金融英语翻译 Chapter 15 应收款项.pptxVIP

;Terms;With more choices open to them, borrowers and investors can obtain better terms on their financing. Corporations can finance physical investments more cheaply, and investors can more easily diversify internationally and tailor（剪裁；使合适） portfolio（公文包；文件夹；证券投资组合） risk to their preferences（偏爱，选择权，特惠）. 有了更多的选择，借款者和投资者便能获得对他们的融资更有利的条件。公司可以比较廉价地（？）获得实物投资所需的资金，投资者在全球范围内更容易实现投资多元化，可以根据他们的风险偏好（？），定制投资组合。;This encourages investment and saving, which facilitate real economic activity growth and improve economic welfare. However, asset prices may overshoot fundamentals during booms and busts, causing excessive volatility （反复无常，波动，不稳定）and distorting the allocation of capital. 这些鼓励了投资和储蓄，便利了实体经济的增长，提高了经济福利。然而，资产价格在经济高涨（？）和萧条时期可能会超过基本面，导致经济过度波动，扭曲资本配置。;;;;30年前，一个制造业建一座新的工厂或许只能从国内银行贷款，如今，有更多方式可供选择。 30 years ago, a manufacture build a new factory that maybe merely get loans form domestic banks. Three decades age, a manufacture building a new factory would probably have been restricted to borrowing (obtain a loan)from a domestic bank. Today it has many more options to choose from. Choose a new manager from five candidates. We offer a wide range of holidays to choose from. ;可以在全球范围内寻求低利率的贷款；如果外国货币贷款提供比国内货币贷款更有吸引力的条件，还可以借入外国货币；可以在国内或者国际资本市场上发行股票或债券；还有许多专门为规避可能发生的风险而设计的金融产品可供选择；甚至可以向国外公司出售证券。 ( There are many financial products designed …) It can look around the world for a loan with a lower interest rate and borrow foreign currency if foreign-currency loans offer more attractive terms than domestic-currency loans; it can issue stocks or bonds in either domestic or international capital markets; and it can choose from a variety of financial products designed to help it hedge against possible risks. It even sell equity to a foreign company.;融资渠道多元化的一个主要好处是它降低了“信用紧缩”风险。当本国银行处于银根紧缩时期，借款者可以在国内证券市场上发行股票和债券，或是在国际资本市场上寻求其他融资渠道。 信用紧缩时期 tight money period 银行信用紧缩 ?contraction of bank money ? credit squeeze One of the main benefits of the growing diversity of funding sources is tha