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The Stock Market

The Stock Market. Aim of learning: In this unit, learners are expected to : --learn the business terms and expressions concerning securities ; --the business concepts concerning securities and their trading ;

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The Stock Market

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  1. The Stock Market

  2. Aim of learning: In this unit, learners are expected to : --learn the business terms and expressions concerning securities ; --the business concepts concerning securities and their trading ; -- understand how to describe corporate performance according to the changes in its stock price. Time required: 6 hours

  3. KEY VOCABULARY A company can raise money on thestock market (股票市场）orstock exchange（证券交易所）(a market place for buying and selling shares) in two different ways. It canissue shares（发行股票）(USstocks), or units of its capital（单位资本）, toinstitutional investors（机构投资者）or the general public. Different types ofshares or equities（股份、股票）are available, but the most common are known as ordinaryorcommon shares（普通股）(US common stock). When an investor buys a share, using the services of a specialist company (专业公司—证券公司）or broker（证券经纪人）, he or she becomes ashareholder（ 股东）(US stockholder) and owns a part of (or has astake股本in) a company.

  4. Shareholders can make money by receivingdividends（红利）, paid as a proportion of a company‘s annual profits（年利润）， and when the value of their shares increases. A company can also borrow money from investors by issuingbonds（债券）, loans for fixed periods (固定期限）with fixed interest rates（固定利率）. Securities（有价证券）refers to both shares and bonds. Each year billions of shares and bonds are sold or traded（交易）on the world's major stock exchanges.

  5. Lead in Many companies are authorised (授权）to use the stock exchange（证券/股票交易所） to trade their shares. Every day, the press gives prices and other information about the shares of these listed companies（ 上市公司） . Read the newspaper headlines on page 77. In groups, decide whether each one reflects a good or poor performance （业绩）of the company's shares on the stock exchange. Example: GENERAL CINEMA SEES $20 MILLION GAIN The shares of this company are doing well since there has been a gain.

  6. 2. You will hear Isobel Mendelson talking about investments that she has made on the stock market and her reasons for doing so. Listen to part 1 and complete the table on page 77. Types of investments: --preferred stock and stock in various; --business geographical sectors Reasons for investing: -- high returns on high risk investment. Listen to part 2. How does she check on her shares? portfolia

  7. READING 1 You are going to read a text with the headline 'Europeans Log On To Investment Fever'. In pairs, discuss what you think the text is about. 2 Read the text on page 78 and see if your ideas were correct.

  8. Key words in reading investment fever 投资热 log on 登陆（网站） target—to focus on /pay attention to hooked—be addicted to / be greatly attracted addiction The quality or condition of being addicted:入迷，嗜好 boom －develop very fast 快速发展 Business is booming. surf the internet－browse the internet浏览网站 gains popularity –become popular financial product 金融产品 in its infancy –in its initial and weak stage 处在幼稚期 set their sights on －pay attention to 注意到 pose a challenge for sth.—form a challenge joint venture 合资企业 licensing agreement 许可协议 broker 经纪人 blue chip 蓝筹股 catch up －赶上

  9. securities business 证券业务 under way –in the process of development/ change a singe market –单一市场（ 指欧洲common market ) stock trade 股票交易 drive down profit margin 压低利润额 lucrative potential －有利的 novel －new, unusual, 新的 amount to －reach 达到 full service brokers－－经营全部业务的经纪人 going commission－－交易佣金 for fear of －以免 securities regulator 证券管理者 individual European exchange 个别的欧洲证券交易所 global marketplace 全球市场 national boundaries 国界 long-range goal －长期的计划 lag behind－落后 single currency 单一货币制

  10. foster the spread of stock trading－－促进了股票交易的发展 Barclays plc巴克莱银行有限公司 fight off－击退、避免 real-time share trading service实时股票交易服务 Alternative Investment Market 替代投资市场 small business market（股市）小企业市场 squeeze－－挤压/打击 revolution—reform/innovation 改革创新 collapse –going down/big fall 下降 commission fees代理费、佣金 dip as low as $ 5－－fall 跌落 surface－appear 出现 financial services 金融服务

  11. 3 Read the text again and answer the questions. 1 Why arc more people taking ;m interest in the stock exchange? 2 What will make European market. change more quickly? 3 Why do American on-line traders operating in Europe restrict their dealings to European exchanges? 4 How are the European traders reacting to American competition? 5 What will the long-term effect on American brokers be?

  12. VOCABULARY 1. Match the words from the text with their corresponding definitions. ( page 79 ) Key: 2-5 i h g j 6-10 a d f c b

  13. 2 Complete the passage about a transaction on the stock exchange using words from Key Vocabulary and Vocabulary 1. Some words may be used more than once. ( page 79) Keys 2. broker 3. shares 4. dividends 5.commission 6. shareholder

  14. VOCABULARY DEVELOPMENT: PHASAL VERBS 1 ( page 80) Keys: b. buy up c. looking after d. go about e. Think over f. point out g. call on h. let down

  15. LANGUAGE FOCUS: The third conditional : Keys : A 1 the past 2. No 3. No B 1 the past 2. Yew 3. Yes

  16. Writing （ P. 85) world top maker— leading manufacturer in the world cellular phone –mobile phones in a drive to –in attempt to do sth post a net loss –disclose the information in newspaper (sales ) slip—fall/decline/ decrease financial statement 财务报表

  17. liquidity 流动性 treasury security 财政部有价证券 blue chip 蓝筹股 floor broker 场内经纪人 settlement 交割 bull market 牛市 bear market 熊市 weak market 弱市 stock index futures 股票指数期货 future transaction 期货交易

  18. What are Stocks & Bonds ? 股票是股份有限公司在筹集资本时向出资人发行的股份凭证。 股票代表着其持有者（即股东）对股份公司的所有权。这种所有权是一种综合权利，如参加股东大会、投票表决、参与公司的重大决策。收取股息或分享红利等。 同一类别的每一份股票所代表的公司所有权是相等的。每个股东所拥有的公司所有权份额的大小，取决于其持有的股票数量占公司总股本的比重。 股票一般可以通过买卖方式有偿转让，股东能通过股票转让收回其投资，但不能要求公司返还其出资。 股东与公司之间的关系不是债权债务关系。股东是公司的所有者，以其出资额为限对公司负有限责任，承担风险，分享收益。

  19. 债券是一种有价证券，是社会各类经济主体为筹措资金而向债券投资者出具的，并且承诺按一定利率定期支付利息和到期偿还本金的债券债务凭证。债券是一种有价证券，是社会各类经济主体为筹措资金而向债券投资者出具的，并且承诺按一定利率定期支付利息和到期偿还本金的债券债务凭证。 由于债券的利息通常是事先确定的，所以，债券又被称为固定利息证券。 债券通常包括以下几个基本要素：1.票面价值；2.价格；3.偿还期限。 债券作为一种债券债务凭证，与其他有价证券一样，也是一种虚拟资本，而非真实资本，它是经济运行中实际运用的真实资本的证书。从投资者的角度看，债券具有以下四个特征：1.偿还性；2.流动性；3.安全性；4.收益性。 债券的类型： 按发行主体分类有： 1.政府债券； 2.金融债券； 3.公司债券； 4.国际债券。 按偿还期限分类有： 1.短期债券； 2.中期债券； 3.长期债券； 4.永久债券。

  20. Types of Stocks ①按股票持有者可分为国家股、法人股、个人股三种。三者在权利和义务上基本相同。国家股投资资金来自国家，不可转让； 法人股投资资金来自企事业单位，必须经中国人民银行批准后才可以转让； 个人股投资资金来自个人，可以自由上市流通。 ②按股东的权利可分为普通股、优先股及两者的混合等多种。普通股的收益完全依赖公司盈利的多少，因此风险较大，但享有优先认股、盈余分配、参与经营表决、股票自由转让等权利。 优先股(preferred share)享有优先领取股息和优先得到清偿等优先权利，但股息是事先确定好的，不因公司盈利多少而变化，一般没有投票及表决权，而且公司有权在必要的时间收回。

  21. ③股票按票面形式可分为有面额、无面额及有记名、无记名四种。③股票按票面形式可分为有面额、无面额及有记名、无记名四种。 有面额股票(par value share)在票面上标注出票面价值，一经上市，其面额往往没有多少实际意义；无面额股票(no par stock)仅标明其占资金总额的比例。我国上市的都是有面额股票。记名股(name share)将股东姓名记入专门设置的股东名簿，转让时须办理过户手续；无记名股的名字不记入名簿，买卖后无需过户。 ④按享受投票权益可分为单权、多权及无权三种。 每张股票仅有一份表决权的股票称单权股票；每张股票享有多份表决权的股票称多权股票；没有表决权的股票称无权股票。 ⑤按发行范围可分为Ａ股、Ｂ股Ｈ股和F股四种。 Ａ股是在我国国内发行，供国内居民和单位用人民币购买的普通股票； Ｂ股是专供境外投资者在境内以外币买卖的特种普通股票； Ｈ股是我国境内注册的公司在香港发行并在香港联合交易所上市的普通股票；F股是我国股份公司在海外发行上市流通的普通股票。

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