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  • What is the Stock Exchange and how does it work?


  • The Stock Exchange is nothing more than a giant, globally networked, and organized market place where every day huge sums of money are moved back and forth.


  • In total, over sixty trillion Euros a year are traded, more than the value of all goods and services of the entire world economy.

    每年交易金額超過 60 兆歐元,這也遠超過全球經濟一整年的商品與服務價值。

  • However, it's not apples or second hand toothbrushes that are traded on this marketplace, but predominantly, securities.


  • Securities are rights to assets mostly in the form of shares. A share stands for a share in a company. But why are shares traded at all?


  • Well, first and foremost, the value of a share relates to the company behind it.


  • If you think the value of a company in terms of a pizza. The bigger the overall size of the pizza, the bigger every piece is.


  • If, for example, Facebook is able to greatly increase its profits with a new business model, the size of the companies' pizza will also increase, and as a result, so will the value of its shares.


  • This is of course great for the shareholders. A share which perhaps used to be worth 38 euros could now be worth a whole 50 euros.

    這對股東來說當然有利。一股可能以前值 38 歐元,現在可能值整整 50 歐元。

  • When it's sold, this represents a profit of twelve euro per share! But what does Facebook gain from this?

    當股票被賣出時,代表一股 12 歐元的利潤!但臉書公司能從中獲得什麼?

  • The company can raise funds by selling the shares and invest or expand its buisness.


  • Facebook, for example, has earned sixteen billion dollars from it's listing on the Stock Exchange.

    以臉書為例,他們便透過在證券交易所掛牌獲得 160 億美元。

  • The trading of shares though, is frequently a game of chance. No one can say which company will perform well and which will not.


  • If a company has a good reputation, investors will back it. A company with a poor reputation or poor performance will have difficulty selling its shares.


  • Unlike a normal market in which goods can be touched and taken home. On the Stock Exchange only virtual goods are available.


  • They appear in the form of share prices and tables on monitors. Such share prices can rise or fall within seconds.


  • Shareholders therefore have to act quickly in order not to miss an opportunity.


  • Even a simple rumor can result in the demand for a share falling fast regardless of the real value of the company. Of course the opposite is also possible.


  • If a particular large amount of people buy weak shares, because if they see for example great potential behind an idea, their value will rise as a result.


  • In particular, young companies can benefit from this. Even though their sales might be falling, they can generate cash by placing their shares.


  • In the best case scenario this will result in their idea being turned into reality. In the worst case scenario, this will result in a speculative bubble with nothing more than hot air.


  • And as in the case with bubbles, at some point they will burst.


  • The value of Germany's biggest thirty companies is summarized in what is known as the DAX share index.

    德國最大的三十間企業的價值被集結成為「德國 DAX 股票指數」。

  • The DAX curve shows how well or poorly these major companies and thereby the economy as a whole are performing at the present time.

    DAX 曲線反映這些主要企業的表現,進而推斷整體經濟現在的表現好壞。

  • Stock Exchanges in other countries also have their own indicies. And all of these markets together create a globally networked marketplace.


What is the Stock Exchange and how does it work?



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