金融市场英文教学课件：Summary-chapter 11

1、Summary-Chapter 11There are both organized and over-the-counter exchanges. Organized exchanges are distinguished by a physical building where trading takes place. The over-the-counter market operates primarily over phone lines and computer links. Typically, larger firms trade on organized exchanges

2、and smaller firms trade in the over-the-counter market, thought there are many exceptions to this rule. In recent years, ECNs have begun to capture a significant portion of business traditionally belonging to the stock exchanges. These electronic networks are likely to become increasingly significan

3、t players in the future.市场上存在场内交易所和场外交易所。场内交易所的交易发生在一栋大楼中。而场外市场主要通过电话和计算机进行操作。虽然也存在一些例外情况，但通常来说规模较大的公司在场内交易所进行交易，较小的公司则在场外市场交易。近年来，电子通信网络开始逐渐抢占原来属于股票交易所的市场份额。这些电子网络在未来很可能成为股票市场非常重要的参与者。Stocks are valued as the present value of the dividends. Unfortunately, we do not know very precisely what these di

4、vidends will be. This introduces a great deal of error to the valuation process. The Gordon growth model is a simplified method of computing stock value that depends on the assumption that the dividends are growing at a constant rate forever. Given our uncertainty regarding future dividends, this as

5、sumption is often the best we can do.股票的价值等于未来股利的现值。但遗憾的是我们无法准确得知未来的股利情况，这导致在估值过程中产生大量误差。戈登增长模型是计算股票价值的一种简化方法，其假设是股利一直以固定比例永续增长。由于未来股利的不确定性，因此这通常是我们能给出的最优假设条件。An alternative method for estimating stock price is to multiply the firms earnings per share times the industry price earning ratio. This rat

6、io can be adjusted up or down to reflect specific characteristics of the firm.另外一种估计股票价格的方法是用公司的每股盈利乘以行业的平均市盈率。可以适当上调或下调市盈率以反映公司的具体情况。The interaction among traders in the market is what actually sets prices on a day-to-day basis. The trader that values the security the most, either because of les un

7、certainty about the cash flows or because of greater estimated cash flows, will be willing to pay the most. As new information is released, investors will revise their estimates of the true value of the security and will either buy or sell it depending upon how the market price compares to their estimated growth rates or required return result in large changes in price, it is not surprising that the markets are often volatile.市场上交易商之间相互作用能够确定出各种证券的价格。对证券估值最高的哪些交易商要么是对未来现金流的不确定性较低，要么是估计的未来现金流更多，所以愿意支付最高的