金融英语课件2

Chapter2Financial

systemChapter2FinancialsystemTheteachingpurposeofthischapterThestudentwilllearnaboutthefunctionsofthefinancialsystemtheparticipantsinthefinancialsystemthefinancialintermediariesandtheirrespectivefunctionsCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall2TheteachingpurposeofthiscFinancialsystemThecompositionofFinancial

system:Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall3Everyonehassomecontactwiththefinancialsystem.Weareallawareoffinancialinstitutionslikebanks,buildingsocieties,andinsurancecompanies,eachprovidinginitsownwayforsomeofoureverydayneeds.

Forexample,paymentsfacilitiesthroughbanks,convenientsavingsandaccesstohomeloansfrombuildingsocieties,andcar,house,orlifeinsurance.beawareof:了解FinancialsystemThecompositio

Otherfinancialinstitutions,suchasinvestmenttrusts,venturecapitalcompanies,anddiscounthouses-tonameonlyafew-arelesswell-knownandcarryoutmorespecializedfunctions.investmenttrusts：信托投资公司venturecapitalcompanies：风险投资公司Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall4Otherfinancialinstitutions,Mostpeoplealsoknowsomethingaboutfinancialmarkets,liketheStockExchangewheresecuritiesareboughtandsold,thoughcomparativelyfewaredirectlyconcernedwiththeiractivities.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall5Allthesefinancialinstitutionsandmarketsfittogetherintoanetworkwhichcomprisesthefinancialsystem.Thereareotherimportantbutlessfamiliarfinancialmarkets,likethemoneymarketinwhichlargesumsareborrowedandlentforveryshortperiods,andtheforeignexchangemarketinwhichdealingsinforeigncurrenciestakeplace.MostpeoplealsoknowsomethinMajorfunctions:channelhouseholdsavingstocorporatesectorallocateinvestmentfundsamongfirmsAllowsmoothconsumptionbyhouseholdsandexpendituresbyfirmsenablehouseholdsandfirmstosharerisksCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall6Majorfunctions:Copyright©20Theparticipantsinthefinancialsystem:Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall7savers;investorsandotherborrowers;financialintermediaries;brokersandadvisers;regulatorsTheparticipantsinthefinancSaversandinvestors：Theend-usersofthefinancialsystemarethesavers,whosecurrentspendingislessthantheirincomeandwhohavemoneyavailabletolendtoothers;Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall8andtheinvestors,whowanttoborrowmoneyinordertobuycapitalgoodsorincreasethescaleoftheirbusiness,aswellasotherborrowerswhowanttospendmorethantheirincomes.Inbetweenliethefinancialinstitutionsandmarkets.Saversandinvestors：CopyrightEnsuringthatmoneyflowssmoothlyfromsaversthroughinstitutionsand/ormarketstoinvestorsisanimportantfunctionofthefinancialsystem.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall9Itistheultimatesaversandultimateborrowerswhoare,asitwere,ontheperipheryofthefinancialsystem,whoseneedsitservesandwhoprovidetherationaleforitsexistence.Periphery：外围，边缘；ontheperipheryof：在…的外围，边缘Rationale：（决定、信念、计划的）基本原理，理论基础EnsuringthatmoneyflowssmooFinancialintermediariesareinstitutionswhichattempttoservetheneedsofbothlendersandborrowers.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall10Saverswishtoholdtheirsavings-forexamplebankdeposits-frequentlydifferfromthewaysinwhichborrowerswouldliketoobtaintheirfunds-forexamplelong-termloans.Financialintermediariesareoftenabletoreconcilethesedivergentrequirements.FinancialintermediariesareiIheirownright=basedontheirownneedsExamplesaremoneytransmissionfacilitiesandadviceoncorporatefinanceinthecaseofbanks,lifeassurancecoverinthecaseofinsurancecompanies.corporatefinance（公司理财）:Financialdecisionsregardingfundraising,businessexpansion,mergersandacquisitions,financialplanning,cashmanagementandsoon.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall11Inadditiontheyprovideavarbrokersandadvisers：Inacompetitivefinancialsystem(likethatinBritain)institutionscompeteforbusinessinbroadlyconstrued“markets”forsavingandlendingbusiness,theyseektoattractfundsfromsaversandsupplyfundstoborrowers.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall12Buttherearealsoorganizedmarketswhichprovidefacilitiesforeconomicagentstoborrowandlendortobuyorsellsecurities.Themainroleofbrokersandadvisersistohelptheseorganizedmarketstofunctionproperly.brokersandadvisers：Copyright1)Brokersandadvisersprovideinformationtoparticipantsinthemarkets,andattempttoensurethatlendersandborrowers,buyersandsellers,havethefactstheyneedtostrikeafairbargain.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall132)Theyalsoperformthevitaltaskofputtingactuallendersandborrowersintouchwitheachother.Byobviatingtheneedforindividualborrowersorlenderstosearchoutcounterpartsthemselves,thebrokerssubstantiallyreducetransactionscosts.Forexample,themoney-marketbrokerbringstogetherthelenderwhohasmoneytosparewiththeborrowerwhowantsittemporarily.=>1)BrokersandadvisersprovidInmostorganizedmarketstherearealsomarketmakers,professionaldealerswhosefunctionistoensurethatlendersandborrowersarealwaysabletofindacounterpartfortheirdeals.marketmakers：做市商Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall14InmostorganizedmarketstherRegulators：Historicalexperienceinmanycountrieshasshownthatwherelargesumsofmoneyareinvolvedinfinancialmarketsthereisaconsiderabledangeroffraudorothermalpractices.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall15Regulators：Copyright©2010PeMostcountriesthereforeneedregulators,whocontroltheirfinancialinstitutionsandregulatedealingsinsecuritiesmarketswiththeobjectsofensuringthatthefinancialinstitutionsareabletohonortheircommitments,thatpeoplehaveaccesstorelevantinformationbeforetheyenterintocontracts,andthatdealinginsecuritiesisfair.Theserulescomeunderthegeneralheadingofprudentialregulations.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall16MostcountriesthereforeneedButmoregeneraleconomiccontrolsarealsoneeded.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall17反义词：Expansion(contractions)

Boom(slump)Compel:force；Curb:controlorlimit；expansionofcredit:

信贷膨胀Sharpexpansionsorcontractionsofactivityinfinancialmarketsareoftenassociatedwithboomsandslumpsintheeconomyatlarge,andtheintimateconnectionbetweenmoney,creditandeconomicstabilitycompelscountriestocurbtheexpansionofcreditinsomeperiodsandtostimulateitinothers.Economiccontrolsmayalsoberequiredtoguardagainstmonopolisticstructuresorpracticesinthefinancialsystem.ButmoregeneraleconomiccontFinancialinstrumentsThefinancialsystemdealsinfinancialinstruments.dealin=tradein经营ThesearemostlymoreorlesssophisticatedformsofIOUsorclaims-theyareanassetofonepartyandaliabilityofanother.Inmostinstancestheformerpartyisentitledtorepaymentataspecifiedtime,andreceivesapromiseofsomeinterest,shareofprofits,orotherserviceascompensationfortheloan.beentitledtosth.=tohavetherighttodemandsth..Eg:Everycitizenisentitledtoequalprotectionunderthelaw.每个公民都有权依法受同等保护。ascompensationforsth.作为…的补偿Eg:Hereceivedoneyear’ssalaryascompensationforlossofoffice.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall18FinancialinstrumentsThefinanForexample,depositsareliabilitiesofbanksorotherinstitutions,aregenerallyrepayableondemandorinthefairlynearfuture,andusuallybearinterest.Loansareoftenliabilitiesofultimateborrowers,areusuallyrepayablebytheendofsomepredeterminedperiod,andcarryanobligationtopayinterest.Andordinarysharesareliabilitiesoffirms,whichconferontheirownerstherighttoashareoftheprofitsearnedbut,incontrastwithloans,donothavetoberepaid.repayondemand:随时偿还bearinterest=carryonobligationtopayinterestCommonstock(US)=ordinaryshares(GB)；Confer=entitleCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall19Forexample,depositsareliabAswellasclaimstherearealsoderivativeinstruments-contractsrelatingtothepricesofsecurities,interestratesorforeignexchangeratesatsomedateinthefuture.aswellas=inadditiontoCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall20AswellasclaimstherearealAlthoughawidevarietyoffinancialinstrumentsexists,differingsignificantlyindetail,themajordistinctionsrestonthreecharacteristics-risk,liquidity,andreal-valuecertainty(thatis,theirsusceptibilitytolossofvalueduetoinflation).susceptibility:theabilitytobeinfluenced敏感度Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall21AlthoughawidevarietyoffinRisk：Adistinctioncanbedrawnbetweenontheonehanddepositsandloans,whicharegenerallymadeonlyifrepaymentofcapitalandinterestisconfidentlyexpected,andontheothercompanyshares,whichareclaimstoashareofthesurplusincomeafterpriorclaimshavebeenmet.AdistinctioncanbedrawnbetweenAandB.capital=principle本金；Confidentlyexpected=guaranteedCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall22Risk：Copyright©2010PearsonPeoplethinkoftheirdepositswithfinancialinstitutionsassafe,andloansareusuallysecuredonassetsormadeconditionalontheborrower‘sfinancialperformance,togivethelenderaddedconfidenceinthesafetyofthefunds,thoughthereisusuallysomesmallchanceofpartialortotalloss.tobesecuredonsth.以…为担保Tobemadeconditionalonsth.以…为附加条件Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall23PeoplethinkoftheirdepositsTheriskofloss,andconverselythepossibilityofgain,isheavilyconcentratedonequityassets,mainlytheordinarysharesofcompanies.Theshareholderisentitledtoashareofthecompany'sprofitsbutmustalsoacceptthechanceofexperiencingsomeloss.Indeed,theeffectsontheshareholdersofsuccessorfailureofacompanyaremagnifiedifthecompanyhasloansoutstandingaswellasordinaryshares.magnify=increaseLoansoutstanding

尚未偿还的贷款Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall24Theriskofloss,andconverseLiquidityreferstotheeaseandspeedwithwhichsavingsinnonmonetaryformcanbeturnedintocash,andreflectsboththematurityoffinancialinstrumentsandtheirmarketability.Bymaturitywemeanthetimewhichelapsesbeforeadepositorloanisduetoberepaid.Depositswhicharerepayableondemandhaveashortmaturity,mortgageloansdueforrepaymentafter25yearsalongone.savingsinnonmonetaryform=marketablesecurities适销证券适销证券是指证券持有人在需要现金或希望将持有的证券转化为现金时，能够迅速地在证券市场上出售的证券。marketability（适销性）Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall25LiquidityreferstotheeaseaThusmaturitycoversaverywiderange,andtheshorteristhematurityofadepositorloanthegreaterisitsliquidity.Butassetswhicharemarketablemayalsobeliquid,eveniftheyarenotautomaticallyrepayableinthenearfuture.Forexample,ordinarysharesinmanycompaniescanbesoldatshortnoticeandtheirvalueturnedintocash,thoughatapricewhichisuncertain.atshortnotice=withoutwarning随时Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall26ThusmaturitycoversaverywiRealvaluecertainty:Neitherdepositsnorloans,whosevaluesarefixedinmoney(ornominal)terms,providetheirholderswithprotectionagainstpricelevelchanges.Ordinarysharesstandagoodchanceofdoingbetteronthisscore,becauseprofitscanbeexpectedintheendtoriseroughlyinlinewiththegeneralpricelevel,thoughtheremaybeprolongedperiodswhenthisdoesnotholdgood.onthisscore=inthisrespectInlinewith=atthesametimeProlonged=verylongThesamegoesforproperty,whererentscanbeexpectedtomirrorgeneralpricechangesoverlongperiods-thoughaswithordinarysharestheremaybeconsiderablefluctuationsinpricesaroundanylong-termtrends.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall27Realvaluecertainty:NeitherFunctions:MeansofpaymentsStoreofvalueTransferofriskCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall28Functions:Copyright©2010Pea1)AsstoreofvalueBankloans----short/medium/long-termBonds(债券)Securedbonds(担保债券)Unsecuredbonds/debentures(无担保债券)GovernmentbondsTreasurynotesandbonds(国债)Municipalbonds(市政债券)Equity(stock/share)CorporatebondsCommonstock/ordinarysharesPreferredstock/preferencesharesConvertiblenotes(quasi-equityinstrument)Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall291)AsstoreofvalueCopyright2)AstransferofriskInsurancecontracts/policiesDerivativesecurities/instruments:valuebasedon/derivedfromvalueofunderlyingassets(基础资产)Forwardscontract（远期合约）Futurescontract（期货）Optionscontract（期权）Swapsagreement（互换）Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall302)AstransferofriskCopyrighFinancialinstitutionsFinancialinstitutions:financialintermediary,firmthatprovidesaccesstofinancialmarkets,bothtosaversandborrowers.Roles:reducetransactioncostsCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall31FinancialinstitutionsFinanciaClassificationDepositoryinstitutions(存款金融机构)CommercialbanksServicestofirmsandindividualsMajorbusiness:deposittaking,creditlendingandsoon.Savingsbanks:ServicestohouseholdsandindividualsDepositorycreditunion(信用社，互助会)：servicestomembersNondepositoryinstitutions（非存款金融机构）Investmentbanks（投资银行）;Factoringcompany;Leasingcompany;Financecompany;MortgagebanksVenturecapitalco.;Discounthouse;Mutualfund;Insurancecompany;Pensionfund;BuildingsocietyCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall32ClassificationCopyright©2010Typesofbankdeposits1)Demand/checking/transactiondeposit活期存款Demanddeposit个人的活期存款transactiondeposit企业的活期存款工具：Checkbook支票簿Debitcard借记卡2)savingsdeposit储蓄存款工具：passbook银行存折3)time/termdeposit定期存款工具：Passbook;CertificateofdepositCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall33TypesofbankdepositsCopyrighInterpretationoftheconceptpaymentfacilities支付工具:meansofpaymentincludingcreditcards,checks,traveler’schecks,lettersofcredit,andpaymentorderssuchasdocumentsagainstpaymentanddocumentsagainstacceptance.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall34Interpretationoftheconceptpinvestmenttrust(company)投资信托公司:afinancialintermediarythatpoolsthefundsofindividualsandinveststhosefundsinsecuritiessuchasstock,bondsandmoneymarketinstruments.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall35investmenttrust(company)投资信托venturecapitalcompany风险投资公司:afinancialintermediarythatsupportsandpromotesinvestmentsandtechnologicaldevelopmentinfirmsbytemporarilyholdingsharesinthecapitalofthosefirms.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall36venturecapitalcompany风险投资公司:venturecapital

风险资本:isriskmoney,fundswhichareinvestedfortheinitialrisksofanewandpotentiallyrapidlygrowingcompanyoranewlydevelopedgrowthproduct.Itisusedfortheriskexpenseswhichcannotusuallybefinancedbyabankloan.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall37venturecapital

风险资本:Copyrightdiscounthouse

贴现行:afinancialintermediarythatspecializeinbuyingandsellingbillsofexchangeandothercommercialpapersatlessthanthefacevalue.securities有价证券（常用复数）:documentsthathavesomevalueorrepresentsomethingofvalue,e.g.sharecertificate,bondcertificate,lifeinsurancepolicy,etc.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall38discounthouse

贴现行:Copyright©moneytransmissionfacilities

资金汇送工具

:financialmeansthatfacilitatetheflowoffunds.Eg:Checks;Draft/billofexchange;MoneyorderDerivativeinstruments衍生金融工具:securitieswhosevalueisbasedon/derivedfromthevalueofequityanddebt.forwards远期(合同)Futures期货Options期权Swaps互换/掉期Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall39moneytransmissionfacilities

liquidity流通性/变现力:theeasewithwhichanassetcanbeconvertedintocashatclosetothepublishedmarketprice.maturity偿还期

:thedateofscheduledrepaymentofanobligation.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall40liquidity流通性/变现力:theeasewitkeysentencesAproperlydevelopedandsmooth-runningfinancialsystemraisesthelevelsofsavingandinvestmentandprovidesincentivesfortheallocationoftheavailableresourcestothoseuseswheretheyarelikelytogivethehighestreturns.theallocationofAtoB把A分配给BCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall41keysentencesAproperlydeveloSatisfactorypaymentsfacilitiesaresomethingwhichweareinclinednowadaystotakeforgranted,butproductiveeconomicactivityisdependentonthereexistence,andindeedontradershavingreasonableaccesstoshort-termcreditfacilities.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall42SatisfactorypaymentsfacilitiMoreover,whilethereisnothingtopreventsaversandinvestorsfromdealingdirectlywitheachotheriftheywish,theexistenceoffinancialinstitutionsmakesdirectcontactunnecessary,sincebothgroupscandealwiththeintermediatinginstitutions.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall43Moreover,whilethereisnothiBytheirverynaturefinancialinstitutionsattractcriticism:bankerswouldnotbedoingtheirjobsiftheydidnotturndownsomerequestsforloans,andthosewhoaredeniedfundssometimesfeelharddonebyandarevociferousintheircomplaints.Vociferous:大叫大嚷（抱怨的时候）bytheirverynature=asaresultoftheirowncharacteristicsfeelharddoneby=haveafeelingofbeingtreatedunequally表示“拒绝”，意味从强到弱的四个词：1)Reject:TheBritishgovernmentisexpectedtorejecttheideaofStatesubsidy(补助金，津贴)foranewhighspeedrailway.2)Refuse:Herefusedtocommentafterthetrial.3)Turndown4)Decline:Hedeclinedtheirinvitation.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall44BytheirverynaturefinancialThecontrolwhichfinancialinstitutionswieldoververysubstantialsumsofmoneyalsoattractstheattentionofgovernments,partlybecausetheymayseeirresistibleopportunitiestosecurecheapfinanceforfavoredborrowers(notablygovernmentsthemselves),andpartlyinviewoftheeconomicpowerattachedtocontroloffinance.Wieldover:表示对…有权利，有影响等favored=most-likedinviewof=becauseofattachedto=comingfrom/derivedfromCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall45Thecontrolwhichfinancialin

Exercises1

partA:Matchthetermswiththeexplanations

Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall46

Exercises1

partA:Matchthe1.inisolation2.saver3.investor4.marketmaker5.liquidity6.stockexchange7.maturity8.asawhole9.brokerA.thosewhowanttoborrowmoneyinordertobuycapitalgoodsorincreasethescaleofbusinessB.separately;aloneC.theeaseandspeedwithwhichsavingsinnon-monetaryformscanbeturnedintocash.D.theplacewheresecuritiesareboughtandsold.E.thetimewhichelapsesbeforeadepositorloanisduetoberepaid.F.theend-useroffinancialsystemwhosecurrentspendingislessthantheirincomeandwhohavemoneyavailabletolendtoothers.G.professionaldealerswhosefunctionistoensurethatlendersandborrowersarealwaysabletofindacounterpartfortheirdeal.H.whosemainroleistohelporganizedmarkettofunctionproperly.I.asonethingorpieceandnotasseparateparts.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall471.inisolation2.saver3.inpartB:TranslatetheEnglishintoChinese"Financialecology"doesnotrefertotheinternaloperationofthefinancialinstitutions.Instead,itreferstotheexternalenvironment,orthebasicconditionsforfinancialoperations.Thelegalframework,includingthelawsandregulationsthatprotecttheinterestsofinvestorsanddepositors,theaccountingstandardsandthebankruptcylaw,isakeycomponentoffinancialecology.Concertedeffortsfromallsectionsofthesocietyareneededtoimprovefinancialecology.First,effortsshouldbemadetoimprovethelegislationandlawenforcingsystem.Bankruptcylawisofutmostimportance.Withwell-developedbankruptcylaw,thelenderswillbeabletoresorttolegalprocedurestoprotecttheirrights.Second,thereformofthecorporatesectorincludingthestate-ownedenterprisesshouldbeaccelerated.Third,stepsneedtobetakentoestablishandimprovethesocialcreditsystem.Fourth,theaccounting,auditingandinformationdisclosurestandardsshouldbeimproved.Fifth,theintermediaryagenciesneedtoimprovetheirservices.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall48partB:TranslatetheEnglishipartC:TranslatetheChineseintoEnglish我国的人民币汇率政策主要考虑本国的对外经济、国际收支平衡等方面因素，而不是个别国家的贸易逆差或者顺差。我国的国际收支平衡情况来看，我们有一点经常项目顺差，不算很大。同时，我们也需要对人民币汇率机制进行改革，不断完善人民币汇率的形成机制，使我国在中长期更好地适应对外开放的新形势，保持金融稳定。我们将积极稳妥、有计划分步骤地推进人民币汇率机制改革,并选择合适的时机出台。当然，由于中国经济在世界经济中的作用变得比以前大了，作为一个负责任的大国，我们会考虑这项改革对地区和全球经济的影响。Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall49partC:TranslatetheChineseiTheendofchapter2Theendofchapter2Chapter2Financial

systemChapter2FinancialsystemTheteachingpurposeofthischapterThestudentwilllearnaboutthefunctionsofthefinancialsystemtheparticipantsinthefinancialsystemthefinancialintermediariesandtheirrespectivefunctionsCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall52TheteachingpurposeofthiscFinancialsystemThecompositionofFinancial

system:Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall53Everyonehassomecontactwiththefinancialsystem.Weareallawareoffinancialinstitutionslikebanks,buildingsocieties,andinsurancecompanies,eachprovidinginitsownwayforsomeofoureverydayneeds.

Forexample,paymentsfacilitiesthroughbanks,convenientsavingsandaccesstohomeloansfrombuildingsocieties,andcar,house,orlifeinsurance.beawareof:了解FinancialsystemThecompositio

Otherfinancialinstitutions,suchasinvestmenttrusts,venturecapitalcompanies,anddiscounthouses-tonameonlyafew-arelesswell-knownandcarryoutmorespecializedfunctions.investmenttrusts：信托投资公司venturecapitalcompanies：风险投资公司Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall54Otherfinancialinstitutions,Mostpeoplealsoknowsomethingaboutfinancialmarkets,liketheStockExchangewheresecuritiesareboughtandsold,thoughcomparativelyfewaredirectlyconcernedwiththeiractivities.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall55Allthesefinancialinstitutionsandmarketsfittogetherintoanetworkwhichcomprisesthefinancialsystem.Thereareotherimportantbutlessfamiliarfinancialmarkets,likethemoneymarketinwhichlargesumsareborrowedandlentforveryshortperiods,andtheforeignexchangemarketinwhichdealingsinforeigncurrenciestakeplace.MostpeoplealsoknowsomethinMajorfunctions:channelhouseholdsavingstocorporatesectorallocateinvestmentfundsamongfirmsAllowsmoothconsumptionbyhouseholdsandexpendituresbyfirmsenablehouseholdsandfirmstosharerisksCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall56Majorfunctions:Copyright©20Theparticipantsinthefinancialsystem:Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall57savers;investorsandotherborrowers;financialintermediaries;brokersandadvisers;regulatorsTheparticipantsinthefinancSaversandinvestors：Theend-usersofthefinancialsystemarethesavers,whosecurrentspendingislessthantheirincomeandwhohavemoneyavailabletolendtoothers;Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall58andtheinvestors,whowanttoborrowmoneyinordertobuycapitalgoodsorincreasethescaleoftheirbusiness,aswellasotherborrowerswhowanttospendmorethantheirincomes.Inbetweenliethefinancialinstitutionsandmarkets.Saversandinvestors：CopyrightEnsuringthatmoneyflowssmoothlyfromsaversthroughinstitutionsand/ormarketstoinvestorsisanimportantfunctionofthefinancialsystem.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall59Itistheultimatesaversandultimateborrowerswhoare,asitwere,ontheperipheryofthefinancialsystem,whoseneedsitservesandwhoprovidetherationaleforitsexistence.Periphery：外围，边缘；ontheperipheryof：在…的外围，边缘Rationale：（决定、信念、计划的）基本原理，理论基础EnsuringthatmoneyflowssmooFinancialintermediariesareinstitutionswhichattempttoservetheneedsofbothlendersandborrowers.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall60Saverswishtoholdtheirsavings-forexamp