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THE EQUITY SECURITIES MARKET
股票市场
Common stocks: Common stocks, also known as equity securities or equities, represent ownership shares in acorporation.
普通股：普通股，又被称为股票或股份，代表在公司的所有权凭证。
Residual claim means that stockholders are the last in line of all those who have a claim on the assets and income of the corporation.
剩余索取权意味着股票所有者最终的对公司财产和收入的要求权。
Limited liability means that the most shareholders can lose in the event of failure of the corporation is their original investment.
有限责任意味着一旦公司破产，大多数股票所有者的损失仅限于他们的初始投资。
Preferred Stocks: Preferred stock is like a perpetual bond. A given dollar amount is to be paid each year by the issuer to the investor.
优先股：优先股就好象永续债券。发行人每年向投资人支付一个给定的货币额。
The cumulative preferred stocks are the preferred stocks that all previously unpaid preferred stock dividends must be paid before any dividends may be paid on the common stock.
累积优先股是这样一种优先股，所有以前未支付的优先股股利必须在普通股股利支付之前支付。
The uncumulative preferred stocks are the preferred stocks that all previously unpaid preferred stock dividends needn’t be paid.
非累积优先股是这样一种优先股，所有以前未支付的优先股股利不必支付。
The adjustable rate preferred stock is preferred stock that the dividend is reset periodically in terms ofan applicable rate. The auuualized "percent of par" for the dividend might be reset every three months to be equal to the largest of the rates on: (1) three-months Treasure bills;(2)ten-year Treasury bonds;(3)20-year Treasure bonds.
可调整比例的优先股是这样一种优先股，股利依据一个合适的利率定期重新确定。红利的年化利率以下利率的最高值每三个月重新设定一次：（1）三个月的国库券；（2）十年期国债；（3）二十年期国债。
The callable preferred stocks are callable at a stated redemption price.
可回购的优先股可以一个预先确定的价格回购。
Participating preferred stock entitles the holder to receive extra dividends when earnings permit.
当赢利允许，参与优先股赋予持有人收取额外红利的权利。
Convertible preferred stock may, at the option of the holder, be converted into another security (usually the firm’s common stock) on the stated terms.
可转换优先股赋予持有人一项期权，在确定的期限转换为另外一种证券（通常是公司的普通股票）。
