【正文】 補(bǔ)償 3. liability: liabilities The financial obligations entered in the balance sheet of a business enterprise. 負(fù)債 ， 債務(wù)：某一企業(yè)的資產(chǎn)收支表上的財(cái)政債務(wù) 4. exploit: to employ to the greatest possible advantage開發(fā) 5. postdate: to put a date on (a check, for example) that is later than the actual date. 填遲日期 ,接在 ...后面 ExercisesKeys ExercisesKeys 6. diversity: a point or respect in which things differ差異 , 多樣性 7. tradeoff: an exchange of one thing in return for another, especially relinquishment of one benefit or advantage for another regarded as more desirable交易，交換：以一物換取另一物，尤指放棄一種利益或優(yōu)勢以換取另一種被認(rèn)為更有價(jià)值的物品 8. speculator: one that speculates投機(jī)者 9. binge: a period of excessive or uncontrolled indulgence無節(jié)制期 10. BS:= balance sheet , a statement of a business or an institution that lists the assets, debts, and owners39。 Text : Language Points contingent a. dependent on conditions or occurrences not yet established。 Text : Language Points balance sheet (BS) a statement of a business or an institution that lists the assets, debts, and owners ’ investment as of a specified date.資產(chǎn)負(fù)債表：一個(gè)公司或機(jī)構(gòu)在指定日期的資產(chǎn) 、 負(fù)債和所有者投資的列表說明 Text : Language Points liability n. anything that is a hindrance or puts an individual at a ，債務(wù)：某一企業(yè)的資產(chǎn)收支表上的財(cái)政債務(wù) eg. A partnership may have unlimited liability as well as limited liability. 合營可以是無限責(zé)任也可以是有限責(zé)任。 This will offset the loss. 這將彌補(bǔ)損失。 Text : Language Points mutual fund an investment pany that continually offers new shares and buys existing shares back on demand and uses its capital to invest in diversified securities of other panies共有基金 (一種投資公司形式 ) eg. The study conducted by Oppenheimer, a mutual fund pany, reveals that many young women are suffering from the Carrie Bradshaw syndrome. 這項(xiàng)由一家叫做 Oppenheimer的共同基金公司所做的調(diào)查發(fā)現(xiàn) ， 不少青年婦女患上了 Carrie Bradshaw綜合癥 。s trust in others, and cause unemployment for the people who became speculators. However, few periods of inflation or recession can be linked to speculative binges, and, as a result, most economists do not believe that they, or the financial markets, are an important source of macroeconomic disturbance. Text : Some people argue that the Great Depression was a result of a speculative binge in the stock market in 1928 and 1929. Most economists dismiss this theory because prices in the stock market did not reach levels that were clearly outlandish. Some market watchers have even argued that stock prices were not overvalued at all in 1929 if the 1930s would have been a normal decade. Text : Even if one believes that stocks were overvalued in 1929, and that the stock market had gone on a speculative binge, it is hard, and perhaps impossible, to explain why the results of this particular binge were so much more severe than the aftereffects of other, equally large binges in the stock market. In particular, the very large drop in stock market prices on Monday, October 19, 1987 left few traces on production or consumption during the following year. Yet on that one day the value of mon stocks, as measured by the Dow Jones Industrial Index, dropped by more than 22%. Clearly a speculative crash in financial markets is not enough, by itself, to trigger a recession. Text : Language Points intermediary n. acting as a mediator or an agent between persons or things. 中間人 ?？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。 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） 。 Overview of Unit 2 本章旨在 通過對金融投資機(jī)構(gòu)、投資組合以及投機(jī)者市 場關(guān)系的介紹讓學(xué)生對金融投資有初步概念， 并了解其中一些相關(guān)理論。 4. 在試圖確認(rèn)某人是否會(huì)違約的時(shí)候，對沖基金和違約信用交換會(huì)是合法的工具，但是在市場自然而然變得投機(jī)性越來越強(qiáng)時(shí)問題就會(huì)顯現(xiàn)出來。 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。 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 。如果交易者預(yù)測有誤，這將對股票市場產(chǎn)生巨大影響。 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)。 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或其它國家的金融和證券市場 ， 其投資的組合可能包括股票 ， 債券 ， 銀行定期存款 ,貨幣市場工具 ,貴重金屬和房地產(chǎn)等 。 當(dāng)你買入基金后 ， 那些基金管理費(fèi)也是由你付出 。 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 g