In the 1600s the Dutch East India Company employed hundreds of ships to trade gold, porcelain, spices, and silks around the globe. But running this massive operation wasn’t cheap. In order to fund their expensive voyages, the company turned to private citizens– individuals who could invest money to support the trip in exchange for a share of the ship’s profits. This practice allowed the company to afford even grander voyages, increasing profits for both themselves and their savvy investors.
在 1600 年代, 荷蘭東印度公司僱用了數百艘船, 做黃金、瓷器、香料, 和絲的全球貿易。 但要支撐這麼龐大的營運, 花費一點也不便宜。 為了要資助這些昂貴的航程, 該公司轉向平民—— 去找有錢能夠拿來投資、 資助旅程的個體戶, 交換條件則是可以分到 該船賺得的利潤。 這種做法,讓該公司能夠 負擔得起更浩大的航程, 讓公司本身及精明的投資者 都獲得更高的利潤。
Selling these shares in coffee houses and shipping ports across the continent, the Dutch East India Company unknowingly invented the world’s first stock market. Since then, companies have been collecting funds from willing investors to support all kinds of businesses. And today, the stock market has schools, careers, and even whole television channels dedicated to understanding it. But the modern stock market is significantly more complicated than its original incarnation. So how do companies and investors use the market today?
荷蘭東印度公司在各大陸的 咖啡館及海港銷售這些股份, 不知不覺間,發明了 全世界第一個股票市場。 自此之後,公司便會向 有意願的投資者募款, 來資助各式各樣的生意。 現今,還有專門的學校、 職業,甚至專用的電視頻道 來研究了解股票市場。 但,現代股票市場遠比 它的原始型態更複雜許多。 所以,現今公司和投資者 怎麼運用這個市場? 咱們來想像一間新的咖啡公司, 決心要進入市場。
Let’s imagine a new coffee company that decides to launch on the market. First, the company will advertise itself to big investors. If they think the company is a good idea, they get the first crack at investing, and then sponsor the company’s initial public offering, or IPO. This launches the company onto the official public market, where any company or individual who believes the business could be profitable might buy a stock. Buying stocks makes those investors partial owners in the business.
首先,該公司會為自己打廣告, 對象是大型投資者。 如果他們認為 這個公司是個好點子, 他們就能取得投資的先機, 接著,贊助該公司的 初次公開發行(IPO)。 這就能讓該公司進入到 正式的公開市場, 在這裡,相信這事業 有利可圖的任何公司或個體戶 都可以買股票。 投資者購買股票之後, 便擁有該事業的一部分。
Their investment helps the company to grow, and as it becomes more successful, more buyers may see potential and start buying stocks. As demand for those stocks increases, so does their price, increasing the cost for prospective buyers, and raising the value of the company's stocks people already own. For the company, this increased interest helps fund new initiatives, and also boosts its overall market value by showing how many people are willing to invest in their idea.
他們的投資,協助該公司成長, 當該公司更成功之後, 可能會有更多的買家 看到潛力,也開始買股票。 隨著對那些股票的需求增加, 股票的價格也會提高, 增加未來買家的成本, 已經擁有該公司股票的人, 手上股票的價值也會提升。 對該公司來說,增加的股份 能協助資助新的計畫, 同時,因為展現出 有這麼多人願意投資該公司, 也能夠抬高該公司的 整體市場價值。
However, if for some reason a company starts to seem less profitable the reverse can also happen. If investors think their stock value is going to decline, they’ll sell their stocks with the hopes of making a profit before the company loses more value. As stocks are sold and demand for the stock goes down, the stock price falls, and with it, the company’s market value. This can leave investors with big losses– unless the company starts to look profitable again.
然而,如果出於某種原因, 公司看起來不再那麼有利可圖時, 就可能會發生相反的狀況。 如果投資者認為他們的 股票價值有下跌的趨勢, 他們就會賣掉股票, 希望能在該公司失去 更多價值前就先賺回些利潤。 當股票被賣出, 且對股票的需求減少, 股價就會下跌, 公司的市場價值也會跟著下跌。 這可能會造成投資者極大的損失—— 除非該公司能夠再次開始獲利。
This see-saw of supply and demand is influenced by many factors. Companies are under the unavoidable influence of market forces– such as the fluctuating price of materials, changes in production technology, and the shifting costs of labor. Investors may be worried about changes in leadership, bad publicity, or larger factors like new laws and trade policies. And of course, plenty of investors are simply ready to sell valuable stocks and pursue personal interests. All these variables cause day-to-day noise in the market, which can make companies appear more or less successful. And in the stock market, appearing to lose value often leads to losing investors, and in turn, losing actual value.
會影響這種供給需求 蹺蹺板的因素很多。 無可避免,公司一定會 受到市場力量的影響—— 比如原料價格的波動、 生產技術的改變, 以及勞工成本的變動。 投資者可能會擔心 領導階層的改變、 不好的名聲,或更大的因素, 比如新法律和貿易政策。 當然,許多投資者就只是 準備好要賣掉有價值的股票, 追求個人利益。 所有這些變數每天都會干擾市場, 可能會讓公司看起來 更成功或比較不成功。 在股票市場上,看起來失去價值, 通常會導致失去投資者, 進而真正失去價值。
Human confidence in the market has the power to trigger everything from economic booms to financial crises. And this difficult-to-track variable is why most professionals promote reliable long term investing over trying to make quick cash. However, experts are constantly building tools in efforts to increase their chances of success in this highly unpredictable system.
人類對市場信心的力量很強大, 可以觸發各式各樣的現象, 從經濟繁榮到金融危機。 這個很難追蹤的變數, 正是為什麼專業人士 會推銷可靠的長期投資, 而不是試著快速撈一筆。 然而,專家常常會創造一些工具, 試圖在這個極不可預測的系統中 增加他們的成功機會。
But the stock market is not just for the rich and powerful. With the dawn of the Internet, everyday investors can buy stocks in many of the exact same ways a large investor would. And as more people educate themselves about this complex system they too can trade stocks, support the businesses they believe in, and pursue their financial goals. The first step is getting invested.
但,股票市場並非 有錢或有權的人的專利。 隨著網際網路的出現, 一般投資人也可以用許多 大型投資者的方式買賣股票。 隨著更多人自學 與這複雜系統相關的知識, 他們也能夠買賣股票, 支持他們所相信的企業, 並追求他們的財務目標。 第一步,就是找到人來投資。