公平 - 市场和波动：

Before we go on to discuss equity markets, let us discuss the role that equity markets play in the economy. We shall use the term stock market and stock exchange interchangeably. What does a stock exchange do? It provides the regulation of company listings, a price formation mechanism, the supervision of trading, authorisation of members, settlement of transactions and publication of trade data and prices.

Equity markets consist of primary markets and secondary markets. The primary market is the market for new issues of shares, where shares are initially offered to the public. The secondary market, on the other hand, is the market for already- issued financial assets. The main difference between the two markets is that in the secondary market the issuer of the share does not receive funds from the buyer.

相反,常存在的问题es hands in the secondary market, and funds flow from the new buyer of the share to the original buyer. Equity capital is ownership capital. It is the shareholders who collectively own the company. They undertake the risks, but also earn the rewards of ownership. The amount of capital that a company can issue is the authorised capital. The amount of capital that a company actually offers to investors is the issued capital. The part of capital subscribed by investors is called the paid-up capital. The par value is the face value of the share. When the issue price is greater than the par value, the difference is called the equity premium. The book value of an equity share is equal to:

（付费资本 +储备金和盈余） /（未偿还的股权股票数）。

股权份额的市场价值是在市场上交易的价格。现在，我们转向一些估值比率。估值比率表明投资者如何评估股票市场的股票。因此，这些是发行公司的绩效指标。重要的估值比率是：价格增长率，市场价值与账面价值的比率。

Price-earnings ratio: it is defined as the market price per share divided by earnings per share. The earnings per share ratio is just the after-tax profit less preference dividend divided by the number of outstanding equity shares. The price-earnings ratio reflects risk characteristics, investor sentiments, the degree of liquidity, and growth prospects.

收益率：这可以衡量股东获得的回报率。它被定义为：

收益=（股息 +价格变化） /初始价格。我们可以将其分为两个部分：

{股息 /初始价格} + {价格更改 /初始价格}

第一项表示股息收益率，而第二项是资本收益或损失收益率。通常，增长前景较低的公司可提供高股息收益率，而资本收益率低。对于具有高增长前景的公司而言，这是一种相反。