金融英语-3-corporate finance new

0LatestEconomicnewsChinacentralbankpledgesmoreco-operationtostemglobalfinancialcrisis中国央行投入更多合作来遏制全球金融危机1BEIJING,Oct.10(Xinhua)--China'scentralbankonFridaysaiditwillcontinueinternationalcooperationtotackletheglobalfinancialcrisisandmaintainmarketstability.ThepledgecametwodaysafterthePeople‘sBankofChina(PBOC)announcedaninterestratecutinaco-ordinated（共同调整）globalmovetorevivesolvency（偿付能力）intheinternationalfinancialsystem.2ThePBOConWednesdaycutthebenchmarklendinganddepositrates(存贷款基准利率)by0.27percentagepointsandthereserverequirementratioby0.5percentagepointsamidgrowingfearsofaslowingeconomyandfallingequitiesmarket.3ThePBOCwillcontinueclosecontactsandcooperationwithcounterpartsandinternationalfinancialorganizationstojointlymaintainstabilityofglobalfinancialmarket,PBOCspokesmanLiChaotoldXinhua.4ThePBOCwouldcloselywatchthedevelopmentsandeffectsofthecrisisandtaketimelyandflexiblymeasuresaccordingtochangesinthedomesticandinternationalsituationstoguardagainstfinancialrisks,Lisaid.5Theglobaleconomicslowdown（放缓）reduceddemandforChineseexportsandinevitably（不可避免的）affectedChina'seconomy,hesaid.Thecentralbankwasfullyconfidentandcapableofdealingwiththecrisisandmaintainingstableandrelativelyfasteconomicgrowth.6“Chinahasahugedomesticmarketandtheliquidityisabundant,”hesaid.“Aslongaswetakestrongmeasurestoboost（推进）domesticdemand,theeconomyhasbigpotentialforsustainable（持续的）growth.7APBOCstatementonthethird-quartermeetingofitsmonetarypolicycommitteesaiditwouldtakeflexibleandprudent（谨慎）macro-economiccontrolmeasurestoboosteconomicgrowth.ThePBOCwasnotoptimisticinitsglobaleconomicoutlook（展望）asintensifying（加强的）fluctuationsinthefinancialmarketshadaffectedtherealeconomy.8Itsaiditwouldboostcoordinationbetweenmonetarypoliciesandfiscal（财政）,industry,exportandfinancialregulationpoliciestohelptransformeconomicgrowthmode（方式）andboostdomesticdemandtobalanceinternationalpayments（国际支付）.9Part3CorporateFinance3.1Venturecapital3.2Stocksandshares(1)3.3Stocksandshares(2)3.4Shareholders3.5Shareprice3.6Describingchartsandgraphs3.7Bonds3.8Futures10ChapterOutline（2）3.9Derivatives3.10Assetmanagement3.11Hedgefundsandstructuresproducts3.12Mergersandtakeovers3.13Conglomerate3.14Raiders3.15Financialplanning113.1Venturecapital3.1.1raisingcapitalVenturecapital=riskcapital=start-upcapital,meansfundsfornewenterprises.Newbusiness,calledstart-ups,areallprivatecompaniesthataren’tallowedtosellstocksorsharestothegeneralpublics.Inthiscase,venturecapitalcangiveahelp.Somerichpeople,calledanglesorangelinvestors,alsoinvestinstar-ups.123.1.2ReturnoncapitalAtfirst,entrepreneurs（企业家）shouldprovideabusinessplan（商业计划）.Becauseofthehighlevelofriskinvolved,investorsinstart-upsusuallyexpectahigherthanaveragerateofreturn（回报率）.Iftheycan’tgetaquickreturnincash,theycanbuythenewcompany’sshares.Ifthecompanyissuccessfulandlaterbecomesapubliccompany（上市公司）,theventurecapitalistswillbeabletoselltheirshares,ataprofit.Thisisexitstrategy（退出战略）.13Ifthesecompaniesneedfurthercapitaltoexpandbeforetheyjoinastockexchange.Thisiscalledmezzaninefinancing（二次融资）.Itusuallyconsistsofconvertiblebonds（可转换债券）orpreferenceshares（优先股）thatreceiveafixeddividend（固定股利）.Investorsatthisstagehavealowerriskoflossthanventurecapitalist,butlesschanceofmakingabigprofit.143.2Stocksandshares(1)Stocksandsharesarecertificatesrepresentingpartownershipofacompany.Thewordequityorequitiesisalsousedtodescribestocksandshares.InBritain,stockisalsousedtorefertoallkindsofsecurities（有价证券）,includinggovernmentbonds.Theplacewherestocksareboughtandsoldarecalledstockmarketsorstockexchange（股票交易所）.153.2.1GoingpublicProcedureofgoingpublic:•Getadvicefrominvestmentbankabouthowmanysharestoofferandatwhatprice;•Getindependentaccountantstoproduceaduediligencereport（尽职调查报告）;•Produceaprospectus（公告书）topublic;•Makeaflotation（浮选）orIPO(initialpublicoffering);•Aninvestmentbankunderwritesthestockissue（承销股票发行）.AdetailedexaminationofacompanyanditsfinancialsituationAdocumentstatingthetermsofsale,financialresultsandotherinformationaboutthecompanyAnofferofacompany’ssharestoinvestorsGuaranteestobuythesharesiftherearenotenoughbuyers163.2.2OrdinaryandpreferencesharesExcepttheordinaryshares（普通股）,somecompaniesalsohavepreferenceshareswhoseholdersreceiveafixeddividendthatmustbepaidbeforeholdersofordinarysharesreceiveadividend.Ifthecompanygoesintoliquidation（进入清算）,holdersofpreferencesharesarerepaid（偿还）beforeothershareholders,butafterownersofbondsandotherdebts.173.3Stocksandshares(2)Afternewlyissuedshareshavebeensoldforthefirsttime---thisiscalledtheprimarymarket（一级市场）,theycanberepeatedlytradedatthestockexchangeonwhichthecompanyislisted---thisiscalledthesecondarymarket（二级市场）.Mostcompaniesuseover-the-counter(OTC)markets,suchasNASDAQinNewYorkandtheAlternativeInvestmentMarket(AIM)inLondon.183.3.1Buyingandsellingshares(2)Thenominalvalue（票面价值）ofashareisrarelythesameasitsmarketprice（市场价值）.Itcanchangeeveryminuteduringtradinghours,becauseitdependsonsupplyanddemand.Mostcustomersplacetheirbuyingandsellingorderswithastockbroker（股票经纪人）.Somestockex