1. Vigorous Development of the Securities Sector
h5 r( B# L* `( Q, e7 h& d The financial markets can be classified in the following six % ?' O( N7 W9 J: p0 U5 e& e' Z- x, a
types:
( N5 W/ g) G& ^0 v l Capital markets, which consist of: / ?% W7 w" p) m3 a2 X2 @ m/ H( o
capital market 5 o0 {5 Z3 Z; Z8 j8 x' H
亦称“长期金融市场”、“长期资金市场”。期限在一年以上各种资金借贷和证券交易的场所。因为在长期金融活动中,涉及资金期限长、风险大,具有长期较稳定收入,类似于资本投入,故称之为资本市场。 2 W2 k1 P' i; C1 v
Stock market, which provides financing through the issuance of " l5 J; q2 z+ t# G7 d' X- f# }
shares, and enable the subsequent trading thereof. Shares are ) e, V. o/ c+ ], l- x' c
certificates or book entries representing ownership in a 3 M; q: h' L( y5 }. B
corporation or similar entity.
0 k: L* m& e& N" [# R (1)股票市场是已经发行的股票按时价进行转让、买卖和流通的市场,包括交易市场和流通市场两部分。 / v2 H+ t* Z& H' o' ?* g: h0 m
(2)thereof ad.在其中, 关于... : S9 m& i8 _1 r" I& Y/ u+ J
(3)(certificates or book entries)representing ownership in a
# T/ q( G8 _# J2 E corporation or similar
5 ]9 H; @5 k% N) B" b+ j& I entity由动名词representing引导的动名词短语,做后置定语,修饰前面的certificates or book
' n: ?3 V6 h, @) T: v/ d: |5 T entries。
8 s; ^1 o# j* v/ g8 p7 H (4)certificate n.A document certifying ownership.凭证:证明所有权的文件 % n0 x. Z2 [8 S; [4 C
Bond market, which provides financing through the issuance of
) I D; z4 k* \9 F6 v U bonds, and enable the subsequent trading thereof. Bonds are $ r% w- v5 o0 M. }: G( ~2 Y' c/ V1 P
written evidences of debts.
+ n2 b3 P7 A. Y1 W* R. N* s, N (1)债券市场是发行和买卖债券的场所。
; J1 |- c6 _1 X' J (2)evidence n.A thing or things helpful in forming a
4 p' w; d1 _- [( ~ conclusion or judgment:证明,证据:有助于得出结论或做出判断的东西或事物 ; f$ [- k) D; ]8 ~! L/ y" p+ s
l Commodity market, which facilitates the trading of 8 E8 u9 ]' `. V( l0 ]- I7 f
commodities.
: X- z: d: ^5 n, `9 \ (1)commodity market商品市场 6 N' O/ I. c* p) ^5 r0 }
l Money market, which provides short term debt 5 W F0 n, e6 C0 }# Y. H
financing and investment. - Z0 x2 n; a9 v L7 [
(1)货币市场是短期资金市场,是指融资期限在一年以下的金融市场。货币市场就其结构而言,包括同业拆借市场、票据贴现市场、短期政府债券市场、证券回购市场等。 / H! M( i* q0 R8 p U0 l
(1)debt financing债务融资
% e: ^3 ~ C4 L2 K l Derivatives market, which provides instruments for 5 ?% m; l Q: c, s# t
the management of financial risk. E' _# ?! `% a* @8 l) f
(1)derivatives market衍生品市场
B5 A) D0 T3 A# Q% U2 Z, R# Y) w Futures market, where standardized futures contracts and
( ?( E D7 K# `8 n% h: h options contracts on a whole range of underlying products are 6 @& y% O' y' X: U5 b; ]
traded. ! B! i/ r; E2 k
(1)futures market期货市场 - B% |% C8 u O K! y
(2)futures contracts期货合约
, Z( S( R8 l( w, g% W" r (3)options contracts期权合约
( e- M/ F0 a3 C: G% ` Options are the right to buy or sell a financial instrument at , F! p7 I- W" z; z# F) z
an agreed price at some future time.
1 B- f( m0 `) L3 f ] (1)option n.A right to buy or sell specific securities or * r9 g. t6 i1 J% s1 \0 @. p! U
commodities at a stated price within a specified
2 f9 K0 S8 `, U& J" ]' H7 w time.期权:在规定时间内的以固定价格买卖特定的债券或商品的权力 % b" H, ]' _9 T9 o
l Insurance market, which facilitates the 0 S% w! ^4 }3 [9 c. Z
redistribution of various risks.
% J+ z' H" [; y! ? insurance market保险市场 ' v4 e& i9 x8 Y1 D" Z9 Q7 [) ~
l Foreign exchange market, which facilitates the
. t6 N I7 v. m" R$ ~* a' W. B- w trading of foreign exchange.
$ F6 B: P6 |1 q5 ` (1)Forex 7 R! t4 V2 g/ }9 o
market外汇交易市场——银行同业市场,建立于1971年,当时国际贸易从固定汇率转向浮动汇率。从此,一种货币相对于另一种货币的汇率通常以显式的方式来表示——双方都同意的交换关系。
+ \; e+ w& V; ~: T. [- A! o0 s2 {$ A The capital market consists of primary and secondary markets.
' H8 {0 U( D+ e$ X6 f2 x The primary market is that part of the capital market that , A( ~/ w% b# @1 {$ e$ E
deals with the issuance of new securities. The secondary
4 o2 j, I. p$ E! ^7 [0 ~4 g market is the financial market for trading of securities that 0 T+ h5 Y6 @/ |# N
have already been issued in an initial private or public ' d! _. G* `8 ?1 m2 I
offering. ( E% N9 M# M! ~* E* H) x; S% B; f0 f
(1)资本市场可以分一级市场和二级市场
+ c" V7 ~9 D# L$ K* V% c* e (2) ( v, E1 |/ q4 E# d
一级市场又称为初级市场或是发行市场,顾名思义就是企业首次发行股票以进行筹资的市场,为股市交易活动的发源处。公司在发售债券和股票时有两种类型:公开发行和私下募集。 0 M% e2 \3 N" L; N; l
(3)二级市场——指证券交易市场。是证券经过发行市场后,投资者不断对证券进行买卖交易,所产生的证券流通市场。二级市场又称为流通市场,为投资人交易已发行证券的场所。不同于一级市场的“一次性发行”,在二级市场上流通的股票可以被反覆地买进与卖出,一般市场常在说的“股市”即为二级市场。 |