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Financial Translation 財經翻译

July 11, 2013 Leave a comment

Securities 证券

September 1, 2012 Leave a comment

Securities  证 券

 

A security or financial instrument is a tradable asset of any kind. Securities are broadly categorized into:

证券或金融工具是一种可以交易的任何资产。证券大致上可分为:

  • debt securities (such as banknotes, bonds and debentures),
  • equity securities, e.g., common stocks; and,
  • derivative contracts, such as forwards, futures, options and swaps.
  • 债务证券 (如钞票,债券和债权证),
  • 股权证券,例如普通股票;以及
  • 衍生品合约,有远期,期货,期权和掉期。

The company or other entity issuing the security is called the issuer. A country’s regulatory structure determines what qualifies as a security. For example, private investment pools may have some features of securities, but they may not be registered or regulated as such if they meet various restrictions.

公司或其他发行证券的个体就叫做发行人。一个国家的监管结构决定了证券的资格,比如说,私人投资池或许会有一些证券的特点,但是他们可能不注册或不受监管,除非他们符合一些管制要求。

Securities may be represented by a certificate or, more typically, “non-certificated”, that is in electronic or “book entry” only form. Certificates may be bearer, meaning they entitle the holder to rights under the security merely by holding the security, or registered, meaning they entitle the holder to rights only if he appears on a security register maintained by the issuer or an intermediary. They include shares of corporate stock or mutual funds, bonds issued by corporations or governmental agencies, stock options or other options, limited partnership units, and various other formal investment instruments that are negotiable and fungible.

证券的形式可以是一纸证书,或者是更典型的“无凭证”,就只是电子或“帐面纪录”的形式。证书可以是相等于(不记名)持票人,意思就是只需持有证券的证书就等于持有该证券的股权;也可以是注册记名的,意思是说如果持有人能出现在发行人或中介机构掌管的证券登记处就算是拥有证券的权益。这些证券包括公司股票或共同基金,企业或政府机构发行的债券,股票期权或其他期权,有限合伙单位以及其他可转让可互换对销的正规投资工具。

 

Contents  目录

1. Classification  分类

1.1 New capital  新资本

1.2 Repackaging  重新包装

1.3 Type of holder  持有人类型

1.3.1 Investment  投资

1.3.2 Collateral  抵押品

2. Debt and equity  债务与股权

2.1 Debt  债务

2.2 Equity  股权

2.3 Hybrid  混合

3. The securities markets  证券市场

3.1 Primary and secondary market  初级与二级市场

3.2 Public offer and private placement  公开招股和私募配售

3.3 Listing and OTC dealing  上市与场外交易

3.4 Market  市场

4. Physical nature of securities  证券的实体本质

4.1 Certificated securities  凭证证券

4.2 DRS securities  直接登记系统证券

4.2.1 Bearer securities  不记名证券

4.2.2 Registered securities  记名证券

4.3 Non-certificated securities and global certificates

无凭证证券和全球通用凭证

4.3.1 Non-certificated securities  无凭证证券

4.3.2 Global certificates, book entry interests, depositories

全球通用凭证,帐纪录利益,存管处

4.3.3 Other depositories: Euroclear and Clearstream

其他存管处:欧洲结算系统与结算流

4.4 Divided and undivided security  已分与未分证券

4.5 Fungible and non-fungible security  可互换与不可互换证券

5. Regulation  监管

6. See also  另见

7. Notes  注

8. Glossaries  术语录

 

Classification  分类

Securities may be classified according to many categories or classification systems:

证券可以根据许多类别或级别系统来分类:

  • Currency of denomination
  • Ownership rights
  • Terms to maturity
  • Degree of liquidity
  • Income payments
  • Tax treatment
  • Credit rating
  • Industrial sector or “industry”. (“Sector” often refers to a higher level or broader category, such as Consumer Discretionary, whereas “industry” often refers to a lower level classification, such as Consumer Appliances. See Industry for a discussion of some classification systems.)
  • Region or country (such as country of incorporation, country of principal sales/market of its products or services, or country in which the principal securities exchange where it trades is located)
  • Market capitalization
  • State (typically for municipal or “tax-free” bonds in the U.S.)
  • 货币面值
  • 所有权
  • 期满期限
  • 套现程度
  • 收入支付
  • 税务处理
  • 信贷评级
  • 行业业界或“行业”(“业界”通常都指更高水平或更广泛的范畴,如“非必需消费品”,而“行业”通常都指较低层次的级别,如“家用电器”。见“行业”一文讨论的一些级别系统)
  • 区域或国家 (如公司注册国,产品与服务的原销售/市场国,或者原证券在交易所买卖的国家)
  • 市值
  • 州 (典型如美国的市政府或“免税”债券)

New capital  新资本

Securities are the traditional way that commercial enterprises raise new capital. These may be an attractive alternative to bank loans depending on their pricing and market demand for particular characteristics. Another disadvantage of bank loans as a source of financing is that the bank may seek a measure of protection against default by the borrower via extensive financial covenants. Through securities, capital is provided by investors who purchase the securities upon their initial issuance. In a similar way, a government may issue securities to when it needs to increase government debt.

证券是商业企业筹集新资本的传统做法,这些证券比起银行贷款更有吸引力,要看证券的定价与市场对某些特质的需求。银行贷款这个融资源的坏处是,银行为了保护自己避免借款人违约而附加一些融资契约。证券的资金是由投资者在首次发行时购买证券筹集而来,同样的,政府在需要举债时也可以发行证券来增加国库的钱。

Repackaging  重新包装

In recent decades, securities have been issued to repackage existing assets. In a traditional securitization, a financial institution may wish to remove assets from its balance sheet to achieve regulatory capital efficiencies (the informal ratio of output divided by capital expenditure) or to accelerate its receipt of cash flow from the original assets. Alternatively, an intermediary may wish to make a profit by acquiring financial assets and repackaging them in a way more attractive to investors. In other words, a basket of assets is typically contributed or placed into a separate legal entity such as a trust or SPV, which subsequently issues shares of equity interest to investors. This allows the sponsor entity to more easily raise capital for these assets as opposed to finding buyers to purchase directly such assets.

最近几十年来,人们都发行证券来重新包装现有资产。传统的证券化做法是金融机构可以把资产移出资产负债表达致监管资本的效率(销项除以资本开支的非正式比例)或者加速从现有资产中收取现金。另一方面,中介机构也可以收购金融资产重新包装到能够吸引投资者们投资去赚钱。换句话说,一篮子资产通常都会献出或置放在分隔开来的法人个体如信托或特定目的载具(SPV),再发行权益的股份给投资者。这么做的话,赞助个体可以更轻易地为这些资产凑集资金,相对于到处找买家直接购买这些资产。

Type of holder  持有人类型

Investors in securities may be retail, i.e. members of the public investing other than by way of business. The greatest part of investment, in terms of volume, is wholesale, i.e. by financial institutions acting on their own account, or on behalf of clients. Important institutional investors include investment banks, insurance companies, pension funds and other managed funds.

证券的投资者可以是零售散户,也就是公众的个人投资而不是商家的名义。投资的绝大部分,以量来算是批发的,也就是金融机构用自己的钱或代替客户群去投资。主要的机构投资者包括投资银行,保险公司,养老基金和其他管理基金。

Investment  投资

The traditional economic function of the purchase of securities is investment, with the view to receiving income and/or achieving capital gain. Debt securities generally offer a higher rate of interest than bank deposits, and equities may offer the prospect of capital growth. Equity investment may also offer control of the business of the issuer. Debt holdings may also offer some measure of control to the investor if the company is a fledgling start-up or an old giant undergoing ‘restructuring’. In these cases, if interest payments are missed, the creditors may take control of the company and liquidate it to recover some of their investment.

购买证券的传统经济功能就是投资来获取收入亦或得到资本收益。债务证券的利息通常都比银行存款来得高,而且股权也可能提供资金增长的前景,股权投资或许还可以控制发行人的商务。如果公司只是刚起步的新手或进行“重组”的老巨头,持有债权也提供投资者一些控制公司的途径。在这些情况下,如果拖欠利息没还,债权人可以取得公司的控制权,然后变现去收回一些他们的投资。

Collateral  抵押品

The last decade has seen an enormous growth in the use of securities as collateral. Purchasing securities with borrowed money secured by other securities or cash itself is called “buying on margin”. Where A is owed a debt or other obligation by B, A may require B to deliver property rights in securities to A, either at inception (transfer of title) or only in default (non-transfer-of-title institutional). For institutional loans, property rights are not transferred but nevertheless enable A to satisfy its claims in the event that B fails to make good on its obligations to A or otherwise becomes insolvent. Collateral arrangements are divided into two broad categories, namely security interests and outright collateral transfers. Commonly, commercial banks, investment banks, government agencies and other institutional investors such as mutual funds are significant collateral takers as well as providers. In addition, private parties may utilize stocks or other securities as collateral for portfolio loans in securities lending scenarios.

过去十年拿证券当抵押品的做法很风行,用其他证券担保借钱或者用现金去买证券就叫做“保证金买入”。如果B欠A的债或者欠其他证券,A可以要求B转交证券的产权给A,不是在起始日(产权转让)时就是在违约(机构的非产权转让)的时候。机构贷款的产权虽然不会转让,但还是让A可以在B无法履行对A的承诺或者无力偿债时申索成功。抵押安排可分为两大类,就是证券利益与直接转移抵押品。普遍的是,商业银行,投资银行,政府机构和其他机构投资者如共同基金都是主要的承押人也是抵押人。此外,私户方可以拿股票或其他证券当投资组合的抵押品去借贷证券。

On the consumer level, loans against securities have grown into three distinct groups over the last decade:

1) Standard Institutional Loans, generally offering low loan-to-value with very strict call and coverage regimens, akin to standard margin loans;

2) Transfer-of-Title (ToT) Loans, typically provided by private parties where borrower ownership is completely extinguished save for the rights provided in the loan contract; and

3) Non-Transfer-of-Title Credit Line facilities where shares are not sold and they serve as assets in a standard lien-type line of cash credit.

Of the three, transfer-of-title loans have fallen into the very high-risk category as the number of providers has dwindled as regulators have launched an industry-wide crackdown on transfer-of-title structures where the private lender may sell or sell short the securities to fund the loan. (See sell short). Institutionally managed consumer securities-based loans, on the other hand, draw loan funds from the financial resources of the lending institution, not from the sale of the securities.

对消费者来说,过去三十年的证券贷款已经成长为三大类:

1)标准机构贷款,通常都提供低贷款与估值比率,有严格的追讨与权益保障规则,类似标准的保证金贷款;

2)产权转让(ToT)贷款,典型的是由私户方提供,借款人的产权拥有权完全转手,只剩下贷款合同里注明的权益,以及

3)非产权转让信贷额度融资工具,不卖股票,只当成是标准留置权类现金信贷额的资产。

这三种里面的产权转让贷款是高风险类,由于私家贷款人可以卖或卖空证券来资助贷款,监管机构就对这类贷款展开全面的的打压,导致供应户大量减少。(见“卖空”一文)。机构管理的消费者证券贷款在另一方面也从贷款机构的金融资源吸收贷款资金,而不是卖证券去得到资金。

 

Debt and equity  债务与股权

Securities are traditionally divided into debt securities and equities (see also derivatives).

传统的证券可分为债务证券和股权两种(另见衍生品一文)。

Debt  债务

Debt securities may be called debentures, bonds, deposits, notes or commercial paper depending on their maturity and certain other characteristics. The holder of a debt security is typically entitled to the payment of principal and interest, together with other contractual rights under the terms of the issue, such as the right to receive certain information. Debt securities are generally issued for a fixed term and redeemable by the issuer at the end of that term. Debt securities may be protected by collateral or may be unsecured, and, if they are unsecured, may be contractually “senior” to other unsecured debt meaning their holders would have a priority in a bankruptcy of the issuer. Debt that is not senior is “subordinated”.

债务证券业可以称作债权证,债券,存管券,票据或商业本票,根据各自的履约期和其他特定的特征而定。债务证券持有人通常都有权收取本金加利息,加上发行条款赋予的其他合约权利如获取某些讯息的权限。一般的债务证券都以固定期限发行,发行人可以在期满时赎回。债务证券可以有抵押品的保障或者不保障,如果是不担保的,可以立约比其他不担保债务“上级”,意思是说债权人在发行人破产时有申索的优先权,不是上级的债务就是“次级”的。

Corporate bonds represent the debt of commercial or industrial entities. Debentures have a long maturity, typically at least ten years, whereas notes have a shorter maturity. Commercial paper is a simple form of debt security that essentially represents a post-dated check with a maturity of not more than 270 days.

企业债券是工商个体的债务,债券证的履约期长,典型的至少十年,票据的履约期就短。商业本票是简单的证券债务,最基本的就是兑现期不超过270天的远期支票(期票)。

Money market instruments are short term debt instruments that may have characteristics of deposit accounts, such as certificates of deposit, Accelerated Return Notes (ARN), and certain bills of exchange. They are highly liquid and are sometimes referred to as “near cash”. Commercial paper is also often highly liquid.

货币市场的工具就是短期债务的工具,会有一些存款账户的特点,例如存单,加速回报票(ARN)以及某些汇票,都很容易变现(高度流通),也称为“准货币”(类现金)。商业本票也都是高度流通的。

Euro debt securities are securities issued internationally outside their domestic market in a denomination different from that of the issuer’s domicile. They include eurobonds and euronotes. Eurobonds are characteristically underwritten, and not secured, and interest is paid gross. A euronote may take the form of euro-commercial paper (ECP) or euro-certificates of deposit.

欧债证券是在他们的国内市场外在国际间发行的证券,面值跟发行人的注册地不同。欧洲债券的特点是承销但不担保,利息以毛额(总计)来算。欧洲票据的形式可以是欧洲商业票据(ECP)或欧洲存单。

Government bonds are medium or long term debt securities issued by sovereign governments or their agencies. Typically they carry a lower rate of interest than corporate bonds, and serve as a source of finance for governments. U.S. federal government bonds are called treasuries. Because of their liquidity and perceived low risk, treasuries are used to manage the money supply in the open market operations of non-US central banks.

政府债券是中长期的债务证券,由主权政府或其附属机构发行,一般上,利息都比企业债券还低,被政府当成是融资来源之一。美国联邦政府的债券也叫国库券(国债),由于容易变现,被认为风险低,国库券就用来控制在非美国央行的公开市场上运作的的货币供应。

Sub-sovereign government bonds, known in the U.S. as municipal bonds, represent the debt of state, provincial, territorial, municipal or other governmental units other than sovereign governments.

次主权政府债券在美国通称为市政债券,是除了主权政府以外,属于州,省,领地,市政府以及其他政府单位的债务。

Supranational bonds represent the debt of international organizations such as the World Bank, the International Monetary Fund, regional multilateral development banks and others.

超国家债券就是国际机构的债务,例如世界银行,国际货币基金组织,区域多边开发银行及其他。

Equity  股权

An equity security is a share of equity interest in an entity such as the capital stock of a company, trust or partnership. The most common form of equity interest is common stock, although preferred equity is also a form of capital stock. The holder of an equity is a shareholder, owning a share, or fractional part of the issuer. Unlike debt securities, which typically require regular payments (interest) to the holder, equity securities are not entitled to any payment. In bankruptcy, they share only in the residual interest of the issuer after all obligations have been paid out to creditors. However, equity generally entitles the holder to a pro rata portion of control of the company, meaning that a holder of a majority of the equity is usually entitled to control the issuer. Equity also enjoys the right to profits and capital gain, whereas holders of debt securities receive only interest and repayment of principal regardless of how well the issuer performs financially. Furthermore, debt securities do not have voting rights outside of bankruptcy. In other words, equity holders are entitled to the “upside” of the business and to control the business.

股权债券是某个个体的股权利益(权益)的股份,例如一家公司,信托或合伙关系的股本,最普遍的权益就是普通股,虽然优先股权也是一种股本。股权持有人就是股东,拥有股份或发行人的部分股份。跟债务证券不同的是,这种证券通常都要定期支付(利息)给持有人,而债务证券就没有这种权益。破产时,他们只能分到到发行人履约清还欠债权人的所有债务后的剩余利益。不过,股权也赋予持有人按比例控制公司的权益,也就是说股权的大户通常都有权控制发行人。股权也享有利润与资本收益的利益,而债务证券持有人只能收取本金加利息,不论发行人的财务业绩表现如何。此外,债务证券在公司破产后没有投票权,换句话说,股权持有人享有“上行”的业务以及控制运作中的业务。

Hybrid  混合型

Hybrid securities combine some of the characteristics of both debt and equity securities.

混合证券结合了债务和股权证券的一些特点。

Preference shares form an intermediate class of security between equities and debt. If the issuer is liquidated, they carry the right to receive interest and/or a return of capital in priority to ordinary shareholders. However, from a legal perspective, they are capital stock and therefore may entitle holders to some degree of control depending on whether they contain voting rights.

优先股形成了介于股权和债务之间的一种中间级别的证券。如果发行人被清盘,这类证券有权比普通股东优先分到利息亦或资本回报,然而,从法律观点来看,它们是股本,持有人就有权控制到某个程度,要看是否有附投票权。

Convertibles are bonds or preferred stock that can be converted, at the election of the holder of the convertibles, into the common stock of the issuing company. The convertibility, however, may be forced if the convertible is a callable bond, and the issuer calls the bond. The bondholder has about 1 month to convert it, or the company will call the bond by giving the holder the call price, which may be less than the value of the converted stock. This is referred to as a forced conversion.

可兑换品是可以转换的债券或优先股,从可兑换品持有人手上转换成发行公司的普通股。不过,如果是可召回的可兑换品,发行人也召回债券,可兑换性可能是强行的。债券持有人有大约一个月时间可以兑换,或者该公司会开出召回价给持有人去召回债券,价格可以少过兑换股票的价值,这就是所谓的强行转换。

Equity warrants are options issued by the company that allow the holder of the warrant to purchase a specific number of shares at a specified price within a specified time. They are often issued together with bonds or existing equities, and are, sometimes, detachable from them and separately tradable. When the holder of the warrant exercises it, he pays the money directly to the company, and the company issues new shares to the holder.

股权认股权证是公司发行的期权,权证持有人可以用指定价格在指定时间内购买一定数量的股份,通常都跟债券或现有股权一起发行,有时候也分隔出来另行买卖。当权证持有人行使期权,就直接付钱给该公司,该公司就发行新股给持有人。

Warrants, like other convertible securities, increases the number of shares outstanding, and are always accounted for in financial reports as fully diluted earnings per share, which assumes that all warrants and convertibles will be exercised.

权证也跟其他可兑换证券一样会增加流通股份的数量,一直都会在财务报告中审计为全面摊薄每股盈利,假设全部权证和可兑换品都完成交易。

 

The securities markets  证券市场

Primary and secondary market  初级与二级市场

Public securities markets are either primary or secondary markets. In the primary market, the money for the securities is received by the issuer of the securities from investors, typically in an initial public offering (IPO). In the secondary market, the securities are simply assets held by one investor selling them to another investor, with the money going from one investor to the other.

公共证券市场不是初级市场就是二级市场。在初级市场中,证券的钱是由证券发行人向投资者收取,在首次公开招股(IPO)时更是如此。在二级市场中,证券就只是一名投资者所持有的资产卖给另一名投资者,一名投资者交钱给另一名投资者。

An initial public offering is when a company issues public stock newly to investors, called an “IPO” for short. A company can later issue more new shares, or issue shares that have been previously registered in a shelf registration. These later new issues are also sold in the primary market, but they are not considered to be an IPO but are often called a “secondary offering”. Issuers usually retain investment banks to assist them in administering the IPO, obtaining SEC (or other regulatory body) approval of the offering filing, and selling the new issue. When the investment bank buys the entire new issue from the issuer at a discount to resell it at a mark-up, it is called a firm commitment underwriting. However, if the investment bank considers the risk too great for an underwriting, it may only assent to a best effort agreement, where the investment bank will simply do its best to sell the new issue.

首次公开招股是一家公司公开发行新股给投资者,简称IPO。过后这家公司还可以再发行更多新股,或者发行之前缓行注册的股份,这些随后而来的新股也在初级市场上出售,但不算是IPO,通称为“二级发行”。发行人通常都会委任投资银行协助他们处理IPO的行政工作,招股书获得证券管理委员会(SEC或其他监管机构)的批准,才能发售新股。投资银行跟发行人以折价买下所有新发行股份再加码转售的做法就叫做承诺包销。然而,如果投资银行认为包销的风险太大,就可能只接受尽力承销协议,投资银行就只是努力销售新发行股份罢了。

For the primary market to thrive, there must be a secondary market, or aftermarket that provides liquidity for the investment security—where holders of securities can sell them to other investors for cash. Otherwise, few people would purchase primary issues, and, thus, companies and governments would be restricted in raising equity capital (money) for their operations. Organized exchanges constitute the main secondary markets. Many smaller issues and most debt securities trade in the decentralized, dealer-based over-the-counter markets.

初级市场要蓬勃发展就少不了二级市场,或者盘後交易市场,提供投资证券的流通性,证券持有人可以卖给其他投资者换取现金,否则很少人要买初次发行的股份,这样的话,公司和政府要筹集股权资本来资助业务就会很局限。有组织的交易活动构成了主要的二级市场,众多较小型的发行以及大部分的债务证券都是分化的,在以经销商为主的场外交易市场里买卖。

In Europe, the principal trade organization for securities dealers is the International Capital Market Association. In the U.S., the principal trade organization for securities dealers is the Securities Industry and Financial Markets Association, which is the result of the merger of the Securities Industry Association and the Bond Market Association. The Financial Information Services Division of the Software and Information Industry Association (FISD/SIIA) represents a round-table of market data industry firms, referring to them as Consumers, Exchanges, and Vendors.In india the equivalent organisation is the securities exchange board of india(SEBI).

欧洲的主要证券经销商们的交易机构就是国际资本市场协会。美国的证券经销商们的交易机构是证券业与金融市场协会,是证券业协会和债券市场协会合并的结果。软件与信息产业协会的金融信息服务部(FISD/SIIA)是市场数据业者们的圆桌组织,业者们有消费者,交易所和供应商。印度的相等机构是印度证券交易局(SEBI)。

Public offer and private placement  公开招股与私募配售

In the primary markets, securities may be offered to the public in a public offer. Alternatively, they may be offered privately to a limited number of qualified persons in a private placement. Sometimes a combination of the two is used. The distinction between the two is important to securities regulation and company law. Privately placed securities are not publicly tradable and may only be bought and sold by sophisticated qualified investors. As a result, the secondary market is not nearly as liquid as it is for public (registered) securities.

证券可以在初级市场上公开招股卖给公众,或者也可以私下招募只卖给限量的合格人士,有时候也会两者兼行。这两者的差别在证券监管规则与公司法中是重点。私募证券不公开交易,只限经验老到合格的投资者去买卖,结果二级市场就不像公共(记名)证券那么流通。

Another category, sovereign bonds, is generally sold by auction to a specialized class of dealers.

另一个类别的主权债券通常都是通过拍卖方式卖给专业级别的经销商们。

Listing and OTC dealing  上市与场外交易

Securities are often listed in a stock exchange, an organized and officially recognized market on which securities can be bought and sold. Issuers may seek listings for their securities to attract investors, by ensuring there is a liquid and regulated market that investors can buy and sell securities in.

证券都在交易所挂牌,这是个有组织和官方认可买卖证券的市场。发行人要挂牌卖证券以便吸引投资者,确保这个投资者们买卖证券的市场流通也受到监管。

Growth in informal electronic trading systems has challenged the traditional business of stock exchanges. Large volumes of securities are also bought and sold “over the counter” (OTC). OTC dealing involves buyers and sellers dealing with each other by telephone or electronically on the basis of prices that are displayed electronically, usually by commercial information vendors such as SuperDerivatives, Reuters and Bloomberg.

非正式电子交易系统的成长挑战了传统的交易所经营方式,大量的证券也可以在“场外”(OTC柜台)交易。OTC交易就是买家和卖家用电话或电子报价在电子平台上交易,一般上都由商业信息供应商经营,例如超级衍生品,路透社和彭博社。

There are also eurosecurities, which are securities that are issued outside their domestic market into more than one jurisdiction. They are generally listed on the Luxembourg Stock Exchange or admitted to listing in London. The reasons for listing eurobonds include regulatory and tax considerations, as well as the investment restrictions.

还有欧洲证券,在他们的国内市场外超过一个法律管制区发行,通常都在卢森堡交易所或者伦敦交易所挂牌上市。欧洲债券挂牌的理由有考虑到监管与税务的条件,还有投资的限制。

Market  市场

London is the centre of the eurosecurities markets. There was a huge rise in the eurosecurities market in London in the early 1980s. Settlement of trades in eurosecurities is currently effected through two European computerized clearing/depositories called Euroclear (in Belgium) and Clearstream (formerly Cedelbank) in Luxembourg.

伦敦是欧洲债券市场的中心,在80年代初期伦敦的欧洲债券市场大量兴起。目前的欧洲证券交易结算是通过欧洲两家电脑化结算/存托处进行,称为欧洲结算系统(在比利时)以及位于卢森堡的欧洲结算流系统(前身为Cedelbank–世达库:世达国际结算系统或欧洲货币市场结算系统)。

The main market for Eurobonds is the EuroMTS, owned by Borsa Italiana and Euronext. There are ramp up market in Emergent countries, but it is growing slowly.

欧洲债券的主要市场是米兰股票交易所(Borsa Italiana)和泛欧交易所(Euronext)拥有的欧洲做股(预估供股应市)(EuroMTS),这是一个新兴国家的爬升市场,但成长速度缓慢。

 

Physical nature of securities  证券的实体本质

Certificated securities  凭证证券

Securities that are represented in paper (physical) form are called certificated securities. They may be bearer or registered.

证券的纸张(实体)形式就叫做凭证证券,可以是不记名(持票)或记名(注册)的。

DRS securities  直接登记系统(DRS)证券

Securities may also be held in the Direct Registration System (DRS), which is a method of recording shares of stock in book-entry form. Book-entry means the company’s transfer agent maintains the shares on the owner’s behalf without the need for physical share certificates. Shares held in un-certificated book-entry form have the same rights and privileges as shares held in certificated form.

证券业可以借由直接登记系统(DRS)去持有,这是一种在帐面上纪录股票股份的方法,帐面纪录是公司的转让代理代替证券拥有人保管股票的做法,不需要实体的股票证书。不登记账面纪录的股份跟记名(注册)股票一样享有同样的权益。

Bearer securities  不记名证券

Bearer securities are completely negotiable and entitle the holder to the rights under the security (e.g. to payment if it is a debt security, and voting if it is an equity security). They are transferred by delivering the instrument from person to person. In some cases, transfer is by endorsement, or signing the back of the instrument, and delivery.

不记名证券完全可以转让,持有人也享有证券应得的权益(比如说,如果是债务证券就可以收到股息,如果是股权证券就有投票权),由一人把证券证书交付给另一人去转让,有些时候要靠背书或者在证券证书背后签名去转让。

Regulatory and fiscal authorities sometimes regard bearer securities negatively, as they may be used to facilitate the evasion of regulatory restrictions and tax. In the United Kingdom, for example, the issue of bearer securities was heavily restricted firstly by the Exchange Control Act 1947 until 1953. Bearer securities are very rare in the United States because of the negative tax implications they may have to the issuer and holder.

监管与财政当局有时候会认为不记名证券有负面作用,因为它们可以被用来逃税以及避开监管的管制。例子如英国发行的不记名证券就是从1947年起到1953年受到交易管制法令的严格限制。美国的不记名证券则很少见,因为对发行人和持有人来说都有负面的税务问题。

Registered securities  记名证券

In the case of registered securities, certificates bearing the name of the holder are issued, but these merely represent the securities. A person does not automatically acquire legal ownership by having possession of the certificate. Instead, the issuer (or its appointed agent) maintains a register in which details of the holder of the securities are entered and updated as appropriate. A transfer of registered securities is effected by amending the register.

以记名证券来说,发出的证书上有持有人的名字,但也只是一纸证券,手持证书不等于这个人就自动获得法定的拥有权,反而是发行人(或其委任代理)所保管的登记记录输入还更新持有人的详细资料的才算数。记名证券一转让,登记记录也跟着更新资料。

Non-certificated securities and global certificates  无凭证证券与全球通用凭证

Modern practice has developed to eliminate both the need for certificates and maintenance of a complete security register by the issuer. There are two general ways this has been accomplished.

现代的做法已经发展到不需要证书也不需要由发行人保存完整的证券登记,用两个普遍的做法去办。

Non-certificated securities  无凭证证券

In some jurisdictions, such as France, it is possible for issuers of that jurisdiction to maintain a legal record of their securities electronically.

在一些法制管辖范围内如法国,该法制区裡的发行人就可以用电子方式来保存证券的法定记录。

In the United States, the current “official” version of Article 8 of the Uniform Commercial Code permits non-certificated securities. However, the “official” UCC is a mere draft that must be enacted individually by each U.S. state. Though all 50 states (as well as the District of Columbia and the U.S. Virgin Islands) have enacted some form of Article 8, many of them still appear to use older versions of Article 8, including some that did not permit non-certificated securities.

美国目前的“官方版本”之“统一商业准则”(UCC)第八章允许无凭证证券,然而,“官方”的UCC只是一个草拟法案,还需每一个州政府去个别立法。虽然全部50个州(包括哥伦比亚特区以及美国维尔京群岛)都有订立类似第八章的法令,很多似乎还在沿用旧版的第八章,还有一些仍旧不准许无凭证证券。

Global certificates, book entry interests, depositories  全球通用凭证,帐面纪录利益,存管处

To facilitate the electronic transfer of interests in securities without dealing with inconsistent versions of Article 8, a system has developed whereby issuers deposit a single global certificate representing all the outstanding securities of a class or series with a universal depository. This depository is called The Depository Trust Company, or DTC. DTC’s parent, Depository Trust & Clearing Corporation (DTCC), is a non-profit cooperative owned by approximately thirty of the largest Wall Street players that typically act as brokers or dealers in securities. These thirty banks are called the DTC participants. DTC, through a legal nominee, owns each of the global securities on behalf of all the DTC participants.

为了促进证券利益的电子转让,不必受制于不一致的第八章版本,就发展出一套系统让发行人存寄单一的全球通用证书来表示所有某个级别或系列的流通证券都有一个通用的存管处。这个存管处就叫做存管信托公司(DTC),其母公司是存管信托与结算法团(DTCC),是一个非牟利合作社,由大约30家华尔街最大的业者所拥有,成员都是典型的受委托证券经纪人或经销商。这30家银行被称为DTC参与者,DTC也用合法代名人的名义代替所有DTC参与者拥有每一份全球证券。

All securities traded through DTC are in fact held, in electronic form, on the books of various intermediaries between the ultimate owner, e.g. a retail investor, and the DTC participants. For example, Mr. Smith may hold 100 shares of Coca Cola, Inc. in his brokerage account at local broker Jones & Co. brokers. In turn, Jones & Co. may hold 1000 shares of Coca Cola on behalf of Mr. Smith and nine other customers. These 1000 shares are held by Jones & Co. in an account with Goldman Sachs, a DTC participant, or in an account at another DTC participant. Goldman Sachs in turn may hold millions of Coca Cola shares on its books on behalf of hundreds of brokers similar to Jones & Co. Each day, the DTC participants settle their accounts with the other DTC participants and adjust the number of shares held on their books for the benefit of customers like Jones & Co. Ownership of securities in this fashion is called beneficial ownership. Each intermediary holds on behalf of someone beneath him in the chain. The ultimate owner is called the beneficial owner. This is also referred to as owning in “Street name”.

所有通过DTC交易的证券其实都是电子化的,记录在最终拥有人的中介机构之间,拥有人如零售投资者以及DTC参与者。举例说,史密斯先生在他的当地经纪人琼斯经纪行的账户中持有可口可乐公司的100股,而琼斯经纪行也可能持有属于史密斯先生和另外9位客户的可口可乐公司的1000股,琼斯经纪行也在高盛这个DTC参与者那裡持有这1000股的账户,或者在另一个DTC参与者那里有开账户。高盛的帐面上有好几千万属于好几百家类似琼斯经纪行的可口可乐股份,这种拥有证券的方式就叫实益拥有权,每一个中介机构都代替其他人持股形成一条链,最终拥有人就叫实益拥有人,也常被称为“街名”(待转名)拥有法。

Among brokerages and mutual fund companies, a large amount of mutual fund share transactions take place among intermediaries as opposed to shares being sold and redeemed directly with the transfer agent of the fund. Most of these intermediaries such as brokerage firms clear the shares electronically through the National Securities Clearing Corp. or “NSCC”, a subsidiary of DTCC.

在众多券商和共同基金公司当中,大部分共同基金的股票是通过中介机构在交易,相对于直接由基金的转让代理去卖和赎回的股票。大部分这类中介机构如券商是借由国家证券结算法团(NSCC)这个存管信托与结算法团(DTCC)的子公司用电子方式在结算股票。

Other depositories: Euroclear and Clearstream  其他存管处:欧洲结算系统与结算流

Besides DTC, two other large securities depositories exist, both in Europe: Euroclear and Clearstream.

除了存管信托与结算处(DTC)以外,另外两大证券存管处也在欧洲,分别是:欧洲结算系统以及结算流系统。

Divided and undivided security  已分与未分证券

The terms “divided” and “undivided” relate to the proprietary nature of a security.

“已分”与“未分”这个术语是指证券的所有权性质。

Each divided security constitutes a separate asset, which is legally distinct from each other security in the same issue. Pre-electronic bearer securities were divided. Each instrument constitutes the separate covenant of the issuer and is a separate debt.

每一个已分证券都有分隔的资产,在同一次发行中的每一个证券都有法律上的不同点。电子化之前的不记名证券都是已分的,每一个证书都有发行人的个别契约,也都是个别债务。

With undivided securities, the entire issue makes up one single asset, with each of the securities being a fractional part of this undivided whole. Shares in the secondary markets are always undivided. The issuer owes only one set of obligations to shareholders under its memorandum, articles of association and company law. A share represents an undivided fractional part of the issuing company. Registered debt securities also have this undivided nature.

未分证券的整个发行就形成了单一的资产,每一个证券都是整体未分证券裡的一小部分。二级市场的股份一直都是未分的,发行人只欠股东一套其组织大纲与章程和公司法要求的法律责任,一支股票就是发行公司未分的一小部分,而记名债务证券业就有这个未分的本质。

Fungible and non-fungible security  可互换与不可互换证券

The terms “fungible” and “non-fungible” are a feature of assets.

“互换”与“不可互换”这个术语是资产的特色之一。

If an asset is fungible, this means that if such an asset is lent, or placed with a custodian, it is customary for the borrower or custodian to be obliged at the end of the loan or custody arrangement to return assets equivalent to the original asset, rather than the specific identical asset. In other words, the redelivery of fungibles is equivalent and not in specie. In other words, if an owner of 100 shares of IBM transfers custody of those shares to another party to hold for a purpose, at the end of the arrangement, the holder need simply provide the owner with 100 shares of IBM identical to those received. Cash is also an example of a fungible asset. The exact currency notes received need not be segregated and returned to the owner.

如果一个资产是可互换的,就表示如果这个资产借出或者存寄在托管人手上,惯例就是借入人或托管人有责任要在贷款到期时或者根据托管安排退还相等于原资产的资产,而不是指定的相同资产。换句话说,重新交付的可互换品是相等的而不是以实物或硬币代替。也就是说,如果一名拥有IBM一百股的持有人转让这些托管的股票给另一人为某个目的而持有,这个安排的最后一步是持有人只需提供IBM一百股的拥有人跟他所收到的相同股票就行了。现金也是可互换资产的一个例子,收到的确切货币票据不需要分隔开来以便退还给拥有人。

Undivided securities are always fungible by logical necessity. Divided securities may or may not be fungible, depending on market practice. The clear trend is towards fungible arrangements.

未分证券一直都是可互换的,有其合理的必要,已分的证券可以是或者不是可互换的,悉视市场的做法,明显的趋势就是倾向于可互换的安排。

 

Regulation  監管

In the US, the public offer and sale of securities must be either registered pursuant to a registration statement that is filed with the U.S. Securities and Exchange Commission (SEC) or are offered and sold pursuant to an exemption therefrom. Dealing in securities is regulated by both federal authorities (SEC) and state securities departments. In addition, the brokerage industry is supposedly self policed by Self Regulatory Organizations (SROs), such as the Financial Industry Regulatory Authority (FINRA), formerly the National Association of Securities Dealers (or NASD) or the MSRB.

在美国,公开招股与出售证券必须向美国的证券交易委员会(SEC)提呈注册声明书注册存档,或者之后豁免再注册就可以要约和出售。证券的交易由联邦当局(SEC)和州政府的证券部门监管。此外,券商行业也应该由多个“自我监管组织”(SROs)来自我监督,例如美国金融业监管局(FINRA),前身是全国(全美)证券交易商协会(NASD或MSRB)。

With respect to investment schemes that do not fall within the traditional categories of securities listed in the definition of a security (Sec. 2(a)(1) of the 33 act and Sec. 3(a)(10) of the 34 act) the US Courts have developed a broad definition for securities that must then be registered with the SEC. When determining if there is an “investment contract” that must be registered the courts look for an investment of money, a common enterprise and expectation of profits to come primarily from the efforts of others. See SEC v. W.J. Howey Co. and SEC v. Turner.”

对于那些法律释义中(第33法令第2条(a)(1)以及第34法令第3条(a)(10))不属于传统的证券分类的投资方案,美国法院为这些证券定下更广泛的定义,要求都必须到美国证券交易委员会注册。如果要判断某一张“投资合约”是否需要注册,法院要看到资金的投入,共同的企业和追求利润的动机主要都是来自他人的努力。见SEC诉W.J.Howey以及SEC诉Turner的案例。

 

See also  参阅

  • Commercial Law  商业法
  • Finance  财务 / 融资
  • Financial markets  金融市场
  • Financial regulation  金融监管
  • History of private equity and venture capital  私募股本与创业资金的历史
  • List of finance topics  财务主题列表
  • Securities lending  证券借贷
  • Securities regulation in the United States  美国的证券监管
  • Settlement (finance)  结算 (财务)
  • Single-stock futures  个股期货
  • Stock market data systems  股票市场数据系统
  • T2S  双目标证券 (泛欧证券结算系统)
  • Toxic security  有毒证券 (套牢必亏卖不出)
  • Trading account assets  交易账户资产

 

Notes 

The United States Securities Exchange Act of 1934 defines a security as: “Any note, stock, treasury stock, bond, debenture, certificate of interest or participation in any profit-sharing agreement or in any oil, gas, or other mineral royalty or lease, any collateral trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit, for a security, any put, call, straddle, option, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or in general, any instrument commonly known as a “security”; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, or warrant or right to subscribe to or purchase, any of the foregoing; but shall not include currency or any note, draft, bill of exchange, or banker’s acceptance which has a maturity at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof the maturity of which is likewise limited.”

1934年美国证券交易法定义的证券是:“任何票据(单子),股票,库存股,债券,债券证,利益证书,或参与任何利润分享协议,或参与了石油,天然气或其他矿产开采权,或租约,任何抵押信托证书,筹组前证书,或订购,可转让股份,投资合同,投票信托证书,存单,以证券,任何认沽(卖权),认购(买权),跨式(马鞍)权证,期权,或组别(组合),或证券指数(包括内附的任何利息或者以价值计息),或任何认沽(卖出)期权,认购(买入)期权,跨式权证,期权,或特权的形式进入国家级证券交易所,跟外币有关,或一般的任何金融工具都通称为“证券”;或任何利益证书,或有参与,得到暂时或临时证书,得到收据,或权证(凭单),或订购权或购买任何前述的金融工具;但不应包括货币或任何票据,凭票,汇票,或银行承兑汇票,发出时的履约(有效)期不超过九个月,不包括宽限期,或任何期满之后的更新期,也一样受到限制。”

 

Glossaries  术语录

Financial markets  金融市場

Public market  公開市場

  • Exchange  交易所
  • Securities  證券

Bond market  債券市場

  • Bond valuation  債券股價
  • Corporate bond  企業債券
  • Fixed income  固定收益
  • Government bond  政府債券
  • High-yield debt  高收益債券
  • Municipal bond  市府債券

Stock market  股票市場

  • Common stock  普通股
  • Preferred stock  優先股
  • Registered share  記名股票
  • Stock  股票
  • Stock certificate  股票證書
  • Stock exchange  股票交易所
  • Voting share   投票份額

Derivatives market  衍生品市場

  • Credit derivative  信貸衍生品
  • Futures exchange  期貨交易所
  • Hybrid security  混合證券
  • Securitization  證券化

Over-the-counter  場外

  • Forwards  遠期
  • Options  期權
  • Spot market  現貨市場
  • Swaps  掉期

Foreign exchange  外匯

  • Currency  貨幣
  • Exchange rate  匯率

Other markets  其他市場

  • Commodity market  商品市場
  • Money market  貨幣市場
  • Reinsurance market  再保市場
  • Real estate market  房地產市場

Practical trading  實際買賣

  • Clearing house  結算所
  • Financial market participants  金融市場參與者
  • Financial regulation  金融監管條例

Finance series  金融系列

  • Banks and banking  銀行與銀行事務
  • Corporate finance  企業融資
  • Personal finance 個人理財
  • Public finance  公共財政

—— END ——

 

Source > Wikipedia at http://en.wikipedia.org/wiki/Securities

Translated by > BlogHost — hkTan

Word Count > approx.4380 words in English

 

Closed-end Fund 封闭式基金

August 15, 2012 1 comment

Closed-end Fund  封 闭 式 基 金

 

Closed-end funds (or closed-ended funds) are mutual funds with a fixed number of shares (or units). Unlike open-end funds, new shares/units in a closed-end fund are not created by managers to meet demand from investors. Instead, the shares can only be purchased (and sold) in the market. This is the original design of mutual fund which predates open-end mutual funds but offers the same actively managed pooled investments.

封闭式基金(或定额基金)是有固定股票数量(或单位)的共同基金。封闭式基金的新股/单位跟开放式基金不同,不是经办人为了迎合投资者需求推出的股票,而且只能在市场上购买(或出售)。这就是共同基金的原本设计,比开放式基金提前推出,却又能提供同样积极管理的汇集式投资。

Closed-end funds are usually listed on a recognised stock exchange and can be bought and sold on that exchange. The price per share is determined by the market and is usually different from the underlying value or net asset value (NAV) per share of the investments held by the fund. The price is said to be at a discount or premium to the NAV when it is below or above the NAV, respectively.

封闭式基金通常都在公认的交易所挂牌,可以在该交易所买和卖。每股单价由市场决定,通常都跟基金所持投资的相关价值或每股的资产净值(NAV)不同,价格会是低过NAV的折价或高过NAV的溢价。

A premium might be due to the market’s confidence in the investment managers’ ability to produce above-market returns. A discount might reflect the charges to be deducted from the fund in future by the managers.

溢价可能是因为市场对投资经理人取得高过市场回报的能力有信心,折价可能是反映出经理人日后要从基金扣除的费用。

In the United States, closed-end funds are referred to under the law as closed-end companies and they form one of four SEC recognized types of investment companies along with mutual funds, exchange-traded funds, and unit investment trusts. Other examples of closed-ended funds are investment trusts in the United Kingdom and listed investment companies in Australia.

美国法律下的封闭式基金是指封闭式公司,是证券交易委员会(SEC)公认的四种投资公司之一,另外三种是开放式基金,交易所买卖基金和单位投资信托。封闭式基金的其他例子有英国的投资信托以及澳大利亚的上市投资公司。

 

Contents  目录

1. Availability  现有

2. Distinguishing features  显著特色

3. Initial offering  首次招售

4. Exchange-traded  交易所买卖

5. Discounts and premiums  折价与溢价

6. Comparison with open-ended funds  与开放式基金比较

7. Examples  例子

8. See also  另见

9. External links 外部链接

 

Availability  现有

Closed end funds are typically traded on the major global stock exchanges. In the United States the New York Stock Exchange is dominant although the NASDAQ is in competition; in the United Kingdom the London Stock Exchange’s main market is home to the mainstream funds although AIM supports many small funds especially the Venture Capital Trusts; in Canada, the Toronto Stock Exchange lists many closed-end funds.

封闭式基金都在全球主要的证券交易所买卖,虽有纳斯达克(NASDAQ)的竞争,美国的纽约证券交易所仍旧是龙头老大;在英国,伦敦证券交易所是许多主流基金的主要交易市场,即便另项投资市场(AIM)也支援了许多小型基金的交易,尤其是“创业资金信托”;加拿大的多伦多证券交易所也有多个挂牌的封闭式基金。

Like their better-known open-ended cousins, closed-end funds are usually sponsored by a fund management company which will control how the fund is invested. They begin by soliciting money from investors in an initial offering, which may be public or limited. The investors are given shares corresponding to their initial investment. The fund managers pool the money and purchase securities or other assets. What exactly the fund manager can invest in depends on the fund’s charter, prospectus and the applicable government regulations. Some funds invest in stocks, others in bonds, and some in very specific things (for instance, tax-exempt bonds issued by the state of Florida in the USA).

正如广为人知的开放式堂兄弟,封闭式基金也一样得到基金管理公司的赞助,并控制基金的投资流向。首先,他们通过首次发售去招揽投资者,可以公开或半公开招售,投资者都会得到初步投资额的相应股份。基金经理人就这样筹资去购买证券或其他资产,基金经理人所能投资的项目将视基金宪章,招股章程和适用的政府规定而定。有些基金只投资股票,有些只买卖债券,有些只投在特定点名的目标上(比如说美国佛罗里达州政府发行的免税债券)。

 

Distinguishing features  显著特色

Some characteristics that distinguish a closed-end fund from an ordinary open-end mutual fund are that:

封闭式基金与普通的开放式共同基金不同的特征有:

  • it is closed to new capital after it begins operating, and
  • its shares (typically) trade on stock exchanges rather than being redeemed directly by the fund.
  • its shares can therefore be traded at any time during market opening hours. An open-end fund can usually be traded only at a time of day specified by the managers, and the dealing price will usually not be known in advance.
  • a CEF usually trades at a premium or discount to its Net Asset Value. An open-end fund trades at its Net Asset Value (to which sales charges may be added; and adjustments may be made for e.g. the frictional costs of purchasing or selling the underlying investments).
  • in the United States, a closed-end company can own unlisted securities.
  • 它在开始经营后,只限新资金投入;
  • 它的股票(通常都)在交易所买卖而不是直接由该基金赎回;
  • 它的股票随时都可以在交易开放时间内买卖,而开放式基金通常都只能在经理人指定的日子和时间内交易,而且交易价也都会提前通知;
  • 封闭式基金(CEF)通常都会以“资产净值”的溢价或折价买卖,而开放式基金则是以“资产净值”作交易(附销售费和其他计量如买或卖相关投资的交易成本);
  • 在美国,封闭式公司可以拥有不挂牌的证券。

Another distinguishing feature of a closed-end fund is the common use of leverage or gearing to enhance returns. CEFs can raise additional investment capital by issuing auction rate securities, preferred stock, long-term debt, and/or reverse-repurchase agreements. In doing so, the fund manager hopes to earn a higher return with this excess invested capital.

封闭式基金(CEF)的另一显著特点是普遍运用杠杠作用或资本与负债比率来增加回报。CEF可以通过发行拍卖利率证券,优先股,长期债务亦/或反向回购协议来筹集额外资金,基金经理希望这么做可以用多出来的资金赚取更高回报。

When a fund leverages through the issuance of preferred stock, two types of shareholders are created: preferred stock shareholders and common stock shareholders.

当一个基金发行优先股起到杠杠倍数的作用时,就造就出两种股东来:优先股股东以及普通股股东。

Preferred stock shareholders benefit from expenses based on the total managed assets of the fund. Total managed assets include both the assets attributable to the purchase of stock by common shareholders and those attributable to the purchase of stock by preferred shareholders.

优先股股东从所有管理的基金资产中占到费用的便宜,管理的总资产包括普通股股东买股票得来的资产,以及优先股股东买股票得到的资产。

The expenses charged to the common shareholders are based on the common assets of the fund, rather than the total managed assets of the fund. The common shareholders’ returns are reduced more significantly than those of the preferred shareholders because the expenses are spread among a smaller asset base.

普通股股东要支付的费用是以基金的共同资产来算,而不是基金所管理的全部资产。普通股股东的回报会比优先股的股东少很多是因为有许多小资产的费用要付。

For the most part, closed-end fund companies report expense ratios based on the fund’s common assets only. However, the contractual management fees charged to the closed-end funds may be based on the common asset base or the total managed asset base.

多数时候,封闭式基金公司呈报的费用比率只算基金的共同资产,不过,合同制管理费算在封闭式基金的收费可以是以共同资产盘或全部管理的资产盘来算。

Long-term debt arrangements and reverse repurchase agreements are two additional ways to raise additional capital for the fund. Funds may use a combination of leveraging tactics or each individually. However, it is more common for the fund to use only one leveraging technique.

长期债务安排以及反向回购协议是为基金筹集更多资金的另外两个手段,基金可以结合各种杠杆策略来用或者逐个地使用投资策略。然而,基金比较常用一种杠杠技巧而已去投资。

Since stock in closed-end funds is traded like other stock, an investor trading them will pay a brokerage commission similar to that paid when trading other stocks (as opposed to commissions on open-ended mutual funds, where the commission will vary based on the share class chosen and the method of purchasing the fund). In other words, closed-end funds typically do not have sales-based share classes with different commission rates and annual fees. The main exception is loan-participation funds.

既然封闭式基金的股票也跟其他股票一样地买卖,用它们来交易的投资者也得支付跟其他股票交易类似的佣金(相对的,开放式基金的佣金会根据所选的股票级别和购买基金的方式来算)。换句话说,典型的封闭式基金没有以销售为主的股票级别来算出不同的佣金率和年费,主要的例外是贷款参与基金。

 

Initial offering  首次招售

Like a company going public, a closed-end fund will have an initial public offering of its shares at which it will sell, say, 10 million shares for $10 each. That will raise $100 million for the fund manager to invest. At that point, the fund’s 10 million shares will begin to trade on a secondary market, typically the NYSE or the AMEX for American closed-end funds. Any investor who subsequently wishes to buy or sell fund shares will do so on the secondary market. In normal circumstances, closed-end funds do not redeem their own shares. Nor, typically, do they sell more shares after the IPO (although they may issue preferred stock, in essence taking out a loan secured by the portfolio).

跟一家要上市的公司一样,封闭式基金也会推出首次公开发售的要约,比如说以每股十元出售一千万股,就可以筹集到一亿元供基金经理人去投资。这时候,基金的一千万股会开始在二级市场交易,典型的就是在纽约证券交易所(NYSE)和美国证券交易所(AMEX)交易的美国封闭式基金,随后想要买或卖基金股票的投资者就必须在二级市场上这么做。在正常的的情况之下,封闭式基金不会赎回自己的股份,典型的做法也不会在上市(IPO)之后出售更多股份(即便会发行优先股,最基本的做法还是用投资组合作担保去借贷)

 

Exchange-traded  交易所买卖

Closed-end fund shares are traded throughout market opening hours at whatever price the market will support. It may be possible to deal using advanced types of orders such as limit orders and stop orders. This is in contrast to some open-end funds which are only available for buying and selling at the close of business each day, at the calculated NAV, and for which orders must be placed in advance, before the NAV is known, and by simple buy or sell orders. Some funds require that orders be placed hours or days in advance, in order to simplify their administration, make it easier to match buyers with sellers, and eliminate the possibility of arbitrage (for example if the fund holds investments which are traded in other time zones).

封闭式基金的股票是在市场开放的时段内以任何市场会支持的价格作交易,有可能会用比较先进的订单类型如限价单和止蚀单(止价盘/止蚀令)来交易。这个做法跟一些开放式基金大不同,这些基金只能在每天营业结束前以算好的资产净值(NAV)来买和卖,而且必须在知道NAV之前下单,然后发出买或卖的简单指令。有些基金要求提前几个小时或几天下单以便简化内部的行政工作,也比较容易撮合匹配的买家和卖家,还能消除套利的机会(比如说,基金持有在其他时区交易的投资项)

Closed-end funds are traded on exchanges and in that respect they are like exchange-traded funds (ETFs), but there are important differences between these two kinds of security. The price of a closed-end fund is completely determined by the valuation of the market, and this price often diverges substantially from the NAV of the fund assets. In contrast, the market price of an ETF trades in a narrow range very close to its net asset value, because the structure of ETFs allows major market participants to redeem shares of an ETF for a “basket” of the fund’s underlying assets. This feature could in theory lead to potential arbitrage profits if the market price of the ETF were to diverge substantially from its NAV. The market prices of closed-end funds are often 10% to 20% higher or lower than their NAV, while the market price of an ETF is typically within 1% of its NAV. Since the market downturn of late 2008 a number of fixed income ETFs have traded at premiums of roughly 2% to 3% above their NAV.

封闭式基金都在交易所买卖,因此也像其他交易所买卖的基金(ETFs),但是,这两种证券也有一些重要的不同点。封闭式基金的价格完全由市场的估价来决定,而且价格还跟基金资产的净值(NAV)相差甚远。相对的,ETF的价格是在很接近资产净值的小范围内交易,因为ETFs的架构允许主要的市场参与者用ETF的股票兑换“一篮子”的基金资产。理论上,这个特点是在ETF的市价偏离它的NAV相当多时会引出潜在的套利利润。通常,封闭式基金的市价都介于高或低于它们的NAV的10%到20%之间,而ETF的典型市价则维持在它的NAV的1%上下。2008年末的市场低迷导致一些固定收益的ETFs(定息组合股)以高出自己的资产净值大约2%到3%的溢价来交易。

 

Discounts and premiums  折价与溢价

As they are exchange-traded, the price of CEFs will be different from the NAV – an effect known as the closed-end fund puzzle. In particular, fund shares often trade at what look to be irrational prices because secondary market prices are often very much out of line with underlying portfolio values. A CEF can trade at a premium at some times, and a discount at other times. For example, Morgan Stanley Eastern Europe Fund (RNE) on the NYSE was trading at a premium of 39% in May 2006 and at a discount of 6% in October 2006. These huge swings are difficult to explain.

由于封闭式基金(CEFs)在交易所买卖,其价格就有别于资产净值,这个效果就叫做封闭式基金难题,尤其是经常以看似不理性的价格在交易的基金股票,因为二级市场的价格通常都跟相关组合的价值相差甚大。CEF时而以溢价交易,时而以折价交易。举例说,纽约证券交易所(NYSE)的摩根士丹利东欧基金(RNE)在2006年5月就以39%的溢价以及2006年10月以6%的折价在交易,这么大的摇摆很难解释。

US and other closed-end stock funds often have share prices that are 5% or more below the NAV. That is, if a fund has 10 million shares outstanding and its portfolio is worth $200 million, then each share represents a claim on assets worth $20 and you might expect that the market price of the fund’s shares on the secondary market would be around $20 but that is typically not the case. The shares may trade for only $19 or even only $17, i.e., a 5% or 15% discount to NAV.

美国和其他封闭式基金的一般价格都会少过NAV的5%或超过,也就是说,如果基金有一千万股在流通,而整个组合值两亿元,每一股就相等于价值20元的资产,你可能会假设二级市场的基金股票的市价大约是20元,但通常都不是这样,成交的股价可能只有19元或者低至17元而已,即是NAV的5%或15%折价。

The existence of discounts is puzzling since if a fund is trading at a discount, and if permitted by the rules or constitution of the fund, theoretically a well-capitalized investor could come along and buy up enough of the fund’s shares at the discounted price to gain control of the company and force the fund managers to liquidate the portfolio at its (higher) market value (although in reality, liquidity issues may make this difficult since the bid–offer spread will drastically widen as fewer and fewer shares are available in the market). Benjamin Graham claimed that an investor can hardly go wrong by buying such a fund with a 15% discount. However, the opposing view is that the fund may not liquidate in your timeframe and you may be forced to sell at an even worse discount; in any case, in the meantime the fund will have incurred costs and charges imposed by the managers. But like any investment, these discounts could simply represent the assessment of the marketplace that the investments in the fund may lose value.

折扣的现象让人摸不着头脑,既然基金是以折价交易,如果是基金的规则和宪章允准的,理论上一名资金雄厚的投资者可以入场用折扣价买下大量的基金股票取得公司的控制权,然后强迫基金经理人以(原本更高的)市值去变现整个投资组合(实际上,套现的问题让这个行动变得困难,因为买卖差价会大幅度地扩大差距,导致市场上的股票越来越少) 。Benjamin Graham认为,用15%折价买入这种基金的投资者很难出错,然而,相对的观点是,这个基金不一定能在你的时间表里变现,你可能会被迫以更低的折价脱售;无论如何,眼前这个基金已经累积出经理人附加的成本与费用。正如其他任何投资,这些折扣只是简单地反映出市场的评估,告诉你这个基金的投资可能会贬值。

Even stranger, funds very often trade at a substantial premium to NAV. Some of these premiums are extreme, with premiums of several hundred percent having been seen on occasion. Why anyone would pay $30 per share for a fund whose portfolio value per share is only $10 is not well understood, although irrational exuberance has been mentioned. One theory is that if the fund has a strong track record of performance, investors may speculate that the out-performance is due to good investment choices by the fund managers and that the fund managers will continue to make good choices in the future. Thus the premium represents the ability to instantly participate in the fruits of the fund manager’s decisions.

更怪的是,基金经常都以高出NAV许多的溢价在交易,有些溢价还高到离谱,还曾经出现溢价高出好几倍的状况。无法理解的是,为什么有人要付出每股30元的价格买一个每股的组合价值只有10元的基金,即便有人解释说是严重失去理性的做法。有一个理论是说,如果基金有很好的业绩记录,投资者可能会推测超强的表现是因为基金经理人的投资策略高明,他们应该会在将来继续作出好的投资决策,因此溢价也表示投资者可以立刻参与基金经理人的决策,分享他们的成果。

A great deal of academic ink has been spent trying to explain why closed-end fund share prices are not forced by arbitrageurs to be equal to underlying portfolio values. Though there are many strong opinions, the jury is still out. It is easier to understand in cases where the CEF is able to pick and choose assets, and arbitrageurs are not able to access information on the specific assets held until months later, but some funds are forced to replicate a specific index and still trade at a discount.

学术界已经花了大量笔墨要解释为什么封闭式基金的股价没有被套利者强迫要跟原有的组合价值相等,虽然大家都众说纷纭,各执其是,还是有定论。比较容易理解的状况是CEF可以东挑西选各种资产,而套利者却无法获取所持有特定资产的信息,而是要等多几个月才能知道,但是一些基金还是被迫复制特定的指数以折价交易。

 

Comparison with open-ended funds  与开放式基金比较

With open-end funds, the value is precisely equal to the NAV. So investing $1000 into the fund means buying shares that lay claim to $1000 worth of underlying assets (apart from sales charges and the fund’s investment costs). But buying a closed-end fund trading at a premium might mean buying $900 worth of assets for $1000.

开放式基金的价值就精准地等于NAV,因此投资在基金的1000元就等于买了相关资产也值1000元的股票(销售费用与基金的投资成本另计)。但是,用溢价交易的封闭式基金可以是用1000元买入价值900元的资产。

Some advantages of closed-end funds over their open-ended cousins are financial. CEFs do not have to deal with the expense of creating and redeeming shares, they tend to keep less cash in their portfolio, and they need not worry about market fluctuations to maintain their “performance record”. So if a stock drops irrationally, the closed-end fund may snap up a bargain, while open-ended funds might sell too early.

封闭式基金比起开放式基金这位兄弟的一些好处是财务方面的。CEF在创立与赎回股份时不必付费用,组合里的现金都存放得少,而且不必担心市场波动来维持他们的“业绩记录”。如果股价不合理地大跌,封闭式基金可以乘机捡到便宜,而开放式基金可能会过早出售。

Also, if there is a market panic, investors may sell en masse. Faced with a wave of sell orders and needing to raise money for redemptions, the manager of an open-ended fund may be forced to sell stocks he would rather keep, and keep stocks he would rather sell, because of liquidity concerns (selling too much of any one stock causes the price to drop disproportionately). Thus it may become overweight in the shares of lower perceived quality or underperforming companies for which there is little demand. But an investor pulling out of a closed-end fund must sell it on the market to another buyer, so the manager need not sell any of the underlying stock. The CEF’s price will likely drop more than the market does (severely punishing those who sell during the panic), but it is more likely to make a recovery when the intrinsically sound stocks rebound.

还有,如果出现市场恐慌的状况,投资者们可能会集体脱售。面临排山倒海而来的出售单,还得筹资去赎回,开放式基金的经理可能会被迫卖掉一些股票而不是持股,也保留一些股票而不是卖股,都因为有套现的考量(卖出太多任何一只股票会导致该股价跌破比例),因此,那些没多少人要,被认为低质或表现不佳的公司的股票数量就有可能超重。但是,一名从封闭式基金退场的投资者必须在市场上转卖给另一名买家,经理人就不必卖出任何现有的股票。CEF的价格会跌得比市场的多(严惩那些在恐慌期间抛售的人),不过在本质优良的股票价格回弹时更能复苏得快。

Because a closed-end fund is listed on the market, it must obey certain rules, such as filing reports with the listing authority and holding annual stockholder meetings. Thus stockholders can more easily find out about their fund and engage in shareholder activism, such as protest against poor management.

由于封闭式基金在市场上挂牌,就必须遵守一些条例,比如向挂牌当局提交报告书以及召开常年股东会议,这样股东们就可以更方便地了解他们的基金以及活跃地参与股东的活动,比如抗议不良管理。

 

Examples  例子

Among the biggest, long-running CEFs are:

规模最大,经营最久的封闭式基金有:

  • Adams Express Company (NYSE:ADX)
  • 亚当斯速递公司 (纽约证券交易所:代号为ADX)
  • Foreign & Colonial Investment Trust plc (LSE:FRCL)
  • 国外与殖民投资信托公司 (伦敦证券交易所:代号为FRCL)
  • Witan Investment Trust plc (LSE:WTAN)
  • Witan投资信托公司 (伦敦证券交易所:代号为WTAN)
  • Scottish Mortgage Investment Trust (LSE:SMT)
  • 苏格兰抵押贷款投资信托 (伦敦证券交易所:代号为SMT)
  • Tri-Continental Corporation (NYSE:TY)
  • 三大陆企业 (纽约证券交易所:代号为TY)
  • Gabelli Equity Trust (NYSE:GAB)
  • Gabelli股权信托 (纽约证券交易所:代号为GAB)
  • General American Investors Company, Inc. (NYSE:GAM)
  • 大众美国人投资者公司 (纽约证券交易所:代号为GAM)

 

See also  另见

  • Collective investment schemes for generic information.
  • 集体投资方案的通用信息
  • Investment trust a United Kingdom closed-ended collective investment.
  • 投资信托—大英王国的封闭式集体投资
  • Mutual funds for United States information.
  • 美国共同基金的信息
  • Listed investment companies for Australia.
  • 澳大利亚的上市投资公司

 

External Links  外部链接

Investment management  投资管理

Collective investment scheme structures  集体投资方案的结构

  • Common contractual fund  共同合约基金
  • Fond commun de placement  (法国) 共同基金
  • Investment trust  投资信托
  • Unit trust  单位信托
  • Listed investment company 上市投资公司
  • Mutual fund  共同基金 / 互助基金
  • Open-ended investment company  开放式投资公司
  • SICAV  (西班牙/法国/意大利) 可变/不定额 资金投资公司
  • Real estate investment trust  房地产投资信托
  • Unit investment trust  单位投资信托
  • Exchange-traded fund  交易所买卖基金
  • Offshore fund  离岸基金 / 境外基金
  • Unitised insurance fund  单位化保险基金

Investment styles  投资式样

  • Active or Passive management  积极或消极管理
  • Value or Growth investing  价值或增长投资
  • Hedge fund  对冲基金
  • Socially responsible investing  社会道义投资 (对社会负责任的投资)
  • Impact investing  冲击投资 (有影响投资)
  • Fund of funds  基金中基金 (投资在基金的基金)
  • Manager of managers  经理的经理
  • Index fund  指数基金

Theory and terminology  理论与术语

  • Efficient-market hypothesis  有效市场假说
  • Net asset value  资产净值
  • Open-end fund  开放式基金
  • Closed-end fund  封闭式基金

Related topics  相关话题

  • List of asset management firms  资产管理公司的名单
  • Returns-based style analysis  以回报为本的分析方式
  • Umbrella fund  伞子基金
  • UCITS  可转让证券集体投资事业

 

—— END ——

 

Source > Wikipedia at http://en.wikipedia.org/wiki/Closed-end_fund

Translated by > BlogHost — hkTan

Word Count > approx. 2444 words in English

 

Categories: Financial:金融 Tags:

Financial Market 金融市場

August 1, 2012 Leave a comment

Financial Market  金 融 市 場

 

A financial market is a market in which people and entities can trade financial securities, commodities, and other fungible items of value at low transaction costs and at prices that reflect supply and demand. Securities include stocks and bonds, and commodities include precious metals or agricultural goods.

金融市場是一個讓個人和個體可以進行金融證券,商品和其他可替代有價值物品的交易,價格反映供給與需求的市場。證券包括股票和債券,商品包括貴金屬和農產品。

There are both general markets (where many commodities are traded) and specialized markets (where only one commodity is traded). Markets work by placing many interested buyers and sellers, including households, firms, and government agencies, in one “place”, thus making it easier for them to find each other. An economy which relies primarily on interactions between buyers and sellers to allocate resources is known as a market economy in contrast either to a command economy or to a non-market economy such as a gift economy.

市場有分普通市場(大多數商品在這裡交易)與專營市場(只買賣一種商品)這兩種。市場集合了許多有意的買家和賣家,有家庭成員,公司,政府機構在同一個“地方”,方便這些人找對人。基本上靠買家和賣家的互動來分配資源的經濟體就叫市場經濟,相對于操控(計劃)經濟或非市場經濟如禮物經濟。

In finance, financial markets facilitate: 財經方面,金融市場促進了:

  • The raising of capital (in the capital markets)
  • The transfer of risk (in the derivatives markets)
  • Price discovery
  • Global transactions with integration of financial markets
  • The transfer of liquidity (in the money markets)
  • International trade (in the currency markets)
  • (在資本市場中) 資金的籌集
  • (在衍生市場中) 風險的轉移
  • 價格的回穩
  • 金融市場一體化的全球交易
  • (在貨幣市場中) 流通性的轉移
  • (在外匯市場中) 國際貿易

– and are used to match those who want capital to those who have it.

–也用來撮合匹配那些需要資金和有資本的人。

Typically a borrower issues a receipt to the lender promising to pay back the capital. These receipts are securities which may be freely bought or sold. In return for lending money to the borrower, the lender will expect some compensation in the form of interest or dividends. This return on investment is a necessary part of markets to ensure that funds are supplied to them.

一般上,借款人發出一張收據給貸款人承諾償還資金,這些收據就是可以自由買或賣的證券。貸款人借出款項給借款人時會要求一些利息或股息之類的補償,這種投資回報是市場中確保基金會給他們回報的必要做法。

 

Contents  目錄

1. Definition  定義

2. Types of financial markets  金融市場的類別

3. Raising capital 籌資

3.1 Lenders  貸款人

3.1.1 Individuals & Doubles  個人與多人

3.1.2 Companies 公司

3.2 Borrowers  借款人

4. Derivative products  衍生商品

5. Currency markets  貨幣市場

6. Analysis of financial markets  金融市場的分析

7. Financial market slang  金融市場的行話

8. Role (Financial system and the economy)  角色 (金融體系與經濟)

9. Functions of Financial Markets  金融市場的功能

10 Constituents of Financial Market  金融市場的組成

10.1 Based on market levels  以市場層次劃分

10.2 Based on security types  以證券種類劃分

11 See also  另見

12 External links  外部鏈接

 

Definition  定義

In economics, typically, the term market means the aggregate of possible buyers and sellers of a certain good or service and the transactions between them.

在經濟學裡,市場這個名詞通常是指集合一群有意買賣特定商品或服務的買家和賣家以及他們之間的交易。

The term “market” is sometimes used for what are more strictly exchanges, organizations that facilitate the trade in financial securities, e.g., a stock exchange or commodity exchange. This may be a physical location (like the NYSE, BSE, NSE) or an electronic system (like NASDAQ). Much trading of stocks takes place on an exchange; still, corporate actions (merger, spinoff) are outside an exchange, while any two companies or people, for whatever reason, may agree to sell stock from the one to the other without using an exchange.

“市場”這個字眼有時候也用在只限於促進金融證券買賣的交易場所和機構,例如證券交易所或商品交易所,可能會是一個實體的場地(如紐約證券交易所(NYSE),孟買證券交易所(BSE),印度國家交易所(NSE)或者是一套電子系統(如納斯達克)。雖然多數證券都在交易所裡買賣,但是企業行動(合併,分拆)還是要在交易所場外進行,而任何兩家公司或任何人,不論他們有甚麼理由,都可以同意不通過交易所去賣股票給另一方。

Trading of currencies and bonds is largely on a bilateral basis, although some bonds trade on a stock exchange, and people are building electronic systems for these as well, similar to stock exchanges.

貨幣與債券主要是以雙邊的基礎去交易,雖然有些債券會在股票交易所買賣,還是有人去建立類似股票交易所的電子系統來買賣貨幣和債券。

Financial markets can be domestic or they can be international.

金融市場可以是國內的也可以是國際性的。

 

Types of financial markets  金融市場的類別

Within the financial sector, the term “financial markets” is often used to refer just to the markets that are used to raise finance: for long term finance, the Capital markets; for short term finance, the Money markets. Another common use of the term is as a catchall for all the markets in the financial sector, as per examples in the breakdown below.

在金融界裡,“金融市場”這個術語通常都指那些用來籌資的市場:長期融資的叫做資本市場;短期融資的叫貨幣市場。另一個常用這個術語的例子是形容所有在金融界裡的所有市場,如下列細分出來的例子。

Capital markets which consist of: 資本市場中有:

  • Stock markets, which provide financing through the issuance of shares or common stock, and enable the subsequent trading thereof.
  • Bond markets, which provide financing through the issuance of bonds, and enable the subsequent trading thereof.
  • Commodity markets, which facilitate the trading of commodities.
  • Money markets, which provide short term debt financing and investment.
  • Derivatives markets, which provide instruments for the management of financial risk.
  • Futures markets, which provide standardized forward contracts for trading products at some future date; see also forward market.
  • Insurance markets, which facilitate the redistribution of various risks.
  • Foreign exchange markets, which facilitate the trading of foreign exchange.
  • 股票市場:發行股份或普通股來提供融資,接著進行交易。
  • 債券市場:發行債券以提供融資,接著進行交易。
  • 商品市場:促進商品的買賣。
  • 貨幣市場:提供短期債務融資與投資機會。
  • 衍生市場:提供管理金融風險的工具。
  • 期貨市場:為那些以未來日期買賣的產品提供標準的遠期合同;另見“遠期市場”。
  • 保險市場:促進各種風險的再分配。
  • 外匯市場:促進外幣的買賣。

The capital markets may also be divided into primary markets and secondary markets. Newly formed (issued) securities are bought or sold in primary markets, such as during initial public offerings. Secondary markets allow investors to buy and sell existing securities. The transactions in primary markets exist between issuers and investors, while in secondary market transactions exist among investors.

資本市場也可以分為初級市場和二級市場。新組建(發行)的證券在初級市場上買或賣,比如在首次公開招股的期間發售,二級(二手)市場就允許投資者買賣現有的證券。初級市場的交易介於發行者與投資者雙方,而二級市場的交易就在投資者之間進行。

Liquidity is a crucial aspect of securities that are traded in secondary markets. Liquidity refers to the ease with which a security can be sold without a loss of value. Securities with an active secondary market mean that there are many buyers and sellers at a given point in time. Investors benefit from liquid securities because they can sell their assets whenever they want; an illiquid security may force the seller to get rid of their asset at a large discount.

流通性(變現/套現能力)是那些在二級市場上交易的證券的重要因素,流通性是指證券可以不必損失任何價值就可以輕易脫售。活躍的證券二級市場就是說任何時候都會有很多買家和賣家,投資者們從流通證券中獲益是因為他們隨時可以賣出他們的資產;而不流通的證券可能會迫使賣家要大打折扣才能拋售他們的資產。

The financial market is broadly divided into 2 types: 1) Capital Market and 2) Money market. The Capital market is subdivided into 1) primary market and 2) Secondary market.

大致上,金融市場可以分為兩大類:

1)資本市場

2)貨幣市場

資本市場又再分為:

1)初級市場

2)二級市場

 

Raising capital  籌資

Financial markets attract funds from investors and channel them to corporations—they thus allow corporations to finance their operations and achieve growth. Money markets allow firms to borrow funds on a short term basis, while capital markets allow corporations to gain long-term funding to support expansion.

金融市場吸引投資者的資金再導向企業,好讓這些企業有錢經營和成長。貨幣市場可以讓商家借到短期貸款,而資本市場則提供企業長期資金去擴展業務。

Without financial markets, borrowers would have difficulty finding lenders themselves. Intermediaries such as banks, Investment Banks, and Boutique Investment Banks can help in this process. Banks take deposits from those who have money to save. They can then lend money from this pool of deposited money to those who seek to borrow. Banks popularly lend money in the form of loans and mortgages.

如果沒有金融市場,借款人自己要找貸款人就會有困難,中介機構如銀行,投資銀行,小型投資銀行可以協助。銀行跟手上有錢要存的人收取存款,然後用這筆匯集的存款借給需要借錢的人,銀行最常借出的放貸形式是貸款和抵押。

More complex transactions than a simple bank deposit require markets where lenders and their agents can meet borrowers and their agents, and where existing borrowing or lending commitments can be sold on to other parties. A good example of a financial market is a stock exchange. A company can raise money by selling shares to investors and its existing shares can be bought or sold.

比起簡單的銀行存款複雜得多的交易就需要一個市場讓貸款人和他們的代表可以跟借款人和他們的代表面談,而且還可以出售這份借貸或貸款的承諾權責給其他方。金融市場的好例子就是股票交易所,一家公司可以出售股份給投資者去集資,自己手上的股票也可以買或賣。

The following table illustrates where financial markets fit in the relationship between lenders and borrowers:

Relationship between lenders and borrowers

Lenders Financial Intermediaries Financial Markets Borrowers
Individuals

Companies

Banks

Insurance Companies

Pension Funds

Mutual Funds

 

Interbank

Stock Exchange

Money Market

Bond Market

Foreign Exchange

Individuals

Companies

Central Government

Municipalities

Public Corporations

下表列出了金融市場在各種借款人和貸款人的關係之間所處的位置:

借款人和貸款人的關係

貸款人 金融中介 金融市場 借款人
個人

公司

銀行

保險公司

養老基金

共同基金

銀行同業

證券交易所

貨幣市場

債券市場

外匯

個人

公司

中央政府

市政府

公共企業

 

Lenders  貸款人

Who have enough money to lend or to give someone money from own pocket at the condition of getting back the principal amount or with some interest or charge, is the Lender.

有錢借出,或者自掏腰包給人家錢,條件是要收回本金加一些利息或收費,這種人就叫貸款人。

Individuals & Doubles  個人或多人

Many individuals are not aware that they are lenders, but almost everybody does lend money in many ways. A person lends money when he or she:

很多人還不知道他們就是貸款人,但是幾乎每一個人都使用各種方式在貸款給人。一個人借出時是當他或她:

  • puts money in a savings account at a bank;
  • contributes to a pension plan;
  • pays premiums to an insurance company;
  • invests in government bonds; or
  • invests in company shares.
  • 把錢存入銀行的儲蓄帳戶裡;
  • 付錢給養老金計劃;
  • 支付保費給保險公司;
  • 投資在政府債券;或者
  • 投資買公司股票。

Companies  公司

Companies tend to be borrowers of capital. When companies have surplus cash that is not needed for a short period of time, they may seek to make money from their cash surplus by lending it via short term markets called money markets.

很多公司都是資金借款人,有些公司有現金盈餘,短期內不會用到,就可以利用短期借貸市場,也就是貨幣市場,借出多餘現金來賺錢。

There are a few companies that have very strong cash flows. These companies tend to be lenders rather than borrowers. Such companies may decide to return cash to surplus (e.g. via a share buyback.) Alternatively, they may seek to make more money on their cash by lending it (e.g. investing in bonds and stocks).

有少數公司的現金流很強勁雄厚,這些公司都成了貸款人而不借款人,這類公司也許會決定把現金歸入盈餘中存留(比如回購股份)。此外,他們也可以借出現金來賺錢(比如投資在債券和股票)。

 

Borrowers  借款人

  • Individuals borrow money via bankers’ loans for short term needs or longer term mortgages to help finance a house purchase.
  • Companies borrow money to aid short term or long term cash flows. They also borrow to fund modernization or future business expansion.
  • Governments often find their spending requirements exceed their tax revenues. To make up this difference, they need to borrow. Governments also borrow on behalf of nationalized industries, municipalities, local authorities and other public sector bodies. In the UK, the total borrowing requirement is often referred to as the Public sector net cash requirement (PSNCR).
  • 個人向銀行借錢應付短期需要或者長期抵押貸款去買房子。
  • 公司借錢來應付短期或長期的現金流,也借錢來支付現代化或未來的業務擴展所需。
  • 政府的開支需求通常都會超過稅收,爲了補缺,就需要借錢。政府也代替國有工業,市政府,當地政府部門和其他公共機構借錢。在英國,全部借款的要求通稱為公共部門凈現金需求(PSNCR)。

Governments borrow by issuing bonds. In the UK, the government also borrows from individuals by offering bank accounts and Premium Bonds. Government debt seems to be permanent. Indeed the debt seemingly expands rather than being paid off. One strategy used by governments to reduce the value of the debt is to influence inflation.

政府們都靠發行債券來借錢。在英國,政府也跟個人借錢,要約提供銀行帳戶和溢價債券。政府的債務似乎是永久性的,其實債務看似膨脹更多而不是還清。政府爲了減少債務所採取的一個策略就是影響通膨。

Municipalities and local authorities may borrow in their own name as well as receiving funding from national governments. In the UK, this would cover an authority like Hampshire County Council.

市政當局和當地政府可以用自己的名義借錢或者跟中央政府要錢,英國的漢普郡議會當局就可以這麼做。

Public Corporations typically include nationalized industries. These may include the postal services, railway companies and utility companies.

典型的公共企業都包括國有工業,如郵政服務,鐵道公司和水電公司。

Many borrowers have difficulty raising money locally. They need to borrow internationally with the aid of Foreign exchange markets.

很多借款人要在當地籌資都有困難,他們只好借用外匯市場在國際間籌資。

Borrowers having similar needs can form into a group of borrowers. They can also take an organizational form like Mutual Funds. They can provide mortgage on weight basis. The main advantage is that this lowers the cost of their borrowings.

有類似需要的借款人也可以組成一團,以共同(互助)基金這樣的機構形式來集資,以加權基準的做法提供抵押貸款,主要的好處是可以減低借貸成本。

 

Derivative products  衍生商品

During the 1980s and 1990s, a major growth sector in financial markets is the trade in so called derivative products, or derivatives for short.

在80年代和90年代期間,金融市場裡一直在成長的主要區塊是用所謂的衍生商品來交易,簡稱衍生品。

In the financial markets, stock prices, bond prices, currency rates, interest rates and dividends go up and down, creating risk. Derivative products are financial products which are used to control risk or paradoxically exploit risk. It is also called financial economics.

在金融市場裡,股價,債券價,匯率,利率和股息會上上下下,風險不斷。衍生商品就是用來控制風險或者反過來利用風險去圖利的金融產品,也叫做金融經濟學。

Derivative products or instruments help the issuers to gain an unusual profit from issuing the instruments. For using the help of these products a contract has to be made. Derivative contracts are mainly 3 types:

衍生商品或金融工具協助發行人利用這些工具獲取不尋常的利潤,要使用這些產品就得先有合約。衍生品合約主要有三種:

1. Future Contracts  期貨合約

2. Forward Contracts  遠期合約

3. Option Contracts  期權合約

 

Currency markets  貨幣市場

Seemingly, the most obvious buyers and sellers of currency are importers and exporters of goods. While this may have been true in the distant past, when international trade created the demand for currency markets, importers and exporters now represent only 1/32 of foreign exchange dealing, according to the Bank for International Settlements.

看來最顯眼的外匯買家和賣家就是貨品的出入口商了,很久以前或許真是如此,在國際貿易促進了對外匯市場的需求之後,根據“國際結算銀行”的統計,如今的出入口商只佔外匯交易量的32份之一而已。

The picture of foreign currency transactions today shows:

現今參與外匯交易的人有:

  • Banks/Institutions  銀行 / 機構
  • Speculators  投機客
  • Government spending (for example, military bases abroad) 政府開支 (如海外軍事基地)
  • Importers/Exporters  出入口商
  • Tourists  遊客

 

Analysis of financial markets  金融市場的分析

Much effort has gone into the study of financial markets and how prices vary with time. Charles Dow, one of the founders of Dow Jones & Company and The Wall Street Journal, enunciated a set of ideas on the subject which are now called Dow Theory. This is the basis of the so-called technical analysis method of attempting to predict future changes. One of the tenets of “technical analysis” is that market trends give an indication of the future, at least in the short term. The claims of the technical analysts are disputed by many academics, who claim that the evidence points rather to the random walk hypothesis, which states that the next change is not correlated to the last change. In recent years the rise of algorithmic and high-frequency program trading has seen the adoption of momentum, ultra-short term moving average and other similar strategies which are based on technical as opposed to fundamental or theoretical concepts of market Behaviour.

很多人花很大精力在研究金融市場以及價格的變動。Charles Dows是道瓊斯公司以及華爾街日報的創辦人之一,他發表了同一個課題的一系列概念,現稱為道氏理論,成為所謂的技術分析法的基礎,嘗試預測未來的變化。“技術分析”的其中一個原理是市場趨勢會顯示未來,至少是短期內會出現的狀況。技術分析師們的主張也迎來許多學者的爭論,他們認為證據顯示出的反而是隨機漫步假說,也就是下一個轉變跟上一次變化沒關聯。近年來高頻程序交易的算法都採用以技術為本的動量,超短期移動平均數以及其他類似策略,相對於市場行為學的基本或理論概念。

The scale of changes in price over some unit of time is called the volatility. It was discovered by Benoît Mandelbrot that changes in prices do not follow a Gaussian distribution, but are rather modeled better by Lévy stable distributions. The scale of change, or volatility, depends on the length of the time unit to a power a bit more than 1/2. Large changes up or down are more likely than what one would calculate using a Gaussian distribution with an estimated standard deviation.

價格在某一些時間單位上的變動幅度就叫做波幅,Benoît Mandelbrot發現到價格的變動并沒有跟隨高斯分佈模式,而是符合模式較好的雷維穩定分佈法。改變的幅度或波幅取決於時間長度的0.5(二分之一)次方再稍微多一些,上或下的大變動比較有可能出現,使用高斯分佈模式那個估計標準偏差的算法就比較少見。

 

Financial market slang  金融市場的行話

Poison pill  毒藥 / 拼購阻撓

when a company issues more shares to prevent being bought out by another company, thereby increasing the number of outstanding shares to be bought by the hostile company making the bid to establish majority.

當一家公司發行更多股份來阻撓另一家公司的收購時,就也增加了在外流通被惡意公司買走的股份,足以累積多數股份出價收購。

Quant  寬特 / 量化分析師 (數量化研究分析技術的分析師)

a quantitative analyst with a PhD (and above) level of training in mathematics and statistical methods.

是在數理與統計學的培訓上擁有博士水平(或更高學位)的量化分析師。

Rocket scientist  火箭專家

a financial consultant at the zenith of mathematical and computer programming skill. They are able to invent derivatives of high complexity and construct sophisticated pricing models. They generally handle the most advanced computing techniques adopted by the financial markets since the early 1980s. Typically, they are physicists and engineers by training; rocket scientists do not necessarily build rockets for a living.

是數學與電腦程序編寫技術登峰造極的金融顧問,他們可以設計出高度複雜的衍生品以及建構出精密的定價模式,他們經常處理那些從80年代初開始就被金融市場採用的最先進電腦技巧。典型的專業背景都是物理學家和工程師,這類火箭專家也不必製造火箭來為生。

White Knight  白騎士

a friendly party in a takeover bid. Used to describe a party that buys the shares of one organization to help prevent against a hostile takeover of that organization by another party.

是出價收購的友善人士,用來形容購買一家公司股份的一方要協助阻止另一方的惡意收購同一家公司的股份。

round-tripping  軋平

smurfing 化整為零(洗黑錢)

a deliberate structuring of payments or transactions to conceal it from regulators or other parties, a type of money laundering that is often illegal.

這是一種處心積慮的付款或交易結構,用來掩飾意圖,不讓監管機構或其他有關方面發覺,是洗黑錢的一種辦法,通常都是非法的。

Spread  差價

the difference between the highest bid and the lowest offer.

最高出價和最低報價之間的差別

 

Role (Financial system and the economy)  角色 (金融體系與經濟)

One of the important requisite for the accelerated development of an economy is the existence of a dynamic financial market. A financial market helps the economy in the following manner:

經濟要加速發展的一個重要條件就是擁有一個動態有活力的金融市場,金融市場對經濟的助益如下:

Saving mobilization  存款動員

Obtaining funds from the savers or surplus units such as household individuals, business firms, public sector units, central government, state governments etc. is an important role played by financial markets.

從儲蓄者或手上有盈餘的單位如家庭成員,商家企業,公共部門單位,中央政府,地方政府等等獲得資金是金融市場在扮演的一個重要角色。

Investment  投資

Financial markets play a crucial role in arranging to invest funds thus collected in those units which are in need of the same.

金融扮演的一個關鍵性角色是安排資金的投放,把錢集合在需要這些資金的單位手上。

National Growth  國家增長

An important role played by financial market is that, they contributed to a nation’s growth by ensuring unfettered flow of surplus funds to deficit units. Flow of funds for productive purposes is also made possible.

金融市場扮演的一個重要角色就是確保剩餘資金能暢通無阻地流向欠缺的單位好讓國家建設有所增長,而資金也可以流向有生產力的作為。

Entrepreneurship growth  企業成長

Financial market contribute to the development of the entrepreneurial claw by making available the necessary financial resources.

金融市場為企業發展的雄心作出貢獻,提供所需的財務資源。

Industrial development  工業發展

The different components of financial markets help an accelerated growth of industrial and economic development of a country, thus contributing to raising the standard of living and the society of well-being.

金融市場的不同組件協助加速一個國家的工業與經濟成長,進而提升生活水平以及普羅大眾的福祉。

 

Functions of Financial Markets  金融市場的功能

Intermediary Functions 中介功能

The intermediary functions of a financial markets include the following:

金融市場的中介功能有以下幾點:

Transfer of Resources  資源的轉移

Financial markets facilitate the transfer of real economic resources from lenders to ultimate borrowers.

金融市場促進實體的經濟資源從貸款人轉交到最終借款人手上。

Enhancing income  提高收入

Financial markets allow lenders to earn interest or dividend on their surplus invisible funds, thus contributing to the enhancement of the individual and the national income.

金融市場讓貸款人可以利用過剩潛藏的資金去賺取利息或股息,為提升個人與國家的收入做出貢獻。

Productive usage  有效應用

Financial markets allow for the productive use of the funds borrowed. The enhancing the income and the gross national production.

金融市場讓借款更有效益地應用,提高收入與國民生產總值。

Capital Formation  資本組建

Financial markets provide a channel through which new savings flow to aid capital formation of a country.

金融市場提供一個管道方便新的存款流向可以協助組建國家的資本形態。

Price determination  價格定位

Financial markets allow for the determination of price of the traded financial assets through the interaction of buyers and sellers. They provide a sign for the allocation of funds in the economy based on the demand and supply through the mechanism called price discovery process.

金融市場讓買家和賣家通過買賣金融資產去確定價格,以需求和供給為本通過發現價格過程的機制呈現出資金分配的跡象。

Sale Mechanism  銷售機制

Financial markets provide a mechanism for selling of a financial asset by an investor so as to offer the benefit of marketability and liquidity of such assets.

金融市場提供投資者出售金融資產的機制,讓這些資產享有適銷性和流通性的好處。

Information  信息

The activities of the participants in the financial market result in the generation and the consequent dissemination of information to the various segments of the market. So as to reduce the cost of transaction of financial assets.

金融市場裡參與者的活動產生和散佈信息到市場的各個分區,以便減低買賣金融資產的成本。

Financial Functions  金融功能

  • Providing the borrower with funds so as to enable them to carry out their investment plans.
  • Providing the lenders with earning assets so as to enable them to earn wealth by deploying the assets in production debentures.
  • Providing liquidity in the market so as to facilitate trading of funds.
  • it provides liquidity to commercial bank
  • it facilitate credit creation
  • it promotes savings
  • it promotes investment
  • it facilitates balance economic growth
  • 為借款人提供資金好讓他們能開展投資計劃。
  • 為貸款人提供會賺錢的資產,好讓他們能把資產部署在有效益的債券證上去創造財富。
  • 在市場上提供流通性促進基金的交易。
  • 為商業銀行提供流通性。
  • 促進信貸的創建。
  • 推廣儲蓄。
  • 推廣投資。
  • 促進平衡的經濟增長。

 

Constituents of Financial Market  金融市場的組成

Based on market levels  以市場層次劃分

Primary market  初級市場

Primary market is a market for new issues or new financial claims. Hence it’s also called new issue market. The primary market deals with those securities which are issued to the public for the first time.

初級市場是讓新發行或者新的金融債權出售的市場,也叫做新發行市場。這個市場主要是處理首度公開對公眾發行的證券。

Secondary market  二級市場

It’s a market for secondary sale of securities. In other words, securities which have already passed through the new issue market are traded in this market. Generally, such securities are quoted in the stock exchange and it provides a continuous and regular market for buying and selling of securities.

這是個出售二手證券的市場。換句話說,那些已經通過新發行市場售出的證券都在這裡繼續轉手。一般來說,這類證券都在證券交易所開價,提供買家和賣家們一個可持續與規範的市場去交易。

 

Based on security types  以證券種類劃分

Money market  貨幣市場

Money market is a market for dealing with financial assets and securities which have a maturity period of up to one year. In other words, it’s a market for purely short term funds.

貨幣市場是處理資產與證券買賣的市場,履約期通常都不超過一年,換句話說,這就純粹是個短期資金的市場。

Capital market 資本市場

A capital market is a market for financial assets which have a long or indefinite maturity. Generally it deals with long term securities which have a maturity period of above one year. Capital market may be further divided in to: (a) industrial securities market (b) Govt. securities market and (c) long term loans market.

資本市場是金融資產的市場,履約期長或不定,通常都處理超過一年履約期的長期證券。資本市場可以再分為:(a)工業證券市場 (b)政府證券市場 (c)長期貸款市場。

Equity markets  股權市場

A market where ownership of securities are issued and subscribed is known as equity market. An example of a secondary equity market for shares is the Bombay stock exchange.

發行和認購證券權益的市場就叫做股權市場(或股本市場/股市,Share market:股票市場/股市),股票的二級股權市場如孟買證券交易所。

Debt market  債務市場

The market where funds are borrowed and lent is known as debt market. Arrangements are made in such a way that the borrowers agree to pay the lender the original amount of the loan plus some specified amount of interest.

供資金借出和借入的市場就叫做債務市場,借貸安排是借款人同意償還貸款人借貸本金加指定的利息金額。

Derivative markets  衍生品市場

Financial service market  金融服務市場

A market that comprises participants such as commercial banks that provide various financial services like ATM. Credit cards. Credit rating, stock broking etc. is known as financial service market. Individuals and firms use financial services markets, to purchase services that enhance the working of debt and equity markets.

參與者包括商業銀行,提供各種金融服務如提款機,信用卡,信貸評級,證券經紀等等的市場就叫做金融服務市場,個人和商家在金融市場裡購買這些服務來促進債務與股權市場的運作。

Depository markets  存管市場

A depository market consist of depository institutions that accept deposit from individuals and firms and uses these funds to participate in the debt market, by giving loans or purchasing other debt instruments such as treasure bills.

存管市場裡的存管機構接收個人和商家的存款,把這些資金投入到債務市場中放貸或購買其他債務工具如國庫券。

Non-Depository market  非存管市場

Non-depository market carries out various functions in financial markets ranging from financial intermediary to selling, insurance etc. The various constituency in non-depositary markets are mutual funds, insurance companies, pension funds, brokerage firms etc.

非存管市場從事金融市場中的各項業務如金融中介,銷售,保險等等。組成非存管市場的不同組件有共同基金,保險公司,養老基金,證券公司等等。

 

See also  另見

  • Finance capitalism  金融資本主義
  • Financial crisis  金融危機
  • Financial instrument  金融工具
  • Financial market efficiency  金融市場效率
  • Brownian Model of Financial Markets  布朗模式的金融市場
  • Investment theory  投資理論
  • Quantitative behavioral finance  行為量化金融學
  • Slippage (finance)  滑脫 / 滑價 (金融)
  • Stock investor  股票投資者
  • Financial Market Theory of Development  金融市場發展的理論

 

Categories  分類

Financial markets  金融市場

Public market  公開市場

  • Exchange  交易所
  • Securities  證券

Bond market  債券市場

  • Bond valuation  債券股價
  • Corporate bond  企業債券
  • Fixed income  固定收益
  • Government bond  政府債券
  • High-yield debt  高收益債券
  • Municipal bond  市府債券

Stock market  股票市場

  • Common stock  普通股
  • Preferred stock  優先股
  • Registered share  記名股票
  • Stock  股票
  • Stock certificate  股票證書
  • Stock exchange  股票交易所
  • Voting share   投票份額

Derivatives market  衍生品市場

  • Credit derivative  信貸衍生品
  • Futures exchange  期貨交易所
  • Hybrid security  混合證券
  • Securitization  證券化

Over-the-counter  場外

  • Forwards  遠期
  • Options  期權
  • Spot market  現貨市場
  • Swaps  掉期

Foreign exchange  外匯

  • Currency  貨幣
  • Exchange rate  匯率

Other markets  其他市場

  • Commodity market  商品市場
  • Money market  貨幣市場
  • Reinsurance market  再保市場
  • Real estate market  房地產市場

Practical trading  實際買賣

  • Clearing house  結算所
  • Financial market participants  金融市場參與者
  • Financial regulation  金融監管

Finance series  金融系列

  • Banks and banking  銀行與銀行事務
  • Corporate finance  企業融資
  • Personal finance  個人理財
  • Public finance  公共財政

 

—— END ——

 

Source > Wikipedia at http://en.wikipedia.org/wiki/Financial_market

Translated by > BlogHost — hkTan

Word Count > approx.3100 words in English

 

Categories: Financial:金融 Tags:

Seigniorage

April 21, 2012 Leave a comment

Seigniorage 铸币税

 

Seigniorage (also spelled seignorage or seigneurage) can have the following two meanings:

铸币税-Seigniorage (也唸成seignorageseigneurage),可以有以下两种含义:

Seigniorage derived from specie—metal coins, is a tax, added to the total price of a coin (metal content and production costs), that a customer of the mint had to pay to the mint, and that was sent to the sovereign of the political area.

铸币税出自硬币这样的产物,是一种加在总币值上(金属含量和生产成本)的税务,铸币厂的客户必须支付给铸币厂的价格成为属于该政区政府的税收。

Seigniorage derived from notes is more indirect, being the difference between interest earned on securities acquired in exchange for bank notes and the costs of producing and distributing those notes.

来自纸币的铸币税比较间接,就是兑换钞票的证券以及生产与交付这些纸币的成本之间的息差。

Seigniorage is a convenient source of revenue for some governments.

铸币税成了一些政府较方便的收入来源。

 

Contents 目录

1 Examples  例子

1.1 Scenario A  案例A

1.2 Scenario B  案例B

2 Ordinary seigniorage  普通铸币税

2.1 Solvency constraints of central banks  央行的偿付能力局限

2.2 Seigniorage as a tax  铸币税的税收

3 Seigniorage today  现今的铸币税

3.1 2011 U.S. debt ceiling crisis  2011年美国债务上限的危机

4 Overseas circulation  海外流通

5 See also  另见

6 References  参考文献

7 External links  外部链接

 

Examples  例子

Scenario A  案例A

A person has one ounce of gold, trades it for a government-issued gold certificate (providing for redemption in one ounce of gold), keeps that certificate for a year, and then redeems it in gold. That person ends up with exactly one ounce of gold again. No seigniorage occurs.

一个人有一盎司黄金,换取一份政府发行的黄金证券(可兑换一盎司黄金),保留了一年的时间,然后用证券赎回黄金。那人还是得回那一盎司的黄金,就没有牵涉到铸币税。

Scenario B  案例B

Instead of issuing gold certificates, a government converts gold into currency at the market rate by printing paper notes. A person exchanges one ounce of gold for its value in currency. They keep the currency for one year, and then exchange it all for an amount of gold at the new market value. This second exchange may yield more or less than one ounce of gold if the value of the currency relative to gold has changed during the interim. (Assume that the value or direct purchasing power of one ounce of gold remains constant through the year.)

与其发行黄金券,政府印刷纸币在市场上用市场利率把黄金值换成货币值。任何人就可以用一盎司的黄金换取等值的货币。他们保留这个货币一年,然后再以新的市值换取某个数量的黄金。如果货币相对于黄金的价值中途有变,第二次交易可能会产生多或少于一盎司黄金的价值。(假设这一盎司黄金的价值或直接购买力在这一年内维持不变)

If the value of the currency relative to gold has decreased, then the person receives less than one ounce of gold. Seigniorage occurred.

如果货币相对于黄金的价值下降,那么,那个人就收到少过一盎司的黄金。这时就会牵涉到铸币税。

If the value of the currency relative to gold has increased, the redeemer receives more than one ounce of gold. Seigniorage did not occur.

如果货币相对于黄金的价值增加了,赎款人就收到多过一盎司的黄金。这时就不牵涉到铸币税。

Seigniorage, therefore, is the positive return on issuing notes and coins, or “carry” on money in circulation.

因此,铸币税是发行纸币和硬币的正回报,或持有流通中的货币。

The opposite, “cost of carry”, is not regarded as a form of seigniorage.

反之,“持有成本”并不算是铸币税的一种形式。

 

Ordinary seigniorage  普通铸币税

Ordinarily seigniorage is only an interest-free loan (for instance of gold) to the issuer of the coin or paper money. When the currency is worn out, the issuer buys it back at face value, thereby balancing exactly the revenue received when it was put into circulation, without any additional amount for the interest value of what the issuer received.

在一般情况下,铸币税只是一种给硬币或纸币发行人的免息贷款(如黄金)。当货币疲软,发行人就以面值回购,从而平衡当初投入市场流通时的所得收入,没有给发行人添加任何额外的利息值。

Historically, seigniorage was the profit resulting from producing coins. Silver and gold were mixed with base metals to make durable coins. Thus the British “sterling” was 92.5% pure silver; the base metal added (and thus the pure silver retained by the government mint) was (less costs) the profit, the seigniorage. USA gold coins were made from 90% gold, 7% silver, and 3% copper; one can easily see the seigniorage.

从历史上看,铸币税是从生产硬币得来的利润。金和银混合了基本金属制造出耐用的的硬币。因此,英镑曾经是92.5%的纯银,添加的基本金属(较少成本,由政府铸币厂保留纯银)就是利润,也就是铸币税。美国金币用90%纯金,7%的银和3%的铜打造,人们可以很轻易看到铸币税。

Currently, under the rules governing monetary operations of major central banks (including the central bank of the USA), seigniorage on bank notes is simply defined as the interest payments received by central banks on the total amount of currency issued. This usually takes the form of interest payments on treasury bonds purchased by central banks, putting more dollars into circulation. However, if the currency is collected, or is otherwise taken permanently out of circulation, the back end of the deal never occurs (that is, the currency is never returned to the central bank). Thus the issuer of the currency keeps the whole seigniorage profit, by not having to buy worn out issued currency back at face value.

目前,在主要央行(包括美国的中央银行)的货币操作规则下,银行票据上的铸币税只是简单地定义为中央银行从发行的货币总额所收到的利息支出。通常都是以央行购买国债时付出的利息为形式让更多纸币流通。但是,如果货币被收集,或以其他方式永久停止流通,终端的交易就永远不能成交(也就是说,该货币未曾返回到央行)。因此,货币的发行机构为了保留全部的铸币税利润,就不以面值购买疲软的发行货币。

 

Solvency constraints of central banks  央行的偿付能力局限

The solvency constraint of the standard central bank only requires that the present discounted value of its net non-monetary liabilities (separate from its monetary liabilities accrued through seigniorage attempts) be zero or negative in the long run. Its monetary liabilities are liabilities only in name, as they are irredeemable: the holder of base money cannot insist at any time on the redemption of a given amount of base money into anything else other than the same amount of itself (base money) — unless, of course, the holder of said base money is another central bank reclaiming the value of its original interest-free loan.

标准央行的偿付能力局限只要求长期里的非货币性净负债的现貼现值维持零或负(从尝试通过铸币税累计出来的货币负债分开来)。货币负债只是名义上的负债,因为它们是不可赎回的:基本货币的持有人不能坚持在任何时候要赎回一定数量的基本货币,除了基本货币本身的同等数量以外,当然,例外就是该基本货币持有人是另一个央行要收回原有的零利息贷款的价值。

 

Seigniorage as a tax  铸币税的税收

Some economists regarded seigniorage as a form of inflation tax, redistributing real resources to the currency issuer. Issuing new currency, rather than collecting taxes paid out of the existing money stock, is then considered in effect a tax that falls on those who hold the existing currency. The expansion of the money supply may cause inflation in the long run.

一些经济学家把铸币税當成一种通货膨胀税,重新分配实际资源給货币发行者。发行新货币而不是從现有货币量支出的收取税款,其實可以算是落在現有货币持有人身上的税务。货币供应量的扩张可能会导致长远期里的通货膨胀。

This is one reason offered in support of free banking, a gold standard, or at a minimum the reduction of political control over central banks. The latter could then take as their primary objective ensuring a stable value of currency by controlling monetary expansion and thus limiting inflation. Independence from government is required to reach this aim – indeed, it is well known in economic literature that governments face a conflict of interest in this regard[citation needed]. In fact, “hard money” advocates argue that central banks have utterly failed to obtain the objective of a stable currency. Under the gold standard, for example, the price level in both England and the US remained relatively stable over literally hundreds of years, though with some protracted periods of deflation. Since the US Federal Reserve was formed in 1913, however, the US dollar has fallen to barely a twentieth of its former value through the consistently inflationary policies of the bank. Economists counter that deflation is hard to control once it sets in and its effects are much more damaging than modest, consistent inflation.

这就是支持自由银行,黄金标准,或者至少减少对中央银行的政治控制的原因之一。这样后者就可以通过控制货币扩张限制通膨来确保货币价值的稳定,作为自己的首要目标来执行。要达到这个目的就必须有独立性,不受政府控制,事实上,经济学文章里说的政府在这方面面临的利益冲突已经是众所周知的了。事实上,“硬钱”的倡导者们辩说央行在稳定货币的目标上已经彻底失败。在黄金标准之下,例如英国和美国的价格水平几百年来都保持相对的稳定,虽然有一些时期的通货萎缩。自从美国联邦储备局在1913年成立之后,银行持续性的通膨政策已经导致美元跌到只剩下原值的二十份之一。经济学家反驳说,通缩是很难控制的,一旦开始通缩,其破坏力比起适度和一致的通货膨胀还要大得多。

Banks or governments relying heavily on seigniorage and fractional reserve sources of revenue can find it counterproductive. Rational expectations of inflation take into account a bank’s seigniorage strategy, and inflationary expectations can maintain high inflation . Instead of accruing seigniorage from fiat money and credit most governments opt to raise revenue primarily through taxation and other means.

银行或政府如果过度依赖铸币税和部分准备金源的收入就会发现效果适得其反。合理期望的通货膨胀有考虑到银行的铸币税策略,但是预期中的通胀也可以保持高通胀率。与其通过不兑现纸币和信贷去累积铸币税,大多数政府都选择通过税收等手段去增加收入。

 

Seigniorage today  现今的铸币税

The “50 State” series of quarters (25-cent coins) was launched in the U.S. in 1999. The U.S. government planned on a large number of people collecting each new quarter as it rolled out of the U.S. Mint, thus taking the pieces out of circulation[citation needed]. Each set of quarters is worth $14.00 (a complete set includes quarters for all fifty states, the five U.S. territories, and the District of Columbia). Since it costs the Mint about five cents for each 25-cent piece it produces, the government made a profit whenever someone “bought” a coin and chose not to spend it. The U.S. Treasury estimates that it has earned about US$6.3 billion in seigniorage from the quarters over the course of the entire program.

1999年,美国推出“50州”季度系列(25美分硬币)。美国政府预计,每个新季度都有很多人会收集美国造币厂推出的硬币去流通。每个季度的每一套硬币价值$14.00(一套完整的硬币包括所有五十个州,五个管辖区和哥伦比亚特区)。由于每一个25美分的硬币成本约5美分,每当有人“买”一个硬币不花掉,政府就有利润可赚。美国财政部估计,从整个计划的每个季度中赚取了大约63亿美元的铸币税。

In some cases, national mints report the amount of seigniorage provided to their respective governments; for example, the Royal Canadian Mint reported that in 2006 it generated $C93 million in seigniorage for the Government of Canada. The US government, the largest beneficiary of seignorage, earned approximately $25 billion annually as of 2000.

在某些情况下,国家铸币厂向各个政府报告提供的铸币税金额; 例如,加拿大皇家铸币厂在2006年向加拿大政府报告赚取了九千三百万加拿大币。美国政府这个铸币税的最大受益者每年赚取了大约250亿美元,截至2000年为止。

According to some reports, currently over half the revenue of the government of Robert Mugabe in Zimbabwe is in seigniorage. Zimbabwe has experienced hyperinflation (see Hyperinflation in Zimbabwe), with the annualized rate at about 24,000% in July 2008 (prices doubling every 46 days).

据报道,目前津巴布韦由穆加贝领导的政府有一半以上的收入都来自铸币税。津巴布韦经历了恶性通货膨胀,在2008年7月通膨年率约24000%(每46天增加一倍)。

 

2011 U.S. debt ceiling crisis   2011年美国债务上限的危机

On 3 January 2011, a blogger suggested seigniorage as a solution to the 2011 U.S. debt ceiling crisis. This was covered on Slate online, on 29 July 2011 when it was suggested that a US$5 trillion coin could be minted and deposited with the Federal Reserve and used to buy back debt thus making funds available.

2011年1月3日,一名博客把货币税当成美国债务上限危机的解决方案,这个建议也在2011年7月29日的Slate在线网站上讨论,有人建议铸造五兆元的硬币存放在美联储,用来回购债务,这样便有资金可用。

 

Overseas circulation  海外流通

A very profitable type of seignorage is from the international circulation of banknotes. While the cost of printing banknotes is minimal, the foreign entity must provide goods and services at the face value of the note to obtain it. The banknote is retained because the entity values it as a store of value because of mistrust of the local currency.

一个非常有利可图的铸币税的类型就是来自国际流通的纸币。虽然印刷钞票的成本很低,外国个体必须提供跟纸币等值的商品和服务来换取纸币。收留钞票是因为该个体承认纸币是一种储存价值的形式,因为不信任当地的货币价值。

Overseas circulation is intimately tied in with large value banknotes. One purpose of using foreign currency is for store of value, but another is efficiency of private transactions many of which are illegal.

海外流通跟大面值钞票息息相关。使用外币的目的之一是要保值,另一个好处是许多非法的私下交易就变得很有效率。

American currency has been circulating globally for most of the 20th century. Certainly in WWII, the amount of currency in circulation was increased several fold. However, the modern era of huge printings of the United States one hundred-dollar bill started with the fall of the Soviet Union in 1991. Production was quadrupled with the first ever trillion dollar printing of this bill. As of the end of 2008, U.S. currency in circulation with the public amounted to $824 billion and 76% of the currency supply was in the form of $100 denomination banknotes, amounting to twenty $100 bills per U.S. citizen. Over the past decade there has been considerable controversy concerning the amount of U.S. currency circulating abroad. Porter and Judson have claimed that in the mid nineties between 53-67 percent of U.S. currency was overseas, whereas Feige’s estimates suggested a figure closer to 40 percent abroad. Most recently, Goldberg writing in a New York Federal Reserve publication asserted that “about 65 percent ($580 billion) of all banknotes are in circulation outside of the country. However, these assertions are contradicted by the Federal Reserve Board of Governors Flow of Funds statistics which show that at the end of March 2009, only $313 billion (36.7 percent) of U.S. currency was held abroad. Feige calculates that since 1964, “the cumulative seigniorage earnings accruing to the U.S. by virtue of the currency held by foreigners amounted to $167-$185 billion and over the past two decades seigniorage revenues from foreigners have averaged $6-$7 billion dollars per year”.

美国的货币在20世纪的大部份时候都一直通行全球。当然,在二战中,流通中的货币量增加了好几倍。然而,美国大量印刷百元钞的新时代也从1991年苏维埃联邦解体之后开始。印刷生产翻了四倍,首度印刷超过一兆币值的百元钞。截至2008年底,美国公众流通的货币总额有8240亿美元,有76%的货币供应量是百元面额的钞票,平均每个美国公民有20张百元美钞。在过去十年里,对于美国货币在海外流通的数量一直都有很大的争议。Porter与Judson-波特和贾德森都声称,在90年代中期,53%到67%的美国货币都在海外,而Feige-菲戈的估计则接近40%。最近,Goldberg-戈德堡在纽约联邦储备局的出版物发表文章断言,“有65%左右(约5800亿美元)的纸币在国外流通。然而,这些说法却有别于联邦储备局资金流量统计委员会在2009年3月底公布的数据,只有3130亿(36.7%)的美国货币在国外。Feige估算,从1964年起,“由于外国人持有的货币累积出的铸币税收益约1670到1850亿美元,在过去二十年里,来自外国人的铸币税收入平均是每年60到70亿美元”。

The American $100 bill has some competition, primarily from the €500 note. The larger value of the banknote makes it easier to transport larger amounts of money. As an example, to carry $1 million in currency on board an airplane, and it is in $100 bills, the weight of the money is 22 pounds. It is difficult to carry this much without a briefcase and some physical security. Since it is against authority of Title 26 of the United States Code (U.S.Tax Code) regulations to carry more than $10,000 without reporting it (31 USC 5311), it is unlikely to pass security unnoticed. The same amount in €500 notes would weigh less than three pounds, and it could probably be dispersed in clothing and in luggage without attracting attention or alerting a security device. For many illegal operations the problem of transporting currency is more difficult than transporting cocaine because of the size and weight of the currency. The ease of transporting banknotes makes the euro very attractive to Latin American drug cartels.

美国的百元美钞也面对一些竞争,主要是€500欧元的纸钞。面值大的钞票方便转移大数额的钱。打个比方,带着一百万的货币登机,如果是百元钞,钱的重量是22磅。因此很难不用公事包和一些保安措施来携带这么多钱。由于这个做法违反了“美国法典”(US税务守则)第26条的规定,携带超过一万元却不通报(31 USC 5311),就很难通过安检。同等数量的€500欧元纸币的重量就少过三磅,很容易藏在服装和行李箱里分散开来而不引起人们的注意或触动保安设备。对许多非法行动来说,运送货币比起运输可卡因还困难,问题出在纸币的体积和和重量。轻易可运送钞票的欧元就吸引了拉丁美洲的毒品商。

The Swiss 1000 franc note is probably the only other banknote that is in circulation outside of its home country. It is worth slightly more than US$1000. However, to the non-Swiss it doesn’t provide a significant advantage over the €500 note as there are 20 times as many of the €500 note circulating and they are more widely recognized. As a reserve currency it is roughly 0.1% of the currency composition of official foreign exchange reserves.

瑞士1000法郎的钞票很可能是唯一在其国土外通行的钞票,其价值超过1000美元一些。然而,对于瑞士以外的人来说,这种钞票并不比€500欧元占显着的优势,因为有多达20倍的€500欧元纸钞在流通,而且广泛被接受。作为一种储备货币,它也只是占了大约0.1%的官方外汇储备的货币组合。

Governments differ radically in their issuance of large banknotes. As of August 2009, the number of 1000 franc Swiss banknotes circulating is over 3 times the population of Switzerland. In comparison the number of £50 banknotes circulating slightly less than 3 times the population of UK. But the 1000 franc banknote is worth roughly £600. The British government has traditionally been wary of large banknotes since the counterfeiting Operation Bernhard in World War II which caused the Bank of England to withdraw all notes larger than £5 from circulation, and not reintroduce other denominations until the early 1960s (£10), 1970 (£20) and March 20, 1981 (£50). Circulation rates are so low that Britain could stop printing the £50 note and much of the population wouldn’t notice.

在发行大面值的钞票上,各个政府的观点都大不同。截至2009年8月,1000元瑞士法郎钞票的流通量超过瑞士人口的3倍。相比之下,50元英镑的纸钞比英国人口少了三倍,但是1000元瑞士法郎的钞票大约值600英镑。第二次世界大战发生的借Bernhard行动去造假的假钞事件,逼英格兰银行收回所有流通中大过5英镑的纸钞,从那时起,英国政府传统上就很小心处理大钞,就不再推出新的面额新钞,直到60年代初才推出10英镑纸钞,1970年推出20英镑的纸钞,以及1981年3月20日发行的50英镑纸钞。流通率低到英国政府可以停止印刷50英镑的纸钞而大部份人民还没察觉出来。

There is a banknote for 500 Latvian lats which is currently one of the most valuable notes in the world, as it is worth more than $1000, but it is unlikely to be accepted outside of Latvia. Likewise, the 10000 Singapore dollar note is the most valuable, but is rarely used and unlikely to be accepted outside of Singapore. Other currencies in Europe, like the British pound, and the Scandinavian currencies do not issue large value banknotes. Iceland in particular has never needed much currency since electronic transactions are commonplace, and their population is small with over 60% of the population living in one metropolitan area. Their largest banknote is worth less than €28.

拉脱维亚的500拉钞票是目前世界上最有价值的纸币,因为价值超过1000元,但是不大可能在拉脱维亚国外被接受。同样的,新加坡的一万元纸钞也是最有价值的,但却很少用到,也不大可能在海外被接受。欧洲其他货币,如英镑和Scandinavian-斯堪第纳维亚的货币里没有大面值的钞票。尤其是Iceland-冰岛,从来都不需要那么多货币,因为电子交易很普遍,而他们的人口很少,只有60%多一些的人口住在一个都市里。他们最大的钞票面值少过€28欧元。

South Korea is an example of a country with a high Human Development Index that fears counterfeiting so much that they don’t utilize large banknotes. South Korea has a larger purchasing power parity per capita than Latvia, but until recently the largest South Korean banknote was worth about US$8, which was a severe impediment to routine business. On June 23, 2009 they issued a new banknote worth five times as much.

韩国是一个具有较高的人类发展指数的例子,因为他们害怕收到假钞,就不敢用大面值的钞票。韩国的人均收入购买力比拉脱维亚还高,但要到最近,韩国最大的钞票面值才值约8美元,对日常业务造成严重的不便。2009年6月23日,他们发行了一个价值大了五倍多的新钞票。

The American treasury considered re-issuing a US$500 banknote when the euro banknotes began circulating. There was concern that the high value banknotes would provide competition. However, after recognition that the $500 banknote would provide a huge advantage to worldwide criminal operations and dictatorships, the decision was made not to pursue this option.

美国财政部考虑重新在欧元纸钞开始通行时发行500美元的钞票。有人担心高面值的钞票将鼓励竞争。然而,在认识到500美元的钞票会提供全球化的犯罪活动和专政政权巨大的便利之后,才决定不考虑这个选项。

Canada briefly issued a $1000 Canadian dollar bill in 1992, but the Royal Canadian Mounted Police was able to successfully argue against the continued printing of this bill in 2000; it is still legal tender but no more are being printed, and it will diminish as older bills are destroyed. It was not widely circulated outside of Canada.

加拿大简要地在1992年发行了$1000加拿大元的纸钞,但加拿大皇家骑警警方在2000年成功地辩驳反对继续印刷这种纸钞,虽然还是法定货币,但已经不再印刷,而且在旧钞被销毁后会逐渐减少。这种钞票不在加拿大境外广泛流通。

 

See also  另见

  • Central bank  中央银行
  • Digital gold currency  数码式黄金货币
  • Fractional reserve banking  部分储备金银行
  • Full reserve banking  全储备银行
  • Money  货币
  • Monetarism  货币主义
  • Demurrage (currency)  滞期费(货币)

 

External links  外部链接

  • Extensive discussion   广泛的讨论
  • Sovereignty & Seignorage  主权和铸币税
  • Information about Seigniorage  关于铸币税的信息
  • “The temptation of dollar seigniorage”, By Kosuke Takahashi of Asia Times Online, January 23, 2009.

美元铸币税“的诱惑” , 耿介高桥撰,亚洲时报在线 ,2009年1月23日。

  • “A better way to account for fiat money at the Central Bank” By Thomas Colignatus, December 31, 2005

“一个审计中央银行的法定货币更好的办法” Thomas Colignatus撰,2005年12月31日

 

Categories  分类

  • Numismatics  钱币学
  • Taxation  税务

—— END ——

 

Source > en.wikipedia.org/wiki/Seiniorage

Translated by > BlogHost

Word Count > approx. 2250 words in English

 

Hedge

March 2, 2012 Leave a comment

Hedge (finance)  对冲(金融)

 

A hedge is an investment position intended to offset potential losses that may be incurred by a companion investment.

对冲是一种用来抵消可能由一个结伴投资所产生的潜在损失的投资。

A hedge can be constructed from many types of financial instruments, including stocks, exchange-traded funds, insurance, forward contracts, swaps, options, many types of over-the-counter and derivative products, and futures contracts.

对冲可以由多种类型的金融工具,包括股票,交易所买卖基金,保险,远期合约,掉期,期权,多种场外与衍生商品以及期货合约所组成。

Public futures markets were established in the 19th century[1] to allow transparent, standardized, and efficient hedging of agricultural commodity prices; they have since expanded to include futures contracts for hedging the values of energy, precious metals, foreign currency, and interest rate fluctuations.

公共期货市场在19世纪成立,好让农产品价格可以透明地,规范化,有效地对冲;从那时起,期货合约就不断扩大到包括和能源,贵重金属,外币和利率波动的对冲。

 

Contents  目录

1. Etymology  词源

2. Examples  例子

2.1 Agricultural commodity price hedging  农业商品价格的对冲

2.2 Hedging a stock price  对冲股价

2.3 Hedging Employee Stock Options  对冲员工股票期权

2.4 Hedging fuel consumption  对冲燃油消耗

3. Types of hedging  套期保值的类型

3.1 Hedging strategies  对冲策略

3.1.1 Financial derivatives such as call and put options  金融衍生工具如看涨和看跌期权

4. Natural hedges  自然对冲

5. Categories of hedgeable risk  可对冲风险的分类

6. Hedging equity and equity futures  对冲股权和股权期货

6.1 Futures hedging  期货套期保值

6.2 Contract for difference  价差合约

7. Related concepts  相关概念

8. See also  另见

8.1 Accountant views  会计师观点

9. References  参考文献

10 External links  外部链接

 

Etymology  词源

Hedging is the practice of taking a position in one market to offset and balance against the risk adopted by assuming a position in a contrary or opposing market or investment. The word hedge is from Old English hecg, originally any fence, living or artificial. The use of the word as a verb in the sense of “dodge, evade” is first recorded in the 1590s; that of insure oneself against loss, as in a bet, is from 1670s.

对冲交易的做法是在一个市场中用一个仓盘去抵消和平衡风险,在一个相反或对立的市场或投资中占有另一个仓位。对冲这个词出自旧式英语hecg,原本是指任何天然或人工的围栏。这个当作“躲闪,回避”来用的动词首度在1590年代有记载,在赌注中保证自己不受损失的意思则出自1670年代。

 

Examples  例子

Agricultural commodity price hedging  农业商品价格的对冲

A typical hedger might be a commercial farmer. The market values of wheat and other crops fluctuate constantly as supply and demand for them vary, with occasional large moves in either direction. Based on current prices and forecast levels at harvest time, the farmer might decide that planting wheat is a good idea one season, but the forecast prices are only that — forecasts. Once the farmer plants wheat, he is committed to it for an entire growing season. If the actual price of wheat rises greatly between planting and harvest, the farmer stands to make a lot of unexpected money, but if the actual price drops by harvest time, he could be ruined.

一个典型的对冲者可能是一个农商。小麦和其他作物的市场价值因为供应和需求各不相同而不断波动,偶尔在某一个方向有大幅度动作。根据目前的价格和在收割时的预测水平不一定准确,因为农民可能半途决定在某一个季节改种小麦是一个好主意,因此预测价格就只是一个预测。农民一旦开始种小麦,他就必须为整个生长季节付出努力。如果小麦的实际价格在种植与收成之间大幅度上涨,农民就会赚到很多意想不到的钱,但是,如果实际价格在收成时下降,他可能要倒贴。

If at planting time the farmer sells a number of wheat futures contracts equivalent to his anticipated crop size, he effectively locks in the price of wheat at that time: the contract is an agreement to deliver a certain number of bushels of wheat to a specified place on a certain date in the future for a certain fixed price. The farmer has hedged his exposure to wheat prices; he no longer cares whether the current price rises or falls, because he is guaranteed a price by the contract. He no longer needs to worry about being ruined by a low wheat price at harvest time, but he also gives up the chance at making extra money from a high wheat price at harvest times.

如果在播种期间,农民出售的小麦期货合约相当于他预计的农作物规模的数量,他就有效地锁定了当时的小麦价格:合同是一种要把一定数量的小麦在未来的固定日期以固定定价交付到指定的地点的协议。农民自己以小麦价格公开对冲,他就不必再关心目前的价格上升或下降,因为他已经得到合同的价格保证。他不必再担心小麦价格在收成时会被拉低,但他也放弃了在收成时小麦价格升高能赚到更多钱的机会。

 

Hedging a stock price  对冲股票价格

A stock trader believes that the stock price of Company A will rise over the next month, due to the company’s new and efficient method of producing widgets. He wants to buy Company A shares to profit from their expected price increase. But Company A is part of the highly volatile widget industry. If the trader simply bought the shares based on his belief that the Company A shares were underpriced, the trade would be a speculation.

一名股票交易员相信A公司的股票价格将会在下个月上涨,那是因为该公司刚开发出新的和有效生产部件的方法。他想购买A公司的股票,从他们预计的价格上涨中获利。但是A公司只是极不稳定的部件行业中的一部份。如果交易员只是相信A公司的股票被低估而买入,这种交易就是一种投机炒作。

Since the trader is interested in the company, rather than the industry, he wants to hedge out the industry risk by short selling an equal value (number of shares × price) of the shares of Company A’s direct competitor, Company B.

由于交易员只对公司而不是整个工业感兴趣,他要通过对冲去抛空A公司的最大竞争对手B公司同等价值的股份(股数×价格)。

The first day the trader’s portfolio is:

交易员第一天的投资组合是:

  • Long 1,000 shares of Company A at $1 each
  • Short 500 shares of Company B at $2 each
  • 买空A公司的一千股,每股1元
  • 卖空B公司的五百股,每股2元

(Notice that the trader has sold short the same value of shares)

(请注意交易员卖空的股值相等)

If the trader was able to short sell an asset whose price had a mathematically defined relation with Company A’s stock price (for example a put option on Company A shares), the trade might be essentially riskless. In this case, the risk would be limited to the put option’s premium.

如果交易员能够抛空一个在数学定义与上A公司的股票价格有关(例如对A公司股票的看跌期权)的资产,就可能是一个没有基本风险的交易。在这种情况下,风险将只限于看跌期权的溢价。

On the second day, a favorable news story about the widgets industry is published and the value of all widgets stock goes up. Company A, however, because it is a stronger company, increases by 10%, while Company B increases by just 5%:

第二天,一个有利于部件行业的新闻报道刊登,所有部件的股票价值都上涨。但是,A公司是一个比较强大的公司,股值上涨了10%,而B公司只涨了5%,投资组合的变动如下:

  • Long 1,000 shares of Company A at $1.10 each: $100 gain

   买空A公司那一千股每股值1.10元,获利100元

  • Short 500 shares of Company B at $2.10 each: $50 loss

   卖空B公司那五百股每股值2.10元,损失50元

(In a short position, the investor loses money when the price goes up.)

(在短盘的部份,价格上涨时投资者就亏损)

The trader might regret the hedge on day two, since it reduced the profits on the Company A position. But on the third day, an unfavorable news story is published about the health effects of widgets, and all widgets stocks crash: 50% is wiped off the value of the widgets industry in the course of a few hours. Nevertheless, since Company A is the better company, it suffers less than Company B:

交易员可能会后悔第二天的对冲,因为短盘这一边减少了A公司那一边的利润。到了第三天,一个不利的新闻报道发表了相关部件对健康的不良影响,所有跟部件有关的股市崩盘:50%部件行业的市值在几个小时内被刮掉。不过,因为A公司是更好的公司,遭受的损失就比B公司来得少,投资组合的变动如下:

Value of long position (Company A):

长仓的价值(A公司):

  • Day 1: $1,000
  • Day 2: $1,100
  • Day 3: $550 => ($1,000 − $550) = $450 loss

第1天:$ 1,000
第2天:$ 1,100
第3天:$ 550 =>($ 1,000 – $ 550)= $450的损失

Value of short position (Company B):

短盘的价值(B公司):

  • Day 1: −$1,000
  • Day 2: −$1,050
  • Day 3: −$525 => ($1,000 − $525) = $475 profit

第1天: – $ 1,000
第2天: – $ 1,050
第3天: – $ 525 =>($ 1,000 – $ 525)= $475元的利润

Without the hedge, the trader would have lost $450 (or $900 if the trader took the $1,000 he has used in short selling Company B’s shares to buy Company A’s shares as well). But the hedge – the short sale of Company B – gives a profit of $475, for a net profit of $25 during a dramatic market collapse.

没有对冲的话,交易员就会损失450元(或$900,如果交易员用卖空B公司股份的一千元去买A公司的股份)。但对冲卖空B公司的获利是475元,在一个戏剧性的市场崩盘中净赚了25元。

 

Hedging Employee Stock Options  对冲员工股票期权

Employee Stock Options are securities issued by the company generally to executives and employees. These securities are more volatile than stock and should encourage the holders to manage those positions with a view to reducing that risk. There is only one efficient way to manage the risk of holding employee stock options and that is by use of sales of exchange traded calls and to a lesser degree by buying puts. Companies discourage hedging versus ESOs but have no prohibitions in their contracts.

员工股票期权是由该公司发行给一般管理人员和员工的证券。这些证券比股市更会波动,应该鼓励持有人以减少这种风险的观点来管理。但也只有一个有效的方式来管理控股员工股票期权的风险,那就是卖出交易所买卖的看涨期权,较低程度地购买看跌期权。大部份公司都不鼓励与员工股票期权(ESOs)对冲,但是在合约中并没有禁止。

 

Hedging fuel consumption  对冲燃油消耗

Airlines use futures contracts and derivatives to hedge their exposure to the price of jet fuel. They know that they must purchase jet fuel for as long as they want to stay in business, and fuel prices are notoriously volatile. By using crude oil futures contracts to hedge their fuel requirements (and engaging in similar but more complex derivatives transactions), Southwest Airlines was able to save a large amount of money when buying fuel as compared to rival airlines when fuel prices in the U.S. rose dramatically after the 2003 Iraq war and Hurricane Katrina.

航空公司使用期货合约和衍生工具去对冲燃油价格的风险。他们知道,只要他们想要继续营业,就必须购买喷射机燃料,而燃油价格的波动性是出了名的。通过使用原油期货合约去对冲对燃油的需求(和从事类似但更复杂的衍生商品的交易),比起竞争对手的航空公司,美国的燃料价格在2003年的伊拉克战争和“卡特里娜”飓风过后大幅度上涨,西南航空公司就能够节省大量的资金来购买燃油。

 

Types of hedging  套期保值的类型

Hedging can be used in many different ways including foreign exchange trading.[3] The stock example above is a “classic” sort of hedge, known in the industry as a pairs trade due to the trading on a pair of related securities. As investors became more sophisticated, along with the mathematical tools used to calculate values (known as models), the types of hedges have increased greatly.

套期保值可以用在许多不同地方,包括外汇交易。上述股票的例子是“经典”的对冲,在业内被称为双贸易,因为是在一对相关的证券上进行交易。由于投资者变得更有技巧,加上用来计算价值(成为模式)的数学工具,对冲类型也大大地增加。

 

Hedging strategies  对冲策略

Examples of hedging include:

套期保值的例子有:

  • Forward exchange contract for currencies  外汇的远期货币合约
  • Currency future contracts  货币期货合约
  • Money Market Operations for currencies  外汇的货币市场操作
  • Forward Exchange Contract for interest  利息的远期货币合约
  • Money Market Operations for interest  利息的货币市场操作
  • Future contracts for interest  利息的远期合约

This is a list of hedging strategies, grouped by category.

这是一个按照类别分组的对冲策略的列表。

 

Financial derivatives such as call and put options

金融衍生工具如看涨和看跌期权有:

  • Risk reversal: Simultaneously buying a call option and selling a put option. This has the effect of simulating being long on a stock or commodity position.

风险逆转 : 同时购买看涨期权和卖出看跌期权,这么做有模拟股票或商品长仓的效果。

  • Delta neutral: This is a market neutral position that allows a portfolio to maintain a positive cash flow by dynamically re-hedging to maintain a market neutral position. This is also a type of market neutral strategy.

三角中性 : 这是一个市场中立的仓位,允许投资组合维持正现金流,通过动态的重新对冲去保持市场中立的仓位,这也是一种市场中立的策略。

 

Natural hedges  自然对冲

Many hedges do not involve exotic financial instruments or derivatives such as the married put. A natural hedge is an investment that reduces the undesired risk by matching cash flows (i.e. revenues and expenses). For example, an exporter to the United States faces a risk of changes in the value of the U.S. dollar and chooses to open a production facility in that market to match its expected sales revenue to its cost structure.

许多对冲不涉及外来的金融工具或衍生工具,比如结合式看跌。自然对冲是一种通过现金流量(即收入和支出)的配对来减少不受欢迎风险的投资。例如,美国的出口商面临美元价值的变化风险,就选择在那个市场设立生产设施来符合预期的销售收入以及成本结构的要求。

Another example is a company that opens a subsidiary in another country and borrows in the foreign currency to finance its operations, even though the foreign interest rate may be more expensive than in its home country: by matching the debt payments to expected revenues in the foreign currency, the parent company has reduced its foreign currency exposure. Similarly, an oil producer may expect to receive its revenues in U.S. dollars, but faces costs in a different currency; it would be applying a natural hedge if it agreed to, for example, pay bonuses to employees in U.S. dollars.

另一个例子是一家公司在另一个国家设立子公司,并借用外汇营运资金来经营,即使国外的利率可能比本国的更高,做法就是用外币匹配债务支出预期收入,母公司也就降低了自己面对的外汇波动风险。同样的,石油生产国也许有准备要收到美元,但也面对不同的货币成本,如果同意,就可以运用自然对冲,例如,用美元来支付雇员的薪金。

One common means of hedging against risk is the purchase of insurance to protect against financial loss due to accidental property damage or loss, personal injury, or loss of life.

一个对冲风险的普遍手段是购买保险,防止因意外造成的财物破损,人身伤害,丧失生命以及财务亏损。

 

Categories of hedgeable risk  可对冲风险的分类

  • There are varying types of risk that can be protected against with a hedge. Those types of risks include:

  对冲可以保障免受几种不同风险造成的损失。这些不同类型的风险包括:

  • Commodity risk: the risk that arises from potential movements in the value of commodity contracts, which include agricultural products, metals, and energy products.

商品风险 :商品合约的价值,其中包括农产品,金属,能源产品的潜在变动。

  • Credit risk: the risk that money owing will not be paid by an obligor. Since credit risk is the natural business of banks, but an unwanted risk for commercial traders, an early market developed between banks and traders that involved selling obligations at a discounted rate.

信用风险 :债务人不付钱的风险。由于信用风险是银行业务的一部份,但却不是商业贸易业者要的风险,因此银行和商人之间就发展出一个早期市场,以折扣价出售权益。

  • Currency risk (also known as Foreign Exchange Risk hedging) is used both by financial investors to deflect the risks they encounter when investing abroad and by non-financial actors in the global economy for whom multi-currency activities are a necessary evil rather than a desired state of exposure.

货币风险(又称外汇风险的对冲)被金融投资者用来转移海外投资时遇到的风险,也被金融投资者用来避开全球经济的风险,对他们来说,多种货币的活动是难免的坏事,而不是理想中的风险。

  • Interest rate risk: the risk that the relative value of an interest-bearing liability, such as a loan or a bond, will worsen due to an interest rate increase. Interest rate risks can be hedged using fixed-income instruments or interest rate swaps.

利率风险:生利息的债务风险,如贷款或债券的相对价值,会因为加息而进一步恶化。利率风险可以使用固定收益工具或利率掉期来对冲。

  • Equity risk: the risk that one’s investments will depreciate because of stock market dynamics causing one to lose money.

股权风险 : 这是因为股市的动态导致赔钱使到投资贬值的风险。

  • Volatility risk: is the threat that an exchange rate movement poses to an investor’s portfolio in a foreign currency.

波动的风险 :这是汇率变动对投资者的外币组合的威胁。

  • Volumetric risk: the risk that a customer demands more or less of a product than expected.

质量风险 :客户对产品的要求高过或低过预期的。

 

Hedging equity and equity futures  对冲股权和股权期货

Equity in a portfolio can be hedged by taking an opposite position in futures. To protect your stock picking against systematic market risk, futures are shorted when equity is purchased, or long futures when stock is shorted.

投资组合中的股权可以采取期货中相反的立场来对冲。为了保护您的选股避免系统性的市场风险,购买期货股权时用长仓,或者用长期期货来卖空股票。

One way to hedge is the market neutral approach. In this approach, an equivalent dollar amount in the stock trade is taken in futures – for example, by buying 10,000 GBP worth of Vodafone and shorting 10,000 worth of FTSE futures.

对冲的方式之一就是采取市场中立的态度。这种做法就是用相等的面值在期货中作股票交易 – 例如,用一万英镑购买Vodafone的股票再卖空价值一万FTSE富时指数的期货。

Another way to hedge is the beta neutral. Beta is the historical correlation between a stock and an index. If the beta of a Vodafone stock is 2, then for a 10,000 GBP long position in Vodafone an investor would hedge with a 20,000 GBP equivalent short position in the FTSE futures (the index in which Vodafone trades).

另一种对冲方式就是使用中立的Beta-贝塔系数。Beta-贝塔是股票和指数之间的历史性关系。如果Vodafone的股票的贝塔系数是2,那么在Vodafone的一万英镑长仓里,投资者会用两万英镑相等的短盘去持有FTSE富时指数的期货(Vodafone沃达丰在交易的市场里的指数)对冲。

Futures contracts and forward contracts are means of hedging against the risk of adverse market movements. These originally developed out of commodity markets in the 19th century, but over the last fifty years a large global market developed in products to hedge financial market risk.

期货合约和远期合约都是针对不利的市场变动风险而采取的对冲手段。这些方法原本是在19世纪的商品市场发展出来,但是,过去的五十多年已经在商品交易中开发出一个庞大的全球市场来对冲金融市场的风险。

 

Futures hedging  期货套期保值

Investors who primarily trade in futures may hedge their futures against synthetic futures. A synthetic in this case is a synthetic future comprising a call and a put position. Long synthetic futures means long call and short put at the same expiry price. To hedge against a long futures trade a short position in synthetics can be established, and vice versa.

那些原本在期货市场中交易的投资者可能会用他们的期货来对冲合成期货。这种情况的合成品是一种包括看涨和看跌期权的合成期货。长仓的合成期货是指用同样的到期价格维持长仓看涨与短盘看跌。为了对冲长期期货,可以在合成期货市场中建立淡仓或短盘,反之亦然。

Stack hedging is a strategy which involves buying various futures contracts that are concentrated in nearby delivery months to increase the liquidity position. It is generally used by investors to ensure the surety of their earnings for a longer period of time.

堆栈对冲是一项战略,牵涉购买各种集中在近期的交货月的期货合约来增加资金的流动。通常都被投资者用来确保他们的收入在较长时间内有所保障。

 

Contract for difference  价差合约

A contract for difference (CFD) is a two-way hedge or swap contract that allows the seller and purchaser to fix the price of a volatile commodity. Consider a deal between an electricity producer and an electricity retailer, both of whom trade through an electricity market pool. If the producer and the retailer agree to a strike price of $50 per MWh, for 1 MWh in a trading period, and if the actual pool price is $70, then the producer gets $70 from the pool but has to rebate $20 (the “difference” between the strike price and the pool price) to the retailer.

差价合约(CFD)是一个双向的对冲或掉期合约,允许卖方和买方为波动的商品定价。想像电力厂家和电力零售商之间的交易,两者都通过集合的电力市场交易。如果厂家和零售商同意在某个交易期内以每兆瓦时$50成交,而实际的市价是$70,那么厂家会从结合市场得到$70但却要退 $20(成交价和市价的“价差”)给零售商。

Conversely, the retailer pays the difference to the producer if the pool price is lower than the agreed upon contractual strike price. In effect, the pool volatility is nullified and the parties pay and receive $50 per MWh. However, the party who pays the difference is “out of the money” because without the hedge they would have received the benefit of the pool price.

相反的,如果市价比合约商定的成交价来得低,零售商就必须支付价差给厂家。结果就是,市价的波动的影响是无效的,各方依旧支付和接收每兆瓦时50元。然而,付出差价的一方是在“ 自掏腰包 ”,要是没有对冲,他们就会收到市价的实际利益。

 

Related concepts  相关概念

  • Forwards: A contracted agreement specifying an amount of currency to be delivered, at an exchange rate decided on the date of contract.

  远期交易 :这是以合约签订日的汇率为准指定交付货币金额的协议。

  • Forward Rate Agreement (FRA): A contract agreement specifying an interest rate amount to be settled at a pre-determined interest rate on the date of the contract.

远期利率协议(FRA): 这是以合约签订日预定的利率为准指定结算利率金额的协议。

  • Currency option: A contract that gives the owner the right, but not the obligation, to take (call option) or deliver (put option) a specified amount of currency, at an exchange rate decided at the date of purchase.

货币期权:这种合约赋予了业主权力,但没有义务以购买日的汇率为准,去接收(看涨期权)或交付(看跌期权)所指定的货币金额。

  • Non-Deliverable Forwards (NDF): A strictly risk-transfer financial product similar to a Forward Rate Agreement, but used only where monetary policy restrictions on the currency in question limit the free flow and conversion of capital. As the name suggests, NDFs are not delivered but settled in a reference currency, usually USD or EUR, where the parties exchange the gain or loss that the NDF instrument yields, and if the buyer of the controlled currency truly needs that hard currency, he can take the reference payout and go to the government in question and convert the USD or EUR payout. The insurance effect is the same; it’s just that the supply of insured currency is restricted and controlled by government. See Capital Control.

非交割远期期货(NDF):这完全是一个风险转移的金融产品,类似远期利率协议,但只用在货币政策限制该货币的自由流动和转换资金的货币之时。顾名思义,非交割远期期货不交付但会以参考货币来结算,通常是美元或欧元,合约双方交换NDF设施产生的收益或亏损,如果受控货币的买方需要硬货币,他可以采用参考支出的算法,到有关的政府部门去转换成美元或欧元。保险的作用是相同的,受保货币供应由政府控制和限制。详情另见“资本的控制”。

  • Interest rate parity and Covered interest arbitrage: The simple concept that two similar investments in two different currencies ought to yield the same return. If the two similar investments are not at face value offering the same interest rate return, the difference should conceptually be made up by changes in the exchange rate over the life of the investment. IRP basically provides the math to calculate a projected or implied forward rate of exchange. This calculated rate is not and cannot be considered a prediction or forecast, but rather is the arbitrage-free calculation for what the exchange rate is implied to be in order for it to be impossible to make a free profit by converting money to one currency, investing it for a period, then converting back and making more money than if a person had invested in the same opportunity in the original currency.

利率平价(IRP)和对销汇率风险的套息 :这个简单的概念是指两个不同币种的两个类似的投资应该产生相同的回报。如果两个类似的投资并没有以相同的面值提供相同利率的回报,在概念上,其差额应该由这个投资期的汇率变动来补偿。基本上,IRP提供了估算预测或不明示的远期汇率的数学模式。这个计算率不是也不可以被当成是一个预言或预测,而是一种无套利的计算方式,计算汇率不明示该有的正常状态让人无法通过转换货币,投资一段时间,再换回原币去赚无本的利润,赚的钱就无法比那些投资在原有货币不转换的人还多。

  • Hedge fund: A fund which may engage in hedged transactions or hedged investment strategies.

对冲基金 :这是一个会从事对冲交易或对冲投资策略的基金。

 

See also  另见

  • Arbitrage  套利
  • Asset-liability mismatch  资产负债不匹配
  • Diversification (finance)  多样化(金融名词)
  • Fixed bill  固定汇票
  • Foreign Exchange Hedge  外汇对冲
  • Fuel price risk management  燃油价格风险管理
  • Immunization (finance)  免疫(金融名词)
  • List of finance topics  金融主题列表
  • Option (finance)  期权(金融名词)
  • Spread  差价

Accountant views  会计师观点

  • IAS 39  国际会计准则第39号
  • FASB 133
  • Cash flow hedge  现金流量对冲
  • Hedge accounting  对冲会计法

External Links  外部链接

  • Guide to Hedging Interest Rate Risk  对冲利率风险指南
  • Basic Fixed Income Derivative Hedging Article on Financial-edu.com

  基本固定收入衍生对冲,文章在Financial-edu.com

  • Hedging Corporate Bond Issuance with Rate Locks article on Financial-edu.com

  企业债券的发行对冲汇率锁定,文章在金融edu.com

  • The curious moral paradox of Hedging, and how Regulation gives it a blank cheque on theotherschoolofeconomics.org

  奇特的道德悖论对冲,以及条规如何赋予它一张空白支票,文章在 theotherschoolofeconomics.org


Categories 
分类

  • Derivatives (finance)  衍生金融工具(金融)
  • Financial terminology  金融术语
  • Finance  金融
  • Financial markets  金融市场
  • Financial instruments  金融工具
  • Corporate finance  企业贷款
  • Personal finance  个人贷款
  • Public finance  公共贷款
  • Banks and banking  银行与银行业
  • Financial regulation  金融条规
  • Standards  标准
  • Economic history  经济史

—— END ——

 

Source > Wikipedia at en.wikipedia.org/wiki/Hedge_(finance)

Translated by > BlogHost

Word Count > approx.2600 words in English

 

Cov-lite

February 28, 2012 Leave a comment

Cov-lite  淡契约

 

Cov-lite (“covenant light”) is financial jargon for loan agreements which do not contain the usual protective covenants for the benefit of the lending party. Although traditionally banks have insisted on a wide range of covenants which allow them to intervene if the financial position of the borrower or the value of underlying assets deteriorates, around 2006 the increasing strength of private equity firms and the decreasing opportunities for traditional corporate loans made by banks fuelled something of a “race to the bottom” with syndicates of banks competing with each other to essentially offer ever less invasive terms to borrowers in relation to leveraged buy-outs.

COV-LITE淡契约)是不包含一般贷款协议会有的保护放贷人利益的借贷协议。虽然传统上银行都坚持有一个广泛的条约允许他们在借方的财务状况或相关资产的价值恶化时进行干预,但是,在2006年左右,各银行集团为了竞争,提供给借方跟杠杆收购有关,基本上更少侵入性的条件,导致削价竞争的局面,结果私人股权投资公司的实力增强以及由银行经营传统的企业贷款机会减少。

Cov-lite lending is seen as more risky because it removes the early warning signs lenders would otherwise receive through traditional covenants. Against this, it has been countered that cov-lite loans simply reflected changes in bargaining power between borrowers and lenders, and followed from the increased sophistication in the loans market where risk is quickly dispersed through syndication or credit derivatives.

淡契约式贷款被视为风险更大,因为它解除了传统契约会提供给借方知道的提前预警迹象。因此,反对的人说,淡契约贷款只是反映了在借方和贷方之间讨价还价能力的变化,接着在日益复杂的贷款市场中迅速通过财团集资或信用衍生工具去分散风险。

 

Contents  目录

  • Covenants  条约
  • Concerns  需关注事项
  • 2007 credit crunch   2007年的信贷紧缩
  • References  参考文献
  • External links  外部链接

 

Covenants  条约

Practise varied, but characteristically, cov-lite loans would remove the requirement to report and maintain loan to value, gearing and EBITDA ratios.

做法不尽相同,但特点是淡契约式贷款将删除报告和维持贷款与价值比例的要求,资产负债与EBITDA的比率。

More aggressively negotiated cov-lite loans might also remove:

  • events of default relating to “material adverse change” of the position of the borrower
  • requirement to deliver annual accounts to the banks
  • restrictions on other third party debt
  • restrictions on negative pledges
  • requirements for bank approval to change the form of the debtor group’s business

更有竞争力的淡契约式贷款的商谈也可能删除掉以下事项:

  • 跟借方面临“重大不利变数”有关的违约事件
  • 要求提供给银行的年度账目
  • 限制其他第三方的债务
  • 限制负面的抵押
  • 改变债务人集团的业务形式时需要银行的审批

 

Concerns  需关注事项

Many at the time were alarmed by the development; The Economist in particular thought it was a concerning and short-sighted development,[1] and the Financial Times endorsed the view of Anthony Bolton of Fidelity Investments who warned on his retirement in May 2007 that cov-lite could be “the tinder paper for a serious reversal in the market.”[2], the movement in the market was inexorable. Others argued that the move to cov-lite was a welcome simplification of loan documentation, and was fully justified as the banks would hedge their risk by transferring exposure to the loan in the CDO market.[3][4] It was also pointed out at the time that cov-lite loans operated in a very similar way to bonds, but at lower values.

当时许多人对事态的发展感到震惊,特别是经济学人期刊认为这是一个令人担心和短视的发展,而金融时报也赞同Fidelity Investment富达投资的Anthony Bolton安东尼博尔顿的看法,他在2007年5月退休时警告说,淡契约可以是“市场上的严重逆转的火绒纸,市场的动向是残酷的。另一些人认为淡契约是个受欢迎被简化了的贷款文件,完全合理,因为银行可以通过对冲去转移贷款在CDO市场面对的风险。当时也有人指出,淡契约式的运作方式类似债券,只是价值比较低。

The high water mark of cov-lite loans came in the acquisition by Kohlberg Kravis Roberts, a US private equity firm, by way of a record $16bn cov-lite loan for its buy-out of First Data.

淡契约式贷款的高水位标杆出现在美国的私有股权公司Kohlberg Kravis Roberts,以创纪录的160亿美元通过淡契约式贷款收购了First Data第一数据的案例上。

 

2007 Credit Crunch 。 2007年的信贷紧缩

The tendency towards cov-lite loans ended abruptly with the 2007 subprime mortgage financial crisis. Some commentators subsequently sought to attribute the credit crunch arising from crisis to cov-lite loans, although the LBO market is almost entirely unconnected with the sub-prime mortgage market in terms of exposure. However, in the credit crunch which ensured, cov-lite loans significantly hampered the ability of banks to step in and both seek to rectify positions which were going bad, and to limit their exposure once matters had gone bad. The suggestion that banks risks were mitigated through the CDO market was difficult to sustain in light of difficulties in that market itself as a result of the credit crunch. In March 2011, the Financial Times reported that in the three months prior, cov-lite loans to the value of $17bn had been issued.

倾向于淡契约式贷款的发展突然在2007年的次贷金融危机时结束。一些评论员随后试图归咎于淡契约式贷款的危机引发的信贷紧缩,虽然LBO市场与次级抵押贷款市场所面对的风险几乎完全无关。然而,接着而来的信贷紧缩,淡契约式贷款显著地阻挠了银行介入纠正恶化的局面以及在坏事发生时降低风险的能力。因此,在信贷紧缩的市场里,银行要通过CDO市场去减少亏损的做法就很难持续下去。2011年3月,“金融时报”报道,在三个月前,淡契约式贷款已经发出了价值170亿美元的贷款。

 

References  参考文献

^ “You only give me your funny paper – Debt markets turn grouchy as creditors ask for more”. The Economist. June 28, 2007.

“你只给我怪文章-债券人要更多时债务市场变。。。”。经济学人,2007年6月28日。

^ a b “Bolton warns of bubble fuelled by “cov-lite” loans”. Financial Times. May 18 2007. (subscription required)

“波顿警告淡契约吹起的泡沫”。金融时报,2007年5月18日。(需订阅)

^ Salmon, Felix (June 12 2007). “A Closer Look at Cov-Lite Loans”. Market Movers. Portfolio.com. BizJournals.

Salmon,Felix(2007年6月12日)“详看淡契约的贷款”。市场驱动者,Portfolio.com,BizJournals。

^ Comment, Deal (March 29, 2007). “Through the looking glass with leveraged finance”. Legal Week blogs. Archived from the original on June 30, 2007.

评论,成交(2007年3月29日)“通过眼镜看杠杆融资”。Legal Week部落格,源自原文于2007年6月30日刊登的档案。

^ Tett, Gillian (March 4, 2011). “The return of cov-lites hints at more caution not madness”. (Financial Times) Fidelity Worldwide Investment. Archived from the original on March 4, 2011.

Tett,Gilllian(2011年3月4日)。“淡契约的回流暗示了更多谨慎而不是跟疯“。(金融时报)Fidelity全球投资,源自原文于2011年3月4日刊登的档案。

 

External Links  外部链接

  • Money Terms – “cov-lite”  金钱术语- “淡契约”

Categories  分类

  • Financial terminology  金融术语
  • Contract clauses  合同条款
  • Private equity  私人股本

—— END ——

 

Source >  Wikipedia at en.wikipedia.org/wiki/Cov-lite

Translated by > BlogHost — hkTan

Word Count > approx.700 words in English

 

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