金融英语教案修改版.docx
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金融英语教案修改版
ChapterOneInvestmentBanking
LectureIInvestmentBanking
InspiringQuestion:
ImagineyouaretheCEOofSinopecPetroleum.NowyouareplanningtobuildapipelinefromXingjingtoShengzhen,theinvestmentofwhichwillbeasmuchas10millionYuan.HowCanyougetsomuchmoneyforthepipelineproject?
Thewaysoffinancingaproject:
Traditionalways:
（1）bankloansCommercialbanking
（2）debtsecuritiesInvestmentbanking
（3）equitysecuritiesInvestmentbanking
Non-traditionalways:
（4）VentureCapital（VC）
（5）Privateequity（PE）
（6）AngelInvestment（AI）
（7）creditderivatives,suchasCDS（creditdefaultswap信息违约互换）andCDO（CollateralizedDebtObligation，担保债务凭证）
PartIIntroduction
SectionA—Thebasics
1.investmentbanks/banking/bankers
（1）Investmentbanksareintermediariesbetweenpeoplewhohavemoneyandpeoplewhoneedmoney.（Textbook）
Aninvestmentbankisafinancialinstitutionthatassistsindividuals,corporations,andgovernmentsinraisingcapitalbyunderwriting（承担）and/oractingastheclient'sagentintheissuanceofsecurities.Aninvestmentbankmayalsoassistcompaniesinvolvedinmergersandacquisitions,andprovideancillary（辅助的，附加的）servicessuchasmarketmaking,tradingofderivatives,fixedincomeinstruments,foreignexchange,commodities,andequitysecurities.（Wekipedia）
投资银行，简称投行，是一种以经营证券业务为主的金融机构。
现代意义的投资银行基本不属于银行的范畴，而是一种专业证券机构（大陆称为券商）。
根据国家和时代，投资银行一词的具体内涵也有所不同。
通常，一个完整的投资银行包括了重组并购、企业融资、证券发行、承销、研究、投资咨询、经纪、资产管理、财富管理等一系列业务，但也有的只专精于某几个方面的业务。
在中文语境中，较狭义的投资银行仅指证券承销和并购业务。
（维基中文）
Top10banks
ThetenlargestinvestmentbanksasofDecember31,2011,areasfollows（bytotalfeesfromadvisory）.[11]Thelistisjustarankingoftheadvisoryarmofeachbankanddoesnotincludethegenerallymuchlargerportionofrevenuesfromsalesandtradingandassetmanagement.
Rank
Company
Fees（$m）
1.
JPMorganChase
$5,517.62
2.
BankofAmerica
$4,945.45
3.
MorganStanley
$4,066.30
4.
GoldmanSachs
$3,852.95
5.
CreditSuisse
$3,434.32
6.
DeutscheBank
$3,178.15
7.
Citigroup
$3,166.33
8.
Barclays
$2,793.70
9.
UBS
$2,362.69
10.
WellsFargo
富国银行
$1,597.99
（2）investmentbanking
Investmentbankingistheprocessofgettingandmanagingmoney.
（3）investmentbankers
Investmentbankersarethepeople,theexperts,whoworkforinvestmentbanksandhelpindividuals,businessandgovernmentstoreachtheirfinancialgoals.
只要是为投资银行工作的专业人士，都统称投资银行家。
2.investmentbank’sbusiness（P130）
（1）providingadviceandguidance
①helpingyousetrealisticandappropriatefinancialgolasand
②developingstrategiestoreachthem;
（2）arrangingforthemoneyyouneedatthelowestpossiblecost,including:
①draftingprospectus（起草招股说明书）
②Roadshow
③IPO
（3）helpingyoumanagefinancialrisk;and
（4）buyingandsellingfinancialinstrumentslikestocksandbonds.
Inaddition:
（5）Research:
①makingresearchesoncompanies（forsellingorbuyingtheirsecurities）
②settingmathematicmodelsforhedging.设计对冲的数学模型
（Itissaidthisisthetimeofhedgingratherthanportfolio现在已经从“投资组合时代”进入了“对冲时代”）
（6）technology:
makingelectronictradingsoftware
SectionB—SettingGoals
Weonlytalkaboutbusinessorgovernmentwhoareinneedofinvestmentbanking.
1.Whatmaybethegoalsofabusinesstoraisemoney?
（1）moneyforinvestment,suchas:
buildinganewfactory
buyingthelatestequipment,
developingagoldminingproperty,
Attention:
“buy”isdifferentfrom“buyout”
doingadvancedscientificresearch,
constructingamajoroilpipeline,
（2）moneyformergersandacquisition
（6）buyingoutacompetitor
2.Whatmaybethegoalsofagovernmenttoraisemoney?
（1）developinfrastructures,suchas
①roads,highwaysandbridges
②masstransit（buses,subways,lightrails）
③watertreatmentfacilities,
④powergenerations
⑤communicationnetworks
（2）buildingnewschools
（3）providetaxandinvestmentincentives
SectionD–AnOverviewofMarkets
Amarketisoneofmanyvarietiesofsystems,institutions,procedures,socialrelationsandinfrastructureswherebyparties（交易各方）engageinexchange.
ThreeMainMarkets:
①MarketsforGoods,
②Marketsforservices,and
③Marketsforuseofmoneyfinancialmarkets
Amarketcanbeactualorvirtual.
1.Thefinancialmarketplace
①Demander（Buyers）infinancialmarketplace:
individuals,families,companiesandgovernments（whoareinneedofmoney）;
②Suppliers（Sellers）infinancialmarketplace:
Peopleororganizationswhohavesurplusmoneytotheircurrentneedsandarewillingtomakeitavailabletothosewhoneedit.
Actualfinancialmarketplace:
stockexchange
Virtualfinancialmarketplace:
anyelectronictradingsystem
2.SupplyandDemand
Price:
themechanismthatmarketsusetobalancesupplyanddemandandtohavethetransactiontakeplace.Thepriceheremayreferto:
（1）:
priceofabond:
（2）:
priceofastock
（ReadthelastparagraphofP135）
3.Matchingbuyersandsellers
Whomakethematching:
Anintermediary
Howtomatch:
viafinancialinstruments（specificallyunderlyingfinancialinstruments）
4.Primaryandsecondarymarkets
CaseStudy:
HowtoCashacertificate（orasecurity,oradraft）beforeit’smaturity?
怎样提前兑现（有价）凭证（或证券或汇票）。
ReadtheCase:
Paragraph2,P138.
Solution:
thecertificateholdersellittoanotherinvestor,（usu.bydiscountorbysettlementofthedueinterest.）
DefinitionofPrimaryandsecondarymarket
Theprimarymarketisthatpartofthecapitalmarketsthatdealswiththeissuanceofnewsecurities.Companies,governmentsorpublicsectorinstitutionscanobtainbondsthroughthesaleofanewstockorbondissue.Thisistypicallydonethroughasyndicate[disambiguationneeded]ofsecuritiesdealers.Theprocessofsellingnewissuestoinvestorsiscalledunderwriting.Inthecaseofanewstockissue,thissaleisaninitialpublicoffering（IPO）.Dealersearnacommissionthatisbuiltintothepriceofthesecurityoffering,thoughitcanbefoundintheprospectus.Primarymarketscreatelongterminstrumentsthroughwhichcorporateentitiesborrowfromcapitalmarket.
Thesecondarymarket,alsocalledaftermarket,isthefinancialmarketinwhichpreviouslyissuedfinancialinstrumentssuchasstock,bonds,options,andfuturesareboughtandsold.Anotherfrequentusageof"secondarymarket"istorefertoloanswhicharesoldbyamortgagebanktoinvestorssuchasFannieMae（房利美，美国联邦国民抵押贷款协会）andFreddieMac（房地美）.
SectionEHowSuppliersMakeTheirMoneyAvailable?
（1）Loans
SupplierDemander
Lenderborrower
Creditor债权人debtor债务人
（2）Investments
Thethreemostcommonlyusedinvestmentinstrumentsare:
realestate,loans（ordebts）andshares.
Distinguishbetweenloansandshares
Loanholders
Shareholders
Revenuefrom
Interestandfluctuationofdebtprice
dividendandfluctuationofstockprice
ownership
N
Y
Repayofprincipal
Y
N
Consequenceofdefault
Forceissuerintobankruptcy
Cannotgetprincipalback
SectionFWhatSuppliersofMoneyExpect—TheMotive
Theyexpectreturnof:
interests,dividends,and/orprofit.
SectionHHowLongCanthe“Buyers”UsetheMoney?
1.shortterm,mediumterm,andLongtermofaloan
Shortterm:
torepaytheprincipalafteroneyearorless
Mediumterm:
~aftermorethanoneyearbutlessthantenyears
Longterm:
~aftertenyears
2.FundamentalPrincipleofFinance#1:
Thelongerthetermrelatedtoaloanorinvestment,thehigherwillbetheexpectedrateofreturn.
Becauseof:
①higheropportunitycost（Para2,P144）
②morethingsuncertainmayhappen（Para3,P144）
SectionI–CanSuppliersAlwaysBeSureofGettingTheirMoneyback?
1.Fourpossiblesituationinfinancemarketthatamoneysupplierwillget
①asmuchasheexpected
②alltheprincipalbutzeroprofit
③partoftheprincipal
④noneoftheprincipal
2.FundamentalPrincipleofFinance#2:
Thehighertheriskrelatedtoaloanorinvestmentis,thehigherwillbetheexpectedrateofreturn.
Judgment:
①Debentures（企业债券）issuedbyAAA-rankingcompaniesusu.havelowerinterestratethanthoseissuedbyA-rankingcompanies.（T）
②Seniordebentures（优特债）usu.havelowerinterestratesthansubordinatedebentures（次级债）.（T）
③Whenagovernmentgetsintofinancialtroubles,theinterestrateoryieldtomaturity（到期收益率）willprobablyrise.（T）
④subordinateddebts（次级债）havehigherinterestratethancommondebts.（T）
PartIITheFinancialMarketplace
SectionAIntroduction
InPartI,wetalkedaboutthefinancialmarkets,andknowitisaplacewherepeoplewhoneedmoneymeetpeoplewhohavemoneytosupply.
Thepurposeofmoneysupplier,orinvestors,tosupplymoneyisforinterestorforcapitalreturn.Thepurposeofmoneydemander,usu.acompany,istousethemoneyfortheirbusinessorformergersandacquisition.
Thisisthecourse:
aninvestorprovidesmoneytoaCompany,whilethecompanyissueacertificateofusingthemoneytotheinvestor.Thecertificateisprobablyadebtorastock.Thiscoursecanbepresentedinthefollowsdiagram.
1.Diagramofthecourseoffinancing
2.Whatawell-developedfinancialmarketwillbe?
（1）Sowell-developedaremanyfinancialmarketsaroundtheworldthatanalmostunlimitedvarietyoffinancialneedscanbemet.
世界上许多金融市场是如此的发达，以至于（在这些市场上）基本上无数种金融需求都能得到满足。
（2）efficient-markethypothesis（EMH）
Infinance,theefficient-markethypothesis（EMH）assertsthatfinancialmarketsare"informationallyefficient".Inconsequenceofthis,onecannotconsistentlyachievereturnsinexcessofaveragemarketreturnsonarisk-adjustedbasis,giventheinformationavailableatthetimetheinvestmentismade.
有效市场假说（EfficientMarketHypothesis）又叫效率市场假说，有效市场假设。
该假说认为，投资者在买卖股票时会迅速有效地利用可能的信息。
所有已知的影响一种股票价格的因素都已经反映在股票的价格中，因此根据这一理论，股票的技术分析是无
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