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

    證券交易是什麼?它又如何運作?

  • 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.

    證券交易就只是個連結全球、有組織的巨大市場,那裏每天都有大量的資金進進出出。

  • 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.

    然而,在這市場交易的不是蘋果或是二手牙刷,而絕大多數是證券。

  • 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?

    證券是擁有資產的權利,主要是以股票的形式出現。所謂「股票」代表是企業的「股份」。但到底為何要交易股票呢?

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

    首先且最重要的,股票的價值和發行的公司有關。

  • 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.

    如果把企業的價值想成披薩,整個披薩越大,每一片也就越大。

  • 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.

    以臉書公司為例,假如臉書公司能夠用新的商業模型大幅增加利潤,企業的「披薩」也會變大,而股票的價值也會增加。

  • 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.

    企業可以透過賣股票的方式籌資,再投資或擴展事業。

  • 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.

    然而,股票交易經常是賭機率的遊戲。沒有人可以確定哪個公司會表現好或不佳

  • 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.

    若企業信譽良好,投資者會願意支持;若企業風評不好或是表現不佳,他們就會難以賣出股票。

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

    不像一般市場,商品都是可以伸手觸碰且帶回家的;證券交易所只提供虛擬商品。

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

    他們以價格以及圖表的形式呈現在股市看板上。而股價則可以在幾秒內出現漲跌。

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

    股東因此需要快速行動以免錯失良機。

  • 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.

    不論企業真正價值為何,即使是一個小謠言都都可能造成股票的需求迅速下跌,反之亦然。

  • 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.

    如果有特別多的人因為看到某個想法的潛在商機而購買一支小股,那支的股價會因而上漲。

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

    年輕的公司特別能因此受惠。即使他們的銷售額正在下滑,仍能透過販售股票來籌得現金。

  • 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.

    在最好的情況下,這能讓他們的想法付諸實現;而最壞的情況則是造成投機性的泡泡,只是一股熱。

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

    然後就像泡泡一樣,這終究會破裂。

  • 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.

    其他國家的證券交易也有自己的指數。這些證券交易市場合起來,成為一個全球連結的市場。

What is the Stock Exchange and how does it work?

證券交易是什麼?它又如何運作?

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