美国经济专题5

CHAPTER5:Stocks,Commodities,andMarkets2.TheStockExchanges4.HowStockPricesAreDetermined5.MarketStrategies6.CommoditiesandOtherFuturesCapitalmarketsintheUnitedStatesprovidethelifebloodofcapitalism.Companiesturntothemtoraisefundsneededtofinancethebuildingoffactories,officebuildings,airplanes,trains,ships,telephonelines,andotherassets;toconductresearchanddevelopment;andtosupportahostofotheressentialcorporateactivities.1.IntroductiontoCapitalMarketsturnto依托,利用ahostof大量旳SizeofGlobalCapital

Markets,20231.IntroductiontoCapitalMarketsMuchofthemoneycomesfromsuchmajorinstitutionsaspensionfunds,insurancecompanies,banks,foundations,andcollegesanduniversities.Increasingly,itcomesfromindividualsaswell.CapitalMarket

ServicesCapitalMarket

ServicesThemarkets’otherrolesintheAmericaneconomy:●asourceofincomeforinvestors;●stockpricesreflectthecorporateperformance;●stockvaluesreflectinvestorreactionstogovernmentpolicy.1.IntroductiontoCapitalMarketsHowarestockstraded?

AschoolteacherinCaliforniawantstosell100sharesofstockinGM.

Shecallsherbrokeranddirectshimtoselltheshares.□AnengineerinFloridadecidestobuy100GMshares.□Hecallshisbrokerandplacesa“buy”orderfor100shares.△BothbrokerswiretheirorderstotheNYSE.△Intheend,theschoolteachergetshercashandtheengineergets

hisstock.△Bothpaytheirbrokersacommission.

○Thetransactioniscarriedoutinpublic,andtheresultsaresentelectronicallytoeverybrokerageofficeinthenation.2.TheStockExchangestosell100GMsharescallsherbrokeranddirectstosellthesharestobuy100GMsharescallshisbrokerandplacesa“buy”orderbothbrokerswiretheirorderstoNYSENYSEengineergetshisstockschoolteachergetshercashEverybrokerageofficeinthenationknowsthistransaction.commissioncommissionTheprocessofstocktradingThelargestnumberofdifferentstocksandbondsaretradedontheNasdaq.Thisso-calledover-the-counterexchange,whichhandlestradinginabout5,240stocks,isnotlocatedinanyoneplace;rather,itisanelectroniccommunicationsnetworkofstockandbonddealers.2.TheStockExchangesover-the-counter

exchange场外交易，不经过交易所旳交易NationalAssociationofSecuritiesDealersAutomatedQuotationsystem全国证券交易商协会自动报价系统TheNasdaqhasthepowertoexpelcompaniesordealersthatitdeterminesaredishonestorinsolvent.Bythe1990s,manyofthefastestgrowinghigh-technologystocksweretradedontheNasdaq.

2.TheStockExchangesexpel驱逐，开除；insolvent破产旳；outperform超出，胜过Publicparticipationinthemarkethasbeengreatlyfacilitatedbymutualfunds,whichcollectmoneyfromindividualsandinvestitontheirbehalfinvariedportfoliosofstocks.3.ANationofInvestorsfacilitate使轻易onbehalf代表portfoliosofstocks组合股票

3.ANationofInvestorsMutualfundsenablesmallinvestors,whomaynotfeelqualifiedorhavethetimetochooseamongthousandsofindividualstocks,tohavetheirmoneyinvestedbyprofessionals.Andbecausemutualfundsholddiversifiedgroupsofstocks,theyshelterinvestorssomewhatfromthesharpswingsthatcanoccurinthevalueofindividualshares.shelter…from免遭…sharpswings剧烈变化Stockpricesaresetbyacombinationoffactorsthatnoanalystcanconsistentlyunderstandorpredict.Ingeneral,economistssay,theyreflectthelong-termearningspotentialofcompanies.4.HowStockPricesAreDeterminedconsistently一贯地predict预知，预测4.HowStockPricesAreDeterminedFactorsimpactingstockprice:•Generalbusinessclimateandoutlook;•Financialconditionandprospectsofthecompanies;•Whetherstockpriceshigherorlowerthantraditionalnorms;•Bank’sinterestsrate;•Shareholders’expectations;•Market’smomentum.4.HowStockPricesAreDeterminedBullmarket:Amarketinwhichthereisacontinuousriseinstockprices.Bearmarket:Amarketinwhich,inatimeoffallingprices,shareholdersmayrushtoselltheirstockshares,addingtothedownwardmomentum.momentum走势，动力BuyingonMargin.Investorswhoqualifycanbuy“onmargin,”makingastockpurchasebypaying50percentdownandgettingaloanfromtheirbrokersfortheremainder.5.MarketStrategiesmargin确保金paydown预交，付定金YouloseYouprofit

WhenyoubuyonmarginShareprice5.MarketStrategiesSellingShort:Borrowingastockfromabrokerandsellingit,whichitmustlaterbeboughtbackatalowerpriceandreturnedtothebroker.Shortsellerstrytoprofitfromthefallingpriceofastock,assumingthattheywillbeabletobuythestockataloweramountthanthepriceatwhichtheysoldshort.collateral担保品，抵押品rebate折扣，贴现

5.MarketStrategiesOptions:Anoptionisacontracttobuyorsellaspecificfinancialproductknownasastock,exchange-tradedfund(ETF),orsimilarproduct.Thecontractestablishesaspecificprice,calledthestrikeprice,atwhichthecontractmaybeexercised.Andithasanexpirationdate.

Whenanoptionexpires,itnolongerhasvalueandnolongerexists.exchange-tradedfund指数交易基金strikeprice履约价格“call”option限价买入权

“put”option限价卖出权Futures:Commodity"futures"arecontractstobuyorsellcertaingoodsatsetpricesatapredeterminedtimeinthef