身边的经济学·社会常识英语30篇（1）
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Stocks vs. Bonds: Ownership Rights Versus Loan Agreements
股票与债券：所有权权利与借贷协议的区别
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Buying stock means owning a small piece of a company and sharing in its future profits.
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Bondholders lend money to issuers and receive fixed interest payments until maturity.
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Stock returns depend on company performance and investor expectations about growth.
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Bond returns are mostly predictable unless the issuer defaults on repayment obligations.
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Shareholders vote on major corporate decisions, while bondholders have no voting power.
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In bankruptcy, bondholders get paid before shareholders, who may receive nothing.
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Stock prices fluctuate daily with market sentiment, but bond prices change more slowly.
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Corporate bonds carry credit risk, while government bonds mainly reflect interest-rate risk.
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Diversified portfolios often hold both to balance growth potential and income stability.
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Understanding this difference helps investors align choices with their time horizon and risk tolerance.