剑桥金融财务英语(acca)课件

2023年7月26日1

剑桥金融财务英语授课老师：杨孙蕾（博士、CPA)ProfessionalEnglishinUseFinance2023年7月26日21Moneyandincome货币和收入A.Currency货币Themoneyofficiallyusedinacountryisitscurrency,suchaseuros,dollars,RMB,etc.Moneyisoftenintheformofcash(现金)andbankdeposits(银行存款).Cashincludesnotes(纸币)andcoins(硬币).Bankdeposits:moneyinthebankaccounts(银行账户).2023年7月26日3B.Personalfinance1.

Income(收入):Allthemoneyapersonreceivesorearns.Thiscaninclude:Salary(工资):moneypaidmonthly;orwages:moneypaidbythedayorthehour,usuallyreceivedweekly.Overtime(加班费):moneyreceivedforworkingextrahours.Commission(佣金):acertainpercentageoftheincometheemployeegenerates,suchassalesperson.Bonus(红利):extramoneygivenformeetingatargetorforgoodfinancialresults.Fees(酬金):moneypaidtoprofessionalpeoplesuchaslawyersandarchitects.Socialsecurity,orwelfare(社会保险):moneypaidbythegovernmenttounemployedandsickpeople.Pension(养老金):moneypaidbyacompanyorthegovernmenttoaretiredperson.2023年7月26日4Outgoing（开支）:Amountsofmoneythatpeoplehavetospendregularly,including:Livingexpenses(日常开支):moneyspentoneverydayneedssuchasfood,clothesandpublictransport.Bills(账单):requestsforthepaymentofmoneyowedforservicessuchaselectricity,gasandtelephoneconnections.Rent(租金):moneypaidfortheuseofahouseorflat.Mortgage(贷款):repaymentsofmoneyborrowedtobuyahouseorflats.Healthinsurance(人身保险):financialprotectionagainstmedialexpensesforsicknessoraccidentalinjuries.tax(税收):moneypaidtofinancegovernmentspending.2023年7月26日5Budget(预算)：afinancialplan,showinghowmuchmoneyapersonororganizationexpectstoearnandspend.2023年7月26日62Businessfinance公司财务A.Capital资本Capitalisthemoneyusedtosetup(建立)

orstartacompany.Capitalcancomefromloan(借款),borrowed(借入)frombanks.Theloanmustbepaidback(偿还)withinterest(利息).Company（借款人）bank（放款人）Individualsandfinancialinstitutions,calledinvestors(投资者),canalsolend(借出)moneytocompaniesbybuyingbondsloansthatpayinterestandarerepaidatafixedfuturedate.Moneythatisowed(欠)havetobepaidiscalleddebtorliabilities(负债).2023年7月26日7Capital(continued)Capitalcanalsocomefromissuingsharesorequities(股票)-certificatesrepresentingunitsofownership(所有权).Thepeoplewhoinvest(投资)money，knownassharecapital(股本),insharesarecalledshareholders(股东)andtheyown(拥有)partofthecompany.2023年7月26日8Long-termliabilities(长期负债)includebonds;Short-termliabilities(短期负债)includedebtstosupplierswhoprovidegoodsorservicesoncredit(赊销).Themoneythatabusinessusesforeverydayexpensesorhasavailableforspendingiscalledworkingcapitalorfunds(营运资金).2023年7月26日9B.RevenueAllthemoneycomingintoacompanyduringagivenperiodisrevenue(收入).Revenueminusthecostofsalesandoperatingexpenses(费用）,suchasrentandsalaries,isknownasprofit,earningornetincome(利润，净收入).Thepartofitsprofitpaidtotheshareholdersisadividend（股利）,tothegovernmentistax.Theyalsoretain(保留),orkeep,someoftheirearningsforfutureuse.Thisiscalledretainedearnings(留存收益).2023年7月26日10C.Financialstatements会计报表Thefinancialstatementsdisplayacompany’sfinancialsituation.Thebalancesheet(资产负债表)showsthecompany’sassets,liabilities,anditscapital.Theprofitandlossaccount(损益表)showsthecompany’srevenuesandexpensesduringaparticularperiod.Profitandlossaccount（BrE)=incomestatement(AmE)2023年7月26日113Accountingandaccountancy

AAccountingAccounting(会计）involvesrecording（记录）andsummarizinganorganization’stransactions（交易）orbusinessdeals,suchaspurchasesandsales,andreportingthemintheformoffinancialstatement.

Inmanycountries,theaccountingoraccountancy（会计师）professionhasprofessionalorganizationswhichoperatetheirowntrainingandexaminationsystems,andmaketechnicalandethicalrules：theserelatetoacceptedwaysofdoingthings.2023年7月26日12Financialaccounting（财务会计）includesbookkeeping(记账）,andpreparingfinancialstatementsforshareholdersandcreditors（债权人）;Managementaccounting（管理会计）involvestheuseofaccountingdatabymanagers,formakingplansanddecisions.Bookkeepingistheday-to-dayrecordingoftransactions2023年7月26日13WhosetaccountingstandardsInmostcontinentalEuropeancountries,andinJapan,therearelawsrelatingtoaccounting,establishedbythegovernment.IntheUS,companieswhosestocksaretradedonpublicstockexchangeshavetofollowrulessetbytheSecuritiesandExchangeCommission（SEC），agovernmentagency.InBritain,therules,whicharestandards(准则），haveestablishedbyindependentorganizationssuchastheAccountingStandardBoard(ASB),andbytheaccountancyprofessionitself.2023年7月26日14Whoisaccountinginformationusers?CompaniesinmostEnglish-speakingcountriesarelargelybyshareholders,bothindividualsandfinancialinstitutions.inthesecountries.thefinancialstatementsarepreparedforshareholders.InmanycontinentalEuropeancountriesbusinessesarelargelyfundedbybanks,soaccountingandfinancialstatementsarepreparedforcreditorsandthetaxauthorities.10AuditingAInternalauditing(内部审计)Afterbookkeeperscompletetheiraccounts,andaccountantspreparetheirfinancialstatements,thesearecheckedbyinternalauditors（内部审计师）.Aninternalauditisanexaminationofacompany’saccountsbyitsowninternalauditorsorcontrollers.Theyevaluate(评价)theaccuracyorcorrectnessoftheaccounts,andcheckforerrors.Theymakesurethattheaccountscomplywith（遵守）,orfollow,establishedpolicies,procedures,standards,lawsandregulations.Theinternalauditorsalsocheckthecompany’ssystemsofcontrol,relatedtorecordingtransactions,valuingassetsandsoon.Theychecktoseethattheseareadequateorsufficientand,ifnecessary,recommend（劝告）changestoexistingpoliciesandprocedures.-BExternalauditing(外部审计)

Publiccompanieshavetosubmit（递交）theirfinancialstatementstoexternalauditors-independentauditorswhodonotworkforthecompany.Theauditorshavetogiveanopinionaboutwhetherthefinancialstatementsrepresentatrueandfairviewofthecompany’sfinancialsituationandresults.Thetypeofopinion：UnmodifiedopinionUnqualifiedopinion无保留意见Modifiedopinion，Qualifiedopinion保留意见Adverseopinion否定意见Disclaimerofopinion无法表示意见Duringtheaduit,theexternalauditorsexaminethecompany’ssystemsofinternalcontrol（内部控制系统）,toseewhethertransactionshavebeenrecorded（记录）correctly.Theycheckwhethertheassetsmetionedonthebalancesheetactuallyexist,andwhethertheirvaluationiscorrect.Forexample,theyusuallychecktheannualstocktake（盘点）-thecountofallthegoodsheldreadyforsale.Theyalwayslookforanyunusualitemsinthecompany’saccountbooksorstatements.Untilrecently,thebigauditingfirmsalsoofferedconsulting（咨询）servicestothecompanieswhoseaccountstheyauditing,givingthemadviceaboutbusinessplanning,strategyandrestructuring（改组）.Butafteranumberofbigfinancialscandals（财务丑闻）,mostaccountingfirmsseparatedtheirauditingandconsultingdivisions,becauseanauditorwhoisalsogettingpaidtoadviseaclientisnolongertotallyindependent.2023年7月26日205CompanylawTherearemanydescriptionforabusiness.Wemayheartermssuchasfirm,company,organizationorcorporation.Thesetermdonotalwaysmeanthesamethingandthereexistdifferenttypesofbusiness.2023年7月26日21

partnerships(合伙)isabusinessarrangementinwhichseveralpeopleworktogether,andsharetherisksandprofit.InBritainandtheUS,Partners(合伙人）arefullyliableorresponsibleforanydebtsthebusinesshas.Partnershipsarenotlegalentities(法律实体）在中国，合伙也不是法律实体。InmostcontinentalEuropeancountries,therearevariouskindsofpartnershipwhicharelegalentites.合伙制分为两类：一般合伙制（generalpartnership，简称GP）和有限合伙制（

limitedpartnership，简称LP）。

2023年7月26日22Soletrader（独资经营）Anenterpriseownedandoperatedbyasinglepersonunlimitedliabilityfordebtsliabilitymeansobligationtopayone’sdebt2023年7月26日23Blimitedliability有限责任(公司）Acompanyislegalentity，ithasaseparatelegalexistencefromitsownersItistreatedlikeaprivatepersonunderthelaw.Itcanenterintocontracts,andcanbesuedortakentocourtifitbreaksacontract.Intheoryacompanycancontinueforever,evenifallthestaffandownerschange.Mostcompanieshavelimitedliabilitytheownersarenotfullyliableforthebusiness’sdebtslimitedcompanies.Theirliabilityislimitedtothevalueoftheirsharecapitaltheamountofcashthattheshareholdershavecontributedtothecompany.2023年7月26日24corporategovernance(公司治理)-thewayacompanyisrunbythemanagementfortheshareholders,andhowthemanagersareaccountabletotheshareholders.Thesemanagersandfulltimeexecutivedirectors(执行董事)runcompanyforitsowners.2023年7月26日25Separatingthejobofchairman(董事长)fromthatofmanagingdirector(首席执行官）Havingseveralnon-executivedirectors(非执行董事）ontheboardofdirectors(董事会）whodonotworkfull-timeforthecompanybutcanofferitexpertadvice.Non-executivedirectorsareoftermoreobjective(客观）:lessinfluencedbytheiropinionsandbeliefs.Thereisalsoanauditcommittee(审计委员会），containingseveralnon-executivedirectors,towhichtheauditorsreport.Foundingcompanies(成立公司）Whenpeoplefoundorstartcompanies,theydrawup(草拟）orprepareArticlesofAssociation(公司章程）andaMemorandumofAssociation(营业执照）。2023年7月26日26TheArticlesofAssociationstate：Therightanddutiesoftheshareholdersanddirectors;TherelationshipamongdifferentclassesofshareholderTherelationshipbetweenshareholdersandthecompanyanditsdirectors.2023年7月26日27TheMemorandumofAssociationstates:Thecompany’snameThelocationofthecompany’sregisteredoffice(注册地）-wheretosendofficialdocuments.Thecompany’spurpose(目标）-itsaimsorobjectivesTheauthorizedsharecapital(额定股数）-themaximumsharecapitalitcanhave.2023年7月26日285companyA.PrivateandpubliccornpaniesPrivatecompanies（私人公司）usuallyhave‘Limited’or‘Ltd’attheendoftheirname.Theyarenotallowedtoselltheirstocksorsharesonanopenmarket。Mostcompaniesareprivate；thereareaboutonemillionprivatecompaniesinBritain．2023年7月26日29ThereareaboutonemillionprivatecompaniesinBritain．comparedtoaround2，000publiclimitedcompanies(公开股份有限公司，PLCs),Thesecompanieshave‘plc’attheendoftheirname，andtheirsharesarepubliclytradedontheLondonStockExchange.2023年7月26日302023年7月26日31TheUSequivalentofaPLCisacompanyorcorporationregisteredwiththeSecuritiesandExchangeCommission(证券交易所，SEC).SEC-registeredcompanies，alsoknownaslistedcompanies(上市公司)，havetomaketoquarterlyreports（ie.everythreemonths)Theyreporton：-salesrevenueorturnover(营业额)themoneyreceivedbythecompanyinthatperiodfromsellinggoodsorservices-grossprofit(毛利)turnoverlesscostofsales-netprofit(净利润)grossprofitlessadministrativeexpenses(管理费用)andtaxCompaniesontheLondonStockExchangeknownasquotedregisteredcompanies(上市公司)，havetoproduceahalf-yearlyinterimreport(中期报告)whichinformsshareholdersaboutthecompany'sprogress.Thesereportsarenotaudited.AllcompanieswithshareholdersofstockholdershavetosendthemanAnnualReport(年度报告)eachfinancialyear.Thiscontainsareviewoftheyear'sactivity,andanexaminationandexplanationofthecompany’sfinancialpositionandresultsTherearealsofinancialstatementandnotes(报表附注),andtheauditors’reportonthefinancialstatements.2023年7月26日32AGMsPubliccompanieshavetoholdanAnnualGeneralMeeting(年度股东机构大会，AGM)，andmostprivateonesdotoo.AtthismeetingtheshareholderscanquestiondirectorsaboutthecontentoftheAnnualReportandthefinancialstatements，votetoacceptorrejectthedividendrecommendedbythedirectors，andvoteonreplacementsforretiringmembersoftheboard.Themeetingcanalsocarryoutanyotherbusinessstatedinthecompany'sMemorandumofAssociationorCertificateofIncorporation(营业执照),andArticlesofAssociation（公司章程）orBylaws（规章制度）.2023年7月26日33

Ifthereisacrisis,thedirectorsortheshareholdercanrequesttoholdanExtraordinaryGeneralMeeting(非常股东大会，EGM)todiscussthesituation.Forexample，ifthereareclaimsofmisconduct（行为不当）bythedirectors，wheretheyhavebehavedillegally,therecouldbeanEGM.2023年7月26日3429Stocksandshares

A.Stocks,sharesandequities

Stocksandshares(股票)arecertificatesrepresentingpartownershipofacompany.Thepeoplewhoownthemarecalledstockholdersandshareholders（股东，股票持有者）.InBritain,stockisalsousedtorefertoallkindsofsecurities.includinggovernmentbonds（政府债券）.Thewordequityorequitiesisalsousedtodescribestocksandshares.Theplaceswherethestocksandsharesoflistedorquotedcompaniesareboughtandsoldarecalledstockmarketsorstockexchanges(证券交易所).2023年7月26日35B.Goingpublic（公开上市）

ASuccessfulexistingcompanywantstoexpand,decidestogopublicThecompanygetsadvicefromaninvestmentbank(投资银行)abouthowmanysharestoofferandatwhatprice.Thecompanygetsindependentaccountantstoproduceaduediligencereport(尽职调查报告).2023年7月26日36Thecompanyproducesaprospectus(招股说明书)whichexplainsitsfinancialposition,andgivesdetailsabouttheseniormanagersandthefinancialresults（财务业绩）

frompreviousyears.ThecompanymakesaflotationorIPO(Initialpublicoffering,首次公开发行)Aninvestmentbankunderwrites(包销)thestockissue.2023年7月26日37C.Ordinaryandpreferenceshares

(普通股和优先股)

Ifacompanyhasonlyonetypeofsharetheseareordinaryshares(普通股).

Somecompaniesalsohavepreferenceshareswhoseholdersreceiveafixeddividend(e.g.5%oftheshares'nominalvalue(票面价值))thatmustbepaidbeforeholdersofordinarysharesreceiveadividend.HoIdersofpreferenceshareshavemorechanceofgettingsomeoftheircapitalbackifacompanygoesbankrupt(破产)-stopstradingbecauseitisunabletopayitsdebts.2023年7月26日38Ifthecompanygoesintoliquidation(清算破产)-hastosellallitsassetstorepaypartofitsdebts–holdersofpreferencesharesarerepaidbeforeothershareholders.butafterownersofbondsandotherdebts.Ifshareholdersexpectacompanytogrow.howevertheygenerallypreferordinarysharestopreferenceshares.becausethedividendislikelytoincreaseovertime.

2023年7月26日3930Stocksandshares2

A.Buyingandsellingshares(买卖股票)Afternewlyissuedshareshavebeensold(usuallybyinvestmentbanks)forthefirsttime-thisiscalledtheprimarymarket(初级市场，一级市场).theycanberepeatedlytradedatthestockexchangeonwhichthecompanyislisted,onwhatiscalledthesecondarymarket（次级市场，二级市场）.2023年7月26日40Majorstockexchanges,suchasNewYorkandLondon.havealotofrequirementsaboutpublishingfinancialinformationforshareholders.Mostcompaniesuseover-the-counter(OTC)markets（场外市场）,suchasNASDAQinNewYorkandtheAlternativeInvestmentMarket(AIM，创业板市场)inLondon,whichhavefewerregulations.2023年7月26日41The

nominalvalue（票面价值）

ofashare-thepricewrittenonit-israrelythesameasitsmarketprice（市场价格）

-thepriceitiscurrentlybeingtradedatonthestockexchange.Thiscanchangeeveryminuteduringtradinghours，becauseitdependsonsupplyanddemand

（供求）-howmanysellersandbuyersthereare.whotradeswiththemarketmakers。2023年7月26日422023年7月26日43Somestockexchangeshavecomputerizedautomatictradingsystems（自动交易系统）

thatmatchupbuyersandsellers.Othermarketshave

marketmakers（做市商）:tradersinstockswhoquotebid（出价）(buying)andoffer（出价）

(selling)prices.Thespreadordifferencebetweenthesepricesistheirprofitor

mark-up（加价）.Mostcustomersplacetheirbuyingandsellingorderswitha

stockbroker（股票经纪人）:someonewhotradeswiththemarketmakers。B.Newshareissues（新股发行）Companiesthatrequirefurthercapitalcanissuenewshares.Iftheseareofferedtoexistingshareholdersfirstthisisknownasarightsissue（优先认股权）

-becausethecurrentshareholdershavethefirstrighttobuythem.2023年7月26日44Companiescanalsochooseto

capitalizepartoftheirprofitorretainedearnings.Thismeansturningtheirprofitsintocapitalbyissuingnewsharestoexistingshareholdersinsteadofpayingthemadividend.Therearevariousnamesforthisprocess.including

scripissue(发行红利股).capitalizationsissueandbonusIssue.CompanieswithsurpluscashcanalsochoosetobuybacksomeoftheirsharesontheSecondarymarket.Thesearethencalledownshares(回购).2023年7月26日45

C.Categoriesofstocksandshares

（股票的分类）

Investorstendtoclassifythestocksandsharesavailableintheequitymarkets(股票市场）indifferentcategories.

Bluechips（蓝筹股，绩优股）:Stocksinlargecompanieswithareputationforquality,reliabilityandprofitability.Morethantwo-thirdsofallbluechipsinindustrializedcountriesareownedby

institutionalinvestors（机构投资者）

suchasinsurancecompanies（保险公司）

and

pensionfunds（养老基金）

2023年7月26日46Growthstocks（成长股）：Stocksthatareexpectedtoregularlyriseinvalue.Mosttechnologycompaniesaregrowthstocks.anddon‘tpaydividends.Sotheshareholders’equityorowners‘equityincreases.Thiscausesthestockpricetorise。Incomestocks(收益股票):Stocksthathaveahistoryofpayingconsistentlyhighdividends.2023年7月26日47

Defensivestocks（防御股）:Stocksthatprovidearegulardividendandstableearnings.butwhosevalueisnotexpectedtoriseorfallverymuch.Valuestocks(价值股):Stocksthatinvestorsbelievearecurrentlytradingforlessthantheyareworth-whencomparedwiththecompanies’assets.2023年7月26日4831Shareholders

Investors投资者Stockmarketsaremeasuredbystockindexes(股票指数)(orindices),suchastheDowJonesIndustrialAverage(DJIA)inNewYork,andtheFTSE100index(oftencalledtheFootsie)inLondon.Theseindexesshowchangesintheaveragepricesofaselectedgroupofimportantstocks.Therehavebeenseveralstockmarketcrasheswhentheseindexeshavefallenconsiderablyonasingleday(e.g.'BlackMonday',19October1987.whentheDJIAlost22.6%).2023年7月26日49Bulls（看好股市者）

areinvestorswhoexpectpricestorisebullmarket(牛市):AperiodwhenmostofthestocksonamarketriseBears（不看好股市者）

areinvestorswhoexpectthemtofall

bearmarket(熊市):Aperiodwhenmostofthemfallinvalue.2023年7月26日50Stags（投机认股者）

areinvestorswhobuynewshareissueshopingthattheywillbeover-subscribed（超额认股）.

Thismeanstheyhopetherewillbemoredemandthanavailablestocks,sothesuccessfulbuyerscanimmediatelyselltheirstocksataprofit.2023年7月26日51B.Dividendsandcapitalgains

Companiesthatmakeaprofit(赚钱)eitherpayadividend(发放股利)totheirstockholders,orretaintheirearningsbykeepingtheprofitsinthecompany.whichcausesthevalueofthestockstorise.Stockholderscanthenmakeacapitalgain(资本增值)-increasetheamountofmoneytheyhave-bysellingtheirstocksatahigherpricethantheypaidforthem.2023年7月26日52Somestockholdersprefernottoreceivedividends.becausethetaxtheypayoncapitalgainsislowerthantheincometaxtheypayondividends.

cumdiv(带息股票),meaningtheinvestorwillreceivethenextdividendthecompanypays.exdiv(除息股票).meaningtheywillnot.Cumdivsharepricesarehigher,astheyincludetheestimatedvalueofthecomingdividend.2023年7月26日53C.(投机者)

speculators(投机者)-peoplewhobuyandsellsharesrapidly,hopingtomakeaprofit.Theseincludedaytraders(当日交易者)-peoplewhobuystocksandsellthemagainbeforethesettlementday(交割日).Thisisthedayonwhichtheyhavetopayforthestockstheyhavepurchased,usuallythreebusinessdaysafterthetradewasmade.Ifdaytraderssellataprofitbeforesettlementday,theyneverhavetopayfortheirshares.2023年7月26日54Daytradersusuallyworkwithonlinebrokers(网络经纪公司,折扣经纪公司)ontheinternet,whochargelowcommissions(佣金)-feesforbuyingorsellingstocksforcustomers.takeashortposition(做空头交易):whichmeansagreeingtosellstocksinthefutureattheircurrentprice.beforetheyactuallyownthem.Theythenwaitforthepricetofallbeforebuyingandsellingthestocks.2023年7月26日55takealongposition(做多头交易)-meansactuallyowningasecurity(拥有证券)orotherasset,thatisbuyingitandhavingitrecordedinone'saccount.Junel:Selll.000Microsoftstocks.tobedelivered(交割)June4.atcurrentmarketprice:$26.2。June3:Stockfallsto$25.90Buyl000。June4:SettlementdayPayforl000Stocks@$25.90,receivel.000x$26.20.Profit$300。2023年7月26日5632shareprices(股价)

A.InfluencesonsharepricesSharepricesdependonanumberoffactors:

thefinancialsituationofthecompany

thesituationofthe

industry(行业)inwhichthecompanyoperates

thestateoftheeconomyingeneral

thebeliefsofinvestors-whethertheybelievethesharepricewillriseorfall,andwhethertheybelieveotherinvestorswillthinkthis.2023年7月26日57Pricescangoupordownandthequestionforinvestors-andspeculators-is:canthesepricechangespredicted(预测),orseen

inadvance?Whenprice-sensitiveinformation(影响股价的信息)–newsthataffectsacompany'svalue–arrives,asharepricewillchange.Butnooneknowswhenorwhatthatinformationwillbe.Soinformationaboutpastpriceswillnottellyouwhattomorrow'spricewillbe.2023年7月26日58

B.Predictingprices

Therearedifferenttheoriesaboutwhethersharepricechangescanbepredicted.

Therandomwalkhypothesis(随机游走假设).Pricesmovealonga'randomwalk'–thismeansday-to-daychangesarecompletelyrandomorunpredictable.Theefficientmarkethypothesis(有效市场假设).Sharepricesalwaysaccurately(精确的)orexactlyreflectallrelevantinformation.Itisthereforeawasteoftimetoattempttodiscoverpatternsortrends-generalchangesinbehavior-inpricemovements.2023年7月26日59Technicalanalysis(技术分析).Technicalanalysts（分析师）arepeoplewhobelievethatstudyingpastsharepricesdoesallowthemtoforecastfuturepricechanges.Theybelievethatmarketpriceresultfromthepsychologyofinvestorsratherthanfromrealeconomicvalues.sotheylookfortrendsinbuyingandsellingbehavior,suchasthe'headandshoulders'pattern(头肩底).2023年7月26日60Fundamentalanalysis(基本面分析).Thisistheoppositeoftechnicalanalysis:itignoresthebehaviorofinvestorsandassumesthatasharehasatrueorcorrectvalue,whichmightbedifferentfromitsstockmarketvalue.Thismeansthatmarketsarenotefficient.Thetruevaluereflectsthepresentvalue（现值）ofthefutureincomefromdividends2023年7月26日61Typesofrisk

Unsystematicrisks(非系统性风险)arethingsthataffectindividualcompanies,suchasproductionproblemsorasuddenfallinsales.Investorscanreducethesebyhavingadiversifiedportfolio(多元化投资组合):buyinglotsofdifferenttypesofsecurities.2023年7月26日62Systematicrisks(系统性风险)cannotbeeliminatedinthisway.Forexamplemarketrisk(市场风险)cannotbeavoidedbydiversification（多元化，分散投资）:ifastockmarketfalls，alltheshareslistedonitwillfalltosomeextent.2023年7月26日6333.Bonds(债券)

A.Governmentandcorporatebonds(政府债券和公司债券)BondsareLoanstolocalandnationalgovernmentsandtolargecompanies.Theholdersofbondsgenerallyreceivefixedinterestpayments（固定的利息）,onceortwiceayear.andgettheirmoney-knownastheprincipal

（本金）-backonagivenmaturitydate（到期日）.Thisisthedatewhentheloanends.2023年7月26日64Governmentbondsareconsideredtobearisk-freeinvestment.InBritaingovernmentbondsareknownasgilt-edgedstock

（金边债券）orjustgilts.IntheUS,Treasurynotes（中期国债）-amaturityof2-10years

Treasurybonds（长期国债）-amaturityof10-30years.2023年7月26日65Treasurybills

（短期国库券）-themostcommonmaturityisthreemonths,althoughtheycanhaveamaturityofuptooneyear.T-billsaregenerallythesafestpossibleinvestment.Aresoldatadiscountfromtheirnominalvalueratherthanpayinginterest.corporatebonds（公司债券）theycanusuallypaylessinteresttobondholdersthantheywouldhavetopayiftheyraisedthesamemoneybyabankloan.Thesebondsaregenerallysaferthansharesbecauseifacompanycannotrepayitsdebtsitcanbedeclaredbankrupt.ifthishappens,thecreditorscanforcethecompanytostopdoingbusiness.andsellitsassetstorepaythem.Inthisway.bondholderswillprobablygetsomeoftheirmoneyback.2023年7月26日67

Borrowers（借款人）aregiven

creditratings(信用等级)bycreditagenciessuchasStandard&Poor'sandMoody's.theyaregraded.orrated,accordingtotheirabilitytorepaytheloantothebondholdersThehighestgrade(AAAorAaa)meansthatthereisalmostnoriskthattheborrowerwilldefault(拖欠)-failtopayinterestortorepaytheprincipal.Lowergrades(e.gBaa,BBB.C,etc.)meananincreasingriskoftheborrowerbecominginsolvent(破产者)-unabletopayinterestorrepaythecapital.2023年7月26日68B.Pricesandyields（价格和收益）

Bondsaretradedbybankswhichactasmarketmakersfortheircustomers,quotingbidandofferpriceswithaverysmallspreadordifferencebetweenthem.Thepriceofbondsvariesinverselywithinterestrates.Thismeansthatifinterestratesrise,sothatnewborrowershavetopayahigherrate.existingbondslosevalue.Ifinterestratesfall,existingbondspayingahigherinterestratethanthemarketrateincreaseinvalue.2023年7月26日69Consequentlytheyieldofabond-howmuchincomeitgives-dependsonitspurchasepriceaswellasitscoupon（票息）

orinterestrate.

2023年7月26日70C.Othertypesofbonds

floating-ratenotes（浮动利率债券）–bondswhoseinterestrate