金融英语Lecture 5 Stock

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1、StockStockMarket：Astockmarket(orequitymarket):aprivateorpublicmarketforthetradingofcompanystockandderivativesofcompanystockatanagreedprice;thesearesecuritieslistedonastockexchangeaswellasthoseonlytradedprivately.StockMarketIndexes：StockMarketIndexes:indicatorstomeasuretheperformanceofthestock

2、market.1.DowJonesAverage（道琼斯平均数）2.Standard&Poor’s500Composite（标准普尔500指数）3.NYSEComposite（纽约证交所综合指数）4.NASDAQComposite（那斯达克综合指数）5.Nikkei225&Nikkei300（日经指数）6.FTSE(FinancialTimesofLondon)（伦敦金融时报指数）7.HengsengIndexes（恒生指数）Whatisstock?Stock:aninstrumentthatsignifiesanownershipposition(calledequity)in

3、acorporation,andrepresentsaclaimonitsproportionalshareinthecorporation’sassetsandprofits.PS:Ownershipinthecompanyisdeterminedbythenumberofsharesapersonownsdividedbythetotalnumberofsharesoutstanding.Forexample,ifacompanyhas1000sharesofstockoutstandingandapersonowns50ofthem,thenhe/sheowns5%ofth

4、ecompany.Whydoesacompanywanttoshareitsmoneywithotherpeople?1.First,thecompanymaybedoingverywell.Itmayneedmoneytoexpand.Bysellingsharesofstock,thecompanycangetthemoneyitneeds.该公司可能目前经营情况良好，需要资金扩大业务，通过出售股票，该公司得到所需资金。2.Sometimes,itisadvantageousforthecompanyto"gopublic"fortaxreasons.Becauseofthe

5、taxlaws,thecompanymaysavemoneyontaxesbysellingsharesonthestockexchange.有时由于税收原因，“发行股票”对公司会非常有利，因为税法规定公司在证券交易所出售股票可以减免税收。3.Sometimes,acompanymayowealotofmoneytobanks.Bysellingsharesofstock,itmaybeabletopaythebanks.还有的时候，公司拖欠银行巨款，可以通过出售股票获得资金偿还银行款项。4.Ingeneral,allcompaniesthatsellsharesofstocko

6、nthestockexchangeneedtoraisemoneyforonereasonoranother.一般而言，无论出于什么原因，所有在证券交易所出售股票的公司都是为了聚集资金。TypesofStock1.CommonStock：Ashareofcommonstockinafirmrepresentsanownershipinterestinthatfirm.Commonstockholdersvote,receivedividends,andhopethatthepriceoftheirstockwillrise.2.PreferredStock：Preferredst

7、ock,alsocalledpreferredshares,preferenceshares,isaspecialequitysecuritythathaspropertiesofbothanequityandadebtinstrumentandisgenerallyconsideredahybridinstrument.Preferredstockareseniortocommonstock,butaresubordinatetobondsintermsofclaimorrig