Introduction to Stock Markets
Let’s continue our discussion of financial intermediaries by looking at stock markets.
让我们通过考察一下股票市场来继续关于金融中介的讨论吧。
Stocks are shares of ownership in a corporation, and they’re traded in organized markets called stock exchanges. Let’s go back to the example we’ve used before, Starbucks.
股票是公司所有权的股份，它们在有组织的被称为股票交易所里进行交易。让我们用以前使用过的星巴克的例子来说明吧。
A member of the public could first buy shares of Starbucks in 1992, after it completed its Initial Public Offering, or IPO, otherwise known as going public. If you own Starbucks shares, you’re a part owner of the Starbucks corporation, and you’re entitled to a share of the firm’s profits. Sometimes you receive this profit directly through a dividend payment. Profits can also be reinvested in the business to grow it, hopefully increasing the value of your shares if you ever decide to sell.
1992年，在星巴克完成了它的首次公开发行（IPO），也就是上市之后，一些公众能够首次买到星巴克的股票。如果你拥有星巴克的股份,你就是星巴克公司的股东之一，你有权分享公司的利润。有时你直接通过分红来获得利润。利润也能够再次投资于企业之中使其得到增长，如果你决定卖掉股票，希望它们使你的股票价值得以增长。
It’s important to note that when we think about turning savings into investment through buying stocks, it’s not the typical buying and selling of existing shares of stock that we’re thinking of. That just transfers ownership from one shareholder to another. It doesn’t mean that Starbucks actually has additional money to invest. It’s when new shares of stock are issued and sold that savings are turned into investment. That happens at the IPO, the Initial Public Offering, or when firms decide to issue new shares of stock, often as part of a plan to raise money to invest in significant new business ventures.
值得注意的是当我们考虑通过买股票把储蓄转化为投资的时候，这并不是我们所认为的典型买卖现有股票。这仅仅是一个股权从一个股东转向另一个股东。并不意味着星巴克实际上有额外的资金去投资。只有当发行和出售新股时，储蓄才会转化为投资。这种情况发生在首次公开募股(IPO)或公司决定发行新股时，通常是为了筹集资金投资于重大的新企业。
The existence of stock markets is a key institution for encouraging entrepreneurship. Selling shares directly raises money to fund big ideas – that’s clear. But less obviously, IPOs provide a big payoff for founders and venture capitalists who invested their time and money when the firm was just a risky startup. Once a company goes public, founders and initial investors can sell some of their ownership in order to diversify their own holdings.
股市的存在是鼓励创业的关键机构。很明显，出售股票可以直接筹集资金，为伟大的想法提供资金. 但是不那么明显的是，上市为创业者和风险投资人提供了巨大的回报，他们在他们的企业刚刚起步的时候投入了时间和金钱。一旦公司上市，最初的开创者和投资人能够卖掉他们一部分的股权来分散他们的持股。
Here’s an important difference between banks and stock markets. When you purchase a stock, you’re essentially making a bet on the success of that company. So, when it comes to the stock market, some savers will wind up happy and others will wind up a little bit sad. So, the stock market can be a riskier method of investment than investing through banks. Bank savers typically do not have to deal with risky ups and downs in the value of their deposits.
在银行和股市之间有一个很大的区别。当你购买一只股票时，本质上，你是在赌那家公司的成功。因此，当谈论到股市的时候，一些储蓄者最终会感到高兴，而另一些人则会感到有点悲伤。因此，股市是一个比通过银行进行投资更加有风险的投资方式。银行储户一般不需要处理存款价值的风险起伏。
Next up, we’re going to look at another type of financial intermediary – the bond market. But before you go, let us know what you think of our videos. Drop me an email, or leave a comment on our feedback site. Thanks!
接下来，我们要了解另一种金融中介形式---债券市场。在你离开之前，让我们知道你对我们视频的看法，给我发邮件或者在我们的反馈栏写评论。谢谢！