美国证券市场投资行业英语分析报告（精品译文

美国证券市场历史悠久，它萌芽于独立战争时期。第一次和第二次产业革命使股份制得到迅猛发展，企业纷纷借助证券市场筹集大量资金，1929年经济大危机后美国政府加强对证券市场的立法监管和控制，整个市场进入规范发展阶段，美国的证券市场也因此而快速地发展成为世界最大的证券市场。仅纽约证券交易所 2002年的证券交易额就为10.3万亿美元，占全球证券交易量的77％，居世界第一，美国的证券市场已成为国际经济的“晴雨表”。

美国证券市场投资品种十分丰富，有证券和股指（如道琼斯指数、标准普尔500指数等）的现货、证券和股指的期货及期权、可转换债券、信托凭证（ADRs）等品种。 在这其中就包括了：纽约证券交易所(NYSE)、纳斯达克(NASDAQ)。纽约证券交易所是蓝筹股市场，世界知名的大公司通常选择在这里上市。纽约证券交易所内部没有分层，力求将自己打造成全球性的蓝筹股市场。纳斯达克市场面向成长型企业，内部进一步区分为三个层次，第一层次为  Global Select Market和 Global Market，即原 National Market和 Capital Market (该调整是2006年2月份公布的，并于2006年7月份全面实施，主要是为在纳斯达克市场中建立一个最高上市标准的市场层次 Global Select Market，与纽约证券交易所的蓝筹股市场竞争)。据纳斯达克的新闻稿统计，原有纳斯达克上市公司中有1000家左右进入  Global Select Market，1650家左右进入 Global Market，550家左右继续保留在 capital Market。2006年美国纽约证券交易所、纳斯达克股票市场在全球首次公开募股市场所占的份额分别为11%和6%。这两家证卷交易所已经成为很多发展中国家企业海外上市的热门。

近年随着资本市场全球化程度的迅速提高，越来越多的中国公司选择到海外上市以满足对跨国资本日益增长的需求。权益融资有效的取代了银行贷款、债券和海外直接投资。在上个世纪末，中国公司在海外上市迎来了第一个高峰:1997年10月中国移动在纽约上市，并且分别在1997年10月筹资43亿美元，1999年10月筹资20亿美元和2000年10月筹资69亿美元;中国石化2000年10月在纽约上市，筹资35亿美元;中国联通2000年10月在纽约上市，筹资57亿美元;中国石油2000年3月在纽约上市，筹集29亿美元。这些公司在海外市场的成功上市，不仅为这些公司自身的发展筹集了大量资金，促进了国际规范进行运作，而且促进了这些公司按照国际市场规则迅速发展，为新世纪中国公司进一步利用海外资本市场提供了经验。

对于那些在迅速成长的中国公司来说，海外上市是发展一个重要的阶段。海外上市即跨境上市(cross border listing)是指直接以国内公司的名义向国外证券主管部门申请发行的登记注册，并发行股票或其他衍生金融工具，向当地证券交易所申请挂牌上市交易。在这其中，选择在美国上市的中国公司占海外上市公司很大的比例，尽管选择在美国上市会花费更多的法律、会计费用以及将承担与国际标准协调的额外负担，公司管理层还是认识到在美国上市的诸多潜在好处:在战略上、财务上、政治和业务上的巨大好处，比如可以扩大投资者基础，提高股票交易量，获得更多的筹资机会。对于那些考虑到美国上市的公司来说，像纽约证券交易所这样的具有高流动性的资本市场则更具吸引力。同时在美国上市还可以带来很多战略上的优势，比如扩大国际销售市场，增加与国际性的公司交流合作的机会。由于在成熟的证券市场上市可以降低非流动性、消除因会计制度、信息披露和税收法律的不同所造成的投资障碍，由此公司可以有效的降低融资的风险，减少融资成本从而提高公司的价值。

尽管海外上市可以带来诸多的好处，但是由于外汇风险所带来的危机是不可避免的，对于在美国上市的中国企业， 美国和中国本地的汇率成为了汇率风险的关键。人民币和美元的汇率的变化可以影响到在美国上市的中国企业的公司价值。
美国证券市场投资行业英语分析报告
The United States securities market has a long history, it originated from the revolutionary war. The first and the second industrial revolution make joint-stock rapid development, the enterprise vie with the stock market to large amounts of capital, 1929 years after the big economic crisis the government to strengthen the legislation of the securities market supervision and control, the whole market entry criterion development stage, the United States securities market is so quickly and development to become the world's biggest stock market. Only New York stock exchange in 2002 securities transactions for us $10.3 trillion, accounting for 77% of the global securities trading volume, ranked first in the world, the United States securities market has become the international economic "barometer".


The United States securities market investment products are very rich, have securities and stock index (such as the dow Jones index, standard &poor's 500 index, etc) the spot, securities and futures and options, and stock convertible bonds, the trust documents (ADRs), and other varieties. In that includes: the New York stock exchange (NYSE) and the NASDAQ (NASDAQ). The New York stock exchange is blue chip market, the world famous big companies often choose listed here. The New York stock exchange internal not layered effort to fight a global blue chip their market. The nasdaq Market face growing enterprise, internal further divided into three levels, the first level for Global Select Market and Global Market, namely former National Market and Capital Market (this adjustment is released in February 2006, and in July 2006, primarily for the full implementation of the nasdaq Market in establish a highest listing standards Global Select Market level of the Market, and the New York stock exchange's blue chip Market competition). According to the press release statistics, the original company listed on nasdaq in 1000 or so into the Global Select Market, 1650 or so into the Global Market, 550 or so continue to keep in the capital Market. In 2006, the New York stock exchange, nasdaq stock market in the global initial public offering the share of the market to 11% and 6%, respectively. The two stock exchange has become many enterprises in developing countries of the popular overseas listing.


In recent years, along with the capital market globalization degree of increasing quickly, more and more Chinese companies choose to get listed overseas for multinational capital to meet the increasing demand. Equity financing effective replaced the bank loans, bonds and foreign direct investment. In the last century, Chinese companies listed overseas ushered in the first summit: in October 1997, China mobile listed in New York, and were in October 1997 to raise $4.3 billion, in October 1999, raising $2 billion and October 2000, raising $6.9 billion; China petrochemical in October 2000 listed in New York, raising $3.5 billion; China unicom in October 2000 listed in New York, raising $5.7 billion; China's oil in March 2000 listed in New York, raising $2.9 billion. These companies in overseas market success of the market, not only for the company's own development have raised lots of capital, and promote the international standard operation, and promote the company, according to the international market rules rapid development, for the new century Chinese company further use the overseas capital markets offer the experience.


For those in the rapid growth of China's company, it is listed overseas development is an important stage. Overseas listing namely cross-border listed (cross border listing) is to point to in the name of the domestic company directly to the foreign securities department for release of the registration, and the issuance of stocks or other financial derivatives, to the local stock exchange listing for trading. In this one, the choice in the United States accounts for Chinese companies listed overseas large proportion of the listed company, although choice in the United States will spend more listed in law, accounting expenses and will undertake with the international standard of coordination of extra burden, the management of the company in the United States or to realize the potential benefits of the many listed in strategic, financial, political and business great benefits, for example, can expand investor base, improve the stock trading, get more funding opportunities. For those who consider the public company for, like the New York stock exchange of such high liquidity of the capital market, it more appealing. At the same time in the public can bring many strategic advantages, such as expanding international sales market, increase and international communication opportunities with the company. Because in the mature securities market listed can reduce the liquidity, eliminate for accounting system,/  the information disclosure and tax law caused by different investment obstacles, this company can effectively reduce the risk of financing, to reduce the financing cost so as to improve the value of the company.


Although overseas listing can bring many benefits, but because foreign exchange risk brought about by the crisis is inevitable, for the Chinese enterprises listed in the United States, the United States and China local exchange rate became the key exchange rate risk. The yuan and the dollar exchange rate changes can affect the Chinese enterprises listed in the United States the company value.