M02_Titman_2544318_11_FinMgt_C02市场.pptVIP

2.3 THE FINANCIAL MARKETPLACE – SECURITIES MARKET2.3金融市场——证券市场 Security证券 A security is a negotiable instrument that represents a financial claim and can take the form of ownership (such as stocks) or debt agreement (such as bonds).证券是一种票据,代表一个债权和可以采取的形式的所有权(如股票)或债务协议(如国债)。 The securities market allow businesses and individual investors to trade the securities issued by public corporations.证券市场允许企业和个人投资者交易的上市公司发行的证券。 Primary versus Secondary Market初级和二级市场 A primary market is a market in which securities are bought and sold for the first time. In this market, the firm selling securities actually receives the money raised. For example, securities sold by a corporation to investment bank.一个初级市场是一个市场中,证券买卖是第一次。在这个市场,该公司出售证券实际收到筹集到的钱。例如,证券公司出售的投资银行。 Primary versus Secondary Market (cont.) A secondary market is where all subsequent trading of previously issued securities takes place. In this market, the issuing firm does not receive any new financing. The securities are simply transferred from one investor to another. Thus secondary markets provide liquidity to the investor. For example, the New York Stock Exchange.二级市场是所有后续交易之前发行证券的发生。在这个市场上,发行公司不接收任何新的融资。证券只是转移到另一个从一个投资者。因此二级市场提供流动性,以投资者。例如,纽约股票交易所。 How Securities Markets Bring Corporation and Investors Together证券市场是如何把公司和投资者在一起吗 Figure 2-2 describes the role of securities market in bringing investors together with businesses looking for financing.图2 - 2描述证券市场的作用在一起将投资者与企业寻求融资。 Process of Raising Money in the Securities Market (Figure 2-2)过程在证券市场筹集资金(图2 - 2) The firms sells securities (debt or equity) to investors in the primary market.这些公司出售证券(债券或股票的投资者在一级市场。 The firm invests the funds it raises in its business.公司投资资金在其业务提出了。 The firm distributes the cash earned from its investments.公司分配现金投资赚来的。 The firm distributes the cash earned from its investments.公司分配现金投资赚来的。 Security continues to trade in the secondary market.证券继续在二级市场交易。 Types of Securities证券种类 Debt Securities: Firms borrow money by selling debt se