頁四第張三第日八初月正年酉辛麻夏
WAH KIU YAT PO
Describe the economic. functions of stock. exchanges.
1981
中學會考試題預習專欄
經濟
(十八)
王啓業提供資料 明德出版社陳勵德
Economics (18)
K. K. Wong & L. T. Chan
MILL & DALE PRESS LTD.
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, a market where those desiring 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 Exchanges 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 like 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.
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如本品對 策民
Stock exchange provide
chances of investment for the « general public. They help to mobilize the "idle" savings of the
ie community to those firms which seek to pit them. to productive uses. Through. the facilities of the exchange
numerous simall sums of money can be pooled together to finance big. projects which are beneficial to the community for example, offer more employment opportunities. Stock exchange 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 railway. 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
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報日僑華
/raise capital more readily
and pay a lower rate of interest than the less efficient enterprises. Furthermore, stock
exchanges can ensure the efficient use of loanable funds by those firms which are more competitive and
* efficient in their business. It is because investors usually. put their money capital in those businesses which are
high-yielding.
The Currency System of Hong Kong:
In Hong Kong, coins af $1000 (gold coins), $5, $2, $1, 50 cents, 20 cents, 10 cents and 5. cents and currency notes of A cent denomination are issued. by the government. Even though those coins and the I cent note may be used for all types of transactions, the coins are: normally used in smaller transactions while the 1 cent note is rarely employed in common transactions. The major part (95%) of the total amount of currency in Hong Kong consists of bank notes issued by three commercial banks under the authority of the government--- the Hong Kong and Shanghai Banking Corporation, the Chartered Bank, and the Mercantile Bank. The banknotes (paper money) are of $1000,$500,$100, $50, $10, $5, and the value of these banknotes is fully backed by the Exchange Fund. Both the coins and the banknotes are legal tender in Hong Kong while the. 1 cent notes are legal tender only for payment of any amount not exceeding one dollar.
The Banking Ordinance
In Hong Kong all banks are required to act according to the
宜筒
四期星 ®
日二十月二年一八九一曆公年十七國民中 育敏備
provisions in the Banking
Ordinance which was enacted in 1964 and amended on many occasions. Asit exists today
the "main features of the Banking
Ordinance are:
(1) A Commissioner of Banking
is. appointed and given the power to approve new bank Cbranches, to exercise
control and supervision over. the operations of licensed banks, to inspect bank accounts and to wind up any bank considered to be unsound. Also, there is a
·Banking. Advisory Committee with the Financial Secretary as chairman to advise the Governor on matters relevant to banking.
(2) Every bank must have a
minimum paid-up capital of HK$10 million and build up its reserve until it is equivalent to the paid-up capital,
(3) Each bank is required to
maintain a minimum of specified liquid assets equal to 25% of the deposit liabilities of the bank in any calendar month,
(4) Every bank must submit an audited financial report monthly, quarterly and annually to the r Commissioner of Banking. Locally incorporated banks
must have their annual balance sheets: published in one local English and one local Chinese newspaper.
(5) No banking business can be .conducted by a company.
without obtaining a valid.. banking license from the government, Each bank is required to pay an annual:
license fee of HK$200,000, Toopena branch,
permission must be obtained and an annual license fee of HK$10,000 must be paid for every single branch.
At the end of 1977, there' were 74 licensed banks with 803 banking offices.:
2.Outline the main effects on
the economy of a rise in bank interest rates on loans and deposits.
A rise in bank interest rates on loans and deposits will. probably have the following main effects:
(1) loans will be more
expensive, and individuals. and businessmen will then be less interested in borrowing money from banks;
(2) thus investment will slow
down and decrease. Consumers' demand will also fall as they will borrow less to purchase property, car etc; (3): production costs will be higher because of the higher interests on loans. (4) export prices will rise
and exports will drop as they become less competitive in overseas markets;
(5) foreign capital will be
induced to Hong Kong while local capital is attracted to stay;
(6) there will be more..
deposits in local banks;
(7)the growth of economy and
transactions will slow.
down because of declining investment and consumption;
(8) the 'prices of stocks and
shares may fall and
speculation in the Stock Exchange will be less.
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