How does the stock market work? - Oliver Elfenbaum

譯者: Lilian Chiu 審譯者: Helen Chang

In the 1600s

在 1600 年代，

the Dutch East India Company employed hundreds of ships

荷蘭東印度公司僱用了數百艘船，

to trade gold, porcelain, spices, and silks around the globe.

做黃金、瓷器、香料， 和絲的全球貿易。

But running this massive operation wasn’t cheap.

但要支撐這麼龐大的營運， 花費一點也不便宜。

In order to fund their expensive voyages,

為了要資助這些昂貴的航程，

the company turned to private citizens–

該公司轉向平民——

individuals who could invest money to support the trip

去找有錢能夠拿來投資、 資助旅程的個體戶，

in exchange for a share of the ship’s profits.

交換條件則是可以分到 該船賺得的利潤。

This practice allowed the company to afford even grander voyages,

這種做法，讓該公司能夠 負擔得起更浩大的航程，

increasing profits for both themselves and their savvy investors.

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,

荷蘭東印度公司在各大陸的

咖啡館及海港銷售這些股份，

the Dutch East India Company unknowingly invented the world’s first stock market.

不知不覺間，發明了 全世界第一個股票市場。

Since then, companies have been collecting funds from willing investors

自此之後，公司便會向 有意願的投資者募款，

to support all kinds of businesses.

來資助各式各樣的生意。

And today,

現今，還有專門的學校、 職業，甚至專用的電視頻道

the stock market has schools, careers, and even whole television channels

來研究了解股票市場。

dedicated to understanding it.

But the modern stock market is significantly more complicated

但，現代股票市場遠比

than its original incarnation.

它的原始型態更複雜許多。

So how do companies and investors use the market today?

所以，現今公司和投資者 怎麼運用這個市場？

Let’s imagine a new coffee company that decides to launch on the market.

咱們來想像一間新的咖啡公司， 決心要進入市場。

First, the company will advertise itself to big investors.

首先，該公司會為自己打廣告， 對象是大型投資者。

If they think the company is a good idea,

如果他們認為 這個公司是個好點子，

they get the first crack at investing,

他們就能取得投資的先機，

and then sponsor the company’s initial public offering, or IPO.

接著，贊助該公司的 初次公開發行（IPO）。

This launches the company onto the official public market,

這就能讓該公司進入到 正式的公開市場，

where any company or individual who believes the business could be profitable

在這裡，相信這事業 有利可圖的任何公司或個體戶

might buy a stock.

都可以買股票。

Buying stocks makes those investors partial owners in the business.

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,

他們的投資，協助該公司成長，

and as it becomes more successful,

當該公司更成功之後，

more buyers may see potential and start buying stocks.

可能會有更多的買家 看到潛力，也開始買股票。

As demand for those stocks increases,

隨著對那些股票的需求增加，

so does their price, increasing the cost for prospective buyers,

股票的價格也會提高， 增加未來買家的成本，

and raising the value of the company's stocks people already own.

已經擁有該公司股票的人， 手上股票的價值也會提升。

For the company,

對該公司來說，增加的股份 能協助資助新的計畫，

this increased interest helps fund new initiatives,

and also boosts its overall market value

同時，因為展現出 有這麼多人願意投資該公司，

by showing how many people are willing to invest in their idea.

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

然而，如果出於某種原因， 公司看起來不再那麼有利可圖時，

the reverse can also happen.

就可能會發生相反的狀況。

If investors think their stock value is going to decline,

如果投資者認為他們的 股票價值有下跌的趨勢，

they’ll sell their stocks with the hopes of making a profit

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。

before the company loses more value.

As stocks are sold and demand for the stock goes down,

當股票被賣出， 且對股票的需求減少，

the stock price falls,

股價就會下跌，

and with it, the company’s market value.

公司的市場價值也會跟著下跌。

This can leave investors with big losses–

這可能會造成投資者極大的損失——

unless the company starts to look profitable again.

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.

會影響這種供給需求 蹺蹺板的因素很多。

Companies are under the unavoidable influence of market forces–

無可避免，公司一定會 受到市場力量的影響——

such as the fluctuating price of materials,

比如原料價格的波動、

changes in production technology,

生產技術的改變，

and the shifting costs of labor.

以及勞工成本的變動。

Investors may be worried about changes in leadership,

投資者可能會擔心 領導階層的改變、

bad publicity, or larger factors like new laws and trade policies.

不好的名聲，或更大的因素， 比如新法律和貿易政策。

And of course,

當然，許多投資者就只是 準備好要賣掉有價值的股票，

plenty of investors are simply ready to sell valuable stocks

and pursue personal interests.

追求個人利益。

All these variables cause day-to-day noise in the market,

所有這些變數每天都會干擾市場，

which can make companies appear more or less successful.

可能會讓公司看起來 更成功或比較不成功。

And in the stock market,

在股票市場上，看起來失去價值，

appearing to lose value often leads to losing investors,

通常會導致失去投資者，

and in turn, losing actual value.

進而真正失去價值。

Human confidence in the market has the power to trigger

人類對市場信心的力量很強大，

everything from economic booms to financial crises.

可以觸發各式各樣的現象， 從經濟繁榮到金融危機。

And this difficult-to-track variable

這個很難追蹤的變數，

is why most professionals promote reliable long term investing

正是為什麼專業人士 會推銷可靠的長期投資，

over trying to make quick cash.

而不是試著快速撈一筆。

However, experts are constantly building tools

然而，專家常常會創造一些工具，

in efforts to increase their chances of success

試圖在這個極不可預測的系統中

in this highly unpredictable system.

增加他們的成功機會。

But the stock market is not just for the rich and powerful.

但，股票市場並非 有錢或有權的人的專利。

With the dawn of the Internet,

隨著網際網路的出現，

everyday investors can buy stocks

一般投資人也可以用許多 大型投資者的方式買賣股票。

in many of the exact same ways a large investor would.

And as more people educate themselves about this complex system

隨著更多人自學 與這複雜系統相關的知識，

they too can trade stocks,

他們也能夠買賣股票， 支持他們所相信的企業，

support the businesses they believe in,

and pursue their financial goals.

並追求他們的財務目標。

The first step is getting invested.

第一步，就是找到人來投資。