「價格發現」功能
A stock market is a formal marketplace where buyers and sellers meet to exchange shares of publicly owned companies.
股市是一個公開的市場，買家和賣家在此交易公開上市公司的股票。
formal (adj.)公開的、正式的exchange (v.)交換、股票交易share (n.)股份listed companies 上市公司
As a regulated trading environment, stock markets operate under specific rules to ensure that trading is fair, secure and efficient.
作為一個受管制的交易環境，股票市場根據特定的規則運作，以確保交易公平、安全且有效率。
regulate (v.)管理
Stock markets consist of both primary and secondary markets.
股市由一級和二級市場組成。
consist of 由……組成be composed of=be made up of
Their primary market function allows companies to “issue and sell their shares to the public for the first time through the process of initial public offering (IPO),” with stock markets receiving fees for facilitating this process.
它們的一級市場功能讓公司能「通過首次公開募股（IPO）程序向公眾發行和出售他們的股票」，股市負責讓這個過程順利進行並從中賺取費用。
issue (v.)發行initial public offering (IPO) 首次公開募股facilitate (v.)促進、促使
Investors can then buy shares of a company’s stock at a set price, with the sales benefiting the company by helping it raise money for capital.
投資者可以以一定的價格購買公司的股票，這些銷售有利於公司籌措資金。
set (adj.)固定的、不變的capital (n.)資金、資本、首都capitalism (n.)資本主義capitalist (n.)資本主義家 (adj.)資本主義的venture capitalist 風險資本家
Shareholders can then choose to hold the shares and receive dividend payments from the company’s profits or sell them later to another investor.
股東可以選擇持有股票，從公司的利潤中獲得股息，或將其轉售給其他投資者。
shareholder (n.)股東dividend (n.)股利、股息
Secondary markets are where investors can buy and sell shares that are already owned.
二級市場是投資者可以購買和出售持股的地方。
Being one step removed from the initial purchase of a company’s shares, all transactions on the secondary market are between investors, with the seller making profits from the sale.
由於已經過了購買公司股票的初始階段，二級市場上的所有交易都是在投資者之間進行，賣方從銷售中獲利。
Unlike the primary market, prices on the secondary market are determined by supply and demand, with the company whose shares are exchanged gaining nothing from the transaction.
與一級市場不同的是，二級市場的價格是由供需所決定的，而股票被交易的公司不會從中獲得任何利益。
gain (v.)獲得、取得
Stock exchanges also function to support “price discovery,” which is the process of setting the market price of an asset based on the influence of supply and demand as well as many other tangible and intangible factors.
股票交易還有「價格發現」的功能，這是通過供需和其他許多有形和無形因素的影響來設定資產市場價格的過程。
asset (n.) 資產、財產tangible (adj.)有形的intangible (adj.)無形的intangible cultural heritage list 無形文化遺產名單
Through a combination of these activities, stock markets have become crucial mechanisms of free-market economies which allow investors to easily exchange capital.
通過這些交易活動，股票市場已成為自由市場經濟體的重要機制，使得投資者可以輕鬆地交易資金。
mechanism (n.)機制defense mechanism 防禦機制