1981
WAH KIU YAT PO
people who invest in ordinary shares are bearing the
principal risk, but in the.
hope of getting a comparable reward..
育教僑華頁三第張七第 日五十月十年申庚歷
中學會考試題預習專欄
經濟及公共事務(t)
王啓光拌 明德出版社
·陳勵德
提供資料
Economic and Public Affairs (7)
KK, Wong & L.T. Chan
MILL & DALE PRESS LTD.
SHARES, DEBENTURES AND THE STOCK EXCHANGE®
Lypes of Shares:
-KDOAK 96355049
The capital of a limited company is divided into shares,
.g. in $1 unit. There are a'. Humber of different types of shares, and a single company may issue more than one type .of. shares in order to appeal to the different classes of investors, Some of whom are more willing to undertake greater risks than others. Shares are not always fully paid up. For instance, only 50, 80 may have been paid for the $1 share, but the company has the right to call up the balance if necessary.
(1) Ordinary Shares A(Common Stocks)
generally these shares carry nd fixed rate of dividend and the holder can receive a share of the profit only after. all other claims have been : met. Each share entitles its holder to participate in the earnings of the firm in common with other shares, and each share also gives the right to the owner to one vole in the annual
stockholders' meeting. As -owners of the firm, ordinary
stockholders stand to make good profits when the firm
is siccessful, but will
Sustain losses when business.
is poor Clearly those
英
【敦切紡
考起
(2) Preference Shares
(Preferred Stocks)-
these, like ordinary shares,
are shares in ownership of the company. But instead of equal participation in the profits, preference shares carry fixed annual dividends that must be paid before dividends can be declared on ordinary shares,
There are many different types of preference shares and some examples are included here.
(a) Cumulative preference shares - if the fixed preference dividends are not paid in a given year, they accumulate, and all: arrears. must be paid before any dividends can be declared on ordinary
shares.
(b) Non-cumulative
preference shares.
*報日僑華
(extra profit shares)
depending on the amount of profits exceeding a certain level.
(d) Non-participating.
preference shares: when preference shares. are non-participating, dividends on this class-are limited to the preferred
rate or amount.
Debentures (Bonds)
In addition to the various classes of ownership, some: companies borrow money for long periods by issuing debentures. Debentures are not shares, and the holders are creditors, and not members of the company, like the shareholders. The company promises to pay ä specified annual rate of interest and to repay the borrowed principal on a specified date. Bond interest and principal are contractual claims against the firm and must be paid whether the firm makes profits or not.
祥
5 If payments are not made on time the debenture holders can sue the firm to collect..
if preference shares are non-cumulative, they are not necessary to provide for dividends that were
passed, A dividend omission on preference. shares in any one year means that it is lost and dividends may be declared on ordinary shares as. long as the preference Tshares receive the
preferred rate for the preferred rate for the current period.
(c) Participating
外籍教師
preference shares
apart from the priviledge- of fixed dividends, the
participating preference
The use of debentures- makes it possible for a firm to borrow. large amounts of money from a number of small
•crediters by breaking the debt into small-units, just is issuing shares breaks up the ównership: equity. Certain kinds of firms, most notably public .utilities, e.g. the government, raise more of their capital by debentures than by shares.
The Stock Exchange
A stock exchange forms.
a part of the financial market.
It is a place where dealings in
securities take place, that is,
shares can enjoy a bonus a market where those desiring
結他
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六期星
to buy existed securities are brought into contact with those who want to sell. A stock exchange:has a limited
membership and the members are permitted to trade securities with each other. Since only members are permitted to conduct business on the exchange, others who want to buy or sell in: this way must employ members. to act on their behalf. in Hong Kong, the four stock exchanges. are the Hong Kong Stock Exchange, the Far East Stock Exchange, the Kam Ngan Stock Exchange, and the Kowloon Exchange. Regulations regarding stock exchanges include- The Stock Exchange Control Ordinance 1973, Securities Ordinance 1974 and the Protection of Investors Ordinance 1974. A permanent Securities Commision, with the Commisioner for Securities as its head, was set up. In 1976, the Securities (Amendment) Ordinance was passed and likewise The Securities (Stock Exchange Listing) Rules 1976, under the Securities Ordinance, were put into effect. These
rules ensure that a well run and: regulated stock exchange will perform its functions smoothly,
QUESTIONS:
1. Describe the economic
functions of stock exchanges.
79 平治450 SE自動冷
·加國尋人
英各
|語級
Stock exchanges provide: chances of investment for the general public. They help to mobilize
e the id
Midle savings of the community to those firms which seek to put them to productive uses. Through the facilities of the exchange sums of money can be pooled
numerous smail
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together to finance big
projects which are. beneficial to the
o the community, for example, offer more employment opportunities. Stock exchanges make it possible for an owner of securities to dispose of them if he so desires or he may. convert his securities into cash when necessary. Stock exchanges assist the capital market by making securities more liquid and this in a way.. will encourage people to invest in them.
Stock markets are also
a means to profit making. They offer constant opportunities for the investors to make profits in the form of dividends or price gains. They can also provide capital for the government, By. issuing bonds for sale in the stock exchange, the government can raise funds for its projects e. g. for construction of the mass transit railways. Often, the turnover of the stock: exchange indicates to some extent the performance of an economy. In addition, competition between the many buyers and sellers in a free market will help to determine the credit rating. which an enterprise deserves, so that the more efficient and promising enterprises can raise capital more readily and pay a lower rate of interest than the less efficient enterprises.. Furthermore, stick exchanges can ensure the. efficient use of loanable funds. by those firms which are more competitive and efficient in their business. Is because investors usually put their money capital in those businesses which are
high-yielding..
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