firms and individuals use the capital market for long-term investments. The capital markets provide an alternative to investment in assets su
3、ch as real estate or gold. Meanwhile, the primary reason that individuals and firms choose to borrow long-term funds is to reduce the risk that interest rates will rise before they pay off their debt.,Purpose and Participants,This reduction in risk comes at a cost. However, Most long-term interest r
4、ates are higher than short-term rates due to risk premiums. Despite the need to pay higher interest rates to borrow in the capital markets, these markets remain very active.,Purpose and Participants,The primary issuers of capital market securities are governments and corporations. However, governmen
5、ts never issue stocks. Corporations both issue bonds and stocks. One of the most difficult decisions a firm faces can be whether it should finance its growth with debt or equity. The distribution of a firms capital between debt and equity is its capital structure.,Trading in the Capital Market,Capit
6、al market trading occurs in either the primary market or the secondary market. Investment funds, corporations, and individual investors can all purchase securities offered in the primary market, where new issues of stocks and bonds are introduced. When firms sell securities for the first time, the i
7、ssue is an initial public offering .,Trading in the Capital Market,The capital markets are where securities with original maturities of greater than one year trade. Capital market securities fall into three categories: bonds, stocks, and mortgages.,Trading in the Capital Market,Bonds are securities
8、that represent a debt owed by the issuer to the investor. Bonds obligate the issuer to pay a specified amount at a given date.,Treasury Bonds,Corporate Bonds,Trading in the Capital Market,Stocks Shares of stock in the firm represent ownership. A stockholder owns a percentage interest in a firm consi
9、stent with the percentage of outstanding stock held. The ownership is in contrast to a bondholder, who holds no ownership interest but is rather a creditor of the firm.,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,Key word:,Asset,The bank has assets of more than 1 billion. 该银行有十亿多英镑的资产。 The companys liquid a
10、ssets are enormous. 这家公司拥有巨额流动资产。,Key word:,Asset,资产负债率 ratio of liabilities to assets liability /asset ratio,Key word:,Asset,固定资产利用率 percentage of utilization of fixed asset 资产折旧幅度 asset depreciation range,Key word:,Asset,n. 保险费；津贴， 奖金，额外费用,Key word:,Premium,A premium of 2 percent is paid on long-t
11、erm investments. 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。 Your first premium is now due.,Key word:,Premium,不用说，保险公司承担风险越大，你付的保险费也就越高。 Needless to say, the bigger the risk an insurance company takes, the higher the premium you will have to pay.,Key word:,Premium,Specific regulations governing the issue of sh
12、are certificates at a premium are separately issued by the state Council. 股票溢价发行的具体管理办法由国务院另行规定。,Key word:,Premium,We can certainly do this, but it is subject to an additional premium, because our CIF quotation doesnt include this risk. 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。,Key word:,Premium,put a
13、 premium on 高度重视 Work paid according to the amount done puts a premium on speed and not on quality. 按工作量付薪注重的是速度而不是质量。,Key word:,Premium,v. 使负有责任或义务,Key word:,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。 Bonds obligate the issuer to pay a specified amount at a given date.,Key word:,Obligate,n. 义务，责任； 证券，契约；
14、债务,Key word:,Obligation,Have the employers met（fulfilled） their contractual obligations? 雇主们履行合同义务了吗？ Everyone has a legal obligation to provide the tax office with the detail of their earnings.,Key word:,Obligation,As the maturity date of a long-term liability approaches, the obligation eventually
15、becomes due within the current period. 在一项长期负债接近到期日时，它最终会在本期内到期。,Key word:,Obligation,n. 等级，类别,Key word:,Rating,The movie was given a PG rating in Hong Kong, and might now only appear after 9 pm on mainland TV screens. 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。,Key word:,Rating,The United States held S b. Inter
16、est rate level; c. Growth in the volume of credit; d. The exchange rate.,2. Please point out the full name of SWIFT and its headquarter. Society for World Inter-bank Financial Telecommunications. Brussels, Belgian.,3. What is the biggest difference between off-balance sheet activities and intermediary activities of commercial banks? Off-balance sheet activities constitute potential assets or liabilities and bear certain risk
