5.4 投资于股票市场
Section outline
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Investing in the Stock Market
::投资于证券市场As stated earlier, the rate of return on a financial investment in a share of stock can come in two forms: as dividends paid by the firm and as a capital gain achieved by selling the stock for more than you paid. The range of possible returns from buying a stock is mind-bending. Firms can decide to pay dividends or not. A stock price can rise to a multiple of its original price or sink all the way to zero. Even in short periods of time, well-established companies can see large movements in the price of their stock.
::如前所述,股本份额金融投资的回报率可以分为两种形式:公司支付的股息和通过将股票出售而实现的资本收益超过你支付的数额;购买股票可能带来的回报范围是胡思乱想。 公司可以决定是否支付股本。 股价可以上升到其原价的倍数,也可以完全下降到零。 即使短期内,成熟的公司也可以看到股票价格的大幅波动。Universal Generalizations
::普遍化-
Equities, or stocks, represent ownership of a corporation.
::股票或股票是指公司的所有权。 -
The market for equities is competitive because there are a large number of buyers, sellers, and investors, with a reasonable amount of available information.
::股票市场具有竞争力,因为有很多买家、卖家和投资者,有合理数量的现有信息。 -
Various things influence the price of equities.
::各种事物影响股票价格。
Guiding Questions
::问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问 问-
Where can someone go to purchase stocks?
::哪里有人可以购买股票? -
Why should you consider diversifying your portfolio?
::你为什么要考虑使你的投资组合多样化?
Stocks
::库存库存The reasons why stock prices fall and rise so abruptly will be discussed below, but first you need to know how we measure stock market performance. There are a number of different ways of measuring the overall performance of the stock market, based on averaging the stock prices of different subsets of companies. Perhaps the best-known measure of the stock markets is the Dow Jones Industrial Average, which is based on the stock prices of 30 large U.S. companies. Another gauge of stock market performance, the Standard & Poor’s 500, follows the stock prices of the 500 largest U.S. companies. The Wilshire 5000 tracks the stock prices of essentially all U.S. companies that have stock the public can buy and sell.
::股价下跌和突然上涨的原因将在下文讨论,但首先,你需要知道我们如何衡量股市业绩。 根据不同子公司的股价平均价格,衡量股市总体业绩的方法有很多种。 也许最著名的股票市场衡量标准是道琼斯工业平均价格,它以30家美国大公司的股价为基础。 另一个衡量股市业绩的标准和普尔500的尺度,是500家美国最大公司的股票价格。 威尔希尔5000号追踪了基本上所有拥有公众可以买卖股票的美国公司的股票价格。Stock Exchanges
::股票交易所There are several organized securities exchanges in the United States, as well as around the world. The securities exchanges are places where buyers and sellers meet to trade securities and stocks, or shares in a company. Those companies that want to trade their stocks to raise revenue must pay a fee to trade. Trading only takes place on the floor of the exchange.
::美国和全世界都有多个有组织证券交易所。 证券交易所是买卖双方进行证券和股票交易或公司股份交易的场所。 想要为增加收入而进行股票交易的公司必须支付交易费。 交易只能在交易所的底层进行。Video: Open Outcry
::视频:开放外在The oldest, largest, and best known of the stock exchanges in the U.S. is the New York Stock Exchange (NYSE). This exchange is on Wall Street in New York City. It regulates its members and the companies that do business with the exchange. Currently there are over 1,400 seats (members) that trade at the NYSE. The largest "traders" may own several "seats". Those that are a part of the exchange elect the director, set up a governing board, and set the rules for the exchange. It is not run by the U.S. government, but it must adhere to rules created by the Securities and Exchange Commission (SEC). Rules that deal with how trading is allowed to take place. The SEC was set up to prevent another stock market crash like the one in 1929 that signaled the beginning of the Great Depression.
::美国最古老、最大和最知名的证券交易所是纽约证券交易所(NYSE),这一交易所位于纽约市华尔街。它监管着其成员和与交易所做生意的公司。目前,纽约证券交易所有1,400多个交易席位(成员),最大的“交易商”可能拥有几个“席位 ” 。作为交易所一部分的人选举了董事,成立了董事会,并制定了交易所规则。它不是由美国政府管理,但必须遵守证券交易委员会(SEC)制定的规则。规则涉及如何允许进行交易。成立证交会是为了防止类似1929年大萧条爆发的股市崩溃。To learn more, visit the (SEC).
::学习更多,访问(SEC)。The NYSE trades over 3,000 different company's stocks. Firms must meet certain size and profitability requirements to be traded on the NYSE. The NYSE is open during the week, Monday-Friday, with the exception of nine observed holidays. The "opening bell" is rung at 9:30am (ET) to mark the start of the day's trading session, the "closing bell" is rung at 4pm (ET) and trading for the day stops.
::纽约证券交易所交易超过3,000个不同的公司股票。 公司必须满足在纽约证券交易所进行交易的一定规模和利润要求。 纽约证券交易所在周一至周五开放, 除了9个节假日之外。 “ 打开钟”在上午9: 30( ET) 响起, 以纪念当天交易会的开始, “ 关闭铃” 在下午4: 00( ET) 响起, 交易日间休息 。For a tutorial on how to read the financial page, visit .
::如何阅读财务页面的辅导,访问To learn more about the New York Stock Exchange go to their .
::来了解更多纽约证券交易所的情况,The other exchanges are regional or based on specific types of businesses that are apart of that exchange. The American Stock Exchange (AMEX) is also located in New York city but it trades only 1,000 different company stocks.The companies traded on the AMEX are smaller and more speculative (risky) than those traded on the NYSE.
::其他交易所是区域性的,或以除交易所以外的特定类型的企业为基础。 美国证券交易所(AMEX)也设在纽约市,但只交易1,000种不同的公司股票。 与在纽约证券交易所交易的公司相比,在AMEX上交易的公司规模较小,而且更具投机性(风险 ) 。Regional Stock Markets are found in Chicago, Philadelphia, Boston, and Memphis, and some smaller markets in other cities. Many of the companies in these exchanges are too small or too new to be listed on the AMEX or the NYSE. These exchanges are also located in regions where there particular companies may have a significant impact. In addition there are regional commodities markets which sell agriculture, livestock, energy, and metals.
::地区股票市场在芝加哥、费城、波士顿、孟菲斯和其他城市的一些小市场中都有,这些交易所中的许多公司规模太小或太新,无法在阿拉伯墨西哥公司或纽约证券交易所上市,这些交易所也位于某些公司可能具有重大影响的地区,此外,还有销售农业、牲畜、能源和金属的区域商品市场。To read additional information on commodities markets visit the .
::阅读有关商品市场的补充信息访问。To see a listing of commodities markets visit this .
::看到商品市场清单也出现这种情况。Global Markets are found throughout the world from Hong Kong to Sydney, from Frankfurt to Tokyo. Technology makes it possible for trading to go on around the globe once the markets in the U.S. have closed.
::全球市场遍布世界各地,从香港到悉尼,从法兰克福到东京。 技术使得一旦美国市场关闭,贸易就有可能遍及全球。NASDAQ
::国家宇宙开发厅QThe National Association of Securities Dealers Automated Quotation (NASDAQ) is also a stock exchange, however the NASDAQ is the these stocks are listed as OTC, or over-the-counter market, where there is no organized "trading floor". Therefore the NASDAQ is an electronic stock market. Trades are made electronically using the internet or by placing an order with the online trade broker, who in turn forwards the order to the exchange where the trade takes place.
::全国证券交易商自动化报价协会(NASDAQ)也是一家证券交易所,然而,NASDAQ是这些股票被列为OTC,或交易场外市场,没有有组织的“交易底线”,因此,NASDAQ是一个电子股票市场,通过互联网或向在线贸易经纪人发出订单,通过电子方式进行贸易,后者转而将订单转至交易地点的交易所。DJIA
::都 亚The Dow-Jones Industrial Average (DJIA) is the best known measure of stock performance on the New York Stock Exchange. To see how the Dow-Jones Industrial Average is doing and how the stocks are trading today visit .
::Dow-Jones工业平均指数(DJIA)是衡量纽约证券交易所股票业绩的最著名尺度。 看看道-Jones工业平均指数(Dow-Jones工业平均指数)是如何做的,以及股票今天的交易方式。Another way stocks can be measured is by the Standard & Poor's 500 (S&P 500). The S&P 500 averages the changes in the prices of stocks that are traded on a daily bases to determine the overall market performance of the NYSE, AMEX, and OTC markets.
::另一种衡量股票的方式是标准普尔500(S & P 500),标准普尔500(S & P 500)是每天交易的股票价格的平均值,以决定纽约证券交易所、阿拉伯墨西哥和东方木材公司市场的总体市场业绩。"Bulls and Bears"
:枪和熊)
When the market is doing well and moving upwards, the market is a "bull". There have been a few bull markets: 1995 the DJIA broke 4000, then in 2000 it reached 12,000; currently the market is at 17,500. The opposite of a bull market is a "bear" market, where the equities move down for either several months or several years. In 1998 the market lost 1200 points and retreated from its highest points value of 9,000. Since 1998 there have been 5 other bear markets in the U.S. and 7 other global bear markets. To see a historic list of market crashes and bear markets visit this .
::当市场运行良好、向上发展时,市场就是一个“泡泡”市场。 出现了几个公牛市场:1995年,DJIA打破了4000个,2000年,达到12,000个;目前的市场是17,500个。 公牛市场与“熊”市场相反,股市下跌数月或数年。 1998年,市场损失了1,200点,从9,000美元的最高点贬值。 自1998年以来,美国有另外5个熊市场,另外7个全球熊市场。要看到一个历史性的市场崩溃清单,让市场参观。Other measures of stock markets focus on where stocks are traded. For example, the New York Stock Exchange monitors the performance of stocks that are traded on that exchange in New York City. The Nasdaq stock market includes about 3,600 stocks, with a concentration of technology stocks. 1 lists some of the most commonly cited measures of U.S. and international stock markets.
::股票市场的其他计量措施侧重于股票交易地点,例如,纽约证券交易所监测在纽约市交易所交易的股票的业绩,纳斯达克股票市场包括大约3 600个股票,技术股票集中。 1列出了美国和国际股票市场最常用的一些措施。Measure of the Stock Market
::股票市场计量Comments
::评论评论评论评论评论评论评论评论评论评论评论评论评论评论评论评论评论评论评论评论Dow Jones Industrial Average (DJIA): http://indexes.dowjones.com
::Dow Jones 工业平均数(DJIA):http://index.dowjones.comBased on 30 large companies from a diverse set of representative industries, chosen by analysts at Dow Jones and Company. The index was started in 1896.
::根据Dow Jones and Company的分析师所选择的30家具有代表性的行业的30家大公司,该指数始于1896年。Standard & Poor’s 500: http://www.standardandpoors.com
::标准普尔500:http://www.standandpoors.comBased on 500 large U.S. firms, chosen by analysts at Standard & Poor’s to represent the economy as a whole.
::依据500家美国大公司, 由标准普尔的分析师选择, 代表整个经济。Wilshire 5000: http://www.wilshire.com
::Wilshire 5000:http://www.wilshire.comIncludes essentially all U.S. companies with stock ownership. Despite the name, this index includes about 7,000 firms.
::基本上包括所有拥有股权的美国公司,尽管名称为美国,但该指数包括大约7 000家公司。New York Stock Exchange: http://www.nyse.com
::纽约证券交易所:http://www.nyse.comThe oldest and largest U.S. stock market, dating back to 1792. It trades stocks for 2,800 companies of all sizes. It is located at 18 Broad St. in New York City.
::美国最古老和最大的股票市场,可追溯到1792年,其股票交易量为2 800家各种规模的公司,位于纽约市Broad街18号。NASDAQ: http://www.nasdaq.com
::NASDAQ: http://www.nasdaq.comFounded in 1971 as an electronic stock market, allowing people to buy or sell from many physical locations. It has about 3,600 companies.
::1971年创立的电子股票市场,允许人们从许多实际地点买卖,约有3 600家公司。FTSE: http://www.ftse.com
::FTSE:http://www.ftse.com http://www.ftse.comIncludes the 100 largest companies on the London Stock Exchange. Pronounced “footsie.” Originally stood for Financial Times Stock Exchange.
::包括伦敦证券交易所的100家最大公司。 宣布为“ 脚 ” 。 最初是金融时报证券交易所的。Nikkei: http://www.nni.nikkei.co.jp
::Nikkei:http://www.nni.nikkei.co.jpNikkei stands for Nihon Keizai Shimbun , which translates as the Japan Economic Journal, a major business newspaper in Japan. Index includes the 225 largest and most actively traded stocks on the Tokyo Stock Exchange.
::Nikkei代表着日本的Nihon Keizai Shimbun,它被译为日本的主要商业报纸《日本经济日报》。 指数包括东京证券交易所225个最大且最活跃交易的股票。DAX: http://www.exchange.de
::DAX:http://www.change.de http://www.Tracks 30 of the largest companies on the Frankfurt, Germany, stock exchange. DAX is an abbreviation for Deutscher Aktien Index .
::德国法兰克福股票交易所最大公司的第30轨,DAX是德国阿克蒂安指数的缩写。Some Measures of Stock Markets
::股票市场的一些计量办法The trend in the stock market is generally up over time, but with some large dips along the way. 1 shows the path of the Standard & Poor’s 500 index (which is measured on the left-hand vertical axis) and the Dow Jones Index (which is measured on the right-hand vertical axis). Broad measures of the stock market, like the ones listed here, tend to move together. The S&P 500 Index is the weighted average market capitalization of the firms selected to be in the index. The Dow Jones Industrial Average is the price weighted average of 30 industrial stocks tracked on the New York Stock Exchange.
::股市趋势一般会随时间而上升,但沿路有一些大跌。 1 显示了标准普尔500指数(以左手垂直轴衡量)和道琼斯指数(以右手垂直轴衡量)的路径。 股票市场的广泛计量方法与此处列出的计量方法一样,倾向于一起移动。 标准普尔500指数(S & P 500指数)是被选入指数的公司加权平均市场资本化。 道琼斯工业平均指数是在纽约证券交易所追踪的30个工业股票的加权平均价格。When the Dow Jones average rises from 5,000 to 10,000, you know that the average price of the stocks in that index has roughly doubled. 1 shows that stock prices did not rise much in the 1970s, but then started a steady climb in the 1980s. From 2000 to 2013, stock prices bounced up and down, but ended up at about the same level.
::当道琼斯(Dow Jones)平均从5000美元上升到10,000美元时,你知道,该指数中股票的平均价格大约翻了一番。 1 表明1970年代股票价格没有大幅上涨,但随后在1980年代开始稳步攀升。 2000年至2013年,股票价格上下回回升,但最终却达到同样的水平。The Dow Jones Industrial Index and the Standard & Poor’s 500, 1965–2013
::Dow Jones工业指数和标准普尔500指数,1965-2013年Stock prices rose dramatically from the 1980s up to about 2000. From 2000 to 2013, stock prices bounced up and down, but ended up at about the same level.
2 shows the total annual rate of return an investor would have received from buying the stocks in the S&P 500 index over recent decades. The total return here includes both dividends paid by these companies and also capital gains arising from increases in the value of the stock. (For technical reasons related to how the numbers are calculated, the dividends and capital gains do not add exactly to the total return.) From the 1950s to the 1980s, the average firm paid annual dividends equal to about 4% of the value of its stock. Since the 1990s, dividends have dropped and now often provide a return closer to 1% to 2%. In the 1960s and 1970s, the gap between percent earned on capital gains and dividends was much closer than it has been since the 1980s. In the 1980s and 1990s, however, capital gains were far higher than dividends. In the 2000s, dividends remained low and, while stock prices fluctuated, they ended the decade roughly where they had started.
::2 显示了投资者在近几十年来购买S & P 500指数股票本会得到的总年回报率。这里的总回报率包括这些公司支付的股息以及股票价值增加带来的资本收益。 (由于计算数字的技术原因,股息和资本收益并不完全增加总回报率。 )从1950年代到1980年代,公司平均支付年红利相当于其股票价值的4%左右。 自1990年代以来,股息已经下降,现在往往提供接近1%到2%的回报。 在1960年代和1970年代,资本收益和股息收入之间的差额比1980年代以来要大得多。然而,在1980年代和1990年代,资本收益远远高于股息总额。 2000年代,股息仍然很低,尽管股价波动,股息在开始的十年中大致结束。Annual Returns on S&P 500 Stocks, 1950–2012
::1950-2012年S&P 500库存年度回报率(1950-2012年)Period
::期间Total Annual Return
::年度回返总人数Capital Gains
::资本收益Dividends
::股股利1950–1959
19.25%
13.58%
4.99%
1960–1969
7.78%
4.39%
3.25%
1970–1979
5.88%
1.60%
4.20%
1980–1989
17.55%
12.59%
4.40%
1990–1999
18.21%
15.31%
2.51%
2000–2009
−1.00%
−2.70%
1.70%
2010
15.06%
13.22%
1.84%
2011
2.11%
0.04%
2.07%
2012
16.00%
13.87%
2.13%
The overall pattern is that stocks as a group have provided a high rate of return over extended periods of time, but this return comes with risks. The market value of individual companies can rise and fall substantially, both over short time periods and over the long run. During extended periods of time like the 1970s or the first decade of the 2000s, the overall return on the stock market can be quite modest. The stock market can sometimes fall sharply, as it did in 2008.
::总的情况是,作为一个集团的股票在较长的时间内提供了很高的回报率,但这一回报带来了风险,个别公司的市场价值可以在短期和长期内大幅上升和下降,在1970年代或2000年代第一个十年这样的较长时期内,股票市场的总体回报率可能相当低,有时股市会急剧下跌,2008年的情况就是这样。The bottom line on investing in stocks is that the rate of return over time will be high, but the risks are also high, especially in the short run; liquidity is also high since stock in publicly held companies can be readily sold for spendable money.
::股票投资的底线是,随时间推移回报率将很高,但风险也很高,特别是在短期内;流动性也很高,因为上市公司的股票可以随时以可使用的资金出售。The Tradeoffs Between Return and Risk
::回报与风险之间的权衡取舍The discussion of financial investments has emphasized the expected rate of return, the risk, and the liquidity of each investment. 3 summarizes these characteristics.
::关于金融投资的讨论强调了每项投资的预期收益率、风险和流动性。 3 总结了这些特点。Key Characteristics for Financial Investments
::金融投资的主要特点Financial Investment
::金融投资投资Return
::返回返回Risk
::风险风险风险风险风险风险风险Liquidity
::流动性Checking account
::支票账户Very low
::极低Very little
::很少Very high
::甚高Savings account
::储蓄账户Low
::低Very little
::很少High
::高Certificate of deposit
::交存证明书Low to medium
::低至中Very little
::很少Medium
::中 中Stocks
::库存库存High
::高Medium to high
::中到高Medium
::中 中Bonds
::债券债券债券Medium
::中 中Low to medium
::低至中Medium
::中 中Mutual funds
::相互基金Medium to high
::中到高Medium to high
::中到高Medium to high
::中到高Housing
::住房住房住房Medium
::中 中Medium
::中 中Low
::低Gold
::黄金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金金Medium
::中 中High
::高Low
::低Collectibles
::收集器Low to medium
::低至中High
::高Low
::低The household investment choices listed here display a tradeoff between the expected return and the degree of risk involved. Bank accounts have very low risk and very low returns; bonds have higher risk but higher returns; and stocks are riskiest of all but have the potential for still higher returns. In effect, the higher average return compensates for the higher degree of risk. If risky assets like stocks did not also offer a higher average return, then few investors would want them.
::这里列出的家庭投资选择显示了预期回报与所涉风险程度之间的权衡。 银行账户的风险非常低,回报也非常低;债券风险较高,但回报率较高;股票风险最大,但回报率更高。 事实上,更高的平均回报率可以弥补更高的风险。 如果像股票这样的高风险资产不提供更高的平均回报率,那么很少有投资者想要。This tradeoff between return and risk complicates the task of any financial investor: Is it better to invest safely or to take a risk and go for the high return? Ultimately, choices about risk and return will be based on personal preferences. However, it is often useful to examine risk and return in the context of different time frames.
::回报与风险之间的这种权衡使任何金融投资者的任务复杂化:安全投资或承担风险并追求高回报是否更好?最终,风险和回报的选择将基于个人偏好,然而,在不同的时间框架内审查风险和回报往往有用。The high returns of stock market investments refer to a high average return that can be expected over a period of several years or decades. The high risk of such investments refers to the fact that in shorter time frames, from months to a few years, the rate of return may fluctuate a great deal. Thus, a person near retirement age, who already owns a house, may prefer reduced risk and certainty about retirement income. For young workers, just starting to make a reasonably profitable living, it may make sense to put most of their savings for retirement in stocks. Stocks are risky in the short term, to be sure, but when the worker can look forward to several decades during which stock market ups and downs can even out, stocks will typically pay a much higher return over that extended period than will bonds or bank accounts. Thus, tradeoffs between risk and return must be considered in the context of where the investor is in life.
::股票市场投资的高回报率是指在几年或几十年内可以预期的高平均回报率,这种投资的高风险是指在较短的时限内,从几个月到几年,收益率可能波动很大,因此,已经拥有房屋的接近退休年龄的人可能更愿意降低退休收入的风险和确定性。对于年轻工人来说,刚开始过上合理的盈利生活,将其储蓄的大部分用于退休,可能是合理的。可以肯定,短期内股票有风险,但当工人可以期待几十年股票市场上下上下上下下上下上下时,股票通常在这一长时期内的回报率会比债券或银行账户要高得多,因此,必须在投资者生活的情况下考虑风险与回报之间的权衡。To read more about the current trading on the Commodities Market click on the link to .
::更多关于商品市场当前贸易的更多信息,Answer the self check questions below to monitor your understanding of the concepts in this section.
::回答下面的自我核对问题,以监测你对本节概念的理解。Self Check Questions
::自查问题1. Define the term equities.
::1. 界定股票一词。2. What is portfolio diversification?
::2. 什么是投资组合多样化?3. What is the role of the stockbroker?
::3. 股票经纪人的作用是什么?4. What is the securities exchange?
::4. 证券交易所是什么?5. Name 2 major stock markets.
::5. 列出2个主要股票市场。6. List some of the regional stock exchanges. List some of the global stock exchanges. What is the OTC or over-the-counter market? What is an example of the OTC market?
::6. 列出一些区域证券交易所,列出一些全球证券交易所,什么是东方木材公司或场外交易市场,什么是东方木材公司市场的例子?7. What is the Dow-Jones Industrial Average (DJIA)?
::7. Dow-Jones工业平均数(DJIA)是多少?8. Define the term Standard & Poor's 500 (S&P500).
::8. 界定标准普尔500(S & P500)一词的定义。9. What is the difference between a bull and a bear market?
::9. 公牛和熊市场有什么区别?10. What is the difference between a spot market and a futures market?
::10. 现货市场与期货市场之间有什么区别? -
Equities, or stocks, represent ownership of a corporation.
