GIAO TRINH BIÊN SOẠN BIEN DICH 2 TATM Ba Kiet-2018 (1)

THE UNIVERSITY OF DANANG UNIVERSITY OF FOREIGN LANGUAGE STUDIES  A Coursebook on TRANSLATION IN BUSINESS ENGLISH Le Van Ba and Ho Si Thang Kiet Danang, 2017 1 CONTENTS Pag e UNIT 1: ECONOMICS UNIT 2: MARKETING 15 UNIT 3: INTERNATIONAL TRADE 26 UNIT 4: BANKING AND FINANCE 40 REFERENCES 53 2 Unit 1: Economics PRE-TRANSLATION ACTIVITIES I A Translation of collocations and terms Translate the following collocations, phrases and terms into Vietnamese Transfer payments microeconomic pay scale social security unemployment benefits macroeconomics lifetime employment “one-size fits-all” principles the development of “guiding values”, of management the industrial bureaucratic era versatility in the labor force technologically In another development sophisticated products functionally means of production interchangeable products by leaps and bounds at the expense of another Translate the following collocations and terms into English Mức lương trung bình giảm chi phí tăng lợi nhà sản xuất linh kiện máy nhuận bay sách thân thiện chương trình hỗ trợ cộng sản phẩm dịch vụ với mơi trường đồng địa phương văn phịng chất lượng tốt trợ lí trưởng phịng giảm tình trạng bỏ nhân B việc Complete the sentences with the collocations, phrases and terms given in the box Guiding values, microeconomics, macroeconomics, unemployment benefits, payscale, lifetime employment, one size fits all, at the expense of, consultative style, industrial bureaucratic era, technologically sophisticated products, means of production, free enterprise system, leaps and bounds Transfer payment, social security Our small campany has been growing ……………… over the past year thanks to our aggressive marketing campaign 3 At each stage outlined in Marx’s analysis there was a different combination of ………………… and relationg of production The aim in marketing …………… is an improved understanding of how a company can combine a technology orientation wih a customer value that is common to the firm We are in a knowledge economy, but our managerial and gover nance systems are stuck in the …………… Governments use ………………… as means of income redistributon by giving out money under social welfare programs, old age or disability pension, student grants or unemployment compensation As a member of society, has the right to …………………… and is entitled to realization, through national effort and international cooperation and in accordance with the organization and resources of each state One goal of …………………… Is to analyse the market mechanisms that establish relative prices among goods and service and allocate limited resources among alternative uses Only percent of Japanese companies have retained ……………… However, the seniority wage system is still in for because alder workers were hired with such expectations ………………… is a system that determines how much an employee is to be paid as a wage or salary based on one or more factors such as the employee’s leve, rank or status 10 In today’s highly diversified market, the …………… is no longer applicable to the manufacture or provision of gords and services 11 You need to have certain ……………… that you always try to follow so that you know things are being done right 12 I was furious when I heard the other children telling jokes …………… of my little brother 13 The ……………… is important when tearn agreement matters but it can be difficult to manage when ther are a lot of perspectives and ideas 14 In ……………… , this selection is generated by the interaction of numerous decisions made by different individuals and aggregated through market insitutions 15 ………………… studies indicators such as GDP, unemployment rates, national income and the interrelation among the different sectors of the economy to better understand how the whole economy functions 4 C Grammar notes Noun clause: a subordinate clause that functions as a noun phrase Example: We want to know how individuals behave in the economy, what they when they lose their jobs, how they respond to various incentives and opportunities, why they buy certain goods and not others, and so on… Chúng ta muốn biết ứng xử cá nhân kinh tế, hành động họ việc, phản ứng họ động hội sao, lý họ chọn mua sản phẩm mà sản phẩm khác, v.v Adjective clause: a dependent clause that modifies a noun, using a relative pronoun such as who, which, that, whose… Example: A manager who operates on the basis of theory Y will try to integrate subordinates’ needs for development and self-expression with the organisation’s objectives Một nhà quản lý làm việc sở học thuyết Y cố gắng gắn kết nhu cầu nhân viên mong muốn phát triển tự thể với mục tiêu tổ chức Reduced adjective clause: a nonfinite clause headed by a past participle Example: Transfer payments are payments (which are) made to individuals without requiring the provision of any service in return Tiền trợ cấp khoản tiền (mà khoản tiền này) chi trả cho cá nhân mà không đòi hỏi họ phải cung cấp lại dịch vụ Adverbial clause of reason with now that: gives an explanation of a new situation Example: 5 This situation is changing now that multi-skilled, flexible labor is highly prized in today’s labor market Tình trạng thay đổi lao động linh hoạt đa kỹ đánh giá cao thị trường lao động ngày Passive structure The passive structure is used to show interest in the person or object that experiences an action rather than the person or object that performs the action In other words, the most important thing or person becomes the subject of the sentence Example: Multi-skilled project teams were seen to be more responsive to consumer demands than specialized, one-man-one-boss structures Các nhóm dự án đa nhận thấy đáp ứng nhu cầu người tiêu dùng tốt cấu chuyên biệt nhân viên-một cấp The passive structure referred to as: mentioned as, known as This system is often referred to as the “free enterprise system” Hệ thống thường gọi “hệ thống doanh nghiệp tự do” Extraposition of a clausal object with impersonal it structure An extraposition is a construction (or transformation) in which a clause that acts as a subject is moved (or extraposed) to the end of the sentence and replaced by dummy it in the initial position S+ V+ it+ adjective +for + O + To- infinitive = S+ V + O + adjective + to Infinitive Example: The fast-changing business environment of the late 20 th century made it very difficult for classical organizations to compete = The fast-changing business environment of the late 20 th century made classical organizations very difficult to compete Môi trường kinh doanh thay đổi nhanh chóng vào cuối kỷ 20 làm cho tổ chức truyền thống gặp khó khăn canh tranh 6 Make as a causative verb: S+ V(make) + O + Past participle A causative verb is used to indicate why or how something occurs Example: In the last decade, consumers have made their concern known and government has responded by creating agencies to protect consumers’ interests and promote the general public welfare Trong thập niên qua, người tiêu dùng bày tỏ mối quan tâm họ phủ đáp lại việc tạo nhiều quan bảo vệ nhu cầu người tiêu dùng đẩy mạnh an sinh xã hội II TRANSLATION PRACTICE A English – Vietnamese Translation In every society, governments provide such services as national defense, police, firefighting services… In addition, governments make transfer payments to some members of society Transfer payments are payments made to individuals without requiring the provision of any service in return Examples are social security, retirement pension, unemployment benefits and in some countries, food stamps Governments expenditure, whether on the provision of goods and services or on transfer payment, is chiefly by imposing taxes The analysis of an economic system is divided into parts: microeconomics and macroeconomics Microeconomics is the study of individual behavior in the economy It deals with the details, the components of the larger picture In macroeconomics terms, we deal with such national goals as maintaining full employment, limiting inflation and pursuing economic growth In microeconomic terms, we want to know how individuals behave in the economy, what they when they lose their jobs, how they respond to various incentives and opportunities, why they buy certain goods and not others and so on… When the fledgling auto industry began to operate in Japan following World War II, it found itself having to deal with a situation imposed by the Americans in which company owners were very restricted in their ability to fire employees The labor unions succeeded in 7 winning an agreement in which employees were guaranteed lifetime employment and pay scale based on seniority instead of job function In return, employees agree to be flexible in the work assignments; they accepted and committed to helping the company to find new and more efficient production methods An organization is made up of individuals brought together to carry out different roles within it in order to enable them to achieve its goals and objectives This is achieved through the inter– relationship, co-operation and on occasion, conflict between these individual members The fast-changing business environment of the late 20 th century made it very difficult for classical organizations to compete Flexibility and innovation began to challenge stability; diversity began to challenge “universal”, “one-size fits-all” principles of management; multi-skilled project teams were seen to be more responsive to consumer demands than specialized, one-man-one-boss structures, the scalar chain of command was decimated by “delayering” in response to economic recession and other forces Multi-skilling is the opposite of specialization, with its tendency towards rigid job description and demarcation lines between one job and another It involves the development of versatility in the labor force, so that individuals can perform more than one task if required to so: workers are being encouraged, trained and organized to work across the boundaries of traditional jobs and crafts This has been difficult to achieve historically, because craft and occupational groups have supported demarcation in order to protect jobs and maintain special skills, standards and pay differentials This situation is changing now that multi-skilled, flexible labor is highly prized in today’s labor market Organizational culture affects the motivation and satisfaction of employees by encouraging commitment to the organization’s values and objectives, making employees feel valued and trusted, fostering satisfying team relationships and using “guiding values” instead of rules and controls A negative culture, however, can be equally influential It also affects the image of the organization The cultural attributes of an organization will affect its appeal to potential employees and customers For example, the moves of banks to modernize and beautify 8 branch design are meant to convey a “style” that is up-to-date, welcoming, friendly but business-like, with open-plan welcome areas, helpful signposting and lots of light and plants In order to be fruitful, competition must be seen to be open rather than closed “Closed” competition is a win-lose or zero-sum situation, where one party’s gain will be another party’s loss: one party can only well at the expense of another, in competition for resources, recognition and so on “Open” competition exists where all participants can increase their gains together For example, if bonuses are available to all teams which produce more or better output, not just the best team If competition is perceived to be open, the rules are seen to be fair, and the competitors feel that the factors leading to success are within their control, the competition can be extremely fruitful Theory Y is the assumption that the ordinary person does not naturally dislike work and does not require tight control in order to put in effort He is motivated by the desire for personal growth and achievement and will exercise self-direction and self control and actively seek responsibility, if he is committed to the task A manager who operates on the basis of theory Y will try to integrate subordinates’ needs for development and selfexpression with the organisation’s objectives, so that both can be achieved together He will tend to use a democratic or consultative style in order to obtain subordinates’ involvement and commitment to the task and will tend to encourage them to take on more responsibility and more challenging work 10 The concept of motivation describes the impetus to act with energy and purpose We are all motivated to eat, sleep, have fun and work The challenge for management is to what is necessary for the organization to succeed In the past, in the industrial-bureaucratic era of rigid hierarchy and electro mechanical tools, management’s task was to motivate employees to obey orders and perform set tasks Today, in the age of service industries, management’s task is to motivate employees to take responsibility for solving problems, responding to customer needs, co-operate with team members and continuously improving products and services In the industrial bureaucratic era, motivation for most workers was mostly compliance, showing up on time and doing what they were told to In the technoservice era, this kind of compliance is not enough; another type of motivation becomes essential 9 The organization requires people who are motivated, enabled and empowered to achieve results by exercising judgment 11 For many citizens of Latin America, Africa, and Asia, globalization means economic developments as well as worrying that multinational companies from industrialized Europe, Japan and North America will dominate their markets and deplete their natural presources To citizens in newly industrialized countries, like Korea, Singapore, and Taiwan, globalization means growing wealth from supplying technologically sophisticated products and services like software and personal computers For customers, globalization in part innovations in computer and telecommunications technology that provide worldwide connections For some multinational companies, globalization means receiving functionally interchangeable products worldwide from one purchasing negotiation with a global supplier 12 The globalization of markets refers to the fact that in many industries historically distinct separate, national markets are merging into one huge global market place It has been argued that the taste and preferences of consumers in different nations are converging on some global norm, thereby helping to create a global market The global acceptance of consumer products such as Citicorp credit cards, Coca-cola, Levi’s Jean, the music of Madonna or MTV, Sony Walkmans, and Mc Donald’s hamburgers are all frequently held up as prototypical examples of this trend Indeed, firms such as Citicorp, Coca-cola, Levi’s Strauss, Mc Donald’s are more than just benefactors of this trend; they are also facilitators of it By offering a standardized product worldwide, they are helping to create a global market 13 The economic system of the US is principally privately owned This system is often referred to as the “free enterprise system” and can be contracted to a socialist economy, which depends heavily on government planning and on public ownership of the means of production It should be noted that although the US operates a system of private enterprises, the government has to some extent always been involved in regulating and guiding the American economy Yet despite this history of government intervention, individuals in the USA have always been able to choose for whom they will work and what they will buy Most importantly, they vote for officials who will set economic policy Traditionally, the system has been referred to as a “market economy” Now decisions are made by three groups and it is their dynamic interaction that makes the economy function Consumers, 10 10 Unit 4: Banking and Finance I PRE-TRANSLATION ACTIVITIES A Translation of collocations and terms Translate the following collocations, phrases and terms into Vietnamese The money supply interest rates mortgage interest rate financial savings mutual saving banks credit unions financial intermediaries foreign exchange markets surplus funds of liabilities bank deposits institutions as the bond and stock markets and well-being of consumers loan associations debt instrument long-term securities issuing equities a primary market common stocks Translate the following collocations and terms into English Thị trường chứng khoán hệ thống toán điện tử gia tăng so với đồng biến số kinh tế lưu trữ giá trị tiền khác rào cản thương mại ngạch thâm thủng ngân sách chứng tiền gởi trái phiếu tính khoản thuế quan quy tắc giá quy định B Complete the following sentences with the collocations, phrases and terms given in the box Bank notes, money supply, investment, money laundering, foreign exchange, exchange rate, surplus and deficits, common stock, financial markets, liquidity, interest rate, collateral, premiums, funds, intermediaries According to historians, …………………… or paper money was first used in china during the song Dynasty 40 40 …………………… data are recorded and published usually by the government or the central bank or the country The interaction between the existing domestic firms and the new foreign firms either through M&A or through Greenfield …………………… is complex and dynamic over time In today’s world of integrated financial system, …………………… has emerged as a menace to the policy makers When it is linked to the unofficial black economy of many developing countries, the problem becomes complicated The ……………………… market is also a commodity relationship and is defined as the relation between buyers and sellers for the purchase and disposal of the currencies of different denomination For a small developing country, the maintenance of the flexible ……………… system may become a luxury as the cost of it in the form of independent monetary and fiscal policies and the adoption of swift measures to insulate the domestic economy from external shocks may be high While the changes in the relative price level would depend on the supply of money and natural advantages, the ……………………… in international transactions were taken care of through the shipment of gold Bank regulations that restrict banks from holding risky assets such as …………… are a direct means of making banks avoid too much risk Computer and advanced telecommunication have been a driving force behind the internationalization of ……………………………… 10 To maximize its profits, a bank must simultaneously seek the highest returns possible on loans and securities, minimize risks and make adequate provision for …………………… by holding liquid assets 11 Long-term relationships benefit the customers as well as the bank A firm with a previous relationship will find it easier to obtain a loan at a low ………………… because the bank has an easier time determining if the prospective borrower is a good credit risk and in curs fewer costs in monitoring the borrower 12 …………………… , which is property promised to the lender as compensation if the borrower defaults, lessens the consequences of adverse selection because it reduces the lender’s losses in the case of a loan default 13 Insurance companies use the ……………………… paid on policies to invest in assets such as bonds, stocks mortgages and other loans 41 41 14 Finance companies acquire …………… by issuing commercial paper or stocks and bonds or borrowing from banks and they use the proceeds to make loans that are particularly well suited to consumer and business needs 15 Mutual funds are financial ………………………… that pool the resources of many small investors by selling then shares and using the proceeds to buy securities C Grammar notes Appositive: a noun or a noun phrase that renames another noun right beside it Example: Inflation, a continual increase in the price level, affects individuals, businesses and the government Nạn lạm phát, nghĩa gia tăng liên tục mức giá, ảnh hưởng đến cá nhân, doanh nghiệp phủ The ones and those: a replacement for the plural noun mentioned before Examples: a The countries with the highest inflation rates are also the ones with the highest money growth rates Các quốc gia có tỷ lệ lạm phát cao quốc gia có tỷ lệ tăng trưởng tiền tệ cao b They provide a channel for linking people who want to save with those who want to invest Ngân hàng cung cấp kênh liên kết người muốn tiết kiệm với người muốn đầu tư Inversion The subject and the main verb switch positions for emphasis and the word order becomes verb + subject Example: Included under the term Banks are firms such as commercial banks, savings and loan associations, mutual savings banks and credit unions Thuật ngữ “ngân hàng” bao gồm tổ chức ngân hàng thương mại, tổ chức tiết kiệm cho vay, quỹ tiết kiệm tương tế hội tín dụng That: a relative pronoun as a subject or an object 42 42 Example: Money or the money supply is defined as anything that is generally accepted in payment for goods or services or in the repayment of debts Tiền lượng cung ứng tiền định nghĩa thứ (mà thứ đó) thường chấp nhận toán cho hàng hoá, dịch vụ trả nợ Adverbial clause of concession: We use whereas or while to contrast two opposite facts Example: Whereas securities are assets for the person who buys them, they are liabilities (IOU) or debts for the individual or firm that sells them Trong cổ phần tài sản người mua, chúng khoản phải trả (IOU) hay khoản nợ nhân hay tổ chức bán chúng Zero conditional: Zero conditional is used to express facts or things that are generally true Example: If you own one share of common stock in a company that has issued one million shares, you are entitled to millionth of the firm’s net income Nếu bạn sở hữu loại cổ phiếu thông thường công ty phát hành triệu cổ phiếu, bạn hưởng 1/1 triệu doanh thu thực cơng ty Because of + a phrase/ Because + a clause When we use because, we are focusing on the reason We often put the because-clause at the beginning of a sentence, especially when we want to give extra focus to the reason Example: Bởi biến số kinh tế đóng vai trị quan trọng sức khoẻ kinh tế , cần phải hiểu sách tiền tệ thực Because of the important role of these economic variables in the health of the economy [Because these economic variables play an important role in the health of the economy], it is essential for us to understand the monetary policy and its implementation 43 43 II TRANSLATION PRACTICE B English – Vietnamese Translation Money or the money supply is defined as anything that is generally accepted in payment for goods or services or in the repayment of debts Money is linked to changes in economic variables that affect all of us and are important to the health of the economy Inflation, a continual increase in the price level, affects individuals, businesses and the government Inflation is generally regarded as an important problem to be solved and has often been a primary concern of politicians and policymakers The money supply might be an important factor in causing the continuing increase in the price level that is called inflation The countries with the highest inflation rates are also the ones with the highest money growth rates An interest is the cost of borrowing or the price paid for the rental of funds There are many interest rates in the economy-mortgage interest rate, car loan rates and interest rates on many different types of bonds Internet rates are important on a number of levels On a personal level, high interest rates could deter you from buying a house or a car because the cost of financing it would be high Conversely, high interest rates could encourage you to save because you can earn more interest income by putting aside some of your earnings or savings On a more general level, interest rates have an impact on the overall health of the economy because they affect not only consumers’ willingness to spend or save but also businesses’ investment decisions Banks are financial institutions that accept money deposits and make loans Included under the term Banks are firms such as commercial banks, savings and loan associations, mutual savings banks and credit unions Banks are important to the economy for reasons: - They provide a channel for linking people who want to save with those who want to invest - They play an important role in determining the money supply and in transmitting the effects of monetary policy of the economy 44 44 - They have been a source of the rapid financial innovation that is expanding the ways in which we can invest our savings Banks are the financial intermediaries that an average person interacts with most frequently A person who needs a loan to buy a house or a car usually obtains it from a local bank Most Americans keep a large proportion of their financial wealth in banks in the form of checking accounts, saving accounts or other type of bank deposits Financial intermediation is an important activity in the economy because it allows funds to be channeled from people who might otherwise not put them to productive us to people who will In this way, financial intermediaries help promote a more efficient dynamic economy Financial markets are markets in which funds are transferred from people who have an excess of available funds to people who have a shortage Financial markets such as the bond and stock markets are important in channeling funds from people who not have a productive use for them to those who do, resulting in greater economic efficiency Activities in financial markets also have direct effects on personal wealth and on the behavior of businesses The price of one country’s currency in terms of another’s is called the foreign exchange rate A change in the exchange rate has a direct effect on consumers because it affects the cost of foreign goods For example, in 1985, when the British currency, the pound sterling, cost $130, £ 100 of British goods could cost $ 130 When a weaker dollar raised the cost of pound to $ 1.50 in 1994, the same £ 100 of sweater costs $ 150 Thus, a weaker dollar leads to more expensive foreign goods, makes vacationing abroad more expensive and raises the cost of indulging your yen for imported delicacies When the value of the dollar drop, Americans will decrease their purchase of foreign goods and increase their consumption of domestic goods Conversely, a strong dollar means that US goods exported abroad will cost more in foreign countries and hence foreigners will buy fewer of them A strong dollar benefited American consumers by making foreign goods cheaper and hurt American businesses and eliminate some jobs by cutting both domestic and foreign sales of their products The recent weakness of the dollar has had the opposite effect It has made foreign goods more expensive but has made American businesses more competitive Fluctuations in the foreign exchange markets have major consequences for the American economy 45 45 Financial markets perform the essential economic function of channeling funds from people who have saved surplus funds by spending less than their income to people who have a shortage funds because we wish to spend more than their income The principal lender-savers are households, but businesses and the government are important borrowerspenders, but households and foreign also borrow to finance their purchases of cars, furniture and houses In direct finance borrowers borrow funds directly from lenders in financial markets by selling then securities, which are claim on the borrowers’ future income or assets Whereas securities are assets for the person who buys them, they are liabilities (IOU) or debts for the individual or firm that sells them Thus, financial markets have such an important function in the economy They allow funds to move from people who lack productive investment opportunities to people who have such opportunities By so doing they contribute to higher production and efficiency in the economy They also directly improve the well-being of consumers by allowing them to time their purchases better They provide funds to young people to buy what they need and can eventually afford without forcing them to wait until they have saved up the entire purchase price Financial markets that are operating efficiently improve the economic welfare of everyone in society A firm or an individual can obtain funds in financial markets in ways The most common method is to issue a debt instrument, such as bond or mortgage which is a contractual agreement by the borrower to pay the holder of the instrument fixed dollar amounts at regular intervals (interest payments) until a specified date (the maturity date), when a final payment is made The maturity of a debt instrument is the time (term) to that instrument’s expiration date A debt instrument is short-term if its maturity is less than a year and long-term if its maturity is ten years or longer Debt instruments with a maturity between one year and 10 years are said to be intermediate term The second method of raising funds is by issuing equities, such as common stocks, which are claims to share in the net income (income after expense and taxes and the assets of a business If you own one share of common stock in a company that has issued one million shares, you are entitled to millionth of the firm’s net income Equities usually make periodic payments (dividends) to their holders and are considered long-term securities because they have no maturity date 10 A primary market is a financial market in which new issues of a security, such as a bond or a stock, are sold to initial buyers by the corporation or government agency borrowing the 46 46 funds A secondary market is a financial market in which securities that have been previously issued can be resold The primary markets for securities are not well-known to the public because the selling of securities to initial buyers takes place behind closed doors An important financial institution that assists in the initial sale of securities in the primary market is the investment bank It does this buy underwriting securities; that is it guarantees a price for a corporation’s securities and then sells them to the public 11 The most important form of corporate stock is common stock Like all forms of equity, common stock represents a residual claim against the assets of the issuing firm, entitling the owner to share in the net earnings of the firm when it is profitable and to share in the net market value (after all debts are paid) of the company’s assets if it is liquidated By owning common stock, the investor is subject to the full risks of ownership, which means the business may fail or its earnings may fall to unacceptable levels However, the risks of equity ownership are limited, because the stockholder normally is liable only for the amount of his or her investment If a corporation with outstanding shares of common stock is liquidated, the debts of the firm must be paid first from any assets available The preferred stockholders then receive their share of any remaining funds Whatever is left accrues to common stockholders on a pro rata basis Common stock is generally a registered instrument, with the holder’s name recorded on the issuing company’s books 12 The volume of stock a corporation may issue is limited by the terms of its charter of incorporation Additional shares beyond those authorized by the company’s charter may be issued only by amending the charter with approval of the current stockholders Some companies have issued large amounts of corporate shares, reflecting not only their need for large amounts of equity capital but also a desire to broaden their ownership base The par value of common stock is an arbitrarily assigned value, often printed on each stock certificate, though some stock has no specified par value Where present, par value is usually set low relative to the stock’s current market value Originally, par was supposed to represent the owner’s initial investment per share in the firm The only real significance of par today is that the firm cannot pay any dividends to stockholders that would reduce the company’s net worth per share below the par value of its stock 47 47 13 Common stockholder are granted a number of rights Stock ownership permits them to elect the company’s board of directors, who, in turn, choose officers responsible for day-today management of the firm Common shareholders have a preemptive right (unless specifically denied by the firm’s charter) which gives current shareholders the right to purchase any new voting stock, convertible bonds, or preferred stock in order to maintain their current pro rata share of ownership For example, if a stockholder holds percent of all shares outstanding and 500 new shares are to be issued, this stockholder has the right to subscribe to 25 new shares Although most common stock grants each stockholder one vote per share, nonvoting rights common may also be issued Some companies issue Class A common, which has voting rights, and Class B common, which carries a prior claim on earnings but no voting power The major stock exchanges not encourage publicly held firms to issue classified stock, but classified shares are used extensively by privately held firms whose stock is not traded on a major exchange A right normally granted all common stockholders is the right of access to the minutes of stockholder meetings and to lists of existing shareholders This gives stockholders some power to reorganize the company if management or the board of directors is performing poorly Common stockholders may vote on all matters that affect the firm’s property as a whole, such as a merger, liquidation, or the issuance of additional equity shares 14 The other major form of stock issued today is preferred stock Preferred carries a stated annual dividend expressed as a percent of the stock’s par value For example, if preferred shares carry a $100 par value with an percent dividend rate, then each preferred shareholder is entitled to dividends of $8 per year on each share owned, provided the company declares a dividend Common stockholders receive whatever dividends remain after preferred shareholders receive their annual dividend Preferred stock occupies middle ground between debt and equity securities, including advantages and disadvantages of both forms of raising long-term funds Preferred stockholders have a prior claim over the firm’s assets and earnings relative to claims of common stockholders However, creditors must be paid before either preferred or common stockholders Unlike creditors, preferred stockholders cannot press for bankruptcy 48 48 proceedings against a company that fails to pay them dividends Nevertheless, preferred stock is part of a firm’s equity capital and strengthens its net worth, allowing it to issue more debt in the future It also is a more flexible financing arrangement than debt because firms may choose not to pay dividends to their shareholders if corporate earnings are inadequate 15 Generally, preferred stockholders have no voice in the selection of management unless the corporation fails to pay dividends for a stipulated period A frequent provision in corporate charters gives preferred stockholders the right to elect some members of the board of directors if dividends are passed for a full year Dividends on preferred stock, like those on common stock, are not a tax-deductible expense This makes preferred shares more expensive to issue than debt, especially for companies in higher tax brackets However, IRS regulations specify that 70 percent of stock dividends received by corporations from unaffiliated companies are tax deductible This deductibility feature makes preferred stock attractive to companies seeking to acquire ownership shares in other firms and sometimes allows preferred shares to be issued at a lower net interest cost than debt securities In fact, corporations themselves are the principal buyers of preferred stock Many preferred shares are cumulative, which means the passing of dividends results in an arrearage that must be paid in full before common stockholders receive anything Some preferred share are participating, allowing the holder to share in the residual earnings normally accruing entirely to common stockholders B Vietnamese – English Translation Thị trường chứng khoán nhân tố quan trọng định đầu tư kinh doanh giá cổ phiếu ảnh hưởng đến vốn huy động thơng qua việc bán cổ phiếu phát hành nhằm cấp tài cho chi tiêu đầu tư Một cổ phiếu có mức giá cao có nghĩa cơng ty huy động nguồn vốn dồi dùng để mua nguyên liệu thiết bị sản xuất Tiền tệ dường nhân tố chủ đạo ảnh hưởng đến lạm phát mức lãi suất Bởi biến số kinh tế đóng vai trị quan trọng sức khoẻ kinh tế, cần phải hiểu sách tiền tệ tế thực Chúng ta cần nghiên cứu thâm thủng ngân sách phủ chúng nhân tố ảnh hưởng đến việc thực sách tiền tệ 49 49 Ngân hàng thương mại tổ chức tài trung gian huy động vốn thông qua việc phát hành chứng tiền gởi Sau họ sử dụng nguồn vốn vay thương mại, tiêu dùng, cầm cố bất động sản mua trái phiếu phủ Hệ thống toán phát triển theo thời gian Cách vài trăm năm, hệ thống toán dựa kim loại qúi Tuy nhiên, việc áp dụng tiền giấy làm giảm chi phí vận chuyển Bước phát triển quan trọng sử dụng séc giúp giảm chi phí giao dịch Hiện nay, tiến tới hệ thống toán điện tử mà tiền giấy loại bỏ tất giao dịch giao dịch máy tính Tài sản vật có khả lưu trữ giá trị Những đồ vật tiền, trái phiếu, cổ phiếu, tranh nghệ thuật, đất đai, nhà cửa xem tài sản Một nhân tố quan trọng ảnh hưởng đến nhu cầu mua tài sản chuyển đổi sang tiền mặt nhanh đến mức – tức tính khoản Một tài sản có tính khoản thị trường mà giao dịch có nhiều người mua người bán Một nhà tài sản khơng có tính khoản cao khó để tìm kiếm người mua nhanh chóng Trái lại cổ phiếu công ty blue-chip tài sản có tính khoản cao giao dịch thị trường tổ chức tốt, nơi có nhiều người mua bán nhanh chóng với chi phí giao dịch thấp Khi đồng tiền quốc gia tăng giá so với đồng tiền khác hàng hóa đất nước trở nên đắt đỏ nước hàng nước nhập vào nước lại trở nên rẻ Trái lại, đồng tiền quốc gia giảm giá hàng hóa nước ngồi rẻ hàng nhập vào nước đắt Như vậy, tăng giá đồng tiền làm cho nhà sản xuất nội địa khó khăn bán sản phẩm nước làm tăng cạnh tranh nước hàng nhập có giá rẻ Các rào cản thương mại hạn ngạch thuế quan ảnh hưởng đến tỉ giá hối đốn Giả sử, Hoa Kì áp đặt hạn ngạch thuế quan thép Nhật Rào cản thương mại làm tăng nhu cầu tiêu thụ thép Mĩ đồng ĐơLa có xu hướng tăng giá 50 50 thép Mĩ bán chạy cho dù với giá cao Như vậy, hạn ngạch thuế quan làm cho đồng tiền quốc gia tăng giá mặt lâu dài Nếu quốc gia có suất lao động cao quốc gia khác, doanh nghiệp quốc gia giảm giá hàng nội địa so với hàng nước mà kiếm lợi nhuận Như vậy, hàng nội địa tiếp tục tăng, đồng nội tệ có xu hướng tăng giá hàng nội địa bán chạy chí với giá cao Như vậy, quốc gia có suất lao động cao so với quốc gia khác đồng tiền tăng giá mặt lâu dài Qui tắc giá quy định thị trường cạnh tranh khơng tính đến chi phí vận chuyển rào cản thương mại sản phẩm giống quốc gia khác phải bán với giá qui chung đơn vị tiền tệ 10 Lạm phát tượng tiền tệ xảy số lượng tiền lưu thơng tăng nhanh nguồn dự trữ hàng hóa dịch vụ Nói cách khác lượng cung tiền tăng nhanh gia tăng hàng hóa dịch vụ Sự thay đổi lạm phát giá đưa đến thay đổi tỉ giá hối đối Về mặt lí thuyết, quốc gia mà lạm phát tăng phi mã hẳn chứng kiến đồng tiền giá so với đồng tiền nước có mức lạm phát thấp Như vậy, cách dự báo mức lạm phát quốc gia khác nhau, chuyên gia kinh tế nhà kinh doanh dự báo thay đổi tỉ giá hối đối Mức lạm phát dự báo thông qua mối quan hệ mật thiết với tốc độ tăng lượng cung tiền quốc gia III FURTHER PRACTICE Read and translate more texts on Banking and Finance as follows: An introduction to the financial markets: https://www.thebalance.com/an-introduction-tothe-financial-markets-3306233 Financial intermediaries - meaning, role and its importance: https://www.managementstudyguide.com/financial-intermediaries.htm The link between money supply and inflation: https://www.economicshelp.org/blog/111/inflation/money-supply-inflation/ What is interest?: https://www.thebalance.com/what-is-interest-315436 What are common stocks? How they work?: https://www.thebalance.com/commonstocks-3305892 51 51 52 52 REFERENCES Ball Gringer and Minor (2012) International Business Chuck Williams (2008) Principles of Management Frederic S.Miskin (1995) The Economic of Money, Banking and Financial Markets John Gattorna (1998) Strategic Supply Chain Alignment K.Aswathappa (2013) International Business Kattie Willis (2011) Theories and Practices of Development Terence A Shimp (2013) Intergrated Marketing Communications Thomas.C.Kinnear (1997) Cases in Marketing Management Trebilcock, M and Howse, R (2015) The Regulations of International Trade 10 Tom Duncan (2002) Using Advertising and Promotion to Buld Brands 53 53 54 54 ... tariff banners, international trade groups, trade balance, a trade banner, a document of title, a port of discharge, the practice of international business, the currency exchange rate 26 26 As... https://www.thebalance.com/international-trade-pros-cons-effect-on-economy-3305579 The basics of tariffs and trade barriers: https://www.investopedia.com/articles/economics/08/tariff-trade-barrier-basics.asp... global market place It has been argued that the taste and preferences of consumers in different nations are converging on some global norm, thereby helping to create a global market The global