第01章金融市场的作用(段落).docVIP

The secondary market serves two important functions. First, financial instruments are more liquid. The increased liquidity of the instruments makes them more desirable and thus easier for the issuing firm to sell in the primary market. Second, they determine the price of the security that the issuing firm sells in the primary market. The firms that buy securities in the primary market will pay the issuing corporation no more than the price that they think the secondary market will set for this security. The higher the security’s price in the secondary market, the higher the price that the issuing firm will receive for a security in the primary market and hence the greater the amount of capital it can raise. 二级市场有两个重要的功能。第一个功能是增强了金融工具的流动性。流动性的增强使得这些金融工具更受人欢迎，也公司在初级市场上证券。第二个功能是二级市场决定了证券发行公司在一级市场出售证券的价格。在初级市场承销证券的公司不会以超过二级市场能出售的价格支付给发行证券的公司。二级市场上证券的价格越高，在初级市场上发行证券的公司出售证券的价格也越高，从而能筹集更多的资金。Apart from borrowing from banks, a firm or an individual can obtain funds in a financial market in two ways. The most common method is to issue a debt instrument, such as a bond or a mortgage, which is a contractual agreement by the borrower to pay the holder of the instrument fixed amounts at regular intervals（interest and principal payments） until a specified date （the maturity date）, when a final payment is made. The second method of raising funds is by issuing equities, such as common stock, which are claim to share in the net income （income after expenses and taxes） and the assets of a business. Equities usually earn periodic payment （dividends） and are considered long-term securities because they have no maturity date. 除了从银行借款，企业或个人还可以通过两种途径从金融市场获取资金。最常见的方法是发行债务工具，债券或抵押直到某一特定日期（到期日）付款。， Chapter 1 Functions of Financial Markets 第一章 金融市场的作用（段落） - 1 - Jasmine