Financial English 1.ppt

1,UnitOneFinancialSystem,1,Requirementsforthiscourse:1.Regularattendance2.Homework3.Classparticipation.,TeachingMethodsBefore-classpreparationLecturesQuestionsandanswersClassdiscussionsMulti-media:,Canyouimagineahumanbeingwithoutblood?ThesimpleanswerisNo.Inthesamewaytherecannotbeaneconomicentitywithoutfinance.Financeisthelifebloodofalleconomicactivity.Inthemodernmoney-orientedeconomy,financeisoneofthebasicfoundationsofallkindsofeconomicactivity.Itisthekeywhichprovidesaccesstoallthesourcesforbeingemployedinmanufacturingandmerchandisingactivities.Nobusinesscanbestartedwithoutfinance.Thesuccessofbusinessdependsuponsufficientfinanceanditseffectivemanagement.Financeishowpeoplestudyandfigureouthowpeople,businessesandgroupsmakeandusemoney.Financecanbedefinedasthescienceofmanagementoffunds.,Financeishowpeoplestudyandfigureouthowpeople,businessesandgroupsmakeandusemoney.Financecanbedefinedasthescienceofmanagementoffunds.,Thefinancingsystemhastwogeneralroles-tomobilizesurplusfundsfrompeopleandorganizations,andtoallocatethemamongdeficitpeopleandorganizations.Aninvestorisanexampleofasurplusunit,whereasaborrowerisanexampleofadeficitunit.Mobilizingfundsgeneratesreturnsforsurplusunits,whichgenerallyenhancestheirwealthandeconomicwell-being.Italsoallowsdeficitunitstoenhancetheirproductiveandpurchasingcapacities,andthusimprovesaneconomysproductionandconsumptionpotential.,Paragraph1,1.1Thefinancingsystemhastwogeneralrolestomobilizesurplusfundsfrompeopleandorganizations,andtoallocatethemamongdeficitpeopleandorganizations.mobilzev.调动，动用(资源)Ifyoumobilizeresources,youstarttousethemormakethemavailableforuse.Deficitn.不足,赤字；逆差；亏损；亏空；deficitpeopleandorganizations=peopleandorganizationswhoareshortoffunds,Paragraph1,金融体系总的来说扮演两大角色-集中个人和机构多余的资金，并分配给资金短缺的个人和机构。,Translation,1.2Aninvestorisanexampleofasurplusunit,whereasaborrowerisanexampleofadeficitunit.asurplusunit=peopleororganizationswhichhavemoneymorethanorinexcessofwhatisneededorrequired.资金过剩的典型代表deficitunit:peopleororganizationswhosemoneyfallsshortoftherequiredorexpectedamount.资金短缺方的代表,Paragraph1,Translation,投资者是资金过剩的典型代表，而借款者是资金短缺方的代表。,1.3Mobilizingfundsgeneratereturnsforsurplusunits,whichgeneranllyenhancetheirwealthandeconomicwell-being.returnsn.盈利,Translation,提供闲余资金为过剩方带来收益，通常情况下，这能增加他们的财富，并提高其经济水平。,Surplusunits,Paragraph1,1.3Mobilizingfundsgeneratereturnsforsurplusunits,whichgeneranllyenhancetheirwealthandeconomicwell-being.returnsn.盈利,Translation,提供闲余资金为过剩方带来收益，通常情况下，这能增加他们的财富，并提高其经济水平。,Surplusunits,Paragraph1,1.5Theyalsoallowdeficitunitstoenhancetheirproductiveandpurchasingcapacities,andthusimproveaneconomysproductionandcomsumptionpotential.Comsumptionn.消费,Paragraph1,Translation,对咸闲余资金的吸收也提高了资金短缺方的生产和购买能力，从而刺激经济体的生产和消费能力。,QuestionWhatisafinancialsystem?,Paragraph2,Thesystemthatallowsthetransferofmoneybetweensaversandborrowers.,2.1Fundsaremobilizedeitherasdebtorequity.,Paragraph2,Translation,资金以债权或股权的方式被集中在一起。,Debt：债权Thestateofowingsomething(especiallymoney)Equity：股权Ownershipinterestinacorporationintheformofcommomstockorpreferredstock.,2.2Debtfundsaresuppliedasaloanandgenerallytherepaymentsarescheduled，whereasequityfundsacquirepartownershipofabusinessandtheirreturnsdependonthefutureprofitabilityofthebusiness.equityfunds股权性资金partownership部分所有权abusiness公司profitability盈利状况,Paragraph2,Translation,债务性资金以贷款方式出借，而股权性资金享有公司的部分所有权,其收益取决于公司未来的盈利状况。,放债的2个方式：出借和拿股权,Question:WhatismeantbythewordequityinPara.2?,Paragraph2,Ownershipinterestinacorporationintheformofcommomstockorpreferredstock.,3.1Thefinancingprocessallowsprospectiveusersoffundstocompeteforthemandcreatestheincentiveforfundstobesupplied.thefinancingprocess融资过程financev.Whensomeonefinancessomethingsuchasaprojectorapurchase,theyprovidethemoneythatisneededtopayforthem.给提供资金,为.融资prospectiveusers潜在的资金使用方incentiven.刺激;激励;奖励Ifsomethingisanincentivetodosomething,itencouragesyoutodoit.,Paragraph3,3.2Inessense,presentvalue尽现值p.4Thenetpresentvalueofaprojectisthepresentvalueofcurrentandfuturebenefitminusthepresentvalueofcurrentandfuturecosts净现值=未来报酬的总现值初始投资现值,Paragraph3,3.3Thatis,theuserofthefundsexpectstoearnareturnthatexceedsthereturnpaidtothesupplierofthefunds.,Paragraph3,Translation,即资金使用方希望赚回的受益大于他们给予资金出借方的报酬。,Inessense,thefinancialsystemshouldensurethesupplyoffundswhentheirusehasanetpresentvalue.Thatis,theuserofthefundsexpectstoearnareturnthatexceedsthereturnpaidtothesupplierofthefunds.,Paragraph3,Translation,Translation,实质上，当所供应的资金在使用中能产生净现值时，金融体系能够保证足够的资金供应。,也就是说，资金使用方希望赚回的收益大于他们给予资金出借方的报酬。,Paragraph4,Thereareatleasttwofundamentalproblemsthatmustbesolvedbythefinancialsystem.First,deficitunitsseekfundsfortermsthat,onaverage,arelongerthantheperiodsforwhichfundsaresuppliedbysurplusunits,posingtheproblemofamaturitymismatchbetweenthesupplyanddemandforfunds.Thismeansthatfinancingprocesseshavetobeabletotransformthematurityoffunds-aprocessreferredtoasmaturitytransformation.Second,financingprocesseshavetodevelopmeanstocopewiththerisksfacedbythesuppliersofthefunds.,Paragraph4,4.1Thereareatleasttwofundamentalproblemsthatmustbesolvedbythefinancialsystem.,Afinancialsystemisonethatallowsthetransferofmoneybetweensaversandborrowers.,Paragraph4,4.2First,deficitunitsseekfundsfortermsthat,onaverage,arelongerthantheperiodsforwhichfundsaresuppliedbysurplusunits,posingtheproblemofamaturitymismatchbetweenthesupplyanddemandforfunds.term出借期限posetheproblemv.产生问题maturity到期maturitymismatch期限错配,第一，资金短缺方会寻求平均来说比资金供应方资金出借期更长的资金，这就造成了资金供应方与需求方的期限错配。,Translation,Paragraph4,4.3Thismeansthatfinancingprocesseshavetobeabletotransformthematurityoffunds-aprocessreferredtoasmaturitytransformation.maturitytransformation到期转换,这意味着融资的过程必须能转变资金的到期日-此过程被称为期限转换。,Translation,Paragraph4,Second,financingprocesseshavetodevelopmeanstocopewiththerisksfacedbythesuppliersofthefunds.risksfacedbythesuppliersofthefunds：资金供应方所面临的风险,Translation,Whatriskssuppliersoffundsmightface?,ThelossofreturnsThelossofthefundsthemselves.,第二，融资过程必须采取一定措施应对资金供应方所面临的风险.,Tprehensivedisclosure全面公开相关信息toassesstherisksandexpectedreturnsassociatedwiththeproposeduseoffunds评估风险和预估计划出借资金的未来收益,Paragraph5,Thefinancingsystemismadeupofvariousfinancialinstitutionsthathelpcoordinatesaversandborrowers.Financialinstitutionscanbegroupedintotwocategoriesfinancialmarketsandfinancialintermediaries.financialmarkets金融市场financialintermediaries金融中介,Paragraph6,Definingfinancialmarkets金融市场Afinancialmarketisamarketinwhichpeopleandentitiescantradefinancialsecurities,commodities,andotheritemsofvalueatlowtransactioncostsandatpricesthatreflectsupplyanddemand.Securitiesincludestocksandbonds,andcommoditiesincludepreciousmetalsoragriculturalgoods.Ineconomics,typically,thetermmarketmeanstheaggregateofpossiblebuyersandsellersofacertaingoodorserviceandthetransactionsbetweenthem.Thetermmarketissometimesusedforwhataremorestrictlyexchanges,organizationsthatfacilitatethetradeinfinancialsecurities,e.g.,astockexchangeorcommodityexchange.Thismaybeaphysicallocation(ShanghaiStockExchange)oranelectronicsystem.,Paragraph6,market:Themarketforaparticulartypeofthingisthenumberofpeoplewhowanttobuyit,ortheareaoftheworldinwhichitissold.bondmarket债券市场stockmarket股票市场humanresourcemarket人力资源市场computermarket电脑市场,Paragraph6,7.1-7.2Financialmarketsaretheinstitutionsthroughwhichapersonwhowantstosavecandirectlysupplyfundstoapersonwhowantstoborrow.Thetwomostimportantfinancialmarketsinoureconomyarethebondmarketandthestockmarket.throughwhichapersonwhowantstosave希望通过金融市场来进行储蓄的人thebondmarket债卷市场thestockmarket股票市场,Paragraph7,7.3-7.4WhenIntel,thegiantmakerofcomputerchips,wantstoborrowtofinanceconstructionofanewfactory,itcanborrowdirectlyfromthepublic.Itdoesthisbysellingbonds.maker制造商financeconstructionofanewfactory想要借钱建立一家新工厂,Paragraph7,7.5AbondisanIOU.IOU=Ioweyou=借条,Paragraph7,7.6Itidentifiesthetimeatwhichtheloanwillberepaid,calledthedateofmaturity,therateofinterestthatwillberepaidperiodicallyuntiltheloanmatures.identifyv.specifyrepaid=payedbacktothesupplierofthefund,Paragraph7,Translation,它规定了贷款偿还的日期，即到期日，贷款到期日之前要定期支付的利率。,whichis,7.7ThebuyerofabondgiveshisorhermoneytoIntelinexchangeforhispromiseofinterestandprincipal.principal本金,Paragraph7,7.8Thebuyercanholdthebonduntilmaturity，orcansellthebondatanearlierdatetosomeoneelse.,Paragraph7,Translation,债券持有人可以持有债券直至债券到期，也可以在到期日之前的某个时候将债卷卖给他人。,7.8-7.11AnotherwayforInteltoraisefundstobuildanewsemi-conductorfactoryistosellstockinthecompany.Stockrepresentsownershipinafirmandis,therefore,aclaimtotheprofitsthatthefirmmakes.Forexample,ifIntelsellsatotalof1.000.000sharesofstock,theneachsharererpesentsownershipof1/1,000,000ofthebusiness.raisefunds筹集资金aclaimto.对.的索取权thebusiness公司,Paragraph7,Paragraph8,8.1-8.3Financialintermediariesarefinancialinstitutionsthroughwhichsaverscanindirectlyprovidefundstoborrowers.Thetermintermediaryreflectstheroleoftheseinstitutionsstandingbetweensaversandborrowers.Twoofthemostimportantfinancialintermediariesarebanksandmutualfunds.Financialintermediaries金融中介mutualfunds共同基金p.5Thecovertermforbanksandmutualfundsis_.A.financialmarketsB.financialsysytemsC.financialintermediariesD.bondsandstocks,financialintermediaries,Banksarethefinancialintermediarieswithwhichpeoplearemostfamiliar.Aprimaryjobofbanksistotakeindepositsfrompeoplewhowantstosaveandusethesedepositstomakeloanstopeoplewhowanttoborrow.Bankspaydepositorsinterestontheirdepositsandchargeborrowerssightlyhigherinterestontheirloans.Thedifferencebetweenratesofinterestcoversthebankscostandreturnssomeprofittotheownerofthebanks.takeindeposits吸收存款,Paragraph9,Paragraph10,10.1Amutualfundisaninstitutionthatsellssharestothepublicandusestheproceedstobuyaselectin,orportfolio,ofvarioustypesofstocks,bonds,ceedsn.收益buyaselectionofsth选择购买portfolion.证券组合,Translation,共同基金是向大众出售基金股份的机构，并用由此所得的收益选择购买各种类型的股票或者债券，或者投资组合，或者同时购买股票和债券的投资组合。,Paragraph10,10.2-10.3Theshareholderofthemutualfundacceptsalltherisksandreturnsassociatedwiththeportfolio.Ifthevalueoftheportfoliorises,theshareholderbenefits;ifthevalueoftheportfoliofalls,