第03章资本市场

capital market for long-term investments.
The capital markets provide an alternative to
investment in assets such as real estate or
gold. Meanwhile, the primary reason that
However, last Friday one of the three major
credit rating agencies — S&P, downgraded
long-term United States government debt.
Standard & Poor's lowered its opinion of
第03章资本市场
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2020/11/24
第03章资本市场
•Section 1
•Specialized terms
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第03章资本市场
Purpose and Participants
•Firms that issue capital market securities
and the investors who buy them have very
The bank has assets of more than ￡1 billion. 该银行有十亿多英镑的资产。
The company’s liquid assets are
enormous.
这家公司拥有巨额流动资产。
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第03章资本市场
• Key word: Asset
资产负债率
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第03章资本市场
Purpose and Participants
•The primary issuers of capital market securities
are governments and corporations. However,
governments never issue stocks. Corporations
given date.
•Treasury Bonds
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•Corporate Bonds 第03章资本市场
Trading in the Capital Market
•Stocks
•Shares of stock in the firm represent
ownership. A stockholder owns a
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第03章资本市场
• Key word: Premium
Specific regulations governing the
issue of share certificates at a premium
are separately issued by the state
Council.
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第03章资本市场
Trading in the Capital Market
•Bonds are securities that represent
a debt owed by the issuer to the
investor. Bonds obligate the issuer
to pay a specified amount at a
sell securities for the first time, the issue is an
initial public offering .
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第03章资本市场
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.
励.
你的第一期保险费现已到期。
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• 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.
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
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• Key word:
•This reduction in risk comes at a cost. However, Most long-term interest rates 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.
As the maturityOdbateliogf aa tloinogn-
term liability approaches, the
obligation eventually 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。
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• Key word: Rating
n. 等级，类别
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• Key word: Rating
The movie was given a PG rating in
Hong Kong, and might now only
appear after 9 pm on mainland TV
individuals and firms choose to borrow long-
term funds is to reduce the risk that interest
rates
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will
rise
before
they
pay
off第0t3章h资本e市i场r
debt.
Purpose and Participants
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。
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第03章资本市场
• Key word: Rating
The United States held S&P's top rating for
seventy years and never had a downgrade.
股票溢价发行的具体管理办法由国务
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第03章资本市场
• Key word: Premium
We can certainly do this, but it is
subject to an additional premium,
because our CIF quotation doesn’t
different motivations than they have when
they operate in the money market. Firms and
individuals use the money market primarily
to warehouse funds for short periods of time
ratio of liabilities to assets
liability /asset ratio
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第03章资本市场
• 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
speed and not on quality.
按工作量付薪注重的是速度而不是质
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• Key word: Obligate
v. 使负有责任或义务
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• 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。
percentage interest in a firm consistent
with the percentage of outstanding stock
held. The ownership is in contrast to a
bondholder, who holds no ownership
Bonds obligate the issuer to pay a
specified amount at a given date.
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第03章资本市场
• Key word: