Sziasztok! Már egy ideje szerettem volna valami érthető szöveget írni a témáról, elsősorban a tanítványoknak, akiknek gazdasági nyelvvizsgához szükségük van erre. Érthetően, a kulcsszavakkal próbálom most leírni a tőzsdéhez és az értékpapírokhoz kapcsolódó legfontosabb dolgokat! Íme!
The idea of shares goes back to the 1600’s when ship owners sought for ways of getting money for their expansion. They asked for funding and in exchange they offered a share in the company’s profit. If demand increases for the stocks so does the price, but the value can also decrease. It can be really volatile as the companies are exposed to many factors and external forces. That is why it is best to have a portfolio: a group of financial assets (stocks, bonds, commodities) to prepare for the bear markets, (csökkenő piac) when there is a prolonged price decline as opposed to the bull market (növekvő piac) when the prices are rising and the overall attitude of investors is positive and the market sentiment (piaci hangulat)is optimistic.
Investing in the stock market is a good way of building one’s net worth(nettó vagyon) (the value of assets owned minus the liabilities owed) but it is not for the faint hearted or riska verse people.
Stocks=shares=equity (részvények) are financial instruments that represents ownership in a company and a proportionate claim on its assets and earnings. The overall totality of the shares issued by a company is the outstanding shares.(összes kibocsájtott részvény). There are common shares (törzsrészvény) (equity), which carry voting rights (normally one per share but but sometimes ore) and the shareholders have a say int he annual general meeting. There are the preferred shares,(elsőbbségi részvény) which have preference over common shares to receive dividends (osztalék) and assets in the event of liquidation.
Why do companies issue shares? (részvényt kibocsájt) Growing at frentic pace requires access to massive capital. Companies can raise capital by selling shares (equity financing) (tőkefinanszírozás)or by borrowing money (debt financing)(hitelfinanszírozás). This latter can be difficult for a start-up, which has no revenues and just few assets to pledge for a loan. They usually get funds for personal savings to get the business off the ground, then for the expansion they sell shares of the profit for angel investors or venture capital firms. (üzleti angyal, kockázati tőke cégek)
Later they can sell shares to the public through the Initial Public Offering.(első nyilvános kibocsájtás) It means their shares are listed (jegyzik a tőzsdén) and traded at the stock exchange. The price of the shares will fluctuate as investors and traders assess and reassess their intrinsic value. For this the most popular is the price/earnings ratio.(árfolyamnyereség)
The Stock Exchange is a secondary market,(másodlagos piac) where existing owners of shares can interact with potential buyers. It is normally not the companies, who directly buy and sell. Of course strict rules are established for this. Share prices are set through auctions, where bids are placed. (vételi ajánlatot tesznek). Spread (árrés) is the difference in price between the bid and the offer. Stockbrokers (tőzsdei ügynök) act as a middle man between buyers and seller.
In the past there was a manual method of trading, which was cold open outrcry, (nyílt kikiáltás) where they used verbal and hand signals in the trading pit.(tőzsdeparkett). Now a computerized trading system is used.
Stocks generate investment returns,(beruházás megtérülés) which can come from capital gains (tőkenyereség) (you sell a stock at a higher price than the one at which you bought it.) or dividends (a share of profit that the company distributes to its shareholders.
The total market value of the company’s shares is called market capitalisation. (tőkepiaci érték) It is calculated by multiplying these shares by the current market price of one share. Investors also want to know the Stock Market Indices (tőzsfeindex) – the aggregated prices of a number of a different stocks e.g. Dow Joneas.
What kind of securities exist? Equity securities: (részvényjellegű, tulajdonviszonyt megtestesítő értékpapírok) represent ownership in an entity in the form of shares. The holders are not entitled to regular payments (some do pay out dividends) but the profit comes from the capital gain. Debt securities: (hitelviszonyt megtestesítő értékpapírok) it represents money that is borrowed and must be repaid e.g bonds, certificates of deposits, collaterised securities. (kötvények, letéti jegyek, biztosítékkal fedezett értékpapír). They entitle the holders to regular payment of interest and repayment of principal. Hybrid securities are the combination of the two e.g. equity warrants, convertible bonds, preference shares. (opciós utalványok, átváltoztatható kötvények, elsőbbségi részvények).
Those, who create securities are the issuers (kibocsájtók)and the investors are those, who buy them. The stock exchange is the platform where publicly traded securities are traded. IPO is the first major sale of equity securities, any newly issued stocks are called secondary offering. (másodlagos kibocsájtás). Securities may be offered privately to restricted groups, which is the primary market. When securities are transferred as assets from one investor to another, it is called secondary or aftermarket.
Companies go public (tőzsdére megy) when they become publicly traded. They decidet he number and price of the shares and an investment bank is necessary to take ont he task of underwriting. Of course companies have to meet some requirements. Listing requirements (jegyzési feltételek)
-predictable, consistent revenue
-cash to find the IPO
-plenty of growth potential
-they should be a top player int he industry
-strong management team
-long term business plan
-certain level of revenue and profit
-low debt-to-equity ratio (adósság/sajáttőke arány
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