2025年6月16日1

劍橋金融財務英語ProfessionalEnglishinUseFinance2021/10/1012025年6月16日21Moneyandincome貨幣和收入A.Currency貨幣Themoneyofficiallyusedinacountryisitscurrency,suchaseuros,dollars,RMB,etc.Moneyisoftenintheformofcash(現(xiàn)金)andbankdeposits(銀行存款).Cashincludesnotes(紙幣)andcoins(硬幣).Bankdeposits:moneyinthebankaccounts(銀行賬戶).2021/10/1022025年6月16日3B.Personalfinance1.

Income(收入):Allthemoneyapersonreceivesorearns.Thiscaninclude:Salary(工資):moneypaidmonthly;orwages:moneypaidbythedayorthehour,usuallyreceivedweekly.Overtime(加班費):moneyreceivedforworkingextrahours.Commission(傭金):acertainpercentageoftheincometheemployeegenerates,suchassalesperson.Bonus(紅利):extramoneygivenformeetingatargetorforgoodfinancialresults.Fees(酬金):moneypaidtoprofessionalpeoplesuchaslawyersandarchitects.Socialsecurity,orwelfare(社會保險):moneypaidbythegovernmenttounemployedandsickpeople.Pension(養(yǎng)老金):moneypaidbyacompanyorthegovernmenttoaretiredperson.2021/10/1032025年6月16日4Outgoing（開支）:Amountsofmoneythatpeoplehavetospendregularly,including:Livingexpenses(日常開支):moneyspentoneverydayneedssuchasfood,clothesandpublictransport.Bills(賬單):requestsforthepaymentofmoneyowedforservicessuchaselectricity,gasandtelephoneconnections.Rent(租金):moneypaidfortheuseofahouseorflat.Mortgage(貸款):repaymentsofmoneyborrowedtobuyahouseorflats.Healthinsurance(人身保險):financialprotectionagainstmedialexpensesforsicknessoraccidentalinjuries.tax(稅收):moneypaidtofinancegovernmentspending.2021/10/1042025年6月16日5Budget(預算)：afinancialplan,showinghowmuchmoneyapersonororganizationexpectstoearnandspend.2021/10/1052025年6月16日62Businessfinance公司財務A.Capital資本Capitalisthemoneyusedtosetup(建立)

orstartacompany.Capitalcancomefromloan(借款),borrowed(借入)frombanks.Theloanmustbepaidback(償還)withinterest(利息).Company（借款人）bank（放款人）Individualsandfinancialinstitutions,calledinvestors(投資者),canalsolend(借出)moneytocompaniesbybuyingbondsloansthatpayinterestandarerepaidatafixedfuturedate.Moneythatisowed(欠)havetobepaidiscalleddebtorliabilities(負債).2021/10/1062025年6月16日7Capital(continued)Capitalcanalsocomefromissuingsharesorequities(股票)-certificatesrepresentingunitsofownership(所有權(quán)).Thepeoplewhoinvest(投資)money，knownassharecapital(股本),insharesarecalledshareholders(股東)andtheyown(擁有)partofthecompany.2021/10/1072025年6月16日8Long-termliabilities(長期負債)includebonds;Short-termliabilities(短期負債)includedebtstosupplierswhoprovidegoodsorservicesoncredit(賒銷).Themoneythatabusinessusesforeverydayexpensesorhasavailableforspendingiscalledworkingcapitalorfunds(營運資金).2021/10/1082025年6月16日9B.RevenueAllthemoneycomingintoacompanyduringagivenperiodisrevenue(收入).Revenueminusthecostofsalesandoperatingexpenses(費用）,suchasrentandsalaries,isknownasprofit,earningornetincome(利潤，凈收入).Thepartofitsprofitpaidtotheshareholdersisadividend（股利）,tothegovernmentistax.Theyalsoretain(保留),orkeep,someoftheirearningsforfutureuse.Thisiscalledretainedearnings(留存收益).2021/10/1092025年6月16日10C.Financialstatements會計報表Thefinancialstatementsdisplayacompany’sfinancialsituation.Thebalancesheet(資產(chǎn)負債表)showsthecompany’sassets,liabilities,anditscapital.Theprofitandlossaccount(損益表)showsthecompany’srevenuesandexpensesduringaparticularperiod.Profitandlossaccount（BrE)=incomestatement(AmE)2021/10/10102025年6月16日113Accountingandaccountancy

AAccountingAccounting(會計）involvesrecording（記錄）andsummarizinganorganization’stransactions（交易）orbusinessdeals,suchaspurchasesandsales,andreportingthemintheformoffinancialstatement.

Inmanycountries,theaccountingoraccountancy（會計師）professionhasprofessionalorganizationswhichoperatetheirowntrainingandexaminationsystems,andmaketechnicalandethicalrules：theserelatetoacceptedwaysofdoingthings.2021/10/10112025年6月16日12Financialaccounting（財務會計）includesbookkeeping(記賬）,andpreparingfinancialstatementsforshareholdersandcreditors（債權(quán)人）;Managementaccounting（管理會計）involvestheuseofaccountingdatabymanagers,formakingplansanddecisions.Bookkeepingistheday-to-dayrecordingoftransactions2021/10/10122025年6月16日13WhosetaccountingstandardsInmostcontinentalEuropeancountries,andinJapan,therearelawsrelatingtoaccounting,establishedbythegovernment.IntheUS,companieswhosestocksaretradedonpublicstockexchangeshavetofollowrulessetbytheSecuritiesandExchangeCommission（SEC），agovernmentagency.InBritain,therules,whicharestandards(準則），haveestablishedbyindependentorganizationssuchastheAccountingStandardBoard(ASB),andbytheaccountancyprofessionitself.2021/10/10132025年6月16日14Whoisaccountinginformationusers?CompaniesinmostEnglish-speakingcountriesarelargelybyshareholders,bothindividualsandfinancialinstitutions.inthesecountries.thefinancialstatementsarepreparedforshareholders.InmanycontinentalEuropeancountriesbusinessesarelargelyfundedbybanks,soaccountingandfinancialstatementsarepreparedforcreditorsandthetaxauthorities.2021/10/101410AuditingAInternalauditing(內(nèi)部審計)Afterbookkeeperscompletetheiraccounts,andaccountantspreparetheirfinancialstatements,thesearecheckedbyinternalauditors（內(nèi)部審計師）.Aninternalauditisanexaminationofacompany’saccountsbyitsowninternalauditorsorcontrollers.Theyevaluate(評價)theaccuracyorcorrectnessoftheaccounts,andcheckforerrors.Theymakesurethattheaccountscomplywith（遵守）,orfollow,establishedpolicies,procedures,standards,lawsandregulations.2021/10/1015Theinternalauditorsalsocheckthecompany’ssystemsofcontrol,relatedtorecordingtransactions,valuingassetsandsoon.Theychecktoseethattheseareadequateorsufficientand,ifnecessary,recommend（勸告）changestoexistingpoliciesandprocedures.2021/10/1016-BExternalauditing(外部審計)

Publiccompanieshavetosubmit（遞交）theirfinancialstatementstoexternalauditors-independentauditorswhodonotworkforthecompany.Theauditorshavetogiveanopinionaboutwhetherthefinancialstatementsrepresentatrueandfairviewofthecompany’sfinancialsituationandresults.Thetypeofopinion：UnmodifiedopinionUnqualifiedopinion無保留意見Modifiedopinion，Qualifiedopinion保留意見Adverseopinion否定意見Disclaimerofopinion無法表示意見2021/10/1017Duringtheaduit,theexternalauditorsexaminethecompany’ssystemsofinternalcontrol（內(nèi)部控制系統(tǒng)）,toseewhethertransactionshavebeenrecorded（記錄）correctly.Theycheckwhethertheassetsmetionedonthebalancesheetactuallyexist,andwhethertheirvaluationiscorrect.Forexample,theyusuallychecktheannualstocktake（盤點）-thecountofallthegoodsheldreadyforsale.Theyalwayslookforanyunusualitemsinthecompany’saccountbooksorstatements.2021/10/1018Untilrecently,thebigauditingfirmsalsoofferedconsulting（咨詢）servicestothecompanieswhoseaccountstheyauditing,givingthemadviceaboutbusinessplanning,strategyandrestructuring（改組）.Butafteranumberofbigfinancialscandals（財務丑聞）,mostaccountingfirmsseparatedtheirauditingandconsultingdivisions,becauseanauditorwhoisalsogettingpaidtoadviseaclientisnolongertotallyindependent.2021/10/10192025年6月16日205CompanylawTherearemanydescriptionforabusiness.Wemayheartermssuchasfirm,company,organizationorcorporation.Thesetermdonotalwaysmeanthesamethingandthereexistdifferenttypesofbusiness.2021/10/10202025年6月16日21

partnerships(合伙)isabusinessarrangementinwhichseveralpeopleworktogether,andsharetherisksandprofit.InBritainandtheUS,Partners(合伙人）arefullyliableorresponsibleforanydebtsthebusinesshas.Partnershipsarenotlegalentities(法律實體）在中國，合伙也不是法律實體。InmostcontinentalEuropeancountries,therearevariouskindsofpartnershipwhicharelegalentites.合伙制分為兩類：一般合伙制（generalpartnership，簡稱GP）和有限合伙制（

limitedpartnership，簡稱LP）。

2021/10/10212025年6月16日22Soletrader（獨資經(jīng)營）Anenterpriseownedandoperatedbyasinglepersonunlimitedliabilityfordebtsliabilitymeansobligationtopayone’sdebt2021/10/10222025年6月16日23Blimitedliability有限責任(公司）Acompanyislegalentity，ithasaseparatelegalexistencefromitsownersItistreatedlikeaprivatepersonunderthelaw.Itcanenterintocontracts,andcanbesuedortakentocourtifitbreaksacontract.Intheoryacompanycancontinueforever,evenifallthestaffandownerschange.Mostcompanieshavelimitedliabilitytheownersarenotfullyliableforthebusiness’sdebtslimitedcompanies.Theirliabilityislimitedtothevalueoftheirsharecapitaltheamountofcashthattheshareholdershavecontributedtothecompany.2021/10/10232025年6月16日24corporategovernance(公司治理)-thewayacompanyisrunbythemanagementfortheshareholders,andhowthemanagersareaccountabletotheshareholders.Thesemanagersandfulltimeexecutivedirectors(執(zhí)行董事)runcompanyforitsowners.2021/10/10242025年6月16日25Separatingthejobofchairman(董事長)fromthatofmanagingdirector(首席執(zhí)行官）Havingseveralnon-executivedirectors(非執(zhí)行董事）ontheboardofdirectors(董事會）whodonotworkfull-timeforthecompanybutcanofferitexpertadvice.Non-executivedirectorsareoftermoreobjective(客觀）:lessinfluencedbytheiropinionsandbeliefs.Thereisalsoanauditcommittee(審計委員會），containingseveralnon-executivedirectors,towhichtheauditorsreport.2021/10/1025Foundingcompanies(成立公司）Whenpeoplefoundorstartcompanies,theydrawup(草擬）orprepareArticlesofAssociation(公司章程）andaMemorandumofAssociation(營業(yè)執(zhí)照）。2025年6月16日262021/10/1026TheArticlesofAssociationstate：Therightanddutiesoftheshareholdersanddirectors;TherelationshipamongdifferentclassesofshareholderTherelationshipbetweenshareholdersandthecompanyanditsdirectors.2025年6月16日272021/10/1027TheMemorandumofAssociationstates:Thecompany’snameThelocationofthecompany’sregisteredoffice(注冊地）-wheretosendofficialdocuments.Thecompany’spurpose(目標）-itsaimsorobjectivesTheauthorizedsharecapital(額定股數(shù)）-themaximumsharecapitalitcanhave.2025年6月16日282021/10/10285companyA.PrivateandpubliccornpaniesPrivatecompanies（私人公司）usuallyhave‘Limited’or‘Ltd’attheendoftheirname.Theyarenotallowedtoselltheirstocksorsharesonanopenmarket。Mostcompaniesareprivate；thereareaboutonemillionprivatecompaniesinBritain．2025年6月16日292021/10/1029ThereareaboutonemillionprivatecompaniesinBritain．comparedtoaround2，000publiclimitedcompanies(公開股份有限公司，PLCs),Thesecompanieshave‘plc’attheendoftheirname，andtheirsharesarepubliclytradedontheLondonStockExchange.2025年6月16日302021/10/10302025年6月16日31TheUSequivalentofaPLCisacompanyorcorporationregisteredwiththeSecuritiesandExchangeCommission(證券交易所，SEC).SEC-registeredcompanies，alsoknownaslistedcompanies(上市公司)，havetomaketoquarterlyreports（ie.everythreemonths)Theyreporton：-salesrevenueorturnover(營業(yè)額)themoneyreceivedbythecompanyinthatperiodfromsellinggoodsorservices-grossprofit(毛利)turnoverlesscostofsales-netprofit(凈利潤)grossprofitlessadministrativeexpenses(管理費用)andtax2021/10/1031CompaniesontheLondonStockExchangeknownasquotedregisteredcompanies(上市公司)，havetoproduceahalf-yearlyinterimreport(中期報告)whichinformsshareholdersaboutthecompany'sprogress.Thesereportsarenotaudited.AllcompanieswithshareholdersofstockholdershavetosendthemanAnnualReport(年度報告)eachfinancialyear.Thiscontainsareviewoftheyear'sactivity,andanexaminationandexplanationofthecompany’sfinancialpositionandresultsTherearealsofinancialstatementandnotes(報表附注),andtheauditors’reportonthefinancialstatements.2025年6月16日322021/10/1032AGMsPubliccompanieshavetoholdanAnnualGeneralMeeting(年度股東機構(gòu)大會，AGM)，andmostprivateonesdotoo.AtthismeetingtheshareholderscanquestiondirectorsaboutthecontentoftheAnnualReportandthefinancialstatements，votetoacceptorrejectthedividendrecommendedbythedirectors，andvoteonreplacementsforretiringmembersoftheboard.Themeetingcanalsocarryoutanyotherbusinessstatedinthecompany'sMemorandumofAssociationorCertificateofIncorporation(營業(yè)執(zhí)照),andArticlesofAssociation（公司章程）orBylaws（規(guī)章制度）.2025年6月16日332021/10/1033

Ifthereisacrisis,thedirectorsortheshareholdercanrequesttoholdanExtraordinaryGeneralMeeting(非常股東大會，EGM)todiscussthesituation.Forexample，ifthereareclaimsofmisconduct（行為不當）bythedirectors，wheretheyhavebehavedillegally,therecouldbeanEGM.2025年6月16日342021/10/103429Stocksandshares

A.Stocks,sharesandequities

Stocksandshares(股票)arecertificatesrepresentingpartownershipofacompany.Thepeoplewhoownthemarecalledstockholdersandshareholders（股東，股票持有者）.InBritain,stockisalsousedtorefertoallkindsofsecurities.includinggovernmentbonds（政府債券）.Thewordequityorequitiesisalsousedtodescribestocksandshares.Theplaceswherethestocksandsharesoflistedorquotedcompaniesareboughtandsoldarecalledstockmarketsorstockexchanges(證券交易所).2025年6月16日352021/10/1035B.Goingpublic（公開上市）

ASuccessfulexistingcompanywantstoexpand,decidestogopublicThecompanygetsadvicefromaninvestmentbank(投資銀行)abouthowmanysharestoofferandatwhatprice.Thecompanygetsindependentaccountantstoproduceaduediligencereport(盡職調(diào)查報告).2025年6月16日362021/10/1036Thecompanyproducesaprospectus(招股說明書)whichexplainsitsfinancialposition,andgivesdetailsabouttheseniormanagersandthefinancialresults（財務業(yè)績）

frompreviousyears.ThecompanymakesaflotationorIPO(Initialpublicoffering,首次公開發(fā)行)Aninvestmentbankunderwrites(包銷)thestockissue.2025年6月16日372021/10/1037C.Ordinaryandpreferenceshares

(普通股和優(yōu)先股)

Ifacompanyhasonlyonetypeofsharetheseareordinaryshares(普通股).

Somecompaniesalsohavepreferenceshareswhoseholdersreceiveafixeddividend(e.g.5%oftheshares'nominalvalue(票面價值))thatmustbepaidbeforeholdersofordinarysharesreceiveadividend.HoIdersofpreferenceshareshavemorechanceofgettingsomeoftheircapitalbackifacompanygoesbankrupt(破產(chǎn))-stopstradingbecauseitisunabletopayitsdebts.2025年6月16日382021/10/1038Ifthecompanygoesintoliquidation(清算破產(chǎn))-hastosellallitsassetstorepaypartofitsdebts–holdersofpreferencesharesarerepaidbeforeothershareholders.butafterownersofbondsandotherdebts.Ifshareholdersexpectacompanytogrow.howevertheygenerallypreferordinarysharestopreferenceshares.becausethedividendislikelytoincreaseovertime.

2025年6月16日392021/10/103930Stocksandshares2

A.Buyingandsellingshares(買賣股票)Afternewlyissuedshareshavebeensold(usuallybyinvestmentbanks)forthefirsttime-thisiscalledtheprimarymarket(初級市場，一級市場).theycanberepeatedlytradedatthestockexchangeonwhichthecompanyislisted,onwhatiscalledthesecondarymarket（次級市場，二級市場）.2025年6月16日402021/10/1040Majorstockexchanges,suchasNewYorkandLondon.havealotofrequirementsaboutpublishingfinancialinformationforshareholders.Mostcompaniesuseover-the-counter(OTC)markets（場外市場）,suchasNASDAQinNewYorkandtheAlternativeInvestmentMarket(AIM，創(chuàng)業(yè)板市場)inLondon,whichhavefewerregulations.2025年6月16日412021/10/1041The

nominalvalue（票面價值）

ofashare-thepricewrittenonit-israrelythesameasitsmarketprice（市場價格）

-thepriceitiscurrentlybeingtradedatonthestockexchange.Thiscanchangeeveryminuteduringtradinghours，becauseitdependsonsupplyanddemand

（供求）-howmanysellersandbuyersthereare.whotradeswiththemarketmakers。2025年6月16日422021/10/10422025年6月16日43Somestockexchangeshavecomputerizedautomatictradingsystems（自動交易系統(tǒng)）

thatmatchupbuyersandsellers.Othermarketshave

marketmakers（做市商）:tradersinstockswhoquotebid（出價）(buying)andoffer（出價）

(selling)prices.Thespreadordifferencebetweenthesepricesistheirprofitor

mark-up（加價）.2021/10/1043Mostcustomersplacetheirbuyingandsellingorderswitha

stockbroker（股票經(jīng)紀人）:someonewhotradeswiththemarketmakers。B.Newshareissues（新股發(fā)行）Companiesthatrequirefurthercapitalcanissuenewshares.Iftheseareofferedtoexistingshareholdersfirstthisisknownasarightsissue（優(yōu)先認股權(quán)）

-becausethecurrentshareholdershavethefirstrighttobuythem.2025年6月16日442021/10/1044Companiescanalsochooseto

capitalizepartoftheirprofitorretainedearnings.Thismeansturningtheirprofitsintocapitalbyissuingnewsharestoexistingshareholdersinsteadofpayingthemadividend.Therearevariousnamesforthisprocess.including

scripissue(發(fā)行紅利股).capitalizationsissueandbonusIssue.CompanieswithsurpluscashcanalsochoosetobuybacksomeoftheirsharesontheSecondarymarket.Thesearethencalledownshares(回購).2025年6月16日452021/10/1045

C.Categoriesofstocksandshares

（股票的分類）

Investorstendtoclassifythestocksandsharesavailableintheequitymarkets(股票市場）indifferentcategories.

Bluechips（藍籌股，績優(yōu)股）:Stocksinlargecompanieswithareputationforquality,reliabilityandprofitability.Morethantwo-thirdsofallbluechipsinindustrializedcountriesareownedby

institutionalinvestors（機構(gòu)投資者）

suchasinsurancecompanies（保險公司）

and

pensionfunds（養(yǎng)老基金）

2025年6月16日462021/10/1046Growthstocks（成長股）：Stocksthatareexpectedtoregularlyriseinvalue.Mosttechnologycompaniesaregrowthstocks.anddon‘tpaydividends.Sotheshareholders’equityorowners‘equityincreases.Thiscausesthestockpricetorise。Incomestocks(收益股票):Stocksthathaveahistoryofpayingconsistentlyhighdividends.2025年6月16日472021/10/1047

Defensivestocks（防御股）:Stocksthatprovidearegulardividendandstableearnings.butwhosevalueisnotexpectedtoriseorfallverymuch.Valuestocks(價值股):Stocksthatinvestorsbelievearecurrentlytradingforlessthantheyareworth-whencomparedwiththecompanies’assets.2025年6月16日482021/10/104831Shareholders

Investors投資者Stockmarketsaremeasuredbystockindexes(股票指數(shù))(orindices),suchastheDowJonesIndustrialAverage(DJIA)inNewYork,andtheFTSE100index(oftencalledtheFootsie)inLondon.Theseindexesshowchangesintheaveragepricesofaselectedgroupofimportantstocks.Therehavebeenseveralstockmarketcrasheswhentheseindexeshavefallenconsiderablyonasingleday(e.g.'BlackMonday',19October1987.whentheDJIAlost22.6%).2025年6月16日492021/10/1049Bulls（看好股市者）

areinvestorswhoexpectpricestorisebullmarket(牛市):AperiodwhenmostofthestocksonamarketriseBears（不看好股市者）

areinvestorswhoexpectthemtofall

bearmarket(熊市):Aperiodwhenmostofthemfallinvalue.2025年6月16日502021/10/1050Stags（投機認股者）

areinvestorswhobuynewshareissueshopingthattheywillbeover-subscribed（超額認股）.

Thismeanstheyhopetherewillbemoredemandthanavailablestocks,sothesuccessfulbuyerscanimmediatelyselltheirstocksataprofit.2025年6月16日512021/10/1051B.Dividendsandcapitalgains

Companiesthatmakeaprofit(賺錢)eitherpayadividend(發(fā)放股利)totheirstockholders,orretaintheirearningsbykeepingtheprofitsinthecompany.whichcausesthevalueofthestockstorise.Stockholderscanthenmakeacapitalgain(資本增值)-increasetheamountofmoneytheyhave-bysellingtheirstocksatahigherpricethantheypaidforthem.2025年6月16日522021/10/1052Somestockholdersprefernottoreceivedividends.becausethetaxtheypayoncapitalgainsislowerthantheincometaxtheypayondividends.

cumdiv(帶息股票),meaningtheinvestorwillreceivethenextdividendthecompanypays.exdiv(除息股票).meaningtheywillnot.Cumdivsharepricesarehigher,astheyincludetheestimatedvalueofthecomingdividend.2025年6月16日532021/10/1053C.(投機者)

speculators(投機者)-peoplewhobuyandsellsharesrapidly,hopingtomakeaprofit.Theseincludedaytraders(當日交易者)-peoplewhobuystocksandsellthemagainbeforethesettlementday(交割日).Thisisthedayonwhichtheyhavetopayforthestockstheyhavepurchased,usuallythreebusinessdaysafterthetradewasmade.Ifdaytraderssellataprofitbeforesettlementday,theyneverhavetopayfortheirshares.2025年6月16日542021/10/1054Daytradersusuallyworkwithonlinebrokers(網(wǎng)絡經(jīng)紀公司,折扣經(jīng)紀公司)ontheinternet,whochargelowcommissions(傭金)-feesforbuyingorsellingstocksforcustomers.takeashortposition(做空頭交易):whichmeansagreeingtosellstocksinthefutureattheircurrentprice.beforetheyactuallyownthem.Theythenwaitforthepricetofallbeforebuyingandsellingthestocks.2025年6月16日552021/10/1055takealongposition(做多頭交易)-meansactuallyowningasecurity(擁有證券)orotherasset,thatisbuyingitandhavingitrecordedinone'saccount.Junel:Selll.000Microsoftstocks.tobedelivered(交割)June4.atcurrentmarketprice:$26.2。June3:Stockfallsto$25.90Buyl000。June4:SettlementdayPayforl000Stocks@$25.90,receivel.000x$26.20.Profit$300。2025年6月16日562021/10/105632shareprices(股價)

A.InfluencesonsharepricesSharepricesdependonanumberoffactors:

thefinancialsituationofthecompany

thesituationofthe

industry(行業(yè))inwhichthecompanyoperates

thestateoftheeconomyingeneral

thebeliefsofinvestors-whethertheybelievethesharepricewillriseorfall,andwhethertheybelieveotherinvestorswillthinkthis.2025年6月16日572021/10/1057Pricescangoupordownandthequestionforinvestors-andspeculators-is:canthesepricechangespredicted(預測),orseen

inadvance?Whenprice-sensitiveinformation(影響股價的信息)–newsthataffectsacompany'svalue–arrives,asharepricewillchange.Butnooneknowswhenorwhatthatinformationwillbe.Soinformationaboutpastpriceswillnottellyouwhattomorrow'spricewillbe.2025年6月16日582021/10/1058

B.Predictingprices

Therearedifferenttheoriesaboutwhethersharepricechangescanbepredicted.

Therandomwalkhypothesis(隨機游走假設).Pricesmovealonga'randomwalk'–thismeansday-to-daychangesarecompletelyrandomorunpredictable.Theefficientmarkethypothesis(有效市場假設).Sharepricesalwaysaccurately(精確的)orexactlyreflectallrelevantinformation.Itisthereforeawasteoftimetoattempttodiscoverpatternsortrends-generalchangesinbehavior-inpricemovements.2025年6月16日592021/10/1059Technicalanalysis(技術(shù)分析).Technicalanalysts（分析師）arepeoplewhobelievethatstudyingpastsharepricesdoesallowthemtoforecastfuturepricechanges.Theybelievethatmarketpriceresultfromthepsychologyofinvestorsratherthanfromrealeconomicvalues.sotheylookfortrendsinbuyingandsellingbehavior,suchasthe'headandshoulders'pattern(頭肩底).2025年6月16日602021/10/1060Fundamentalanalysis(基本面分析).Thisistheoppositeoftechnicalanalysis:itignoresthebehaviorofinvestorsandassumesthatasharehasatrueorcorrectvalue,whichmightbedifferentfromitsstockmarketvalue.Thismeansthatmarketsarenotefficient.Thetruevaluereflectsthepresentvalue（現(xiàn)值）ofthefutureincomefromdividends2025年6月16日612021/10/1061Typesofrisk

Unsystematicrisks(非系統(tǒng)性風險)arethingsthataffectindividualcompanies,suchasproductionproblemsorasuddenfallinsales.Investorscanreducethesebyhavingadiversifiedportfolio(多元化投資組合):buyinglotsofdifferenttypesofsecurities.2025年6月16日622021/10/1062Systematicrisks(系統(tǒng)性風險)cannotbeeliminatedinthisway.Forexamplemarketrisk(市場風險)cannotbeavoidedbydiversification（多元化，分散投資）:ifastockmarketfalls，alltheshareslistedonitwillfalltosomeextent.2025年6月16日632021/10/106333.Bonds(債券)

A.Governmentandcorporatebonds(政府債券和公司債券)BondsareLoanstolocalandnationalgovernmentsandtolargecompanies.Theholdersofbondsgenerallyreceivefixedinterestpayments（固定的利息）,onceortwiceayear.andgettheirmoney-knownastheprincipal

（本金）-backonagivenmaturitydate（到期日）.Thisisthedatewhentheloanends.2025年6月16日642021/10/1064Governmentbondsareconsideredtobearisk-freeinvestment.InBritaingovernmentbondsareknownasgilt-edgedstock

（金邊債券）orjustgilts.IntheUS,Treasurynotes（中期國債）-amaturityof2-10years

Treasurybonds（長期國債）-amaturityof10-30years.2025年6月16日652021/10/1065Treasurybills

（短期國庫券）-themostcommonmaturityisthreemonths,althoughtheycanhaveamaturityofuptooneyear.T-billsaregenerallythesafestpossibleinvestment.Aresoldatadiscountfromtheirnominalvalueratherthanpayinginterest.2021/10/1066corporatebonds（公司債券）theycanusuallypaylessinteresttobondholdersthantheywouldhavetopayiftheyraisedthesamemoneybyabankloan.Thesebondsaregenerallysaferthansharesbecauseifacompanycannotrepayitsdebtsitcanbedeclaredbankrupt.ifthishappens,thecreditorscanforcethecompanytostopdoingbusiness.andsellitsassetstorepaythem.Inthisway.bondholderswillprobablygetsomeoftheirmoneyback.2025年6月16日672021/10/1067

Borrowers（借款人）aregiven

creditratings(信用等級)bycreditagenciessuchasStandard&Poor'sandMoody's.theyaregraded.orrated,accordingtotheirabilitytorepaytheloantothebondholdersThehighestgrade(AAAorAaa)meansthatthereisalmostnoriskthattheborrowerwilldefault(拖欠)-failtopayinte