1、Chapter Four,框架内容重点 (1)the types of financial market(2)function fo financial market(3) major players in financial market,Chapter Four,4.1General description 4.1.1Types of financial markets Financial market 金融市场 Broad market 大量交易额市场 Translate 1：Financial market is a broad market where buyers and sell
2、ers to exchange various types of financial securities or products that comprise financial securities.,Chapter Four,Exchange 交换 Financial securities 金融证券 Comprise 由.组成 various types of financial securities or products that comprise financial securities. that comprise financial securities 修饰products,C
3、hapter Four,翻译答案：金融市场是大宗交易市场，在这个市场上，买卖双方交换各种不同类型的金融证券或者是交换金融证券组成的金融产品 serve 服务 various purposes 目的，用途 facilitate 方便，使便利 Such market facilitate investments and purchase of assets. they also facilitate handling of various risks. handling 操纵，管理,Chapter Four,divide into 划分 subtype 图表类型 division 区分，划分 mo
4、ney market 货币市场 capital market 资本市场 the money is designed for the making of short-term loans 提供短期贷款 temporary surplus of funds temporary funds shortages,Chapter Four,the money market enables economic units to manage their liquidity positions. unit 单位 liquidity position 流动性头寸 by convention 按照惯例 matur
5、e 到期 money market instrument 货币市场工具 in contrast 相反,Chapter Four,make possible the construction of factories 使工厂的建立成为可能 make it possible financial instrument 金融工具 original maturities 初定的偿还期 multimillion dollar credits 数百万 subdivided into 细分 treasury bills =T-bills 国库券,Chapter Four,negotiable certific
6、ates of deposits 可转让存单 bankers acceptances 银行承兑汇票 commercial paper商业本票 the market for corporate stock 公司股票市场 NYSE=New York Stock Exchange Tokyo Exchange 东京证交所,Chapter Four,over- the- counter (OTC)场外交易 open market 公开市场 negotiated market 议价市场 Translate 2：For example , some corporate bonds are sold in
7、the open market to the highest bidder and bought and sold any number of times before they mature and are paid off.,Chapter Four,结构分析（some corporate bonds are sold in the open market to the highest bidder ）and （bought and sold any number of times before they mature and / are paid off.） the highest bi
8、dder 最高的出价者 一些公司的债券在公开市场上卖给出价最高的竞价者,Chapter Four,结构分析（some corporate bonds are sold in the open market to the highest bidder ）and （bought and sold any number of times before they mature and / are paid off.） any number of times 很多次 mature 到期 pay off 付清，偿还债务 在它们到期或者还清之前可以买卖无数次,Chapter Four,翻译答案：举个例子：一
9、些公司的债券在公开市场上卖给出价最高的竞价者，并且这种买卖在它到期付清之前可以进行无数次。 under private contract 在私下合同下 primary market 初级市场 secondary market 二级市场 initial issue 最初发行,Chapter Four,placement of securities 证券配售 IPO= initial public offering首次公开销售 4.1.2 Functions of financial market illustrate 阐述，说明 borrowing and lending function借贷功
10、能 price determination function定价功能 liquidity function 流通功能,Chapter Four,purchasing power 购买力 for either investment or consumption purposes 由于投资和消费原因 financial claims 金融债权 Translate 3：Bonds，stock and other financial claims sold in the money and capital market provide a profitable, relatively low-risk
11、 outlet for the public savings, which flow through the financial markets into investment,Chapter Four,so that more goods and services can be produced, increasing societys standard of living. 结构分析： sold in the money and capital market 修饰前面的bonds，stock and financial claims profitable 有利可图的 which 引导从句修
12、饰public savings flow through 通过,Chapter Four,翻译答案：在货币市场和资本市场上销售的债券、股票和其他金融债权为公众的储蓄提供了一个有利可图且风险比较低的出口，这些储蓄通过金融市场进入投资市场，这样一来就能产生更多的产品和服务，来提高社会的生活水准。 vehicle 运载工具，器具 act as 充当 collectors and aggregators of information 信息的收集者和聚集者,Chapter Four,resell or liquidate 将资产变成现金 erode 侵蚀 risk sharing 风险分散 undert
13、ake 进行，执行 transaction cost 交易成本 information cost 信息成本 in attempt to 试图 characterize 表征,Chapter Four,financial institution 金融机构 participate in 参与 4.1.2 The major player in financial markets by definition 从定义上讲 participate in 参加，参与 in the creation and/or exchange of financial assets 金融资产的创造和交换,Chapter
14、 Four,at present 目前 classified into = divide into 划分 broker 经纪人-stockbroker 股票经纪人 dealer 经销商 investment banker financial intermediaries 金融中介 commissioned agent 代销商 locating 寻找,Chapter Four,Translate 4：A broker is a commissioned agent of a buyer (or seller) who facilitates trade by locating a seller
15、(or buyer) to complete the desired transaction. 在这里的who修饰是 ？ 翻译答案：经纪人是买方（或者卖方）的代理商，他通过寻找卖方（或者买方）完成预期交易来促进贸易,Chapter Four,take a position 占据位置 maintain inventory 保留库存 commission 佣金 real estate broker 房地产经纪人 engage in 参与 asset transformation 资产转换 take position 坐盘 rather than 而不是,Chapter Four,dealers d
16、o not receive sales commissions , rather, dealers make profits by buying assets at relatively low prices and reselling them at relatively high prices( buy low-sell high) 低买高卖 asked price 要价 bid price 出价 minus 减去,Chapter Four,bid-ask spread 买卖价差 profit margin 利润率 Nasdaq stock dealer纳斯达克股票经销商 wholesal
17、e 批发 underwriting 证券承销，证券包销 IPO= initial public offering prospectus 内容说明书 assist in 帮助，协助,Chapter Four,engage in 参与 guarantee 保证，担保 engage in financial asset transformation investment portfolio投资组合 depository institution 存款机构 mutual savings bank互助储蓄银行 contractual savings institution契约储蓄机构,Chapter Four,life insurance company 人寿保险公司 fire and casualty insurance company火灾和人身伤害保险 pension fund抚恤基金 government retirement fund政府退休基金 idealize 理想化 to some extent 在某种程度上,
