Financial Assets · 金融资产
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| financial asset/faɪˈnænʃl ˈæset/ | 金融资产 | jīn róng zī chǎn |
| bond/bɒnd/ | 债券 | zhài quàn |
| interest/ˈɪntrest/ | 利息 | lì xī |
| stock/stɒk/ | 股票 | gǔ piào |
| return/rɪˈtɜːn/ | 回报 | huí bào |
| bank deposit/bæŋk dɪˈpɒzɪt/ | 银行存款 | yín háng cún kuǎn |
| bond price/bɒnd praɪs/ | 债券价格 | zhài quàn jià gé |
| yield/jiːld/ | 收益率 | shōu yì lǜ |
| risk/rɪsk/ | 风险 | fēng xiǎn |
| liquidity/lɪˈkwɪdɪti/ | 流动性 | liú dòng xìng |
A claim on future money
- A financial asset 金融资产 is something you own that is a claim on future money.
- Buy one and you are lending or investing, hoping to get more back later.
- Three types anchor the whole financial sector.
- And one surprising rule links a bond's price to interest rates.
对未来货币的一项索取权
- 金融资产(financial asset)是你拥有的、对未来货币的一项索取权。
- 买一份,就是在放贷或投资,盼着以后拿回更多。
- 三种类型撑起整个金融部门。
- 还有一条出人意料的规律,把债券价格和利率联系起来。
Three financial assets
- A stock 股票 is a share of ownership in a company — you hope for rising value and dividends.
- A bond 债券 is a loan to a company or government that pays fixed interest 利息 and returns the amount borrowed at the end.
- A bank deposit 银行存款 is money in a bank — very safe and easy to spend.
三种金融资产
- 股票(stock)是一家公司的所有权份额——你盼着价值上升和分红。
- 债券(bond)是对公司或政府的一笔贷款,支付固定利息(interest),到期归还借款金额。
- 银行存款(bank deposit)是存在银行里的钱——非常安全、容易花。
Which financial asset? · 哪种金融资产?
A stock is ownership, a bond is a loan paying fixed interest, and a bank deposit is safe, liquid money. Each trades off risk, return, and liquidity. · 股票是所有权,债券是支付固定利息的贷款,银行存款是安全、流动的货币。每种都在风险、回报和流动性之间取舍。
A bond is: · 债券是:
A bond is a loan; a stock is ownership; a deposit is money in a bank. · 债券是贷款;股票是所有权;存款是银行里的钱。
Bond prices and yields move opposite
- A bond pays a fixed number of dollars a year, so its bond price 债券价格 and its yield 收益率 move in opposite directions.
- If the price falls, that fixed payment is a bigger percentage — a higher yield.
- Worked idea. A bond pays 50 a year. At a price of 1,000 its yield is $50/1000 = 5\%$; if fear pushes the price to 500, the yield rises to $50/500 = 10\%$.
- This is why bond prices drop when interest rates in the economy climb.
债券价格与收益率反向变动
- 债券每年支付固定的钱,所以它的债券价格(bond's price)和收益率(yield)朝相反方向变动。
- 如果价格下跌,那笔固定支付就占了更大的百分比——收益率更高。
- 例题。 一张债券每年付 50。价格为 1,000 时收益率是 $50/1000 = 5\%$;若恐慌把价格压到 500,收益率升到 $50/500 = 10\%$。
- 这就是为什么经济中利率上升时债券价格下跌。
When a bond's market price falls, its yield: · 当债券的市场价格下跌时,它的收益率:
The fixed payment is a bigger percentage of a lower price — price and yield move opposite. · 固定支付占更低价格的比例更大——价格与收益率反向变动。
A bond pays 50 a year and its price falls to 500. What is its yield, in percent? · 一张债券每年付 50,价格跌到 500。它的收益率是多少(百分数)?
Yield = 50 ÷ 500 × 100 = 10%. · 收益率 = 50 ÷ 500 × 100 = 10%。
Risk, return, and liquidity
- Risk 风险: the chance the return is worse than expected.
- Return 回报: how much the asset earns.
- Liquidity 流动性: how quickly it turns into spendable cash without losing value.
- Higher risk must offer a higher return to attract buyers; the most liquid assets (like cash) pay the least.
风险、回报与流动性
- 风险(risk):回报比预期更差的可能性。
- 回报(return):资产赚多少。
- 流动性(liquidity):它多快能变成可花的现金而不损失价值。
- 更高的风险必须提供更高的回报才能吸引买家;流动性最高的资产(如现金)付得最少。
How quickly an asset turns into spendable cash without losing value is its . · 一项资产多快能变成可花现金而不损失价值,是它的。
Cash is the most liquid asset; it also pays the least return. · 现金是流动性最高的资产;它的回报也最低。
To attract buyers, a higher-risk asset must offer a higher return. · 为吸引买家,风险更高的资产必须提供更高的回报。
Buyers demand extra return to bear extra risk. · 买家要求额外回报来承担额外风险。
Select all · 所有 three features every asset trades off. · 选出每种资产都要权衡的所有三个特征。
Every asset balances risk, return and liquidity against each other. · 每种资产都在风险、回报和流动性之间相互权衡。
A financial asset is a claim on future money: a stock (ownership), a bond (a loan paying interest), or a bank deposit. A bond's price and yield move opposite. Every asset trades off risk, return, and liquidity — higher risk needs higher return.
金融资产是对未来货币的索取权:股票(所有权)、债券(支付利息的贷款),或银行存款。债券的价格和收益率朝相反方向。每种资产都在风险、回报和流动性之间取舍——高风险需要高回报。