《投资学 Investments》课程教学资源（PPT课件，中英文）第3章 证券是如何交易的 HOW DO SECURITIES TRADE

第3章 证券是如何交易的 HOW DO SECURITIES TRADE 3-1

3-1 第3章 证券是如何交易的 HOW DO SECURITIES TRADE

证券是如何交易的 HOW DO SECURITIES TRADE 3.1公司如何发行证券 32证券在何处交易 33交易所中的交易 34场外交易市场中的交易 3.5交易成本 3.6保证金信用购买 37卖空 3.8证券市场的监管

3-2 证券是如何交易的 HOW DO SECURITIES TRADE 3.1 公司如何发行证券 3.2 证券在何处交易 3.3 交易所中的交易 3.4 场外交易市场中的交易 3.5 交易成本 3.6 保证金信用购买 3.7 卖空 3.8 证券市场的监管

公司如何发行证券 How does company offer securities 股票、债券和其他证券的发行通常 由投瓷银行在一级市场上完成(首 次发行和增发“|PO”)。 Shares bonds and other securities can be offered on first market by investment bank(initial public offering)

3-3 股票、债劵和其他证券的发行通常 由投资银行在一级市场上完成（首 次发行和增发 “IPO”）。 Shares 、 bonds and other securities can be offered on first market by investment bank(initial public offering) 公司如何发行证券 How does company offer securities

证券在何处交易 WHERE DO SECURITIES TRADE 证券市场 Securities market 证券持有人将证券卖给其他人 Holders of securities sell securities to others 证券发行公司不会收到资本,与证券的买卖没有 直接联系 Issuer of security will not receive assets from trading, and no directly relationship with securities trading

3-4 证券在何处交易 WHERE DO SECURITIES TRADE 证券市场 Securities Market – 证券持有人将证劵卖给其他人 Holders of securities sell securities to others – 证劵发行公司不会收到资本，与证劵的买卖没有 直接联系 Issuer of security will not receive assets from trading, and no directly relationship with securities trading

证券在何处交易 WHERE DO SECURITIES TRADE 证券一旦向公众发行,投资者彼此之间即可进行交 易。买卖已发行的证券是在二级市场上进行的,这 包括:(1)国家和地区证券交易所;(2)场外市场 (3)在两个当事人之间的直接交易。 Once securities are issued to the public, investors may trade them among themselves. Purchase and sale of already-issued securities take place in the secondary markets, which consist of(1) national and local securities exchanges,(2 )the over-the counter market, and (3 )direct trading between two parties 3-5

3-5 证券在何处交易 WHERE DO SECURITIES TRADE 证券一旦向公众发行，投资者彼此之间即可进行交 易。买卖已发行的证券是在二级市场上进行的，这 包括： (1)国家和地区证券交易所； (2) 场外市场； (3)在两个当事人之间的直接交易。 Once securities are issued to the public, investors may trade them among themselves. Purchase and sale of already-issued securities take place in the secondary markets, which consist of (1) national and local securities exchanges, (2) the over-the￾counter market, and (3) direct trading between two parties

证券在何处交易-二级市场 WHERE DO SECURITIES TRADE -SECOND MARKET 在美国有许多股票交易所。其中的纽约证券交易所和美国股票 交易所均为国家级交易所。其他如波士顿与太平洋( Boston and pacific)交易所,是地区级交易所,其主要上市公司位于 个特殊的地理区域 There are several stock exchanges in the United States. Two of these, the New York Stock EXchange (NYSE and the American Stock EXchange (Amex) are national in scope. the others such as the Boston and Pacific exchanges, are regional exchanges, which primarily list firms located in a particular geographic area 3-6

3-6 证券在何处交易-二级市场 WHERE DO SECURITIES TRADE -SECOND MARKET 在美国有许多股票交易所。其中的纽约证券交易所和美国股票 交易所均为国家级交易所。其他如波士顿与太平洋（ Boston and Pacific ）交易所，是地区级交易所，其主要上市公司位于 一个特殊的地理区域。 There are several stock exchanges in the United States. Two of these, the New York Stock Exchange (NYSE) and the American Stock Exchange (Amex), are national in scope. The others, such as the Boston and Pacific exchanges, are regional exchanges, which primarily list firms located in a particular geographic area

证券在何处交易-场外交易 WHERE DO SECURITIES TRADE-OTC MARKET 约有35000种证券在场外交易市场(over- the-counter,即 OTC市场)进行交易,任何证券都可以在OTC市场中交易, 但是这种市场并不是一种正式的交易场所。那里没有会员资 格的要求,也不需要证券上市的要求(虽然在纳斯达克上市 是有要求的,但是计算机联网正是为了进行场外的证券交 易)。在OTC市场中,有数以千计的在证券与交易委员会注 册的经纪人作为证券场外交易的交易商。证券交易商在此按 照自己意愿进行证券的买卖报价,而经纪人则选择具有吸引 力的报价并通过与交易商的接触实现交易 3-7

3-7 证券在何处交易-场外交易 WHERE DO SECURITIES TRADE-OTC MARKET 约有35 000种证券在场外交易市场（over-the-counter，即 OTC市场）进行交易，任何证券都可以在OTC市场中交易， 但是这种市场并不是一种正式的交易场所。那里没有会员资 格的要求，也不需要证券上市的要求（虽然在纳斯达克上市 是有要求的，但是计算机联网正是为了进行场外的证券交 易）。在OTC市场中，有数以千计的在证券与交易委员会注 册的经纪人作为证券场外交易的交易商。证券交易商在此按 照自己意愿进行证 券的买卖报价，而经纪人则选择具有吸引 力的报价并通过与交易商的接触实现交易

证券在何处交易-场外交易 WHERE DO SECURITIES TRADE-OTC MARKET Roughly 35,000 issues are traded on the over-the-counter OTC)market and any security may be traded there, but the OTC market is not a formal exchange. there are no member-ship requirements for trading, nor are there listing requirements for securities (although there are requirements to be listed on Nasdaq, the computer-linked network for trading of oTC securities ). In the otc market thousands of brokers register with the sec as dealers in otc securities Security dealers quote prices at which they are willing to buy or sell securities. A broker can execute a trade by contacting the dealer listing an attractive quote 3-8

3-8 证券在何处交易-场外交易 WHERE DO SECURITIES TRADE-OTC MARKET Roughly 35,000 issues are traded on the over-the-counter (OTC) market and any security may be traded there, but the OTC market is not a formal exchange. There are no member- ship requirements for trading, nor are there listing requirements for securities (although there are requirements to be listed on Nasdaq, the computer-linked network for trading of OTC securities). In the OTC market thousands of brokers register with the SEC as dealers in OTC securities. Security dealers quote prices at which they are willing to buy or sell securities. A broker can execute a trade by contacting the dealer listing an attractive quote

交易所中的交易 Trading in security trading center 指令的类型 Types of Orders 限价指令(LM| T ORDER) 限价卖出指令 LIMIT SELL ORDER 限价买入指令 LIMIT BUY ORDER 止损卖出令( STOP-LOSS ORDER) 止损买入令( STOP-BUY ORDER) 3-9

3-9 交易所中的交易 Trading in security trading center 指令的类型 Types of Orders 限价指令（LIMIT ORDER） 限价卖出指令 LIMIT SELL ORDER 限价买入指令 LIMIT BUY ORDER 止损卖出令 （STOP-LOSS ORDER） 止损买入令 （STOP-BUY ORDER）

场外交易市场中的交易 OTC Market ■交易商市场( Dealer market without centralized order flow) ■纳斯达克:最大的有组织的场外交易股票市场,为个人,经 纪人和交易商服务的信息系统 全国性市场系统 纳斯达克小公司市场 NASDAQ: largest organized stock market for oTC trading information system for individuals brokers and dealers National Market System Nasdaq smallCap Market 3-10

3-10 场外交易市场中的交易 OTC Market 交易商市场（Dealer market without centralized order flow) 纳斯达克：最大的有组织的场外交易股票市场，为个人，经 纪人和交易商服务的信息系统 全国性市场系统 纳斯达克小公司市场 NASDAQ: largest organized stock market for OTC trading; information system for individuals, brokers and dealers National Market System Nasdaq SmallCap Market