一级市场与二级市场

一级市场和二级市场是指帮助企业获得资本金的市场。这两个市场的区别在于筹集资金的过程。每个市场用于筹集资金的情况，以及筹集资金所需遵循的程序都是非常不同的。下面的文章清楚地了解了每个市场、它们的功能以及它们之间的区别。

什么是一级市场(primary market)？

The Primary market refers to the market where new securities are issued for the purpose of obtaining capital. Firms and public or government instituti*** can raise funds from the primary market by making a new issue of stock (to obtain equity financing) or bonds (to obtain debt financing). When a corporation is making a new issue, it is called an Initial Public Offering (IPO), and the process is referred to as the ‘underwriting’ of the share issue. In the primary market, the securities are issued by the company that wishes to obtain capital and is sold directly to the investor. In exchange for the funds that the shareholder contributes, a certificate is issued to represent the interest held in the company.

什么是二级市场(secondary market)？

指已经在二级市场上交易的证券。通常在二级市场交易的工具包括股票、债券、期权和期货。某些抵押贷款也可以在二级市场上**给投资者。一旦投资者在一级市场上首次购买了一种证券，同一种证券可以在二级市场上**给另一个投资者，根据证券在交易期间的表现，价格可能会更高或更低。世界上有许多二级市场，而著名的少数包括纽约证券交易所、纳斯达克、伦敦证券交易所、东京证券交易所和上海证券交易所。

一级市场vs二级市场

一级市场和二级市场都是企业为其资本需求提供资金的平台。虽然一级证券交易所的职能仅限于首次发行，但一些证券和金融资产可以反复交易和再交易。主要区别在于，在一级市场，公司直接参与交易，而在二级市场，由于交易发生在投资者之间，公司没有参与。