[00:00.00]Chapter 3 Securities
[00:01.87]第三章有价证券
[00:03.74]Unit 5 Securities(I)
[00:06.28]第五单元有价证券（I）
[00:08.83]Dialogue Stock Market
[00:11.73]股票市场
[00:14.63]P:Do you know anything about the stock market?
[00:17.74]关于股票市场,你们都知道些什么?
[00:20.85]S:No more than the name itself.Stock market is new in China.
[00:24.59]就是知道这个名称而已,股票在中国还是很新的东西.
[00:28.34]P:In the largest cities in many countries,
[00:31.19]在许多国家的大城市里,
[00:34.04]you may want to visit the stock exchange.
[00:36.04]你可能应该去看看它们的股票交易所.
[00:38.03]There are stock exchanges in Paris,London,Tokyo,Toronto and many other places.
[00:42.63]巴黎、伦敦、东京、多伦多等许多城市都有股票交易所.
[00:47.23]One of the largest,most famous,and most important stock exchanges in the world
[00:51.28]而其中最大,最有名也最重要的是
[00:55.33]is located in New York City.
[00:57.08]纽约股票交易所.
[00:58.83]The market,as a stock exchange is sometimes called,
[01:01.73]股票市场,可股票交易所
[01:04.63]is important to many people because they make money by investing in it.
[01:08.22]对许多人来说很重要,因为他们想在这里投资赚钱.
[01:11.81]Today,we will explain in the stock exchange itself
[01:14.36]今天,我们要解释一下什么是股票交易所,
[01:16.90]and describe the process of investing money in the stock market.
[01:19.31]以及如何投资.
[01:21.71]First,can you tell me what a market is?
[01:24.26]首先,你能告诉我什么是市场吗?
[01:26.80]S:A market is a place where people sell things and buy things.
[01:29.76]市场是人们买东西和卖东西的地方.
[01:32.71]P:Yes,the stock market is also a place where an exchange of things takes place.
[01:36.01]是的,股票市场也是一个买卖交换的场所,
[01:39.32]The things exchanged at the stock market are shares or stocks in business or companies.
[01:43.26]只不过股票买卖的是公司或企业的股份.
[01:47.21]Notes:shares
[01:51.52]The things exchanged at the stock market are shares or stocks in business or companies.
[01:58.31]share
[02:28.51]S:What are shares?
[02:30.41]什么是股份?
[02:32.32]P:Shares represent a partial ownership of the company.
[02:35.26]股份代表着对公司的部分所有权.
[02:38.20]In other words,if you buy shares of stock in a business,
[02:41.89]换句话说,如果你买了一个企业的股份,
[02:45.59]you become a partial owner of the business.
[02:48.39]你就成了这个企业的所有人之一.
[02:51.18]The stock market,or stock exchange,then,
[02:53.99]股票交易所里,
[02:56.80]is a place where people can buy or sell shares in a particular company or business.
[03:00.34]人们进行某个公司或企业的股份买卖.
[03:03.88]S:Why do people buy or sell shares?
[03:06.12]为什么人们要买卖股份呢?
[03:08.37]P:Many different kinds of people buy stocks in the stock market.
[03:11.22]各种各样的人在交易所里买卖股票:
[03:14.06]Some of these people are very wealthy.
[03:16.17]有些人很富有,
[03:18.27]They have a lot of money,
[03:19.92]他们有很多钱;
[03:21.56]they have much more money than they really need for everyday living expenses.
[03:24.90]除了日常开销外.
[03:28.25]They buy stocks in hope of getting more money than they have.
[03:31.10]他们买股票是希望得到更多的钱；
[03:33.94]Other people are not very rich,but they buy stocks anyway.
[03:37.23]有些人不大富有,他们也买股票,
[03:40.53]They may buy them in order to become rich;
[03:42.56]是为了想变成富有的人
[03:44.60]or they buy them as part of a plan to save money.
[03:47.11]或是把它作为存钱的一种方式.
[03:49.62]There are still many other reasons why people buy and sell stocks.
[03:52.86]他们买卖股票还有许多别的原因.
[03:56.09]In general,everyone who buys and sells stocks hopes to make money.
[03:59.24]但总之,每个人都是为了赚钱.
[04:02.39]All the people who buy stocks are actually investing money in a company or business.
[04:06.23]所有买了某公司或企业股票的人实际上是在向这个公司或企业投资,
[04:10.07]They are called...
[04:12.11]他们被称为…
[04:14.15]S:Investors.Why does a company want to share its money with other people?
[04:18.04]投资者,那么为什么一个公司愿意和别人分享所有权呢?
[04:21.93]P:There are various reasons.
[04:24.23]有各种原因.
[04:26.53]By selling stocks a company can get the money it needs to expand.
[04:29.78]通过销售股票,一个公司可能得到它发展所需的资金.
[04:33.03]Sometimes,it is advantageous for a company to go public for tax reasons.
[04:36.94]有时,一个公司是为了缴税有利而"上市"的.
[04:40.84]Notes:go public Sometimes,it is advantageous for a company to go public for tax reasons.
[04:49.72]go public
[04:55.03]The company may save money on taxes by selling shares on the stock exchange.
[04:58.93]该公司在股票交易所所卖股份可以节省税金.
[05:02.84]When a company is in debt to banks,by selling stocks,
[05:05.49]当一个公司欠银行的钱,公司也可能出售股票
[05:08.14]it may be able to pay the banks.
[05:09.89]来偿还银行的钱.
[05:11.64]Many companies sell their stocks for this reason.
[05:14.74]许多公司出售股票是为了这个原因.
[05:17.83]However,the reasons why companies sell their stocks on the stock exchange
[05:21.18]但是公司在股市出售股票的原因
[05:24.52]are often complex.
[05:26.11]是很复杂的.
[05:27.71]In general,those who sell shares of stock on the stock exchange
[05:31.91]总之,这些公司在股市上出售股票
[05:36.12]need to raise money for one reason or another.
[05:38.46]都是为了这样和那样的目的而筹集资金.
[05:40.79]Supplementary Reading 1 Stocks
[05:43.68]股票
[05:46.57]The shares represent a partial ownership of the company.
[05:49.20]股票代表公司的部分所有权.
[05:51.84]Notes:The shares represent a partial ownership of the company.
[05:58.32]blue-chip stocks,common stock cumulative preferred stock
[06:10.52]All the people who buy stocks are investing money in a company or business.
[06:13.58]所有购买股票者都是在对公司或企业投资.
[06:16.63]Some people buy stocks as part of a plan to save money.
[06:18.88]有睦人购买股票是作为储蓄计划的一部分.
[06:21.13]Dividends are usually sent to investors once every three months while they own the stock
[06:24.13]股息通常每季一次分给股民.
[06:27.13]Sometimes,it is very advantageous for the company to go public for tax reasons.
[06:30.48]有时,出于税收原因,发行股票对公司十分有利.
[06:33.82]There are different kinds of risks
[06:34.97]有不同程度的风险,
[06:36.12]for different kinds of investments in different kinds of stocks.
[06:38.17]对不同种类股票的不同类型的投资具
[06:40.22]Of all the different kinds of securities,common stocks are the most risky investment.
[06:43.72]各种不同的证券中,数普通股的风险最大.
[06:47.22]Common stocks have no specified yearly cash payments or maturity date.
[06:50.72]普通股票没有明确的年偿还金额,也没有偿还日期.
[06:54.22]Its returns for the investment depend on the payout ratio of the corporation.
[06:57.42]普通股的投资回报取决于发行股票的公司的派息率.
[07:00.62]Higher payout ratio and more bonus stocks will make the price of the shares higher
[07:03.82]派息率越高、送红股越多,就会使普通股的股价越高,
[07:07.02]and will bring considerable capital gain.
[07:09.07]带来客观的资本增值.
[07:11.12]The following are the risks of common stocks:
[07:13.33]普通股的风险有:
[07:15.54]firstly,the payout ratio is not guaranteed;
[07:17.73]首先,派息率是无保证的；
[07:19.93]secondly,if the corporation is to close accounts unfortunately,
[07:22.23]其次,如果公司不幸清盘,
[07:24.53]the stockholders are the last to have the right for the distribution of property,
[07:27.07]普通股的股民是最后一批获得财产分配的,
[07:29.62]while the assets are to be distributed first among the preferred stockholders.
[07:32.61]公司资产首先在优先股股民中进行分配.
[07:35.60]Preferred stocks are similar to bonds
[07:37.00]优先股与债券相似,
[07:38.40]in that they have stated face values and a specified dividend payment.
[07:41.15]它们有明确的面值和确定的股利.
[07:43.91]The direct cause of stock price is the relation between supply and demand of stocks.
[07:46.86]影响股票价格走向的直接原因是股票的供求关系.
[07:49.81]There is a saying that the investor's atmosph ere is the temperature of the stock market.
[07:52.96]有个说法:人气是股市的温度计.
[07:56.11]The more people invest in stocks,the higher the stock prices rise.
[07:59.06]买进的人多了,股市行情就看涨；
[08:02.01]The more people heavily sell stocks,the lower the stock prices fall.
[08:04.75]卖出的人多了,股市行情就看跌.
[08:07.50]The economic situation at home and abroad,
[08:09.20]国内及国外的经济状况,
[08:10.89]including the interest rate,the exchange rate,
[08:12.89]包括利率、汇价、
[08:14.89]easy money(expansion of money supply)or tight money(contraction of money supply)
[08:18.39]银根的松紧（货币供应量的扩大与缩小）
[08:21.89]has a long term influence on stock prices.
[08:24.23]对股价有长期的影响.
[08:26.57]The stability of internal or external politics
[08:28.46]国内外政治稳定程序
[08:30.35]have great influence on the stock prices.
[08:32.00]对股市有很大的影响.
[08:33.65]The business performance of a company can influence the stock price
[08:36.15]公司的业绩对股价也产生影响,
[08:38.66]in that it makes its stock price
[08:40.41]公司的业绩使其股价
[08:42.16]go in contrary directions to most of the stock prices in the large stock market.
[08:45.36]与大市股价分道扬辘.
[08:48.56]The stock price of a promising and profit-making enterprise
[08:50.61]前景看好且盈利的公司,
[08:52.66]may only itself go up while others are going down.
[08:54.86]在大市股价趋跌中,其股价独升.
[08:57.05]On the contrary,if it has a bad business performance
[08:59.00]如果其公司业绩不佳,
[09:00.94]its stock price may only itself go down while others are going up.
[09:03.74]在大市趋升中,其股价会独跌.
[09:06.53]The influence becomes obvious
[09:08.08]这方面的影响尤为明显
[09:09.62]at the time when companies are declaring their financial performance.
[09:12.76]在宣布业绩期间.
[09:15.91]Unit 6 Securities (II) Dialogue
[09:19.15]第六单元有价证券（II）
[09:22.39]S:How can investors make money?
[09:24.28]投资者如何才能赚钱呢?
[09:26.18]P:Good question!
[09:27.73]问得好!
[09:29.29]Investors who buy shares or stock in a company may make money in two ways.
[09:32.88]在股市上买了某公司股票的投资者可通过两种方式赚钱.
[09:36.47]They may begin to make money right away.
[09:39.17]他们可能很快就赚钱.
[09:41.88]Suppose that a person invests in a company and the company makes money.
[09:45.43]如果一个人买了一家效益很好的公司的股票,
[09:48.98]The company shares this money with the investor
[09:51.73]公司与投资者共享所挣的钱,
[09:54.47]This money it shares is called a dividend.
[09:58.48]这分享的钱叫做红利.
[10:02.49]Notes:The company shares this money with the investor.
[10:09.18]This money it shares is called a dividend.
[10:13.67]Notes:dividend
[10:53.17]Dividends are usually sent to investors once every three months
[10:55.50]红利一般一季度分一次,
[10:57.84]as long as they own the stock.
[10:59.33]只要他们拥有股票.
[11:00.82]A second way that investors may make money
[11:04.72]投资者赚钱第二种方式是
[11:08.63]is to sell the stock at a higher price than they formerly bought.
[11:11.48]将股票以高于他们买时的价格卖出去.
[11:14.32]The price of each share will go up if the company does very well.
[11:17.38]如果公司经营有方,它们的股票会增值；
[11:20.44]It may also go up for many other reasons.
[11:23.13]其它许多原因也会使股票增值.
[11:25.82]When it goes up,a person may sell it and make a profit.
[11:28.77]一旦价格上扬,持有者就可以把它们卖出以获利.
[11:31.72]S:Could you please give me an example to show how this process works?
[11:34.92]你能给我举个例子说明一下这个过程吗?
[11:38.12]P:Yes,for example,Mr.And Mrs.Brown have $1000 to invest.
[11:42.37]可以,比如说,布朗夫妇想把1000美元用于投资.
[11:46.61]They talk to a stock broker who can help them to buy a good stock.
[11:49.36]他们找一位股票经纪人谈.
[11:52.10]He tells them about the Ward Pencil Company,
[11:54.55]这位经纪人告诉布朗夫妇沃德笔公司的情况,
[11:57.01]which is making a lot of money by manufacturing pencils
[11:59.86]这家公司通过生产铅笔赚了钱,
[12:02.70]and it is selling shares of stock in order to get money to expand.
[12:05.60]为了得到扩大生意的资金,这家公司正在出售股份,
[12:08.50]The share cost $5 each
[12:10.45]每股5万元.
[12:12.40]The Browns have decided to buy 100 shares of stock in the Ward Pencil Company.
[12:16.25]布朗夫妇决定买100股.
[12:20.10]The broker fills this order,and the Browns own these 100 shares.
[12:23.35]经纪人填了单,布朗夫妇就拥有100股.
[12:26.61]Three months later,the Ward Pencil issues a dividend of $1 a share.
[12:30.25]三个月后,沃德公司发每股1美元的红利.
[12:33.89]The Browns have 100 shares,so they get a $100 dividend.
[12:36.79]布朗夫妇一共得了100美元.
[12:39.69]A year later,the company expands.
[12:41.60]一年后,公司扩大,
[12:43.51]It sells many more pencils.The price of the stock goes up to $6 a share.
[12:47.35]生意更火,股票价格涨到每股6美元.
[12:51.19]So the Browns get back $600,plus all the money they have received in dividends.
[12:55.08]所以布朗一家共得到股息600美元.
[12:58.97]This is a good investment.
[13:01.07]他们的投资得到了客观的回报.
[13:03.18]S:It is also possible for the investors to get a complete loss,isn't it?
[13:07.07]投资也有可能什么也拿不回来,对吗?
[13:10.96]P:Investing money in the stock market
[13:12.70]投资股市
[13:14.44]is not at all the safest way in the world to make money.
[13:16.83]并非世界上最安全的赚钱方式.
[13:19.22]There is no guarantee,for example,
[13:21.27]例如,人们并不能保证
[13:23.32]that the Ward Pencil Company will do well,and that the stock will go up.
[13:26.97]沃德公司会很兴隆,股票会涨.
[13:30.63]The company may do badly.
[13:32.68]该公司生前可能很糟,
[13:34.73]Then the stock will go down,and the investors will lose money.
[13:37.88]股票会因此下跌,投资者就会赔钱.
[13:41.03]The stock may go up or down for a number of very complex reasons.
[13:43.82]股票涨跌是由于许多复杂原因.
[13:46.62]Everyone wants the stock market to go up,
[13:48.67]人人都希望股票上涨,
[13:50.72]but sometimes,even when a company does well the stock may go down.
[13:53.72]但即使有时公司生意兴隆其股票也会下跌.
[13:56.73]This is usually for all stocks.
[13:58.62]对所有股票来说都如此.
[14:00.52]S:You mean it is risky to invest money in the stock market?
[14:03.66]您的意思是投资于股票市场是有风险的?
[14:06.81]P:Well,investing money in the stock market is a gamble.
[14:09.50]投资股票是一场赌博.
[14:12.19]Everyone hopes to make money by investing.
[14:14.49]人人都希望投资股市赚钱.
[14:16.79]Companies that need money are glad
[14:18.75]需资金的公司很高兴
[14:20.71]that many people are willing to gamble in order to make money.
[14:22.85]看到许多人因为想赚钱而赌博.
[14:24.99]The stock market is a very interesting and complex part of the business world.
[14:28.14]股票市场是商业世界中一个非常有趣而复杂的部分.
[14:31.29]Supplementary Reading Bonds,Interest Rates,and Bond Prices
[14:34.93]债券、利率、债券价格
[14:38.58]Bonds are simply IOUs issued by firms and governments.
[14:41.67]债券是由公司或政府签发的形式简单的欠款单.
[14:44.77]Notes:bonds Bonds are simply IOUs issued by firms and governments.
[15:35.58]Issuing bonds is a method of borrowing money to finance economic activity.
[15:38.58]签发债券是为经济活动融资进行借款的一种方式.
[15:41.58]The entity issuing the bond
[15:43.48]签发债券的实体
[15:45.37]promises to pay the bondholder the amount borrowed(called principal)
[15:48.08]承诺偿还向债券持有人所借的本金
[15:50.78]at a designated future date plus a fixed amount of interest
[15:54.23]以及固定的息金,在将来一个指定的日期.
[15:57.68]Notes:principal The entity issuing the bond
[16:01.99]promises to pay the bondholder the amount borrowed (called principal)
[16:06.97]at a designated future date plus a fixed amount of interest.
[16:28.37]Some bonds pay the interest at designated intervals
[16:30.77]有的债券是在每年固定日期支付息金.
[16:33.18](i.e.,on a specific date each year).
[16:38.27]Notes:Some bonds pay the interest at designated intervals
[16:43.78](i.e.,on a specific date each year).
[17:11.18]Notes:designated intervals Others pay both principal and interest
[17:13.68]有的债券同时支付本金和息金,
[17:16.17]when the bonds mature at a specified date in the future.
[17:18.33]在将来某一个日期当债券到期时.
[17:20.48]The bond shown here is a typical government bond.
[17:22.87]在此列举的是典型的政府债券(公债券).
[17:25.26]The face value of the bond is $10,000.
[17:27.51]债券的面值为10000美元.
[17:29.76]Notes:The face value of the bond is $10,000 face value
[17:59.85]and the bond will pay the owner 9.25 percent interest paid annually
[18:02.95]并且每年支付债券持有人9.25%的利息
[18:06.04](half in August and half in February) over a 30-year period.
[18:08.59]（一半在八月支付,一半在二月）,偿付期为30年.
[18:11.13]The bond matures on February 15,2016.
[18:13.93]债券于2016年2月16号到期.
[18:16.72]At that time,the owner of the bond
[18:18.02]届时,债券持有人
[18:19.31]will receive from the Treasury Department the $10,000 principal,
[18:21.86]将收到财政部偿还的10000美元的本金
[18:24.41]plus the interest for the final six months.
[18:26.35]以及最后六个月的息金.
[18:28.30]Even though most bonds are issued for long periods of time,
[18:30.35]尽管大多数债券的偿还期较久,
[18:32.40]they can be sold to another party to their maturity.
[18:34.40]但是仍可以将债券在偿还期之前卖给第三方.
[18:36.40]Notes:maturity They can be sold to another party to their maturity.
[19:06.31]Each day,sales of previously issued bonds comprise the majority of bonds
[19:09.05]每天,一些活动都是针对以前发行的债券,
[19:11.79]bought and sold on the bond market.
[19:13.24]即股市上进行的买卖。
[19:14.69]Like most stocks traded on the stock market,
[19:16.48]正如股市上的股票买卖一样,
[19:18.27]new issues of bonds account for only a small part of all bond sales.
[19:20.72]新发行债券的买卖只占所有交易的一小部分.
[19:23.18]How does a change in the market interest rate affect bond prices?
[19:25.53]市场利率的变化是如何影响债券的价格的?
[19:27.88]Suppose you have just bought a newly issued $1,000 bond
[19:30.23]假设你购买了刚刚发行的1000美元的债券,
[19:32.58]that pays 8 percent per year in perpetuity (forever)on the $1,000 principal.
[19:35.98]你将获得本金百分之八的永续年金.
[19:39.38]Notes:Suppose you have just bought a newly issued $1,000 bond
[19:44.18]that pays 8 percent per year in perpetuity(forever)on the $1,000 principal.
[19:50.27]Notes:perpetuity
[20:15.58]As long as you own the bond,you are entitled to a fixed return of $80 per year.
[20:15.08]只要你拥有债券,就能获得每年80美元的年金.
[20:14.58]Let us also assume that,after you have held the bond for one year
[20:17.93]让我们假设,你已经拥有该债券一年时间
[20:21.27]and have collected your $80 interest for that year,
[20:23.22]并且已经获得80美元的年金,
[20:25.16]the market interest rate increases to 10 percent.
[20:27.51]现在市场利率上升到10%.
[20:29.86]Notes:The market interest rate increases to 10 percent.
[20:35.66]market interest rate
[21:03.07]How will the increase in the interest rate affect the market price of your bond?
[21:05.70]该市场利率的提高是如何影响债券的市场价格的呢?
[21:08.34]Since bond purchasers can now earn 10 percent interest
[21:10.59]债券购买人能获得10%的年金,
[21:12.83]if they buy newly issued bonds,
[21:14.48]如果他们现在购买新发行的债券
[21:16.13]they will be unwilling to pay more than $800 for your bond,
[21:18.32]因此若高于800美元他们就不乐意收购上述面值为1000美元的债券,
[21:20.51]which pays only $80 interest per year.
[21:22.36]因为这种债券每年只有80%美元的年金.
[21:24.20]After all,why would anyone pay $1,000 for a bond
[21:26.14]但是,为什么有人愿意用1000美元购买年金
[21:28.09]that yields only $80 interest per year
[21:29.93]只有80美元的债券,
[21:31.77]when the same $1,000 will now purchase a bond
[21:33.88]而用同样的1000美元
[21:35.98]that yields $100(10 percent)per year?
[21:38.17]现在可买到年金100美元的债券?
[21:40.37]Once the interest rate has risen to 10 percent,
[21:42.22]一旦市场利率升到10%,
[21:44.08]your 8 percent $1,000 bond will no longer sell for its original value.
[21:47.53]你拥有的年金为本金8%的1000美元的债券就无法按面值出售.
[21:50.97]If potential buyers expect the new 10 percent rate to continue,
[21:53.08]如果购买者预期10%的市场利率还会继续攀升,
[21:55.18]the market value of your bond will fall to $800.
[21:57.43]那么你的债券市场价值就跌到800美元.
[21:59.67]Notes:market value The market value of your bond will fall to $800.
[22:33.79]You have experienced a $200 capital loss on the bond during the year.
[22:36.83]你每年遭受200美元的资本损失.
[22:39.87]Notes:You have experienced a $200 capital loss on the bond during the year.
[22:47.27]capital loss
[23:22.66]Rising market interest rates cause bond prices to decline.
[23:26.15]逐渐攀升的市场利率使得债券价格下跌.
[23:29.64]On the other hand,falling interest rates will cause bond prices to rise.
[23:32.38]相反,下跌的市场利率会使债券价格上升.
[23:35.12]If the market interest rate had fallen to 6 percent,
[23:37.23]如果市场利率跌破6%,
[23:39.33]what would have happened to the market value of your bond?
[23:41.43]债券的市场价格会如何变化呢?
[23:43.54](Hint:$80 is 6 percent of $1,333).
[23:47.23](提示:80美元的年金若占本金的6%,则本金为1333美元)
[23:50.93]Bond prices and interest rates are inversely related to each other.
[23:53.72]债券市场价格同利率成反比. |