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1、0,Latest Economic news,China central bank pledges more co-operation to stem global financial crisis 中国央行投入更多合作来遏制全球金融危机,1,BEIJING, Oct. 10 (Xinhua) - Chinas central bank on Friday said it will continue international cooperation to tackle the global financial crisis and maintain market stability. The
2、 pledge came two days after the Peoples Bank of China (PBOC) announced an interest rate cut in a co-ordinated（共同调整） global move to revive solvency（偿付能力） in the international financial system.,2,The PBOC on Wednesday cut the benchmark lending and deposit rates(存贷款基准利率) by 0.27 percentage points and t
3、he reserve requirement ratio by 0.5 percentage points amid growing fears of a slowing economy and falling equities market.,3,The PBOC will continue close contacts and cooperation with counterparts and international financial organizations to jointly maintain stability of global financial market, PBO
4、C spokesman Li Chao told Xinhua.,4,The PBOC would closely watch the developments and effects of the crisis and take timely and flexibly measures according to changes in the domestic and international situations to guard against financial risks, Li said.,5,The global economic slowdown（放缓） reduced dem
5、and for Chinese exports and inevitably（不可避免的） affected Chinas economy, he said. The central bank was fully confident and capable of dealing with the crisis and maintaining stable and relatively fast economic growth.,6,“China has a huge domestic market and the liquidity is abundant,” he said. “As lon
6、g as we take strong measures to boost（推进） domestic demand, the economy has big potential for sustainable（持续的） growth.,7,A PBOC statement on the third-quarter meeting of its monetary policy committee said it would take flexible and prudent（谨慎） macro-economic control measures to boost economic growth.
7、 The PBOC was not optimistic in its global economic outlook（展望） as intensifying （加强的）fluctuations in the financial markets had affected the real economy.,8,It said it would boost coordination between monetary policies and fiscal（财政）, industry, export and financial regulation policies to help transfo
8、rm economic growth mode（方式） and boost domestic demand to balance international payments（国际支付）.,9,Part 3 Corporate Finance,3.1 Venture capital 3.2 Stocks and shares(1) 3.3 Stocks and shares(2) 3.4 Shareholders 3.5 Share price 3.6 Describing charts and graphs 3.7 Bonds 3.8 Futures,10,Chapter Outline（2
9、）,3.9 Derivatives 3.10 Asset management 3.11 Hedge funds and structures products 3.12 Mergers and takeovers 3.13 Conglomerate 3.14 Raiders 3.15 Financial planning,11,3.1 Venture capital,3.1.1 raising capital Venture capital = risk capital = start-up capital, means funds for new enterprises. New busi
10、ness, called start-ups, are all private companies that arent allowed to sell stocks or shares to the general publics. In this case, venture capital can give a help. Some rich people, called angles or angel investors, also invest in star-ups.,12,3.1.2 Return on capital,At first, entrepreneurs（企业家） sh
11、ould provide a business plan（商业计划）. Because of the high level of risk involved, investors in start-ups usually expect a higher than average rate of return（回报率）. If they cant get a quick return in cash, they can buy the new companys shares. If the company is successful and later becomes a public comp
12、any（上市公司）, the venture capitalists will be able to sell their shares, at a profit. This is exit strategy（退出战略）.,13,If these companies need further capital to expand before they join a stock exchange. This is called mezzanine financing（二次融资）. It usually consists of convertible bonds（可转换债券） or prefere
13、nce shares（优先股） that receive a fixed dividend（固定股利）. Investors at this stage have a lower risk of loss than venture capitalist, but less chance of making a big profit.,14,3.2 Stocks and shares(1),Stocks and shares are certificates representing part ownership of a company. The word equity or equities
14、 is also used to describe stocks and shares. In Britain, stock is also used to refer to all kinds of securities（有价证券）, including government bonds. The place where stocks are bought and sold are called stock markets or stock exchange（股票交易所）.,15,3.2.1 Going public,Procedure of going public: Get advice
15、 from investment bank about how many shares to offer and at what price; Get independent accountants to produce a due diligence report （尽职调查报告）; Produce a prospectus（公告书） to public; Make a flotation （浮选） or IPO (initial public offering); An investment bank underwrites the stock issue （承销股票发行）.,A deta
16、iled examination of a company and its financial situation,A document stating the terms of sale, financial results and other information about the company,An offer of a companys shares to investors,Guarantees to buy the shares if there are not enough buyers,16,3.2.2 Ordinary and preference shares,Except the ordinary shares（普通股）, some companies also have preference shares whose holders receive a fixed dividend that must be paid before holders of ordinary shares receive a dividend. If
