股票市场和资本市场.pptVIP

Why Firms Borrow To acquire new assets or replace existing assets These can be financed by internal financing (from retained earnings) external financing (debt or equity issue) Capital Markets Original maturity is greater than one year. Best known capital market securities: Stocks and Bonds Primary issuers of securities: Governments Corporations Largest purchasers of securities: Households Chapter Outline Stocks 所谓股票（stock)是指股份公司发给股东（shareholder)证明其收入的股份数，并借以取得股息红利的可转让的书面凭证。 马克思说：“股票，如果没有欺诈，它们就是对一个股份公司持有实际资本的所有权证书和索取每年由此产生的剩余价值的凭证。” Stocks Earn a return in two ways Appreciation/Deprecia