|
|
楼主 |
发表于 2012-12-4 13:50:23
|
显示全部楼层
本帖最后由 12345 于 2012-12-4 14:01 编辑
金融常用
China central bank pledges more co-operation to stem global financial crisis 中国央行投入更多合作来遏制全球金 融危机
0
BEIJING, Oct. 10 (Xinhua) -- China's central bank on Friday said it will continue international cooperation to tackle the global financial crisis and maintain market stability. The pledge came two days after the People‘s Bank of China (PBOC) announced an interest rate cut in a co-ordinated（共同调整） global move to revive solvency（偿付能力） in the international financial system.
1
The PBOC on Wednesday cut the benchmark lending and deposit rates(存 贷款基准利率) by 0.27 percentage points and the reserve requirement ratio by 0.5 percentage points amid growing fears of a slowing economy and falling equities market.
2
"The PBOC will continue close contacts and cooperation with counterparts and international financial organizations to jointly maintain stability of global financial market," PBOC spokesman Li Chao told Xinhua.
3
The PBOC would closely watch the developments and effects of the crisis and take timely and flexibly measures according to changes in the domestic and international situations to guard against financial risks, Li said.
4
The global economic slowdown（放缓） reduced demand for Chinese exports and inevitably（不可避免的） affected China's economy, he said. The central bank was fully confident and capable of dealing with the crisis and maintaining stable and relatively fast economic growth.
5
“China has a huge domestic market and the liquidity is abundant,” he said. “As long as we take strong measures to boost（推进） domestic demand, the economy has big potential for sustainable（持续的） growth."
6
A PBOC statement on the third-quarter meeting of its monetary policy committee said it would take flexible and prudent（谨慎） macro-economic control measures to boost economic growth. The PBOC was not optimistic in its global economic outlook（展望） as intensifying （加 强的）fluctuations in the financial markets had affected the real economy.
7
It said it would boost coordination between monetary policies and fiscal （财政）, industry, export and financial regulation policies to help transform economic growth mode（方式） and boost domestic demand to balance international payments（国际支付）.
8
Part 3 Corporate Finance
3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 Venture capital Stocks and shares(1) Stocks and shares(2) Shareholders Share price Describing charts and graphs Bonds Futures
9
Chapter Outline（2）
3.9 Derivatives 3.10 Asset management 3.11 Hedge funds and structures products 3.12 Mergers and takeovers 3.13 Conglomerate 3.14 Raiders 3.15 Financial planning
10
3.1 Venture capital
3.1.1 raising capital
Venture capital = risk capital = start-up capital, means funds for new enterprises. New business, called start-ups, are all private companies that aren’t allowed to sell stocks or shares to the general publics. In this case, venture capital can give a help. Some rich people, called angles or angel investors, also invest in star-ups.
11
3.1.2 Return on capital
At first, entrepreneurs（企业家） should provide a business plan（商业计划）. Because of the high level of risk involved, investors in start-ups usually expect a higher than average rate of return（回报率）. If they can’t get a quick return in cash, they can buy the new company’s shares. If the company is successful and later becomes a public company（上市公司）, the venture capitalists will be able to sell their shares, at a profit. This is exit strategy（退出战略）.
12
If these companies need further capital to expand before they join a stock exchange. This is called mezzanine financing（二次融资）. It usually consists of convertible bonds（可转 换债券） or preference shares（优先股） that receive a fixed dividend（固定股利）. Investors at this stage have a lower risk of loss than venture capitalist, but less chance of making a big profit.
13
3.2 Stocks and shares(1)
Stocks and shares are certificates representing part ownership of a company. The word equity or equities is also used to describe stocks and shares. In Britain, stock is also used to refer to all kinds of securities（有价证券）, including government bonds. The place where stocks are bought and sold are called stock markets or stock exchange（股票交易所）.
14
3.2.1 Going public
Procedure of going public: • Get advice from investment detailedabout A bank how many shares to offer and at what examination of a price; company and its An offer of a A document produce • Get independent accountants to stating the a financial situation company’s shares to due diligence report （尽职调查报告）; terms of sale, investors financial to public; • Produce a prospectus（公告书） results and other information • Make a flotation （浮选） or IPO (initial about the company public offering); • An investment bank underwrites the stock Guarantees issue （承销股票发行）.to buy
the shares if there are not enough buyers
15
3.2.2 Ordinary and preference shares
Except the ordinary shares（普通股）, some companies also have preference shares whose holders receive a fixed dividend that must be paid before holders of ordinary shares receive a dividend. If the company goes into liquidation（进入清 算）, holders of preference shares are repaid（偿还） before other shareholders, but after owners of bonds and other debts.
16
3.3 Stocks and shares(2)
After newly issued shares have been sold for the first time---this is called the primary market（一级市场）, they can be repeatedly traded at the stock exchange on which the company is listed---this is called the secondary market（二级市场）. Most companies use over-the-counter (OTC) markets, such as NASDAQ in New York and the Alternative Investment Market (AIM) in London.which have fewer
17
3.3.1 Buying and selling shares(2)
The nominal value（票面价值） of a share is rarely the same as its market price（市场价值）. It can change every minute during trading hours, because it depends on supply and demand. Most customers place their buying and selling orders with a stockbroker（股票经纪人）. Some stock exchange have computerized automatic trading systems（自动交易系统）, others have market makers（做市商）: traders in stocks who quote bid and offer prices.
18
3.3.2 New share issues
Companies that require further capital can issue new shares. Rights issue（增股）: the existing shareholders have the first right to buy new shares. Scrip issue（发红利）: issue new shares to existing shareholders instead of paying them a dividend, also called capitalization issue, or bonus issue（红利股）. Own shares（自持股）: buy back some their own shares on the secondary market.
19
3.3.3 Categories of stocks and shares
Blue chips（蓝筹股）: stocks in large companies with a reputation for quantity, reliability and profitability. Growth stocks（增长股）: be expected to rise regularly in value. Income stocks（收入股）: have a history of paying consistently high dividends. Defensive stocks（防御股）: provide a regular dividend and stable earnings（稳定收益）, not to rise or fall much. Value stocks（价值股）: nominal worth less than the real value.
20
Exercises：
1. A stock whose price has suddenly fallen a lot after a company had bad news could be a value stock, as it will probably rise again. 2. The stocks of food, tobacco and oil companies are usually defensive stocks, as demand doesn’t rise or fall very much in periods of economic expansion or contraction.
21
3. Pension funds and insurance companies, which can’t take risks, usually only invest in blue chips. 4. The best way to make a profit in the long term is to invest in growth stocks. 5. This stock used to be considered an income stocks, but two years ago the company started to cut its dividend and reinvest its cash in the business.
22
3.4 Shareholders
3.4.1 Investors Investors in stock market are named by animals.
• Bulls: investors who expect prices to rise; • Bears: investors who expect them to fall; • Stags（鹿）: investors who buy new share
issues hoping that they will be oversubscribed（超额订购）, and immediately sell them at a profit.
23
3.4.2 Speculators
Speculator（投机者）: people who buy and sell shares rapidly, hoping to make a profit. These include day traders（日交易者）, who buy stocks and sell them again before the settlement day. Day traders usually work with online brokers （网上经纪人）, who charge low commissions. Take a short position: 做空 Take a long position: 做多
24
3.4.3 Dividends and capital gains
Companies that make a profit either pay a dividend to their stockholders, or retain their earnings by keeping the profits in the company, which causes the value of stocks to rise. When an investor buys shares on the secondary market they are either cum div（带 息）, meaning the investor will receive the next dividend the company pays, or ex div （不带息）, meaning they will not, but to sell their stocks to make a capital gain（资本收益）.
25
3.5 Share prices
Stock markets are measured by stock indexes（股指）, such as Dow Jones Industrial Average (DJIA)（道琼斯工业指数）. A period when most of the stocks on a market rise is called a bull market（牛市）; A period when most of them fall in value is a bear market（熊市）. When these indexes fall considerably on a single day, the stock market crashes happen （崩盘）.
26
Latest Economic news
Citigroup posts another loss amid credit woes 花旗集团宣布在信用危机中的另一 项损失
Thursday October 16, 8:16 am ET By Madlen Read, AP Business Writer
27
NEW YORK (AP) -- Citigroup Inc. suffered its fourth straight quarterly loss 失误） due to credit-related missteps（失误） and cut another 11,000 jobs. The New York-based bank said Thursday that it lost $2.8 billion, or 60 cents per share, in the third quarter, compared with a profit of $2.2 billion, or 44 cents per share, a year ago.
28
That deficit for the June-to-September period brings Citi's total losses over the past 12 months to $20.2 billion. The shortfall（赤字） for the quarter was 赤字） narrower than anticipated. Analysts polled（调查） by Thomson Reuters（汤 调查） 路透） 姆森 路透） expected a loss of 70 cents per share.
29
“While our third quarter results reflect both a difficult environment as well as continued write-downs（价值缩水，减记） on our 价值缩水，减记） legacy assets（遗留资产）, we are making 遗留资产） excellent progress on the parts of our business we control, including expense reduction, headcount（员工总数）, and 员工总数） balance sheet and capital management," said CEO Vikram Pandit in a statement.
30
The frailty（弱点） of the financial 弱点） system has led the government to pledge $25 billion to each of the big four U.S. banks -- Citigroup, JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co（美国富国银行）. 美国富国银行）
31
Of these four institutions, Citi appears to be on the shakiest footing（最动摇的 最动摇的 基础） 基础）. It is the only one to have posted quarterly losses over the past year, and it is shrinking while its peers are growing.
32
Citi not only eliminated 11,000 jobs during the third quarter -- bringing its total headcount reduction so far this year to 23,000 -- but it also shed（流出） 流出） $50 billion in assets.
33
Pandit announced in May that Citi intends to rid itself of（消除 nearly 消除） 消除 $500 billion in assets to get out of businesses such as risky mortgages; the bank said that over the past year, it has lopped off（消减 $308 billion in 消减） 消减 total assets.
34
Meanwhile, the bank has not made any major acquisitions. While JPMorgan 迅速买下） Chase snapped up（迅速买下） Bear Stearns Cos. （贝尔斯登 ）and Washington Mutual Inc., and Bank of America Corp. bought Merrill Lynch（美 林）, Citigroup lost a bid for Wachovia Corp.（瓦乔维亚银行 ） and its massive deposit base to Wells Fargo.
35
task(20分 Paper task(20分)
1.The impact of RMB appreciation to China’s export. 2.How will US financial crisis affect China’s economy? Requirement: 条理清楚，内容充实，文题相符； 条理清楚，内容充实，文题相符； 二选一，字数6000 字符） 6000（ 二选一，字数6000（字符）
36
3.5.1 influence on share prices
Points that influence the share price：
• The financial situation of the company; • The situation of the industry in which the
company operates; • The state of the economy in general; • The beliefs of investors;
When price-sensitive（价格敏感） information 价格敏感） arrives, a share price will change.
37
3.5.2 Predicting prices
Theories to predict share prices:
• The random walk hypothesis（随机游走假
the day-to-day change of stock prices are completely random（随意的） 随意的） or unpredictable（不可预测的）. 不可预测的） • The efficient market hypothesis（有效市场 假设） 假设）: share prices always accuratel |
|
楼主: 12345
狗仔卡
发表于 2012-11-10 19:58:35
