金融英语2ppt课件

Chapter2,Financialsystem,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,2,Theteachingpurposeofthischapter,Thestudentwilllearnaboutthefunctionsofthefinancialsystemtheparticipantsinthefinancialsystemthefinancialintermediariesandtheirrespectivefunctions,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,3,Financialsystem,ThecompositionofFinancialsystem:,Everyonehassomecontactwiththefinancialsystem.Weareallawareoffinancialinstitutionslikebanks,buildingsocieties,andinsurancecompanies,eachprovidinginitsownwayforsomeofoureverydayneeds.,Forexample,paymentsfacilitiesthroughbanks,convenientsavingsandaccesstohomeloansfrombuildingsocieties,andcar,house,orlifeinsurance.,beawareof:了解,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,4,Otherfinancialinstitutions,suchasinvestmenttrusts,venturecapitalcompanies,anddiscounthouses-tonameonlyafew-arelesswell-knownandcarryoutmorespecializedfunctions.investmenttrusts：信托投资公司venturecapitalcompanies：风险投资公司,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,5,Mostpeoplealsoknowsomethingaboutfinancialmarkets,liketheStockExchangewheresecuritiesareboughtandsold,thoughcomparativelyfewaredirectlyconcernedwiththeiractivities.,Allthesefinancialinstitutionsandmarketsfittogetherintoanetworkwhichcomprisesthefinancialsystem.,Thereareotherimportantbutlessfamiliarfinancialmarkets,likethemoneymarketinwhichlargesumsareborrowedandlentforveryshortperiods,andtheforeignexchangemarketinwhichdealingsinforeigncurrenciestakeplace.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,6,Majorfunctions:channelhouseholdsavingstocorporatesectorallocateinvestmentfundsamongfirmsAllowsmoothconsumptionbyhouseholdsandexpendituresbyfirmsenablehouseholdsandfirmstosharerisks,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,7,Theparticipantsinthefinancialsystem:,savers;,investorsandotherborrowers;,financialintermediaries;,brokersandadvisers;,regulators,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,8,Saversandinvestors：Theend-usersofthefinancialsystemarethesavers,whosecurrentspendingislessthantheirincomeandwhohavemoneyavailabletolendtoothers;,andtheinvestors,whowanttoborrowmoneyinordertobuycapitalgoodsorincreasethescaleoftheirbusiness,aswellasotherborrowerswhowanttospendmorethantheirincomes.,Inbetweenliethefinancialinstitutionsandmarkets.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,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,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,10,Financialintermediariesareinstitutionswhichattempttoservetheneedsofbothlendersandborrowers.,Saverswishtoholdtheirsavings-forexamplebankdeposits-frequentlydifferfromthewaysinwhichborrowerswouldliketoobtaintheirfunds-forexamplelong-termloans.,Financialintermediariesareoftenabletoreconcilethesedivergentrequirements.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,11,Iheirownright=basedontheirownneedsExamplesaremoneytransmissionfacilitiesandadviceoncorporatefinanceinthecaseofbanks,lifeassurancecoverinthecaseofinsurancecompanies.corporatefinance（公司理财）:Financialdecisionsregardingfundraising,businessexpansion,mergersandacquisitions,financialplanning,cashmanagementandsoon.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,12,brokersandadvisers：Inacompetitivefinancialsystem(likethatinBritain)institutionscompeteforbusinessinbroadlyconstrued“markets”forsavingandlendingbusiness,theyseektoattractfundsfromsaversandsupplyfundstoborrowers.,Buttherearealsoorganizedmarketswhichprovidefacilitiesforeconomicagentstoborrowandlendortobuyorsellsecurities.Themainroleofbrokersandadvisersistohelptheseorganizedmarketstofunctionproperly.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,13,1)Brokersandadvisersprovideinformationtoparticipantsinthemarkets,andattempttoensurethatlendersandborrowers,buyersandsellers,havethefactstheyneedtostrikeafairbargain.,2)Theyalsoperformthevitaltaskofputtingactuallendersandborrowersintouchwitheachother.,Byobviatingtheneedforindividualborrowersorlenderstosearchoutcounterpartsthemselves,thebrokerssubstantiallyreducetransactionscosts.,Forexample,themoney-marketbrokerbringstogetherthelenderwhohasmoneytosparewiththeborrowerwhowantsittemporarily.,=,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,14,Inmostorganizedmarketstherearealsomarketmakers,professionaldealerswhosefunctionistoensurethatlendersandborrowersarealwaysabletofindacounterpartfortheirdeals.marketmakers：做市商,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,15,Regulators：Historicalexperienceinmanycountrieshasshownthatwherelargesumsofmoneyareinvolvedinfinancialmarketsthereisaconsiderabledangeroffraudorothermalpractices.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,16,Mostcountriesthereforeneedregulators,whocontroltheirfinancialinstitutionsandregulatedealingsinsecuritiesmarketswiththeobjectsofensuringthatthefinancialinstitutionsareabletohonortheircommitments,thatpeoplehaveaccesstorelevantinformationbeforetheyenterintocontracts,andthatdealinginsecuritiesisfair.Theserulescomeunderthegeneralheadingofprudentialregulations.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,17,Butmoregeneraleconomiccontrolsarealsoneeded.,反义词：Expansion(contractions)Boom(slump),Compel:force；Curb:controlorlimit；expansionofcredit:信贷膨胀,Sharpexpansionsorcontractionsofactivityinfinancialmarketsareoftenassociatedwithboomsandslumpsintheeconomyatlarge,andtheintimateconnectionbetweenmoney,creditandeconomicstabilitycompelscountriestocurbtheexpansionofcreditinsomeperiodsandtostimulateitinothers.,Economiccontrolsmayalsoberequiredtoguardagainstmonopolisticstructuresorpracticesinthefinancialsystem.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,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:Hereceivedoneyearssalaryascompensationforlossofoffice.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,19,Forexample,depositsareliabilitiesofbanksorotherinstitutions,aregenerallyrepayableondemandorinthefairlynearfuture,andusuallybearinterest.Loansareoftenliabilitiesofultimateborrowers,areusuallyrepayablebytheendofsomepredeterminedperiod,andcarryanobligationtopayinterest.Andordinarysharesareliabilitiesoffirms,whichconferontheirownerstherighttoashareoftheprofitsearnedbut,incontrastwithloans,donothavetoberepaid.repayondemand:随时偿还bearinterest=carryonobligationtopayinterestCommonstock(US)=ordinaryshares(GB)；Confer=entitle,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,20,Aswellasclaimstherearealsoderivativeinstruments-contractsrelatingtothepricesofsecurities,interestratesorforeignexchangeratesatsomedateinthefuture.aswellas=inadditionto,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,21,Althoughawidevarietyoffinancialinstrumentsexists,differingsignificantlyindetail,themajordistinctionsrestonthreecharacteristics-risk,liquidity,andreal-valuecertainty(thatis,theirsusceptibilitytolossofvalueduetoinflation).susceptibility:theabilitytobeinfluenced敏感度,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,22,Risk：Adistinctioncanbedrawnbetweenontheonehanddepositsandloans,whicharegenerallymadeonlyifrepaymentofcapitalandinterestisconfidentlyexpected,andontheothercompanyshares,whichareclaimstoashareofthesurplusincomeafterpriorclaimshavebeenmet.AdistinctioncanbedrawnbetweenAandB.capital=principle本金；Confidentlyexpected=guaranteed,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,23,Peoplethinkoftheirdepositswithfinancialinstitutionsassafe,andloansareusuallysecuredonassetsormadeconditionalontheborrowersfinancialperformance,togivethelenderaddedconfidenceinthesafetyofthefunds,thoughthereisusuallysomesmallchanceofpartialortotalloss.tobesecuredonsth.以为担保Tobemadeconditionalonsth.以为附加条件,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,24,Theriskofloss,andconverselythepossibilityofgain,isheavilyconcentratedonequityassets,mainlytheordinarysharesofcompanies.Theshareholderisentitledtoashareofthecompanysprofitsbutmustalsoacceptthechanceofexperiencingsomeloss.Indeed,theeffectsontheshareholdersofsuccessorfailureofacompanyaremagnifiedifthecompanyhasloansoutstandingaswellasordinaryshares.magnify=increaseLoansoutstanding尚未偿还的贷款,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,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）,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,26,Thusmaturitycoversaverywiderange,andtheshorteristhematurityofadepositorloanthegreaterisitsliquidity.Butassetswhicharemarketablemayalsobeliquid,eveniftheyarenotautomaticallyrepayableinthenearfuture.Forexample,ordinarysharesinmanycompaniescanbesoldatshortnoticeandtheirvalueturnedintocash,thoughatapricewhichisuncertain.atshortnotice=withoutwarning随时,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,27,Realvaluecertainty:Neitherdepositsnorloans,whosevaluesarefixedinmoney(ornominal)terms,providetheirholderswithprotectionagainstpricelevelchanges.Ordinarysharesstandagoodchanceofdoingbetteronthisscore,becauseprofitscanbeexpectedintheendtoriseroughlyinlinewiththegeneralpricelevel,thoughtheremaybeprolongedperiodswhenthisdoesnotholdgood.onthisscore=inthisrespectInlinewith=atthesametimeProlonged=verylongThesamegoesforproperty,whererentscanbeexpectedtomirrorgeneralpricechangesoverlongperiods-thoughaswithordinarysharestheremaybeconsiderablefluctuationsinpricesaroundanylong-termtrends.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,28,Functions:MeansofpaymentsStoreofvalueTransferofrisk,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,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),Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,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）,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,31,Financialinstitutions,Financialinstitutions:financialintermediary,firmthatprovidesaccesstofinancialmarkets,bothtosaversandborrowers.Roles:reducetransactioncosts,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,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,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,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,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,34,Interpretationoftheconcept,paymentfacilities支付工具:meansofpaymentincludingcreditcards,checks,travelerschecks,lettersofcredit,andpaymentorderssuchasdocumentsagainstpaymentanddocumentsagainstacceptance.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,35,investmenttrust(company)投资信托公司:afinancialintermediarythatpoolsthefundsofindividualsandinveststhosefundsinsecuritiessuchasstock,bondsandmoneymarketinstruments.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,36,venturecapitalcompany风险投资公司:afinancialintermediarythatsupportsandpromotesinvestmentsandtechnologicaldevelopmentinfirmsbytemporarilyholdingsharesinthecapitalofthosefirms.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,37,venturecapital风险资本:isriskmoney,fundswhichareinvestedfortheinitialrisksofanewandpotentiallyrapidlygrowingcompanyoranewlydevelopedgrowthproduct.Itisusedfortheriskexpenseswhichcannotusuallybefinancedbyabankloan.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,38,discounthouse贴现行:afinancialintermediarythatspecializeinbuyingandsellingbillsofexchangeandothercommercialpapersatlessthanthefacevalue.securities有价证券（常用复数）:documentsthathavesomevalueorrepresentsomethingofvalue,e.g.sharecertificate,bondcertificate,lifeinsurancepolicy,etc.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,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,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,40,liquidity流通性/变现力:theeasewithwhichanassetcanbeconvertedintocashatclosetothepublishedmarketprice.maturity偿还期:thedateofscheduledrepaymentofanobligation.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,41,keysentences,Aproperlydevelopedandsmooth-runningfinancialsystemraisesthelevelsofsavingandinvestmentandprovidesincentivesfortheallocationoftheavailableresourcestothoseuseswheretheyarelikelytogivethehighestreturns.theallocationofAtoB把A分配给B,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,42,Satisfactorypaymentsfacilitiesaresomethingwhichweareinclinednowadaystotakeforgranted,butproductiveeconomicactivityisdependentonthereexistence,andindeedontradershavingreasonableaccesstoshort-termcreditfacilities.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,43,Moreover,whilethereisnothingtopreventsaversandinvestorsfromdealingdirectlywitheachotheriftheywish,theexistenceoffinancialinstitutionsmakesdirectcontactunnecessary,sincebothgroupscandealwiththeintermediatinginstitutions.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,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.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,45,Thecontrolwhichfinancialinstitutionswieldoververysubstantialsumsofmoneyalsoattractstheattentionofgovernments,partlybecausetheymayseeirresistibleopportunitiestosecurecheapfinanceforfavoredborrowers(notablygovernmentsthemselves),andpartlyinviewoftheeconomicpowerattachedtocontroloffinance.Wieldover:表示对有权利，有影响等favored=most-likedinviewof=becauseofattachedto=comingfrom/derivedfrom,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,46,Exercises1partA:Matchthetermswiththeexplanations,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,47,1.inisolation2.saver3.investor4.marketmaker5.liquidity6.stockexchange7.maturity8.asawhole9.brokerA.thosewhowanttoborrowmoneyinordertobuycapitalgoodsorincreasethescaleofbusinessB.separately;aloneC.theeaseandspeedwithwhichsavingsinnon-monetaryformscanbeturnedintocash.D.t