金融英语教程-(第2版)-(附赠MP3光盘一张)

本书特色

《金融英语教程(第2版)》是新世纪专业英语系列教材。

节选

相关资料

插图：A firm or an individual can obtain funds in a financial market in two ways. The most common method is to issue a debt instrument, such as a bond or a mortgage, which is a contractual agreement by the borrower to pay the holder of the instrument fixed dollar amounts at regular intervals(interest and principal payments)until a specified date(the maturity date), when a final payment is made. The maturity of a debt instrument is the time(term) to that instrument's expiration date. A debt instrument is short-term if its maturity is less than a year and long-term if its maturity is ten years or longer. Debt instruments with maturity between one and ten years are said to be intermediate-term.The second method of raising funds is by issuing equities, such as common stock, which are claims to share in the net income (income after expenses and taxes) and theassets of a business. If you own one share of common stock in a company that has issued one million shares, you are entitled to 1 one-millionth of the firm's net income and 1 one-milli0nth of the firm's assets. Equities usually make periodic payments (dividends) to their holders and are considered long-term securities because they have no maturity date.The main disadvantage of owning a corporation's equities rather than its debt is that an equity holder isa residual claimant： that is, the corporation must pay all its debt holders before it pays its equity holders. The advantage of holding equities is that equity holders benefit directly from any increases in the corporation's profitability or asset value because equities confer ownership rights on the equity holders. Debt holders do not share in this benefit because their dollar payments are fixed.