[20220113]IF11062_金融服务简介：资本市场.pdf

https:/crsreports.congress.gov Updated January 13, 2022Introduction to Financial Services: Capital MarketsThis In Focus provides an overview of U.S. capital markets, Securities and Exchange Commission (SEC) regulation, and related policy issues. Market Composition Capital markets are where securities such as stocks and bonds are issued and traded. U.S. capital markets instruments include (1) stocks, also called equity or shares, referring to ownership of a firm; (2) bonds, also called fixed income or debt securities, referring to the indebtedness or creditorship of a firm or a government entity; (3) digital asset securities, referring to digital representations of value in securities form; and (4) shares of investment funds, which are pooled investment vehicles that consolidate money from investors. As a main segment of the financial system, capital markets provide the largest sources of financing for U.S. nonfinancial companies. U.S. capital markets provided 73% of the financing for nonfinancial firms in 2020 (Figure 1). By contrast, capital markets play a less prominent role in other major economies. Figure 1. Capital Markets Financing Compared with Bank Loans for Nonfinancial F