金融英语2ppt课件VIP

Chapter2 Financialsystem 2 Theteachingpurposeofthischapter Thestudentwilllearnaboutthefunctionsofthefinancialsystemtheparticipantsinthefinancialsystemthefinancialintermediariesandtheirrespectivefunctions 3 Financialsystem ThecompositionofFinancialsystem Everyonehassomecontactwiththefinancialsystem Weareallawareoffinancialinstitutionslikebanks buildingsocieties andinsurancecompanies eachprovidinginitsownwayforsomeofoureverydayneeds Forexample paymentsfacilitiesthroughbanks convenientsavingsandaccesstohomeloansfrombuildingsocieties andcar house orlifeinsurance beawareof 了解 4 Otherfinancialinstitutions suchasinvestmenttrusts venturecapitalcompanies anddiscounthouses tonameonlyafew arelesswell knownandcarryoutmorespecializedfunctions investmenttrusts 信托投资公司venturecapitalcompanies 风险投资公司 5 Mostpeoplealsoknowsomethingaboutfinancialmarkets liketheStockExchangewheresecuritiesareboughtandsold thoughcomparativelyfewaredirectlyconcernedwiththeiractivities Allthesefinancialinstitutionsandmarketsfittogetherintoanetworkwhichcomprisesthefinancialsystem Thereareotherimportantbutlessfamiliarfinancialmarkets likethemoneymarketinwhichlargesumsareborrowedandlentforveryshortperiods andtheforeignexchangemarketinwhichdealingsinforeigncurrenciestakeplace 6 Majorfunctions channelhouseholdsavingstocorporatesectorallocateinvestmentfundsamongfirmsAllowsmoothconsumptionbyhouseholdsandexpendituresbyfirmsenablehouseholdsandfirmstosharerisks 7 Theparticipantsinthefinancialsystem savers investorsandotherborrowers financialintermediaries brokersandadvisers regulators 8 Saversandinvestors Theend usersofthefinancialsystemarethesavers whosecurrentspendingislessthantheirincomeandwhohavemoneyavailabletolendtoothers andtheinvestors whowanttoborrowmoneyinordertobuycapitalgoodsorincreasethescaleoftheirbusiness aswellasotherborrowerswhowanttospendmorethantheirincomes Inbetweenliethefinancialinstitutionsandmarkets 9 Ensuringthatmoneyflowssmoothlyfromsaversthroughinstitutionsand ormarketstoinvestorsisanimportantfunctionofthefinancialsystem Itistheultimatesaversandultimateborrowerswhoare asitwere ontheperipheryofthefinancialsystem whoseneedsitservesandwhoprovidetherationaleforitsexistence Periphery 外围 边缘 ontheperipheryof 在 的外围 边缘Rationale 决定 信念 计划的 基本原理 理论基础 10 Financialintermediariesareinstitutionswhichattempttoservetheneedsofbothlendersandborrowers Saverswishtoholdtheirsavings forexamplebankdeposits frequentlydifferfromthewaysinwhichborrowerswouldliketoobtaintheirfunds forexamplelong termloans Financialintermediariesareoftenabletoreconcilethesedivergentrequirements 11 Inadditiontheyprovideavarietyofspecificserviceswhichsaversandborrowersvalueintheirownright intheirownright basedontheirownneedsExamplesaremoneytransmissionfacilitiesandadviceoncorporatefinanceinthecaseofbanks lifeassurancecoverinthecaseofinsurancecompanies corporatefinance 公司理财 Financialdecisionsregardingfundraising businessexpansion mergersandacquisitions financialplanning cashmanagementandsoon 12 brokersandadvisers Inacompetitivefinancialsystem likethatinBritain institutionscompeteforbusinessinbroadlyconstrued markets forsavingandlendingbusiness theyseektoattractfundsfromsaversandsupplyfundstoborrowers Buttherearealsoorganizedmarketswhichprovidefacilitiesforeconomicagentstoborrowandlendortobuyorsellsecurities Themainroleofbrokersandadvisersistohelptheseorganizedmarketstofunctionproperly 13 1 Brokersandadvisersprovideinformationtoparticipantsinthemarkets andattempttoensurethatlendersandborrowers buyersandsellers havethefactstheyneedtostrikeafairbargain 2 Theyalsoperformthevitaltaskofputtingactuallendersandborrowersintouchwitheachother Byobviatingtheneedforindividualborrowersorlenderstosearchoutcounterpartsthemselves thebrokerssubstantiallyreducetransactionscosts Forexample themoney marketbrokerbringstogetherthelenderwhohasmoneytosparewiththeborrowerwhowantsittemporarily 14 Inmostorganizedmarketstherearealsomarketmakers professionaldealerswhosefunctionistoensurethatlendersandborrowersarealwaysabletofindacounterpartfortheirdeals marketmakers 做市商 15 Regulators Historicalexperienceinmanycountrieshasshownthatwherelargesumsofmoneyareinvolvedinfinancialmarketsthereisaconsiderabledangeroffraudorothermalpractices 16 Mostcountriesthereforeneedregulators whocontroltheirfinancialinstitutionsandregulatedealingsinsecuritiesmarketswiththeobjectsofensuringthatthefinancialinstitutionsareabletohonortheircommitments thatpeoplehaveaccesstorelevantinformationbeforetheyenterintocontracts andthatdealinginsecuritiesisfair Theserulescomeunderthegeneralheadingofprudentialregulations 17 Butmoregeneraleconomiccontrolsarealsoneeded 反义词 Expansion contractions Boom slump Compel force Curb controlorlimit expansionofcredit 信贷膨胀 Sharpexpansionsorcontractionsofactivityinfinancialmarketsareoftenassociatedwithboomsandslumpsintheeconomyatlarge andtheintimateconnectionbetweenmoney creditandeconomicstabilitycompelscountriestocurbtheexpansionofcreditinsomeperiodsandtostimulateitinothers Economiccontrolsmayalsoberequiredtoguardagainstmonopolisticstructuresorpracticesinthefinancialsystem 18 Financialinstruments Thefinancialsystemdealsinfinancialinstruments dealin tradein经营ThesearemostlymoreorlesssophisticatedformsofIOUsorclaims theyareanassetofonepartyandaliabilityofanother Inmostinstancestheformerpartyisentitledtorepaymentataspecifiedtime andreceivesapromiseofsomeinterest shareofprofits orotherserviceascompensationfortheloan beentitledtosth tohavetherighttodemandsth Eg Everycitizenisentitledtoequalprotectionunderthelaw 每个公民都有权依法受同等保护 ascompensationforsth 作为 的补偿Eg Hereceivedoneyear ssalaryascompensationforlossofoffice 19 Forexample depositsareliabilitiesofbanksorotherinstitutions aregenerallyrepayableondemandorinthefairlynearfuture andusuallybearinterest Loansareoftenliabilitiesofultimateborrowers areusuallyrepayablebytheendofsomepredeterminedperiod andcarryanobligationtopayinterest Andordinarysharesareliabilitiesoffirms whichconferontheirownerstherighttoashareoftheprofitsearnedbut incontrastwithloans donothavetoberepaid repayondemand 随时偿还bearinterest carryonobligationtopayinterestCommonstock US ordinaryshares GB Confer entitle 20 Aswellasclaimstherearealsoderivativeinstruments contractsrelatingtothepricesofsecurities interestratesorforeignexchangeratesatsomedateinthefuture aswellas inadditionto 21 Althoughawidevarietyoffinancialinstrumentsexists differingsignificantlyindetail themajordistinctionsrestonthreecharacteristics risk liquidity andreal valuecertainty thatis theirsusceptibilitytolossofvalueduetoinflation susceptibility theabilitytobeinfluenced敏感度 22 Risk Adistinctioncanbedrawnbetweenontheonehanddepositsandloans whicharegenerallymadeonlyifrepaymentofcapitalandinterestisconfidentlyexpected andontheothercompanyshares whichareclaimstoashareofthesurplusincomeafterpriorclaimshavebeenmet AdistinctioncanbedrawnbetweenAandB capital principle本金 Confidentlyexpected guaranteed 23 Peoplethinkoftheirdepositswithfinancialinstitutionsassafe andloansareusuallysecuredonassetsormadeconditionalontheborrower sfinancialperformance togivethelenderaddedconfidenceinthesafetyofthefunds thoughthereisusuallysomesmallchanceofpartialortotalloss tobesecuredonsth 以 为担保Tobemadeconditionalonsth 以 为附加条件 24 Theriskofloss andconverselythepossibilityofgain isheavilyconcentratedonequityassets mainlytheordinarysharesofcompanies Theshareholderisentitledtoashareofthecompany sprofitsbutmustalsoacceptthechanceofexperiencingsomeloss Indeed theeffectsontheshareholdersofsuccessorfailureofacompanyaremagnifiedifthecompanyhasloansoutstandingaswellasordinaryshares magnify increaseLoansoutstanding尚未偿还的贷款 25 Liquidityreferstotheeaseandspeedwithwhichsavingsinnonmonetaryformcanbeturnedintocash andreflectsboththematurityoffinancialinstrumentsandtheirmarketability Bymaturitywemeanthetimewhichelapsesbeforeadepositorloanisduetoberepaid Depositswhicharerepayableondemandhaveashortmaturity mortgageloansdueforrepaymentafter25yearsalongone savingsinnonmonetaryform marketablesecurities适销证券适销证券是指证券持有人在需要现金或希望将持有的证券转化为现金时 能够迅速地在证券市场上出售的证券 marketability 适销性 26 Thusmaturitycoversaverywiderange andtheshorteristhematurityofadepositorloanthegreaterisitsliquidity Butassetswhicharemarketablemayalsobeliquid eveniftheyarenotautomaticallyrepayableinthenearfuture Forexample ordinarysharesinmanycompaniescanbesoldatshortnoticeandtheirvalueturnedintocash thoughatapricewhichisuncertain atshortnotice withoutwarning随时 27 Realvaluecertainty Neitherdepositsnorloans whosevaluesarefixedinmoney ornominal terms providetheirholderswithprotectionagainstpricelevelchanges Ordinarysharesstandagoodchanceofdoingbetteronthisscore becauseprofitscanbeexpectedintheendtoriseroughlyinlinewiththegeneralpricelevel thoughtheremaybeprolongedperiodswhenthisdoesnotholdgood onthisscore inthisrespectInlinewith atthesametimeProlonged verylongThesamegoesforproperty whererentscanbeexpectedtomirrorgeneralpricechangesoverlongperiods thoughaswithordinarysharestheremaybeconsiderablefluctuationsinpricesaroundanylong termtrends 28 Functions MeansofpaymentsStoreofvalueTransferofrisk 29 1 AsstoreofvalueBankloans short medium long termBonds 债券 Securedbonds 担保债券 Unsecuredbonds debentures 无担保债券 GovernmentbondsTreasurynotesandbonds 国债 Municipalbonds 市政债券 Equity stock share CorporatebondsCommonstock ordinarysharesPreferredstock preferencesharesConvertiblenotes quasi equityinstrument 30 2 AstransferofriskInsurancecontracts policiesDerivativesecurities instruments valuebasedon derivedfromvalueofunderlyingassets 基础资产 Forwardscontract 远期合约 Futurescontract 期货 Optionscontract 期权 Swapsagreement 互换 31 Financialinstitutions Financialinstitutions financialintermediary firmthatprovidesaccesstofinancialmarkets bothtosaversandborrowers Roles reducetransactioncosts 32 ClassificationDepositoryinstitutions 存款金融机构 CommercialbanksServicestofirmsandindividualsMajorbusiness deposittaking creditlendingandsoon Savingsbanks ServicestohouseholdsandindividualsDepositorycreditunion 信用社 互助会 servicestomembersNondepositoryinstitutions 非存款金融机构 Investmentbanks 投资银行 Factoringcompany Leasingcompany Financecompany MortgagebanksVenturecapitalco Discounthouse Mutualfund Insurancecompany Pensionfund Buildingsociety 33 Typesofbankdeposits1 Demand checking transactiondeposit活期存款Demanddeposit个人的活期存款transactiondeposit企业的活期存款工具 Checkbook支票簿Debitcard借记卡2 savingsdeposit储蓄存款工具 passbook银行存折3 time termdeposit定期存款工具 Passbook Certificateofdeposit 34 Interpretationoftheconcept paymentfacilities支付工具 meansofpaymentincludingcreditcards checks traveler schecks lettersofcredit andpaymentorderssuchasdocumentsagainstpaymentanddocumentsagainstacceptance 35 investmenttrust company 投资信托公司 afinancialintermediarythatpoolsthefundsofindividualsandinveststhosefundsinsecuritiessuchasstock bondsandmoneymarketinstruments 36 venturecapitalcompany风险投资公司 afinancialintermediarythatsupportsandpromotesinvestmentsandtechnologicaldevelopmentinfirmsbytemporarilyholdingsharesinthecapitalofthosefirms 37 venturecapital风险资本 isriskmoney fundswhichareinvestedfortheinitialrisksofanewandpotentiallyrapidlygrowingcompanyoranewlydevelopedgrowthproduct Itisusedfortheriskexpenseswhichcannotusuallybefinancedbyabankloan 38 discounthouse贴现行 afinancialintermediarythatspecializeinbuyingandsellingbillsofexchangeandothercommercialpapersatlessthanthefacevalue securities有价证券 常用复数 documentsthathavesomevalueorrepresentsomethingofvalue e g sharecertificate bondcertificate lifeinsurancepolicy etc 39 moneytransmissionfacilities资金汇送工具 financialmeansthatfacilitatetheflowoffunds Eg Checks Draft billofexchange MoneyorderDerivativeinstruments衍生金融工具 securitieswhosevalueisbasedon derivedfromthevalueofequityanddebt forwards远期 合同 Futures期货Options期权Swaps互换 掉期 40 liquidity流通性 变现力 theeasewithwhichanassetcanbeconvertedintocashatclosetothepublishedmarketprice maturity偿还期 thedateofscheduledrepaymentofanobligation 41 keysentences Aproperlydevelopedandsmooth runningfinancialsystemraisesthelevelsofsavingandinvestmentandprovidesincentivesfortheallocationoftheavailableresourcestothoseuseswheretheyarelikelytogivethehighestreturns theallocationofAtoB把A分配给B 42 Satisfactorypaymentsfacilitiesaresomethingwhichweareinclinednowadaystotakeforgranted butproductiveeconomicactivityisdependentonthereexistence andindeedontradershavingreasonableaccesstoshort termcreditfacilities 43 Moreover whilethereisnothingtopreventsaversandinvestorsfromdealingdirectlywitheachotheriftheywish theexistenceoffinancialinstitutionsmakesdirectcontactunnecessary sincebothgroupscandealwiththeintermediatinginstitutions 44 Bytheirverynaturefinancialinstitutionsattractcriticism bankerswouldnotbedoingtheirjobsiftheydidnotturndownsomerequestsforloans andthosewhoaredeniedfundssometimesfeelharddonebyandarevociferousintheircomplaints Vociferous 大叫大嚷 抱怨的时候 bytheirverynature asaresultoftheirowncharacteristicsfeelharddoneby haveafeelingofbeingtreatedunequally表示 拒绝 意味从强到弱的四个词 1 Reject TheBritishgovernmentisexpectedtorejecttheideaofStatesubsidy 补助金 津贴 foranewhighspeedrailway 2 Refuse Herefusedtocommentafterthetrial 3 Turndown4 Decline Hedeclinedtheirinvitation 45 Thecontrolwhichfinancialinstitutionswieldoververysubstantialsumsofmoneyalsoattractstheattentionofgovernments partlybecausetheymayseeirresistibleopportunitiestosecurecheapfinanceforfavoredborrowers notablygovernmentsthemselves andpartlyinviewoftheeconomicpowerattachedtocontroloffinance Wieldover 表示对 有权利 有影响等favored most likedinviewof becauseofattachedto comingfrom derivedfrom 46 Exercises1partA Matchthetermswiththeexplanations 47 1 inisolation2 saver3 investor4 marketmaker5 liquidity6 stockexchange7 maturity8 asawhole9 brokerA thosewhowanttoborrowmoneyinordertobuycapitalgoodsorincreasethescaleofbusinessB separately aloneC theeaseandspeedwithwhichsavingsinnon monetaryformscanbeturnedintocash D theplacewheresecuritiesareboughtandsold E thetimewhichelapsesbeforeadepositorloanisduetoberepaid F theend useroffinancialsys