《高盛集团2014年度报告》翻译报告(节选)
高盛 研究报告
高盛研究报告高盛（Goldman Sachs）是一家全球性的投资银行和证券交易公司，总部位于美国纽约市。
高盛每年都会发布各种研究报告，涵盖多个领域，包括金融、经济、技术、能源等。
下面是一篇关于高盛的研究报告的简要。
标题：高盛研究报告：探索人工智能在金融行业的应用概述：本报告旨在详细探索人工智能在金融行业的各个领域的应用，并分析其带来的机遇和挑战。
通过对各个领域的案例研究和分析，我们将深入解析人工智能在金融行业的潜力和可能影响。
内容：1. 人工智能在金融行业的发展现状：本部分将介绍人工智能在金融领域的发展现状，包括人工智能技术的进展、主要应用领域和市场规模。
我们将对人工智能技术在风险管理、投资推荐、客户服务等方面的应用进行详细阐述。
2. 人工智能在交易和投资领域的应用：本部分将重点探讨人工智能在交易和投资领域的应用。
我们将介绍算法交易、智能投顾等领域的案例，并分析其与传统投资方式的对比。
此外，我们还将讨论人工智能在股票预测和风险分析中的应用。
3. 人工智能在金融风险管理中的应用：本部分将研究人工智能在金融风险管理中的应用。
我们将介绍人工智能在反洗钱、信用风险评估和欺诈检测等方面的应用，并探讨其对提高金融风险管理效率的潜力和影响。
4. 人工智能在客户服务和销售中的应用：本部分将详细讨论人工智能在客户服务和销售领域的应用。
我们将分析人工智能在客户关系管理、自动化客户服务和个性化推荐等方面的应用案例，并评估其带来的业务增长和客户满意度的影响。
5. 人工智能在金融行业的挑战和前景：本部分将评估人工智能在金融行业中面临的挑战，并分析其未来发展的前景。
我们将讨论数据隐私和安全、监管合规等问题，并提出相应的解决方案。
此外，我们还将展望人工智能在未来几年内对金融行业的影响和发展趋势。
结论：本报告通过对人工智能在金融领域的应用进行深入研究，发现其在风险管理、投资推荐、客户服务等方面的潜力巨大。
然而，人工智能在金融行业中仍面临各种挑战，包括数据隐私和安全等问题。
高盛集团业绩报告
The Goldman Sachs Group, Inc. ⏐ 85 Broad Street ⏐ New York, New York 10004媒体关系部: Peter Rose 212-902-5400 ⏐ 投资者关系部: John Andrews 212-357-2674高盛第二季度业绩报告普通股每股盈利4.93美元纽约，2007年6月14日—高盛集团有限公司（纽约证交所代码：GS ）今天公布截至2007年5月25日的2007年第二季度净收入为101.8亿美元，净利润为23.3亿美元。
摊簿后普通股每股盈利4.93美元，而2006年第二季度为4.78美元，2007年第一季度为6.67美元。
2007年第二季度的年度化平均有形普通股股东权益回报率为31.2%，而2007上半年为37.8%。
2007年第二季度的年度化平均普通股股东权益回报率为26.7%，而2007年第一季度为32.3%。
业务亮点• 高盛上半年的摊薄后普通股每股盈利创历史新高，达到11.61美元，较之前的记录高18％ • 投资银行部的净收入创季度历史新高，达到17.2亿美元。
并且季度末的业务储备量也达到了历史新高。
• 集团继续保持在投资银行业务中的领先优势，今年截至目前，集团在全球已公布的并购和普通股公开发行业务中排名第一。
• 股票部净收入达到25亿美元，为历史第二高季度收入，归功于所有主要业务的优秀业绩。
• 资产管理部的管理及其它费用收入实现了创记录的10.4亿美元。
托管资产规模比去年同期增长了28%，达到7580亿美元的历史新高。
本季度的净资产流入达到180亿美元。
• 证券服务部的净收入达到创记录的7.57亿美元，比上个记录高15%。
______________“全球经济增长前景依然强劲。
有利的市场环境与投资者信心继续推动业务增长，发挥我们作为领先顾问、融资人和投资者的优势，”董事长兼首席执行官劳尔德•贝兰克梵如是说，“我们对第二季度的业绩感到满意。
高盛财经词典英汉对照(doc 91页)
高盛财经词典英汉对照(doc 91页)高盛财经词典- 英汉对照AEnglish Terms 中文翻译详情解释/例子Accelerated Depreciation 加快折旧任何基于会计或税务原因促使一项资产在较早期以较大金额折旧的折旧原则Accident and Health Benefits 意外与健康福利为员工提供有关疾病、意外受伤或意外死亡的福利。
这些福利包括支付医院及医疗开支以及有关时期的收入。
Accounts Receivable (AR) 应收账款客户应付的金额。
拥有应收账款指公司已经出售产品或服务但仍未收取款项Accretive Acquisition 具增值作用的收购项目能提高进行收购公司每股盈利的收购项目Acid Test 酸性测试比率一项严谨的测试，用以衡量一家公司是否拥有足够的短期资产，在无需出售库存的情况下解决其短期负债。
计算方法：(现金+ 应收账款+短期投资)‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾流动负债Act of God Bond 天灾债券保险公司发行的债券，旨在将债券的本金及利息与天然灾害造成的公司损失联系起来Active Bond Crowd 活跃债券投资者在纽约股票交易所内买卖活跃的定息证券Active Income 活动收入来自提供服务所得的收入，包括工资、薪酬、奖金、佣金，以及来自实际参与业务的收入Active Investing 积极投资包含持续买卖行为的投资策略。
主动投资者买入投资，并密切注意其走势，以期把握盈利机会Active Management 积极管理寻求投资回报高于既定基准的投资策略Activity Based Budgeting 以活动为基础的预算案一种制定预算的方法，过程为列举机构内每个部门所有牵涉成本的活动，并确立各种活动之间的关系，然后根据此资料决定对各项活动投入的资源Activity Based Management 以活动为基础的管理利用以活动为基础的成本计算制度改善一家公司的运营Activity Ratio 活动比率一项用以衡量一家公司将其资产负债表内账项转为现金或营业额的能力的会计比率Actual Return 实际回报一名投资者的实际收益或损失，可用以下公式表示：预期回报加上公司特殊消息及总体经济消息Actuary 精算保险公司的专业人员，负责评估申请人及其医疗纪录，以预测申请人的寿命Acquisition 收购一家公司收购另一家公司的多数股权Acquisition Premium 收购溢价收购一家公司的实际成本与该公司收购前估值之间的差额Affiliated Companies 联营公司一家公司拥有另一家公司少数权益（低于50%）的情况，或指两家公司之间存在某些关联Affiliated Person 关联人士能影响一家企业活动的人士，包括董事、行政人员及股东等After Hours Trading 收盘后交易主要大型交易所正常交易时间以外进行的买卖交易After Tax Operating Income - ATOI 税后营运收入一家公司除税后的总营运收入。
高盛银行估值报告内容
高盛银行估值报告内容
高盛银行的估值报告通常包含以下内容：
1. 历史财务数据分析：包括高盛银行过去几年的收入、利润、资产负债表和现金流量等财务指标的分析。
这有助于评估高盛银行的财务表现和趋势。
2. 产业和市场分析：对全球银行业和金融市场的概览和分析，了解高盛银行所处的竞争环境、市场机会和风险。
这包括对行业趋势、监管政策和市场参与者的研究。
3. 估值模型：使用不同的估值模型（如股票市盈率、市净率、现金流折现等）对高盛银行进行估值。
这些模型将考虑公司的未来收益和现金流量预测以及相关的风险因素。
4. 盈利预测和展望：根据分析师的预测和产业趋势，对高盛银行未来几年的盈利情况进行预测，包括收入增长、利润率、市场份额等。
5. 风险评估：对高盛银行面临的各种风险进行评估，包括市场风险、信用风险、操作风险等。
这有助于投资者了解高盛银行可能面临的潜在问题和挑战。
6. 潜在投资机会：根据估值和风险评估，报告可能提供一些投资建议和观点，如是否应该购买、持有或卖出高盛银行的股票。
请注意，估值报告的具体内容可能会因为不同的编制机构、分
析师和市场条件而有所不同。
每个估值报告都应根据特定的投资目标和背景进行研究和评估。
高盛银行财经词典(英汉)
计算方法：
率
需出售库存的情况下解决其短期负债。
Acid Test
酸性测试比 一项严谨的测试，用以衡量一家公司是否拥有足够的短期资产，在无
Accretive Acquisition 具增值作用 能提高进行收购公司每股盈利的收购项目 的收购项目
Accounts Receivable 应收账款 (AR)
客户应付的金额。拥有应收账款指公司已经出售产品或服务但仍未收 取款项
入的资源
积极管理 寻求投资回报高于既定基准的投资策略
包含持续买卖行为的投资策略。主动投资者买入投资，并密切注意其 走势，以期把握盈利机会
积极投资
来自提供服务所得的收入，包括工资、薪酬、奖金、佣金，以及来自 实际参与业务的收 入
活动收入
活跃债券投 在纽约股票交易所内买卖活跃的定息证券 资者
保险公司发行的债券，旨在将债券的本金及利息与天然灾害造成的公 司损失联系起来
实际回报 一名投资者的实际收益或损失，可用以下公式表示：预期回报加上公
一项用以衡量一家公司将其资产负债表内账项转为现金或营业额的 能力的会计比率
活动比率
以活动为基 利用以活动为基础的成本计算制度改善一家公司的运营 础的管理
以活动为基 一种制定预算的方法，过程为列举机构内每个部门所有牵涉成本的活 础的预算案 动，并确立各种活动之间的关系，然后根据此资料决定对各项活动投
1
Act of God Bond
Active Bond Crowd
Active Income
Active Investing
Active Management Activity Based Budgeting
Activity Based Management Activity Ratio Actual Return
高盛金融词汇英汉详解词典
CEO 首席行政官##CFA注册财务分析师##CFO首席财务官##COGS已售商品成本##COO首席营运官##CPA注册公共会计师##CPI消费物价指数##Calendar Year日历年##Call买入期权##Call Date买回日期##Call Loan短期同业拆借，通知贷款##Call Loan Rate短期同业拆借利率，通知贷款利率##Call Option买入期权######Call Warrant买入认股权证##Callable Bond可买回债券##Callable Preferred Stock可买回优先股##CAMELS Rating SystemCAMELS 评级制度######Capital Account资本帐户##Capital Adequacy Ratio(CAR)资本充足率##Capital Appreciation资本升值##Capital Asset资本资产############Capital Budgeting资本预算##########Capital Expenditure资本开支##Capital Gain资本收益##Capital Goods 资本财货##Capital资本/资本金Capital Asset PricingModel (CAPM)资本资产计价模型Call Premium买回溢价Capital Base资本金基础Capital Employed运用资本####Concession销售报酬##Concession Agreement 特许协议##Conglomerate综合企业##Consumer Confidence Index (CCI)消费者信心指数##Consumer Credit 消费信贷##Consumer Price Index (CPI)消费物价指数######Conversion Premium 转换溢价##Conversion Price 转换价格##Convertible Bond 可转换债券##Convertible Debenture 可转换公司信用债券##Convertible Preferred Stock可转换优先股##Convertible Subordinated Note可转换次级票据##Convertibles 可转换证券##Conveyance 地产让与证书##Contingency 偶然事故##Corporate Bond企业债券##Corporate Cannibalism 企业自我竞争##Corporate Finance 企业融资##Corporate Governance 企业治理##Corporate Tax 公司税##Corporation 公司、企业##Cost Basis成本基础##Cost of Capital 资本成本##########Cost of Funds资金成本##Cost of Goods Sold (COGS)已售商品成本##Cost Synergy 成本协同效益##Counterparty Risk 交易对手风险##Country Risk 国家风险##Coupon息票##Coupon Bond 有息票债券##Covenant契约##Coverage Initiated 纳入研究范围######Credit Default Swap 信贷违约掉期##Credit信贷、信用、贷项Conversion转换Cost of Equity 股本成本##Custodian 保管人##Cyclical Industry 周期性行业##Cyclical Stock 周期性股票##Cyclical Unemployment 周期性失业##DJIA 道琼斯工业平均指数######DJUA 道琼斯公用事业平均指数##Data Mining 数据探索##################Debenture 公司债券##Debit 借项、借方##Debt 债务############Debt Equity Swap 债换股交易##Debt Financing 债务融资##Debt Ratio 负债比率##Debt Restructuring 债务重组##Debt Security 债务证券##Debt Service 还本付息##########Debtor 债务人##Debt Overhang 债务积压##Declaration Date 股息宣告日##########Default Risk 违约风险##Defeasance 宣告（合约）无效、废止契约##Days Payable Outstanding (DPO)应付账款天数Days Sales Outstanding (DSO)应收账款天数DJTA 道琼斯交通平均指数Deep Discount Bond 高折扣债券Default 违约，未能履行合约Debt Equity Ratio 债务股本比Debt Service Coverage Ratio债务偿付比率Underwriting Spread 承销价差##Unearned Income非劳动收入##Unearned Revenue未实现收入##Unit Trust (UT)单位信托##Unrealized Gain未实现收益##Unrealized Loss未实现损失##Unsecured Creditor无抵押债权人##Unsecured Loan无抵押贷款##U.S. Treasury美国财政部##Valuation估值##Value-Added增值##Value-Based Pricing以价值为基础的定价##Value Chain价值链##Value at Risk (VAR)风险价值##Value Investing价值投资##Value Stock价值股票##Vanilla Option单纯期权##Variable Cost可变成本##Variable Life InsurancePolicy可变寿险保单##Vendor Financing供应商融资##Venture创业项目##Venture Capital创业资本##Venture Capital Fund创业基金##Venture Capitalist创业基金投资者##Vertical Integration纵向整合##Vertical Market纵向市场##Vertical Merger纵向合并######Volume Of Trade交易量、成交量##Voting Right投票权##Voting Shares投票股票##Voting Trust投票信托##Voting Trust Agreement投票信托协议######Vulture Fund兀鹫基金########Vulture Capitalist兀鹫投资者WACC 加权平均资本成本Volatility波动性##################WTO 世界贸易组织########War Bond 战争债券##Warrant 认股权证##Warrant Coverage 认股权证比重##Warrant Premium 认股权证溢价##Wealth Added Index (WAI)财富增值指数##Wealth Effect 财富效应##Wealth Management 财富管理##########################Weighted Average Market Capitalization加权平均总市值##White Elephant 白象##White Knight 白武士##White Paper 白皮书##Wholesale Banking 批发银行##Wholly Owned Subsidiary 全资拥有子公司##Withholding 预扣（税）##Withholding Tax 预扣（税）##Working Capital 营运资金##Working Capital Turnover 营运资金周转率##Working Ratio 流动比率##Work in Progress 在建项目##Wall Street 华尔街Weighted Average Cost of Capital (WACC)加权平均资本成本一项由一名代理人同时代表买方与卖方的交易，也称为撍卮砣藬决定一项房地产在税务上价值的地方政府官员个人或一家企业拥有、具有经济价值的任何物品。
秘一篇文章看透高盛的来龙去脉
秘一篇文章看透高盛的来龙去脉导读：在高盛公司长达142年的历史中，它塑造了比所有竞争对手更优秀的形象--更明智、更具凝聚力、更高尚的品德和更强的获利能力。
在高盛公司长达142年的历史中，它塑造了比所有竞争对手更优秀的形象--更明智、更具凝聚力、更高尚的品德和更强的获利能力。
高盛--在金融界以最积极又复杂的公共关系为支撑--一贯以“高盛模式”自居，这种商业模式的关键在于雇用最聪明的人才，灌输以高盛的企业文化--合伙人要为了追求更大的利益而压制自己的欲望，崇尚“14原则”，其中第一条原则就是“客户利益至上”。
但是从另一个角度看高盛--一个神秘的赚钱机器，周旋于利益冲突和合法交易之间数十年；一家从20世纪初期起就对政府产生过当影响的公司；一家由“半机械人”组成的企业，这些“半机械人”由内部“声誉风险部门”管理，该部门均由前任中央情报局间谍和私家侦探组成；一个充满着残酷的权力斗争的工作场所；一位聪明地赌赢了2007年抵押贷款市场的华尔街巨人--他的客户们对这场赌博毫不知情--也许使得大萧条中的金融崩溃变得更糟。
高盛是全球领先的投资银行、证券交易和投资管理公司，拥有广泛的客户群体包括企业、金融机构、政府以及高净值人士，向客户提供广泛的金融服务。
公司属于银行控股公司和金融控股公司，美联储是主要监管机构。
根据银行控股公司法案建立的功能性监管原则，美联储是主要监管机构，但公司下属的非银行子公司的具体业务受美国其他各机构监管。
证券经纪和投资顾问业务受美国证券交易委员会监管，期货和掉期业务受美国商品期货交易委员会监管，子公司高盛银行美国属于存款性金融机构，受美国联邦存款保险公司、美国消费者金融保护局和美国纽约州金融监管局监管。
公司的主营业务目前高盛的业务主要分为四个部分，分别为：投资银行、机构客户服务、投资和借贷服务以及投资管理2013年12月，美国监管联邦存款保险公司、美联储及美国证券交易委员会投票批准了沃克尔规则，公司须要在2015年7月之前满足合规要求，部分合规要求可能会被延期至2017年7月。
高盛English Terms 中文翻译 详情解释
English Terms 中文翻译详情解释/例子Unbundling 分拆收购收购一家拥有多种业务线的大型公司，保留核心业务同时出售子公司，作为收购的部分资金来源Under Reporting 申报不足指申报的应课税收入不足Underlying 相关证券、相关股票1. 对于期权，指行使买入或出售期权时必须交付的证券2. 对于股票，指部分种类证券，例如认股权证及可转换债券的相关普通股Underperform 表现落后大市研究分析员建议的一种，指一种股票的表现略差于市场回报率Undersubscribed 认购不足一宗新证券发行的需求低于发行额Undervalued 估值不足考试大一种股票或证券的市场价格低于估计的价值Underweight 持有量不足指一个投资组合的持有量不足，不符合投资组合资产分配策略的基准投资量Underwriting 承销团1. 投资银行代表发行证券（股票及债券）的企业或政府向投资者募集资金的过程2. 发出保险保单的过程Underwriting Spread 承销价差承销商收取公开发行价格与向发行公司支付的金额之间的差额Unearned Income 非劳动收入来自投资及其他与雇佣无关的收入Unearned Revenue 未实现收入指一名人士或一家公司对未完成服务或产品收取的收入Unit Trust (UT) 单位信托非注册共同基金结构，基金可持有资产及将利润转移到个人，而不是将收益再投资于基金Unrealized Gain 未实现收益通过继续持有资产，而不将资产套现然后使用获得的资金所得的收益Unrealized Loss 未实现损失通过继续持有资产，而不将资产套现然后使用获得的资金所得的损失Unsecured Creditor 无抵押债权人无需财产作为抵押而向一家公司或个人借贷的人士或机构Unsecured Loan 无抵押贷款用借贷人的信用作支持，而没有任何实质抵押的银行贷款U.S. Treasury 美国财政部是负责发行所有国库债券、票据及短期国库券的政府部门English Terms 中文翻译详情解释/例子Valuation 估值评定一项资产当时价值的过程Value-Added 增值在向消费者推出产品及服务前给与有关产品及服务的增值Value-Based Pricing 以价值为基础的定价产品定价与需求紧密联系的定价策略Value Chain 价值链业务如何取得原材料、通过不同的程序为原材料增值，然后将制成品出售给消费者的高层次的模型Value at Risk (V AR) 风险价值评估投资组合的损失高于特定定价的可能性的技巧Value Investing 价值投资挑选买卖价格低于内在价值的投资方法。
《高盛集团2014年度报告》翻译报告(节选)
《高盛集团2014年度报告》翻译报告（节选）公司年度报告向股东、潜在投资者和消费者披露包括资产负债表、经营业绩和综合财务报表等大量的财务信息,分析公司未来的发展机遇和潜在风险,从而吸引投资,树立企业形象。
翻译实践内容为高盛集团2014年度报告中管理层讨论与分析一部分,该部分包括大量的信息和数据,披露公司总体财务状况,运营业绩,并分析对比近三年的业绩。
作为典型的商务文本,年报词汇专业、精确,句子复杂,内容客观。
因此本报告从词汇、句法和文本三方面分析年报的的特征,用实例探讨一些词汇、句子的翻译方法,最后对翻译实践进行总结。
高盛财经词典—英汉对照
高盛财经词典—英汉对照American Depository Share (ADS) 美国存托股份根据存托协议发行的股份，代表发行企业在本土上市的股票American Option 美式期权可在有效期间随时行使的期权American Stock Exchange 美国股票交易所美国第三大股票交易所，位于纽约，处理美国交易证券总额的10%Amortization 摊销在一段期间分期偿还债务在一个特定时期资本开支的减少。
与类似相似，是一种衡量长期资产，例如设备或建筑物在特定期间价值的消耗Analyst 分析员具备评估投资专长的金融专业人员，一般受聘于证券行、投资顾问机构或共同基金。
分析员对不同的证券作出买入、卖出或持有的建议。
为了提供全面的研究分析，分析员一般会专注于不同的行业或经济板块Angel Investor 天使投资者向小型初始企业或创业者提供创业资金的财务投资者Annualize 年度化 1. 将不足一年的回报率转为全年回报率2. 将不足一年的税务期转为每年一度Annual General Meeting (AGM) 年度股东大会必须每年举行一次的股东会议，指在向股东通报公司的决策与工作Annual Report 年报一家公司每年一度的财务营运报告。
年报的内容包括资产负债表、损益表、审计师报告以及公司业务的概要Annuity 年金在特定期间定期定额支付的款项Annuity Due 即付年金需要即时支付，而不是在期末支付的年金Anti-dilution Provision 反摊薄条款期权或可转换证券的一项条款，用以保障投资者，不会由于未来公司以较低价格（低于有关投资者支付的价格）发行股份而被摊薄Anti-takeover Measure 反收购措施企业管理人员长期或不时采取，防止或延迟被恶意收购的措施Anti-takeover Statute 反收购法规旨在防止或延迟恶意收购的一套美国法规。
高盛财经词典—英汉对照
高盛财经词典—英汉对照A1. accounting (会计)The process of recording, summarizing, and analyzing financial transactions in order to prepare financial statements and reports.会计是记录、汇总和分析财务交易的过程，以便编制财务报表和报告。
2. asset (资产)Anything that has a value and is owned by an individual, company, or organization.任何具有价值并由个人、公司或组织拥有的物品。
3. audit (审计)An independent examination and verification of an organization’s financial records and sta tements by a qualified person or firm.由合格的个人或公司对组织的财务记录和报表进行独立检查和核实。
B1. balance sheet (资产负债表)A financial statement that shows a company’s assets, liabilities, and shareholders’ equity at a specific point in time.资产负债表是一份显示公司在特定时间点的资产、负债和股东权益的财务报表。
2. bear market (熊市)A market condition in which prices of securities are falling or expected to fall, often characterized by widespread pessimism and selling.指证券价格下跌或预计下跌的市场状况，通常以广泛的悲观情绪和抛售行为为特征。
高盛财经词典-英汉对照版
一项产品的买方与卖方独立进行交易，互相之间并无任何 关系
Asian Option
亚洲式期权
回报根据相关证券在特定期间的平均价格而定的期权
Ask (Price)
买方叫价
卖方愿意接受的证券价格，也称为要约价格
Assessed Value
评估后价值
一项房地产在税务上的预测价值
Assessor
估价人
决定一项房地产在税务上价值的地方政府官员
1. 为客户进行证券买卖的人士或机构 2. 持有销售保险许可证的人士 3. 代表证券经纪行或发行人向公众出售或尝试出售
证券的证券销售人员
由政府机构发行的债券 一项由一名代理人同时代表买方与卖方的交易，也称为撍
卮 砣藬("Dual Agency"。 债券人、股东及管理人员因目标不同而产生的利益冲突 由美国政府支持的企业发行的低风险债务 出售或买入期权的行使价格乘以合约金额
总营业额 ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ 总资产值 评估一个投资组合、一家企业、一项投资或资产负债表项 目当时价值的过程 一般为一家投资公司代表投资者管理资产的市场价值
将要一项权益或物业转给另一名人士或另一项业务 一项期权到价指该期权的行使价格相等于相关证券的市场 价值 同时买入股票指数期货及相关股份的交易计划，旨在从差 价中获利（市场套汇） 买方与卖方同时进行竞争性叫价及出价的市场 对一家机构财务报表的公正验证及评价，可以是机构内部 的程序（由机构员工进行）或外部程序（由外部机构进行） 是公司年报的一部分，旨在确证公司财务报告符合适当的 通用会计原则
Activity Ratio
活动比率
一项用以衡量一家公司将其资产负债表内账项转为现金或 营业额的能力的会计比率
高盛财经词典-汉英对照(简
高盛财经词典- 汉英对照0-9中文词句English English Definitions144A 条例Rule 144A An SEC rule that modified a two-year holding periodrequirement on privately placed securities by permittingQualified Institutional Buyers (QIBs) to trade thesepositions among themselves.18定律Rule of 18 A rule whereby the sum of the inflation rate and the P/Eratio of the Dow Jones Industrial Average is an indicatorof the direction of the stock market. If the total is above18, stocks are supposed to decrease. If the total is under18, then the stock ma1940年投资公司法InvestmentCompany Act of1940 Created in 1940 through an act of Congress, this piece of legislation clearly defines the responsibilities and limitations placed upon fund companies that offer investment products to the public.72定律Rule of 72 A rule stating that in order to find the number of yearsrequired to double your money at a given interest rate,you divide the compound return into 72. The result is theapproximate number of years that it will take for yourinvestment to double.中文词句English English Definitions已动用资本回报率Return On CapitalEmployed (ROCE) A ratio that indicates the efficiency and profitability of a company's capital investments.Calculated as:Earnings before interest and tax (EBIT) ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾(Capital employed + Short term borrowings -Intangible assets)公开发行价值Public OfferingPrice (POP) The price at which new issues are offered to the public by an underwriter无风险回报率Risk Free Rate ofReturnThe quoted rate on an asset that has virtually no risk.无风险资产Risk-Free Asset An asset which has a certain future return. Treasuries(especially T-bills) are considered to be risk-free becausethey are backed by the U.S. government.不可买回Non-Callable Securities that cannot be called by the issuer prior tomaturity.公平交易Arms LengthTransaction When the buyers and sellers of a product act independently of each other and have no relationship to each other.公平价值Fair Value 1. The estimated value of all assets and liabilitiesof an acquired company used to consolidate thefinancial statements of both companies.2. In the futures market, fair value is the equilibriumprice for a futures contract. This is equal to the spotprice after taking into account compounded interest(and dividends lost because the investor owns thefutures contract rather than the physical stocks)over a certain period of time.毛收入Gross Income 1. For individuals, it is your total personal incomebefore deductions.2. For companies, it is their revenue minus cost ofgoods sold (also called gross margin).内在价值Intrinsic Value 1. The value of a company or an asset based on anunderlying perception of the value.2. For call options, this is the difference betweenthe underlying stock's price and the strike price.For put options, it is the difference between thestrike price and the underlying stock's price. In thecase of both puts and calls, if the differencebetween the underlying stock's price and the strikeprice is negative, the value is given as zero.不良贷款Bad Debt A debt which is not collectable and therefore worthless tothe creditor.不良贷款Non-PerformingLoan , NPLLoans that are in default or close to being in default.无形资产Intangible Asset An asset that is not physical in nature. E.g. goodwill不良资产Non-PerformingAssetAny asset that is not effectively producing income.分拆上市Carve out 1. Sometimes known as a partial spinoff, a carveout occurs when a parent company sells a minority(usually 20% or less) stake in a subsidiary for anIPO or rights offering.2. Where an established brick-and-mortarcompany hooks up with venture investors and anew management team to launch an Internetspinoff.分拆Spinoff A new, independent company created through selling ordistributing new shares for an existing part of anothercompany.风险价值Value at Risk (VAR) A technique for estimating the probability of portfoliolosses exceeding some specified price.不能变现Illiquid An asset or security that cannot be converted into cashvery quickly (or near prevailing market prices).内部回报率IRR Often used in capital budgeting, it's the interest rate thatmakes net present value of all cash flow equal zero.内部回报率Internal Rate ofReturn (IRR) Often used in capital budgeting, it's the interest rate that makes net present value of all cash flow equal zero.内部增长Organic Growth The growth rate of a company, excluding any growthfrom takeovers, acquisitions, or mergers.内部增长率Internal GrowthRate The highest level of growth achievable for a business without obtaining outside financing.长期债务/总资本比率Long TermDebt/Capitalization A ratio indicating the financial leverage of a firm. It is calculated by taking a company's long term debt and dividing by the capital available (the sum of long term debt, preferred stock, and stockholders' equity).长期债务Long Term Debt Loans and financial obligations, lasting over one year, onwhich interest is paid.长期资产Long Term Assets 1. Reported on the balance sheet, it's the value ofa company's property, equipment, and other capitalassets, less depreciation.2. A stock, bond, or other asset that you plan onholding in your portfolio for a lengthy period of time. 长期债款、融资债务Funded Debt A long term debt that matures after more than one year.中文词句English English Definitions生产力Productivity A measure of the amount of output per unit of input.生产毛利率Gross Processing The difference between the cost of a raw commodity andMargin (GPM)the income it generates once sold as a finished product. 市场风险溢价 Market RiskPremiumThe difference between the expected return on a market portfolio and the risk-free rate. 加权平均资本成本 Weighted AverageCost of Capital(WACC) A calculation of a firm's cost of capital that weights each category of capital proportionately. Included in the WACC calculation are all capital sources including: commonstock, preferred stock, bonds, and any other long termdebt.WACC is calculated by multiplying the cost of eachcapital component by its proportional weighting and thensumming:Where:Re = cost of equityRd = cost of debtE = the market value of the firm's equityD = the market value of the firm's debtV = E + DE/V = percentage of financing that is equityD/V = percentage of financing that is debtTc = the corporate tax rate平均年度回报率 Average AnnualReturn A figure used when reporting the historical return of a mutual fund. The AAR is stated after expenses havebeen tallied, including administration fees, 12b-1 fees,and others.平均年度增长率 Average AnnualGrowth Rate The average increase in the value of a portfolio over the period of a year.加快折旧 Accelerated DepreciationAny method of depreciation used for accounting orincome tax purposes that allows greater deductions inthe earlier years of the life of an asset. 市盈率 Price-EarningsRatio valuation ratio of a company's current share price compared to its per-share earnings.Calculated as:Market Value per Share‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Earnings per Share (EPS)EPS is usually from the last four quarters (trailing P/E),but sometimes can be taken from the estimates ofearnings expected in the next four quarters (projected orforward P/E). A third variation is the sum of the last twoactual quarters and the estimates of the next twoquarters. '市盈率与增长及股息比率PEGY Ratio A variation of the PEG ratio where a stock's P/E ratio isdivided by its projected earnings growth rate anddividend yield.市盈率与增长及股息比率PEGY Ratio A variation of the PEG ratio where a stock's P/E ratio isdivided by its projected earnings growth rate anddividend yield.市盈率与增长比率PEG Ratio A ratio used to determine a stock's value while taking intoaccount earnings growth. The calculation is as follows:Price/Earnings Ratio‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Annual EPS Growth市盈率与增长比率PEG Ratio A ratio used to determine a stock's value while taking intoaccount earnings growth. The calculation is as follows:Price/Earnings Ratio‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Annual EPS Growth收入回报率Return On Revenue(ROR) A measure of a corporation's profitability, calculated as net income divided by revenue.Net Income‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Revenue压力测试Stress Testing Simulative techniques used on asset and liabilityportfolios to determine their reactions to different financialstresses.交叉持股Cross Holding When listed corporations own securities issued by otherlisted corporations.企业价值Enterprise Value A measure of a company's value. Calculated as marketcapitalization plus debt & preferred shares, minus cash &cash equivalents.企业重组Reorganization A process designed to revive a financially troubled orbankrupt firm. A reorganization involves the restatementof assets and liabilities, and communication with creditorsin order to make arrangements for maintainingrepayment.企业倍数Enterprise Multiple A ratio used to determine the value of a company. Theenterprise-multiple looks at a firm as a potential acquirerwould, because it takes debt into account - an item whichother multiples like the P/E ratio do not include.Enterprise Value‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾EBITDA企业融资Corporate Finance Any financial or monetary activity that deals with acompany and its money.优先权Preemptive Right The right of a company's existing common shareholdersto have the first chance to purchase shares in acompany's future stock issuance.优先权Right Of FirstRefusal In general, the right of a person or company to purchase something before the offering is made available to others.发行成本Flotation Cost The costs associated with the issuance of new securities. 机会成本Opportunity Cost The difference in return between a chosen investmentand one that is passed up.买回溢价Call Premium 1. The dollar amount over the par value of aconvertible fixed income and debt security. Thisamount is given to holders when the security iscalled by the issuer due to the soft call provision.2. The amount the purchaser of a call option mustpay to the writer.合并Merger The combining of two or more companies, generally byoffering the stockholders of one company securities inthe acquiring company in exchange for the surrender oftheir stock.有形资产净值Net TangibleAssets Calculated as total assets minus intangible assets and liabilities.有形资产Tangible Asset An asset that has a physical form.灰武士Gray Knight A second, unsolicited bidder in a corporate takeover. Agray knight enters the scene in order to take advantageof any problems between the first bidder and the targetcompany.边际效用Marginal Utility The additional satisfaction obtained by a consumer fromconsuming one more unit of a good or service.收购溢价AcquisitionPremium The difference between the actual cost for acquiring a target firm versus the estimate made of its value before the acquisition.收购Acquisition When one company purchases a majority interest in theacquired.收购Buyout The purchase of a company or a controlling interest of acorporation's shares. A leveraged buyout isaccomplished with borrowed money or by issuing morestock.回购Buy Back 1. The buying back of shares by a corporation inorder to reduce the number of shares on themarket.2. The purchasing of shares previously sold shortso the open position is closed.收购Takeover When an acquiring company makes a bid for anacquiree. If the target company is publicly traded, theacquiring company will make an offer for the outstandingshares.价格回升Rally A rise in the prices of individual securities, bonds, orindexes, following a period of flat or declining prices.权益会计法Equity Accounting A method of accounting whereby a corporation willdocument a portion of the undistributed profits for anaffiliated company that they own a position in.负债收购LBO A strategy involving the acquisition of another companyusing borrowed money (bonds or loans). The acquiringcompany uses its own assets as collateral for the loan inhopes that the future cash flows will cover the loanpayments.负债收购Leveraged Buyout(LBO) A strategy involving the acquisition of another company using borrowed money (bonds or loans). The acquiring company uses its own assets as collateral for the loan in hopes that the future cash flows will cover the loan payments.尽职调查Due Diligence 1. An investigation or audit of a potentialinvestment. Due diligence serves to confirm allmaterial facts in regards to a sale.2. Generally, due diligence refers to the care areasonable person should take before enteringin an agreement or transaction with anotherparty.财务年度Fiscal Year Any 12-month period that a company uses for accountingpurposes.应付账款天数Days PayableOutstanding (DPO)A company's average payable period. Calculated as:折旧、贬值Depreciation 1. An expense recorded to reduce the value of along-term tangible asset. Since it is a non-cashexpense, it increases free cash flow whiledecreasing the amount of a company's reportedearnings.2. A decrease in the value of a particular currencyrelative to other currencies.库存周转率Inventory Turnover A ratio that shows how many times the inventory of a firmis sold and replaced over a specific period.Generally calculated as:Sales‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾InventoryHowever, it may also be calculated as:Cost of Goods Sold‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Average Inventory应收账款AccountsReceivable (AR) Money that is owed by customers.Having receivables means that the company has made the sale but has yet to collect the money应收账款天数Days SalesOutstanding (DSO)A company's average collection period. Calculated as:应收账款周转率ReceivableTurnover Ratio An accounting measure used to quantify a firm's effectiveness in extending credit and success in collection of debts.应收账款净额Net Receivables A company's accounts receivable (money owed to thecompany) minus any provisions for bad debts.折扣、贴现Discount The difference between the lower price paid for a securityand the security's face amount at issue.纯价格Clean Price The price quoted for a bond excluding accrued interest. 完全竞争Perfect Competition A market structure in which:1. All firms sell an identical product.2. All firms are price takers.3. All firms have a relatively small market share.4. Buyers know the nature of the product beingsold and the prices charged by each firm.5. The industry is characterized by freedom ofentry and exit.来自营运现金流Funds FromOperations (FFO) Used by real estate investment trusts (REITS) to define the cash flow from their operations. It is calculated by adding depreciation and amortization expenses to earnings, and sometimes quoted on a per share basis.呆账准备金Allowance ForDoubtful Accounts An estimation made by companies and documented on their balance sheet for receivables that might go uncollected.条例A Regulation A An SEC regulation that governs offerings of $5,000,000or less, which qualify for simplified registration (anexemption).连带、共同Jointly andSeverally 1. A legal term describing a partnership whereinindividual decisions are binding against all partiesinvolved and thus undivided.2. A term used in underwriting syndicates to referto the distinct responsibility of individual companies to sell a certain portion of unsold new issue.连带违约Cross Default A provisions in a bond indenture or loan agreement thatputs the borrower in default if the borrower defaults onanother obligation.系统性风险Systematic Risk risk that influences a large number of assets.利润分成计划Profit Sharing Plan A plan wherein the employees get a share in the profits ofthe company. The company decides what portion of theprofit will be shared. Each employee then receives, intoan account, a percentage of those profits based on theirearnings. There are typically restrictions as to when andhow you can withdraw these funds without penalties.估值不足Undervalued A stock or other security that is trading below itspresumed value.投资回收期Payback Period The length of time required to recover the cost of aninvestment.Calculated as:Cost of Project‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Annual Cash InflowsAll other things being equal, the better investment is theone with the shorter payback period.投资回报率ROI The profit or loss resulting from an investmenttransaction, usually expressed as an annual percentagereturn.投资回报率Return OnInvestment (ROI) The profit or loss resulting from an investment transaction, usually expressed as an annual percentage return.投资的现金流回报Cash Flow Returnon Investment(CFROI) A valuation model that assumes the stock market sets prices based on cash flow, not on corporate performance and earnings.Cash Flow‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Market Value of Capital Employed投资资金回报率Return OnInvestment Capital(ROIC) A calculation used to determine the quality of a company. The general definition for ROIC is as follows:Net Income - Dividends‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Total Capital投资资金回报率ROIC A calculation used to determine the quality of a company.The general definition for ROIC is as follows:Net Income - Dividends‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Total Capital估值Valuation The process of determining the current worth of an asset.中文词句English English Definitions转让Assignment The transfer of an individual's rights or property toanother person or business.卖出Sell 1. A recommendation to sell a particular security.2. The process of liquidating an asset in exchangefor money.股本回报率Return On Equity(ROE)A measure of a corporation's profitability, calculated as:股本回报率ROE A measure of a corporation's profitability, calculated as:Net Income‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Shareholder's EquityThe ROE is useful in comparing the profitability of acompany to other firms in the same industry.股东权益ShareholdersEquity A firms total assets minus its total liabilities, or equivalently, share capital plus retained earnings minus treasury shares. It is the amount of the company that is financed through common and preferred shares.其他流动负债Other CurrentLiabilities A balance sheet entry used by companies to group together current liabilities that are not assigned to common liabilities such as debt obligations or accounts payable.其他流动资产Other CurrentAssets A balance sheet item that includes the value of non-cash assets like prepaid expenses and accounts receivable due within one year.净收入NI An individual or company's total earnings, reflectingrevenues adjusted for costs of doing business,depreciation, interest, taxes, and other expenses.净收入Net Income (NI) An individual or company's total earnings, reflectingrevenues adjusted for costs of doing business,depreciation, interest, taxes, and other expenses.净收益Net Proceeds The amount received after all the costs are deductedfrom the sale of property, a loan, or the sale of some typeof security.实收资本Paid in Capital Capital received from investors in exchange for stock.This is recorded as an entry on the balance sheet.实际回报Actual Return The actual gain or loss of an investor. This can beexpressed in the following formula: expected return(ex-ante) plus the effect of firm-specific andeconomy-wide news.实际回报率Real Rate of Return The annual percentage return realized on an investmentadjusted for changes in the price level due to inflation ordeflation.现金的现金回报率Cash on CashReturn A rate of return often used in real estate transactions. The calculation determines "cash income" on "cash invested."Annual Dollar Income‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Total Dollar Investment净现值NPV An approach used in capital budgeting where the presentvalue of cash inflow is subtracted from the present valueof cash outflows.净现值Net Present Value(NPV) An approach used in capital budgeting where the present value of cash inflow is subtracted from the present value of cash outflows.固定资产Fixed Asset Tangible property, owned by a firm, that is used in theproduction of its income, but not expected to beconsumed or converted into cash.实际资产Real Asset Physical or identifiable assets such as gold, land,equipment, patents, etc. They are the opposite of afinancial asset.周转率、成交量Turnover 1. In accounting, the number of times an asset isreplaced during a financial period. Often used interms of inventory or accounts receivable turnover.2. In the context of securities, for either a portfolioor exchange, the number of shares traded for aperiod as a percentage of the total shares.现值Present Value The amount today that a sum of money in the future isworth, given a specified rate of return.净资产回报率Return On NetAssets (RONA) A measure of a corporation's profitability, calculated as:Net Income‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Shareholder's Equity承销团Underwriting 1. The process by which investment bankers raiseinvestment capital from investors on behalf ofcorporations and governments that are issuingsecurities (both equity and debt).2. The process of issuing insurance policies承销价差UnderwritingSpread The spread between the amount received by underwriters from the public offering price and the amount underwriters pay to the issuing company for the securities到期收益率YTM The rate of return anticipated on a bond if it is held untilthe maturity date. YTM is considered a long term bondyield expressed as an annual rate.The calculation takes into account the current marketprice, par value, coupon interest rate, and time tomaturity. It is also assumed that all coupons arereinvested at the same rate. Sometimes this is referred toas a bond's "yield" for short.到期收益率Yield To Maturity The rate of return anticipated on a bond if it is held until(YTM) the maturity date. YTM is considered a long term bondyield expressed as an annual rate.The calculation takes into account the current marketprice, par value, coupon interest rate, and time tomaturity. It is also assumed that all coupons arereinvested at the same rate. Sometimes this is referred toas a bond's "yield" for short.中文词句English English Definitions种子资金Seed Capital The initial equity capital used to start a new venture orbusiness. This initial amount is usually quite smallbecause the venture is still in the idea or conceptualstage.按比例Pro Rata Used to describe a proportionate allocation.首次公开上市Initial PublicOffering (IPO) The first sale of stock by a private company to the public. IPOs are often smaller, younger companies seeking capital to expand their business.首次公开上市锁定期、禁售期IPO Lock-up A legally binding contract between the underwriters andinsiders of the company undergoing an initial publicoffering (IPO). The contract prevents them from sellingany shares of stock for a specified period of time.总企业价值Total EnterpriseValue (TEV) A valuation measurement used to compare companies with varying levels of debt. This is calculated as:TEV = Market Capitalization + Interest Bearing Debt + Preferred Stock - Excess Cash.相对市盈率比率Price-EarningsRelative A stocks price-earnings ratio divided by theprice-earnings ratio for a market measure, such as the S&P 500 index or Wilshire 5000.复合年均增长率Compound AnnualGrowth Rate(CAGR) The year over year growth rate of an investment over a specified period of time.Calculated by taking the nth root of the total percentage growth rate where n is the number of years in the period being considered.This can be written as:(Current Value/Base Value)^(1/# of years) - 1.贬值Devaluation Lowering the value of a country's currency compared tothe value of a commodity or to the value of anothercountry's currency.面值Face Value 1. The stated principal amount of a debtinstrument.2. The value printed value on a banknote or coin.中文词句English English Definitions资本升值CapitalAppreciationA rise in the market price of an asset.退出投资策略Exit Strategy The method that a venture capitalist or business ownerintends to use to get out of an investment that he/she hasmade.资金的时间价值Time Value ofMoney The basic principle that money can earn interest. Therefore, something that is worth $1 today will be worth more in the future if invested. This is also referred to as future value.流动比率Current Ratio Indicator of company's ability to pay short-termobligations; calculated by dividing current assets bycurrent liabilities.流动比率Working Ratio A ratio used to measure a company's ability to recoveroperating costs from annual revenue. This ratio iscalculated by taking the company's total annualexpenses (excluding depreciation and debt-relatedexpenses) and dividing by the annual gross income资产回报率Return On Assets(ROA) A useful indicator of how profitable a company is relative to its total assets. Calculated by dividing a company's annual earnings by its total assets, ROA is displayed as a percentage. Sometimes this is referred to as Return on Investment.资产回报率ROA A useful indicator of how profitable a company is relativeto its total assets. Calculated by dividing a company'sannual earnings by its total assets, ROA is displayed as apercentage. Sometimes this is referred to as Return onInvestment.Net Income‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Total AssetsNote: Some people add interest expense back into netincome when performing this calculation because itmeasures operating returns before cost of borrowing.流动负债Current Liabilities Usually appearing on a company's balance sheet, itrepresents the amount owed for interest, accountspayable, short-term loans, expenses incurred but unpaid,and other debts due within one year.资产负债表Balance Sheet A company's financial statement. It reports thecompany's assets, liabilities, and net worth at a specifictime.资产负债表以外融资Off Balance SheetFinancing The way a company raises money that does not appear on the balance sheet, unlike loans, debt, or equity, which do appear on the balance sheet.资产净值NAV 1. In the context of mutual funds, the total value ofthe fund's portfolio less liabilities. The NAV isusually calculated on a daily basis.2. In respect to corporate valuations, the bookvalue of assets less liabilities.资产净值Net Asset Value(NAV) 1. In the context of mutual funds, the total value ofthe fund's portfolio less liabilities. The NAV isusually calculated on a daily basis.2. In respect to corporate valuations, the bookvalue of assets less liabilities.积压待发股票、悬货Overhang Calculated as stock options granted, plus the remainingoptions to still be granted, and then divided by the totalshares outstanding.流动资产Current Assets Appearing on a company's balance sheet, it representscash, accounts receivable, inventory, marketablesecurities, prepaid expenses, and other assets that canbe converted to cash within one year.资产偿付比率Asset CoverageRatio A test that determines a company's ability to cover debt obligations with their assets after all liabilities have been satisfied. It is calculated as the following(Book or liquidation value of total assets -intangible assets -(current liabilities - short term debt obligations))‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Total debt outstanding盈利Earnings The net income of a company during a specific period.Generally, but not necessarily, referring to after-taxincome.时间加权回报率Time-WeightedRate of Return A measure of the compound rate of growth in a portfolio. Because this method eliminates the distorting effects created by inflows of new money, it is used to compare。
Goldman Sachs---高盛
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高盛的主要竞争对手如摩根大通，美国 银行，巴黎银行都依赖各自的商业招牌， 互联网上的营业点，广告活动和零售。 然而，高盛却罩上了一层神秘的面纱， 依靠各国政客和经济学家们的力量将手 深入了各个领域，如投机、公开收购竞 价、对冲基金等等。之后又间接地介入 大宗商品，扮演“主妇的菜篮子”的角 色。它不仅仅网络了各国政府组成了一 个高盛政府，更是在控制了经济和大宗 商品命脉之后在经济王国里组建了一个 高盛经济政府。他用他看得见的手来 “规范”市场。
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Goldman Sachs brings people,capital and ideas together to help our clients and the communities we serve. Learn more about our firm.We provide a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Learn more about our businesses.Insights in this section originate from individuals in different divisions. Each of our businesses has different focus areas, goals, time horizons, investing styles and clients, so it is not unusual for individuals to have different views on similar topics. Learn how we put our people and capital to work helping women build businesses, entrepreneurs create jobs, volunteers improve their communities and help solve environmental issues. LOGO
《美国脸谱网公司2014年年终财务报告》中术语的英译汉实践报告
《美国脸谱网公司2014年年终财务报告》中术语的英译汉实践
报告
本次翻译任务的原文是公布在SEC网站上的《美国脸谱网2014年年终财务报告》。
该年报语言平实严谨、简洁明快。
年报中有很多专业术语,涉及金融、互联网、法律、政治等多个领域,领域跨度较大。
术语翻译是本研究报告的难点和重点。
该年报翻译翻译以卡特福德的等值翻译理论为指导,该理论认为翻译的核心在于寻找等值成分,即原语和译语具有相同的功能和意义。
根据该翻译理论,术语翻译应实现等值,以完成年报信息的有效传递。
本报告以案例分析为研究方法,将年报中出现的典型术语分别列举、分析,总结、归纳了各类术语特征,并探讨了年报中术语的翻译方法。
本文作者将年报中出现的术语分为四类:互联网术语、财经术语、法律术语、政治术语,并分别总结了各类术语的特征。
针对各类术语的特点,本文作者采用了音译、意译、音译意译兼用、零翻译四种翻译方法,实现了术语忠实、地道、统一的翻译。
术语是年报信息的重要载体,术语翻译是否能做到忠实、地道、统一,会直接影响年报的可读性。
随着时代的发展,政治、经济形势的不断变化,大量新兴术语不断涌现,这给翻译工作带来了挑战。
因此,研究《脸谱网公司2014年年终财务报告》中术语翻译问题、探讨新经济形势下术语翻译的新方法是十分有意义的。
某集团培训体系介绍(PPT22页)
高盛大学 负责中基曾和员工的管理技能和通用技能 事实上，尽管高盛是全球商学院毕业生的向往之地，他们每年的校园招聘大约可以收到2000份简历，但最后成功入职的可能只有40人 ，且这40人的入职面试过程多达30轮。
Goldman Sachs Training: 随着职位的提升，高盛将会持续提供一系列的领导力课程，不仅包括传统的面授课程，还有领导力顾问服务（即外请私人教练），给
Sarah Forrest
44-20-7552-9368
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Goldman Sachs Training Research Overview
▪ 企业文化建设 ▪ 高盛的用人理念 ▪ 扁平化管理 ▪ 高盛大学 ▪ 松树街 ▪ 九大领导力法则 ▪ 高盛四大导师制 ▪ 高盛的评价系统 ▪ 人力资源管理机制与培训的协作 ▪ 核心商学思想 战略落地与组织能力 ▪ 思考与启发
Goldman Sachs Global Investment Research
3
Goldman Sachs Training Research 高盛的用人理念
▪ 只雇佣最出色的人，而非最出色的银行家 ▪ 人才发展是公司的一项重点工作，关系到如何向客户提供高质量服务，
能否保持世界顶级投行的地位，把员工的能力发展到顶峰是首要的 ▪ “14条业务原则”第二条：我们最重要的三大财富是：员工、资本、声
▪ 在未来几天的学习中，随着科尔一天的授课和高盛高管对高盛文化的专 业解读，让我领悟到：这句话没那么简单。企业文化建设和传播如何走 向深入？（个人所写的渗透型企业文化落地方案）
▪ 一天课程被分为三段：“愿景与战略”、“奖励与认可”、“无边界管 理”。
高盛：2014年十大市场主题
高盛：2014年十大市场主题高盛集团指出，这十大主题代表着一系列的宏观经济前景主题，且认为这些主题将在2014年的市场上占据主导地位。
以下就是该集团所总结的这十大主题：1. 美国和其它发达国家的经济复苏我们对2013年经济前景的预期是，美国私人部门复苏，但是将受到财政紧缩拖累。
随着我们进入2014年，财政紧缩将减轻，因此我们预计情况将发生改变。
受私人消费和商业投资加速增长推动，美国经济终于迎来高增长。
2. 发达国家央行加强“前瞻指引”尽管发达国家经济有所改善，但我们仍然预计，低通胀和高失业率的环境下，发达国家央行将继续加强“前瞻指引”，即利率仍将长时间维持在接近于零的水平。
我们预计美联储2016年前不会加息；未来几个月将加强前瞻指引。
3. 收获发达国家股票风险溢价，注意对冲风险过去几年时间里，许多地区股市的风险溢价较低。
尽管尚未达到2007年的水平，但信用利差已经缩窄至长期趋势下方，资产价格波动性也已下降。
即使在经济温和增长和宽松政策的环境下，信用利差收益也很可能较低。
股市方面，我们所将面临的主要问题是，在股市上涨的情况下，市盈率是否会高于平均值。
我们认为，答案是肯定的。
4. 资本追逐高收益我们预计，2014年全球经济增长表现将有所改善，但仍略低于长期趋势，同时通胀目标稳定，且市场总体的波动性将有所减弱。
这种情况早就存在。
此前，股市波动性一直偏低，波动率远期合约价格远低于即期波动率。
在总体波动性偏低的环境下，资本追逐高收益的愿望很可能十分强烈，尤其是，当经济增长前景暗淡的情况下。
5. 发达国家开始退出宽松政策2013年，一些新兴市场国家央行采取了紧缩政策。
随着美国经济增长前景持续改善和全球加息压力上升，可能紧缩货币政策的央行将获得更多关注。
甚至在发达国家经济复苏状况不同的情况下，市场已将主要发达国家退出宽松政策计入定价。
市场预计，发达国家将几乎同时退出宽松政策。
市场普遍预计各大央行不会很快首次加息，因此它们同步加息并不特别反常。
高盛财经汉英词典
中文词句English English Definitions144A 条例Rule 144A An SEC rule that modified a two-year holding periodrequirement on privately placed securities by permittingQualified Institutional Buyers (QIBs) to trade thesepositions among themselves.18定律Rule of 18 A rule whereby the sum of the inflation rate and the P/Eratio of the Dow Jones Industrial Average is an indicatorof the direction of the stock market. If the total is above18, stocks are supposed to decrease. If the total is under18, then the stock ma1940年投资公司法InvestmentCompany Act of1940 Created in 1940 through an act of Congress, this piece of legislation clearly defines the responsibilities and limitations placed upon fund companies that offer investment products to the public.72定律Rule of 72 A rule stating that in order to find the number of yearsrequired to double your money at a given interest rate,you divide the compound return into 72. The result is theapproximate number of years that it will take for yourinvestment to double.APICS（美国生产及库存控制协议）商业前景指数APICS BusinessOutlook IndexA national manufacturing index that surveys severalmanufacturing firms on a monthly basis. If the index isabove 50 it signals expansion, if it dips below 50 itindicates contraction.CAMELS评级制度CAMELS RatingSystem An international bank-rating system with which bank supervisory authorities rate institutions according to six factors. The six areas examined are represented by the acronym "CAMELS."CEDEL CEDEL One of two principal clearing houses for Euromarketsecurities.Notice that the formula may also be written as: accountspayable / (cost of sales/number of days).Notice that the formula may also be written as: accountsreceivable / (credit sales/number of days).Net Operating Income‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Total Debt ServiceNet Income‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Shareholder's EquityThe ROE is useful in comparing the profitability of acompany to other firms in the same industry.Calculated as total tax paid divided by taxable income.2. In the case of fixed income, a bond with a rating ofBBB or higher.Operating cash flow is calculated through a series ofadjustments to net income. It can be found on thestatement of cash flows. ?2. The difference between the swap rate and the lendingrate offered through other investment vehicles withcomparable characteristics.GDP平减数GDP Deflator An economic metric used to account for inflation byconverting output measured at current prices intoconstant-dollar GDP. The GDP deflator shows how mucha change in the base year's GDP relies upon changes inthe price level.GDP差距GDP Gap The sacrificed output within a country's economy due tothe failure to create sufficient jobs for all those willing towork.H股H-Shares A share of a Chinese company listed on the Hong KongStock Exchange.一次性偿还Bullet Repayment A single payment for an entire loan amount that is paid atmaturity.一次总付分配Lump SumDistribution A one time payment for the entire amount due, rather than breaking payments into smaller installments. Some lump-sum distributions receive special tax treatment.一级资本Tier 1 Capital A term used to describe the capital adequacy of a bank.Tier I capital is core capital, this includes equity capitaland disclosed reserves.一般义务债券General ObligationBond A municipal bond backed by the credit and "taxing power" of the issuing jurisdiction, rather than the revenue from a given project.一般折旧制度GeneralDepreciationSystem The most commonly used system for calculating depreciation. Personal property is depreciated using the declining-balance method, which involves applying the depreciation rate against the undepreciated balance.七大工业国Group of Seven(G-7) Seven of the world's leading countries that meet periodically to achieve a cooperative effort on international economic and monetary issues.七大工业国G-7 Seven of the world's leading countries that meetperiodically to achieve a cooperative effort oninternational economic and monetary issues.二级市场Secondary Market A market in which an investor purchases an asset fromanother investor, rather than an issuing corporation.二级发行Secondary Offering A sale of securities in which one or more majorstockholders in a company sell all or a large portion oftheir holdings. The underwriting proceeds are paid to thestockholders, rather than to the corporation.人寿保险Life Insurance A protection against the lost income that would result ifthe insured were to pass away. The named beneficiaryreceives the proceeds and is thereby safeguarded fromfinancial impacts of the death of the insured.二级资本Tier 2 Capital A term used to describe the capital adequacy of a bank.Tier II capital is secondary bank capital that includesitems such as undisclosed reserves, general lossreserves, subordinated term debt, and more.个人收入Personal Income An individual's total earnings coming from wages,business enterprises, and various investments.个人消费开支PCE Similar to CPI, PCE is a report (actually a part of thepersonal income report) put out by the Bureau ofEconomic Analysis of the Department of Commerce.PCE is a measure of price changes in consumer goodsand services. It consists of the actual and imputedexpenditures of households, and includes data pertainingto durables, non-durables, and services.个人理财Personal Finance Financial planning for individuals. Generally, it involvesanalyzing their current financial position, predictingshort-term and long-term needs, and recommending afinancial strategy. This may involve advice on pensions,school fees, mortgages, life insurance, and investments. 子公司、附属公司Subsidiary A company owned by another company that controlsmore than 50% of its voting stock.上市公司Public Company A company that has issued securities through an offeringwhich are now traded on the open market.上市证券Listed Security Securities that have been accepted for trading purposesby a recognized and regulated exchange.已充分反映实值Fully Valued A stock that has reached a price that accurately reflectsthe strength of the company.已动用资本回报率Return On Capital A ratio that indicates the efficiency and profitability of aEmployed (ROCE) company's capital investments.Calculated as:Earnings before interest and tax (EBIT)‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾(Capital employed + Short term borrowings -Intangible assets)已动用资本回报率ROCE A ratio that indicates the efficiency and profitability of acompany's capital investments.Calculated as:Earnings before interest and tax (EBIT)‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾(Capital employed + Short term borrowings -Intangible assets)已发行股票Shares Outstanding The number of shares that are currently owned byinvestors. This includes restricted shares (shares ownedby the company's officers and insiders) and shares heldby the public. Shares that the company has repurchasedare not considered outstanding stock.大宗交易Block Trade The sale or purchase of a large quantity of securities.广泛基础加权平均Broad-BasedWeighted Average An anti-dilution provision used for the benefit of existing preferred shareholders when additional offerings are made by the corporation. The broad-based weighted average accounts for all equity previously issued and currently undergoing issue.广泛基础指数Broad-Base Index An index designed to reflect the movement of the entiremarket.下调评级Downgrade A negative change in the rating of a security.子弹式交易Bullet Trade The act of purchasing an "in the money" put option sothat the buyer can capitalize on a bear market byeffectively shorting a stock without waiting for an uptick. 已售商品成本COGS An expense that reflects the cost of the product or goodthat generates revenue for a company. Sometimesreferred to as "Cost of Sales."已售商品成本Cost of Goods Sold(COGS) An expense that reflects the cost of the product or good that generates revenue for a company. Sometimes referred to as "Cost of Sales."下游Downstream Refers to oil and gas operations after the productionphase and through to the point of sale.已解除债务的破产人Discharge inBankruptcy When a bankrupt person or company is legally free and clear of any obligation to repay certain debts.已缴资本Paid-Up Capital The state of a settlement when all payment obligationsfor a security has been completed.兀鹫投资者Vulture Capitalist 1. A slang word for a venture capitalist whodeprives an inventor of control over their owninnovations and most of the money they shouldhave made from the invention.2. A venture capitalist who invests in flounderingfirms in the hopes that they will turn around.兀鹫基金Vulture Fund A fund that buys securities in distressed investments,such as high-yield bonds in (or near) default or equitiesthat are in (or near) bankruptcy.五大工业国G-5 Five of the world's leading countries that meetperiodically to achieve a cooperative effort oninternational economic and monetary issues.五大工业国Group of Five (G-5) Five of the world's leading countries that meetperiodically to achieve a cooperative effort oninternational economic and monetary issues.公开上市Going Public The process of selling shares that were formerlyprivately-held to new investors for the first time.开支比率Expense Ratio The percentage of the assets that were spent to run amutual fund. It includes things like management andadvisory fees, travel costs, and 12b-1 fees. The expenseratio does not include brokerage costs for trading theportfolio.公开市场委员会Federal OpenMarket Committee(FOMC) The body that sets the interest rate and credit policies of the Federal Reserve System.公开市场委员会FOMC The body that sets the interest rate and credit policies ofthe Federal Reserve System.日历年Calendar Year The year that begins January 1 and ends December 31公开发行价值Public Offering Price(POP) The price at which new issues are offered to the public by an underwriter公开说明书Prospectus 1. A formal legal document describing details of acorporation. The prospectus is generally createdfor a proposed offering (usually an IPO), but theycan still be obtained from existing businesses aswell. The prospectus includes company facts thatare vitally important to potential investors.2. In this case of mutual funds, a prospectusdescribes the fund's objectives, history, managerbackground, and financial statements.公开说明书定稿Final Prospectus A legal document stating the price of a newly issuedsecurity, the delivery date, and other facts that areimportant for investors.公开资产Public Assets that can be traded in a public market, such as thestock market.无风险回报率Risk Free Rate ofReturnThe quoted rate on an asset that has virtually no risk.无风险资产Risk-Free Asset An asset which has a certain future return. Treasuries(especially T-bills) are considered to be risk-freebecause they are backed by the U.S. government.公开流通股票Float The total number of shares publicly owned and availablefor trading. The float is calculated by subtractingrestricted shares from outstanding shares.今天最低Today's Low The intra-day low trading price.今天最高Today's High The intra-day high trading price.开支Expense 1. Money spent by a firm to continue its ongoingoperations.2. Money spent or costs incurred that aredeductible and reduce your taxable income.公司化、非共同化Demutualization The process of changing corporate structure from amutual fund company to some other form, such as alimited liability or corporation.公司、企业Corporation The most common form of business organization. Thetotal worth of the organization is divided into shares ofstock, each representing a unit of ownership. Acorporation is ongoing and the owners face only limitedliability.不可买回Non-Callable Securities that cannot be called by the issuer prior tomaturity.公平交易Arms LengthTransaction When the buyers and sellers of a product act independently of each other and have no relationship to each other.公平价值Fair Value 1. The estimated value of all assets and liabilitiesof an acquired company used to consolidate thefinancial statements of both companies.2. In the futures market, fair value is the equilibriumprice for a futures contract. This is equal to thespot price after taking into account compoundedinterest (and dividends lost because the investorowns the futures contract rather than the physicalstocks) over a certain period of time.水平价差Horizontal Spread An options strategy involving the simultaneous purchaseand sale of two options of the same type, having thesame strike price, but different expiration dates.无对冲黄金股票指数BUGS Index Short for "basket of un-hedged gold stocks," the BUGSindex is the AMEX's index measuring gold companiesthat do not hedge their gold production beyond a yearand a half.无记名票据Floater A bond, or some other type of debt, whose coupon ratechanges with market conditions (short term interestrates).不可抗力Force Majeure Literally translated as "great force," this clause isincluded in contracts to remove liability for unforeseenevents restricting participants from fulfilling obligations. 双头垄断Duopoly A situation in which two companies own all or nearly allof the market for a given type of product or service.开市前交易Pre-Market Trading Trading done before the regular market opens.公司债券Debenture An unsecured debt backed only by the credit worthinessof the borrower. There is no collateral, and theagreement is documented by an indenture.中央银行Central Bank A bank providing services for a country's governmentand major commercial banks.公司税Corporate Tax A levy placed on the profit of a firm; different rates areused for different levels of profits.公平意见Fairness Opinion An opinion developed by qualified analysts or advisorswith the purpose of providing key details and factualproof to the decision makers of a merger or acquisition. 牛市Bull Market A market in which prices of a certain group of securitiesare rising or are expected to rise.毛收入Gross Income 1. For individuals, it is your total personal incomebefore deductions.2. For companies, it is their revenue minus cost ofgoods sold (also called gross margin).内在价值Intrinsic Value 1. The value of a company or an asset based onan underlying perception of the value.2. For call options, this is the difference betweenthe underlying stock's price and the strike price.For put options, it is the difference between thestrike price and the underlying stock's price. In thecase of both puts and calls, if the differencebetween the underlying stock's price and the strikeprice is negative, the value is given as zero.反向收购Reversed takeover 1. When a larger company is bought out by asmaller company.2. The purchasing of a public company by a privatecompany.反收购措施Anti-takeoverMeasure Measures taken on a continual or sporadic basis by a firm's management in order to prevent or deter unwanted takeovers.反收购法规Anti-takeoverStatute A set of state regulations that prevent or deter companies from attempting hostile takeovers. These regulations vary across state lines and typically affect only the companies incorporated within the state.无形之手Invisible Hand Coined by Adam Smith in his 1776 book An Inquiry intothe Nature and Causes of the Wealth of Nations. In hisbook he states:Essentially Smith says that individuals try to maximizetheir own good (and become wealthier), and by doing so,through trade and entrepreneurship, society as a wholewill be better off. Furthermore, any governmentintervention in the economy isn't needed as the invisiblehand would best guide the economy.及时生产Just In Time A production strategy companies employ to increaseefficiency and decrease waste by producing goods onlyas they are ordered or needed.专利权Patent A government license that allows one exclusive rights toa process, design, or new invention.双谷经济衰退Double DipRecession When the gross domestic product (GDP) growth slides back to negative after a quarter or two of brief positive growth. In other words, a recession followed by ashort-lived recovery, followed by another recession.分级股票Classified Shares The separation of company equity into more than oneclass of common shares, usually called "Class A" and"Class B."不良贷款Bad Debt A debt which is not collectable and therefore worthless tothe creditor.不良贷款NPL Loans that are in default or close to being in default.Loans that are in default or close to being in default.不良贷款Non-PerformingLoan无形资产Intangible Asset An asset that is not physical in nature. E.g. goodwillAny asset that is not effectively producing income.不良资产Non-PerformingAsset天灾债券Act of God Bond A bond issued by an insurance company, linkingprincipal and interest to the company's losses due tonatural disasters.分拆上市Carveout 1. Sometimes known as a partial spinoff, a carveout occurs when a parent company sells a minority(usually 20% or less) stake in a subsidiary for anIPO or rights offering.2. Where an established brick-and-mortarcompany hooks up with venture investors and anew management team to launch an Internetspinoff.认购不足Undersubscribed When the demand for a new issue of securities (IPO) isless than the number of shares issued. This issometimes referred to as an underbooking.分拆、出售资产Divestiture Refers to the sale of a subsidiary company, also called"spin-off."认股权证Warrant A derivative security that gives the holder the right topurchase securities (usually equity) from the issuer at aspecific price within a certain time frame.认股权证比重Warrant Coverage An agreement between a company and its shareholderswhereby the company issues warrants equal to somepercentage of the dollar amount of the shareholder'sinvestment.认股权证溢价Warrant Premium The premium paid for the rights associated with awarrant.分拆收购Unbundling Taking over a large company with several different linesof business and retaining the core business while sellingoff the subsidiaries to help fund the takeover.分析员Analyst A financial professional that has expertise in evaluatinginvestments. They are typically employed by brokeragefirms, investment advisors, or mutual funds. Analysts puttogether buy, sell, and hold recommendations onsecurities. Analysts usually specialize in specificindustries or sectors to allow for comprehensiveresearch.天使投资者Angel Investor A financial backer providing venture capital funds forsmall startups or entrepreneurs.开放性信贷Open End Credit A pre-approved loan that may be used repeatedly up to acertain limit.无抵押贷款Unsecured Loan A bank loan that is issued and supported only by theborrowers creditworthiness, rather than by some sort ofcollateral.无抵押债权人Unsecured Creditor A person or institution that lends money to a company orindividual without holding collateral on the property forsecurity. This puts the creditor in a higher risk situation 开放性基金Open-End Fund A mutual fund that continues to sell shares to investors,and will buy back shares when investors wish to sell日经指数Nikkei The leading and most respected index of Japanesestocks.订单积压Backlog The total value of sales orders waiting to be fulfilled.反垄断法Anti-trust The antitrust laws apply to virtually all industries and toevery level of business, including manufacturing,transportation, distribution, and marketing. They prohibita variety of practices that restrain trade. Examples ofillegal practices are price-fixing conspiracies, corporatemergers likely to reduce the competitive vigor ofparticular markets, and predatory acts designed toachieve or maintain monopoly power.比例税Proportional Tax An income tax that takes the same percentage of incomefrom everyone regardless of how much (or little) anindividual earns.石油输出国组织、欧佩克Organization ofPetroleum ExportingCountries (OPEC) An intergovernmental organization dedicated to the stability and prosperity of the petroleum market. OPEC membership is open to any country that is a substantial exporter of oil and shares the ideals of the organization.分拆Demerger A corporate strategy to sell off subsidiaries or divisions ofa company.分拆Spinoff A new, independent company created through selling ordistributing new shares for an existing part of anothercompany.分股Stock Split The division of a company's existing stock into moreshares. In a 2-for-1 split, each stockholder would receivean additional share for each share formerly held.以活动为基础的预算案Activity BasedBudgeting Method of budgeting in which activities that incur costs in each function of an organization are established and relationships are defined between activities. This information is then used to decide how much resource should be allocated to each activity.以活动为基础的管理Activity BasedManagement Using an activity-based costing system to improve the operations of an organization.互相争夺市场MarketCannibilization The negative impact a new product has on the sales performance of a company's existing, related products.双重收费Double Dipping For brokerage firms, when a broker puts commissionedproducts into a fee-based account. The broker makesmoney from both the client and the commission.双重征税Double Taxing A tax law that results in the same earnings beingsubjected to taxation twice. A company's income is taxedinitially and then the shareholders and investors aretaxed on the distributions they receive from the company. 长城Chinese Wall A slang term for the division within a brokerage firm thatprevents insider information from being handed out bycorporate advisers to investment traders.风险价值Value at Risk (VAR) A technique for estimating the probability of portfoliolosses exceeding some specified price.不能变现Illiquid An asset or security that cannot be converted into cashvery quickly (or near prevailing market prices).升值Appreciation The increase in value of an asset.风险Risk The chance that an investment's actual return will bedifferent than expected. This includes the possibility oflosing some or all of the original investment. It is usuallymeasured using the historical returns or average returnsfor a specific investment.风险资本Risk Capital The money that a person allocates to investments in highrisk securities风险资本要求Risk Based CapitalRequirement A stated requirement of liquid reserves placed upon banks and institutions that deal in risky ventures.无追索权债务Non-Recourse Debt A loan that is secured by some sort of collateral, usuallyproperty. The issuer can seize the collateral if theborrower defaults.无追索权融资Non-RecourseFinance A loan where the lending bank is only entitled to repayment from the profits of the project the loan is funding, not from other assets of the borrower.风险容忍度Risk Tolerance The degree of uncertainty that an investor can handle inregards to a negative change in the value of theirportfolio.风险调整贴现率Risk AdjustedDiscount Rate In portfolio theory and capital budget analysis, the rate necessary to determine the present value of an uncertain or risky stream of income; it is the risk-free rate (generally the return on short-term U.S. Treasury securities）plus a risk premium that is based on an analysis of the risk characteristics of the particular investment or project风险调整回报率Risk AdjustedReturn A measure of how much risk a fund or portfolio assumed to earn its returns. This is usually expressed as a number or a rating.风险调整资本回报率Risk AdjustedReturn on Capital(RAROC) In financial analysis, riskier projects and investments must be evaluated differently from their riskless counterparts. By discounting risky cashflows against less risky cashflows RAROC accounts for changes in the profile of the investment.内部回报率IRR Often used in capital budgeting, it's the interest rate thatmakes net present value of all cash flow equal zero.内部回报率Internal Rate ofReturn (IRR) Often used in capital budgeting, it's the interest rate that makes net present value of all cash flow equal zero.内部审计Internal Audit An audit performed by a person (or persons) employedby the firm being audited.专营经纪人Specialist A person on the trading floor of certain exchanges whoholds an inventory of particular stocks. The specialist isresponsible for managing limit trades, but does not makeinformation on outstanding limit orders available to othertraders.反通货膨胀Disinflation A slowing of the rate at which prices increase. Typically,this occurs during a recession as sales drop and retailersare not able to pass on higher prices to customers.气球型期权Balloon Option An option for which the notional payments increasesignificantly after a set threshold is broken.气球型期限Balloon Maturity 1. A repayment schedule for a bond issue where alarge number of the bonds come due at a one time(normally at the final maturity date).2. A final loan payment that is considerably higherthan prior payments.内部增长Organic Growth The growth rate of a company, excluding any growthfrom takeovers, acquisitions, or mergers.内部增长率Internal GrowthRate The highest level of growth achievable for a business without obtaining outside financing.中等市值股票Mid Cap Stock Short for "Middle Cap," mid cap refers to stocks with amarket capitalization of between $2 billion to $10 billion.? 贝塔系数Beta (Coefficient) The measure of systematic risk of a security. Beta (orbeta coefficient) is a means of measuring the volatility ofa security or portfolio of securities in comparison with themarket as a whole.Beta is calculated using regression analysis. A beta of 1indicates that the security's price will move with themarket. A beta greater than 1 indicates that the security'sprice will be more volatile than the market. A beta lessthan 1 means that it will be less volatile than the market. 计量经济学Econometrics The application of statistical theories to economic onesfor the purpose of forecasting future trends.中期股息Interim Dividend A dividend payment made before a company's AGM andfinal financial statements. This declared dividend usuallyaccompanies the company's interim financial statements. 长期债券Long Bond A bond that matures in more than 10 years. When peoplerefer to "the long bond," this typically is the 30-year U.S.treasury.从属债务Subordinated Debt A loan (or security) that ranks below other loans (orsecurities) with regard to claims on assets or earnings.长期债务/总资本比率Long TermDebt/Capitalization A ratio indicating the financial leverage of a firm. It is calculated by taking a company's long term debt and dividing by the capital available (the sum of long term debt, preferred stock, and stockholders' equity).长期债务Long Term Debt Loans and financial obligations, lasting over one year, onwhich interest is paid.。
高盛投资分析报告
高盛投资分析报告1. 引言本报告旨在对高盛投资进行全面的分析和评估。
通过对公司的经营状况、市场定位、竞争优势以及未来发展趋势的分析，我们将为投资者提供有关高盛投资的全面信息和建议。
2. 公司概况高盛投资是一家全球领先的投资银行和证券公司，总部位于美国纽约。
公司成立于1869年，经过多年的发展，已成为全球金融服务行业的重要参与者之一。
高盛投资以其在金融领域的专业知识、创新能力和客户关系的强大网络而闻名。
3. 经营状况高盛投资主要通过以下几个业务部门开展经营活动：3.1 投资银行业务高盛投资在投资银行领域具有丰富的经验和卓越的实力。
公司提供包括企业融资、并购与重组、资本市场策划等在内的全方位投资银行服务。
在全球范围内，高盛投资凭借其专业的团队和广泛的客户关系，在各类交易中发挥着重要作用。
3.2 证券业务高盛投资在证券交易领域拥有丰富的经验和优势。
公司通过其全球分布的交易平台，为全球投资者提供股票、债券、衍生品等各类证券产品的买卖和交易服务。
高盛投资以其卓越的交易执行能力和市场洞察力，赢得了客户的广泛认可。
3.3 资产管理业务高盛投资通过其资产管理业务管理着大量的客户资产。
公司通过构建多元化的投资组合，为客户提供专业的资产管理服务。
高盛投资依靠其丰富的投资经验和独特的投资策略，致力于为客户创造长期稳定的投资回报。
4. 市场定位和竞争优势高盛投资凭借其在金融领域的专业知识和丰富的经验，以及其全球性的业务网络，确立了在投资银行和证券业务领域的领导地位。
同时，高盛投资通过不断创新和提高服务质量，不断寻求市场定位的优化和竞争优势的提升。
5. 未来发展趋势随着全球金融市场的不断发展和变化，高盛投资面临着一系列机遇和挑战。
未来，高盛投资将继续致力于加强自身的核心竞争力，通过不断创新和改进，适应市场的变化，并进一步拓展全球业务布局。
6. 投资建议综合以上分析，我们对高盛投资持乐观态度。
公司凭借其在金融领域的专业知识和全球业务网络，具备强大的市场竞争力和良好的发展前景。
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《高盛集团2014年度报告》翻译报告（节选）公司年度报告向股东、潜在投资者和消费者披露包括资产负债表、经营业绩和综合财务报表等大量的财务信息,分析公司未来的发展机遇和潜在风险,从而吸引投资,树立企业形象。
翻译实践内容为高盛集团2014年度报告中管理层讨论与分析一部分,该部分包括大量的信息和数据,披露公司总体财务状况,运营业绩,并分析对比近三年的业绩。
作为典型的商务文本,年报词汇专业、精确,句子复杂,内容客观。
因此本报告从词汇、句法和文本三方面分析年报的的特征,用实例探讨一些词汇、句子的翻译方法,最后对翻译实践进行总结。