Unit 11 Crazy Stocks and Shares

Presentation on theme: "Unit 11 Crazy Stocks and Shares"— Presentation transcript:

1 Unit 11 Crazy Stocks and Shares
1

2 （1） 基本概念 股票是股份制企业（上市和非上市）所有者（即股东）拥有公司股票资产和权益的凭证。上市的股票称流通股，可在股票交易所（即二级市场）自由买卖。非上市的股票没有进入股票交易所，因此不能自由买卖，称非上市流通股。这种所有权为一种综合权利，如参加股东大会、投票标准、参与公司的重大决策、收取股息或分享红利等，但也要共同承担公司运作错误所带来的风险。 股票是一种有价证券，是股份公司在筹集资本时向出资人发行的股份凭证，代表着其持有者（即股东）对股份公司的所有权。股票是股份证书的简称，是股份公司为筹集资金而发行给股东作为持股凭证并借以取得股息和红利的一种有价证券。每股股票都代表股东对企业拥有一个基本单位的所有权。股票是股份公司资本的构成部分，可以转让、买卖或作价抵押，是资金市场的主要长期信用工具。 世界上最早的股份有限公司制度诞生于1602年在荷兰成立的东印度公司。股份公司这种企业组织形态出现以后，很快为资本主义国家广泛利用，成为资本主义国家企业组织的重要形式之一。伴随着股份公司的诞生和发展，以股票形式集资入股的方式也得到发展，并且产生了买卖交易转让股票的需求。这样，就带动了股票市场的出现和形成，并促使股票市场完善和发展。1611年东印度公司的股东们在阿姆斯特丹股票交易所就进行着股票交易，并且后来有了专门的经纪人撮合交易。阿姆斯特丹股票交易所形成了世界上第一个股票市场。股份有限公司已经成为最基本的企业组织形式之一；股票已经成为大企业筹资的重要渠道和方式，亦是投资者投资的基本选择方式；股票市场（包括股票的发行和交易）与债券市场成为证券市场的重要基本内容。

3 （2）中国股史 1916年，孙中山与沪商虞洽卿共同建议组织上海交易所股份有限公司，拟具章程和说明书，呈请农商部核准。1920年2月1日，上海证券物品交易所在总商会开创立会.2月6日交易所召开理事会，选举虞洽卿为理事长。农商部终于在1920年6月批准在上海设立证券物品交易所，运作模式引用日本所，还聘请了日本顾问。1920年7月1日，上海证券交易所开业，采用股份公司形式，交易标的分为有价证券、棉花等7类。这就是近代中国最早的股票。 中国股票发行经历了清政府、北洋政府、国民政府（中间还隔有汪伪政府），新中国人民政府。使用购买股票的币种有银两、银圆、法币、中储券、关金券、金元券、人民币。如今，收藏界把这百余年发行的股票进行分组：分为清代、民国、解放区、新中国、新时期、上市公司股票再加股票认购证

4 主要分类

5 1普通股 普通股是指在公司的经营管理和盈利及财产的分配上享有普通权利的股份，代表满足所有债权偿付要求及优先股东的收益权与求偿权要求后对企业盈利和剩余财产的索取权。普通股构成公司资本的基础，是股票的一种基本形式。在上海和深圳证券交易所上进行交易的股票都是普通股。 2优先股 优先股是指依照公司法，在一般规定的普通种类股份之外，另行规定的其他种类股份，其股份持有人优先于普通股股东分配公司利润和剩余财产，但参与公司决策管理等权利受到限制。优先股股东可以按照约定的票面股息率，优先于普通股股东分配公司利润。公司应当以现金的形式向优先股股票 股东支付股息，在完全支付约定的股息之前，不得向普通股股东分配利润。 3垃圾股 在中国为生产或经营出现问题亏损、政策性亏损（公共事业）、违规的上市公司股票。 4绩优股 每股税后利润在全体上市公司中处于中上地位，公司上市后净资产收益率连续三年显著超过10%的股票当属绩优股之列。

6 5蓝筹股 蓝筹股是指稳定的现金股利政策对公司现金流管理有较高的要求，通常将那些经营业绩较好，具有稳定且较高的现金股利支付的公司股票称为“蓝筹股”。蓝筹股多指长期稳定增长的、大型的、传统工业股及金融股。“蓝筹”一词源于西方赌场，在西方赌场中，有三种颜色的筹码、其中蓝色筹码最为值钱。蓝筹股又称绩优股；实力股。经营管理良好，创利能力稳定、连年回报股东的公司股票。这类公司在行业景气和不景气时都有能力赚取利润，风险较小。蓝筹股在市场上受到追捧，因此价格较高。即股票市场上，那些在其所属行业内占有重要支配性地位、业绩优良，成交活跃、红利优厚的大公司股票称为蓝筹股。

7 6其他股 可以根据投资主体的不同分为国家股、法人股、内部职工股和社会公众个人股；按股东权益和风险大小，可以分为普通股、优先股以及普通和优先混合股；按照认购股票投资者身份和上市地点不同，可以分为境内上市内资股、境内上市外资股和境外上市外资股三类。比较流行的分类方法还分为：A股的正式名称是人民币普通股票。它是由中国境内的公司发行，供境内机构、组织或个人（不含台、港、澳投资者）以人民币认购和交易的普通股股票。B股也称为人民币特种股票。是指那些在中国大陆注册、在中国大陆上市的特种股票。以人民币标明面值，只能以外币认购和交易。H股也称为国企股是指国有企业在香港(Hong Kong) 上市的股票。S股是指那些主要生产或者经营等核心业务在中国大陆、而企业的注册地在新加坡（Singapore）或者其他国家和地区，但是在新加坡交易所上市挂牌的企业股票。N股是指那些在中国大陆注册、在纽约（New York）上市的外资股票。

8 学习目标 本单元的要点是 从本单元开始连续三个单元均是关于投资的。
股票是公司筹集资金的两种方法之一（另外一种是证券）。本单元首先是关于对不同的投资可能性的讨论；接下来是一篇关于公司法和股票问题的课文，通过对课文的解读是同学们掌握不同类型的公司及其应负的法律责任。

9 ① Individuals, and groups of people doing business as a partnership, have unlimited liability for debts, unless they from a limited company. If the business dose badly and cannot pay its debts, any creditor can have it declared bankrupt. The unsuccessful business people may have to sell nearly all their possessions in order to pay their debts. This is why most people doing business from limited companies. A limited company is a legal entity separate from its owners, and is only liable for the amount of capital that has been invested in it. If a limited company goes bankrupt, it is wound up and its assets are liquidated (i.e. sold) to pay the debts. If the assets don’t cover the liabilities or the debts, they remain unpaid. The creditors simply do not get all their money back.

10 ①作为合伙经营的个人和群体，除债务来自有限公司外，对债务承担无限责任。如果企业严重不良并且无法偿还债务，任何债权人都可以宣布破产。失败的商人可能不得不出售他们几乎所有的财产来偿还债务。这就是大多数人从有限公司开展业务的原因。有限公司是与其所有者分开的法人实体，仅对投入资本的金额承担责任。如果有限公司破产，它将被清盘，其资产将被清算（即出售）以偿还债务。如果这些资产不包括负债或债务，它们仍然是无偿的。债权人根本没有收回所有的钱。

11 ② Most companies begin as private limited companies
② Most companies begin as private limited companies. Their owners have to put up the capital themselves, or borrow from friends or a bank, perhaps a bank specializing in venture capital. The founders have to write a Memorandum of Association (GB) or Certificate of Incorporation (US), which states the company’s name, its purpose, its registered office or premises, and the amount of authorized share capital. They also write Articles of Association (GB) or stockholders(US). They send these documents to the registrar of companies. ②大多数公司是以私人有限公司的形式开始的他们的所有者必须自己投资，或从朋友或银行，也许是专门从事风险投资的银行借钱。创始人必须写一份公司组织章程大纲（GB）或公司注册证书（美国），其中注明公司的名称，目的，注册办事处或房地，以及法定股本金额。他们还写公司章程（GB）或股东（美国）。他们将这些文件发送给公司注册处。

12 ③ A successful, growing company can apply to a stock exchange to become a public limited company (GB) or a listed company (US). Never and smaller companies usually join ‘over-the-counter’ markets, such as the Alternative Investment Market in London or NASDAQ in New York. Very successful businesses can apply to be quoted or listed (i.e. to have their shares traded) on major stock exchanges. Publicly quoted companies have to fulfill a large number of requirements, including sending their shareholders an independently – audited report every year, containing the year’s trading results and a statement of their financial position.

13 ③一家成功的成长型公司可以申请成为公众有限公司（GB）或上市公司（美国）。从不小公司和小公司通常会加入'非处方'市场，例如伦敦的另类投资市场或纽约的纳斯达克市场。非常成功的企业可以申请在主要证券交易所上市或上市（即交易股票）。公开报价的公司必须满足大量要求，包括每年向股东发送一份独立审计报告，其中包含年度交易结果和财务状况表。

14 ④ The act of issuing shares (GB) or stocks (US) for the first time is known as floating a company (making a flotation). Companies generally use an investment bank to underwrite the issue, i.e. to guarantee to purchase all the securities at an agreed price on a certain day, if they cannot be sold to the public. ④首次发行股票（GB）或股票（美国）的行为被称为浮动公司（浮动）。公司通常使用投资银行来承保问题，即保证在某一天以同意的价格购买所有证券，如果这些证券不能出售给公众的话。

15 ⑤ Companies wishing to raise more money for expansion can sometimes issue new shares, which are normally offered first to existing shareholders at less than their market price. This is known as a rights issue. Companies sometimes also choose to capitalize part of their profit, i.e. turn it into capital, by issuing new shares to shareholders instead of paying dividends. This is known as a bonus issue. ⑤希望筹集更多资金进行扩张的公司有时可以发行新股，这通常以低于市场价格的现有股东首先提供。这被称为权利问题。公司有时也会选择利用部分利润，即将其转化为资本，通过向股东发行新股而不是派发股息。这被称为奖金问题。

16 ⑥ Buying a share gives its holder part of the ownership of a company
⑥ Buying a share gives its holder part of the ownership of a company. Shares generally entitle their owners to vote at a company’s Annual General Meeting (GB) or Annual Meeting of Stockholders (US), and to receive a proportion of distributed profits in the form of a dividend – or to receive part of the company’s residual value if it goes into liquidation. Shareholders can sell their shares on the secondary market at any time, but the market price of a share – the price quoted at any given time on the stock exchange, which reflects (more or less) how well or badly the company is doing – may differ radically from its nominal value. ⑥购买股份使持有者成为公司所有权的一部分。股票通常有权让其所有者在公司的年度大会（GB）或股东年会（美国）上投票，并以股息的形式获得一定比例的分配利润 - 或者获得部分公司剩余价值它将进入清算。股东可以随时在二级市场出售其股票，但股票的市场价格 - 在交易所任何特定时间报价的价格（可以或多或少地反映公司正在做或不好） - 可能与其名义价值大相径庭。

17 Discussion If you had 1 million dollars, how do you allocate your money to make them appreciate?

18 词汇和短语 Annual General Meeting（英）or Annual Meeting of Stockholders（美） 年度股东大会 Articles of Association 公司章程 authorized share capital 法定股本，核定股本资金 bankrupt 破产 bonus issue or scrip issue or capitalization issue or stock dividend or stock split 红利股（即作为红利发行的股票） capital 资本 capitalize 资本化 commodity 商品，日用品 corporation 法人，公司<美>有限公司 creditor 债权人

19 词汇和短语 defensive stock 保护性股票 entitle 给……权利，给……称号 equity 普通股，股本，权益
float （公司）准备上市 flotation 筹资开办 growth stock 成长股 insider share-dealing 内部股份交易 institutional investor 金融机构投资者 legal entity 法人实体 limited company 股份有限公司 liquidate 清算 market price 市场价

20 词汇和短语 market-maker 准备买卖未上市股票的经纪人
Memorandum of Association（英）or Certificate of Incorporation（美） 公司章程，公司执照 mutual fund 共同基金（一种投资公司形式） nominal value or face value or par value 票面价值 over-the-counter market （证券等）场外交易市场 owner 所有者，业主 possessions 财产（常用复数） premises 房屋 private limited company 私人有限公司 public limited company（英）or listed company（美） 上市公司，登记合格公司

21 词汇和短语 quoted or listed company 上市公司 radically 根本上 real estate 房地产公司
registrar of companies 公司注册处 residual 剩余的，残留的 rights issue 增股 specialize 使适应特殊目的 stock exchange 证券交易所 unlimited liability 无限责任 Unlisted Securities Market in London 伦敦未上市的有价证券市场 venture capital 风险资本 wind up 清算，停业

22 Companies SUMMARIZE THE ARTICLE（课文压缩）
  Most people form a limited company 有限公司是与它的所有者分 as a limited company is a legal entity 离且只对已投入的资本量负 separate from its owners, and is only 有责任法律 实体，因此大部 liable for the amount of capital that 分人会选择成立有限责任公 has been invested in it. So if a company 司，所以如果一家公司破产， goes bankrupt, it close down and its 它将停业其资产将被清算用 assets are liquidated to pay the debts 来支付债务，如果资不抵债， If assets do not cover the liabilities, 债权人只能接受钱打水漂的 they remain unpaid 事实。 Limited company 有限责任公司 Liquidate 清算 Assets do not cover the liabilities 资不抵债

23  Most companies begin as private 大部分公司在开始时是私 limited companies. The owners have 人有限公司，其创立者在一 to raise funds themselves in any way 开始要通过各种方式筹资， They also have to write a Memorandum 还要填写外部章程，内部 of Association , Articles of Association 章程，并将其送至企业监 and send them to the registrar of companies 管局。 Raise funds 筹集资金 Memorandum / Articles of Association 外/内部章程 Registrar 监管局

24  The successful companies can 经营状况好的公司可以申 apply to become a public limited 请成为一个公共有限公司， company.For example,the smaller 例如，一些小的公司可以加 companies can join OTC markets 入场外交易市场，而那些更 while the bigger and more successful 成功的公司在满足一定条件 companies can apply to be quoted 的情况下，可以申请在主要 on major stock exchanges with lots of 交易所上市。 requirements to fulfill. Public limited company 公共有限公司 OTC market 场外交易市场 Major stock exchanges 主要交易所

25 ④ The act of issuing shares for the 公司首次发行股票称 first time is floating a a company 之为准备上市。公司一 And companies usually use an 般使用一家投资银行来investment bank to underwrite the issue 对发行的股票承诺支付。 Float a company 准备上市 Underwrite 认购

26 ⑤Companies wishing to raise more 希望筹集更多的钱以扩大的
money for expansion can choose to 公司可以选择发行更多的股 issue new shares, which is known as 票，或者利润资本化的方式 rights issue, or to capitalize part of their profit, which is known as bonus issue. Rights issue 增发新股 Bonus issue 红利股

27 难点注释 1.If the business does badly and cannot pay its debts, any creditor can have it declared bankrupt. 从句中的动词does指公司业务的运作和管理， have it declared是复合宾语结构，有“使……被宣布”的意思。整句译成：如果公司业务的运作和管理很差并且不能支付其债务，任何债权人能让它宣告破产。

28 难点注释 2. A limited company is a legal entity separate from its owners, and is only liable for the amount of capital that has been invested in it. 这里的separate from修饰entity，that从句说明the amount of capital。本句的意思：一个有限公司是与它的所有者分离的一个法律实体，而且只对已投入的资本量负有责任。

29 难点注释 3.If a limited company goes bankrupt, it is wound up and its assets are liquidated (i.e. sold) to pay the debts. 这里的wound up是wind up的过去分词，意思是“被关闭、停止业务”。这个句子可以译成：如果一个有限公司破产，那么它被关闭，其资产被清算（即出售）用来支付债务。

30 难点注释 4. A successful, growing company can apply to a stock exchange to become a public limited company (GB) or a listed company (US). Apply to的意思是“向……申请”， to become表示目的。本句的意思：一个成功的、日益增长的公司可以向证券交易所申请成为一个公共有限公司（英）或者一个上市公司（美）。

31 难点注释 5. Very successful businesses can apply to be quoted or listed（i.e. to have their shares traded） on major stock exchanges. . 本句和上一句的意思一样，但说法不同。To be quoted是“报价”的意思，listed是“上市”的意思。全句的意思是:十分成功的公司可以申请在主要证券交易所上市（即他们的股票可以交易）

32 难点注释 6. Publicly quoted companies have to fulfill a large number of requirements, including sending their shareholders an independently-audited report every year, containing the year’s trading results and a statement of their financial position. 本句中的including…引起短语修饰整句，而containing短语则修饰report。整句的意思：公开上市的公司必须满足许多要求，包括每年向股东派发一份独立审核的报告，其中包含该年度的业务绩效和公司财务状况的说明。

33 难点注释 7. Companies generally use an investment bank to underwrite the issue, i.e. to guarantee to purchase all the securities at an agreed price on a certain day, if they cannot be sold to the public. 本句中的i.e.后面部分起到了补充说明的作用，两个不定式动词to underwrite, to guarantee实际是并列的。全句的意思是：公司一般使用一家投资银行来对发行的股票承诺支付，即是说，如果它不能向公众出售的话，它保证在将来的某一天以协定的价格买回所有股票。

34 难点注释 8. Shareholders can sell their shares on the secondary market at any time, but the market price of a share-the price quoted at any given time on the stock exchange, which reflects (more or less) how well or badly the company is doing-may differ radically from its nominal value. 本句中破折号中间部分进一步说明“股票的市场价格”的定义，quoted指报价，which从句说明股票价格反映了公司业绩。全句的意思是：股东在任何时候都可以在二级市场上出售他们持有的股份，但是一种股票的市场价格——即在证券交易所上随时列出的价格，并且（或多或少地）反映出公司表现的好坏——可能与其票面价值有很大不同。

35 Discussion ---Imagine that you have just come from a secret meeting of a company’s board of directors, which has made a decision that you know will financially ruin a close friend of yours unless she can sell some shares before the board’s decision becomes known. You are having dinner at her home that same evening. Should she expect you to warn her? Should you do so?

36 练习答案 1b 课文 1, Because a non-incorporated business (i.e. one that is not a company) has unlimited liability for debts. If one owes money, the people involved in it are not protected from bankruptcy and can lose their personal possessions. A company provides legal protection and limited liability. 2, In order to rise capital, generally to expand the business.

37 练习答案 1b 课文 3.Shares give their holders part of a company. Shareholders receive a proportion of a company’s profits as a dividend, and may be able to make a capital gain by selling their shares at a higher price than they paid for them.

38 练习答案 1c 理解 1, What are the obligations of companies whose shares are traded on stock exchanges? (or ‘…of publicly-quoted companies’) 2, What is an over-the-counter market?

39 练习答案 1c 理解 3.What does a company normally do if it wishes to rise further share capital? 4. What is a bonus issue? 5. What rights do shareholders have?

40 练习答案 1d 词汇 1.liability creditor bankrupt assets to liquidate liabilities to put up capital venture capital founder premises underwrite dividend

41 练习答案 2b 词汇 1 C E C A 5 D E D B 9 B C E A

42 练习答案 2c 词汇 1.Mutual fund Portfolio Stockbroker Blue-chip Defensive stock Growth stock Market-maker Institutional investors Insider share-dealing

43 练习答案 2d 词汇 下列答案仅供参考，学生可以想出其他符合逻辑的组合。
1.A company’s annual report contains financial statements checked by external auditors. This has nothing to do with a stockbroker. 2.Blue-chips, defensive stocks and growth stocks are all (unofficial) classifications of stocks, according to the financial community; any company, with any kind of stocks, can make a rights issue (if their declared authorized share capital, or the annual general meeting of shareholders, permits).

44 练习答案 2d 词汇 3.When a company makes a bonus issue, it distributes new shares to shareholders instead of a dividend. There is no necessary connection with over-the-counter companies or markets here. 4.A shareholder places an order with a stockbroker, who buys shares from or sells them to a market-maker. This has nothing to do with a creditor.

45 练习答案 2d 词汇 5.Stocks and shares are equities; unlike bonds which, for a company, are debt. 6. Face value, nominal value and par value all mean the same thing. This is rarely the same as a security’s market value. 7. When a company is floated for the first time it usually pays an underwriter to guarantee to purchase any part of the share issue that remains unsold. This has nothing to do with liquidation.

46 练习答案 2d 词汇 8. Pension funds and insurance companies are important institutional investors. This has nothing to do with liabilities. 9.Mutual funds are organizations that spread shareholders’ money in a broad portfolio, which generally reduces risk. This has nothing to do with an underwriter.