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1、SectionL1TextSignificanceoffinanceTheword“finance"signifiescapitalinmonetaryform,thatis,intheformoffundslentorborrowed,normallyforcapitalpurposes,throughfinancialmarketsorfinancialinstitutions.Whenfinancegoesinternational,itisthenaninternationalfinance-Whatisafinan
2、cialmeirket?Ttisaplacewherefirmncialtransactionstakeplace.Financialmarketsfacilitatethelendingoffundsfromsaverstothosewhowishtoundertakeinvestments.Thosethatwishtoborrowtofinanceinvestmentprojectssellfinancialinstrumentstosavers.FinancialtransactionsInternationalfi
3、nancialtransactionsincludepurchasesandsalesofforeigncurrency,securities,goldbullion,andlendingandborrowing.MethodsofraisingfundsApartfromborrowingfrombanks,afirmoranindividualcanobtainfundsinafinancialmarketintwoways.Themostconunonmethodistoissueadebtinstrument,suc
4、hasabondoramortgage,whichisacontractualagreementbytheborrowertopaytheholderoftheinstrumentfixedamountsatregularintervals(interestandprincipalpayments)untilaspecifieddate(thematuritydate),whenafinalpaymentismade.Thesecondmethodofraisingfundsisbyissuingequities,sucha
5、scommonstock,whichareclaimtoshareinthenetincome(incomeafterexpensesandtaxes)andtheassetsofabusiness.Equitiesusuallyearnperiodicpayment(dividends)andareconsideredlong-termsecuritiesbecausetheyhavenomaturitydate-Aprimarymarketisafinancialmarketinwhichnewissuesofasecu
6、rity,suchasabondorastock,aresoldtoinitialbuyersbythecorporationorgovernmentagencyborrowingthefunds.Asecondarymarketisafinancialmarketinwhichsecuritiesthathavebeenpreviouslyissued(andarethussecondhand)canberesold.Thesecondeirymarketservestwoimportantfunctions.First,
7、financialinstrumentsaremoreliquid.Theincreasedliquidityoftheinstrumentsmakesthemmoredesirableandthuseasierfortheissuingfirmtosellintheprimarymarket.Second,theydeterminethepriceofthesecuritythattheissuingfirmsellsintheprimarymarket.Thefirmsthatbuysecuritiesintheprim
8、arymarketwillpaytheissuingcorporationnomorethanthepricethattheythinkthesecondarymarketwillsetforthissecurity.Thehigherthesecurity"spriceintheseco
