欧美人文风情第17篇:证券交易是怎么运作的?

 What is the stock exchange and how does it work? 证券交易是什么，它又是怎么运作的呢？

The stock exchange is nothing more than a giant globally networked and organized marketplace, 证券交易不过就是个巨大的全球连网且有组织的市场，

where everyday huge sums of money are moved back and forth¹. 在那里每天大量的金钱来回流动。

In total over 60 trillion Euros a year are traded, more than the value of all goods and services of the entire world economy. 总计一年有超过六十兆欧元被交易，比整个全球经济体中所有商品和服务的价值还高。

However, it's not apples or second-hand² toothbrushes that are traded on this marketplace, but predominantly securities. 然而，在这个市场中被交易的不是苹果或是二手牙刷，而主要是证券。

Securities are rights to assets mostly in the form of shares. 证券是资产的权力，主要是以股票的形式。

A share stands for a share in a company. 一股代表一间公司的一份股权。

But why are shares traded at all? Well, first and foremost, the value of a share relates to the company behind it. 但到底为什么股票被交易呢？这个嘛，最重要地，股票的价值与其背后的公司息息相关。

If you think of the value of the company in terms of a pizza, the bigger the overall size of the pizza, the bigger every piece is. 如果你将公司的价值想成比萨，比萨整体尺寸越大，每片也会越大。

If, for example, Facebook is able to greatly increase its profits with a new business model, 如果，举例来说，Facebook能够用新的商业模式大大提高其利润，

the size of the company's pizza will also increase and, as a result, so would the value it shares. 这公司的比萨大小同样也会增加，因此，其分配的价值也会增加。

This is, of course, great for the shareholders³. A share which perhaps used to be worth 38 Euros could now be worth a whole 50 Euros. 当然，这对股东们来说很棒。过去也许值38欧元的一张股票现在可以值整整50欧元。

When it's sold, this represents a profit of 12 Euros per share. 当它卖出时，这代表每张股票有12欧元的利润。

But what does Facebook gain from this? 但Facebook从中得到什么？

The company can raise funds by selling the shares and invest or expand its business. 此公司可以借由卖出股份来筹募资金，并投资、或扩展其业务。

Facebook, for example, has earned 16 billion dollars from its listing on the stock exchange. Facebook，举例来说，已经从它在证券交易所上市赚了一百六十亿美元。

The trading of shares, though, is frequently a game of chance. 但股票交易通常是运气游戏。

No one can say which company will perform well and which will not. 没有人可以断言哪间公司会表现得好而哪些不会。

If a company has a good reputation, investors⁴ will back it. 如果一间公司拥有良好名声，投资人会挺它。

A company with a poor reputation or poor performance will have difficulties selling its shares. 一间有糟糕名声或是不良绩效的公司要卖出它的股票将会有困难。

Unlike a normal market in which goods could be touched and taken home, on the stock exchange, 不像商品可以碰触并带回家的普通市场，在证券交易所，

only virtual goods are available. 只能取得虚拟的商品。

They appear in the form of share prices and tables on monitors. 它们以在荧幕上的股票价格及表格形式呈现。

Such share prices can rise or fall within seconds. Shareholders, therefore, have to act quickly in order not to miss an opportunity. 像这样的股票价格可以在几秒钟内攀升又下跌。因此股东为了不要错失机会必须迅速行动。

Even a simple rumor⁵ can result in the demand for share falling fast, regardless of the real value of the company. 即使一个简单的谣言都可以导致对股票的需求迅速下跌，不论那间公司的真正价值有多少。

Of course, the opposite is also possible. 当然，相反情况也有是有可能的。

If a particularly large number of people buy weak shares because they see, 如果特别大批的人购买表现不佳的股票，因为他们看见，

for example, great potential behind an idea, their value will rise as a result. 举例来说，在一个点子背后极大的潜力，他们的价值将会因此攀升。

In particular, young companies can benefit from this. 特别是年轻的公司可以由此获益。

Even though their sales might be falling, they can generate cash by placing their shares. 即使他们的销售可能会下跌，他们还是可以借由释出他们的股份来募集现金。

In the best-case scenario⁶, this will result in their idea being turned into reality. 在最好的情况下，这会使得他们的想法变成现实。

In the worst-case scenario, this will result in a speculative⁷ bubble with nothing more than hot air. 而在最糟的情况下，这会导致只是空谈的投机泡沫。

And as in the case with bubbles, at some point they will burst. 而像是在泡沫这个情况，某个时候它们会破裂。

The value of Germany's biggest 30 companies is summarized in what's known as the DAX Share Index. 德国最大的30家公司的价值被人们所知的德国DAX指数概括。

The DAX curve shows how well or poorly these major companies, and thereby⁸ the economy as a whole, are performing at the present time. DAX曲线显示这些主流公司、从而显示整体经济，在当下表现得多优秀或多糟糕。

Stock exchanges in other countries also have their own indices. 其他国家的证券交易同样也有它们自己的指数。

And all of these markets together create a globally networked marketplace. 所有这些市场在一起创造出一个全球网络化的市场。

 

1 forth   

adv.向前；向外，往外

参考例句：

• The wind moved the trees gently back and forth.风吹得树轻轻地来回摇晃。
• He gave forth a series of works in rapid succession.他很快连续发表了一系列的作品。

2 second-hand   

adj.用过的，旧的，二手的

参考例句：

• I got this book by chance at a second-hand bookshop.我赶巧在一家旧书店里买到这本书。
• They will put all these second-hand goods up for sale.他们将把这些旧货全部公开出售。

3 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

4 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

5 rumor   

n.谣言，谣传，传说

参考例句：

• The rumor has been traced back to a bad man.那谣言经追查是个坏人造的。
• The rumor has taken air.谣言流传开了。

6 scenario   

n.剧本，脚本；概要

参考例句：

• But the birth scenario is not completely accurate.然而分娩脚本并非完全准确的。
• This is a totally different scenario.这是完全不同的剧本。

7 speculative   

adj.思索性的，暝想性的，推理的

参考例句：

• Much of our information is speculative.我们的许多信息是带推测性的。
• The report is highly speculative and should be ignored.那个报道推测的成分很大，不应理会。

8 thereby   

adv.因此，从而

参考例句：

• I have never been to that city,,ereby I don't know much about it.我从未去过那座城市，因此对它不怎么熟悉。
• He became a British citizen,thereby gaining the right to vote.他成了英国公民，因而得到了投票权。