【正文】 Unit 2: Financial Investment Financial English Unit 2: ? Revision of Unit 1 ? Overview of Unit 2 ? Background information of Unit 2 ? Text ? Exercises ? Assignments Review of Unit 1 ? Exercises Checkup ? Question amp。 Answer ? Sentence Translation Revision of Unit 1 Question amp。Answer 1. What is the financial market? 2. What does financial market facilitate? 3. What are the main types of financial market? 4. What is the purpose of financial market? 5. Who are the main borrowers in financial market? Checkup Checkup Answer the following questions according to the text in Unit 1 Key to the questions: 1. A financial market is a mechanism that allows people to easily buy and sell (trade) financial securities (such as stocks and bonds), modities (such as precious metals or agricultural goods), and other fungible items of value at low transaction costs and at prices that reflect the efficientmarket hypothesis. 2. The raising of capital 。the transfer of risk and international trade. Question and Answer 3. Capital markets, modity markets, money markets, derivative markets, insurance markets and foreign exchange markets . 4. Financial markets fit in the relationship between lenders and borrowers. 5. Individuals, panies, governments, municipalities and public corporations. Question and Answer Translate the following sentences orally Sentence Translation 1. Financial markets go by many terms, including capital markets, Wall Street, even the markets. Some experts even simply refer to it as the stock market, even though they are referring to stocks, bonds and modities. 2. Futures also increase the trader’s leverage by allowing him to borrow the money to purchase the modity. This can have a huge impact on the stock market if the trader guesses wrong. Checkup Sentence Translation 3. Russian experts say that the economic potential of the nation will let the country survive the financial crisis without considerable losses. The Russian economy today is a lot bigger than it used to be ten years ago. 4. Hedge funds, credit default swaps, can be legitimate instruments when trying to insure against whether someone will default or not, but the problem came about when the market became more speculative in nature. Checkup Sentence Translation 5. The extent of the problems has been so severe that some of the world’s largest financial institutions have collapsed. Others have been bought out by their petition at low prices and in other cases, the governments of the wealthiest nations in the world have resorted to extensive bailout and rescue packages for the remaining large banks and financial institutions. Checkup Sentence Translation— Suggested Answers 1. 金融市場(chǎng)包括很多方面，包括資本市場(chǎng)，華爾街，甚至是市場(chǎng)本身。一些專家簡(jiǎn)單的將股票市場(chǎng) 成為金融市場(chǎng)，盡管市場(chǎng)實(shí)際上包括股票市場(chǎng)、債券市場(chǎng)和商品市場(chǎng)。 2. 期貨允許投資者借貸資金購買商品從而增加交易者的投資杠桿。如果交易者預(yù)測(cè)有誤，這將對(duì)股票市場(chǎng)產(chǎn)生巨大影響。 Sentence Translation— Suggested Answers 3. 俄羅斯的專家稱，國(guó)家的經(jīng)濟(jì)潛力將使得國(guó)家不必遭受相當(dāng)大的經(jīng)濟(jì)損失就可以渡過經(jīng)濟(jì)危機(jī)。如今的俄國(guó)經(jīng)濟(jì)比十年前要強(qiáng)很多。 4. 在試圖確認(rèn)某人是否會(huì)違約的時(shí)候，對(duì)沖基金和違約信用交換會(huì)是合法的工具，但是在市場(chǎng)自然而然變得投機(jī)性越來越強(qiáng)時(shí)問題就會(huì)顯現(xiàn)出來。 Sentence Translation— Suggested Answers 5. 問題已經(jīng)到了越來越嚴(yán)重的程度，以致于一些世界最大型的金融機(jī)構(gòu)已經(jīng)垮臺(tái)。其他一些則被其競(jìng)爭(zhēng)對(duì)手以低價(jià)收購。在另一些情況下，一些世界上最富有國(guó)家的政府也通過大量以優(yōu)先股給股東分紅或者出臺(tái)救市計(jì)劃來挽救現(xiàn)存的大型銀行和金融機(jī)構(gòu)。 Overview of Unit 2 本章旨在 通過對(duì)金融投資機(jī)構(gòu)、投資組合以及投機(jī)者市 場(chǎng)關(guān)系的介紹讓學(xué)生對(duì)金融投資有初步概念， 并了解其中一些相關(guān)理論。 本章重點(diǎn)難點(diǎn) ? 什么是金融中介機(jī)構(gòu) ? 什么是投資組合 ? 如何看資產(chǎn)負(fù)債表 ? 投機(jī)者與市場(chǎng)的關(guān)系 Overview of Unit 2 Af ter l ea r n i n g th i s u n i t, y o u s h o u l d a c q u i r e:W ha t i s f i na nci a l i nt e r m e di a r yW ha t i s a po r tf o l i o c ho i c eH o w to r e a d a ba nl a nce s he e tT he r e l at i ons hi p be twe e n s pe c ul at or s and the m ar k e t共有基金 (mutual fund)共有基金是一個(gè)投資公司集結(jié)了眾多投資人的資金 ， 然后由財(cái)務(wù)管理專家依照該共有基金的投資方向而投資于美國(guó)或其它國(guó)家的金融和證券市場(chǎng) ， 其投資的組合可能包括股票 ， 債券 ， 銀行定期存款 ,貨幣市場(chǎng)工具 ,貴重金屬和房地產(chǎn)等 。 股票型共有基金投資于股票市場(chǎng) ， 債券型共有基金投資于債券 ， 也有一部分共有基金的投資涵蓋了股票 ， 債券 ，貴重金屬 ， 房地產(chǎn)等 。 一般而言 ， 共有基金的投資種類和百分比依基金公司的目標(biāo)與策略的不同而有差異 。 投資者參與投資共有基金時(shí) ， 即擁有該共有基金的部分所有權(quán) ， 你需要付出它的凈資產(chǎn)價(jià) （ NetAssetValve， NVA)， 加上所需的銷售價(jià)（ Salesloads） 。 當(dāng)你買入基金后 ， 那些基金管理費(fèi)也是由你付出 。 Background Information Background Information 共有基金的投資者可借助兩種方式獲利 ：收取所投資本的股息和利息收入，或籍所持證券的升值使投資升值。股息、利息及出售證券所得之收盈 (資本利得 )以收益分配的形式返還投資者?？傮w而言，任何投資者有權(quán)在任何時(shí)間，以所投資基金之當(dāng)日收盤價(jià)出售 (可贖回 )所持股份。 Background Information 資產(chǎn)負(fù)債表 (Balance Sheet)，亦稱財(cái)務(wù)狀況表（ Statement of financial position） 按照有關(guān)統(tǒng)計(jì) ， 美國(guó)大約有 93%的企業(yè)將這張報(bào)表稱為 “ 資產(chǎn)負(fù)債表 ” （ Balance Sheet） ， 另外 ， 還有極少數(shù)的企業(yè)稱其為 “ 財(cái)務(wù)狀況表 ” （ Statement of financial position） Unit 2: ? Part I: Introduction ? Part II: Financial Intermediaries ? Part III: Portfolio Choice ? Part IV: Speculators and Markets Financial Investment Introduction In finance, investment is the mitment of funds by buying securities or other moary or paper (financial) assets in the money markets or capital markets, or in fairly liquid real assets, such as gold, real estate, or collectibles. Valuation is the method for assessing whether a potential investment is worth its price. Returns on investments will follow the riskreturn spectrum. Text : Types of financial investments include shares, other equity investment, and bonds (including bonds denominated in foreign currencies). These financial assets are then expected to provide ine or positive future cash flows, and may increase or decrease in value giving the investor capital gains or losses. Text : Text : Investments are often made indirectly through intermediaries, such as banks, mutual funds, pension funds, insurance panies, collective investment schemes, and investment clubs. Though their legal and procedural details differ, an intermediary generally makes an investment using money from many individuals, eac