商务英语阅读王关富答案.pdfVIP

商务英语阅读王关富答案

【篇一：商务英语阅读(第二版)王关富unit10banking

课后答案】

thealchemistsoffinance

exercises

1.questionsonthetext

1)what’sthemaindifferencebetweencommercialbanksand

investment

banks?

intodaysbusinessenvironment,themainbusinessof

commercialbanksistocollectdepositsandmakeloans,while

thatofinvestmentbanksistounderwritestocksandbonds

andadvisecompaniesonmergersandacquisitions.

2)whydoinvestmentbankstrytokeepquietabouttheirbig

profits?

investmentbankstrytokeepquietabouttheirbigprofitsfor

twomajorreasons:first,theyareundermorescrutinyby

regulatorsandinvestors;second,privateequityandhedge

fundshaveovertakentheminraisingmoneyandmaking

excessivebets.

3)whatchangeshavetakenplaceinthefinancialmarkets

sincethe1980s?

themainchangessince1980shavebeentherapidgrowthof

financialinstrumentswithunprecedentedbreadth,depthand

richness,broughtoutbytechnologyandinnovation.examples

ofthosefinancialinstrumentsarepublicandprivatedebt

securitiesandderivatives.

4)whydobankersandregulatorsworryaboutapossible

collapseofan

investmentbank?

theyworryaboutapossiblecollapseofaninvestmentbank

becausesuchaneventwillhaveseriousimplicationsforthe

wholefinancialsystem,anditisvitaltoknowhowsuch

institutionsevolve,howtheyhandlerisksandhowwellthose

risksarespreadaroundthefinancialsystem.

5)whichthreefactorscanexplainthehugeprofitfor

investmentbanks?

thosefactorsare:first,thealchemiststrickofturningdebt

(mostlyleaden)intoderivatives(mostlyliquid);second,the

emergenceofanewclassofleveragedclient(hedgefundsand

privateequity);third,seekingoutnewcapitalmarketsand

clientsaroundtheworld.meanwhile,inallthesepursuitsthe

banksarenowusingtheirownmoney,todifferingdegrees.