Cross-listing.pdf
Stata 使用手册说明书
1Read this—it will helpContents1.1Getting Started with Stata1.2The User’s Guide and the Reference manuals1.2.1PDF manuals1.2.1.1Video example1.2.2Example datasets1.2.2.1Video example1.2.3Cross-referencing1.2.4The index1.2.5The subject table of contents1.2.6Typography1.2.7Vignette1.3What’s new1.4References12[U]1Read this—it will helpThe Stata Documentation consists of the following manuals:[GSM]Getting Started with Stata for Mac[GSU]Getting Started with Stata for Unix[GSW]Getting Started with Stata for Windows[U]Stata User’s Guide[R]Stata Base Reference Manual[ADAPT]Stata Adaptive Designs:Group Sequential Trials Reference Manual[BAYES]Stata Bayesian Analysis Reference Manual[BMA]Stata Bayesian Model Averaging Reference Manual[CAUSAL]Stata Causal Inference and Treatment-Effects Estimation Reference Manual[CM]Stata Choice Models Reference Manual[D]Stata Data Management Reference Manual[DSGE]Stata Dynamic Stochastic General Equilibrium Models Reference Manual[ERM]Stata Extended Regression Models Reference Manual[FMM]Stata Finite Mixture Models Reference Manual[FN]Stata Functions Reference Manual[G]Stata Graphics Reference Manual[IRT]Stata Item Response Theory Reference Manual[LASSO]Stata Lasso Reference Manual[XT]Stata Longitudinal-Data/Panel-Data Reference Manual[META]Stata Meta-Analysis Reference Manual[ME]Stata Multilevel Mixed-Effects Reference Manual[MI]Stata Multiple-Imputation Reference Manual[MV]Stata Multivariate Statistics Reference Manual[PSS]Stata Power,Precision,and Sample-Size Reference Manual[P]Stata Programming Reference Manual[RPT]Stata Reporting Reference Manual[SP]Stata Spatial Autoregressive Models Reference Manual[SEM]Stata Structural Equation Modeling Reference Manual[SVY]Stata Survey Data Reference Manual[ST]Stata Survival Analysis Reference Manual[TABLES]Stata Customizable Tables and Collected Results Reference Manual[TS]Stata Time-Series Reference Manual[I]Stata Index[M]Mata Reference ManualIn addition,installation instructions may be found in the Installation Guide.[U]1Read this—it will help3 1.1Getting Started with StataThere are three Getting Started manuals:[GSM]Getting Started with Stata for Mac[GSU]Getting Started with Stata for Unix[GSW]Getting Started with Stata for Windows1.Learn how to use Stata—read the Getting Started(GSM,GSU,or GSW)manual.2.Now turn to the other manuals;see[U]1.2The User’s Guide and the Reference manuals.1.2The User’s Guide and the Reference manualsThe User’s Guide is divided into three sections:Stata basics,Elements of Stata,and Advice.The table of contents lists the chapters within each of these sections.Click on the chapter titles to see the detailed contents of each chapter.The Guide is full of a lot of useful information about Stata;we recommend that you read it.If you only have time,however,to read one or two chapters,then read[U]11Language syntax and [U]12Data.The other manuals are the Reference manuals.The Stata Reference manuals are each arranged like an encyclopedia—alphabetically.Look at the Base Reference Manual.Look under the name ofa command.If you do notfind the command,look in the subject index in[I]Stata Index.A fewcommands are so closely related that they are documented together,such as ranksum and median, which are both documented in[R]ranksum.Not all the entries in the Base Reference Manual are Stata commands;some contain technical information,such as[R]Maximize,which details Stata’s iterative maximization process,or[R]Error messages,which provides information on error messages and return codes.Like an encyclopedia,the Reference manuals are not designed to be read from cover to cover.When you want to know what a command does,complete with all the details,qualifications,and pitfalls,or when a command produces an unexpected result,read its description.Each entry is written at the level of the command.The descriptions assume that you have little knowledge of Stata’s features when they are explaining simple commands,such as those for using and saving data.For more complicated commands,they assume that you have afirm grasp of Stata’s other features.If a Stata command is not in the Base Reference Manual,you canfind it in one of the other Reference manuals.The titles of the manuals indicate the types of commands that they contain.The Programming Reference Manual,however,contains commands not only for programming Stata but also for manipulating matrices(not to be confused with the matrix programming language described in the Mata Reference Manual).1.2.1PDF manualsEvery copy of Stata comes with Stata’s complete PDF documentation.The PDF documentation may be accessed from within Stata by selecting Help>PDF documentation.Even more convenient,every helpfile in Stata links to the equivalent manual entry.If you are reading help regress,simply click on(View complete PDF manual entry)below the title of the helpfile to go directly to the[R]regress manual entry.We provide some tips for viewing Stata’s PDF documentation at https:///support/ faqs/resources/pdf-documentation-tips/.4[U]1Read this—it will help1.2.1.1Video examplePDF documentation in Stata1.2.2Example datasetsVarious examples in this manual use what is referred to as the automobile dataset,auto.dta.We have created a dataset on the prices,mileages,weights,and other characteristics of74automobiles and have saved it in afile called auto.dta.(These data originally came from the April1979issue of Consumer Reports and from the United States Government EPA statistics on fuel consumption;they were compiled and published by Chambers et al.[1983].)In our examples,you will often see us type.use https:///data/r18/autoWe include the auto.dtafile with Stata.If you want to use it from your own computer rather than via the Internet,you can type.sysuse autoSee[D]sysuse.You can also access auto.dta by selecting File>Example datasets...,clicking on Example datasets installed with Stata,and clicking on use beside the auto.dtafilename.There are many other example datasets that ship with Stata or are available over the web.Here isa partial list of the example datasets included with Stata:auto.dta1978automobile databplong.dta Fictional blood-pressure data,long formbpwide.dta Fictional blood-pressure data,wide formcancer.dta Patient survival in drug trialcensus.dta1980Census data by statecitytemp.dta U.S.city temperature dataeduc99gdp.dta Education and gross domestic productgnp96.dta U.S.gross national product,1967–2002lifeexp.dta1998life expectancynetwork1.dta Fictional network diagram datanlsw88.dta1988U.S.National Longitudinal Survey of Young Women(NLSW),extractpop2000.dta2000U.S.Census population,extractsandstone.dta Subsea elevation of Lamont sandstone in an area of Ohiosp500.dta S&P500historic datasurface.dta NOAA sea surface temperaturetsline1.dta Simulated time-series datauslifeexp.dta U.S.life expectancy,1900–1999voter.dta1992U.S.presidential voter dataAll of these datasets may be used or described from the Example datasets...menu listing.Even more example datasets,including most of the datasets used in the reference manuals,are available at the Stata Press website(https:///data/).You can download the datasets with your browser,or you can use them directly from the Stata command line:.use https:///data/r18/nlswork[U]1Read this—it will help5An alternative to the use command for these example datasets is webuse.For example,typing .webuse nlsworkis equivalent to the above use command.For more information,see[D]webuse.1.2.2.1Video exampleExample datasets included with Stata1.2.3Cross-referencingThe Getting Started manual,the User’s Guide,and the Reference manuals cross-reference each other.[R]regress[D]reshape[XT]xtregThefirst is a reference to the regress entry in the Base Reference Manual,the second is a reference to the reshape entry in the Data Management Reference Manual,and the third is a reference to the xtreg entry in the Longitudinal-Data/Panel-Data Reference Manual.[GSW]B Advanced Stata usage[GSM]B Advanced Stata usage[GSU]B Advanced Stata usageare instructions to see the appropriate section of the Getting Started with Stata for Windows,Getting Started with Stata for Mac,or Getting Started with Stata for Unix manual.1.2.4The indexThe Stata Index contains a combined index for all the manuals.Tofind information and commands quickly,you can use Stata’s search command;see[R]search.At the Stata command prompt,type search geometric mean.search searches Stata’s keyword database and the Internet tofind more commands and extensions for Stata written by Stata users.1.2.5The subject table of contentsA subject table of contents for the User’s Guide and all the Reference manuals is located in theStata Index.This subject table of contents may also be accessed by clicking on Contents in the PDF bookmarks.1.2.6TypographyWe mix the ordinary typeface that you are reading now with a typewriter-style typeface that looks like this.When something is printed in the typewriter-style typeface,it means that something is a command or an option—it is something that Stata understands and something that you might actually type into your computer.Differences in typeface are important.If a sentence reads,“You could list the result...”,it is just an English sentence—you could list the result,but the sentence provides no clue as to how you might actually do that.On the other hand,if the sentence reads,“You could list the result...”,it is telling you much more—you could list the result,and you could do that by using the list command.6[U]1Read this—it will helpWe will occasionally lapse into periods of inordinate cuteness and write,“We describe d the data and then list ed the data.”You get the idea.describe and list are Stata commands.We purposely began the previous sentence with a lowercase letter.Because describe is a Stata command,it must be typed in lowercase letters.The ordinary rules of capitalization are temporarily suspended in favor of preciseness.We also mix in words printed in italic type,such as“To perform the rank-sum test,type ranksum varname,by(groupvar)”.Italicized words are not supposed to be typed;instead,you are to substitute another word for them.We would also like users to note our rule for punctuation of quotes.We follow a rule that is often used in mathematics books and British literature.The punctuation mark at the end of the quote is included in the quote only if it is a part of the quote.For instance,the pleased Stata user said she thought that Stata was a“very powerful program”.Another user simply said,“I love Stata.”In this manual,however,there is little dialogue,and we follow this rule to precisely clarify what you are to type,as in,type“cd c:”.The period is outside the quotation mark because you should not type the period.If we had wanted you to type the period,we would have included two periods at the end of the sentence:one inside the quotation and one outside,as in,type“the orthogonal polynomial operator,p.”.We have tried not to violate the other rules of English.If youfind such violations,they were unintentional and resulted from our own ignorance or carelessness.We would appreciate hearing about them.We have heard from Nicholas J.Cox of the Department of Geography at Durham University,UK, and express our appreciation.His efforts have gone far beyond dropping us a note,and there is no way with words that we can fully express our gratitude.1.2.7VignetteIf you look,for example,at the entry[R]brier,you will see a brief biographical vignette of Glenn Wilson Brier(1913–1998),who did pioneering work on the measures described in that entry.A few such vignettes were added without fanfare in the Stata8manuals,just for interest,and many more were added in Stata9,and even more have been added in each subsequent release.A vignette could often appropriately go in several entries.For example,George E.P.Box deserves to be mentioned in entries other than[TS]arima,such as[R]boxcox.However,to save space,each vignette is given once only,and an index of all vignettes is given in the Stata Index.Most of the vignettes were written by Nicholas J.Cox,Durham University,and were compiled using a wide range of reference books,articles in the literature,Internet sources,and information from individuals.Especially useful were the dictionaries of Upton and Cook(2014)and Everitt and Skrondal(2010)and the compilations of statistical biographies edited by Heyde and Seneta(2001) and Johnson and Kotz(1997).Of these,only thefirst provides information on people living at the time of publication.1.3What’s newThere are a lot of new features in Stata18.For a thorough overview of the most important new features,visithttps:///new-in-stata/[U]1Read this—it will help7 For a brief overview of all the new features that were added with the release of Stata18,in Stata type.help whatsnew17to18Stata is continually being updated.For a list of new features that have been added since the release of Stata18,in Stata type.help whatsnew181.4ReferencesChambers,J.M.,W.S.Cleveland,B.Kleiner,and P.A.Tukey.1983.Graphical Methods for Data Analysis.Belmont, CA:Wadsworth.Everitt, B.S.,and A.Skrondal.2010.The Cambridge Dictionary of Statistics.4th ed.Cambridge:Cambridge University Press.Gould,W.W.2014.Putting the Stata Manuals on your iPad.The Stata Blog:Not Elsewhere Classified./2014/10/28/putting-the-stata-manuals-on-your-ipad/.Heyde,C.C.,and E.Seneta,ed.2001.Statisticians of the Centuries.New York:Springer.Johnson,N.L.,and S.Kotz,ed.1997.Leading Personalities in Statistical Sciences:From the Seventeenth Century to the Present.New York:Wiley.Pinzon,E.,ed.2015.Thirty Years with Stata:A Retrospective.College Station,TX:Stata Press.Upton,G.J.G.,and I.T.Cook.2014.A Dictionary of Statistics.3rd ed.Oxford:Oxford University Press.Stata,Stata Press,and Mata are registered trademarks of StataCorp LLC.Stata andStata Press are registered trademarks with the World Intellectual Property Organization®of the United Nations.Other brand and product names are registered trademarks ortrademarks of their respective companies.Copyright c 1985–2023StataCorp LLC,College Station,TX,USA.All rights reserved.。
跨国金融原理(第三版)题库 ch13
Fundamentals of Multinational Finance, 3e (Moffett)Chapter 13 Sourcing Equity Capital Globally13.1 Multiple Choice and True/False Questions1) T he choice of when and how to source equity globally is usually aided early on by the adviceofA) a n investment banker.B) y our stock broker.C) a commercial banker.D) a n underwriter.Answer: ATopic: E quity SourcingSkill: R ecognition2) I nvestment banking services include WHICH of the following?A) a dvising when a security should be cross-listedB) p reparation of stock prospectusesC) h elp to determine the price of the issueD) a ll of the aboveAnswer: DTopic: I nvestment BankingSkill: C onceptual3) M ost firms raise their initial capital in foreign markets.Answer: FALSETopic: R aising CapitalSkill: C onceptual4) W hich of the following is the typical order of sourcing capital abroad?A) A n international bond issue, then cross listing the outstanding issues on otherexchanges, then an international bond issue in the target market.B) A n international bond issue in the target market then cross listing the outstandingissues on other exchanges, then an international bond issue.C) A n international bond issue, then an international bond issue in the target market, thencross listing the outstanding issues on other exchanges.D) C ross listing the outstanding issues on other exchanges, then an international bondissue, then an international bond issue in the target market.Answer: CTopic: G lobal Equity SourcingSkill: C onceptual5) ________ are negotiable certificates issued by a bank to represent the underlying shares ofstock, which are held in trust at a foreign custodian bank.A) N egotiable CDsB) I nternational mutual fundsC) D epositary receiptsD) E urodepositsAnswer: CTopic: D epositary ReceiptsSkill: R ecognition6) D epositary receipts traded outside the United States are called ________ depositary receipts.A) E uroB) G lobalC) A mericanD) N one of the aboveAnswer: BTopic: G lobal Depositary ReceiptsSkill: R ecognition7) E ach ADR represents ________ of the shares of the underlying foreign stock.A) a multipleB) 100C) 1D) A DRs have nothing to do with foreign stocks.Answer: ATopic: A merican Depositary ReceiptsSkill: R ecognition8) A DRs cannot be exchanged for the underlying shares of the foreign stock, therefore,arbitrage cannot keep the prices in line with the foreign price of the stock.Answer: FALSETopic: A merican Depositary ReceiptsSkill: C onceptual9) W hich of the following is NOT an advantage of ADRs to U.S. shareholders?A) T ransfer of ownership is done in the U.S. in accordance with U.S. laws.B) I n the event of the death of the shareholder, the estate does not go through a foreigncourt.C) S ettlement for trading is generally faster in the United States.D) A ll of the above are advantages of ADRs.Answer: DTopic: A merican Depositary ReceiptsSkill: R ecognition10) A DRs that are created at the request of a foreign firm wanting its shares traded in the UnitedStates are ________.A) f acilitatedB) u nfacilitatedC) s ponsoredD) u nsponsoredAnswer: CTopic: A merican Depositary ReceiptsSkill: R ecognition11) W ho pays the costs of creating a sponsored ADR?A) t he foreign firm whose stocks underlie the ADRB) t he U.S. bank creating the ADRC) b oth the U.S. bank and the foreign firmD) t he SEC since they require the regulationAnswer: ATopic: A merican Depositary ReceiptsSkill: R ecognition12) A n unsponsored ADR may be initiated without the approval of the foreign firm with theunderlying stock.Answer: FALSETopic: A merican Depositary ReceiptsSkill: R ecognition13) L evel I ADRs trade primarilyA) o n the New York Stock Exchange.B) o n the American Stock Exchange.C) o ver the counter or pink sheets.D) L evel I ADRs typically do not trade at all, but instead are privately issued and helduntil maturity.Answer: CTopic: A merican Depositary ReceiptsSkill: R ecognition14) L evel II ADRs must meetA) U.S. GAAP standards.B) h ome country accounting standards.C) b oth U.S. GAAP and home country standards.D) n one of the above.Answer: ATopic: A merican Depositary ReceiptsSkill: C onceptual15) L evel ________ is the easiest standard to satisfy for issuing ADRs.A) 144aB) I IIC) I ID) IAnswer: DTopic: A merican Depositary ReceiptsSkill: R ecognition16) L evel III ADR commitment applies toA) f irms that want to list existing shares on the NYSE.B) b anks issuing foreign mutual funds.C) A DR issues of under $25,000.D) t he sale of a new equity issued in the United States.Answer: DTopic: A merican Depositary ReceiptsSkill: R ecognition17) B y cross listing and selling its shares on a foreign stock exchange a firm typically tries toaccomplish which of the following?A) i mprove the liquidity of its existing sharesB) i ncrease its share priceC) i ncrease the firmʹs visibilityD) a ll of the aboveAnswer: DTopic: C ross Listing Equity SharesSkill: C onceptual18) A DRs are considered an effective way for firms to improve the liquidity of their stock,especially if the home market is small and illiquid.Answer: TRUETopic: A merican Depositary ReceiptsSkill: C onceptual19) I n order, the largest stock exchanges in the world based on market capitalization of thesecurities traded there are ________.A) L ondon, NYSE, and NasdaqB) N YSE, Nasdaq, and LondonC) N asdaq, NYSE, and LondonD) T okyo, NYSE, and LondonAnswer: BTopic: W orld Equity MarketsSkill: R ecognition20) T he stock exchange with the greatest value of shares traded is ________.A) N YSEB) T okyoC) N asdaqD) L ondonAnswer: ATopic: W orld Equity MarketsSkill: R ecognition21) T he Tokyo exchange is the number one choice of firms looking to gain liquidity by cross-listing their equity securities.Answer: FALSETopic: W orld Equity MarketsSkill: R ecognition22) T ransaction costs for trading equity securities as measured by the bid-ask spreads are loweston which exchange?A) N YSEB) N asdaqC) L ondonD) T okyoAnswer: ATopic: W orld Equity MarketsSkill: R ecognition23) T he number of foreign firms traded on the London exchange is ________ than the numbertraded on the NYSE, and the costs of listing and disclosure in London are ________ those for the NYSE.A) l ess than; less thanB) l ess than; greater thanC) g reater than; less thanD) g reater than; greater thanAnswer: DTopic: W orld Equity MarketsSkill: R ecognition24) T he least liquid stock markets as identified by the authors offer little liquidity for their owndomestic firms, and are of little value to foreign firms.Answer: TRUETopic: M arket LiquiditySkill: C onceptual25) W hich one of the following characteristics does NOT contribute to overall market liquidity?A) S ignificant market making activities.B) R educed transaction costs.C) E ffective crisis management.D) A ll of the above contribute to efficient markets.Answer: ATopic: M arket LiquiditySkill: C onceptual26) Y our authors note several empirical studies that have foundA) n o share price effect for foreign firms that cross-list on major U.S. exchanges.B) a positive share price effect for foreign firms that cross-list on major U.S. exchanges.C) a negative share price effect for foreign firms that cross-list on major U.S. exchanges.D) n one of the above.Answer: BTopic: E mpirical Evidence of Cross-ListingSkill: R ecognition27) T he authors note empirical evidence that shows cross-listing foreign shares of stock on U.S.exchanges has a positive stock price effect. ________ for the listing of ADRs.A) T here is no stock price reactionB) T here is a negative stock price reactionC) T here is a positive stock price reactionD) N one of the above is true.Answer: DTopic: E mpirical Evidence of Cross-ListingSkill: C onceptual28) E mpirical evidence shows that new issues of equity by domestic firms in the U.S. markettypically has a ________ stock price reaction and new equity issues in the U.S. markets by foreign firms with segmented domestic markets have a ________ stock price reaction.A) n egative; negativeB) p ositive; negativeC) n egative; positiveD) p ositive; positiveAnswer: CTopic: E mpirical Evidence of Cross-ListingSkill: C onceptual29) I n addition to gaining liquidity, which of the following could also be considered a legitimatereason for cross-listing equity?A) e nhance a firmʹs local imageB) b ecome more familiar with the local financial communityC) g et better local press coverageD) a ll of the aboveAnswer: DTopic: R easons for Cross-ListingSkill: C onceptual30) F or the most part, U.S. SEC disclosure requirements are ________ stringent than other, non-U.S. equity market rules.A) m oreB) l essC) a s equallyD) n one of the aboveAnswer: ATopic: S EC Disclosure RequirementsSkill: R ecognition31) A ccording to the U.S. school of thought, the worldwide trend toward fuller and morestandardized disclosure rules should ________ the cost of equity capital.A) i ncreaseB) d ecreaseC) h ave no impact onD) n one of the aboveAnswer: BTopic: D isclosure RequirementsSkill: R ecognition32) A nother school of thought about the worldwide trend toward fuller and more standardizeddisclosure rules is that the cost of U.S. level equity capital disclosureA) c hases away potential listers of equity.B) i s an onerous costly burden.C) l eads to fewer foreign firms cross listing in U.S. equity markets.D) a ll of the above.Answer: DTopic: D isclosure RequirementsSkill: R ecognition33) W hich of the following were NOT identified by the authors as an alternative instrument tosource equity in global markets?A) s ale of a directed public share issue to investors in a target marketB) p rivate placements under SEC rule 144aC) s ale of shares to private equity fundsD) a ll of the aboveAnswer: DTopic: A lternative Equity SourcesSkill: R ecognition34) A ________ is defined as one that is targeted at investors in a single country andunderwritten in whole or part by investment institutions from that country.A) S EC rule 144a placementB) d irected public share issueC) E uroequity public issueD) s trategic allianceAnswer: BTopic: D irected Public IssueSkill: R ecognition35) T he term ʺeuroʺ as used in the euro equity market impliesA) t he issuers are located in Europe.B) t he investors are located in Europe.C) b oth A and B.D) n one of the above.Answer: DTopic: E uro Equity MarketSkill: R ecognition36) E mpirical evidence has found that on average public firms that have been privatized byissuing public equity haveA) i mproved profitability.B) h igher debt levels.C) l ower real sales.D) a ll of the above.Answer: ATopic: P rivatizing Public FirmsSkill: C onceptual37) E mpirical evidence has found that on average public firms that have been privatized byissuing public equity haveA) l owered capital investment levels.B) d ecreased efficiency.C) e xpanded their employment.D) a ll of the above.Answer: CTopic: P rivatizing Public FirmsSkill: C onceptual38) S EC rule 144A permits institutional buyers to trade privately placed securities without theprevious holding periods restrictions and without requiring SEC registration.Answer: TRUETopic: S EC Rule 144ASkill: R ecognition39) P rivate equity funds (PEF) differ from traditional venture capital (VC) funds in thatA) V C operate mainly in lesser-developed countries while PEF do not.B) V C typically invest in family business whereas PEF do not.C) V C is almost unavailable to emerging markets while PEF capital is available.D) a ll of the above are true.Answer: CTopic: P rivate Equity FundsSkill: C onceptual40) S trategic alliances are normally formed by firms that expect to gain synergies from which ofthe following?A) e conomies of scaleB) e conomies of scopeC) c omplementary marketingD) a ll of the aboveAnswer: DTopic: S trategic AlliancesSkill: C onceptual41) T he largest equity market in the world as measured by market value or annual stockturnover is in ________.A) G ermanyB) t he United StatesC) J apanD) B ritainAnswer: BTopic: L argest Equity MarketSkill: R ecognition42) T he reason more foreign firms do not sell equity securities in the U.S. and list on the NYSE isbecause ofA) t he threat of confiscation.B) d etailed U.S. disclosure rules.C) t he relative inefficiency of U.S. equity markets.D) t he foreign exchange risk of listing in U.S. dollars.Answer: BTopic: D isclosure RequirementsSkill: C onceptual43) A n MNE may cross list its shares on a foreign stock exchange so that it canA) c reate a secondary market so that shares may be used to compensate top localmanagers.B) c reate a secondary market so that shares can be used to acquire local firms.C) i ncrease the firmʹs visibility to its customers and employees.D) a ccomplish all of the above.Answer: DTopic: C ross Listed SharesSkill: C onceptual44) T he expected return on equities is greater than the expected return on debt in part becauseA) d ebt securities are serviced prior to equity securities.B) i nterest payments to bondholders are generally made only if the firm makes a profit.C) o nly a small portion of return to equity comes from increased capital appreciation.D) n one of the above.Answer: ATopic: E quity ReturnsSkill: C onceptual45) W hich of the following is NOT a motivation for the use of ADRs?A) t o reduce liquidity and increase the profitability of the firmB) t o reduce a firmʹs visibility and avoid political scrutinyC) t o increase share price by overcoming mis-pricing in a segmented and illiquid homemarketD) A ll of the above are motivations to use ADRs.Answer: CTopic: A DRsSkill: R ecognition46) W hich of the following is NOT a barrier to cross listing shares?A) F ixed income securities such as bonds are not traded in the subject market.B) i nvestor relationsC) d isclosure requirementsD) A ll are barriers to cross listing shares.Answer: ATopic: C ross Listing SharesSkill: R ecognition47) T he sale of a security to a small set of qualified institutional buyers is called aA) d epositary receipt.B) p rivate placement.C) f ixed income security.D) n one of the above.Answer: BTopic: P rivate PlacementSkill: R ecognition48) N egotiable certificates issued by a U.S. bank in the United States to represent the underlyingshares of stock, which are held in a trust at a custodian bank in a foreign country, are called ________.A) S DRsB) F DRsC) A DRsD) I OUsAnswer: CTopic: A DRsSkill: R ecognition49) W hich of the following is not a contributing factor to an individual equityʹs liquidity?A) d epth of capital availabilityB) c risis management capabilities of the market itselfC) t he degree to which the company is actually known and followed in the marketD) a ll of the aboveAnswer: DTopic: E quity LiquiditySkill: R ecognition50) A n advantage to American Depositary Receipts (ADRs) over Global Registered Shares(GRSs) isA) A DRs are able to be traded on equity exchanges around the world in a variety ofcurrencies.B) A DRs can theoretically be ʺtraded with the sunʺ following markets as they open andclose around the world.C) A DRs can be traded electronically and lack any type of specialized forms like thoseused with GRSs.D) N one of the above, these are all advantages to trading GRSs.Answer: DTopic: A merican Depositary ReceiptsSkill: R ecognition51) C ross border trading of some Canadian company securities in the U.S. preceded thedevelopment of Global Registered Shares (GRSs) by several decades.Answer: FALSETopic: G lobal Registered SharesSkill: R ecognition52) E conomic studies have found that international cross-listing of securities across financialmarkets resulted in ________ abnormal returns that were ________ for firms resident in emerging markets with a low level of legal barriers to capital flows than for firms resident in developed countries.A) p ositive; greaterB) p ositive; smallerC) n egative; greaterD) n egative; smallerAnswer: ATopic: S ecurity Cross-listingSkill: C onceptual53) G iven the following information, what is the cost of equity for the Teevox Corporation?Expected return in the domestic market is 12%, the risk-free rate of return is 4%, the firmʹs beta is 1.1, and the required return on debt for the firm is 7%.A) 12.00%B) 10.00%C) 8.80%D) 7.70%Answer: CTopic: C ost of EquitySkill: A nalytical54) W allet Drug Company has just recently raised money abroad for the first time in the historyof the firm. Prior to the recent equity issue abroad, the firm had a D/V ratio of 40%, aneffective tax rate of 30%, a before-tax cost of debt of 9%, and a domestic beta of 1.3. The expected return on the market portfolio was 13% and the risk-free rate was 5%. After the equity issue, Wallet Drug has a D/V ratio of 50%, their after-tax cost of debt has notchanged, nor has the effective tax rate, the firmʹs international beta is 1.0, the expected return on the market portfolio is only 12%, and the risk-free rate is still 5%. What was the firmʹs WACC prior to the issue of new common stock abroad?A) 9.15%B) 11.76%C) 13%D) 15.4%Answer: BTopic: W ACCSkill: A nalytical55) W allet Drug Company has just recently raised money abroad for the first time in the historyof the firm. Prior to the recent equity issue abroad, the firm had a D/V ratio of 40%, aneffective tax rate of 30%, a before-tax cost of debt of 9%, and a domestic beta of 1.3. The expected return on the market portfolio was 13% and the risk-free rate was 5%. After the equity issue, Wallet Drug has a D/V ratio of 50%, their after-tax cost of debt has notchanged, nor has the effective tax rate, the firmʹs international beta is 1.0, the expected return on the market portfolio is only 12%, and the risk-free rate is still 5%. What is the firmʹs new cost of equity after the international issue?A) 9.15%B) 11.76%C) 12.00 %D) 15.40%Answer: CTopic: C ost of EquitySkill: A nalytical56) W allet Drug Company has just recently raised money abroad for the first time in the historyof the firm. Prior to the recent equity issue abroad, the firm had a D/V ratio of 40%, aneffective tax rate of 30%, a before-tax cost of debt of 9%, and a domestic beta of 1.3. The expected return on the market portfolio was 13% and the risk-free rate was 5%. After the equity issue, Wallet Drug has a D/V ratio of 50%, their after-tax cost of debt has notchanged, nor has the effective tax rate, the firmʹs international beta is 1.0, the expected return on the market portfolio is only 12%, and the risk-free rate is still 5%. What is the change in the firmʹs WACC after the international equity issue?A) 2.61%B) 1.74%C) 0.63%D) T here is no change in the firmʹs WACC.Answer: ATopic: S tock pricesSkill: A nalytical57) J apan has low median stock prices but more than 50% of the worldʹs highest priced sharesof stock.Answer: TRUETopic: S tock pricesSkill: R ecognition58) W hich of the following are not contributing factors to the dominance of the London andNew York Stock exchanges?A) r eady access to capitalB) m any highly qualified workersC) g ood infrastructureD) a ll are contributing factorsAnswer: DTopic: S tock ExchangesSkill: R ecognition59) W hich of the following are not contributing factors to the dominance of the London andNew York Stock exchanges?A) a ttractive tax environmentsB) l ow levels of corruptionC) a ttractive regulatory environmentsD) a ll are contributing factorsAnswer: DTopic: S tock ExchangesSkill: R ecognition60) W hich of the following are not contributing factors to the dominance of the London andNew York Stock exchanges?A) l ocationB) E nglish as the primary languageC) l ow levels of corruptionD) a ll are contributing factorsAnswer: DTopic: S tock ExchangesSkill: R ecognition61) A s measured by valued traded, the largest equity market is still located in the United States,but the largest derivatives markets are now located in Europe.Answer: FALSETopic: M arket ValuationSkill: R ecognition62) O n the global financial scene, the term ________ is used to signify the end of of marketownership by a small, privileged group of ʺseat owners.ʺA) g lobalizationB) d emutualizationC) i nstitutionalizationD) d iversificationAnswer: BTopic: D emutualizationSkill: R ecognition63) T he Sarbanes-Oxley Act in the U.S. has encouraged more and more international firms to listtheir securities in the US and pulled firms away from London.Answer: FALSETopic: S arbanes-OxleySkill: R ecognition64) C ontrary to many of the firms that trade financial securities and derivatives in their markets,the worldʹs financial exchanges are splitting into smaller more specialized units rather thanmerging into larger exchanges.Answer: FALSETopic: S tock ExchangesSkill: R ecognition13.2 Essay Questions1) A DRs are a popular investment tool for many U.S. investors. In recent years severalalternatives for investing in foreign equity securities have become available for U.S.investors, yet ADRs remain popular. Define what an ADR is and provide at least threeexamples of the advantages they may hold over alternative foreign investment vehicles forU.S. investors.Answer: Depositary receipts are negotiable certificates issued by a bank to represent theunderlying shares of stock held in trust at a foreign custodian bank. Those receiptstraded in the U.S. and denominated in dollars are called American depositary receipts(ADR). Because ADRs can be exchanged for the underlying foreign security, arbitragekeeps the prices in line. Even though U.S. investors can invest directly into someforeign equity markets, ADRs do offer some technical advantages. Among thoseadvantages are that dividends are received in dollars rather than a foreign currency,ADRs are in registered form rather than bearer form, transfer of ownership is done inaccordance with U.S. laws, and in the event of death, probate is in the U.S. and notabroad. Taxes are easier, trading costs are typically lower, and settlement is also faster.2) W hat are the two schools of thought regarding the worldwide trend toward increased financial disclosure by publicly traded firms. Explain which school of thought you hold toand why.Answer: The student must give his/her own opinion and supporting background. In either case the following should be noted: Increased disclosure should decrease uncertainty thusincreasing stock price. However, increased disclosure requirements result in increasedcosts in the form of initial preparation of financial statements, on-going costsassociated with regular development of financial statements, and the costs ofgathering and distributing information about the form on an on-going basis. As theauthors state, disclosure is a two-edged sword.。
HTML5学习笔记--------》HTML5概要与新增标签！
HTML5学习笔记--------》HTML5概要与新增标签！⼀、HTML5概要1.1、为什么需要HTML5HTML4陈旧不能满⾜⽇益发展的互联⽹需要，特别是移动互联⽹。
为了增强浏览器功能Flash被⼴泛使⽤，但安全与稳定堪忧，不适合在移动端使⽤（耗电、触摸、不开放）。
HTML5增强了浏览器的原⽣功能，符合HTML5规范的浏览器功能将更加强⼤，减少了Web应⽤对插件的依赖，让⽤户体验更好，让开发更加⽅便，另外W3C从推出HTML4.0到5.0之间共经历了17年，HTML的变化很⼩，这并不符合⼀个好产品的演进规则。
1.2、什么是HTML5HTML5指的是包括HTML、CSS和JavaScript在内的⼀套技术组合。
它希望能够减少⽹页浏览器对于需要插件的丰富性⽹络应⽤服务（Plug-in-Based Rich Internet Application，RIA），例如：AdobeFlash、Microsoft Silverlight与Oracle JavaFX的需求，并且提供更多能有效加强⽹络应⽤的标准集。
HTML5是HTML最新版本，2014年10⽉由万维⽹联盟（W3C）完成标准制定。
⽬标是替换1999年所制定的HTML 4.01和XHTML 1.0标准，以期能在互联⽹应⽤迅速发展的时候，使⽹络标准达到匹配当代的⽹络需求。
1.3、HTML5现状及浏览器⽀持⼤部分主流浏览器已经⽀持HTML5，但是各个浏览器⽀持的⽅式以及语法有所差异性。
⽀持Html5的浏览器包括Firefox（⽕狐浏览器），IE9 及其更⾼版本，Chrome（⾕歌浏览器），Safari，Opera等现代浏览器。
⽀持得分：如果想了解更多请看本⽂的兼容性那⼀节的内容。
PC端（总分555分）：平板（总分555分）：移动（总分555分）：1.4、HTML5特性HTML5 ⼋个特性类别对应的8个Logo 语义⽹、离线&存储、设备访问、通信多媒体、图形和特效、性能和集成、呈现（CSS3）1.4.1. 语义特性（Class：Semantic）HTML5赋予⽹页更好的意义和结构。
北大考研-光华管理学院研究生导师简介-WU,Liansheng
爱考机构-北大考研-光华管理学院研究生导师简介-WU,LianshengWU,LianshengAssociateDeanDirectorofMBAprogramChairofDepartmentofAccountingAccountingProfessorTEL：86-10-62757925Email：wuls@BiographyPublicationsCurrentResearchTeachingDr.LianshengWucurrentlyservesastheAssociateDeanfortheGuanghuaSchoolofManagementandthe ChairoftheDepartmentofAccountingDepartment.Wu'sprimaryresearchinterestslieinAccountingStan dards,EarningsManagementandCorporateGovernance.Asarenownedresearcher,Wuhaspublishedinanumberofprestigiousinternationalanddomesticacademi cjournals,includingsuchinternationalpublicationsas,theJournalofBankingandFinance,JournalofAcc ountingandPublicPolicy,InformationSystemsResearch;anddomesticjournalsas,SocialSciencesinChi na,EconomicResearchJournal,ManagementWorld,AccountingResearch,andAuditingResearch.Asar esultofhisresearchexcellence,hereceivedtheprestigiousallowancefromtheStateCouncilandtheNation alOutstandingYoungResearcher(awardedbyNationalNaturalScienceFoundationofChina).Inaddition, Wuhasalsoreceivedanumberofresearchawardsforhisdomesticandinternationalpublications,includin gAnnualBestPaperAward(awardedbyAcademicofManagement,USA),firstprizeintheBeijing9thAnn ualPhilosophyandSocialScienceResearchExcellenceAward,China'sFinancialCostSeminar'sFourthA nnual'TianjianCup'ResearchExcellenceAward,AnnualBestPaperAward(awardedbytheChinaAccoun tingSociety,AcademicInnovationAward(awardedbytheChinaAccountingSociety-FinancialBranch), theUniversityandColleges'YoungTeacherAward(awardedbytheDr.HenryFokEducationFoundation), andtheMinistryofEducation's'NewCenturyTalentPlan'. Wuhasreceivedanumberofoutstandingaccoladesthroughoutteachingcareer,includingPekingUniversi tyTeachingExcellenceAwardandthePekingUniversityShurenTeachingAward.ResearchAreasAccountingstandradsEarningsmanagementCorporategovernanceEducation1999Ph.D.Accounting ZhongnanUniversityofFinanceandEconomics1996MAEconomicsWuhanUniversity1993BAEconomicsWuhanUniversityProfessionalExperiences2007-PresentAssociateDean,DirectorofMBAprogram GuanghuaSchoolofManagement2007-PresentProfessor,ChairofDepartmentofAccounting GuanghuaSchoolofManagement2005-PresentDoctoralCandidates'ThesisSupervisor GuanghuaSchoolofManagement2005-2007ExecutiveDirector MasterofProfessionalAccounting(MPAcc) GuanghuaSchoolofManagement2003-2007DeputyDirectorDepartmentofAccountingGuanghuaSchoolofManagement2002-2007AssociateProfessorDepartmentofAccountingGuanghuaSchoolofManagement2001-2002AssistantProfessorDepartmentofAccountingGuanghuaSchoolofManagement1999-2001PostDoctorateFellowDepartmentofAccountingXiamenUniversityXue,Y.,H.Liang,L.Wu,forthcoming,Ensuringemployees'ITcompliance:Carrotorstick?InformationS ystemsResearch.Bai,Y.,B.Lin,Y.Wang,L.Wu,forthcoming,Fullprivatization,expropriation,andfirmperformance:Evid encefromChina,AppliedEconomics.Li,Q.,Y.Wang,L.Wu,forthcoming,Firmperformance,corporateownership,anddisclosureofcorporates ocialresponsibility:EvidencefromChina,BusinessEthics:AEuropeanReview.Wu,L.,Y,Wang,W.Luo,P.Gillis,2012,Stateownership,taxstatus,andsizeeffectofeffectivetaxrateinChi na,AccountingandBusinessResearch42(2):97-114.Xue,Y.,H.Liang,L.Wu,2011,Punishment,justice,andcomplianceinmandatoryITsettings,Information SystemsResearch22(2):400-414.Liu,J.,Y.Wang,L.Wu,2011,TheeffectofguanxionauditqualityinChina,JournalofBusinessEthics103(4) :621-638.Chen,S.K.,B.Lin,Y.Wang,L.Wu,2010,Thefrequencyandmagnitudeofearningsmanagement:Timeseri esandmulti-thresholdcomparisonsintheU.S.market,InternationalReviewofEconomicsandFinance19 (4):671-685.Yang,C.,L.Wu,X.Bo,2010,Careerconcernandtaxpreparerfraud,AnnalsofEconomicsandFinance11(2) :355-379.Wu,L.,H.Yue,2009,Corporatetax,capitalstructureandtheaccessibilityofbankloans:EvidencefromChi na,JournalofBankingandFinance33(1):30-38.Wang,Y.,L.Wu,Y.Yang,2009,DoesthestockmarketaffectfirminvestmentinChina?Apriceinformative nessperspective,JournalofBankingandFinance33(1):53-62.Wang,Y.,S.K.Chen,B.Lin,L.Wu,2008,ThefrequencyandmagnitudeofearningsmanagementinChina, AppliedEconomics40(24):3213-3225.Chen,S.K.,B.Lin,Y.Wang,L.Wu,2008,Cross-listing,corporategovernanceandfirmperformance,Adva ncesinBusinessandManagementForecasting5:19-46.Bai,Y.,S.K.Chen,B.Lin,L.Wu,2008,Firmperformance,assetacquisitionandthemethodofcontrollingri ghtstransfer:EvidencefromtheChinesemarket,InternationalReviewofEconomicsandFinance17(1):1 38-149.Wu,L.,Y.Wang,B.Lin,C.Li,S.K.Chen,2007,Localtaxrebates,corporatetaxburdens,andfirmmigration: EvidencefromChina,JournalofAccountingandPublicPolicy26(5):555-583.Wu,L.,2006,Meetinginternationalstandards?China'saccountingregulationsandpubliccompanycompl iance,HarvardChinaReview7(1):87-96.Dr.WucurrentlyteachesthefollowingcoursesattheGuanghuaSchoolofManagement:1.IntermediateFinancialAccounting2.FinancialAccounting:TheoryandPolicy3.SeminarsonAuditingResearch4.SeminarsonAccountingResearchFrontier5.FinancialAccounting6.AccountingPracticeinChina7.ManagerialAccounting8.AdvancedFinancialAccounting:TheoryandPractice。
Glider Flying Handbook说明书
Glider Flying Handbook2013U.S. Department of TransportationFEDERAL AVIATION ADMINISTRATIONFlight Standards Servicei iPrefaceThe Glider Flying Handbook is designed as a technical manual for applicants who are preparing for glider category rating and for currently certificated glider pilots who wish to improve their knowledge. Certificated flight instructors will find this handbook a valuable training aid, since detailed coverage of aeronautical decision-making, components and systems, aerodynamics, flight instruments, performance limitations, ground operations, flight maneuvers, traffic patterns, emergencies, soaring weather, soaring techniques, and cross-country flight is included. Topics such as radio navigation and communication, use of flight information publications, and regulations are available in other Federal Aviation Administration (FAA) publications.The discussion and explanations reflect the most commonly used practices and principles. Occasionally, the word “must” or similar language is used where the desired action is deemed critical. The use of such language is not intended to add to, interpret, or relieve a duty imposed by Title 14 of the Code of Federal Regulations (14 CFR). Persons working towards a glider rating are advised to review the references from the applicable practical test standards (FAA-G-8082-4, Sport Pilot and Flight Instructor with a Sport Pilot Rating Knowledge Test Guide, FAA-G-8082-5, Commercial Pilot Knowledge Test Guide, and FAA-G-8082-17, Recreational Pilot and Private Pilot Knowledge Test Guide). Resources for study include FAA-H-8083-25, Pilot’s Handbook of Aeronautical Knowledge, FAA-H-8083-2, Risk Management Handbook, and Advisory Circular (AC) 00-6, Aviation Weather For Pilots and Flight Operations Personnel, AC 00-45, Aviation Weather Services, as these documents contain basic material not duplicated herein. All beginning applicants should refer to FAA-H-8083-25, Pilot’s Handbook of Aeronautical Knowledge, for study and basic library reference.It is essential for persons using this handbook to become familiar with and apply the pertinent parts of 14 CFR and the Aeronautical Information Manual (AIM). The AIM is available online at . The current Flight Standards Service airman training and testing material and learning statements for all airman certificates and ratings can be obtained from .This handbook supersedes FAA-H-8083-13, Glider Flying Handbook, dated 2003. Always select the latest edition of any publication and check the website for errata pages and listing of changes to FAA educational publications developed by the FAA’s Airman Testing Standards Branch, AFS-630.This handbook is available for download, in PDF format, from .This handbook is published by the United States Department of Transportation, Federal Aviation Administration, Airman Testing Standards Branch, AFS-630, P.O. Box 25082, Oklahoma City, OK 73125.Comments regarding this publication should be sent, in email form, to the following address:********************************************John M. AllenDirector, Flight Standards Serviceiiii vAcknowledgmentsThe Glider Flying Handbook was produced by the Federal Aviation Administration (FAA) with the assistance of Safety Research Corporation of America (SRCA). The FAA wishes to acknowledge the following contributors: Sue Telford of Telford Fishing & Hunting Services for images used in Chapter 1JerryZieba () for images used in Chapter 2Tim Mara () for images used in Chapters 2 and 12Uli Kremer of Alexander Schleicher GmbH & Co for images used in Chapter 2Richard Lancaster () for images and content used in Chapter 3Dave Nadler of Nadler & Associates for images used in Chapter 6Dave McConeghey for images used in Chapter 6John Brandon (www.raa.asn.au) for images and content used in Chapter 7Patrick Panzera () for images used in Chapter 8Jeff Haby (www.theweatherprediction) for images used in Chapter 8National Soaring Museum () for content used in Chapter 9Bill Elliot () for images used in Chapter 12.Tiffany Fidler for images used in Chapter 12.Additional appreciation is extended to the Soaring Society of America, Inc. (), the Soaring Safety Foundation, and Mr. Brad Temeyer and Mr. Bill Martin from the National Oceanic and Atmospheric Administration (NOAA) for their technical support and input.vv iPreface (iii)Acknowledgments (v)Table of Contents (vii)Chapter 1Gliders and Sailplanes ........................................1-1 Introduction....................................................................1-1 Gliders—The Early Years ..............................................1-2 Glider or Sailplane? .......................................................1-3 Glider Pilot Schools ......................................................1-4 14 CFR Part 141 Pilot Schools ...................................1-5 14 CFR Part 61 Instruction ........................................1-5 Glider Certificate Eligibility Requirements ...................1-5 Common Glider Concepts ..............................................1-6 Terminology...............................................................1-6 Converting Metric Distance to Feet ...........................1-6 Chapter 2Components and Systems .................................2-1 Introduction....................................................................2-1 Glider Design .................................................................2-2 The Fuselage ..................................................................2-4 Wings and Components .............................................2-4 Lift/Drag Devices ...........................................................2-5 Empennage .....................................................................2-6 Towhook Devices .......................................................2-7 Powerplant .....................................................................2-7 Self-Launching Gliders .............................................2-7 Sustainer Engines .......................................................2-8 Landing Gear .................................................................2-8 Wheel Brakes .............................................................2-8 Chapter 3Aerodynamics of Flight .......................................3-1 Introduction....................................................................3-1 Forces of Flight..............................................................3-2 Newton’s Third Law of Motion .................................3-2 Lift ..............................................................................3-2The Effects of Drag on a Glider .....................................3-3 Parasite Drag ..............................................................3-3 Form Drag ...............................................................3-3 Skin Friction Drag ..................................................3-3 Interference Drag ....................................................3-5 Total Drag...................................................................3-6 Wing Planform ...........................................................3-6 Elliptical Wing ........................................................3-6 Rectangular Wing ...................................................3-7 Tapered Wing .........................................................3-7 Swept-Forward Wing ..............................................3-7 Washout ..................................................................3-7 Glide Ratio .................................................................3-8 Aspect Ratio ............................................................3-9 Weight ........................................................................3-9 Thrust .........................................................................3-9 Three Axes of Rotation ..................................................3-9 Stability ........................................................................3-10 Flutter .......................................................................3-11 Lateral Stability ........................................................3-12 Turning Flight ..............................................................3-13 Load Factors .................................................................3-13 Radius of Turn ..........................................................3-14 Turn Coordination ....................................................3-15 Slips ..........................................................................3-15 Forward Slip .........................................................3-16 Sideslip .................................................................3-17 Spins .........................................................................3-17 Ground Effect ...............................................................3-19 Chapter 4Flight Instruments ...............................................4-1 Introduction....................................................................4-1 Pitot-Static Instruments ..................................................4-2 Impact and Static Pressure Lines................................4-2 Airspeed Indicator ......................................................4-2 The Effects of Altitude on the AirspeedIndicator..................................................................4-3 Types of Airspeed ...................................................4-3Table of ContentsviiAirspeed Indicator Markings ......................................4-5 Other Airspeed Limitations ........................................4-6 Altimeter .....................................................................4-6 Principles of Operation ...........................................4-6 Effect of Nonstandard Pressure andTemperature............................................................4-7 Setting the Altimeter (Kollsman Window) .............4-9 Types of Altitude ......................................................4-10 Variometer................................................................4-11 Total Energy System .............................................4-14 Netto .....................................................................4-14 Electronic Flight Computers ....................................4-15 Magnetic Compass .......................................................4-16 Yaw String ................................................................4-16 Inclinometer..............................................................4-16 Gyroscopic Instruments ...............................................4-17 G-Meter ........................................................................4-17 FLARM Collision Avoidance System .........................4-18 Chapter 5Glider Performance .............................................5-1 Introduction....................................................................5-1 Factors Affecting Performance ......................................5-2 High and Low Density Altitude Conditions ...........5-2 Atmospheric Pressure .............................................5-2 Altitude ...................................................................5-3 Temperature............................................................5-3 Wind ...........................................................................5-3 Weight ........................................................................5-5 Rate of Climb .................................................................5-7 Flight Manuals and Placards ..........................................5-8 Placards ......................................................................5-8 Performance Information ...........................................5-8 Glider Polars ...............................................................5-8 Weight and Balance Information .............................5-10 Limitations ...............................................................5-10 Weight and Balance .....................................................5-12 Center of Gravity ......................................................5-12 Problems Associated With CG Forward ofForward Limit .......................................................5-12 Problems Associated With CG Aft of Aft Limit ..5-13 Sample Weight and Balance Problems ....................5-13 Ballast ..........................................................................5-14 Chapter 6Preflight and Ground Operations .......................6-1 Introduction....................................................................6-1 Assembly and Storage Techniques ................................6-2 Trailering....................................................................6-3 Tiedown and Securing ................................................6-4Water Ballast ..............................................................6-4 Ground Handling........................................................6-4 Launch Equipment Inspection ....................................6-5 Glider Preflight Inspection .........................................6-6 Prelaunch Checklist ....................................................6-7 Glider Care .....................................................................6-7 Preventive Maintenance .............................................6-8 Chapter 7Launch and Recovery Procedures and Flight Maneuvers ............................................................7-1 Introduction....................................................................7-1 Aerotow Takeoff Procedures .........................................7-2 Signals ........................................................................7-2 Prelaunch Signals ....................................................7-2 Inflight Signals ........................................................7-3 Takeoff Procedures and Techniques ..........................7-3 Normal Assisted Takeoff............................................7-4 Unassisted Takeoff.....................................................7-5 Crosswind Takeoff .....................................................7-5 Assisted ...................................................................7-5 Unassisted...............................................................7-6 Aerotow Climb-Out ....................................................7-6 Aerotow Release.........................................................7-8 Slack Line ...................................................................7-9 Boxing the Wake ......................................................7-10 Ground Launch Takeoff Procedures ............................7-11 CG Hooks .................................................................7-11 Signals ......................................................................7-11 Prelaunch Signals (Winch/Automobile) ...............7-11 Inflight Signals ......................................................7-12 Tow Speeds ..............................................................7-12 Automobile Launch ..................................................7-14 Crosswind Takeoff and Climb .................................7-14 Normal Into-the-Wind Launch .................................7-15 Climb-Out and Release Procedures ..........................7-16 Self-Launch Takeoff Procedures ..............................7-17 Preparation and Engine Start ....................................7-17 Taxiing .....................................................................7-18 Pretakeoff Check ......................................................7-18 Normal Takeoff ........................................................7-19 Crosswind Takeoff ...................................................7-19 Climb-Out and Shutdown Procedures ......................7-19 Landing .....................................................................7-21 Gliderport/Airport Traffic Patterns and Operations .....7-22 Normal Approach and Landing ................................7-22 Crosswind Landing ..................................................7-25 Slips ..........................................................................7-25 Downwind Landing ..................................................7-27 After Landing and Securing .....................................7-27viiiPerformance Maneuvers ..............................................7-27 Straight Glides ..........................................................7-27 Turns.........................................................................7-28 Roll-In ...................................................................7-29 Roll-Out ................................................................7-30 Steep Turns ...........................................................7-31 Maneuvering at Minimum Controllable Airspeed ...7-31 Stall Recognition and Recovery ...............................7-32 Secondary Stalls ....................................................7-34 Accelerated Stalls .................................................7-34 Crossed-Control Stalls ..........................................7-35 Operating Airspeeds .....................................................7-36 Minimum Sink Airspeed ..........................................7-36 Best Glide Airspeed..................................................7-37 Speed to Fly ..............................................................7-37 Chapter 8Abnormal and Emergency Procedures .............8-1 Introduction....................................................................8-1 Porpoising ......................................................................8-2 Pilot-Induced Oscillations (PIOs) ..............................8-2 PIOs During Launch ...................................................8-2 Factors Influencing PIOs ........................................8-2 Improper Elevator Trim Setting ..............................8-3 Improper Wing Flaps Setting ..................................8-3 Pilot-Induced Roll Oscillations During Launch .........8-3 Pilot-Induced Yaw Oscillations During Launch ........8-4 Gust-Induced Oscillations ..............................................8-5 Vertical Gusts During High-Speed Cruise .................8-5 Pilot-Induced Pitch Oscillations During Landing ......8-6 Glider-Induced Oscillations ...........................................8-6 Pitch Influence of the Glider Towhook Position ........8-6 Self-Launching Glider Oscillations During Powered Flight ...........................................................8-7 Nosewheel Glider Oscillations During Launchesand Landings ..............................................................8-7 Tailwheel/Tailskid Equipped Glider Oscillations During Launches and Landings ..................................8-8 Aerotow Abnormal and Emergency Procedures ............8-8 Abnormal Procedures .................................................8-8 Towing Failures........................................................8-10 Tow Failure With Runway To Land and Stop ......8-11 Tow Failure Without Runway To Land BelowReturning Altitude ................................................8-11 Tow Failure Above Return to Runway Altitude ...8-11 Tow Failure Above 800' AGL ..............................8-12 Tow Failure Above Traffic Pattern Altitude .........8-13 Slack Line .................................................................8-13 Ground Launch Abnormal and Emergency Procedures ....................................................................8-14 Abnormal Procedures ...............................................8-14 Emergency Procedures .............................................8-14 Self-Launch Takeoff Emergency Procedures ..............8-15 Emergency Procedures .............................................8-15 Spiral Dives ..................................................................8-15 Spins .............................................................................8-15 Entry Phase ...............................................................8-17 Incipient Phase .........................................................8-17 Developed Phase ......................................................8-17 Recovery Phase ........................................................8-17 Off-Field Landing Procedures .....................................8-18 Afterlanding Off Field .............................................8-20 Off-Field Landing Without Injury ........................8-20 Off-Field Landing With Injury .............................8-20 System and Equipment Malfunctions ..........................8-20 Flight Instrument Malfunctions ................................8-20 Airspeed Indicator Malfunctions ..........................8-21 Altimeter Malfunctions .........................................8-21 Variometer Malfunctions ......................................8-21 Compass Malfunctions .........................................8-21 Glider Canopy Malfunctions ....................................8-21 Broken Glider Canopy ..........................................8-22 Frosted Glider Canopy ..........................................8-22 Water Ballast Malfunctions ......................................8-22 Retractable Landing Gear Malfunctions ..................8-22 Primary Flight Control Systems ...............................8-22 Elevator Malfunctions ..........................................8-22 Aileron Malfunctions ............................................8-23 Rudder Malfunctions ............................................8-24 Secondary Flight Controls Systems .........................8-24 Elevator Trim Malfunctions .................................8-24 Spoiler/Dive Brake Malfunctions .........................8-24 Miscellaneous Flight System Malfunctions .................8-25 Towhook Malfunctions ............................................8-25 Oxygen System Malfunctions ..................................8-25 Drogue Chute Malfunctions .....................................8-25 Self-Launching Gliders ................................................8-26 Self-Launching/Sustainer Glider Engine Failure During Takeoff or Climb ..........................................8-26 Inability to Restart a Self-Launching/SustainerGlider Engine While Airborne .................................8-27 Self-Launching Glider Propeller Malfunctions ........8-27 Self-Launching Glider Electrical System Malfunctions .............................................................8-27 In-flight Fire .............................................................8-28 Emergency Equipment and Survival Gear ...................8-28 Survival Gear Checklists ..........................................8-28 Food and Water ........................................................8-28ixClothing ....................................................................8-28 Communication ........................................................8-29 Navigation Equipment ..............................................8-29 Medical Equipment ..................................................8-29 Stowage ....................................................................8-30 Parachute ..................................................................8-30 Oxygen System Malfunctions ..................................8-30 Accident Prevention .....................................................8-30 Chapter 9Soaring Weather ..................................................9-1 Introduction....................................................................9-1 The Atmosphere .............................................................9-2 Composition ...............................................................9-2 Properties ....................................................................9-2 Temperature............................................................9-2 Density ....................................................................9-2 Pressure ...................................................................9-2 Standard Atmosphere .................................................9-3 Layers of the Atmosphere ..........................................9-4 Scale of Weather Events ................................................9-4 Thermal Soaring Weather ..............................................9-6 Thermal Shape and Structure .....................................9-6 Atmospheric Stability .................................................9-7 Air Masses Conducive to Thermal Soaring ...................9-9 Cloud Streets ..............................................................9-9 Thermal Waves...........................................................9-9 Thunderstorms..........................................................9-10 Lifted Index ..........................................................9-12 K-Index .................................................................9-12 Weather for Slope Soaring .......................................9-14 Mechanism for Wave Formation ..............................9-16 Lift Due to Convergence ..........................................9-19 Obtaining Weather Information ...................................9-21 Preflight Weather Briefing........................................9-21 Weather-ReIated Information ..................................9-21 Interpreting Weather Charts, Reports, andForecasts ......................................................................9-23 Graphic Weather Charts ...........................................9-23 Winds and Temperatures Aloft Forecast ..............9-23 Composite Moisture Stability Chart .....................9-24 Chapter 10Soaring Techniques ..........................................10-1 Introduction..................................................................10-1 Thermal Soaring ...........................................................10-2 Locating Thermals ....................................................10-2 Cumulus Clouds ...................................................10-2 Other Indicators of Thermals ................................10-3 Wind .....................................................................10-4 The Big Picture .....................................................10-5Entering a Thermal ..............................................10-5 Inside a Thermal.......................................................10-6 Bank Angle ...........................................................10-6 Speed .....................................................................10-6 Centering ...............................................................10-7 Collision Avoidance ................................................10-9 Exiting a Thermal .....................................................10-9 Atypical Thermals ..................................................10-10 Ridge/Slope Soaring ..................................................10-10 Traps ......................................................................10-10 Procedures for Safe Flying .....................................10-12 Bowls and Spurs .....................................................10-13 Slope Lift ................................................................10-13 Obstructions ...........................................................10-14 Tips and Techniques ...............................................10-15 Wave Soaring .............................................................10-16 Preflight Preparation ...............................................10-17 Getting Into the Wave ............................................10-18 Flying in the Wave .................................................10-20 Soaring Convergence Zones ...................................10-23 Combined Sources of Updrafts ..............................10-24 Chapter 11Cross-Country Soaring .....................................11-1 Introduction..................................................................11-1 Flight Preparation and Planning ...................................11-2 Personal and Special Equipment ..................................11-3 Navigation ....................................................................11-5 Using the Plotter .......................................................11-5 A Sample Cross-Country Flight ...............................11-5 Navigation Using GPS .............................................11-8 Cross-Country Techniques ...........................................11-9 Soaring Faster and Farther .........................................11-11 Height Bands ..........................................................11-11 Tips and Techniques ...............................................11-12 Special Situations .......................................................11-14 Course Deviations ..................................................11-14 Lost Procedures ......................................................11-14 Cross-Country Flight in a Self-Launching Glider .....11-15 High-Performance Glider Operations and Considerations ............................................................11-16 Glider Complexity ..................................................11-16 Water Ballast ..........................................................11-17 Cross-Country Flight Using Other Lift Sources ........11-17 Chapter 12Towing ................................................................12-1 Introduction..................................................................12-1 Equipment Inspections and Operational Checks .........12-2 Tow Hook ................................................................12-2 Schweizer Tow Hook ...........................................12-2x。
国际财务报告准则、分析师跟踪、制度基础与世界各国的股价同步性
Infrastructure, and Stock Price Synchronicity around the WorldByJeong-Bon Kim and Haina ShiCurrent VersionFebruary 2008________________________*Both authors are at the School of Accounting and Finance, The Hong Kong Polytechnic University. We have received useful comments and suggestions on earlier drafts of the paper from Jong-Hag Choi, Richard Chung, Jenny Jia, Wenxia Ge, LeeSeok Hwang, Francis Kim, Annie Qiu, Yaqi Shi, Byron Song, Xijia Su, Lanfang Wang, Zheng Wang, Cheong H. Yi, Wayne Yu, Yoonseok Zang, and workshop participants at City University of Hong Kong, Concordia University, Seoul National University, the 2007 International Conference on Accounting Standards, The Institute of Accounting and Finance, Shanghai University of Finance and Economics. Jeong-Bon Kim acknowledges partial financial support for this research from The Hong Kong Polytechnic University through the central research grant and the Area of Strategic Development (ASD) grant. All errors, of course, are our own. Correspondence: Professor Jeong-Bon Kim, The School of Accounting and Finance, The Hong Kong Polytechnic University, Hung Hom, Kowloon, Hong Kong(E-mail:afjbkim@.hk; Phone: 852-2766-7046; Fax: 852-2774-9308)Infrastructure, and Stock Price Synchronicity around the WorldAbstractIn this paper, we investigate whether the voluntary adoption of International Financial Reporting Standards (IFRS) improves information environment, measured by stock price synchronicity or the extent to which firm-specific information is impounded into stock prices. We also study the role of analyst following and institutional infrastructure in determining the relation between IFRS adoption and stock price synchronicity. Our results reveal the following: IFRS adoption encourages the incorporation of firm-specific information into stock prices, which in turn leads to a decrease in stock price synchronicity. This synchronicity-reducing effect of IFRS adoption is attenuated for firms with high analyst following. Moreover, IFRS adoption encourages the incorporation of firm-specific information into stock prices to a greater (lesser) extent in countries with poor (good) institutional infrastructures where publicly available, firm-specific information such as accounting disclosures is of low (high) quality.Keywords: Information environment; Analyst coverage; Institutional infrastructure, Stock price synchronicity; International financial reporting standards;International Financial Reporting Standards, Analyst Following, Institutional Infrastructure, and Stock Price Synchronicity around the World1. IntroductionThe effect of a firm’s reporting strategy on information environments and stock returns is an important issue in accounting and finance. In this paper, we investigates a hitherto under-researched question of whether and how a firm’s commitment to a better reporting strategy influences the information environment, in particular, the extent to which firm-specific information is incorporated into stock prices, relative to market-wide and industry-wide information. In so doing, our analysis focuses on a particular reporting strategy that has received increasing attention from academic researchers, stock market regulators, and the global investment community, that is, the voluntary adoption of International Financial Reporting Standards (IFRS) by non-US companies. Voluntary IFRS adoption improves corporate disclosures, which could affect market participants’ incentives to collect, process and trade on firm-specific information, and thus alter the information environment faced by them. As a result, voluntary IFRS adoption influences the relative amount of firm-specific information being impounded into stock prices measured by stock price synchronicity.Several researchers have examined economic consequences of a firm’s decision to voluntarily adopt IFRS, and provide evidence suggesting that corporate financial disclosures under IFRS are of higher quality than those under local accounting standards in most financial reporting regimes. In particular, these studies find that IFRS adoption leads to less accounting flexibility and smaller analysts forecast errors (Asbaugh and Pincus 2001), lower costs of capital (Daske et al. 2007; Kim and Shi 2007), higher market liquidity and trading volume (Leuz and Verrecchia2000), larger earnings response coefficients (Bartov et al. 2005), and better accounting quality in terms of less aggressive earnings management, more timely recognition of economic losses and greater value relevance of accounting amounts (Barth et al. 2005), a convergence of accounting amounts under IFRS with those under US GAAP (Leuz 2003; Barth et al. 2006), more investment flows by attracting more foreign mutual funds (Covrig et al. 2007), and greater efficiency in private debt contracting (Kim et al. 2007).The findings of the aforementioned studies suggest that IFRS adoption gives rise to an increase in the quantity and quality of firm-specific information.However, these studies are in general, silent on whether the enhanced disclosures via IFRS adoption facilitate the information flow to the market. We are therefore motivated to investigate an unsolved question on whether or not IFRS adoption improves the information environment or the price formation process in which firm-specific is capitalized into stock prices via trading. To provide systematic evidence on this unexplored issue, we ask three important, but unexplored, questions:1.Does voluntary IFRS adoption improve the incorporation of firm-specificinformation into stock prices?2.Do financial analysts play a moderating role in shaping the relationbetween IFRS adoption and firm-specific information capitalization intostock prices?3.Does the efficacy of a country’s institutional infrastructure matter indetermining the effect of IFRS adoption on stock price synchronicity?To address the first question, we investigate whether IFRS adoption improves the flow of firm-specific information to the market, i.e., the extent to which firm-specific information is impounded into stock prices, relative to market-wide and industry-wide information. We use stock price synchronicity to measure the amountof firm-specific information incorporated into stock prices. Higher stock price synchronicity means that stock prices co-move with market-wide and/or industry-wide factors, to a greater extent, than firm-specific factors. Therefore, lower stock price synchronicity suggests that larger amount of firm-specific information is incorporated into stock prices and that the firm has a better information environment (Morck et al. 2000; Chan and Hameed 2006; Piotroski and Roulston 2004).The relationship between disclosure and stock price synchronicity is investigated by several recent studies in different contexts. Fernandes and Ferreira (2007) document that cross-listing in the U.S. improves stock price informativeness for firms from developed markets because of the added disclosure and scrutiny associated with cross-listing. Jin and Myers (2006) provide both theoretical and empirical evidence showing the importance of financial transparency in determining R2. They argue that R2 is higher in countries where firms are less transparent to outside investors. Ferreira and Laux (2007) use abnormal accruals as a proxy for transparency and find low transparency is associated with low levels of idiosyncratic volatility. Chan and Hameed (2006) extend Piotroski and Roulstone (2004) and Morck et al. (2000)’s work by investigating the emerging markets. They offer some possible reasons why there is a lack of firm-specific information in emerging markets, one of which is that “there is a low degree of voluntary disclosure and corporate transparency” (p.116). In our context, as discussed above, voluntary IFRS adoption leads to enhanced corporate disclosures, which facilitate investors to collect and trade on firm-specific information. As a result, stock price becomes more informative. We therefore expect that IFRS adoption encourages the incorporation of firm-specific information into stock prices, which leads to a decrease in stock price synchronicity.Our first research question is aimed to provide empirical evidence on whether and how IFRS adoption influences stock price synchronicity.With respect to the second question, previous research provides evidence that analysts are involved primarily in the production of industry-wide and/or market-wide information rather than the costly acquisition of idiosyncratic information (Chan and Hameed 2006; Piotroski and Roulston 2004; Ferreira and Laux 2007). To provide direct evidence on the second question, we first establish the relation between the synchronicity and the intensity of information intermediation by analysts proxied by the number of analyst following. We then examine whether the effect of IFRS adoption on the synchronicity is differentially affected by analyst coverage.Finally, previous cross-country studies show that stock price synchronicity decreases with the level of a country’s property right protection (Morck et al. 2000) and with the strength of a country’s governance and the level of accounting transparency (Jin and Myers 2006). To address the third question, we first establish the relation between the synchronicity and the efficacy of institutional infrastructures such as a country’s governance and enforcement mechanisms. We then investigate whether and how the effect of IFRS adoption on the synchronicity differs systematically across countries with strong and poor institutional infrastructures.For our empirical tests, we construct a large sample of non-US firms that had voluntarily adopted IFRS over the seven-year period, 1998-2004 (hereafter adopters) and those that had not adopted IFRS over the same period (hereafter non-adopters). Our sample covers 34 countries around the world. As IFRS adoption was not a mandatory requirement during our sample period, our sample firms were allowed to voluntarily choose their reporting strategies, including IFRS adoption. Further they had an option to adopt either a full or partial set of IFRS. This feature allows us tocompare whether the synchronicity-reducing effect of IFRS adoption, if any, could be differentiated for different levels of IFRS adoption, i.e., full versus partial adoption.Using a total of 16,647 firm-years which include both IFRS adopters and non-adopters, we empirically test whether IFRS adoption influences stock price synchronicity, after controlling for potential self-selection bias associated with a firm’s decision to adopt IFRS and other factors that are known to affect the synchronicity. We compare the level of stock price synchronicity for IFRS adopters vis-à-vis non-adopters, and document three major findings. First, we find that IFRS adoption leads to a significant decrease in stock price synchronicity across all empirical specifications considered in this paper. This supports the view that voluntary IFRS adoption improves the flow of firm-specific information to the market and facilitates the incorporation of firm-specific information into stock prices. Moreover, we find that the synchronicity-reducing effect of IFRS adoption is more pronounced when firms adopt a full set of IFRS than when they adopt a partial set of IFRS, though the effect is significant in both cases. This finding is in line with the view that the full IFRS adoption is a more credible commitment than the partial adoption (e.g., maintaining local standards with some adjustments following IFRS).Second, we find that stock price synchronicity increases with the intensity of information intermediation by financial analysts, which is consistent with evidence reported by Chan and Hameed (2006) and Piotroski and Roulston (2004). More importantly, we find that the synchronicity-reducing effect of IFRS adoption is more pronounced for firms with low analyst following than for firms with high analyst following. Put differently, IFRS adopters with high analyst following reveal a higher level of synchronicity (or a lower level of firm-specific return variation), compared with those with low analyst following. This finding suggests that, for IFRS adopters,the added analyst coverage (associated with IFRS adoption) attenuates the flow of firm-specific information to the market, while it fosters the production of industry-wide and/or market-wide information and the incorporation of such information into stock prices.Finally, we provide evidence that stock price synchronicity decreases with the strength of a country’s institutional infrastructures. More importantly, we find some firm-level evidence that the synchronicity-reducing effect of IFRS adoption is greater for firms in countries with poor institutional infrastructures than those in countries with strong institutional infrastructures. This finding implies that firm-level governance such as voluntary IFRS adoption and country level governance act as substitutes for each other.Our study provides further insight into the finding of Fernandes and Ferreira (2007) who examine the effect of cross listing on stock price informativeness and find that the US cross-listing by foreign firms improves the incorporation of firm-specific information into stock prices. Similar to IFRS adoption by non-US firms, cross listing in the US market by non-US firms can be viewed as a firm’s voluntary commitment to enhanced disclosures as cross-listed firms on the US organized exchanges are subject to the US accounting standards that are widely viewed as the most stringent disclosure requirement. It should be pointed out, however, that unlike IFRS adoption, cross listing of non-US firms in the US market causes cross-listed firms to subject themselves to a more stringent legal liability and enforcement regime (in addition to a stronger disclosure regime). For this reason, non-US firm’s IFRS adoption, which can be viewed as a voluntary commitment to better disclosures with no shift in legal regime, provides us with a cleaner or better controlled setting in which the effect ofenhanced disclosures can be effectively isolated from the effect of a upward shift in legal regime, compared with cross listing of non-US stocks on the US exchanges.Our paper studies the interplay of corporate disclosures and financial analysts. The finding that synchronicity-reducing effect of IFRS adoption is attenuated by added analyst coverage sheds some light on the role of financial analysts in stock markets and gives investors some insights into the price formation process. In addition, to the best of our knowledge, our paper is the first study that evaluates the interplay of firm-level governance and country-level governance in the context of voluntary and enhanced disclosures and their effects on stock price synchronicity. Given the scarcity of empirical evidence on the issue, our evidence that the two different levels of governance act as substitutes for each other provides stock market regulators with useful insights into how to improve the information environment and the price formation process in which firm-specific information is incorporated into stock prices.The reminder of this paper is organized as follows. Section 2 describes the sample and data sources, and explains how we measure key research variables. In section 3, we present descriptive statistics and the results of univariate tests. In section 4, we examine the relation between IFRS adoption and stock price synchronicity and the role of analyst following in determining this relation. In Section 5, we perform a variety of robustness tests. In Section 7, we report the results of our investigation into the role of institutional infrastructure in determining the effect of IFRS adoption on the synchronicity. The final section concludes the paper.2. Data and MeasurementIn this section, we first explain the sample and data sources. We then describe the measurement of the dependent variable, i.e., stock price synchronicity, and other key independent variables used in our study.2.1. Sample and data sourcesThe initial list of our sample consists of all non-U.S. and non-Canadian firms that are included in three databases: Datastream, Worldscope, and IBES International for the sample period 1998-2004. We merge the three databases and exclude firms pertaining to the banking, insurance and other financial industries from the sample (the Worldscope general industry classification 04, 05 or 06). All financial statement data, including a firm’s adoption of particular accounting standards, are extracted from Worldscope. All stock return data are obtained from Datastream, while all data on analysts’ earnings forecasts are from IBES International. When certain financial statement data are missing in Worldscope, we supplement such data if they are available from Global Vantage. We delete firms if data required to measure firm- specific control variables are not available from either Worldscope or Global Vantage. After applying the above selection criteria, we obtain a total of 16,647 firm-year observations with full IFRS adoption and non-adoption from 34 countries around the world over the 1998-2004 period.2.2. Measurement of stock price synchronicityOur dependent variable is stock price synchronicity for each stock, which captures the extent to which individual stock price moves together with the market. Similar to previous research (e.g., Morck et al. 2000; Durnev et al. 2003a, b; Piotroski and Roulstone 2004), we measure stock price synchronicity using R2 statistics of the market model. Specifically, for each sample year, we regress weekly returns (RET) onthe current and prior week’s value-weighted market return (MKTRET ) and the current and prior week’s value-weighted industry return (INDRET )1:RET i,t = a + b 1MKTRET i,t-1 + b 2MKTRET i,t + b 3INDRET i,t-1 + b 4INDRET i,t + i,t (1) The industry return (INDRET i,t ) for a specific week t for the industry to which firm i belong is created using all firms within the Worldscope general industry classification code.2 INDRET i,t is the value-weighted average of these firms’ returns for week t . We include lagged return metrics to correct for potential autocorrelation problems. We require that a minimum of 40 weekly return observations be available for each firm in each year. All stock return data are obtained from Datastream .As in previous studies, stock price synchronicity (Synchroncity ) is defined as:221log R R ity Synchronic −= (2)where R 2 is the coefficient of determination for Eq. (1). The log transformation of R 2 is used to obtain an unbounded continuous variable from the variable that is bounded by 0 and 1, thus making our dependent variable more normally distributed. By construction, high values of Synchronicity indicate that individual firms’ stock returns co-move closely with the market and industry returns, and thus the firm-specific return variation is low. The reason why R 2 statistics can measure a firm’s information environment is proposed by Roll (1998) who suggests that firm-specific return variation (or idiosyncratic volatility, which has a direct inverse relation to stock price synchronicity) measures the rate of firm-specific information that is incorporated into 1Chan and Hameed (2006) do not include industry returns in the market model as an additional factor. They argue that in some markets the economy is dominated by a few industries and it is difficult to disentangle the industry effect from the market effect. We take into account this argument and use the Worldscope general industry classification to calculate value-weighted industry return. In section 5.3, we conduct sensitivity tests by using different market models to estimate R 2. 2Worldscope data field 06010 describes the general industry classification to which a specific firm pertains. There are a total of six industries using this classification method. Specifically, 01, 02,and 03 represent industrial firms, utility firms, and transportation firms, respectively, while 04, 05, and 06 represent bank/savings & loan firms, insurance firms, and other financial firms, respectively. In our sample, firms pertaining to the financial service industries (06010 = 04, 05 or 06) are deleted.stock prices via trading. Recent studies by Chen et al. (2007), Ferreira and Laux (2007), Fernandes and Ferreira (2007), and Kim and Yi (2008) provide evidence that is consistent with this information-based interpretation of stock price synchronicity. In this paper, we maintain that the lower is the level of stock price synchronicity, the greater is the amount of firm-specific information being incorporated into stock prices, relative to market-wide and/or industry-wide information.2.3. IFRS adoption and differentiation between full and partial adoptionsA key independent variable in this paper is the indicator variable representing a firm’s decision to voluntarily adopt IFRS, which is denoted by DIFRS. The DIFRS variable equals 1 for IFRS adopters and 0 otherwise. We obtain information about IFRS adoption from the Worldscope database. Worldscope has a data field 07536 that describes accounting standards followed by a specific firm. Appendix I provides a detailed description on classification of accounting standards as recorded in the Worldscope data field 07536. As shown in Appendix I, Worldscope identifies 23 different accounting standards adopted by non-US firms, including local standards (07536 = 01), International Accounting Standards (IAS: 07536 = 02), IFRS (07536 = 23) and other hybrid-type accounting standards that partially adopt international standards promulgated by the International Accounting Standards Board (IASB) or its predecessor, International Accounting Standards Committee (IASC) (07536 = 06, 08, 12, 16, 18, and 19).Recent research by Daske et al. (2007) found that the effect of IFRS adoption on lowering the cost of capital or improving market liquidity is greater for “serious” adopters than for “label” adopters. Similar in spirit with Daske et al., firms are considered as full IFRS adopters if 07352 = 02 or 23, and as partial IFRS adopters if 07352 = 06, 08, 12, 16, 18, or 19. To test whether IFRS adoption can decrease stockprice synchronicity and whether the synchronicity-decreasing effect is greater for those who adopt a full set of IFRS (full adopters) than those who adopt a partial set of IFRS (partial adopters), we construct three different samples:(i)the strict sample of full IFRS adopters (07536 = 02or 23) and non-adopters in which partial adopters are treated as non-adopters;(ii)the comprehensive sample of full and partial IFRS adopters (07536 = 02, 06, 08, 12, 16, 18, 19or 23) and non-adopters in which both full andpartial adopters are treated as adopters; and(iii)the hybrid sample of partial IFRS adopters (07536 = 06, 08, 12, 16, 18, or19) and non-adopters in which full IFRS adopters are excluded from thesample.We expect that a firm’s commitment to enhanced disclosures is stronger and more credible for full IFRS adoptions than for partial IFRS adoptions. The stronger is the commitment, the greater is the effect of IFRS adoption on stock price synchronicity. We therefore hypothesize that the effect of IFRS adoption on stock price synchronicity is the highest, the second highest, and the lowest for the strict, comprehensive and hybrid samples, respectively.Panel A of Table 1 presents the distribution of our sample by country, separately, for the strict, comprehensive, and hybrid samples. Column 4 of Panel A reports the total number of firm-years with both IFRS adopters and non-adopters for each of 34 countries, while columns 1, 2, and 3 of the same panel report the number of firm-years with IFRS adopters only and the percentage of IFRS adopters3 for the strict, comprehensive, and hybrid samples, respectively. As shown in Panel A, there are 1,118, 1,592, and 474 firm-years of IFRS adoption for the strict, comprehensive and hybrid samples, respectively, which account for 6.72%, 9.56%, and 3.05%,3 For columns 1 and 2, the percentage of IFRS adopters is relative to the total number reported in column 4. For column 3, the percentage of IFRS adopters is relative to a reduced sample which excludes the full IFRS adopters.respectively, of the total number of firm-years in the respective samples.4 The difference in the number of firm-years between full and partial adoptions is not large in most countries except for France, Italy and Switzerland. Interestingly, the partial adoption is very popular in Italy as it accounts for about 87% of the total sample. The partial adoption accounts for about 27% in Luxemberg and about 10% in France and Switzerland. IFRS adopters are unevenly distributed across 34 countries: more than half of the total number of observations from Austria, Czech Republic, Hungary and Switzerland adopt a full set of IFRS, while ten countries do not have any full IFRS adopters.5The last column of Panel A reports the mean R2statistics of the market model in Eq. (1) for each country. Among 34 sample countries, the mean R2statistics is the highest in Czech Republic and Russia, while it is the lowest in Australia, which is consistent with evidence reported in other cross-country studies on stock price synchronicity (e.g., Morck et al. 2000). Panel B of Table 1 presents the yearly distribution of IFRS adopters in each sample. While the trend of partial adopters has no clear pattern, both the number and the percentage of full IFRS adopters increase steadily over year, reflecting an increasing trend of adopting a full set of IFRS around the world.[INSERT TABLE 1 ABOUT HERE!]2.4 Analyst following4 Note here that as both full and partial adopters are classified as IFRS adopters in the comprehensive sample, the number of observations with IFRS adoption for the comprehensive sample (N = 1,592) is the same as the sum of the number of observations with IFRS adoption for the strict sample (N = 1,118) and that for the hybrid samples (N = 474).5 The inclusion of observations from these ten countries with no IFRS adopters into our sample is consistent with Covrig et al. (2007), Kim et al. (2007), and Kim Shi (2007). As will be further explained in section 5.3, we re-estimate our main regressions after excluding observations from these ten countries and find that their exclusion does not alter our statistical inferences on the variables of interest.Another key independent variable in this study is the intensity of information intermediation by financial analysts which is proxied by the number of analyst following. Evidence shows that stock price synchronicity increases with the intensity of analyst activities as analysts are involved primarily in the production of industry-wide and market-wide information (e.g., Chan and Hameed 2006; Piotroski and Roulstone 2004). We include the number of analyst following in our regression to control for its effect on synchronicity and to test whether and how the effect of IFRS adoption on synchronicity is differentially affected by analyst coverage. In our regression, we measure analyst following (Foll) as the natural log of one plus the number of analysts making an EPS forecast for a firm as recorded in the IBES International database.3. Descriptive Statistics and Univariate ComparisonAppendix II provides the definitions of all variables used in our study. Sections 1, 2, and 3 of Table 2 present descriptive statistics of the major research variables included in our main regressions for the full sample (N = 16,647), the sub-sample of full IFRS adopters (N = 1,118), and the sub-sample of non-adopters (N = 15,529), respectively, while Section 4 reports test statistics for mean and median differences between the IFRS adopter sample and the non-adopter sample. As will be further explained in section 5.1, we also construct a matched sample. For the matched sample, for brevity, we report the descriptive statistics only for our dependent variable (i.e., Synchronicity) in Table 2. As shown in Panel A, the mean and median of stock price synchronicity are -0.542 and -0.531 (-0.568 and -0.597), respectively, for our full (matched) sample, which are much higher than those for US firms. For example, Piotroski and Roulston (2004), who measure the synchronicity in the same way with。
股东之间的利益冲突与小股东利益保护机制
股东之间的利益冲突与小股东利益保护机制张光荣摘要：在股权集中的公司中，通常存在至少一个相对突出的大股东，甚至控制性股东。
控制性股东的存在使得公司治理需要解决的主要问题由股东和管理者之间的代理问题转变为控股股东与小股东之间的代理问题。
大股东为了实现自身利益的最大化常常通过隧道行为侵占小股东利益。
传统的内部公司治理机制在这种股权结构中难以发挥作用，小股东利益的保护有赖于有效的外部治理机制：股权制衡和法律制度。
关键词：公司治理；代理问题；隧道行为；股权制衡一、引言自伯利（Berle）和米恩斯（Means）于1932年发表著名的《现代公司和私有财产》以来，股权分散被认为是现代公司的一个基本特点。
在分散的股权结构下，由于所有权与经营权分离，股东与经理人之间存在代理成本，以董事会建设为核心内容的现代公司治理机制应运而生，其目的是降低股东与经理人之间的代理成本。
上世纪80年代以来，研究者逐渐发现，在世界上大多数的国家，股权结构都表现为相当程度的集中，伯利和米恩斯所描述的股权分散的状况实际上是仅适用于英美等少数普通法系发达国家的一个特例。
La Porta等（1999）首次对公司所有权结构进行了大范围的国别比较研究，他们从全球 27 个富裕国家中分别选取市值最大的 20 家上市公司，追溯公司的最终控制股东，并以单个股东拥有的投票权是否超过20%作为公司是否有最终控制股东的分界线，他们发现样本公司中约64%的公司有最终控制股东。
其中，占样本30%的公司被家族最终控制。
Claessens等（2000）对9个东亚国家（地区）2980家上市公司的研究及Faccio和Lang（2002）对13个西欧国家5232家公司的研究都发现，约60%的公司拥有一个最终控制股东，Berglof和Pajuste（2002）更发现在10个中东欧转轨经济国家的公司中，第一大股东的投票权平均高达51.2%。
在股权集中尤其是存在控制性股东的状态下，公司的控股大股东与小股东之间存在事实上的委托代理关系，代理成本由此产生。
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金融词汇英汉词典
English Terms中文翻译English Terms中文翻译"First In, First Out (FIFO)先进先出Impairment（资本）损耗"Invest, Then Investigate"先投资，后调查Implicit Cost隐含成本私人投资公开股票Implied Volatility (IV)隐含波动性"Private Investment, PublicEquity (PIPE)"销售及行政开支Import进口"Selling, General, &Administrative Expenses(SG&A)"Accelerated Depreciation加快折旧In the Money到价Accident and Health Benefits意外与健康福利Income收入Accounts Receivable (AR)应收账款Income Fund收益基金Income Statement损益表Accretive Acquisition具增值作用的收购项目Acid Test酸性测试比率Income Stock收益股票Acquisition收购Income Tax所得税Acquisition Premium收购溢价Indemnity赔偿Act of God Bond天灾债券Indenture契约Active Bond Crowd活跃债券投资者Independent Auditor独立审计师Active Income活动收入Index指数Active Investing积极投资Index Fund指数基金Active Management积极管理Index Futures指数期货Activity Based Budgeting以活动为基础的预算Index Option指数期权案Activity Based Management以活动为基础的管理Indexing指数化Activity Ratio活动比率Indicator指标Actual Return实际回报Industry行业Actuary精算Inflection Point转捩点Affiliated Companies联营公司Infrastructure基础设施Affiliated Person关联人士Initial Margin首期保证金首次公开上市After Hours Trading收盘后交易Initial Public Offering(IPO)税后营运收入Insider内幕人士After Tax Operating Income -ATOIAfter Tax Profit Margin税后利润率Insider Information内幕消息After The Bell收盘铃后Insider Trading内幕交易Agency Bonds机构债券Insolvency资不抵债Agency Cross交叉代理人Installment Debt分期偿还债务机构经纪人预测系统Agency Problem代理问题Institutional Brokers'Estimate System(IBES)Agency Securities机构证券Institutional Fund机构基金Agent代理人Institutional Investor机构投资者Aggregate Exercise Price总行使价格Intangible Asset无形资产Aggressive Accounting激进会计法Interest利息、权益Aggressive Investment进取投资策略Interest Rate利率Alan Greenspan格林斯潘Interest Rate Ceiling最高利率Allotment配股Interest Rate Parity利率平价理论呆账准备金Interest Rate Swap利率掉期Allowance For DoubtfulAccounts美国存托凭证Interim Dividend中期股息American Depository Receipt(ADR)American Depository Share(ADS)美国存托股份Internal Audit内部审计American Option美式期权Internal Growth Rate内部增长率American Stock Exchange美国股票交易所Internal Rate ofReturn (IRR)内部回报率Amortization摊销InternationalAccounting Standards国际会计标准Analyst分析员International Bond国际债券Angel Investor天使投资者International Fund国际基金Annual General Meeting(AGM)年度股东大会Intrinsic Value内在价值Annual Report年报Inventory库存、存货Annualize年度化Inventory Turnover库存周转率Annuity年金Investing投资Annuity Due即付年金Investment投资Anti-dilution Provision反摊薄条款Investment Advisor投资顾问Anti-takeover Measure反收购措施Investment Bank投资银行Anti-takeover Statute反收购法规Investment Banker投资银行家Anti-trust反垄断法Investment Climate投资环境Any and All Bid所有出价Investment CompanyAct of 19401940年投资公司法APICS Business Outlook Index APICS（美国生产及库存控制协议）商业前景指数Investment Grade投资等级Appraisal价值评估Investment RealEstate投资性房地产Appreciation升值Investment Vehicle投资媒体Arbitrage套汇Investor Relations投资者关系部Arbitrage Bond套汇债券Invisible Hand无形之手Arbitrage Pricing Theory(APT)套汇定价理论Invisible Supply可见供应Arbitrage Trading Program(ATP)套汇交易理论IPO首次公开上市Arbitration仲裁IPO Lock-up首次公开上市锁定期、禁售期Arms Length Transaction公平交易IR投资者关系部Asian Option亚洲式期权IRR内部回报率Ask (Price)买方叫价Issuer发行人Assessed Value评估后价值Joint Account联合账户Assessor估价人Joint Bond共同债券Asset资产Joint Owned Property共同拥有财产Asset Allocation资产分配Joint Stock Company股份公司Asset Allocation Fund资产分配基金Joint Venture合资企业、合资经营Asset Coverage Ratio资产偿付比率Jointly and Severally连带、共同Asset Management资产管理Junior Security次级证券Asset Play资产隙Junk Bond垃圾债券、高风险债券Asset Redeployment资产重新配置Just In Time及时生产Asset Swap资产互换Labor Intensive劳工密集Asset Turnover资产周转率Laissez Faire自由不干预理论Asset Valuation资产估值Large-Cap高市值股票Asset-Backed Security资产抵押证券Last In First Out(LIFO)后进先出Asset-Liability Management资产负债管理Last Twelve Months过去12个月Assets Under Management管理资产额LBO负债收购Assignment转让Leakage涉漏消息At the Money到价Lease租赁ATP套汇交易理论Leaseback租回已出售财产Auction Market拍卖市场Letter of Comfort告慰函、安慰函Audit审计Letter of Credit信用证Auditor's Report审计师报告Letter of Indemnity赔偿保证书Authorized Stock授权股份Letter of Intent意向书Auto Sales汽车销售额Leveraged Buyout(LBO)负债收购Automated Bond System(ABS)自动债券系统Leveraged Lease融资租赁Automated Confirmation Transaction Service (ACT)自动确认交易系统LeveragedRecapitalization融资资本充实Average Annual Growth Rate平均年度增长率Liability负债Average Annual Return平均年度回报率LIBOR伦敦银行同业拆放利率Average Life平均时期Life Expectancy预计寿命Average Price平均价格Life Insurance人寿保险Average Price Call平均价格买入期权权LIFO后进先出Average Price Put平均价格出售期权Limited LiabilityCompany (LLC)有限责任公司Average Up提高平均价格Limited Partnership有限合伙Back Door Listing后门上市/借壳上市Line of Credit信贷额度、信贷限额Back Office后线Liquid Market高流通性市场Back Pricing往后定价Liquidated Damages预定的违约金Backlog订单积压Liquidation清算、清理Backstop最后担保Liquidity流通性、变现能力Back-to-Back Loan背对背贷款Liquidity PreferenceTheory流动性偏好理论Bad Debt不良贷款Liquidity Risk流通风险Balance Of Payments (BOP)国际收支差额Listed Security上市证券Balance Of Trade (BOT)国际贸易差额LLC有限责任公司Balance Sheet资产负债表Loan贷款Balanced Fund平衡基金Loan Loss Provision贷款损失准备金Balanced InvestmentStrategy平衡投资策略Loan Sharking高利贷Balloon Maturity气球型期限Loan Syndication贷款银团Balloon Option气球型期权Loan to Value Ratio贷款与价值比率Bancassurance银行出售保险Lock-up Agreement锁定协议Bank for International Settlements (BIS)国际结算银行London InterbankOffer Rate (LIBOR)伦敦银行同业拆放利率Bank Guarantee银行担保Long Bond长期债券Bank Insurance银行保险Long Term Assets长期资产Bank Investment Contract(BIC)银行投资合约Long Term Debt长期债务Bank Rate银行利率Long TermDebt/Capitalization长期债务/总资本比率Bank run银行挤兑Long Term Liabilities长期负债Bankruptcy破产Lot交易单位、批Bankruptcy Risk破产风险LTM过去12个月Barrel's per Day每日产量（桶）Lump SumDistribution一次总付分配Barter以物易物M1货币供应量1 Base Period基本时期M2货币供应量2 Basing平稳期M3货币供应量3 Basis Point (BP)基点Macroeconomics宏观经济Bear Market熊市Majority Shareholder多数股东Bear Raid空头猛跌，大量抛空以使价格下跌Management Buyin(MBI)保留管理层的收购项目Bearer Form凭票即付形式，无记名形式Management Buyout(MBO)管理层收购项目Beginning Inventory期初库存Management Fee管理费用Behavioral Economics行为经济学Manager Universe(Benchmark)管理人基准比较Behavioral Finance行为金融学Margin Account保证金、按金Benchmark基准Marginal Tax Rate边际税率Benchmark Bond基准债券Marginal Utility边际效用Beneficial Owner受益者Mark to Market (MTM)以市值计价Beneficiary受益方Markdown减价、调低标价Benefit Cost Ratio - (BCR)效益成本比率Market市场Bequest遗赠，遗产Market Arbitrage市场套利Best Ask最低叫价Market Cannibilization互相争夺市场Best Bid最高出价Market Capitalization总市值Best Efforts尽力推销Market Exposure股市投资比率Best Execution最佳执行Market Order市价订单Best Practice最佳做法/最佳惯例Market Outperform表现超越大市Best Price Rule最佳价格规则Market Risk市场风险Beta (Coefficient)贝塔系数Market Risk Premium市场风险溢价Bid买方出价Market Segmentation市场细分Bid Price买方出价Market Sentiment市场情绪Bid-Ask Spread买卖差价Market Value市场价值Black Knight黑武士Market Value Added(MVA)市场增值Black Monday黑色星期一Marketable Securities有价证券Black Thursday黑色星期四Maturity期限Block Trade大宗交易Maturity Date到期日期Blue Chip蓝筹Mean平均值Board Lot单位数量，整份股Mechanical Investing机械化投资Board Of Directors董事会Medium Term中期Bond债券Medium Term Note(MTN)中期票据Bond Anticipation Note预期债券票据Mega Cap超高市值股票Bond Equivalent Yield (BEY)债券等值收益Member of Household家庭成员Bond Fund债券基金Merchant Bank商人银行Bond Option债券期权Merger合并Bond Rating债券评级Merger Arbitrage合并套利Bond Swap债券互换Mezzanine Financing夹层融资Book Building需求建档Michigan ConsumerSentiment Index 密歇根消费者信心指数Book Runner账簿管理人Micro Cap Stock微型市值股票Book Value账面价值Microeconomics微观经济Book Value Per Common每普通股账面价值Mid Cap Stock中等市值股票Break Even Point (BEP)收支平衡点Minority Interest少数权益Bridge financing过渡融资Mirror Fund镜子基金Bridge loan过渡贷款Monetary Policy货币政策Broad-Base Index广泛基础指数Monetize套现、货币化Broad-Based WeightedAverage广泛基础加权平均Money金钱、货币Bubble市场泡沫Money Flow货币流量Budget预算案Money Flow Index(MFI)货币流量指数BUGS Index无对冲黄金股票指数Money Laundering洗黑钱Bulge Bracket表现最佳承销商Money Market货币市场Bull乐观投资者Money Market货币市场账户Bull Market牛市Money Market Fund货币市场基金Bull Spread看涨的多空套做Money Supply货币供应Bull Vertical Spread看涨的纵向多空套做Money Zero Maturity(MZM)零期限货币Bulldog Bond猛犬债券Monopoly垄断、专利Bullet Bond期末一次性偿还债券Monopsony买方垄断Bullet Loan期末一次性偿还贷款Mortgage房地产抵押Bullet Repayment一次性偿还Mortgage BackedSecurities 以房地产抵押作担保的证券Bullet Trade子弹式交易Mortgage Banker房地产抵押银行家Burn Rate资金消耗率MTN中期票据Business to Business (B2B)商业对商业（B2B)MultinationalCorporation跨国企业Buy买入Multiple倍数Buy And Hold买入并持有Multiple Compression倍数压缩Buy Back回购Multiplier Effect乘数效应Buyer's Market买方市场Municipal Bond市政债券Buy-In补偿买进Municipal Bond Fund市政债券基金Buying Hedge买入对冲Municipal Convertible市政可转换证券Buying Power购买力Mutual Fund共同基金Buyout收购Mutual Fund LiquidityRatio共同基金流动率Buy-Side买方NASD国家证券经纪商协会Calendar Year日历年Nasdaq纳斯达克市场、国家证券经纪商协会自动报价系统Call买入期权Nasdaq NationalMarket Securities纳斯达克全国市场Call Date买回日期Nasdaq-NM纳斯达克全国市场Call Loan短期同业拆借，通知贷款NaturalUnemployment自然失业Call Loan Rate短期同业拆借利率，通知贷款利率NAV资产净值Call Option买入期权NAV per Share每股资产净值Call Premium买回溢价NAVPS每股资产净值Call Warrant买入认股权证Negative Carry负盈利Callable Bond可买回债券Negative Covenant负面契约Callable Preferred Stock可买回优先股Negative Goodwill负商誉CAMELS Rating System CAMELS评级制度Negative Income Tax负所得税Capital资本/资本金Negative PledgeClause负抵押条款Capital Account资本帐户Negotiable可磋商修改的Capital Adequacy Ratio (CAR)资本充足率NegotiatedUnderwriting经磋商协议的承销费用Capital Appreciation资本升值Net Asset Value资产净值Capital Asset资本资产Net Asset Value perShare每股资产净值Capital Asset Pricing Model(CAPM)资本资产计价模型Net Debt净债务Capital Base资本金基础Net Domestic Product国内生产净值Capital Budgeting资本预算Net Exports净出口值Capital Employed运用资本Net Income (NI)净收入Capital Expenditure资本开支Net Interest Margin净息差Capital Gain资本收益Net InvestmentIncome净投资收入Capital Goods资本财货Net Liquid Assets流通资产净值Capital Guarantee Fund资本保证基金Net Loss净亏损、净损失Capital Intensive资本密集Net Operating Income(NOI)营运净收入Capital Lease资本化租赁Net Operating ProfitAfter Tax (NOPAT)税后净营运利润Capital Loss资本损失Net Operating ProfitLess Adjusted Taxes(NOPLAT)税务调整净营运利润Capital Markets资本市场Net Present Value(NPV)净现值Capital Note资本票据Net Proceeds净收益Capitalism资本主义Net Receivables应收账款净额Capitalization总资本，总市值Net Sales净销售额Capitalize资本化Net Tangible Assets有形资产净值Capped Option有上限期权Net Worth净值Captive Fund专属基金New Economy新经济Carrying Cost Of Inventory库存置存成本New York StockExchange纽约股票交易所Carrying Value账面现行价值NI净收入Carveout分拆上市Nikkei日经指数Cash现金NOI营运净收入Cash And Cash Equivalents现金及现金等价物Nominal Interest Rate名义利率Cash Balance Pension Plan现金余额养老金计划Nominal Value名义价值Cash Budget现金预算Nominal Yield名义收益率Cash Commodity现货Non-Callable不可买回Cash Conversion Cycle资金周转周期Non-Operating Asset非营运资产Cash Dividend现金股息Non-Operating CashFlows非营运现金流Cash EPS现金每股盈利Non-Performing Asset不良资产Cash Flow现金流Non-Performing Loan不良贷款Cash Flow After Taxes税后现金流Non-ProfitOrganization非牟利机构Cash Flow Per Share每股现金流Non-Recourse Debt无追索权债务Cash Flow Return on Investment (CFROI)投资的现金流回报Non-RecourseFinance无追索权融资Cash Investment现金投资Nonrecurring Charge非经常开支Cash Market现货市场Note票据Cash on Cash Return现金的现金回报率NPL不良贷款Cash Price现金价格NPV净现值Cash Return on GrossInvestment - (CROGI)总投资现金回报率NYSE纽约股票交易所Catastrophe Bond灾难债券NYSE CompositeIndex 纽约股票交易所综合指数CD存款证Obligor债务人CEDEL CEDEL Odd Lot零星股、散股Central Bank中央银行OECD经济合作及发展组织CEO首席行政官Off Balance SheetFinancing资产负债表以外融资Certificate证书Offering Circular发行说明书Certificate Of Deposit (CD)存款证Offering发行备忘录Certified Public Accountant注册公共会计师Offshore境外CFA注册财务分析师Oligopoly寡头垄断CFO首席财务官Oligopsony卖方寡头垄断Charge Off出账、销账Online Banking网上银行Chartered Financial Analyst (CFA)注册财务分析师OPEC石油输出国组织、欧佩克Cherry Picking选出最有利的（投资等）Open End Credit开放性信贷Chief Executive Officer首席行政官Open-End Fund开放性基金Chief Financial Officer首席财务官Operating Cash Flow(OCF)营运现金流Chief Operating Officer首席营运官Operating Expenses营运开支Chinese Wall长城Operating Income营运收入Churning挤油交易、反复买卖Operating Lease营运租赁Class Action同级诉讼Operating Leverage营运贡杆Classical Economics古典经济学Operating Margin营运利润率Classified Shares分级股票Operating Ratio营运比率Clawback追回利益、市场回落Opportunity Cost机会成本Clean Balance Sheet低负债资产负债表Option期权Clean Price纯价格Organic Growth内部增长Clearing结算Organization ofPetroleum ExportingCountries (OPEC)石油输出国组织、欧佩克Clearing Fee结算费用OTC场外交易证券Clearing House结算行Other Current Assets其他流动资产Close Position平仓Other CurrentLiabilities其他流动负债Closed-End Investment定额投资Other Long Term其他长期负债Closing收盘、交易结束Out of PocketExpenses实付开支Closing Bell收盘铃Out of the Money未到价COGS已售商品成本Outperform表现超越大市Collateral抵押品Outside Director外部董事Collective Fund集体基金Outsourcing外包Commercial商业Overallotment超额配股权Commercial Bank商业银行Overcapitalization资金过剩Commercial Mortgage Backed Security (CMBS)商业抵押作担保的证券Overcollateralization增加抵押通知Commercial Paper商业票据Overdraft透支Commission佣金Overhang积压待发股票、悬货Commission House佣金行Overhead间接成本Commodity商品Overnight Index Swap隔夜指数掉期Commodity Futures TradingCommission (CFTC)商品期货交易委员会Overnight Rate隔夜利率Competitive Bid竞标Oversold超卖Compound Annual GrowthRate (CAGR)复合年均增长率Oversubscribed超额认购Concession销售报酬Over-The-Counter(OTC)场外交易证券Concession Agreement特许协议P/E Ratio市盈率Conglomerate综合企业Paid in Capital实收资本Consumer Confidence Index(CCI)消费者信心指数Paid-Up Capital已缴资本Consumer Credit消费信贷Panic Buying恐慌性买入Consumer Price Index (CPI)消费物价指数Panic Selling恐慌性出售Contingency偶然事故Par等值Conversion转换Par Value票面值Conversion Premium转换溢价Pari Passu同等权利Conversion Price转换价格Paris Club巴黎俱乐部Convertible Bond可转换债券Parity平价Convertible Debenture可转换公司信用债券Parity Bond等值债券Convertible Preferred Stock可转换优先股Passive Investing?被动投资Convertible SubordinatedNote可转换次级票据Patent专利权Convertibles可转换证券Payback Period投资回收期Conveyance地产让与证书Paydown部分还款COO首席营运官Paydown Factor部分还款系数Corporate Bond企业债券Paying Agent付款代理人Corporate Cannibalism企业自我竞争Payment Date付款日期Corporate Finance企业融资Payment in Kind实物支付Corporate Governance企业治理Payment in Kind Bond(PIK)实物支付债券Corporate Tax公司税Payout Ratio派息比率Corporation公司、企业PCE个人消费开支Cost Basis成本基础PEG Ratio市盈率与增长比率Cost of Capital资本成本PEG Ratio市盈率与增长比率Cost of Equity股本成本Pegged exchange联系汇率Cost of Funds资金成本PEGY Ratio市盈率与增长及股息比率Cost of Goods Sold (COGS)已售商品成本PEGY Ratio市盈率与增长及股息比率Cost Synergy成本协同效益Perfect Competition完全竞争Counterparty Risk交易对手风险Performance Shares表现股票Country Risk国家风险Perpetual Bond永久债券Coupon息票Perpetuity永久年金Coupon Bond有息票债券Personal Finance个人理财Covenant契约Personal Income个人收入Coverage Initiated纳入研究范围Petty Cash零用现金、小额出纳金CPA注册公共会计师Phantom Stock影子股票CPI消费物价指数Portfolio投资组合Credit信贷、信用、贷项Portfolio Income投资组合收入Credit Card信用卡Portfolio Insurance投资组合保险Credit Cliff信用悬崖Portfolio Management投资组合管理Credit Crunch紧缩信贷Portfolio Manager投资组合经理Credit Default Swap信贷违约掉期Position投资持有量Credit Derivative信贷衍生工具Positive Volume Index正交易量指数(PVI)Credit Enhancement加强信贷措施Post-Money Valuation交易后估值Credit Rating信用评级Power of Attorney授权书Credit Risk信贷风险Power Ratio能量比率Credit Spread信贷息差PP&E地产、厂房及设备Credit Union信用合作社Precious Metal贵重金属Creditor债权人Preemptive Right优先权Critical Mass关键规模Preferred Stock优先股Cross交叉交易Pre-Market Trading开市前交易Cross Default连带违约Premium溢价Cross Hedge交叉对冲Premium Bond溢价债券Cross Holding交叉持股Pre-Money Valuation交易前估值Crossover Fund交叉基金Prepackaged预先包装的破产BankruptcyCrown Corporation国家企业Prepayment预付Crown Jewels顶尖业务Prepayment Risk预付风险Crystallization结晶交易Present Value现值Cum Dividend附股息Press Release新闻稿Cumulative Dividend累积股息Price Discovery价格发现需求的价格弹性Cumulative Voting累计投票Price Elasticity ofDemandCurb交易控制Price Risk价格风险Curb Trading场外交易Price Target价格目标Currency货币Price-Earnings Ratio市盈率相对市盈率比率Currency Forward货币远期Price-EarningsRelativeCurrency Futures货币期货Price-To-Book Ratio股价与账面价值比率股价与现金流比率Currency Option货币期权Price-To-Cash-FlowRatioCurrency Overlay货币管理外包Price-To-Sales Ratio股价与销售额比率Currency Swap货币掉期Pricing Power定价能力Current Account经常帐户Primary Market初级市场Current Assets流动资产Prime Rate最优惠利率Current Liabilities流动负债Principal本金、[企业]主要负责人、[交易]当事人Current Maturity现时年期Private Banking私人银行Current Price现时价格Private Company私人公司Current Ratio流动比率Private Equity私人股本Current Yield现时收益率Private Placement私募Cushion Bond保收债券Privatization民营化CUSIP Number美国证券库斯普号码Pro Bono以公共福利为目的Custodial Account保管帐户Pro Forma备考、模拟Custodian保管人Pro Forma Earnings备考盈利Cyclical Industry周期性行业Pro Rata按比例生产价格指数Cyclical Stock周期性股票Producer Price Index(PPI)Cyclical Unemployment周期性失业Productivity生产力Data Mining数据探索Profit利润应付账款天数Profit Center利润中心Days Payable Outstanding(DPO)Days Sales Outstanding应收账款天数Profit Margin利润率(DSO)Debenture公司债券Profit Sharing Plan利润分成计划Debit借项、借方Profit Taking获利抛售Debt债务Profit Warning利润预警Debt Equity Ratio债务股本比Progressive Tax累进税Debt Equity Swap债换股交易Project Finance项目融资Debt Financing债务融资Promissory Note本票Debt Overhang债务积压Property财产Debt Ratio负债比率Property Tax财产税Debt Restructuring债务重组Proportional Tax比例税Debt Security债务证券Proprietary Trading自由资金交易Debt Service还本付息Prospectus公开说明书Debt Service Coverage Ratio债务偿付比率Protectionism保护主义有条件买回条款Debtor债务人Provisional CallFeatureDeclaration Date股息宣告日Proxy代理委托书Deep Discount Bond高折扣债券Public公开资产Default违约，未能履行合约Public Company上市公司公开发行价值Default Risk违约风险Public Offering Price(POP)Purchase Acquisition购股接管Defeasance宣告（合约）无效、废止契约Defensive Buy防御性投资Purchasing Power购买力Defensive Investment防御性投资策略Pure Play单一业务StrategyDeferred Account递延帐户Put出售权Deferred Annuity递延年金Put Bond可卖回债券Deferred Income Tax递延所得税Put Warrant出售认股权证Deferred Interest Bond递延利息债券Put-Call Parity买入-出售价差Deferred Revenue递延收入Put-Call Ratio买入-出售比率Defined Benefit Pension Plan养老金固定收益计划PV现值合资格机构投资者Defined Contribution Plan养老金固定缴款计划Qualified InstitutionalBuyer (QIB)Deflation通货萎缩Qualitative Analysis定性分析Deleverage减债Quality of Earnings盈利质量Delinquent Delisting拖欠债务 摘牌,停止上市Delivery Delivery Date Delivery Instrument Delivery Month Delivery Price Delivery Versus Payment Demand Demand Deposit Demand Note Demerger Demutualization Denomination Dependency Ratio Dependent Deposit Depository Receipt Depository Trust and Depository Trust Company (DTC) Depreciated Cost Depreciation Depression Deregulation Derivative Devaluation Development Stage Diluted Earnings Per Share Dilution Dilutive Acquisition Discharge in Bankruptcy Discount Discount Bond Discount Broker Discount Note交割,交货 交割日期 交割文件 交割月份 交割价格 付款交割 需求 活期存款 即期票据 分拆 公司化,非共同化 票面金额 瞻养比率 受扶养人士 存款,按金 存托凭证 存托及结算机构 存托公司 折余成本,已折旧成 本 折旧,贬值 经济萧条 放宽管制 衍生工具 贬值 发展阶段 摊薄后每股盈利 摊薄,减损 减损盈利的收购项目 已解除债务的破产人 折扣,贴现 贴现债券,折扣债券Quantitative Analysis 定量分析 Quarter (Q1, Q2, Q3, 季度(第一季度,第 Q4) 二季度,第三季度, 第四季度) Quick Assets 速动资产 Quick Ratio 速动比率 Quiet Filing 安静申请 Quiet Period 静止期 Quorum 法定人数 Quota 配额,限额 R/E 保留盈余 Rally 价格回升 Range 价格波幅 Rate of Change 变动率 (ROC) Rating 评级 Rating Agency 评级机构 Rationalization 优化改组 Real Asset 实际资产 Real Estate 房地产 Real Estate Agent 房地产代理 Real Estate 房地产投资信托 Real Interest Rate 实际利率 Real Rate of Return Realized Loss Realized Profit Recapitalization Receivable Turnover Ratio Recession Record Date Red Chip Red Herring Redemption Reference Rate Refinance Reflation 实际回报率 实现损失 实现利润 资本结构调整 应收账款周转率 经济衰退 记录日 红筹公司 红头招股书,公开说 明书初稿 赎回 参考比率 再融资 通货复涨,通货在膨 胀 债券换新 地区股票交易所 注册投资顾问 注册权 累退税折扣经纪人 Refunding 贴现票据,折扣票据 Regional Stock Exchange Discount Rate 贴现率,折让率 Registered Investment Advisor (RIA) Discount Window 贴现窗 Registration Right Discounted Cash Flow (DCF) 贴现现金流 Regressive Tax Discretionary Account委托帐户,全权管理 Regulated Investment 受监管投资公司 帐户 Company (RIC)Discretionary Income Discretionary Order Diseconomies of Scale Disinflation Disintermediation Disinvestment Disposable Income Disposition Distressed Sale Distressed Securities Distribution Distribution in Kind Divergence Diversification Diversified Common Stock Fund Divestiture Dividend Dividend Discount Model (DDM) Dividend Payout Ratio可自由支配收入 全权委托指令 规模不经济 反通货膨胀 非中介化 投资缩减 可支配收入 财产转让 廉价急售 证券减值 派发,分配 派发实物 偏离 多元化 多元化普通股资金 分拆,出售资产 股息 股息贴现模型 股息支付率Regulation A Regulation D Regulation FD (Reg FD) Regulation G Regulation M Regulation Q Regulation T Regulation U Reinsurance Reinvestment Reinvestment Rate Reinvestment Risk REIT Relative Strength Reorganization Repatriation Repayment Replacement Cost条例A 条例D 条例FD 条例G 条例M 条例Q 条例T 条例U 再保险 再投资 再投资率 再投资风险 房地产投资信托 相对实力 企业重组 资金汇回本国 偿还债务 重置成本 要求回报率 要求储备金 研究及开发 有限制股票 业务重组 零售银行 零售投资者 保留盈余 回报率 资本回报率 资产回报率 已动用资本回报率 资本收益回报率 股本回报率 投资回报率 投资资金回报率 净资产回报率 收入回报率Required Rate Of Return Dividend Policy 股息政策 Required Reserves Dividend Reinvestment Plan 股息再投资计划 Research and Development (R&D) Dividend Yield 股息收益率 Restricted Stock DJIA 道琼斯工业平均指数 Restructuring DJTA 道琼斯交通平均指数 Retail Banking DJUA 道琼斯公用事业平均 Retail Investor 指数 Double Dip Recession 双谷经济衰退 Retained Earnings Double Dipping 双重收费 Return Double Taxing 双重征税 Return of Capital Dow Jones Industrial 道琼斯工业平均指数 Return On Assets Average (DJIA) (ROA) Dow Jones Transportation 道琼斯交通平均指数 Return On Capital Average (DJTA) Employed (ROCE) Dow Jones Utility Average 道琼斯公用事业平均 Return On Capital (DJUA) 指数 Gains Dow Theory 道氏理论 Return On Equity (ROE) Down Round 估值较低的一次融资 Return On Investment (ROI) Down-and-In Option 股价下跌生效的期权 Return On Investment Capital (ROIC) Down-and-Out Option 股价下跌失效的期权 Return On Net Assets (RONA) Downgrade 下调评级 Return On Revenue (ROR)Downside Downside Risk Downsize Downstream Downtick Downtick Volume Drag Along Rights Dragon Bond Du Pont Analysis Du Pont Identity Dual Listing Due Diligence Dummy Director Dummy Shareholder Dumping Duopoly Durables Duration Dutch Auction Earning Assets Earnings Earnings Estimate Earnings Multiplier Earnings Per Share (EPS) Earnings Surprises Earnings Yield Earnout EBIT EBITD EBITDA EBITDAR负面发展的可能性EBT Ecommerce Econometrics Economic Value Added (EVA) Economics Economies of ScaleReturn On Sales (ROS) 负面风险 Revenue 缩小规模 Reversed takeover 下游 Revolving Credit 低价交易 Right 低价交易量 Right Of First Refusal 带领权 Rights Issue 龙债券 Rights Offering 杜邦分析 Ring Fence 杜邦特性理论 Risk 两地上市 Risk Adjusted Discount Rate 尽职调查 Risk Adjusted Return 挂名董事,名义董事 Risk Adjusted Return on Capital (RAROC) 名义股东 Risk Based Capital Requirement [廉价]倾销 Risk Capital 双头垄断 Risk Free Rate of Return 耐用品 Risk Tolerance 期限 Risk-Free Asset 荷兰拍卖 ROA 盈利资产 Road Show 盈利 ROC 盈利预测 ROCE 盈利倍数 ROE 每股盈利 ROI 盈利不符预测 ROIC 盈利收益 Royalty 基于财务表现额外对 Rule 144A 价条款 扣除利息及税项前盈 Rule of 18 利 扣除利息,税项及折 Rule of 72 旧前盈利 扣除利息,税项,折 Russell 2000 Index 旧及摊销前盈利 扣除利息,税项,折 S&P 旧,摊销及重组成本 前盈利 税前盈利 S&P (Standard And Poor's) 电子商贸 S&P 500 计量经济学 S&P500 经济增值 Safe Harbor 经济学 规模经济 Sales Per Share Sales Tax销售回报率 总收入 反向收购 循环信贷 购股权 优先权 购股权发行 购股权发行 围栏策略 风险 风险调整贴现率 风险调整回报率 风险调整资本回报率 风险资本要求 风险资本 无风险回报率 风险容忍度 无风险资产 资产回报率 路演 变动率 已动用资本回报率 股本回报率 投资回报率 投资资金回报率 使用权税,专利权税 144A 条例 18定律 72定律 Russell 2000指数 标准普尔标准普尔 标准普尔500 标准普尔500 避风港 每股销售额 销售税Economies of Scope Economy Effective Duration Effective Tax Rate Effective Yield Efficiency Ratio Elasticity Embedded Option Embedded Value Emerging Market Fund Employee Contribution Plan Ending Inventory Endowment Enterprise Multiple范畴经济 经济体系 有效期限 有效税率 有效收益率 效益比例 弹性 隐含期权 隐含价值 新兴市场基金 员工供款计划 期末库存 捐赠 企业倍数Sales to Cash Flow Ratio Salvage Value Samurai Bond Scarcity SEC Secondary Market Secondary Offering Secondary Stock Sector Sector Fund Sector Rotation Secured Debt Secured Note Securities & Exchange Commission (SEC) Securities Lending Securitization Security Security Analyst Seed Capital Segregated Fund Sell Seller's Market Selling Hedge Selling Short Sell-Off Sell-Out Semi-annual Semi-Variable Cost Senior Security Sensitivity Analysis Sentiment Indicator Settlement Date Settlement Price Shadow Pricing Shadow Rating Share Share Capital Share Repurchase Shareholder Shareholder Value Added (SVA) Shareholder Value Transfer (SVT) Shareholders Equity Shares Outstanding Shark Repellent销售额与现金流比率 残值 武士债券 稀有 美国证券交易监督委 员会 (美国证监会) 二级市场 二级发行 次级股票 行业类股 行业基金 转移投资行业 有抵押债务 有抵押票据 美国证券交易监督委 员会 (美国证监会) 证券借贷 证券化 证券 证券分析员 种子资金 独立基金 卖出 卖方市场 卖出对冲 卖空 抛售 售出清理 半年 半可变因素 高级证券 敏感度分析 投资情绪指标 结算日期 结算价格 影子定价 影子评级 股票 股本金 回购股份 股东 股东增值 股东价值转移 股东权益 已发行股票 抗鲨措施Enterprise Value EPS Equilibrium Equity Equity Accounting Equity Carve-out Equity Financing Equity Fund Equity Multiplier Equity Risk Premium Equity Unit Investment Trust Equity-Linked Note Escrow Escrow Agreement Eurobank Eurobond Euroclear Eurodollar European Option EV EV/EBITDA EVA Even Lot Exceptional Item Excess Return Exchange Exchange Distribution Exchange Privilege Exchange Rate Exchange Traded Fund企业价值 每股盈利 均衡 股票,股本 权益会计法 股票分拆上市 股票融资 股票资金 股票倍数 股票风险溢价 股票单位信托 股票关联票据 第三方保管契约 第三方保管协议 欧洲银行 欧洲债券 欧洲债券结算系统 欧洲美元 欧洲式期权 企业价值 企业价值/EBITDA (企业倍数) 经济增值 整批[证券] 特殊项目 额外回报 交易所 交易所分销 转移特权 外汇率 交易所指数基金Exchangeable Debt Exchangeable Security Exclusion Ratio Ex-Dividend Exercise Exit Strategy Expected Return Expense Expense Ratio Expiration Date Export Ex-Rights Extendable Bond Extension Risk Extraordinary Item Extrinsic Value Ex-Warrant Face Value Facility Fair Value Fairness Opinion Fed Fed Model Federal Funds Federal Funds Rate Federal Open Market Committee (FOMC) Federal Reserve Bank可交换债务 可交换证券 除外责任比率 除息,不带息 行使,执行 退出投资策略 预期回报率 开支 开支比率 到期日 出口 除权,不带新股认股 权 可延长债券 延长风险 非经常项目 外在价值 除证,不带认股权证 面值Shark Watcher Shelf Offering Shelf Registration Short Selling Silent Partner Sinking Fund Small-Cap Soft Call Protection Soft Commodity Soft Currency Soft Landing Soft Loan鲨变监察者 暂搁发行 暂搁注册 卖空 隐名合伙人 偿债基金 低市值公司 非强制买回保障 软商品 软货币 软着陆 软贷款 软通货,纸币 独资经营 偿付能力,资力 偿付比率 国家主权风险 特殊功能公司 专营经纪人 特殊风险 投机 分拆 保荐人 现货商品 现货市场 现货即期价格 即期交易 价差,息差 特殊功能公司Soft Money Sole Proprietorship Solvency Solvency Ratio Sovereign Risk Special Purpose Vehicle 信贷额度,资金设施 Specialist 公平价值 Specific Risk 公平意见 Speculation 联储局 Spinoff 联邦储备模型 Sponsor 联邦基金 Spot Commodity 联邦基金利率 Spot Market 公开市场委员会 联邦储备银行 Spot Price Spot Trade Spread SPVFederal Reserve Board 联邦储备委员会 (FRB) Federal Reserve System (the 联邦储备体系 Fed) Fiduciary Final Dividend Final Prospectus Finance Financial Accounting Financial Accounting Standards Board - (FASB) Financial Asset Financial Engineering Financial Intermediary Financial Performance Financial Planner Financial Supermarket 受托人 最终股息 公开说明书定稿 财务 财务会计 财务会计标准委员会 金融资产 金融资产重整 金融中介机构 财务表现 财务规划 金融超级市场Squeeze Stakeholder Stamp Duty Standard Deviation Stock Dividend Stock Option Stock Quote Stock Record Stock Split Strategic Alliance Stress Testing Strike Price紧缩 权益方 印花税 标准差 股票股息 股票期权 股票报价 股票纪录 分股 战略联盟 压力测试 行使价格Firm commitment Fiscal Agent Fiscal Policy Fiscal Year Fixed Annuity Fixed Asset Fixed Cost Fixed Income Security Fixed Interest Rate (mortgage) Fixed-Charge Coverage Ratio Flight to Quality Flipper Float Floater Floating Rate Note (FRN) Floor Floor Trader Flotation Flotation Cost Follow-on Offering坚定承诺 财务代理 财政政策 财务年度 固定年金 固定资产 固定成本 固定收入证券 固定利率(抵押) 固定费用偿付比率 安全投资转移 迅速换手投资者 公开流通股票Structural Unemployment Structured Finance Structured Note Subordinated Debt Subsequent Offering Subsidiary Supply Supply Chain Supply Chain Management Supply-Side Theory结构性失业 结构性融资 结构性票据 从属债务 后续发行 子公司,附属公司 供应 供应链 供应链管理 供应方理论 附加费 寿司债券 可持续增长率 掉期 掉期利率 掉期息差 承销团 银团贷款 协同效应 合成有抵押债务FOMC Forbearance Force Majeure Forced Conversion Forecasting Foreign Bond Foreign Currency Effects Foreign Direct Investment (FDI) Forex Fortune 500 Forward Contract Forward Integration Forward Looking Earnings Forward Market Forward Price Forward Rate Forward Rate Agreement (FRA) Forward Swap Free Cash Flow Free Cash Flow for the Firm (FCFF) Free Cash Flow per ShareSurcharge Sushi Bond Sustainable Growth Rate 无记名票据 Swap 浮息票据 Swap Rate 最低额 Swap Spread 出市代表,场内交易 Syndicate 发行,上市 Syndicated Loan 发行成本 Synergy 后续发行 Synthetic Collateralized Debt Obligation 公开市场委员会 Synthetic Lease 暂缓行使(债权人权 Synthetic Put 利) 不可抗力 Systematic Risk 强制转换 Tag Along Rights 预测 Take or Pay 国外债券 Takeover 外币效应 Tangible Asset 外国直接投资 Target Company 外汇 财富500 远期合约 前向整合 预见性盈利 远期市场 远期价格 远期利率 远期利率协议 远期掉期 自由现金流 企业自由现金流 每股自由现金流 Target Price Tariffs Tax Haven Tax Holiday Tax Shield Taxable Gain Taxable Income Technical Analysis Tender Tender Offer Tenor Term Sheet Terminal Value合成租赁 合成出售期权 系统性风险 跟随权 必付合约 收购 有形资产 目标公司 目标价格 关税 避税乐园 免税期 税盾 应课税收益 应课税收入 技术分析 投标,交换媒介 股权收购要约 期限 条款书 最终价值。
海外矿产资源收购中目标公司的特殊公司架构
DLC结构——海外矿产资源收购中目标公司的特殊公司架构秦伟宏（厦门大学法学院，福建厦门361005）摘要：双重上市（DLC）结构不同于常见的双/多地上市结构，是必和必拓、力拓等少数大型资源或矿业公司采取的特殊公司结构，该架构中包括两个股东结构不同、但管理层相同的上市公司。
随着我国在自然资源领域“走出去”战略的进一步实施，中国铝业公司等海外开发的领军企业在并购等交易中已经开始初步接触该结构。
该结构的深入理解有助于对相关公司的行动、交易的深刻理解。
本文结合作者在海外并购领域的丰富实务经验，结合力拓公司的具体安排对其特殊机制进行了全面分析；并结合海外并购中会涉及的外资审查、反垄断审查和上市公司监管三条监管主线，对该结构对海外并购的特殊影响进行了分析和研究。
关键词：DLC结构；双重上市；海外并购作者简介：秦伟宏，厦门大学法学院博士生，就职于中国铝业香港公司。
中图分类号：D996.4 文献标识码：AAbstract: A dual-listed company or DLC is a corporate structure which involves two listed companies with different sets of shareholders sharing ownership of one set of operational businesses and adopted by a number of big energy or mining companies such as BHP Billiton, Rio Tinto and etc. The term DLC is quite different from the common dual/cross-listings structure. As China is further implementing the "going global" opening strategy, some overseas vanguards like Chalco come upon the DLC structure for the first time in their global acquisitions. A better understanding of this structure will much help to a better understanding in the transaction and related deal actions. In this paper, based on the rich field experiences in the overseas transactions, I make comprehensive analysis of Rio Tinto’s special mechanism as per its specific DLC arrangements. Plus, combed through three regulatory work streams - foreign investment, antitrust and listed company filings and approvals, I give a big picture on the regulatory implications of the DLC structure. I also hope this paper may fill in a tiny blank for both Chinese related practical and academic fields.随着近年来我国自然资源储备与需求的矛盾日益突出，通过“走出去”、实施海外矿产资源收购弥补我国自然资源的不足，已经成为我国政府和产业界的一项共识和重要政策。
国际财务管理英语单词表
AActive income 活动收入;主动经营所得指个人或公司通过提供产品或服务而取得的收人。
Adjusted present value(APV)调整现值 指根据现金流风险大小采用不同利率计算企业现金流现值的方法。
Agency market 代理市场指经纪人通过代理人(中介)来接受客户指令并由代理人(中介)完成撮合的市场。
Agency problem 代理问题股东雇用经理人作为其代理人，而经理人事实上会因谋求自己的利益而损害股东的利益。
这样，两者就形成了利益冲突。
对于股权分散的公司，代理问题尤为严重。
All-equity cost of capital 全部权益资本成本;纯权益资本成本指不存在债务情况下公司股票的要求报酬率。
All-in-cost全面成本，总成本指互换交易的总成本，包括利息费用、交易成本和服务费。
American depository receipt(ADR)美国存托凭证指美国的银行所签发的所有权凭证、表示存放在美国的银行的各种外国股份。
美国存托凭证可在美国有组织的交易所或场外市场进行交易。
American option 美式期权指可在期权合约内任何时间进行执行的期权。
Appreciate(浮动汇率制下的)升值按本币衡量时，外币升值意味着外币兑本币汇率的增加。
Arbitrage套利 指同时买入并卖出等量资产或商品的交易行为，其目的是确保获利。
Ask price卖方报价参见offer price.BBalance of payment 国际收支指按复式记账法记录一国的国际交易。
Balance sheet hedge 资产负债表套期保值在通过消除预期净资产与同币种净负债风险敞口不相匹配来降低跨国公司的换算风险。
Bank capital adequacy 银行资本充足率指银行为应对风险资产而作为储备持有的权益资本与其他证券的金额，其目的是降低银行破产的概率。
Bankers' acceptance(B/A)银行承兑一种议付的货币市场工具。
铝合金成分对照表
International Alloy DesignationsandChemical Composition LimitsforWrought Aluminum andWrought Aluminum Alloys1525 Wilson Boulevard, Arlington, VA 22209With Support for On-line Access From:A luminum E xtruders C ouncilA luminium F ederation of S outh A fricaA ustralian A luminium C ouncil L td.E uropean A luminium A ssociationJ apan A luminium A ssociationA lro S.A, R omaniaRevised: February 2009Supersedes: April 2006© Copyright 2009, The Aluminum Association, Inc.Unauthorized reproduction and sale by photocopy or any other method is illegal.Use of the InformationThe Aluminum Association has used its best efforts in compiling the information contained in this publication. Although the Association believes that its compilation procedures are reliable, it does not warrant, either expressly or impliedly, the accuracy or completeness of this information. The Aluminum Association assumes no responsibility or liability for the use of the information herein.All Aluminum Association published standards, data, specifications and other material are reviewed at least every five years and revised, reaffirmed or withdrawn. Users are advised to contact The Aluminum Association to ascertain whether the information in this publication has been superseded in the interim between publication and proposed use.CONTENTSPage FOREWORD (i)SIGNATORIES TO THE DECLARATION OF ACCORD ..................................... ii-iii REGISTERED DESIGNATIONS AND CHEMICAL COMPOSITION LIMITS .... 1-13 Footnotes .. (14)TABLE OF NOMINAL DENSITIES FOR ACTIVE ALLOYS ............................. 15-20 TABLE OF INACTIVE ALLOY DESIGNATIONS ............................................. 21-22 Table of Chemical Composition Limits for Inactive Original Alloys (23)CROSS REFERENCES OF INTERNATIONAL DESIGNATIONS— DECLARATION OF ACCORD (DOA) TO ISO (24)RECOMMENDATION TO THE DECLARATION OF ACCORD (25)Footnotes (26)Appendix A—Use of Designations (27)Appendix B—Deactivation of Registered Alloys (27)Appendix C—General Guidelines for Determining Compliancewith "Sale of Alloy" and "Commercial Quantity" forPurposes of Registering Wrought Aluminum andWrought Aluminum Alloys (27)DECLARATION OF ACCORD (28)FOREWORDL isted herein are designations and chemical composition limits for wrought aluminum and wrought aluminum alloys registered with The Aluminum Association. Numerical designations are assigned in accordance with the Recommendation—International Designation System for Wrought Aluminum and Wrought Aluminum Alloys, which is printed on pages 25 through 27. Additions may be made in accordance with the rules outlined in the Declaration of Accord printed on page 28, and alloys will be deleted when no longer in commercial use (see table of inactive alloys printed on pages 21-22).S ince the International Designation System for Wrought Aluminum and Wrought Aluminum Alloys is based on USA's national standard "American National Standard Alloy and Temper Designation System for Aluminum ANSI H35.1," the system limits introduction of experimental alloy compositions to USA registrations. An experimental alloy registered by USA under this system is indicated by the prefix "X" and is subject to the following rules:1. A composition shall not be designated as experimental ("X") for more than five years.2. During its experimental status, the registering organization may request changes in thecomposition limit of the alloy, provided that it does not invalidate any assigned designation.3. The "X" is dropped when the alloy is no longer experimental.4. An experimental composition that is inactivated shall retain the prefix "X" for the duration ofits inactive status. If reactivated, the "X" shall be removed.S ome of the registered alloys may be the subject of patent or patent applications, and their listing herein is not to be construed in any way as the granting of a license under such patent right.A list of the organizations that are signatories to the Declaration of Accord on the Recommendation is printed on pages ii-iii.SIGNATORIES TO THE DECLARATION OF ACCORDThe following organizations are signatories to the Declaration of Accord on an International Alloy Designation System for Wrought Aluminum and Wrought Aluminum Alloys which is printed on page 28 of this publication.The Aluminum Association Inc. USA 1525 Wilson BoulevardSuite 600Arlington, VA 22209USAAFA Association Francaise de l’Aluminium FRANCE 17, rue Hamelin75016 ParisFRANCEAll-Russian Institute of Aviation Materials (VIAM) RUSSIA 17 Radio Ulitza105005 MoscowRUSSIAwww.viam.ruAlro S.A. ROMANIA 116 Pitesti Street230048 SlatinaROMANIAwww.alro.roAluminium Association of Canada CANADA 1010 Sherbrooke Street West, Suite 1600Montreal, Quebec H3A2R7CANADAwww.aac.aluminium.qc.caAluminium Center Belgium BELGIUM Z.I. Research Park 3101731 ZellikBELGIUMwww.aluminiumcenter.beAluminium Federation Limited UK National Metalforming Centre47 Birmingham RoadWest Bromwich B70 6PYUNITED KINGDOMAluminium Federation of South Africa SOUTH AFRICA P. O. Box 423Isando, 1600REPUBLIC OF SOUTH AFRICA.zaAluminium – Verband Schweiz SWITZERLAND Hallenstrasse 15PostfachCH-8024 ZurichSWITZERLANDwww.alu.chAssociacão Brasileira do Aluminio—ABAL BRAZIL Rua Humberto 1, No. 220-4o.AndarSao Pãulo-SPCEP 04018-030BRAZIL.brAssociation for the Dutch NETHERLANDS Metallurgic Industry (VNMI)P.O. Box 190NL-2700 AD ZoetermeerNETHERLANDSwww.vnmi.nlAssomet - Associazione Nazionale ITALY Industrie Metalli non FerrosiVia dei Missaglia, 97I-20142 MilanoITALYwww.assomet.itAustralian Aluminium Council Limited AUSTRALIA Level 1, Dickson SquareP. O. Box 63Dickson, ACT 2602AUSTRALIA.auAustrian Non-Ferrous Metals Federation AUSTRIA Wiedner Hauptstrasse 63/3317Postfach 338A-1045 ViennaAUSTRIAwww.nemetall.atCentro Nacional de Investigaciones SPAIN Metalurgicas (CENIM)Avenida Gregorio del Amo, 8Ciudad Universitaria28040 MadridSPAINwww.cenim.csic.esChina Nonferrous Metals Techno-Economic CHINA Research InstituteNo. 9 Xizhang Hutong, Xizhimennei StreetBejing, 100035PEOPLES REPUBLIC OF CHINAEuropean Aluminium Association EAA Avenue de Broqueville, 12B-1150 BrusselsBELGIUMiiEuropean Organization for ASD-STAN Aerospace Standardization270, Avenue de Tervuren1150, BrusselsBELGIUMGesamtverband der Aluminium- GERMANY industrie e.V. (GDA)Am Bonneshof 5D-40474 DusseldorfGERMANYwww.aluinfo.deInstitute of Non-Ferrous Metals POLAND Light Metals Divison32-050 SkawinaUl. Pilsudskiego 19POLANDwww.imn.gliwice.plInstituto Mexicano del Alumino, A.C. MEXICO Francisco PetrarcaNo. 133 Piso 9MEXICO, 11560, DF.mx IRAM-Instituto Argentino De ARGENTINA NormalizacionPeru 556C1068AABBuenos AiresARGENTINA.arJapan Aluminium Association JAPAN Tsukamoto-Sozan Building2-15, Ginza 4-ChomeChuo-ku, Tokyo 104-0061JAPANwww.aluminum.or.jpSwedish Aluminium Association SWEDEN Aluminiumriket SverigeFramtidsvagen 21ASE-351 96 VaxjoSWEDENSignatories (Continued)iiiCALCULATED NOMINAL DENSITIES FOR ACTIVEWROUGHT ALUMINUM AND WROUGHT ALUMINUM ALLOYSDensity is dependent upon composition and nominal density is determined by computation rather than by a weight method. The values shown below have been computed in accordance with the Aluminum and Aluminum Alloy Density Calculation Procedure appearing on pages 2-12 and 2-13 of Aluminum Standards and Data. These calculated densities are nominal values and should not be specified as engineering requirements but may be used in calculating nominal values for weight per unit length, weight per unit area, covering area, etc.Limiting the expression of nominal density to the number of decimal places indicated is based on the fact that composition variations are discernible from one cast to another for most alloys. The expression of nominal density to more decimal places than allowed by the following implies higher precision than is justified and should not be used.1. Alloys listed below which have a minimum aluminum content of 99.35% or greater have nominal densityvalues which are rounded in the US customary system (lbs/in3) to the nearest multiple of 0.0005 and in the metric system [(kg/m3) x 103] to the nearest multiple of 0.005.2. Alloys listed below which have a minimum aluminum content of less than 99.35% have nominal densityvalues which are rounded in the US customary system (lbs/in3) to the nearest multiple of 0.001 and in the metric system [(kg/m3) x 103] to the nearest multiple of 0.01.The US customary (lbs/in3) unit values are derived from metric values and subsequently rounded and are not to be back-converted to metric values.Density Designation lbs/in.3(kg/m3) x 103 1050 0.0975 2.7051050A 0.0975 2.7051060 0.0975 2.7051065 0.0975 2.7001070 0.0975 2.7001070A 0.0975 2.7001080 0.0975 2.7001080A 0.0975 2.7001085 0.0975 2.7001090 0.0975 2.7001098 0.0975 2.7001100 0.098 2.711100A 0.098 2.711200 0.098 2.701200A 0.098 2.711300 0.098 2.711110 0.098 2.701120 0.098 2.711230 0.098 2.701230A 0.098 2.701235 0.0975 2.7051435 0.0980 2.7101145 0.0975 2.7001345 0.0975 2.7051445 0.0975 2.7001150 0.0975 2.7051350 0.0975 2.7051350A 0.0975 2.7001450 0.0975 2.7051370 0.0975 2.7001275 0.0975 2.7051185 0.0975 2.700Density Designation lbs/in.3(kg/m3) x 103 1285 0.0975 2.7001385 0.0975 2.7001188 0.0975 2.7001190 0.0975 2.7001290 0.0975 2.7001193 0.0975 2.7001198 0.0975 2.7001199 0.0975 2.7002001 0.102 2.822002 0.099 2.732004 0.102 2.822005 0.102 2.832006 0.099 2.742007 0.102 2.822007A 0.102 2.81+2007B 0.102 2.81 2008 0.098 2.722009 0.099 2.752010 0.098 2.722011 0.102 2.832011A 0.102 2.822111 0.102 2.832111A 0.102 2.832111B 0.102 2.832012 0.102 2.822013 0.099 2.732014 0.101 2.802014A 0.101 2.802214 0.101 2.802015 0.102 2.832016 0.101 2.792017 0.101 2.79Density Designation lbs/in.3(kg/m3) x 103 2017A 0.101 2.792117 0.099 2.752018 0.102 2.822218 0.101 2.812618 0.100 2.762618A 0.100 2.772219 0.103 2.842319 0.103 2.842419 0.102 2.842519 0.102 2.822021 0.103 2.842022 0.101 2.802023 0.100 2.772024 0.100 2.782024A 0.100 2.772124 0.100 2.782224 0.100 2.772224A 0.100 2.782324 0.100 2.772424 0.100 2.772524 0.100 2.782025 0.101 2.812026 0.100 2.772027 0.101 2.792028 0.102 2.83+2028A 0.101 2.80+2028B 0.102 2.81+2028C 0.102 2.82 2030 0.102 2.812031 0.100 2.772032 0.100 2.762034 0.101 2.792036 0.100 2.752037 0.099 2.742038 0.099 2.732039 0.101 2.812139 0.102 2.812040 0.102 2.81+2041 0.103 2.84+2044 0.102 2.81+2045 0.102 2.82 2050 0.098 2.702056 0.100 2.782090 0.093 2.592091 0.093 2.582094 0.098 2.722095 0.098 2.702195 0.098 2.712196 0.095 2.632097 0.096 2.652197 0.095 2.642297 0.096 2.65Density Designation lbs/in.3(kg/m3) x 103 2397 0.096 2.652098 0.097 2.702198 0.097 2.692099 0.095 2.632199 0.095 2.643002 0.098 2.703102 0.098 2.713003 0.099 2.733103 0.099 2.733103A 0.098 2.723103B 0.098 2.733203 0.098 2.733403 0.099 2.733004 0.098 2.723004A 0.098 2.713104 0.098 2.723204 0.098 2.713304 0.098 2.723005 0.098 2.733005A 0.099 2.733105 0.098 2.723105A 0.098 2.713105B 0.098 2.723007 0.098 2.723107 0.098 2.723207 0.098 2.713207A 0.098 2.723307 0.098 2.723009 0.099 2.733010 0.098 2.723110 0.098 2.723011 0.099 2.733012 0.098 2.72+3012A 0.098 2.72 3013 0.099 2.743014 0.099 2.753015 0.098 2.723016 0.098 2.723017 0.099 2.733019 0.099 2.733020 0.099 2.733025 0.098 2.723026 0.098 2.723030 0.098 2.723130 0.098 2.714004 0.096 2.654104 0.096 2.654006 0.098 2.714007 0.099 2.744008 0.096 2.674009 0.097 2.704010 0.096 2.67Density Designation lbs/in.3(kg/m3) x 103 4013 0.098 2.714014 0.097 2.704015 0.098 2.71+4015A 0.098 2.71+4115 0.098 2.72 4016 0.099 2.734017 0.098 2.724018 0.096 2.674019 0.099 2.744020 0.098 2.714026 0.099 2.734032 0.097 2.684043 0.097 2.694043A 0.097 2.694343 0.097 2.684643 0.097 2.694044 0.097 2.674045 0.096 2.674145 0.099 2.744145A 0.099 2.744046 0.096 2.664047 0.096 2.664047A 0.096 2.664147 0.096 2.665005 0.098 2.705005A 0.097 2.695205 0.097 2.705305 0.097 2.695505 0.097 2.695605 0.097 2.695006 0.098 2.715106 0.098 2.715010 0.098 2.715110 0.097 2.695110A 0.098 2.705210 0.097 2.695310 0.097 2.695016 0.097 2.705017 0.097 2.695018 0.096 2.675018A 0.097 2.675019 0.096 2.655019A 0.096 2.655119 0.096 2.655119A 0.096 2.655021 0.097 2.685022 0.096 2.665023 0.095 2.64+ 5024 0.096 2.65 5026 0.097 2.695027 0.096 2.655040 0.098 2.72Density Designation lbs/in.3(kg/m3) x 103 5140 0.098 2.715041 0.097 2.675042 0.096 2.675043 0.098 2.725049 0.097 2.705149 0.097 2.695249 0.097 2.705349 0.097 2.705449 0.097 2.705050 0.097 2.695050A 0.097 2.695150 0.097 2.685051 0.097 2.695051A 0.097 2.695151 0.097 2.685251 0.097 2.695251A 0.097 2.695351 0.097 2.685451 0.097 2.685052 0.097 2.685252 0.096 2.675352 0.097 2.675154 0.096 2.665154A 0.096 2.675154B 0.096 2.67+ 5154C 0.096 2.66 5254 0.096 2.665354 0.097 2.695454 0.097 2.695554 0.097 2.695654 0.096 2.665654A 0.096 2.665754 0.097 2.675954 0.096 2.665056 0.095 2.645356 0.096 2.645356A 0.096 2.645456 0.096 2.665456A 0.096 2.665456B 0.096 2.665556 0.096 2.665556A 0.096 2.655556B 0.096 2.655556C 0.096 2.665257 0.097 2.705457 0.097 2.695557 0.097 2.705657 0.097 2.695058 0.097 2.675059 0.096 2.665070 0.097 2.685180 0.097 2.70Density Designation lbs/in.3(kg/m3) x 103 5180A 0.097 2.705082 0.096 2.655182 0.096 2.655083 0.096 2.665183 0.096 2.665183A 0.096 2.665283 0.096 2.655283A 0.096 2.655283B 0.096 2.665383 0.096 2.665483 0.096 2.665086 0.096 2.665186 0.096 2.665087 0.096 2.665187 0.096 2.665088 0.096 2.656101 0.097 2.706101A 0.097 2.696101B 0.097 2.706201 0.097 2.696201A 0.097 2.696401 0.097 2.696501 0.098 2.706002 0.097 2.706003 0.097 2.706103 0.098 2.706005 0.097 2.706005A 0.098 2.706005B 0.097 2.706005C 0.098 2.706105 0.097 2.706205 0.098 2.716006 0.098 2.706106 0.098 2.706206 0.098 2.716306 0.097 2.706008 0.098 2.706009 0.098 2.716010 0.098 2.716110 0.098 2.716110A 0.098 2.716011 0.099 2.736111 0.098 2.716012 0.099 2.746012A 0.099 2.746013 0.098 2.716113 0.098 2.716014 0.098 2.706015 0.097 2.696016 0.098 2.706016A 0.098 2.706116 0.097 2.70Density Designation lbs/in.3(kg/m3) x 103 6018 0.099 2.746019 0.098 2.716020 0.099 2.736021 0.098 2.726022 0.097 2.696023 0.099 2.736024 0.098 2.726025 0.097 2.706026 0.099 2.74+6028 0.099 2.74 6033 0.099 2.736040 0.099 2.73+6041 0.099 2.73+6042 0.098 2.72+6043 0.098 2.72 6151 0.098 2.716351 0.098 2.716351A 0.098 2.716451 0.098 2.706951 0.098 2.706053 0.097 2.696056 0.098 2.726156 0.098 2.726060 0.097 2.706160 0.097 2.706260 0.098 2.706360 0.098 2.706460 0.097 2.706560 0.098 2.706061 0.098 2.706061A 0.098 2.706261 0.098 2.706162 0.097 2.706262 0.098 2.726262A 0.098 2.726063 0.097 2.706063A 0.097 2.706463 0.097 2.696463A 0.097 2.696763 0.097 2.696963 0.097 2.70+6064 0.098 2.72+6064A 0.098 2.72 6065 0.098 2.726066 0.098 2.726069 0.098 2.706070 0.098 2.716081 0.097 2.706181 0.097 2.696181A 0.098 2.706082 0.098 2.706082A 0.098 2.70Density Designation lbs/in.3(kg/m3) x 103 6182 0.098 2.716091 0.097 2.706092 0.098 2.707003 0.101 2.807004 0.100 2.777204 0.100 2.787005 0.100 2.777108 0.100 2.787108A 0.101 2.787009 0.101 2.807010 0.102 2.827012 0.101 2.817014 0.101 2.797015 0.100 2.777016 0.100 2.787116 0.101 2.787017 0.100 2.767018 0.101 2.797019 0.100 2.767019A 0.100 2.757020 0.100 2.787021 0.101 2.787022 0.100 2.777122 0.100 2.767023 0.100 2.787024 0.100 2.777025 0.100 2.777026 0.100 2.787028 0.100 2.777029 0.100 2.777129 0.100 2.787229 0.100 2.777030 0.101 2.797031 0.099 2.747032 0.102 2.827033 0.101 2.797034 0.105 2.907035 0.099 2.75+7035A 0.099 2.75 7036 0.104 2.887136 0.104 2.88+7037 0.103 2.85 7039 0.099 2.747040 0.102 2.827140 0.102 2.83+7041 0.101 2.80 7046 0.102 2.827046A 0.102 2.817049 0.103 2.847049A 0.103 2.847149 0.103 2.847249 0.103 2.84Density Designation lbs/in.3(kg/m3) x 103 7349 0.103 2.857449 0.103 2.857050 0.102 2.837050A 0.102 2.827150 0.102 2.837250 0.102 2.827055 0.103 2.86+7155 0.104 2.87 7056 0.104 2.877060 0.103 2.857064 0.103 2.857068 0.103 2.857168 0.103 2.867072 0.098 2.727075 0.101 2.817175 0.101 2.807475 0.101 2.817076 0.102 2.847178 0.102 2.837278 0.102 2.837278A 0.102 2.827081 0.102 2.837085 0.103 2.857090 0.103 2.857093 0.103 2.867095 0.104 2.898005 0.098 2.718006 0.099 2.748007 0.100 2.768008 0.099 2.748010 0.098 2.728011 0.098 2.718011A 0.098 2.718111 0.098 2.718211 0.098 2.728112 0.098 2.728014 0.099 2.738015 0.098 2.728016 0.098 2.728017 0.098 2.718018 0.098 2.728019 0.106 2.928021 0.098 2.738021A 0.098 2.728021B 0.098 2.728022 0.102 2.838023 0.099 2.748024 0.088 2.438025 0.098 2.71+8026 0.099 2.73 8030 0.098 2.718130 0.098 2.71Density Designation lbs/in.3(kg/m3) x 103 8040 0.098 2.718050 0.099 2.738150 0.098 2.738076A 0.098 2.718176 0.098 2.718077 0.098 2.708079 0.098 2.728090 0.092 2.548091 0.092 2.548093 0.092 2.55Density Designation lbs/in.3(kg/m3) x 103PREVIOUSLY ASSIGNED BUT PRESENTLY INACTIVE ALLOY DESIGNATIONS12DATEDESIGNATION RECLASSIFIED103081988-05-23103582005-04-13104082005-04-13104582005-04-131130 1966-09-091330 1964-12-181135 1997-02-031335 1966-09-091245 1966-09-091250 1988-05-231055 1988-05-231160 1958-04-22(Superseded by 1060)1260 2005-04-131360 1965-12-091165 1966-07-121170 1997-02-031270 1966-07-12107581988-05-231175 1997-02-031180 1997-02-031187 1958-09-10(Superseded by 1188)1095 1988-05-231197 1958-09-10(Superseded by 1199)109981965-12-09200381997-11-28X231681965-03-31X2119 1966-03-072020 1974-11-012225 1966-07-12204882005-04-132053 1983-11-09208082005-06-02X209682000-12-083303 1997-02-033205 1965-11-05300682005-04-133008 1996-03-153018 1998-01-164001 1965-11-054101 1965-11-054002 1981-05-29X4003 1975-01-27X4005 1977-06-01401182005-06-024012 1965-11-054543 1997-02-03DATEDESIGNATION RECLASSIFIED4245 1968-08-19(Redesignated 4048)404882005-04-13X5002 1963-06-035004 1967-04-265105 1960-04-285405 1966-07-125007 1968-05-135008 1968-05-135009 1968-05-135011 1967-04-26X5012 1970-06-305013 1996-10-02501481997-11-28X5015 1968-08-19X5020 1977-08-04X5220 1962-01-11502582005-06-025034 1973-08-095039 1975-11-245250 2005-04-135050B 1996-03-155152 1963-06-03X5452 1971-06-175552 1997-02-035652 2005-04-135053 1968-08-19X5153 1967-04-265854 1996-10-02X5055 1956-10-195155 1971-07-145056A141992-02-215357 2005-04-135757 1963-05-145857 1963-06-105957 1963-06-03X508081963-10-225280 1996-10-02X5084 1965-04-27X5184 1965-04-27X5085 1977-08-04X5090 1977-07-18509182000-04-26600181955-07-086301 2005-04-13600482005-04-13600782005-04-13601781997-02-03PREVIOUSLY ASSIGNED BUT PRESENTLY INACTIVE ALLOY DESIGNATIONS12 (continued)DATE DESIGNATION RECLASSIFIED605181963-12-12X6251 1965-03-316253 2002-05-22X6161 1963-06-03606281964-09-04X6163 1964-12-186263 1955-07-126363 1964-12-186563 1967-04-266663 1967-04-266863 1996-10-02X6064181965-03-31X6067 1974-11-016071 1966-07-126090 1992-06-01700181997-02-037002 1966-07-127104 1988-05-23X7006 1963-09-10X710681980-04-16X7007 1972-02-16700882005-04-13 7109 1996-03-15701181999-06-17701381997-02-037027 1996-06-26X7038 1967-04-267139 1966-09-097146 1997-02-037051 1996-10-027070 1988-05-23X7272 1965-03-317472 1997-02-03X7275 1963-06-03727782000-11-067079 1989-03-22 7179 1989-06-06X7279 1963-06-03X7080 1971-01-04709181997-02-03 800181997-02-03X8002 1964-12-18X8003 1964-12-188004 1996-10-02800982000-06-198212 1967-04-268013 1971-11-01802082005-04-138DATE DESIGNATION RECLASSIFIED8177 1997-02-03828082005-04-13X8380 1964-12-18X8480 1964-12-18808181997-02-03X8090A 1989-01-13X8092 1991-10-24X8192 1991-10-24CROSS REFERENCE OF INTERNATIONAL DESIGNATIONS DECLARATION OF ACCORD (DOA) TO ISO*DOA DESIGNATIONFORMER ISODESIGNATIONDOADESIGNATIONFORMER ISODESIGNATIONDOADESIGNATIONFORMER ISODESIGNATION1050A Al99.5 3105 AlMn0.5Mg0.5 6101 E-AlMgSi1350 E-Al99.5 4043 AlSi5 6101A E-AlMgSi(A) 1060 Al99.6 4043A AlSi5(A) 6005 AlSiMg1070A Al99.7 4047 AlSi12 6005A AlSiMg(A)1370 E-Al99.7 4047A AlSi12(A) 6351 AlSi1Mg0.5Mn 1080A Al99.8(A) 5005 AlMg1(B) 6060 AlMgSi1100 Al99.0Cu 5019 AlMg5 6061 AlMg1SiCu1200 Al99.0 5050 AlMg1.5(C) 6262 AlMg1SiPb2011 AlCu6BiPb 5251 AlMg2 6063 AlMg0.7Si2014 AlCu4SiMg 5052 AlMg2.5 6063A AlMg0.7Si(A) 2014A AlCu4SiMg(A) 5154 AlMg3.5 6181 AlSi1Mg0.82017 AlCu4MgSi 5154A AlMg3.5(A) 6082 AlSi1MgMn2017A AlCu4MgSi(A) 5454 AlMg3Mn 7005 AlZn4.5Mg1.5Mn 2117 AlCu2.5Mg 5554 AlMg3Mn(A) 7010 AlZn6MgCu2219 AlCu6Mn 5754 AlMg3 7020 AlZn4.5Mg1 2024 AlCu4Mg1 5056 AlMg5Cr 7049A AlZn8MgCu2030 AlCu4PbMg 5356 AlMg5Cr(A) 7050 AlZn6CuMgZr 3003 AlMn1Cu 5456 AlMg5Mn1 7075 AlZn5.5MgCu 3103 AlMn1 5083 AlMg4.5Mn0.7 7475 AlZn5.5MgCu(A) 3004 AlMn1Mg1 5183 AlMg4.5Mn0.7(A) 7178 AlZn7MgCu3005 AlMn1Mg0.5 5086 AlMg4*Source: ISO 209-1.NOTE: This table is included for informational purposes only. ISO 209-1 has been withdrawn and replaced by ISO 209 which references the Teal Sheets as the normative reference and the source for international alloy designations.The Aluminum Association RECOMMENDATION 15 December 1970 1525 Wilson Boulevard INTERNATIONAL DESIGNATION SYSTEM Revised March 2008 Arlington, VA 22209 FOR WROUGHT ALUMINUM AND WROUGHT ALUMINUM ALLOYSU.S.A.This Recommendation is based on the numerical designation system for wrought aluminum and wrought aluminum alloys which was adopted in the U.S.A. in 1954, andbecame its national standard in 1957. This Recommendation was officially adopted by the International Signatories of the Declaration of Accord on December 15, 1970.Designations in accordance with this Recommendation may be used by any country, but there is no obligation to use them. For use, see Appendixes A, B, and C.A numerical designation assigned in conformance with this Recommendation should only be used to indicate an aluminum or an aluminum alloy having chemicalcomposition limits identical to those registered with the Signatories to the Declaration of Accord on an International Alloy Designation System for Wrought Aluminum andWrought Aluminum Alloys.1. ScopeThis recommendation describes a four-digit numerical system for designating wroughtaluminum and wrought aluminum alloys.2. Alloy GroupsThe first of the four digits in the designation indicates the alloy group as follows:Aluminum, 99.00 percent and greater (1xxx)Aluminum alloys grouped by major alloying elements1,2,3Copper (2xxx)Manganese (3xxx)Silicon (4xxx)Magnesium (5xxx)Magnesium and Silicon (6xxx)Zinc (7xxx)Other elements (8xxx)Unused series (9xxx)3. 1xxx GroupThe designation assigned shall be in the 1xxx group whenever the minimum aluminumcontent is specified as 99.00 percent and greater. In the 1xxx group, the last two of the fourdigits in the designation indicate the minimum aluminum percentage4. These digits are thesame as the two digits to the right of the decimal point in minimum aluminum percentagewhen it is expressed to the nearest 0.01 percent. The second digit in the alloy designationindicates alloy modifications in impurity limits or alloying elements. If the second digit in thedesignation is zero, it indicates unalloyed aluminum having natural impurity limits; integers 1through 9, which are assigned consecutively as needed, indicate special control of one ormore individual impurities or alloying elements.4. 2xxx-8xxx GroupsThe alloy designation in the 2xxx through 8xxx groups is determined by the alloying element(Mg2Si for 6xxx alloys) present in the greatest mean percentage. If the greatest meanpercentage is common to more than one alloying element, choice of group will be in order ofgroup sequence Cu, Mn, Si, Mg, Mg2Si, Zn or Others. In the 2xxx through 8xxx alloy groupsthe last two of the four digits in the designation have no special significance but serve only toidentify the different aluminum alloys in the group. The second digit in the alloy designationindicates the original alloy5 and alloy modifications; integers 1 through 9, which are assignedconsecutively, indicate alloy modifications.5. ModificationsA modification of the original alloy 5 is limited to any one or a combination of the following:(a) Change of not more than the following amounts in the arithmetic mean of thelimits for an individual alloying element or combination of elements expressedas an alloying element or both:Arithmetic Mean of Limits for Alloying Elements in Original Alloy Maximum ChangeUp through 1.0 percent 0.15Over 1.0 through 2.0 percent 0.20Over 2.0 through 3.0 percent 0.25Over 3.0 through 4.0 percent 0.30Over 4.0 through 5.0 percent 0.35Over 5.0 through 6.0 percent 0.40Over 6.0 percent 0.50To determine compliance when maximum and minimum limits are specified for a combination of two or more elements in one alloy composition, the arithmetic mean of such combination is compared to the sum of the mean values of the same individual elements, or any combination thereof, in another alloy composition.(b) Addition or deletion of not more than one alloying element with limits having anarithmetic mean of not more than 0.30 percent, or addition or deletion of not morethan one combination of elements expressed as an alloying element with limitshaving a combined arithmetic mean of not more than 0.40 percent.(c) Substitution of one alloying element for another element serving the samepurpose.(d) Change in limits for impurities expressed singly or as a combination.(e) Change in limits for grain refining elements.(f) Maximum iron or silicon limits of 0.12 percent and 0.10 percent, or less,respectively, reflecting high purity base metal.An alloy should not be registered as a modification if it meets the requirements for a national variation.6. National VariationsNational variations of wrought aluminum and wrought aluminum alloys registered by another country in accordance with this Recommendation are identified by a serial letter after the numerical designation. The serial letters are assigned in alphabetical sequence starting withA for the first national variation registered, but omitting I, O, and Q.A national variation has composition limits which are similar but not identical to a modificationor an original alloy registered by another country, with differences such as:(a) Differences in arithmetic mean of limits for an individual alloying element orcombination of elements expressed as an alloying element, or both, notexceeding the following amounts:Arithmetic Mean of Limits for AlloyingElements in Original Alloy or ModificationMaximumDifferenceUp through 1.0 percent 0.15Over 1.0 through 2.0 percent 0.20Over 2.0 through 3.0 percent 0.25Over 3.0 through 4.0 percent 0.30Over 4.0 through 5.0 percent 0.35Over 5.0 through 6.0 percent 0.40Over 6.0 percent 0.50To determine compliance when maximum and minimum limits are specified for acombination of two or more elements in one alloy composition, the arithmetic mean ofsuch combination is compared to the sum of the mean values of the same individualelements, or any combination thereof, in another alloy composition.(b) Substitution of one alloying element for another element serving the samepurpose.(c) Different limits of impurities except for low iron. Iron maximum of 0.12 percent orless, reflecting high purity base metal, should be considered an alloy modification.See 5(f).(d) Different limits on grain refining elements.(e) Inclusion of a minimum limit for iron or silicon, or both.An alloy meeting these requirements should not be registered as a new alloy or alloymodification.See footnotes on page 2625See footnotes on page 14.。
亚马逊如何上传listing
Amazon Seller Training商品刊登日程•商品刊登的两个方法•两个方法的特点和区别•方法一：“单个刊登”的操作•方法二：“批量上传”的操作•已上传产品的查看、编辑如何将商品信息，刊登到Amazon后台？•方法一：单个刊登（后台填写）•方法二：批量上传（模版上传）两个方法的特点和区别•单个刊登优点：后台直接填写，直观易操作不适用：款数多的情况速度过慢，大量修改信息时不便查找建议：产品款数较少的卖家可选用•批量上传优点：一次性可上传大批产品，快速高效不适用：模版填的不正确时会报错，需要修改建议：产品款数较多的卖家可选用，模版填写需要认真学习方法一：单个刊登的操作•选项一：创建一个新品•选项二：销售亚马逊平台已有商品单个刊登——创建一个新品•步骤一：登录Amazon美国后台https:// •步骤二：点导航栏中“INVENTORY”菜单下的“Add a Product”•步骤三：点“Create a new product”单个刊登——创建一个新品•步骤四：选择分类1. 可通过关键词搜索2. 也可用分类树查找3. 点“Select”确认单个刊登——创建一个新品•步骤五：填写商品信息，所有带红色星号的为必填项所有必填项填完后，点“Save and finish”保存即可（注：保存后，上传的图片才会显示）单个刊登——创建新品的多属性-变体•“多属性商品”一般适用于：服饰类，珠宝首饰等类商品，我们称之为“变体商品”•这种商品的展示形式如下,买家可以选择“尺寸和颜色”•当买家选择不同颜色时，商品的图片会随之变化，选择不同尺寸和颜色时，价格库存等都将随之变化单个刊登——创建新品的多属性-变体•在商品的Vital Info或者More Details标签下找到Variation Theme •在Variation Theme中选择变体主题如尺寸、颜色，或尺寸+颜色单个刊登——创建新品的多属性-变体•选择变化主题后，点击Variations标签，进入添加尺寸颜色页面•在Size, Color菜单里面添加您的商品尺寸，颜色•点击Add variations 按钮创建变体主题的组合单个刊登——创建新品的多属性-变体•在Variation Matrix里面会出现不同的尺寸颜色组合•在每个组合后面添加：SKU, UPC, Condition, Your Price （价格）, Sale Price（促销价格）,Sale start date, Sale end date （促销开始，结束日期），Quantity (数量）后，保存单个刊登——销售亚马逊平台已有商品•亚马逊允许卖家：销售已经在亚马逊平台创建好了的商品•卖家必须确认：商品的所有信息完全一致才能销售已有商品, 包括UPC、品牌、厂商、包装、及商品各种参数。
listing的英语作文
listing的英语作文In the realm of effective communication, the ability to list is an indispensable skill. Listing, in its essence, is the act of presenting information in a clear, organized, and sequential manner. Whether it's in academic writing, business presentations, or even casual conversations, listing can enhance the clarity and impact of the message being conveyed.The Power of StructureA well-structured list is the cornerstone of a successful listing. It allows the reader or listener to follow the flow of ideas with ease. For instance, when writing an essay, a student might list the main points in the introduction, providing a roadmap for the reader to anticipate the subsequent discussion.Catering to the AudienceUnderstanding the audience is crucial when listing. In a business setting, a concise bullet-point list can be more effective in capturing the attention of busy executives than a long, unbroken paragraph. On the other hand, a detailed numbered list may be more suitable for a tutorial where step-by-step instructions are necessary.The Use of TransitionsTransitions play a vital role in linking the items in a list. They provide a smooth flow between points, ensuring that the list does not appear disjointed. For example, using phraseslike "Firstly," "Secondly," and "Lastly" can guide the reader through a list in a logical progression.The Importance of RelevanceEach item in a list should be relevant and contribute to the overall message. Irrelevant or redundant points can confuse the audience and detract from the effectiveness of the list. It's essential to ensure that every point has a purpose and supports the main argument or objective.Practicing the ArtLike any skill, listing improves with practice. Students can start by listing in their daily life— jotting down grocery items, summarizing key points from a lecture, or even listing reasons for a decision. This practice can then be refined and applied to more formal settings.ConclusionListing is more than just a formatting tool; it's a powerful method for organizing thoughts and presenting information. By mastering the art of listing, one can communicate more effectively, whether in writing or speech. It's a skill that, once honed, can significantly improve the clarity and persuasiveness of any message.。
证券用语（M）
MMACD see Moving Average Convergence-DivergenceMass ATI see Mass Account Transfer InstructionMESDAQ see Malaysian Exchange of Securities Dealing and Automated Quotation BhdMBO see management buy-outMORC see Memorandum of Regulatory CooperationMOU see memorandum of understandingMPF see Mandatory Provident FundMSCI Hong Kong Index see Morgan Stanley Capital International Hong Kong IndexMWS see Multi-workstation SystemM1 狭义货币供应量M2 ⼴义货币供应量Maastricht Treaty 马城条约main board 主板；第⼀板Mainland/Hong Kong Closer Economic Partnership Arrangement 《内地与⾹港关于建⽴更紧密经贸关系的安排》Mainland/Hong Kong Closer Economic Partnership Arrangement - Arrangements relating to Qualifications of Securities and Futures Industry Practitioners 《内地与⾹港关于建⽴更紧密经贸关系的安排 - 与证券及期货⼈员资格有关的安排》maintenance margin【futures】维持按⾦；补仓按⾦【期货】major shareholder 主要股东；⼤股东major transaction 主要交易；重⼤交易maker-checker facility【CCASS】「输⼊与核对分⼯」功能【中央结算系统】Malaysian Exchange of Securities Dealing and Automated Quotation Bhd (MESDAQ) 马来西亚证券交易所交易及⾃动报价系统management buy-out (MBO) 管理层收购；⾃发性收购management fee 管理费⽤management shareholder 管理层股东Management, Supervision and Internal Control Guideline【SFC】《管理、监督及内部监控指引》【证监会】manager 经办⼈mandatory bid; mandatory offer 强制性收购建议Mandatory Provident Fund (MPF) 强制性公积⾦Mandatory Provident Fund Schemes Authority (MPFA) 强制性公积⾦计划管理局margin 按⾦；保证⾦；「孖展」margin call 追补按⾦；补仓通知margin client 孖展客户；保证⾦客户margin coverage ratio 孖展覆盖率；保证⾦保险范围⽐率margin cut 斩仓margin financing 保证⾦融资；孖展融资；保证⾦借贷活动margin interval 按⾦间距margin offset 按⾦对销margin parameter 按⾦参数margin pooling 证券汇集转按margin ratio 按⾦⽐例margin relief 按⾦减免Margin Securities Trading Account 保证⾦证券交易户⼝margin trading 按⾦交易；孖展买卖margin value 保证⾦价值margin-after-exercise ⾏使后按⾦margined premium 以按⾦形式缴付的期权⾦margining process 计算按⾦程序mark to market / mark-to-market 按市价计值mark-to-market margin 市价计值按⾦market capitalisation 市场总值；市价总值Market Datafeed 市场数据传送专线market depth 市场深度market maker 庄家Market Maker List 庄家名录market making 庄家活动；作价买卖market manipulation 市场操纵；市场操纵⾏为；造市Market Misconduct Tribunal 市场失当⾏为审裁处market order 市价盘market participant 市场参与者market practitioner 市场从业员market rental 市值租⾦market risk 市场风险market sentiment 市场⽓氛market share 市场占有率market volatility 市场波幅market-sensitive information 市场敏感资料；影响市场数据marks / marks payment 差额缴款Mass Account Transfer Instruction(Mass ATI) ⼤量户⼝转移指⽰mass quote ⼤量开盘master trust scheme 集成信托计划maturity 到期；到期⽇maximum spread 差价限额Memorandum and Articles of Association 《组织⼤纲及章程》memorandum of association 组织⼤纲Memorandum of Regulatory Cooperation (MORC) 《监管合作备忘录》memorandum of understanding (MOU) 谅解备忘录merchant bank 商⼈银⾏merger 合并mergers and acquisitions 合并与收购；并购活动*merit-based 以监管机构评审为本mid-cap stock 中型股Mid-day Data File Transfer Service 中午数据传送服务middle exercise price 中间⾏使价middle-priced option 中位价期权Mini-HSI Futures ⼩型恒⽣指数期货合约Mini-HSI Options ⼩型恒⽣指数期权合约minimum contribution 最低供款额minimum price fluctuation 最低上落价位；变动minimum quote quantity 最少开价数量minimum response time 最短回复开价时间minimum transaction size 最低交易数额Ministry of Finance【Mainland China】财政部【中国内地】Ministry of Foreign Trade and Economic Cooperation【Mainland China】对外经济贸易合作部（外经贸部）【中国内地】minority controller 次要控制⼈minority interest 少数股东权益minority shareholder 少数股东minus tick 低于前成交价misconduct 不当⾏为；失职⾏为；渎职⾏为misrepresentation 失实陈述；虚报Misrepresentation Ordinance 《失实陈述条例》misstatement 虚假声明；错误陈述mistraded contract 错误交易合约mock trading 仿真交易Model Authorisation Letter 标准授权书Model Code for Securities Transactions by Directors of Listed Companies 《上市公司董事进⾏证券交易的标准守则》Model Code for Sponsors 《保荐⼈标准守则》monetary assets 货币资产monetary base 货币基础Monetary Policy Committee【PBOC】货币政策委员会【中国⼈民银⾏】money broker 货币经纪money laundering 洗⿊钱money market 货币市场；短期资⾦借贷市场money settlement fee 款项交收费money supply 货币供应money transfer system 款项过户系统Money World Asia Hong Kong ⾹港货币及投资汇展Money World Asia Pte Limited 亚洲货币世界（新加坡）有限公司moneyness 价值状况monies advanced 垫款Monthly Balance Statement【CCASS】户⼝结余⽉结单【中央结算系统】Monthly Market Statistics 《市场统计⽉报》Monthly Return on Movement of Listed Securities 上市证券变动之⽉报Moody's Investment Grade 穆迪投资评级moratorium 股份禁售期morning session 早市mortgage loan originator 按揭贷款发放者mortgage-backed securities 按揭证券Moving Average Convergence-Divergence (MACD) 移动平均值背驰指标multi-currency trading 多种货币买卖multi-jurisdictional equity offering 跨司法区招股活动Multi-workstation System (MWS) 多⼯作站系统multiple application 重复认购multiple-workstations 多⼯作站；⼀线多机mutual cross-listing 跨国多重上市mutual fund 互惠基⾦。
银行业术语-英文
Bank statement 银行对账单Current deposit 活期存款Telegraphic transfer 电汇Discount Rate 贴现率Open-End Fund 开放式基金中国招商银行China Merchants Bank信用卡Credit Card浮动汇率Floating Rate利率Interest Rate货币政策Monetary Policy现代管理学之父：彼得·德鲁克菲利普斯曲线表示：失业率和通货膨胀之间的关系CIF的风险转移点：货过船舷双因素理论的创始人：赫茨伯格提高存款准备金率将：提高贴现率将：货币供给量减少，利率提高赫兹伯格的保健因素（判断对错）面对金融危机，我国采取的措施以及银行业采取的措施？第一部分中国的银行业business 商号，企业，公司savings 储蓄monetary policy 货币政策repository 仓库liquid funds 流动资金channel 引入，注入impulse 推动力，刺激macroeconomic m anagement 宏观经济管理in response to 随……specialized bank 专业银行Decision on Financial Reform 关于金融改革的决定com prehensive package of m easures 一揽子综合措施inflationary pressure 通货膨胀压力signs of overheating 市场过热现象structural m easure 结构上的措施exchange rate 汇率current account convertibility 经常项目可自由兑换性inter-bank m oney m arket 银行间货币市场segregation 拆分policy bank 政策性银行infrastructural project 基础设施项目joint-equity 合资soft landing 软着陆retail price index 零售物价指数subdue 征服sustainable rate 可持续增长的比率negative impact 消极影响capital inflow 资本流入official foreign exchange reserve 官方外汇储备resilience 反弹aggregate financing 融资总量full-fledged 成熟的Law of the People’s Bank of China《中华人民共和国中国人民银行法》issue currency 发行货币circulation 流通fiscal agent 财政代理fiscal deficit 财政赤字sound financial order 良好的金融秩序overhaul 大修，取代，裁撤indirect policy instrum ent 间接政策手段credit ceiling 贷款额度reserve ratio 准备金率fixed assets 固定资产commercial bank 商业银行World Trade Organization 世界贸易组织profit-driven entities 盈利实体internationally com patible 与国际接轨的appropriate disclosure standards 适当的披露标准listing 股票上市，股票挂牌intermediary services 中间业务international settlem ent 国际结算cost structure 成本结构regulatory standards 调节标准，调节规范econom ic transition 经济转型magnitude 规模risk management 风险管理prudential m anagement 审慎管理risk monitoring and warning system 风险监控和警戒系统proceeds 收益capital adequacy ratio 资本充足率loan approval 贷款核准loan release 贷款发放insolvent 无偿付能力，破产liquidation procedures 清算程序fit-and-proper test 称职测试asset m anagem ent com pany 资产管理公司non-performing loans 不良贷款resource allocation 资源配置enforceability of bank claims 银行债权的追讨ownership structure 所有制结构corporate governance 法人治理incentive structure 激励机制open m arket transactions 公开市场业务fine-tuning 微调modes of transaction 交易方式settlem ent and clearing syste m清算系统rediscount business （票据的）再贴现业务required reserve system 法定准备金制度accounting period 会计年度intermediate rate 中间利率interest rate liberalization 利率自由化bank lending rates 银行贷款利率deposit rates 存款利率retail deposit interest rate 小额存款利率share-holding banks 股份制银行controlling share 控股股份capital replenishment system 资本金补充制度information disclosure 信息披露credit cooperatives 信用合作社national treatm ent 国民待遇accounting system 会计制度rating agency 信用评级机构第二部分银行监管misappropriation 盗用operating procedures 操作程序discretion 判断力accounting entry 会计分录creditor 债权人mobilize 动员distribute 分发，分配public good 公共利益accord 协议liquidity drain 流动性丧失deposit insurance fund 存款保险基金in a safe and sound manner 安然无恙的bank runs 银行运行the fund’s loss基金损失prompt intervention 迅速干涉remedial measure 补救措施responsive to 对……敏感thrust 推力monopoly 垄断anti-competitive practices 反对竞争的行为bank capital requirements 银行资本金要求dividend limitations 股息限制impair 削弱regulatory authorities 监管当局accounting principle 会计准则independent audit 独立审计financial position 财务状况counter-party risk 交易对手风险orderly exit 有序退出problem bank 问题银行systemic protection 系统保护operational independence 独立运行solvent institution 有偿付能力的机构cognation 同族distortion 变形，曲解，失真market signal 市场信号chartering banks 特许银行pre-filing stage 提出申请阶段application stage 申请阶段organizing stage 组织阶段premise （企业、机构等使用的）房屋；院内的土地；房产pro forma financial statem ent 预测财务报表projection 预测market-entry ticket 进入市场的凭证statute 法令，条例in com pliance with 遵守expertise 专家的意见，专门的技术the Basle Committee 巴塞尔委员会endorsement 背书，签注，认可venture 冒险，投机，风险integrity 诚信standing 信誉名望be consistent with 与……一致deploy 展开cross-checking 相互校验，反复核对dual control of assets 资产的双重控制double signatures 双重签名track record 记录deem ed to be detrimental to 被认为对……有害financial projection 财务预测start-up costs 启动成本initial capital amount 启动资本数量corporate parent 母公司the Basle Minimum Standards 巴塞尔最低标准a consolidated basis 统一（合并）的基础be notified of 通报indirect investm ent 间接投资in respect of 关于acquisition 兼并a wide array of 大量的perspective 观点potential 潜在的credit risk 信贷风险on-and off-balance sheet 表内和表外项目write off 勾销，注销（债款）；报废suspend 暂停repricing risk 重定价风险yield curve 收益率曲线optionality 可选择性，随意portfolio 资产组合deregulate 解除管制insolvency 无力偿还，破产unethical 不道德的，缺乏职业道德的be susceptible to 易受影响的com ply with 符合，遵守financial distress 财务困难directorate 董事会，管理局prudential rules 审慎规则imprudent 轻率的，鲁莽的supplant 排挤掉，代替dynamic 动态的asset concentration 资产集中loan classification system 贷款分类系统adequacy of loan loss reserves 足够的贷款损失储备risk management 风险管理internal control 内部控制equity capital 股本权益revenue 收入capital adequacy ratios 资本充足率risk profile 风险组合asset quality 资产质量in a tim ely fashion 及时地，适时地core capital 核心资本tier one capital 一级资本retain earning 留存收益surplus 盈余supplementary capital 补充资金revaluation reserves 重估储备金hidden reserves 秘密准备金subordinated term 从属条款risk weight 风险权重undercapitalized 资本金不足merger 合并volatility of price 价格不稳定correlation assumption 相关性假设non-linear price characteristics 非线性价格特性plus factor 正因素independent risk control unit 独立风险控制部门risk-sensitive 风险敏感的one-size-fits-all fram ework 一成不变的框架ratings based 以评级为基础的default of the borrower 借贷者不履行还款责任commensurate with 与……相称的highly leveraged 高举债经营的provisions 备用金bad debt 呆账，坏账loan 借款advance 预付款extension of credits 信贷延期obligor 债务人collateral 担保品capital injection 资本（金）注入liquidation proceedings 清算诉讼liens 抵押留置权refinancing plans 再融资计划salvage value 残余价值contingent liabilities 或有债务have an adverse bearing on 对……有不利影响overdue loans 过期贷款doubtful loans 可疑贷款overdraft 透支assets portfolio 投资组合资产liquidity ratio 流动比率liquidity squeeze 流动资金紧张cushion 偿债安全余量，缓冲mismatch 未扎平的，不相配的audit function 审计职能on-site surveillance 非现场监管in the short or medium term 从中短期来看annual reports 年报under the auspices of 在……的赞助下secondary m arket 二级市场equity 股本leverage ratios 杠杆率volatile markets 剧烈变动的市场loan loss provisions 贷款损失准备金loss reserves 损失准备金examiner-in-charge 检查组组长internal audit 内部审计contingency funding 应急开支准备金com pliance 合规性com posite rating 综合评定lending policies 贷款制度total loan volume 贷款总额loan covenants 贷款契约board of directors 董事会buy-outs 买断loan appraisal 贷款评估outstanding loans 未偿贷款financial health 财务正常incom e statem ent 损益表financial position and prospects 财务现状和前景cash flow 现金流量benchm ark 基准assets quality rating 资产质量评级service the loan 偿还贷款unassisted merger 有偿合并deposit insurance fund 存款保险基金indemnifying 保障补偿put option 出售期权revamp 改组；补修，翻新；修订，改进market-oriented financial system 市场导向的金融体制operational independence 自主经营corporation affiliation 公司联营机构第三部分中国的外汇体制foreign exchange 外汇foreign currency 外币accelerate 加快conditional current account convertability 有条件的经常项目可兑换managed floating exchange rate 有管理的浮动汇率International Monetary Fund (IMF) 国际货币基金组织promulgate 颁布non-resident banks 外国银行balance of paym ents 国际支付paym ent voucher 支付凭证bank certificate of deposit 银行存款单circulation 流通foreign exchange surrender business 外汇止付业务debt service accounts 一般结算账户revoke 撤销reference rate 参考利率foreign-funded enterprises 外资企业ceiling 最高限额retain 留存advise 通知lift 解除export proceeds 出口收入verify 查证，核验enter 记入，登记receipts 收入call m oney 活期贷款fraud of foreign exchange 骗汇designated foreign exchange banks 指定办理外汇的银行capital account transactions 资本账户下的交易第四部分会计Ⅰ财务会计communicate 传达；告知；交流financial statem ent 财务报表monetary 货币的warrant 为……提供充足的根据outlet 销售点，销路sound 健康的，合理的bookkeeping 记账，簿记transactions 交易virtually 实质上apply to 适用于day-to-day 日常的evaluate 评价，评估corrective action 矫正的行为merchandise 用于买卖的货物，商品inventory 库存，存货creditors 债权人venture (为盈利而进行冒险的)企业；短期投资，商业冒险monitor 监控analyze 分析keep up with 跟上Wall Street Journal 华尔街日报Business Weekly 商业周刊（杂志）Forbes 福布斯（杂志）Fortune 财富（杂志）projection 预测，估计；规划项目disclose 透露，披露authorities 当局incom e tax 所得税nonprofit organizations 非盈利性组织profit-oriented 利润导向的budgets 预算payrolls 工资单recession (经济衰退)standard of living 生活水平auditing 审计in accordance with 符合，按照com ply with 遵守，符合tax returns 纳税申报单management consulting 管理咨询cost accounting 成本会计成本会计是成本管理系统中的一个子系统。
SGX-ST Listing Manual
(i) Main Board Listing Rules 210(2)(a) and 210(3); or
(ii) Main Board Listing Rules 210(2)(b) and 210(3); or
(iii) Main Board Listing Rules 210(2)(c) and 210(4)(a)
The Exchange normally applies the same criteria for IPO to reverse takeovers and may modify any requirement in this Chapter or impose additional requirements if it considers it appropriate, taking into account the rationale for the acquisition, the nature of the issuer's business and its track record.
(ii) associates of any person in (i).
Rule 1015(3)(b) is also applicable to very substantial acquisition.
(c) where the consideration for the acquisition of assets by the issuer is to be satisfied by the issue of shares, the price per share of the issuer after adjusting for any share consolidation must not be lower than S$0.20.
HollisterStier 过敏原交叉反应手册说明书
Arborvitae, Oriental Cedar, Giant/Western Red Cedar, Incense Cedar, Japanese Cedar, Rocky Mountain Cedar, White Juniper, California Juniper, Chinese Juniper, One-seed Juniper, Pinchot Juniper, Utah Juniper, Western
To use the guide please note that the allergens listed in column 1 can be used to treat allergies to any of the listings in columns 2 and 3. In column 2 the allergens noted with green arrows direct you to the groups within column 3 that can also be treated using that particular extract.
Parthenium
Ragweed, Slender
Ragweed, Southern
Sunflower
Western Ragweed 2309 ► Beach Bur Ragweed, Bur/Rabbit Bush Ragweed, Canyon Ragweed, Desert Ragweed, False Ragweed, Silver
隧道电缆说明书
TUNNELING POWER CABLESNexans AmerCable believes the information presented throughout this catalog to be reliable and current. All information is subject to change without notice. The information listed COMMITTED TO MORE PRODUCTIVE TUNNELINGTiger ® Brand mining cables have powered some of the world’s biggest TBMs.No matter what size your TBM, Nexans AmerCable has a tunnel cable productivity solution for your TBM project. Our innovatively engineered andmanufactured cables are designed for your toughest conditions. As the leading producer of mining and tunneling cables in North America, Nexans AmerCable is dedicated to producing:n cables that last longer in harshtunneling environmentsn cables designed to help providegreater levels of safety and productivityn innovative jobsite cabledelivery solutionsINNOVATION & SUPPORTn Designing insulating and jacketing materials that are more flexible with greater resistance toabrasion and moisturen Cable constructions that last longer providing reduced down time for increased productionn New product development that addressesenvironmental, safety and cost reduction issues specific to your mining application n Nexans AmerCable is an ISO-9001 certified manufacturer-FIELD SUPPORTOur highly experienced field application engineers are available 24/7 for on-site evaluation and solutions. They also conduct education and training sessions that address safety, splicing and cable handling issues.To support the world’s largest TBM at the Seattle SR-99 tunnel project, Nexans AmerCable designed and built a unique cable payout tray system thatmounted directly on the unit.Tiger ® Brand is a registered trademark of AmerCable Incorporated.36-442TYPE G-GC ROUND 3/CMOLD-CURED JACKET UP TO 2000 VOLTSAPPLICATIONEspecially suitable for use with mobile mining and tunneling equipment. Type G-GC is for applications where grounding conductors and a ground check conductor are required.Recommended maximum continuous conductor temperature is 90°C. Suitable for shallow water submersion.Cable carries “P-7K-184-MSHA” marking indicating listing by the Mine Safety and Health Administration and the Pennsylvania Department of Environmental Protection.Tiger ® Brand Mining Cable meets or exceeds ICEA Standards S-75-381/NEMA WC-58, ASTM B-172 and B-33.Insulation90°C ethylene-propylene rubber (EPR)Jacket 1Reinforced mold-curedmarking.ConductorsFlexible tinned copper Ground Wires Flexible tinned copperGround Check Conductor 2Flexible tinned copper withyellow polypropylene insulation TapeNon-conductingPumpApplication Construction36-442 is available with insulated grounds for pump applications that require this specification.RATINGS & APPROVALSⅢ Mine Safety & Health Administration 7K-184-MSHA.Ⅲ Pennsylvania Department of Environmental Protection P-184.Ⅲ Tiger ® Brand Mining Cables meet or exceed ICEA Standards S-75-381 & CSA Standards C 22.2 #96.Ⅲ Canadian Standards Association File 82346, FT1, FT5, -50°C Type SHD-GC, SHD-BGC up to 25kV Type W, G, G-GC, G-BGC up to 2kV Ⅲ RETIESee back cover for jacket colors and color/stripeoptions.Tiger ® Brand is a registered trademark of AmerCable Incorporated.36-519TYPE SHD-GC 3/CMOLD-CURED CPE JACKET • 15000 VOLTSJacket 1Reinforced mold-cured thermosetting Chlorinated Polyethylene (CPE) Jacket. Cable identification via permanent marking.ConductorsFlexible tinned copperInsulation90°C ethylene-propylene rubber (EPR)Ground Wires Flexible tinned copper Strand Shield Semi-conducting layer Ground Check Conductor 2 Flexible tinned copper with yellow polypropylene insulation Insulation Shielding Tinned copper and color coded nylon braidAssembly Taped coreInsulation Shielding Semi-conducting tape APPLICATIONHeavy-duty high voltage portable power cable for use in circuits not exceeding the rated voltage. Recommended maximum continuous conductor temperature in 90°C. Suitable for shallow water submersion.Cable carries “P-184-MSHA” marking indicating acceptance as flame resistant by the Pennsylvania Department of Environmental Protection and the Mine Safety and Health Administration. Tiger ® Brand Mining Cable meets or exceeds ICEA Standards S-75-381/NEMA WC-58, ASTM B-172 and B-33.RATINGS & APPROVALSⅢ Mine Safety & Health Administration 184-MSHA.Ⅲ Pennsylvania Department of Environmental Protection P-184. Ⅲ Insulated Cable Engineers Association S-75-381/NEMA WC-58. Design standard for mining cables.Ⅲ Canadian Standards Association C22.2 No. 96 File 82346, FT1, FT5, -50°C CSA Phase Color ID available on MTO Type SHD-GC, SHD-BGC up to 25kV SHD-GC meets FT4 requirementsSee back cover for jacket colors and color/stripeoptions.36-525TYPE SHD-GC 3/CMOLD-CURED CPE JACKET 25000 VOLTSTiger ® Brand is a registered trademark of AmerCable Incorporated, a Nexans Company.Jacket 1Reinforced mold-cured thermosetting Chlorinated Polyethylene (CPE) Jacket. Cable identification via permanent marking.ConductorsFlexible tinned copperInsulation Shielding Semi-conducting rubber and semi-conductive tapeGround Wires Flexible tinned copper Strand Shield Semi-conducting layer Ground Check Conductor 2 Flexible tinned copper with yellow polypropylene insulation Insulation Shielding Tinned copper and color coded nylon braid Assembly Taped coreInsulation 90°C ethylene-propylene rubber (EPR)APPLICATIONHeavy-duty high voltage portable power TBM cable for use in circuits not exceeding the rated voltage. Recommended maximum continuous conductor temperature in 90°C. Suitable for shallow water submersion.Cable carries “P-184-MSHA” marking indicating acceptance as flame resistant by the Pennsylvania Department of Environmental Protection and the Mine Safety and Health Administration. Tiger ® Brand Mining Cable meets or exceeds ICEA Standards S-75-381/NEMA WC-58, ASTM B-172 and B-33.RATINGS & APPROVALSⅢ Mine Safety & Health Administration 184-MSHA.Ⅲ Pennsylvania Department of Environmental Protection P-184. Ⅲ Insulated Cable Engineers Association S-75-381/NEMA WC-58. Design standard for mining cables.Ⅲ Canadian Standards Association C22.2 No. 96 File 82346, FT1, FT5, -50°C CSA Phase Color ID available on MTO Type SHD-GC, SHD-BGC up to 25kV SHD-GC meets FT4 requirementsSee back cover for jacket colors and color/stripeoptions.Tiger ® Brand is a registered trademarkof AmerCable IncorporatedTYPE MP-GC 3/C MINE POWER FEEDER5/8/15KV • 100% LEVEL(GROUNDED)Jacket 1Mold-cured thermosetting Chlorinated Polyethylene (CPE) Jacket.Cable identification via permanent marking.Conductors CopperInsulation90°C ethylene-propylene rubber (EPR)Ground Wires Tinned copperStrand Shield Semi-conducting layer Ground Check Conductor 8 AWG 7-wire copper with yellow polypropylene insulation Insulation ShieldingSemi-conducting layer under copper tape (phaseidentification provided)Assembly Taped coreRATINGS & APPROVALSⅢ Mine Safety & Health Administration.Ⅲ Pennsylvania Department of Environmental Protection.Ⅲ Insulated Cable Engineers Association S-75-381.Ⅲ Canadian Standards Association C22.2 #96.1, File 82346, FT5, -35°C Type MP-GC, MPF up to 35kV Ⅲ RETIE Jacket 1Polyvinyl chloride (PVC), cable identification via permanent surface marking.Conductors CopperInsulation90°C cross-linked polyethylene Strand Shield Semi-conducting layer Ground Check Conductor 8 AWG 7-wire copper with yellow polypropylene insulation Insulation ShieldingSemi-conducting layer under copper tape (phaseidentification provided)Fillers Assembly Taped coreGround Wires Tinned CopperBinder TapePVC jacket color options are the same as CPE. See back cover.RATINGS & APPROVALSⅢ Mine Safety & Health Administration.Ⅲ Pennsylvania Department of Environmental Protection.Ⅲ Insulated Cable Engineers Association S-75-381 up to 25kV . Ⅲ Canadian Standards Association C22.2 #96, File 82346, FT5, -35°C Type MP-GC, MPF up to 25kV Ⅲ RETIE36-601/602/604MOLD-CURED JACKET621/622/624PVC JACKETSee back cover for jacket colors and color/stripeoptions.37-102 CIRCIR ®POWER CABLE(CRUSH & IMPACT RESISTANT)THREE & FOUR CONDUCTOR + GROUNDUL LISTED AS TYPE TC-ER •0.6/1KV • RATED 90°CJacketA black, flame retardant, oil, abrasion, chemical and sunlight resistant thermoplastic compound meeting UL 1309/ CSA 245 and IEEE 1580.ConductorSoft annealed flexible stranded tinned copper perIEEE 1580 Table 11.InsulationGEXOL ®cross-linked flame retardant polyolefin, meeting the requirements for Type P of IEEE 1580 and Type X110 of UL 1309/CSA 245. 600V/IEC 1000V .APPLICATIONA flexible alternative to Type MC cable where application requires crush and impact protection.FEATURESn MSHA approved (2-7 conductors)n Complies with the requirements for TC-ER-HLper UL 2225 (Up to 1-inch OD)n Rated TC-ER (Greater than 1-inch OD) nExceeds CSA cold bend /cold impact(-40°C / -35°C)n Brittlepoint as per ASTM D 746-07 exceeds-65°C for Jacket and -75°C for Insulation n Gas & vapor tight – impervious to water & airCIR vs. TYPE MCn Smaller bend radius (up to 40% smaller) n Reduced tray fill (up to 35% less) n Considerably more flexibleSafer to HandleCIR ® has no sharp metal armor edges that imperil worker’s hands during splicing and installation of connectorsn MSHA approved (3 & 4 Conductor Cables) n UL Listed as TC-ER-HL – suitable for Class 1,Div 1 and Zone 1 environments (cables up to 1” OD) n UL Listed as Type TC-ER – suitable for use inClass I, Div 2 and Zone 2 environments (cables greater than 1” OD)n UL Listed as Marine Shipboard Cable (E111461) n American Bureau of Shipping (ABS) n Flame Retardant – IEEE 1202 n 90°C temperature ratingAPPLICATIONA flexible, braid and foil shielded, 2kVpower cable specifically engineered for use in variable frequency AC motor drive (VFD) applications.Cable carries “P-184-MSHA” marking indicating acceptance as flame resistant by the Pennsylvania Department of Environmental Protection and the Mine Safety and Health Administration.Tiger ® Brand Mining Cable materials meet or exceed ICEA Standard S-75-381/NEMA WC-58 for Type SHC constructions. ASTM B-172 and B-33.RATINGS & APPROVALSⅢ 90˚C Temperature RatingⅢ Tiger ® Brand Mining Cable materials meet or exceed ICEA Standard S-75-381/ NEMA WC-58.Ⅲ Mine Safety & Health Administration 7K-184-MSHA.Ⅲ Pennsylvania Department of Environmental Protection P-7K-184.Ⅲ Canadian Standards Association File 82346 2kV CSA Phase Color ID available on MTOJacketReinforced mold-cured thermosetting Chlorinated Polyethylene (CPE) Jacket. Cable identification via permanent marking.See back cover for jacket colors and color/stripeoptions.Ground Conductors (x3) Flexible tinned rope stranded conductors per ASTMB-172 and B-33, Insulated and colored green Ground Check 1 Wire(s) Optional F lexible tinned copper with yellow insulation. Center ground checkavailableShieldOverall tinned copper braid plus aluminum/ polyester tape providing 100% coverageInsulationType II EPDM (EPR) suitable for continuous operation at 90°C.Ozone resistant.36-501VFD POWER CABLESHIELDED • 2000 VOLTS3 CONDUCTORS + 3 GROUNDS + GROUND CHECK(S)Power Conductor Extra flexible tinned rope stranded conductors per ASTM-172 and B-33SAFETY , TRAINING & EDUCATIONMineCable-Safe is an investment in Safety and Productivity that brings the knowledge and experience of our field engineers to your project.High voltage cables require special handling to get maximum service life and keep personnel safe. Can you identify the difference between a productivity problem and a safety issue? Our experts can.Other VFD Constructions Available: • Low Smoke Halogen-Free • Crush & Impact Resistant (CIR ®) • Type TC-ER36-202-118UNDERGROUND LIGHTING CABLE2-9 CONDUCTORS • 110 VOLTSAPPLICATIONA flexible insulated cable for use in tunnel lighting systems. The TPU jacket provides extra-tough physical characteristics needed in the underground mining environment. Cable is available with full copper braid shielding upon request.RATINGS & APPROVALSⅢ 90˚C Temperature RatingⅢ Tiger ® Brand Mining Cable materialsmeet or exceed industry standardsJacketThermoplastic Polyurethane (TPU) Black - standard Orange - optionalPower Conductors Extra flexible strandedper ASTM B-174Insulation Chemically cross-linked, non-chlorinated thermosetting, flame retardant polyolefinFIELD TECHNICAL SUPPORTSafety and maximized cable productivity are Nexans AmerCable’s top priorities for our tunneling customers. Nexans AmerCable’s highly experienced field reps are ready to provide on-site cable evaluation, safe handling training and innovative productivity solutions.CABLE SPLICE/REPAIR TRAININGOur field reps can conduct on-site training (all shifts) on the cor-rect way to splice cables to extend their service life and instructusers on proper handing procedures.37-103-TR-GEXOL ®TRANSIT CABLE 1/CLOW SMOKE HALOGEN-FREE • FLAME RESISTANT EXTREMELY FLEXIBLE • 2KV • RATED 90°CInsulation/JacketGEXOL®-HF low smoke, Halogen-Free flame retardant cross-linked, polyolefin insulation meeting the requirements for Type LSE or LSX of IEEE 1580 plus a black low smoke Halogen-Free flame retardant polyolefin jacket meeting IEEE 1580. 2000V/IEC 1000V .ConductorSoft annealed flexible stranded tinned copper per IEEE 1580 Table 11.Sheath (Optional) A black low smoke halogen-free flame retardant polyolefin, meeting IEEE 1580.Armor (Optional) Basket weave wire armor per IEEE 1580 and UL 1309/ CSA 245.Bronze standard. Tinned copper available by request.APPLICATIONNexans AmerCable’s Transit Power Cables are your best choice when safety, mechanicaltoughness and long-term reliability are important.FEATURESⅢ Totally HALOGEN-FREE EPR/XLPO cable construction.Ⅲ Flame retardant: IEC 332-3 Category A and IEEE 1202.Ⅲ Emits low smoke and no toxic fumes Ⅲ High strand count conductors make this product more flexible and easier to install than IEC 60092-350 Series cables. Ⅲ Severe cold durability: exceeds CSA cold bend/cold impact (-40˚C/-35˚C). Ⅲ Meets New York State Combustion Toxicity Registration Law.Ⅲ Excellent heat & moisture resistance. Ⅲ Rated 90°C wet, 105°C dry.Ⅲ Completed cable passes IEEE 383 flame test.Ⅲ Optional braid armor of bronze, aluminum or tinned copper.RATINGS & APPROVALSⅢ 90˚C Temperature Rating Ⅲ ABS 99-BT5905-XⅢ NRTL Classified to IEEE STD. 1580 Ⅲ Transport CanadaⅢ Det Norske Veritas (DNV) (pending)Also Available in Fire Resistant: IEC 60331Construction•e-mail:***********************9FACTORY INSTALLEDCABLE ASSEMBLIESProfessionally assembled at our El Dorado, Arkansas or Houston, Texas facilities, our team of experienced technicians mate cables and connectors that match your specifications and perform in the harshest operating conditions. Factory prepared cable assemblies or terminations are a reliable way to lower your overall cable connectivity coststhrough enhanced reliability, reduced handling and lower installation time. Lower Overall CostEnhanced ReliabilityReducedInstallation TimeNexans AmerCable 350 Bailey Road • El Dorado, Arkansas USA(870) 862-4919 • (800) 643-1516 • Fax (870) 862-9613e-mail:*********************** © 2020, AmerCable Incorporated 9_20 JACKET COLORS & STRIPES NEXANS AMERCABLE CPE JACKETSNexans AmerCable’s thermoset Chlorinated Polyethylene (CPE) jacket provides the physicalperformance and strength needed to resist wear, tear, abrasion and compression cuts caused by everyday use. This tough, durable jacket is aproven performer in tunnel projects and mines throughout theworld. Tiger Brand cables are available in black (standard) andfive optional colors. Colored cables provide extra safety throughvisual circuit identification and have the same performance specifications as our standard black cable.Black(standard)BlueGreen OrangeYellowRed TIGER STRIPES – STANDARDBlack/Red Blue/White Yellow/Red Orange/Green Red/White Green/WhiteNexans AmerCable’s standard TigerStripes provide additional colorcombinations by vulcanizing acontrasting colored stripe into thejacket of our round CPE cables.Shown are a few examples of the manypossible jacket / stripe combinations.TIGER STRIPES – REFLECTIVEConsult your Nexans AmerCable rep for a complete list of stripe options.Nexans AmerCable’s reflective Tiger Stripes can extend cable life byreducing run-overs in low visibility situations and improve mine safety byproviding easier visual circuit identification.Black(standard)BlueGreenOrangeYellowRed。