金融相關英文

演講人：日期：金融相關英文目錄IntroductiontoFinanceFinancialMarketsandInstrumentsCorporateFinanceBankingandFinancialIntermediationInternationalFinanceInternationalMonetarySystem01IntroductiontoFinancePartFinanceisthestudyofhowindividuals,businesses,andgovernmentsraise,allocate,andusemonetaryresourcesovertime.Itinvolvesthemanagementofriskandthemaximizationofreturnsoninvestments.Financeencompassesawiderangeofactivities,includingbanking,investing,andinsurance.DefinitionandOverviewofFinanceFinanceplaysacrucialroleintheeconomybyfacilitatingtheflowoffundsfromsaverstoinvestors.Ithelpstomobilizesavingsandchannelthemintoproductiveinvestments,therebypromotingeconomicgrowthanddevelopment.Financealsoenablesbusinessestomanagetheirrisksanduncertainties,ensuringtheirfinancialstabilityandcontinuity.ImportanceofFinanceintheEconomyBasicConceptsinFinanceCapitalMoneyorotherassetsthatareinvestedtogenerateincomeorappreciation.InvestmentThecommitmentoffundswiththeexpectationofareturnintheformofincome,appreciation,orboth.RiskThepotentialforlossoradversechangesinthevalueofaninvestment,typicallymeasuredbythestandarddeviationofreturns.ReturnThegainorlossonaninvestmentoveraspecifiedperiod,expressedasapercentageoftheinvestment'svalue.02FinancialMarketsandInstrumentsPartWherebusinessesandgovernmentsraiselong-termfundsthroughthesaleofsecuritieslikestocksandbonds.CapitalMarketsShort-termfinancialmarketsforhighlyliquidassetssuchastreasurybills,commercialpaper,andcertificatesofdeposit.MoneyMarketsMarketsforfinancialinstrumentswhosevalueisderivedfromanunderlyingasset,suchasfutures,options,swaps,andforwards.DerivativesMarketsMarketswherecurrenciesaretraded,allowingfortheconversionofonecurrencyintoanother.ForeignExchangeMarketsTypesofFinancialMarketsStocksRepresentownershipinacorporationandentitletheholdertoashareofthecompany'sprofitsandlosses.Debtsecuritiesissuedbygovernmentsorcorporationstoraisefunds,withapromisetorepaytheprincipalandinterestataspecifieddate.Investmentvehiclesthatpoolmoneyfrommanyinvestorstopurchaseadiversifiedportfolioofsecurities.Financialcontractswhosevalueisbasedontheperformanceofanunderlyingasset,usedforhedgingrisk,speculating,andmore.BondsMutualFundsDerivativesFinancialInstrumentsandTheirUsesRegulatorsGovernmentagenciesorotherbodiesthatoverseeandenforcerulesandregulationsinthefinancialmarketstoensurefairnessandtransparency.IssuersEntitiesthatsellsecuritiestoraisefunds,suchasgovernments,corporations,orotherorganizations.InvestorsIndividualsorinstitutionsthatpurchasesecuritiestogrowtheirwealthorgenerateincome.IntermediariesEntitiesthatfacilitatethetradingofsecurities,suchasbrokers,dealers,andexchanges.MarketParticipantsandTheirRoles03CorporateFinancePartDeterminantsofCapitalStructureFirmsneedtoconsidervariousfactorssuchascostofcapital,taxbenefits,andfinancialflexibilitywhendeterminingtheiroptimalcapitalstructure.TypesofFinancingFirmscanraisefundsthroughdebtfinancing(e.g.,bonds,loans)orequityfinancing(e.g.,commonstock,preferredstock).Eachtypeoffinancinghasitsownadvantagesanddisadvantages.LeverageandRiskLeveragereferstotheuseofdebtinafirm'scapitalstructure.Whileleveragecanincreasereturns,italsoincreasesriskasfirmsmayfacedifficultiesinrepayingtheirdebts.CapitalStructureandFinancingDecisionsInvestmentCriteriaFirmsevaluateinvestmentprojectsbasedoncriteriasuchasnetpresentvalue(NPV),internalrateofreturn(IRR),andpaybackperiod.RiskandReturnInvestmentdecisionsinvolveweighingtheexpectedreturnsofaprojectagainstitsassociatedrisks.Firmsaimtomaximizereturnswhileminimizingrisks.CapitalBudgetingCapitalbudgetingreferstotheprocessofevaluatingandselectinglong-terminvestments.Itinvolvesestimatingthecostsandbenefitsofeachinvestmentprojectandcomparingthemtodeterminethemostprofitableones.InvestmentAppraisalandDecisionMakingFirmscanchoosefromvariousdividendpoliciessuchasregulardividends,stockdividends,ornodividends.Thechoicedependsonfactorssuchasthefirm'scashflow,investmentopportunities,andshareholderpreferences.Dividendpolicycanaffectshareholdervaluebyinfluencingthefirm'sstockpriceandinvestorperceptions.Regulardividendsmayattractincome-orientedinvestorswhilestockdividendscanincreasethenumberofsharesoutstanding.Thistheorysuggeststhat,inaperfectmarket,dividendpolicydoesnotaffectthevalueofthefirm.However,inreality,marketsarenotperfectanddividendpolicycanhaveasignificantimpactonshareholdervalue.DividendPolicyOptionsImpactonShareholderValueDividendIrrelevanceTheoryDividendPolicyandShareholderValue04BankingandFinancialIntermediationPartAcceptingdepositsBanksactascustodiansofcustomers'money,providingasafeplacetostorefundsandearninterest.LendingmoneyBanksusethedepositstheycollecttomakeloanstoindividualsandbusinesses,helpingtofinancepurchases,investments,andothereconomicactivities.FacilitatingpaymentsBanksfacilitatethetransferoffundsbetweenindividualsandbusinesses,eitherthroughchecks,wiretransfers,orotherelectronicmeans.FunctionsofBanksandOtherFinancialIntermediariesFunctionsofBanksandOtherFinancialIntermediariesProvidingfinancialservicesInadditiontobasicbankingservices,banksoftenofferarangeoffinancialproductsandservices,suchasinvestmentadvice,insurance,andforeignexchange.MoneymarketThemoneymarketiswherebanksandotherfinancialinstitutionstradeshort-termdebtinstruments,suchastreasurybillsandcommercialpaper,tomanagetheirliquidity.CapitalmarketThecapitalmarketiswherelonger-termdebtandequitysecuritiesareissuedandtraded.Banksparticipateinthecapitalmarketbyunderwritinganddistributingsecurities,aswellasthroughtheirowntradingactivities.MoneyandCapitalMarketsinBankingInterestratesBanksplayakeyroleinsettinginterestratesinthemoneyandcapitalmarkets,whichinturnaffectthecostofborrowingandinvestingforindividualsandbusinesses.LiquiditymanagementBanksmanagetheirliquiditybybalancingtheirdepositsandloanportfolioswiththeirinvestmentsinthemoneyandcapitalmarkets.MoneyandCapitalMarketsinBankingCreditriskBanksmanagecreditriskbyassessingthecreditworthinessofborrowersandsettingappropriateloantermsandconditions.Theyalsousecreditderivativesandotherriskmanagementtoolstohedgeagainstpotentiallosses.MarketriskMarketriskarisesfromfluctuationsinthepricesoffinancialinstruments.Banksmanagemarketriskbydiversifyingtheirportfolios,usinghedgingstrategies,andmonitoringmarketdevelopments.RiskManagementinBankingOperationalriskOperationalriskreferstotheriskoflossresultingfrominadequateorfailedinternalprocesses,people,andsystems.Banksmitigateoperationalriskthroughrobustinternalcontrols,audits,andriskmanagementframeworks.RegulatorycomplianceBanksmustcomplywitharangeofregulationsandprudentialstandardsaimedatprotectingdepositorsandmaintainingthestabilityofthefinancialsystem.Compliancewiththeseregulationsisanimportantaspectofriskmanagementinbanking.RiskManagementinBanking05InternationalFinancePartForeignExchangeMarketsThesearemarketswherecurrenciesaretraded,typicallyinvolvingtheconversionofonecurrencyintoanotheratanagreedexchangerate.ExchangeRatesThevalueofonecurrencyinrelationtoanother,whichdetermineshowmuchofonecurrencycanbeexchangedforanother.Exchangeratescanbefixedorfloating.CurrencyPairsCurrenciesaretradedinpairs,withthemostcommonbeingtheUSdollaragainstothermajorcurrenciessuchastheeuro,yen,orpoundsterling.ForeignExchangeMarketsandRatesForeignExchangeMarketsandRatesForeignExchangeRiskTheriskassociatedwithfluctuationsinexchangeratesthatcanaffectthevalueofassets,liabilities,orcashflowsdenominatedinforeigncurrencies.InternationalBondMarketsMarketswheregovernmentsandcorporationsissuebondsdenominatedindifferentcurrenciestoraisefundsfrominternationalinvestors.InternationalStockMarketsMarketswheresharesofcompaniesfromaroundtheworldaretraded,oftenthroughstockexchangesorover-the-countermarkets.ForeignExchangeDerivativesFinancialinstrumentssuchasforwards,futures,options,andswapsthatareusedtohedgeagainstorspeculateonforeignexchangeratemovements.InternationalFinancialMarketsandInstrumentsInternationalMonetaryFund(IMF)Aninternationalorganizationthatpromotesinternationalmonetarycooperation,stability,andorderlyexchangeratesbyprovidingtemporaryfinancialassistancetomembercountries.InternationalFinancialMarketsandInstrumentsInternationalTradeTheexchangeofgoodsandservicesbetweencountries,whichistypicallyfacilitatedbytheuseofinternationalcurrenciesandpaymentsystems.TradeFinanceTheprovisionoffinancialservicessuchasloans,guarantees,andlettersofcredittofacilitateinternationaltradetransactions.ExportandImportFinancingThefinancingofexportsandimportsthroughvariousmeanssuchaspre-shipmentandpost-shipmentfinancing,exportcreditinsurance,andforfaiting.InternationalTradeandFinanceBalanceofPaymentsArecordofalleconomictransactionsbetweentheresidentsofonecountryandtherestoftheworldoveracertainperiodoftime,includingexports,imports,incomereceived,andpaymentsmade.InternationalTradeandFinance06InternationalMonetarySystemPartGoldStandardEra:Asystemwherecountriesagreedtoconverttheirrespectivecurrenciesintoafixedamountofgold.ThiseraendedduetotheeconomicdisruptionscausedbyWorldWarI.BrettonWoodsSystem:Establishedin1944,itaimedtoprovidestabilitytotheinternationalmonetarysystem.TheUSdollarwaspeggedtogold,andothercurrencieswerepeggedtotheUSdollar.However,itcollapsedintheearly1970sduetogrowingimbalancesintheglobaleconomy.FloatingExchangeRates:SincethecollapseofBrettonWoods,mostcountrieshaveadoptedfloatingexchangeratesystems,wherecurrencyvaluesaredeterminedbythemarketforcesofsupplyanddemand.EvolutionoftheInternationalMonetarySystemCurrentInternationalMonetarySystem:BrettonWoodsIISomecountrieshavebeenaccusedofmanipulatingtheir