上市公司的融資渠道分析外文翻譯

1、<p>　　畢業(yè)論文外文原文及譯文</p><p>　　題目：上市公司的融資渠道分析 </p><p>　　專業(yè)： 指導(dǎo)教師： </p><p>　　學(xué)院：

2、 學(xué) 號： </p><p>　　班級： 姓 名： </p><p><b>　　外文原文</b></p><p>　　1. A Descripti

3、on of Efficient Capital Markets</p><p>　　An efficient capital market is one in which stock prices fully reflect available information.To illustrate how an efficient market works,suppose the F-stop Camera Cor

4、poration(FCC) is attempting to develop a camera that will double the speed of the auto-focusing system now available.FCC believes this research has positive NPV.</p><p>　　Now consider a share of stock in FCC

5、.What determines the willingness of investors to hold shares of FCC at a particular price?One important factor is the probability that FCC will be the first company to develop the new auto-focusing system.In an efficient

6、 market,we would expect the price of the shares of FCC to increase if this probability increases.</p><p>　　Suppose FCC hires a well-known engineer to develop the new auto-focusing system.In an efficient mark

7、et,what will happen to FCC’s share price when this is announced?If the well-known scientist is paid a salary that fully reflects his or her contribution to the firm,the price of the stock will not necessarily change.Supp

8、ose,instead,that hiring the scientist is a positive NPV transaction.In this case,the price of shares in FCC will increase because the firm can pay the scientist a salary blew his o</p><p>　　When will the inc

9、rease in the price of FCC’s shares take place?Assume that the hiring announcement is made in a press release on Wednesday morning.In an efficient market,the price of shares in FCC will immediately adjust to this new info

10、rmation.Investors should not be able to buy the stock on Wednesday afternoon and make a profit on Thursday.This would imply that it took the stock market a day to realize the implication of the FCC press release.The effi

11、cient market hypothesis predicts that the p</p><p>　　2. Independent Deviations from Rationality</p><p>　　Suppose that FCC’s press release is not all that clear. How many new cameras are likely t

12、o be sold? At what price? What is the likely cost per camera? Will other camera companies be able to develop competing products? How long will this likely take? If these, and other,questions cannot be answered easily, it

13、 will be difficult to estimate NPV.</p><p>　　Now imagine that, with so many questions going unanswered, many investors do not think clearly. Some investors might get caught up in the romance of a new product

14、, hoping,and ultimately believing,in sales projections well above what is rational. They would overpay for new shares, And if they needed to sell shares (perhaps to finance current consumption), they would do so only at

15、a high price. If these individuals dominate the market, the stock price would likely rise beyond what market efficienc</p><p>　　However,due to emotional resistance, investors could just as easily react to ne

16、w information in a pessimistic manner. Afterall, business historians tell us that investors were initially quite skeptical about the benefits of the telephone, the copier, the automobile, and the motion picture.Certainly

17、, the could be overly skeptical about this new camera. If investors were primarily of this type, the stock price would likely rise less than market efficiency would predict.</p><p>　　But suppose that about a

18、s many individuals were irrationally optimistic as were irrationally pessimistic. Prices would likely rise in a manner consistent with market efficiency,even though most investors would be classified as less than fully r

19、ational. Thus, market efficiency does not require rational individuals, only countervailing irrationalities.</p><p>　　However, this assumption of offsetting irrationalities at all times may be unrealistic. P

20、erhaps, at certain times,most investors are swept away by excsssive optimism and,at other times,are caught in the throes of extreme pessimism.But even here, there is an assumption that will produce efficiency.</p>

21、<p><b>　　二、譯文</b></p><p>　　1 有效資本市場的描述</p><p>　　有效的資本市場是股票價格充分反映可獲得的信息。為了說明如何有效的市場運作, 假設(shè)光圈照相機公司（FCC）是試圖發(fā)展一個數(shù)碼相機將增加一倍的速度的自動聚焦系統(tǒng)。FCC公司認(rèn)為這一研究具有積極的凈現(xiàn)值。</p><p>　　現(xiàn)在我們來考

22、慮FCC公司的一個股票份額。是什么決定了投資者愿意持有特定價格FCC的股票?其中一個重要因素是FCC公司將會是第一個公司開發(fā)出新的自動聚焦系統(tǒng)。一個有效的市場內(nèi),如果這個可能性大大增加，我們預(yù)期FCC公司股票價格上漲，</p><p>　　假設(shè)FCC公司聘請著名的工程師開發(fā)出新的自動聚焦系統(tǒng)。一個有效的市場內(nèi),當(dāng)FCC公司公布估價的時候?qū)l(fā)生什么呢?如果這個著名的科學(xué)家被給予的薪水,充分反映出他或她對公司的貢獻

23、,那么，股票的價格不一定會改變。假設(shè),相反,雇傭科學(xué)家是一種積極的凈現(xiàn)值交易。在這種情況下,FCC公司的股票價格將會增加,因為企業(yè)可以支付科學(xué)家薪水,吹他的或她的真正的對公司的價值。</p><p>　　FCC公司股票價格上漲的時候會發(fā)生什么呢?假設(shè)招聘公告是在周三早上召開新聞發(fā)布會。有效的市場內(nèi),FCC公司的股份的價格將立即適應(yīng)這種新的信息。投資者不應(yīng)該買周三下午和在周四盈利的股票。這將意味著股市花了一天的時間

24、來實現(xiàn)FCC公司新聞稿的意義。有效市場假說預(yù)測,對FCC公司股票價格將在周三下午已反映所在周三上午新聞稿中所包含的信息。</p><p><b>　　2 理性的獨立偏差</b></p><p>　　假設(shè)FCC公司的新聞稿并不都是那么清楚，有多少新的相機很可能被出售嗎?代價是什么?每個照相機的成本是多少?其他相機公司能夠開發(fā)出與之競爭的產(chǎn)品嗎?如何繼續(xù)發(fā)展呢?如果這些和

25、其他問題,不能很輕松的回答,這將是很難估計的凈現(xiàn)值。</p><p>　　現(xiàn)在可以想象,有這么多的問題急需解答,而許多投資者并沒有想清楚。一些投資者可能會認(rèn)為是新產(chǎn)品，新概念而投資,并且認(rèn)為銷售預(yù)測好過產(chǎn)品的合理性。如果他們要出售股票(也許是為了當(dāng)前的消費),他們這么做只會付出高昂的代價。如果這些個體主導(dǎo)市場,股票價格將可能上升超出市場預(yù)測的效益。</p><p>　　然而,由于情緒反抗,

26、在一個消極低迷的狀態(tài)下，投資者可以很容易的反映出新的信息。畢竟, 商業(yè)歷史告訴我們，不少投資者開始對電話，復(fù)印機，汽車，和電影的好處表示懷疑。當(dāng)然，可能是對這個新的相機過渡擔(dān)心。如果這種類型的投資者為主,股票價格將可能上升的效益將低于市場預(yù)測。</p><p>　　但假設(shè)一些個體是盲目的樂觀或悲觀。價格可能上漲會與市場效益的方式相一致,雖然大多數(shù)投資者將幾乎不考慮產(chǎn)品在市場中的合理性。因此,市場效益不需要理性的個