金融英语课件2.pptVIP

* * * * As well as claims there are also derivative instruments-contracts relating to the prices of securities, interest rates or foreign exchange rates at some date in the future. as well as = in addition to Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall * Although a wide variety of financial instruments exists, differing significantly in detail, the major distinctions rest on three characteristics-risk, liquidity, and real-value certainty (that is, their susceptibility to loss of value due to inflation). susceptibility: the ability to be influenced 敏感度 Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall * Risk： A distinction can be drawn between on the one hand deposits and loans, which are generally made only if repayment of capital and interest is confidently expected, and on the other company shares, which are claims to a share of the surplus income after prior claims have been met. A distinction can be drawn between A and B. capital = principle 本金；Confidently expected = guaranteed Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall * People think of their deposits with financial institutions as safe, and loans are usually secured on assets or made conditional on the borrower‘s financial performance, to give the lender added confidence in the safety of the funds, though there is usually some small chance of partial or total loss. to be secured on sth. 以…为担保 To be made conditional on sth. 以…为附加条件 Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall * The risk of loss, and conversely the possibility of gain, is heavily concentrated on equity assets, mainly the ordinary shares of companies. The shareholder is entitled to a share of the companys profits but must also accept the chance of experiencing some loss. Indeed, the effects on the shareholders of success or failure of a company are magnified if the company has loans outstanding as well as ordinary shares. ma