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中小企业的融资问题外文翻译（可编辑）

中小企业的融资问题外文翻译外文翻译the Financing problems of Small and medium sized enterprisesMaterial Source: ////0>. Author: ModiglianiA thriving SME sector is crucial to spurring growth and reducing poverty in developing and transition economies. But financial institutions often avoid small and medium sized enterprises, sensing?understandably?that the transaction costs of financing them will be excessively high. What Small and medium sized enterprises need is not to be left without access to capital, but approached on a new model that combines early-stage equity investment and performance-enhancing technical assistance, writes Bert van deer Avert, CEO of Small Enterprise Assistance Funds SEAF. This US- and Dutch-based NGO manages a network of 14 commercially driven investment funds worldwide with total assets of $140 million, and has developed a unique “equity plus assistance” approach to Small and medium sized enterprises investing.Small and medium sized enterprises Sara widely credited with generating the highest rates of revenue and employment growth in virtually all economies. In transition and developing countries open to foreign direct investment, they also tend to pay disproportionately more in taxesand social security contributions than either their larger and smaller counterparts. Larger enterprises, especially multinationals, often find a way to reduce their tax obligations through transfer pricing, royalty payments, and negotiated tax holidays. Microenterprises, on the other hand, often fall in the informal sector, neither paying taxes nor making social security contributions.Yet if Small and medium sized enterprises constitute a critical dimension of growth and development and are often well positioned to achieve high revenue and profit growth, why have private and public financing institutions alike tended to avoid investing in them?The reasons are multiple and, for the most part, understandable. For private investors, the amount of work required to invest relatively small sums into several SMEs seems unattractive compared to the work needed to support fewer investments in larger companies. Moreover, investing in local Small and medium sized enterprises also often involves working with entrepreneurs who are less familiar with conventional financing relationships, business practices, and the English language than principals of larger firms. Accordingly, most private capital would much prefer to invest in a few large-asset There are broader issues to be considered as well, including the lack of transparency in local legal systems and governments that make investing in these countries difficult at best. enterprises in fields such as pharmaceuticals,telecommunications or privatized industry rather than in smaller companies with relatively few assets, low capitalization and a perceived greater vulnerability to market conditions. Public development institutions can also encounter high administrative costs in making small and medium sized enterprises investments. These can be coupled with perceptions that local Small and medium sized enterprises entrepreneurs may not be trustworthy, and that working with them might bring fewer visibly “developmental” benefits than targeting more poverty-focused fields such as microfinance Local commercial banks too are often biased in favor of large corporate borrowers with considerable assets. This has meant that even the lines of credit local banks receive from development institutions for on-lending to Small and medium sized enterprises are often under-utilized. Small and medium sized enterprises entrepreneurs’ lack of experience in accounting and other areas of financial documentation make it difficult for banks or other potential sources to assess their creditworthiness and cash flows, again hindering the provision of financing. Combined, these factors have largely left what should be the most dynamic sector of the economy in developing countries lacking the capital it needs to realize its potential.SEAF believes that the investment levels it takes, coupled with its focused efforts on increase value after investments, and allows it to invest at relatively attractive multiples. This offers an array ofpotential exit possibilities. By contrast, many conventional Emerging market private equity investors have had disappointing records in achieving exits over the last four years. SEAF’s approach to early-stage investing in SMEs thus may one day be seen as one of the more appropriate means of investing in developing countries. In the meantime, SEAF is achieving its developmental objectives by rapidly increasing the revenues, productivity, and employment growth of its investee Small and medium sized enterprises.The financial sector infrastructure will need to change to accommodate the substantial financing requirements of new activities and industries. Going forward, while financial institutions would need to transform to remain innovative and responsive to demands of their customers, efforts need to be directed to facilitate financing by non-banks for high-risk ventures. These include financing for knowledge-intensive and technology-intensive start-up enterprises where only ideas intangible collateral are principal assets. As such, these knowledge-intensive and technology-intensive enterprises will need alternative forms of financing to complement traditional financing sources. These alternative modes of financing include among others, venture capital and credit enhancements such as financial guarantee insurance and agriculture insurance.The financial infrastructure that supports Small and medium sizedenterprises in Serbia is undeveloped. Up to now, small and medium sized enterprises and entrepreneurs have financed their operations out of their own resources because financial markets in Serbia were isolated and lacked the support of international financial institutions. The local financial sector in the former Yugoslavia was designed to support large scale, socially owned enterprises ? otherwise known as the “Pillars of Development.” B anks, especially large-scale socially owned banks, had a redistributive function imposed on them by the state, and they dealt solely with large-scale, socially owned enterprises. In addition, the Fund for Development of the Republic of Serbia disbursed its funds to the same target group. Capacity to repay the banks or the Fund was not a criterion for credit approval.Economists have not always fully appreciated the importance of a healthy financial system for economic growth or the role of financial conditions in short-term economic dynamicsAs a matter of intellectual history, the reason is not difficult to understandDuring the first few decades after World War II, economic theorists emphasized the development of general equilibrium models of the economy with complete markets; that is, in their analyses, economists generally abstracted from market "frictions" such as imperfect information or transaction costsBut without such frictions, financial markets have little reason to existFor example, with complete markets and if we ignore taxes, we know that whether acorporation finances itself by debt or equity is irrelevant the Modigliani-Miller theorem.The former economic and political system did not support the development of financial instruments for Small and medium sized enterprises. Cooperation with SMEs focused on a few selected companies, while sole traders were almost completely excluded from credit transactions with the banking sector. SME owners and citizens completely lost their trust in the banks and channeled their savings into the grey economy, to banks abroad, or kept their savings at home. Only payments effected through the National Payment Bureau functioned properly for Small and medium sized enterprises.译文中小企业的融资问题资源来源:////. 作者:詹姆斯?沃尔芬森中小企业的蓬勃发展对促进经济增长,减少发展中国家的贫穷和经济转型具有重要意义。

2007年度世界各国银行资产总额排名顺序表(百万美圆单位)

114 United Overseas Bank 大华银行新加坡 87,173
115 Shinsei Bank 新生银行日本 69,296
116 VIB VTB银行俄罗斯 52,403
117 Angloirishbank 盎格鲁爱尔兰银行爱尔兰 92,784
118 Aozora Bank 青空银行日本 50,854
66 SBERBANK 俄联邦储蓄银行俄罗斯 131,657
67 Woori Bank Woori 韩国 228,003
68 Bank of Communications 交通银行中国 220,198
69 CIBC 加拿大帝国商业银行加拿大 270,762
70 State Bank of India 印度国家银行印度 186,988
124 Bank of Tai Wan 台湾银行台湾 82,932
125 Millennium bcp 葡萄牙商业银行葡萄牙 104,384
126 Bank of Yokohama 横滨银行日本 93,168
127 HYPO HYPO 德国 179,851
128 Fubon Financial 富邦银行台湾 52,916
96 SCB 信金中央金库日本 227,752
97 RZB 奥地利中央合作银行奥地利 152,283
98 Desjardins Bank 加鼎银行加拿大 115,958
99 National Bank of GREECE 希腊国家银行希腊 100,842
100 Swedbank 瑞典银行瑞典 197,102
81 SEB 北欧斯安银行瑞典 281,808

保险公司名称保险公司名称保险公司名称保险公司名称

附錄 1 本統計數字所涵蓋的保險公司名單 Appendix 1 List of Insurers Covered in these Statistics
保險公司名稱 Name of Insurer
ACE Insurance Limited (安達保險有限公司) AIG United Guaranty Insurance (Asia) Limited (美國國際集團聯合保險（亞洲）有限公司) Allianz Global Corporate & Specialty (France) Allianz Insurance (Hong Kong) Limited (安聯保險（香港）有限公司) American Family Life Assurance Company of Columbus American Home Assurance Company (美安保險公司) American International Assurance Company (Bermuda) Limited American International Assurance Company, Limited (美國友邦保險有限公司) Anglo Starlite Insurance Company Limited (Provisional Liquidators Appointed) (星輝保險有限公司（已委任臨時清盤人）) Asia Insurance Company, Limited (亞洲保險有限公司) Assicurazioni Generali Società per Azioni Assuranceforeningen Gard-gjensidigAtradius Credit Insurance N.V. (安卓信用保險有限公司) Aviva Life Insurance Company Limited (英傑華人壽保險有限公司) AXA (Hong Kong) Life Insurance Company Limited (國 (香港) 人壽保險有限公司) AXA China Region Insurance Company (Bermuda) Limited AXA China Region Insurance Company Limited (國保險有限公司) AXA Corporate Solutions Assurance AXA General Insurance China Limited (安盛保險（中國）有限公司) AXA General Insurance Hong Kong Limited (安盛保險有限公司) AXA Life Insurance Company Limited AXA Wealth Management (HK) Limited (安盛財富管理（香港）有限公司) Bank of China Group Insurance Company Limited (中銀集團保險有限公司)

大学英语unit4 A Virtual Life原文与翻译

大学英语unit4 A Virtual Life原文与翻译一幕。

5What first seemed like a luxury, crawling from bed to computer, not worrying about hair,and clothes and face, has become a form of escape, a lack of discipline. And once you start replacing real human contact with cyber-interaction, coming back out of the cave can be quite difficult.一下床就上机，不再为发型、服饰、面部化妆烦心，起初看似高级的享受如今却成为一种对生活的逃避，一种缺乏自律的表现。

你一旦开始用网络交际取代人与人的真实接触，要走出这种穴居状态就会相当困难。

6I find myself shyer, more cautious, more anxious. Or, conversely, when suddenly confronted with real live humans, I get overexcited, speak too much, interrupt. I constantly worry if I am dressed appropriately, that perhaps I've actually forgotten to put on a skirt and walked outside in the T-shirt and underwear I sleep and live in.我发现自己变得比以前怯生、谨慎、焦虑。

或者，反过来，当我突然面对现实中活生生的人时，会变得过于兴奋，说个不停，爱打断别人的讲话。

世界投资银行最新投行排名 2009 version

世界投资银行最新投行排名 2009 version2010-03-27 18:40The 50 most prestigious banking employers 20091-25:Goldman SachsThe Blackstone GroupMorgan StanleyLehman BrothersJ.P. Morgan Investment BankMerrill LynchLazardCredit Suisse’s Investment Banking Business Deutsche BankUBS Investment BankCiti Institutional Clients GroupChase Commercial BankGreenhill & Co.Barclays CapitalRothschildBear Stearns*Bank of AmericaWachovia CorporationCiti Consumer BankingHSBC North America HoldingsHoulihan LokeyRoyal Bank of ScotlandPerella Weinberg PartnersJefferies & CompanyEvercore Partners(*Acquired by JPMorgan Chase in May 2008)25-50:Deloitte & Touche Corporate Finance LLC 5.076 NR Piper Jaffray CompaniesWells FargoDresdner KleinwortRBC Capital MarketsThomas Weisel PartnersBank of New York MellonBNP ParibasAllen & CompanyOppenhiemer & Co.Macquarie Group (USA)KPMG Corporate Finance LLCCIBC World MarketsWilliam Blair & CompanyRobert W. Baird & Co. (Baird)Gleacher PartnersMoelis & CompanyKeefe, Bruyette & WoodsJMP SecuritiesU.S. BancorpRaymond James FinancialFBR Capital MarketsCowen and Company LLCABN AMRO*Brown Brothers Harriman*Acquired by Royal Bank of Scotland, Fortis and Santander in October 2007Best 25 Employers to Work For1 Houlihan Lokey 9.803RANK FIRM SCORE2 Moelis & Company 9.7073 UBS Investment Bank 9.4064 Goldman Sachs 9.2815 Lehman Brothers 9.1966 J.P. Morgan Investment Bank 9.1067 William Blair & Company 9.0318 Credit Suisse’s Investment Banking Business 8.9649 Wells Fargo 8.85510 Merrill Lynch 8.84611 Union Bank of California 8.84112 Evercore Partners 8.78513 Jefferies & Company 8.64014 BB&T Corporation 8.63715 Sandler O’Neill + Partners, L.P. 8.62416 Cowen and Company LLC 8.54217 RBC Capital Markets 8.50618 Robert W. Baird & Co. (Baird) 8.34319 TD Securities 8.26820 Citi Consumer Banking 7.88421 Citi Institutional Clients Group 7.86622 M&T Bank 7.74223 RSM EquiCo Capital Markets 7.58324 BMO Capital Markets 7.56625 SunTrust Banks, Inc. 7.544Vault Gu ide to the Top 50 Banking Employers • 2009 EditionThe Vault Quality of Life RankingsOverall SatisfactionOn a scale of 1 to 10, where 1 is not at all satisfied, my overall satisfaction is:1 Moelis & Company 9.450RANK FIRM SCORE2 Houlihan Lokey 9.3333 UBS Investment Bank 9.2614 Goldman Sachs 9.0585 Lehman Brothers 8.9686 Evercore Partners 8.9177 Sandler O’Neill + Partners, L.P. 8.9008 J.P. Morgan Investment Bank 8.8629 William Blair & Company 8.76210 Merrill Lynch 8.53911 Credit Suisse’s Inves tment Banking Business 8.52912 Jefferies & Company 8.45813 BB&T Corporation 8.42114 Wells Fargo 8.35615 RBC Capital Markets 8.34616 Union Bank of California 8.28617 Robert W. Baird & Co. (Baird) 8.26918 Cowen and Company LLC 8.16119 TD Securities 7.79220 M&T Bank 7.515Compensation1 Moelis & Company 8.6672 Evercore Partners 8.4353 Houlihan Lokey 8.3894 William Blair & Company 8.2685 Goldman Sachs 7.6406 Merrill Lynch 7.4407 Cowen and Company LLC 7.2508 Credit Suisse’s Investment Banking Bu siness 6.6969 Jefferies & Company 6.73910 UBS Investment Bank 6.70811 J.P. Morgan Investment Bank 6.69112 M&T Bank 6.59313 Lehman Brothers 6.40014 Wells Fargo 6.37815 RBC Capital Markets 6.16716 BMO Capital Markets 6.12517 Union Bank of California 6.04418 Robert W. Baird & Co. (Baird) 6.00019 Citi Institutional Clients Group 5.58120 TD Securities 5.450Hours1 Wells Fargo 8.010RANK FIRM SCORE2 TD Securities 7.9173 Houlihan Lokey 7.8244 M&T Bank 7.6885 Union Bank of California 7.5656 RSM EquiCo Capital Markets 7.5507 BB&T Corporation 7.2978 Cowen and Company LLC 7.1569 SunTrust Banks, Inc. 7.11710 RBC Capital Markets 7.08011 Lehman Brothers 6.98412 UBS Investment Bank 6.95013 Goldman Sachs 6.90414 Merrill Lynch 6.84615 Jefferies & Company 6.80016 Credit Suisse’s Investment Banking Business 6.79417 Moelis & Company 6.63618 J.P. Morgan Investment Bank 6.60319 Robert W. Baird & Co. (Baird) 6.42320 William Blair & Company 6.381Relationships with Managers1 Houlihan Lokey 9.647RANK FIRM SCORE2 Moelis & Company 9.3813 (tie) Evercore Partners 9.0003 (tie) Cowen and Company LLC 9.0005 Credit Suisse’s Investment Banking Business 8.9416 RBC Capital Markets 8.9237 William Blair & Company 8.8648 Lehman Brothers 8.8369 UBS Investment Bank 8.81810 Goldman Sachs 8.80811 J.P. Morgan Investment Bank 8.70012 Merrill Lynch 8.61513 (tie) Jefferies & Company 8.60013 (tie) Sandler O’Neill + Partners, L.P. 8.60015 BB&T Corporation 8.55316 Robert W. Baird & Co. (Baird) 8.52017 Wells Fargo 8.45218 TD Securities 8.33319 Union Bank of California 8.27320 M&T Bank 8.152。

全球50家最安全银行

全球50家最安全银行——《全球金融杂志》《全球金融杂志》(Global Finance)公布了最新的2011年全球50家最安全银行名单，欧洲大陆继续名列前茅，德国复兴信贷银行(KFW)列居首位，第二至十名为来自德国、法国、荷兰、瑞士、卢森堡和西班牙的欧陆银行。

美国银行业有6家入榜，依序为纽约梅隆银行(BNY Mellon)(第24)、摩根大通(第34)、富国银行(第36)、美国合众银行(US Bancorp)(第40)、北方信托公司(Northern Trust Corp)(第44)以及CoBank, ACB(第45)。

中国银行业仅有两家入榜，分别是中国开发银行(第38名)和中国农业发展银行(第42名)。

该杂志是根据全球前五百大银行的长期信用评级情况及总资产规模等标准进行评选。

这项调查结果将公布在该杂志的10月份期刊上。

排名前十的银行在9月国际货币基金组织和世界银行举办的年会上被授予嘉奖。

全球50家最安全银行的名单如下：Global Finance names the World’s 50 Safest Banks 2011NEW YORK, August 18, 2011 –Bank stability is an ever-more pressing concern for the world’s corporations and investors. It is within this context that Global Finance announces it’s 20th Annual Ranking of the World’s 50 Safest Banks.The sovereign debt crisis is still raging in Europe and renewed fears of contagion from southern European countries is affecting banking and market outlooks throughout Europe.Global political instability is also in the spotlight—from the upheavals in the Middle East and Africa to the US debt downgr ade by Standard & Poor’s, companies are watching closely to see how these events are affecting their counterparties.With more than 40 of the top 50 banks from last year once again making the list, the Global Finance ranking shows that most of the top echelon of banks are truly worthy of the moniker World’s Safest Bank. Winners were selected through an evaluation of long-term credit ratings—from Moody’s, Standard & Poor’s and Fitch—and total assets of the 500 largest banks worldwide.Global Finance’s annual ranking of World’s 50 Safest Banks is a recognized and trusted standard of creditworthiness for the entire financial world. ―Counterparty creditworthiness is a critical issue for companies and investors worldwide,‖ says Global Finance publisher Joseph D. Giarraputo. ―More than ever, companies around the world are reevaluating the long-term credit strength of their banks, and partnering with only those banks that have proven strength and stability.‖This exclusive survey will be published in the October issue of Global Finance. The banks ranked 1-10 will be presented awards at a special ceremony to be held during the Annual Meetings of the IMF and World Bank in Washington in September.。

联合国贸发会议《2003世界投资报告》概述英文版

United Nations Conference on Trade and DevelopmentWorld Investment ReportUnited NationsNew York and Geneva, 20032003FDI Policies for Development:National and International PerspectivesOverviewUNCTAD/WIR/2003 (Overview)NoteUNCTAD serves as the focal point within the United Nations Secretariat for all matters related to foreign direct investment and transnational corporations. In the past, the Programme on Transnational Corporations was carried out by the United Nations Centre on Transnational Corporations (1975-1992) and the Transnational Corporations and Management Division of the United Nations Department of Economic and Social Development (1992-1993). In 1993, the Programme was transferred to the United Nations Conference on Trade and Development. UNCTAD seeks to further the understanding of the nature of transnational corporations and their contribution to development and to create an enabling environment for international investment and enterprise development. UNCTAD's work is carried out through intergovernmental deliberations, technical assistance activities, seminars, workshops and conferences.The term "country" as used in this study also refers, as appropriate, to territories or areas; the designations employed and the presentation of the material do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. In addition, the designations of country groups are intended solely for statistical or analytical convenience and do not necessarily express a judgement about the stage of development reached by a particular country or area in the development process. The reference to a company and its activities should not be construed as an endorsement by UNCTAD of the company or its activities.The boundaries and names shown and designations used on the maps presented in this publication do not imply official endorsement or acceptance by the United Nations.The following symbols have been used in the tables:Two dots (..) indicate that data are not available or are not separately reported.Rows in tables have been omitted in those cases where no data are available for anyof the elements in the row;A dash (-) indicates that the item is equal to zero or its value is negligible;A blank in a table indicates that the item is not applicable, unless otherwise indicated;A slash (/) between dates representing years, e.g., 1994/95, indicates a financialyear;Use of a hyphen (-) between dates representing years, e.g., 1994-1995, signifiesthe full period involved, including the beginning and end years;Reference to "dollars" ($) means United States dollars, unless otherwise indicated;Annual rates of growth or change, unless otherwise stated, refer to annual compoundrates;Details and percentages in tables do not necessarily add to totals because of rounding.The material contained in this study may be freely quoted with appropriate acknowledgement.UNCTAD/WIR/2003 (Overview)iiAcknowledgementsThe World Investment Report 2003(WIR03) was prepared —under the overall direction of Karl P. Sauvant — by a team comprising Americo Beviglia Zampetti, Persephone Economou, Kumi Endo, Torbjörn Fredriksson, Masataka Fujita, Kálmán Kalotay, Michael Lim, Padma Mallampally, Abraham Negash, Hilary Nwokeabia, Ludger Odenthal, Miguel Pérez-Ludeña, Kee Hwee Wee, Katja Weigl and Zbigniew Zimny. Specific inputs were prepared by Rory Allan, Victoria Aranda, Douglas van den Berghe, Sirn Byung Kim, Anh-Nga Tran-Nguyen, Jörg Simon, James Xiaoning Zhan and Yong Zhang.Principal research assistance was provided by Mohamed Chiraz Baly, Bradley Boicourt, John Bolmer, Lizanne Martinez and Tadelle Taye. Eva Oskam and Jeroen Dickhof assisted as interns at various stages. The production of the WIR03 was carried out by Christopher Corbet, Lilian Mercado,Lynda Piscopo, Chantal Rakotondrainibe and Esther Valdivia-Fyfe. Graphics were done by Diego Oyarzun-Reyes. WIR03 was desktop published by Teresita Sabico. It was edited by Bruce Ross-Larson and Meta de Coquereaumont.Sanjaya Lall and Peter Muchlinski were principal consultants.The Report benefited from inputs provided by participants in a Global Seminar in Geneva in May 2003, organized in cooperation with the Development Policy Forum of InWEnt on the special topic of WIR03. Participants were Florian Alburo, Sanchita Chatterjee, Benno Ferrarini, Susan Hayter, Yao-Su Hu, Datin Kaziah Abdul Kadir, Nagesh Kumar, Mariano Laplane, Howard Mann, Richard Newfarmer, Farooq Sobhan, M. Sornarajah and Miklos Szanyi.Inputs were also received from Stanimir A. Alexandrov, Lorraine Eden, David Frans, Xing Houyuan, Mark Koulen, Julia Mikerova, Lilach Nachum, Roger Nellist, Assad Omer, Pedro Roffe, Pierre Sauvé, Frank Roger, Len Trevino and Rob van Tulder.Comments and feedback were received during various stages of preparation from Robert Anderson, Audo Araújo Faleiro, Yoko Asuyama, Vudayagiri Balasubramanyam, Maria Borga, Peter Brimble, Philip Brusick, Peter Buckley, José Durán, Richard Eglin, Roderick Floud, Rainer Geiger, Andrea Goldstein, Kathryn Gordon, CharlesiiiGore, Jim Gunderson, Jeffery Heinrich, Barry Herman, Pinfang Hong, Marie-France Houde, Anna Joubin-Bret, Joachim Karl, John Kline, Jesse Kreier, Tatjana Krylova, Sam Laird, Martha Lara, Don Lecraw, Robert Lipsey, Henry Loewendahl, Mina Mashayekhi, Raymond J. Mataloni, Anne Miroux, Hafiz Mirza, Juan Carlos Moreno-Brid, Michael Mortimore, Peter Nunnenkamp, Herbert Oberhänsli, Sheila Page, Antonio Parra, Carlo Pettinato, Craig Parsons, Sol Picciotto, Gwenael Quere, Prasada Reddy, Lorraine Ruffing, Hassan Qaqaya, Maryse Roberts, Patrick Robinson, Rodrigo Sabbatini, Nicolo Gligo Saenz, A. Edward Safarian, Magdolna Sass, Christoph H. Schreuer, Prakash Sethi, Angelika Sitz, Marjan Svetlicic, Taffere Tesfachew, Peter Utting, Thomas Wälde, Jörg Weber, Louis Wells, Gerald West and Christopher Wilkie. Comments were also received from delegates participating in the WTO Working Group on the Relationship between Trade and Investment.Numerous officials of central banks, statistical offices, investment promotion and other government agencies, and officials of international organizations and non-governmental organizations, as well as executives of a number of companies, also contributed to WIR03, especially through the provision of data and other information. Most particularly, they include BusinessMap from South Africa and the participants of the OGEMID network led by Thomas Wälde, and UNCTAD’s network of experts on international investment agreements.The Report benefited from overall advice from John H. Dunning, Senior Economic Advisor.The financial support of the Governments of Germany, Norway, Sweden and the United Kingdom is gratefully acknowledged.ivContentsPage Overview (1)FDI FALLS AGAIN—UNEVENLYGlobal FDI flows fall again in 2002 amid weakeconomic performance (1)Prospects remain dim for 2003, but shouldimprove thereafter (11)Government policies are becoming more open, involvingmore incentives and focused promotion strategies (11)… as well as participation in more investmentand trade agreements (12)Converging patterns of FDI links and investmentand trade agreements are generating mega blocks (14)ENHANCING THE DEVELOPMENT DIMENSION OF INTERNATIONAL INVESTMENT AGREEMENTSTo help attract FDI, countries increasinglyconclude IIAs (15)... which, by their nature, entail a loss of policy space. (18)The challenge for developing countries is to finda development-oriented balance (18)… when negotiating the objectives, structure andimplementation of IIAs (19)... and especially their content . (21)… by making development objectives an integral partof international investment agreements (22)vPageANNEXTable of contents of theWorld Investment Report 2003FDI for Development: National andInternational Perspectives (25)Selected UNCTAD publications on transnationalcorporations and foreign direct investment (29)Questionnaire (41)Figures1.The 30 economies most affected by the downturn, 2002 (3)2.World's top 30 FDI recipients, 2002 (4)3.FDI stocks among the Triad and economies inwhich FDI from the Triad dominates, 2001 (16)Tables1.Selected indicators of FDI and internationalproduction, 1982-2002 (2)2.The world's top 25 non-financial TNCs,ranked by foreign assets, 2001 (5)3.The top 25 non-financial TNCs fromdeveloping economies, ranked by foreign assets, 2001 (6)4.The top 25 non-financial TNCs from Centraland Eastern Europe, ranked by foreign assets, 2001 (7)5.Changes in national regulations on FDI, 1992-2002 (13)viWorld Investment Report 2003FDI Policies for Development: National and International PerspectivesOverviewFDI FALLS AGAIN—UNEVENLYGlobal FDI flows fall again in 2002 amid weak economic performance.Global FDI inflows declined in 2002 for the second consecutive year, falling by a fifth to $651 billion-the lowest level since 1998 (table 1). Flows declined in 108 of 195 economies (see figures 1 and 2 for the economies that experienced the biggest decline, as well as the top recipients). The main factor behind the decline was slow economic growth in most parts of the world and dim prospects for recovery, at least in the short term. Also important were falling stock market valuations, lower corporate profitability, a slowdown in the pace of corporate restructuring in some industries and the winding down of privatization in some countries. A big drop in the value of cross-border mergers and acquisitions (M&As) figured heavily in the overall decline. The number of M&As fell from a high of 7,894 cases in 2000 to 4,493 cases in 2002—and their average value, from $145 million in 2000 to $82 million in 2002. The number of M&A deals worth more than $1 billion declined from 175 in 2000 to only 81 in 2002—again, the lowest since 1998.For the largest transnational corporations (TNCs) most indicators of the size of their foreign operations declined slightly in 2001 (the latest year for which data are available), the beginning of the FDI downturn. Despite the burst of the bubble in the information and communication technology market, there has been no significant shift in the industrial composition of FDI—nor in the ranking of the world's top 100 TNCs (see table 2 for the top 25 of these firms), the top 50 TNCs from developing countries (seeTable 1. Selected indicators of FDI and international production, 1982-2002(Billions of dollars and percentage)World Investment Report 2003FDI Policies for Development: National and International Perspectives2 Value at current prices Annual growth rateItem (Billion dollars) (Per cent)198219902002 1986-1990 1991-1995 1996-20001999200020012002FDI inflows 59 209 65123.121.140.257.329.1-40.9-21.0FDI outflows 28 242 64725.716.535.760.59.5-40.8-9.0FDI inward stock 802 1 9547 12314.79.317.219.418.97.57.8FDI outward stock 595 1 763 6 86618.010.616.818.219.8 5.58.7Cross border M&As.. 151 37025.924.051.544.149.3-48.1-37.7Sales of foreign affiliates 2 737 5 67517 68516.010.110.913.319.69.27.4Gross product of foreign affiliates 640 1 458 3 43717.3 6.77.912.816.214.7 6.7Total assets of foreign affiliates 2 091 5 89926 54318.813.919.220.727.4 4.58.3Export of foreign affiliates 722 1 197 2 61313.57.69.6 3.311.4-3.3 4.2 Employment of foreign affiliates (thousands)19 37524 26253 094 5.5 2.914.215.416.5-1.5 5.7GDP (in current prices)10 80521 67232 22710.8 5.6 1.3 3.5 2.6-0.5 3.4Gross fixed capital formation 2 286 4 819 6 42213.4 4.2 1.0 3.5 2.8-3.9 1.3Royalties and licences fees receipts 9 30 7221.314.3 6.2 5.78.2-3.1..Export of goods and non-factor services 2 053 4 3007 83815.6 5.4 3.4 3.311.4-3.3 4.2Source:UNCTAD, World Investment Report 2003. FDI Policies for Development: National and International Perspectives, table I.1, p. 3.Overview3 table 3 for the top 25 of these firms) and the top 25 TNCs from Central and Eastern Europe (CEE) (table 4).The decline in FDI in 2002 was uneven across regions and countries. It was also uneven sectorally: flows into manufacturing and services declined, while those into the primary sector rose. The equity and intra-company loan components of FDI declined more than reinvested earnings. FDI entering host economies through M&As went down more than that through greenfield projects. Figure 1. The 30 economies most affected by the downturn, 2002 (Decline in absolute amounts of FDI in billions of dollars)Source:UNCTAD, FDI/TNC database./fdistatisticsWorld Investment Report 20034FDI Policies for Development: National and International PerspectivesFigure 2. World's top 30 FDI recipients, 2002(Billions of dollars)Source:UNCTAD, FDI/TNC database./fdistatisticsForeign Foreign TNI aassetsTNI aassetsTNI aCorporationHome economyIndustryForeignTotalForeignTotalForeignTotal (Per cent)113115VodafoneUnited KingdomTelecommunications 187 792 207 458 24 602 32 744 56 430 67 17883.2283273General Electric United States Electrical & electronic equipment180 031 495 210 39 914 125 913 152 000 310 00039.0315724BPUnited Kingdom Petroleum expl./ref./distr. 111 207 141 158 141 225 175 389 90 500 110 15080.5436442Vivendi Universal France Diversified91 120 123 156 29 652 51 423 256 725 381 50466.3582--Deutsche Telekom AG Germany Telecommunications 90 657 145 802 11 836 43 309 78 722 257 05840.0639330Exxonmobil Corporation United States Petroleum expl./ref./distr. 89 426 143 174 145 814 209 417 61 148 97 90064.87853885Ford Motor Company United States Motor vehicles 81 169 276 543 52 983 162 412 188 919 354 43138.4887584General MotorsUnited States Motor vehicles75 379323 96945 256 177 260 148 000 365 00029.8948646Royal Dutch/Shell Group United Kingdom/Netherlands Petroleum expl./ref./distr. 73 492 111 543 72 952 135 211 52 109 89 93959.310211962TotalFinaElf France Petroleum expl./ref./distr. 70 030 78 500 74 647 94 418 69 037 122 02574.911181523Suez France Electricity, gas and water 69 345 79 280 29 919 37 975 128 750 188 05078.21247880Toyota Motor Corporation Japan Motor vehicles 68 400 144 793 59 880 108 808 186 911 246 70259.313631047Fiat Spa Italy Motor vehicles48 749 89 264 24 860 52 002 103 565 198 76451.51452955Telefonica SA Spain Telecommunications 48 122 77 011 14 303 27 775 93 517 161 52757.315511223Volkswagen Group Germany Motor vehicles47 480 92 520 57 426 79 376 157 579 324 41357.416571393ChevronTexaco Corp.United States Petroleum expl./ref./distr. 44 943 77 572 57 673 104 409 35 569 67 56955.317381452Hutchison Whampoa Limited Hong Kong, China Diversified 40 989 55 281 6 092 11 415 53 478 77 25365.618111711News Corporation Australia Media35 650 40 007 13 880 15 087 24 700 33 80084.719442943Honda Motor Co Ltd Japan Motor vehicles35 257 52 056 40 088 55 955 59 000 120 60062.820862377 E.On Germany Electricity, gas and water 33 990 87 755 22 744 71 419 64 285 151 95337.62120184Nestlé SA SwitzerlandFood & beverages33 065 55 821 34 704 50 717 223 324 229 76575.022816186RWE Group jGermany Electricity, gas and water 32 809 81 024 23 15158 03965 609155 63440.823651157IBM United States Electrical & electronic equipment32 800 88 313 50 651 85 866 173 969 319 87650.2243243ABB Switzerland Machinery and equipment 30 586 32 305 18 876 19 382 148 486 156 86595.625353749UnileverUnited Kingdom/ NetherlandsDiversified30 52946 92228 675 46 803204 000 279 00066.5Source: UNCTAD, World Investment Report 2003: FDI Policies for Development: National and International Perspectives , annex table A.I.1.Table 2. The world's top 50 non-financial TNCs, ranked by foreign assets, 2001 a(Millions of dollars and number of employees)Ranking in 2000:Ranking in 2001:Sales aTNI is the abbreviation for "transnationality index". The transnationlity index is calculated as the average of the following three ratios: foreign assets to total assets, foreign sales to total sales and foreign employment to total employment.Employment AssetsTable 3. The top 25 non-financial TNCs from developing economies, ranked by foreign assets, 2001(Millions of dollars and number of employees)Ranking byForeign Assets Sales Employment TNI aassets TNI a Corporation Home economy Industry Foreign Total Foreign Total Foreign Total(Per cent)World Investment Report 2003FDI Policies for Development: National and International Perspectives6 112Hutchison Whampoa Limited Hong Kong, China Diversified40 98955 281 6 09211 41553 47877 25365.6 211Singtel Ltd.Singapore Telecommunications15 59419 108 1 362 4 05417 57421 53565.6 39Cemex S.A.Mexico Non-metalic mineral products12 64516 282 4 390 6 73017 44925 51970.4 422LG Electronics Inc.Korea, Republic of Electrical & electronic equipment11 56120 30410 00922 52821 01742 51250.3 541Petróleos De Venezuela Venezuela Petroleum expl./ref./distr.7 96457 54219 80146 250 5 48046 42522.8 642Petronas - Petroliam NasionalBerhad Malaysia Petroleum expl./ref./distr.7 87737 933 5 35917 681 4 00625 72422.2 745New World Development Co., Ltd.Hong Kong, China Diversified 4 71516 253565 2 93380026 10017.1 84Neptune Orient Lines Ltd.Singapore Transport and storage 4 674 4 951 2 970 4 73710 41211 77781.8 916Citic Pacific Ltd.Hong Kong, China Diversified 4 1847 798 1 109 2 2127 35411 73355.51014Jardine Matheson Holdings Ltd Hong Kong, China Diversified 4 0807 166 6 2979 41362 629110 00060.31128Samsung Electronics Co., Ltd.Korea, Republic of Electrical & electronic equipment 3 84041 69225 11237 15523 95373 68236.4122Guangdong Investment Ltd.Hong Kong, China Diversified 3 694 4 042854932 6 8697 64191.0135Shangri-La Asia Ltd.Hong Kong, China Hotels and motels 3 606 4 56545856013 03316 50079.91410Sappi Ltd.South Africa Paper 3 463 4 504 3 223 4 18410 42918 23170.41546Hyundai Motor Company Korea, Republic of Motor vehicles 3 21033 216 6 94333 199551691 95812.2168Flextronics International Ltd.Singapore Electrical & electronic equipment 2 983 4 115 5 363 6 6915073470 00075.01713City Developments Ltd.Singapore Hotels 2 870 6 454857 1 30211 45714 33763.41844Samsung Corporation Korea, Republic of Electrical & electronic equipment 2 8009 400 5 80032 300.. 4 16417.41926China National Chemicals,Imp. & Exp. Corp.China Diversified 2 788 4 9289 14516 1653507 95039.22018South African Breweries Plc South Africa Food & beverages 2 785 4 399 2 433 4 36415 45033 23055.22134América Móvil Mexico Telecommunications 2 32310 137919 4 3857 14214 78630.72231Perez Companc Argentina Petroleum expl./ref./distr. 2 154 6 244471 1 655 1 182 3 42732.5233Guangzhou InvestmentCompany Ltd.Hong Kong, China Paper 2 129 2 55936243312 92013 12088.42449Taiwan Semiconductor Taiwan ProvinceManufacturing Co Ltd.of China Electrical & electronic equipment 2 03310 446... 3 751..13 6697.0251First Pacific Company Limited Hong Kong, China Electrical & electronic equipment 2 007 2 046 1 852 1 85247 99848 04699.3 Source:UNCTAD, World Investment Report 2003. FDI Policies for Development: National and International Perspectives, annex table A.I.2.a TNI is the abbreviation for "transnationality index". The transnationlity index is calculated as the average of the following three ratios: foreign assets to totalassets, foreign sales to total sales and foreign employment to total employment.Overview7Table 4. The top 25 non-financial TNCs from Central and Eastern Europe, ranked by foreign assets, 2001(Millions of dollars and number of employees)Ranking by ForeignAssets Sales EmploymentTNI a assets TNI a Corporation Home country Industry Foreign Total Foreign Total Foreign Total (Per cent)110Lukoil Oil Co.Russian Federation Petroleum and natural gas 5 830.015 859.08 771.014 892.013 000140 00035.024Novoship Co.Russian Federation Transport 998.9 1 133.6 302.3392.1 85 6 97655.531Latvian Shipping tvia Transport .. 491.2.. 172.9 1 313 1 76277.745Pliva GroupCroatia Pharmaceuticals 281.1 967.6 477.3 632.2 2 9007 20848.3525Hrvatska Elektroprivreda d.d.Croatia Energy 272.0 2 357.0 8.0 775.0-15 071 4.262Primorsk Shipping Co.Russian Federation Transport 267.3 437.9 114.9 145.7 1 305 2 62963.277Gorenje Group Slovenia Domestic appliances 231.5 486.1 475.4 661.3 6708 18642.686Krka d.d.Slovenia Pharmaceuticals 190.8 476.6 235.4 296.0 595 3 52045.5915Far Eastern Shipping Co.Russian Federation Transport 123.0 377.0 101.0 318.0 233 5 60822.81021Mercator d.d.Slovenia Retail trade 112.7 868.5 53.0 1 171.5 1 27913 6928.91120MOL Hungarian Oil and Gas Plc.Hungary Petroleum and natural gas 95.9 3 243.2 819.2 3 850.0 77615 2189.81214Podravka GroupCroatia Food and beverages/pharmaceuticals 69.3357.2 134.3 303.5 790 6 88525.01322Petrol Group Slovenia Petroleum and natural gas 66.9 478.4 80.0 1 122.8 24 1 5727.5143Zalakerámia Rt.Hungary Clay product and refractory 65.0 120.0 39.0 64.0 1 889 2 92159.91519Richter Gedeon Ltd.Hungary Pharmaceuticals 55.9 496.5 43.5 309.6 884 5 00714.31611Malév Hungarian Airlines Ltd.b Hungary Transport 41.4 187.0 299.0 383.4 49 2 95233.91717Intereuropa d.d.Slovenia Trade 34.0 200.0 25.0 163.0 662 2 23020.71812Lek d.d.Slovenia Pharmaceuticals 28.1 332.4 219.7 281.2 252 2 66332.01924Petrom SA National Oil Co.b Romania Petroleum and natural gas 28.0 3 151.0 303.0 2 423.0 14977 630 4.52013Croatia Airlines d.d.Croatia Transportation 26.3 328.4 90.4 141.8 63 97726.12123Merkur d.d.Slovenia Trade 26.1 397.9 44.8 436.7 89 2 824 6.7229Budimex Capital Group Poland Construction 23.8 372.6 50.4 610.0 1 076 1 18935.0238BLRT Grupp AS Estonia Shipbuilding 22.6 83.7 31.5 83.8 1 521 3 41536.42416Iskraemeco d.d.Slovenia Electrical machinery 19.0 86.5 32.8 115.0 267 2 11421.02518Tiszai Vegyi Kombinát Ltd.Hungary Chemicals 16.6462.5245.6489.9182 2 98719.9Averages373.21 350.1 525.2 1 209.4 1 25213 409 30.3Change from 2000 (in per cent) 15.29.78.81.6- 10.6- 5.3- 1.9Source:UNCTAD, World Investment Report 2003. FDI Policies for Development: National and International Perspectives , annex table A.I.3.a The transnationality index (TNI) is calculated as the average of the following three ratios: foreign assets to total assets, foreign sales to total sales and foreign employment to total employment.b2000 data.World Investment Report 20038FDI Policies for Development: National and International PerspectivesGeographically, flows to developed and developing countries each fell by 22% (to $460 billion and $162 billion, respectively). Two countries, the United States and the United Kingdom, accounted for half of the decline in the countries with reduced inflows. Among developing regions, Latin America and the Caribbean was hit hard, suffering its third consecutive annual decline in FDI with a fall in inflows of 33% in 2002. Africa registered a decline of 41%; but after adjusting for the exceptional FDI inflows in 2001, there was no decline. FDI in Asia and the Pacific declined the least in the developing world because of China, which with a record inflow of $53 billion became the world's biggest host country. CEE did the best of all regions, increasing its FDI inflows to a record $29 billion.The main developments by region were:•There was a sizable decline in FDI inflows to developed countries, accompanying a continuing slowdown in corporate investment, declining stock prices and a slowdown in the consolidation of activities in some industries—all influenced by weak economic conditions. In several countries, repayments of intra-company loans contributed to lower FDI flows. For instance, a large part of the decline in the United States was due to repayments of loans by foreign affiliates to parent companies, presumably to take advantage of the lower interest rates in the United States as well as for other reasons (such as improving the debt-to-equity ratio of parent firms). The most notable feature of the decline in FDI in the developed countries was the plunge in cross-border M&As, especially in the United States and the United Kingdom. In all, FDI inflows declined in 16 of the 26 developed countries. Australia, Germany, Finland and Japan were among the countries with higher FDI inflows in 2002.FDI outflows from the developed countries also declined in 2002 to $600 billion; the fall was concentrated in France, the Netherlands and the United Kingdom. Outflows from Austria, Finland, Greece, Norway, Sweden and the United States increased.In both outflows and inflows Luxembourg headed the list of largest host and home countries (for special reasons). The prospects for 2003 depend on the strength of the economic recovery, investor confidence and a resumption of cross-border M&As. With many TNCs continuing to follow cautious growth and consolidation strategies, M&As are not yet showing much dynamism. As a group,Overview9 developed countries are not likely to improve their FDI performance in 2003.•Africa suffered a dramatic decline in FDI inflows—from $19 billion in 2001 to $11 billion in 2002, largely the result of exceptionally high inflows in 2001 (two M&As in South Africa and Morocco, not repeated in 2002). Flows to 23 of the continent's 53 countries declined. FDI in the oil industry remained dominant.Angola, Algeria, Chad, Nigeria and Tunisia accounted for more than half the 2002 inflows. Only South African enterprises made significant investments abroad. Oil exploration by major TNCs in several oil-rich countries make the 2003 outlook for FDI inflows more promising.•The Asia-Pacific region was not spared, either, from the global decline in FDI inflows in 2002. FDI inflows to the region declined for the second consecutive year—from $107 billion in 2001 to $95 billion, uneven by subregion, country and industry. All subregions, except Central Asia and South Asia, received lower FDI flows than in 2001. Flows to 31 of the region’s 57 economies declined.However, several countries received significantly higher flows.Intra-regional investment flows, particularly in South-East Asia and North-East Asia, remained strong, partly as a result of the relocation of production activities, expanding regional production networks and continued regional integration efforts. FDI in the electronics industry continued to decline due to the rationalization of production activities in the region and adjustments to weak global demand. While long-term prospects for an increase in FDI flows to the region remain promising, the short-term outlook is uncertain.•In Latin America and the Caribbean, FDI flows declined for the third consecutive year, from $84 billion in 2001 to $56 billion, affecting all subregions and 28 of the region’s 40 economies.Factors specific to the region contributed to this decline, especially the acute economic crisis in Argentina and economic and political uncertainty in some other countries. The services sector was affected most by the decline. Manufacturing FDI proved to be quite resilient, with barely any change, despite the slowdown from the region's major export destination, the United States, and the growing relocation of labour-intensive activities to Asia. FDI is expected to remain at the same level in 2003 and to start rising thereafter.。

国际业务常用英语词汇

国际业务常用英语词汇跟单结算及国际保函信用证Documentary credit 跟单信用证Back to back credit 背对背信用证Transferable credit 可转让信用证Un-transferable credit 不可转让信用证Red clause credit 红条款信用证Revolving credit 循环信用证Standby letter of credit 备用信用证Negotiation credit 议付信用证Acceptance credit 承兑信用证Payment credit 付款信用证Irrevocable credit 不可撤销信用证Payment credit 付款信用证Deferred payment credit 延期付款信用证Confirmed credit 保兑信用证Usance credit payable at sight 假远期信用证Commercial contract 商务合同Importer 进口商Exporter 出口商Applicant 申请人Beneficiary 受益人Opening bank/issuing bank 开证行Advising bank 通知行Reimbursing bank 偿付行Presenting bank 交单行Confirming bank 保兑行Negotiating bank 议付行Accepting bank 承兑行Drawee bank 付款行Transferring bank 转让行Nominated bank 被指定银行Expiry date and place 有效日期和地点Freely negotiable 自由议付Restricted negotiable 限制议付Cumulative 可累计Non-cumulative 不可累计Deferred payment 延期付款Discounting 贴现Acceptance 承兑Negotiation 议付Discrepancies 不符点Presentation date 交单日期Period for presentation of documents 交单期限托收Collection 托收Collecting bank代收行Remitting bank 托收行Principal 委托人Drawee 付款人Clean collection 光票托收Documentary collection 跟单托收Outward collection 出口托收Collection instruction 托收指示Collection order 托收指令Inward collection 进口代收Financial documents 金融单据Commercial documents 商业单据Documents against acceptance (D/A) 承兑交单Documents against payment (D/P) 付款交单Documents against payment at sight (D/P at sight) 即期付款交单Documents against payment of usance bill 远期付款交单Terms and conditions of collection 托收条款单据Commercial invoice 商业发票Customs invoice 海关发票Consular 领事发票Pro forma invoice 形式发票Insurance policy 保险单Transport documents 运输单据Bill of exchange/draft 汇票Usance bill 远期汇票Packing list 装箱单Weight list 重量单Quantity certificate 数量单Certificate of origin 原产地证明Certificate of quality 品质证明书Bill of lading 提单Blank back bill of lading/short form bill of lading 背面空白/简式提单Charter party bill of lading 租船提单Combined transport bill of lading 多式联运提单Container bill of lading 集装箱提单Airway bill 空运单Postal receipt 邮包收据Cargo receipt 货物收据其它Banking charges 银行费用Presentation of documents 提示单据Reimbursement/claim instructions 索汇路线Payment 付款Advice of payment 付款通知Acceptance 承兑Advice of acceptance 承兑通知Endorsement 背书Blank endorsed 空白背书Carrier 承运人Consignee 收货人Chamber of commerce 商会Shipping mark 唛头Shipment date 装运日Discrepancy 不符点Freight charge 运费Freight payable at destination 运费预付至Correspondent bank 代理行Partial shipment 分批装运Transshipment 转运Port of loading 装货港Port of discharge 卸货港Price terms 价格条款Release documents against payment 付款赎单Release documents against acceptance 承兑赎单EXW(ex works) 工厂交货价FCA( free carrier) 货交承运人价FAS(free alongside ship) 装运港船边交货价FOB(free on board) 装运港船上交货价CFR(cost and freight) 成本加运费价CIF(cost, insurance and freight) 成本、保险费加运费价CPT(carriage paid to) 运费付至……价CIP(carriage and insurance paid to) 运费、保险费付至……价DAF(delivered at frontier) 边境交货价DES( delivered ex ship) 目的港船上交货价DEQ(delivered ex quay) 目的港码头交货价DDU(delivered duty unpaid) 未完税交货价DDP(delivered duty paid) 完税交货价保函Guarantee 保函Tender guarantee/bid bond guarantee 投标保函Performance guarantee 履约保函Advance payment guarantee 预付款保函Warranty guarantee 质量保函Retention money guarantee 留滞金保函Payment guarantee 付款保函Financial standby letter of credit 融资备用信用证Counter guarantee 反担保函Principal 被担保人Guarantor 担保人Written statement 书面声明Multiple drawing 多次索赔Claims under a bank guarantee 保函的索赔Place of jurisdiction 司法管辖地Commission on bond 保函佣金外汇资金Remittance; funds transfer汇款Outward remittance 汇出汇款Inward remittance 汇入汇款Telegraphic communications 电讯方式TELEX 电传CABLE,TELEGRAM 电报Draft票汇Mail transfer信汇Remitter汇款申请人Payee or Beneficiary收款人Remitting bank汇出行Receiving/Paying bank汇入/解付行Customer transfer客户汇款General financial institution transfer银行间汇款Sender's correspondent 帐户行Intermediary bank中间行Drawee bank 汇票付款行Issue of draft 汇票的签发Reimbursement of drafts 汇票的索偿Clearing 清算Trade date 交易日Reference date 参考日Value date起息日Maturity date/Expiry date到期日Basis point基点Buyer’s market买方市场Purchase and sale of foreign exchange 结售汇Foreign exchange surrender结汇Spot即期Forward远期Current account 经常项目Current account convertibility 经常项目可兑换Managed floating exchange rate有管理的浮动汇率Pegged exchange rate钉住汇率Real effective exchange rate实际有效汇率Position头寸Term structure期限结构Capital account资本项目Interest-bearing asset生息资产Foreign direct investment外国直接投资CHIPS (Clearing House Inter-bank Payment System）同业支付清算系统SWIFT (Society for Worldwide International Financial Telecommunication）环球银行间金融电信协会Opening price开盘价Closing price收盘价Bid price 买入价Offer price 卖出价Extension展期Fixed exchange rate固定汇率Floating exchange rate 浮动汇率Premium升水Discount贴水Financial derivative instruments金融衍生工具Futures期货Option期权Option trading 期权的交易Swap掉期In the Money 溢价期权At the Money 平价期权Out of the Money 折价期权Put option看跌期权Call option 看涨期权Long (buyer) 买方Short (seller) 卖方Position买卖角色Long call买入看涨期权Short call卖出看涨期权Long put买入看跌期权Short put卖出看跌期权Out-Of-Money不执行（期权）Interest rate lap利率上限Interest rate floor利率下限Relative value相对价值Pay swap支付互换Option contract期权合约American style option美式期权European style option欧式期权The strike price/the exercise price执行价格Option premium/option price期权费Structured derivatives结构化衍生工具Hedge对冲Dual currency deposit 双币存款USD/CNY linked deposit 美元/人民币挂钩产品Interest rate derivatives 利率衍生产品Interest rate option利率期权Structured interest rate products 结构性利率产品To hedge currency exposures 对冲货币敞口Speculate 投机Yield enhancement products 增值产品Interest basis 计息方式Principal amount 本金Principal guaranteed 本金担保Principal guaranteed deposit 本金担保存款Spot reference 即期参考汇率Short-term view products 短期产品Hedge against套期保值Exchange-rate regime 汇率机制Deposit account 定期存款账户Cheque account 支票账户Clearing bank 清算银行Foreign currency (exchange) reserve 外汇储备Devaluation货币贬值Revaluation货币升值International balance of payment国际收支Cross rate/Arbitrage rate套汇汇率Foreign exchange fluctuation外汇波动信贷基本词汇（包括会计）Accounting convention 会计惯例Accounting for acquisitions 购并的会计处理Accounting for debtors 应收账款核算Accounting for depreciation 折旧核算Accounting for foreign currencies 外汇核算Accounting for goodwill 商誉核算Accounting for stocks 存货核算Accounting policies 会计政策Accounting standards 会计准则Accruals concept 权责发生原则Achieving credit control 实现信用控制Acid test ratio 酸性测试比率Actual cash flow 实际现金流量Adjusting company profits 企业利润调整Advance payment guarantee 提前偿还保金Adverse trading 不利交易Advertising budget 广告预算Advising bank 通告银行Age analysis 账龄分析Aged debtors analysis 逾期账款分析Aged debtors’report 逾期应收款报告Aged debtors’exception report 逾期应收款的特殊报告All—monies clause 全额支付条款Amortization 摊销Analytical questionnaire 调查表分析Analytical skills 分析技巧Analyzing financial risk 财务风险分析Analyzing financial statements 财务报表分析Analyzing liquidity 流动性分析Analyzing profitability 盈利能力分析Analyzing working capital 营运资本分析Annual expenditure 年度支出Anticipating future income 预估未来收入Areas of financial ratios 财务比率分析的对象Articles of incorporation 合并条款Asian crisis 亚洲(金融)危机Assessing companies 企业评估Assessing country risk 国家风险评估Assessing credit risks 信用风险评估Assessing strategic power 战略地位评估Assessment of banks 银行的评估Asset conversion lending 资产转换贷款Asset protection lending 资产担保贷款Asset sale 资产出售Asset turnover 资产周转率Assets 资产Association of British Factors and Discounters 英国代理人与贴现商协会Auditor's report 审计报告Aval 物权担保Bad debt 坏账Bad debt level 坏账等级Bad debt risk 坏账风险Bad debts performance 坏账发生情况Bad loans 坏账Balance sheet 资产负债表Balance sheet structure 资产负债表结构Bank credit 银行信贷Bank failures 银行破产Bank loans．availability 银行贷款的可获得性Bank status reports 银行状况报告Bankruptcy 破产Bankruptcy code 破产法Bankruptcy petition 破产申请书Basle agreement 塞尔协议Basle Agreement 《巴塞尔协议》Behavioral scoring 行为评分Bill of exchange 汇票Bill of lading 提单BIS (Bank for International Settlements) 国际清算银行BIS agreement 国际清算银行协定Blue chip 蓝筹股Bonds 债券Book receivables 账面应收账款Borrowing money 借人资金Borrowing proposition 借款申请Breakthrough products 创新产品Budgets 预算Building company profiles 勾画企业轮廓Business development loan 商业开发贷款Business failure 破产Business plan 经营计划Business risk 经营风险Buyer credits 买方信贷Buyer power 购买方力量Buyer risks 买方风险CAMPARI 优质贷款原则Canons of lending 贷款原则Capital adequacy 资本充足性Capital adequacy rules 资本充足性原则Capital commitments 资本承付款项Capital expenditure (Capex) 资本支出Capital funding 资本融资Capital investment 资本投资Capital strength 资本实力Capital structure 资本结构Capitalization of interest 利息资本化Capitalizing R&D costs/expenditures 研发费用资本化Capitalizing interest costs 利息成本资本化Cascade effect 瀑布效应Cash assets 现金资产Cash collection targets 现金托收目标Cash cycle 现金循环周期Cash cycle ratios 现金循环周期比率Cash cycle times 现金循环周期时间Cash deposit 现金储蓄Cash flows 现金流量Cash flow adjustments 现金流调整Cash flow analysis 现金流量分析Cash flow crisis 现金流危机Cash flow cycle 现金流量周期Cash flow forecasts/projections 现金流量预测Cash flow lending 现金流贷出Cash flow profile 现金流概况Cash flow statements 现金流量表Cash position 现金头寸Cash positive JE现金流量Cash rich companies 现金充足的企业Cash surplus 现金盈余Cash tank 现金水槽Cash-in-advance 预付现金Categorized cash flow 现金流量分类CE 优质贷款原则CEO 首席执行官Chairman 董事长, 总裁Chapter 11 rules 第十一章条款Charge 抵押Charged assets 抵押资产Chief executive officer 首席执行官Collateral security 抵押证券Collecting payments 收取付款Collection activity 收款活动Collection cycle 收款环节Collection procedures 收款程序Collective credit risks 集合信用风险Comfortable liquidity position 适当的流动性水平Commercial mortgage 商业抵押Commercial paper 商业票据Commission 佣金Commitment fees 承诺费Common stock 普通股Common stockholders 普通股股东Company and its industry 企业与所处行业Company assets 企业资产Company liabilities 企业负债Company loans 企业借款Competitive advantage 竞争优势Competitive forces 竞争力Competitive products 竞争产品Complaint procedures 申诉程序Computerized credit information 计算机化信用信息Computerized diaries 计算机化日志Confirmed letter of credit 承兑信用证Confirmed letters of credit 保兑信用证Confirming bank 确认银行Conservatism concept 谨慎原则Consistency concept 一贯性原则Consolidated accounts 合并报表Consolidated balance sheets 合并资产负债表Contingent liabilities 或有负债Continuing security clause 连续抵押条款Contractual payments 合同规定支出Control limits 控制限度Control of credit activities 信用活动控制Controlling credit 控制信贷Controlling credit risk 控制信用风险Corporate banking 公司业务Corporate credit analysis 企业信用分析Corporate credit controller 企业信用控制人员Corporate credit risk analysis 企业信用风险分析Corporate customer 企业客户Corporate failure prediction models 企业破产预测模型Corporate lending 企业贷款Cost leadership 成本领先型Cost of sales 销售成本Costs 成本Country limit 国家限额Country risk 国家风险Court judgments 法院判决Covenant 贷款保证契约Covenants 保证契约Creative accounting 寻机性会计Credit analysis 信用分析Credit analysis of customers 客户信用分析Credit analysis of suppliers 供应商的信用分析Credit analysis on banks 银行信用分析Credit analysts 信用分析Credit assessment 信用评估Credit bureau reports 信用咨询公司报告Credit bureau 信用机构Credit control 信贷控制Credit control activities 信贷控制活动Credit control performance reports 信贷控制绩效报告Credit controllers 信贷控制人员Credit cover 信用风险担保Credit cycle 信用循环Credit decisions 信贷决策Credit deterioration 信用恶化Credit exposure 信用敞口Credit granting process 授信程序Credit information 信用信息Credit information agency 信用信息机构Credit insurance 信贷保险Credit insurance advantages 信贷保险的优势Credit insurance brokers 信贷保险经纪人Credit insurance limitations 信贷保险的局限Credit limits 信贷限额Credit limits for currency blocs 货币集团国家信贷限额Credit limits for individual countries 国家信贷限额Credit line 授信额度Credit management 信贷管理Credit managers 信贷经理Credit monitoring 信贷监控Credit notes 欠款单据Credit period 信用期Credit planning 信用计划Credit policy 信用政策Credit policy issues 信用政策发布Credit proposals 信用申请Credit protection 信贷保护Credit quality 信贷质量Credit rating 信用评级Credit rating agencies 信用评级机构Credit rating process 信用评级程序Credit rating system 信用评级系统Credit reference 信用咨询Credit reference agencies 信用评级机构Credit risk 信用风险Credit risk assessment 信用风险评估Credit risk exposure 信用风险敞口Credit risk insurance 信用风险保险Credit risk of individual customers 个体信用风险Credit risk：bank credit 信用风险：银行信用Credit risk：trade credit 信用风险：商业信用Credit scoring 信用风险评分Credit scoring model 信用评分模型Credit scoring system 信用评分系统Credit squeeze 信贷压缩Credit taken ratio 受信比率Credit terms 信贷条款Credit utilization reports 信贷利用报告Credit vetting 信用审查Credit watch 信用观察Credit worthiness 信誉Creditor days 应付账款天数Cross-default clause 交叉违约条款Currency risk 货币风险Current assets 流动资产Current debts 流动负债Current ratio requirement 流动比率要求Current ratios 流动比率Customer care 客户关注Customer credit ratings 客户信用评级Customer liaison 客户联络Customer risks 客户风险Cut-off scores 及格线Cycle of credit monitoring 信用监督循环Cyclical business 周期性行业Daily operating expenses 经营费用Day’s sales outstanding 收回应收账款的平均天数Debentures 债券Debt capital 债务资本Debt collection agency 债务托收机构Debt issuer 债券发行人Debt protection levels 债券保护级别Debt ratio 负债比率Debt securities 债券Debt service ratio 还债率Debtor days 应收账款天数Debtor's assets 债权人的资产Default 违约Deferred payments 延期付款Definition of leverage 财务杠杆率定义Deposit limits 储蓄限额Depositing money 储蓄资金Depreciation 折旧Depreciation policies 折旧政策Development budget 研发预算Differentiation 差别化Direct loss 直接损失Directors salaries 董事薪酬Discretionary cash flows 自决性现金流量Discretionary outflows 自决性现金流出Distribution costs 分销成本Dividend cover 股息保障倍数Dividend payout ratio 股息支付率Dividends 股利Documentary credit 跟单信用证DSO 应收账款的平均回收期Duration of credit risk 信用风险期Eastern bloc countries 东方集团国家EBITDA 扣除利息、税收、折旧和摊销之前的收益Exports Credit Guarantee Department (ECGD) 出口信贷担保局Economic conditions 经济环境Economic cycles 经济周期Economic depression 经济萧条Economic growth 经济增长Economic risk 经济风险Electronic data interchange(EDI) 电子数据交换Environmental factors 环境因素Equity capital 权益资本Equity finance 权益融资Equity stake 股权EU countries 欧盟国家EU directives 欧盟法规EU law 欧盟法律Eurobonds 欧洲债券European parliament 欧洲议会European Union 欧盟Evergreen loan 常年贷款Exceptional item 例外项目Excessive capital commitments 过多的资本承付款项Exchange controls 外汇管制Exchange-control regulations 外汇管制条例Exhaust method 排空法Existing competitors 现有竞争对手Existing debt 未清偿债务Export buyer’s credit出口买方信贷Export collection loan 出口托收贷款Export credit agencies 出口信贷代理机构Export credit insurance 出口信贷保险Export factoring 出口代理Export sales 出口额Export seller’s credit出口买方信贷Export negotiation 出口议付Extending credit 信贷展期External agency 外部机构External assessment methods 外部评估方式External assessments 外部评估External information sources 外部信息来源Extraordinary items 非经常性项目Extras 附加条件Facility account 便利账户Factoring 代理Factoring debts 代理收账Factoring discounting 代理折扣Factors Chain International 国际代理连锁Failure prediction scores 财务恶化预测分值FASB (美国)财务会计准则委员会Faulty credit analysis 破产信用分析Fees 费用Finance, new business ventures 为新兴业务融资Finance, repay existing debt 为偿还现有债务融资Finance, working capital 为营运资金融资Financial assessment 财务评估Financial cash flows 融资性现金流量Financial collapse 财务危机Financial flexibility 财务弹性Financial forecast 财务预测Financial instability 财务的不稳定性Financial rating analysis 财务评级分析Financial ratios 财务比率Financial risk 财务风险Financial risk ratios 财务风险比率Fitch IBCA 惠誉评级Fitch IBCA ratings 惠誉评级Fixed assets 固定资产Fixed charge 固定费用Fixed charge cover 固定费用保障倍数Fixed costs 固定成本Floating assets 浮动资产Floating charge 浮动抵押Floor planning 底价协议Focus 聚焦Forced sale risk 强制出售风险Foreign exchange markets 外汇市场Forfaiting 福费廷Formal credit rating 正式信用评级Forward bill discount 远期信用证项下汇票贴现Forward rate agreements 远期利率协议FRAs 远期利率协议Fund managers 基金经理FX transaction 外汇交易GAAP 公认会计准则Gearing 财务杠杆率Geographical spread of markets 市场的地理扩展Global target 全球目标Going concern concept 持续经营原则Good lending 优质贷款Good times 良好时期Government agencies 政府机构Government interference 政府干预Gross income 总收入Guarantee of payment 支付担保Guaranteed loans 担保贷款Guarantees 担保High credit quality 高信贷质量High credit risk 高信贷风险High default risk 高违约风险High interest rates 高利率High risk regions 高风险区域Highly speculative 高度投机High-risk loan 高风险贷款High-value loan 高价值贷款Historical accounting 历史会计处理Historical cost 历史成本IAS 国际会计准则IASC 国际会计准则委员会IBTT 息税前利润ICE 优质贷款原则Ideal liquidity ratios 理想的流动性比率Implied debt rating 隐含债务评级Importance of credit control 信贷控制的重要性Improved products 改进的产品Improving reported asset values 改善资产账面价值In house assessment 内部评估In house credit analysis 内部信用分析In house credit assessments 内部信用评估In house credit ratings 内部信用评级Income bonds 收入债券Income statement 损益表Increasing profits 提高利润Increasing reported profits 提高账面利润Indemnity clause 赔偿条款Indicators of credit deterioration 信用恶化征兆Indirect loss 间接损失Individual credit transactions 个人信用交易Individual rating 个体评级Industrial reports 行业报告Industrial unrest 行业动荡Industry limit 行业限额Industry risk 行业风险Industry risk analysis 行业风险分析Inflow 现金流入Information in financial statements 财务报表中的信息Initial payment 初始支付Insolvencies 破产Institutional investors 机构投资者Insured debt 投保债务Intangible fixed asset 无形固定资产Inter-company comparisons 企业间比较Inter-company loans 企业间借款Interest 利息Interest cost 利息成本Interest cover ratio 利息保障倍数Interest cover test 利息保障倍数测试Interest holiday 免息期Interest payments 利息支付Interest rates 利率Interim statements 中报(中期报表)Internal assessment methods 内部评估方法Internal financing ratio 内部融资率Internal Revenue Service 美国国税局International Accounting Standards Committee 国际会计准则委员会International Accounting Standards(IAS) 国际会计准则International Chamber of Commerce 国际商会International credit ratings 国际信用评级International Factoring 国际保理International Factoring Association 国际代理商协会International settlements 国际结算Inventory 存货Inverse of current ratio 反转流动比率Investment analysts 投资分析人员Investment policy 投资政策Investment risk 投资风险Investment spending 投资支出Invoice discounting 发票贴现Issue of bonds 债券的发行Issued debt capital 发行债务资本Junk bond status 垃圾债券状况Just-in-time system(JIT) 适时系统Key cash flow ratios 主要现金流量指标Labor unrest 劳动力市场动荡Large scale borrower 大额借贷者Legal guarantee 法律担保Legal insolvency 法律破产Lending agreements 贷款合约Lending covenants 贷款保证契约Lending decisions 贷款决策Lending proposals 贷款申请Lending proposition 贷款申请Lending transactions 贷款交易Letters of credit 信用证Leverage 财务杠杆率London Inter-bank Offered Rate (LIBOR) 伦敦同业拆借利率Lien 留置Liquid assets 速动资产Liquidation 清算Liquidation expenses 清算费Liquidity 流动性Liquidity and working capital 流动性与营运资金Liquidity ratios 流动比率Liquidity run 流动性危机Liquidity shortage 流动性短缺Loan covenants 贷款合约Loan guarantees 贷款担保Loan principal 贷款本金Loan principal repayments 贷款本金偿还Loan review 贷款审查Long-term debt 长期负债Long-term funding 长期融资Long-term risk 长期风险Management 管理层Marginal lending 边际贷款Marginal trade credit 边际交易信贷Market surveys 市场调查Marketing 市场营销Markets 市场Matching concept 配比原则Material adverse-change clause 重大不利变动条款Maximum leverage level 最高财务杠杆率限制Measurement and judgment 计量与判断Measuring risk 风险计量Medium-term loan 中期贷款Microcomputer modeling 计算机建模Minimum current ratio requirement 最低流动比率要求Minimum leverage ratio 最低举债比率Minimum net worth 最低净值Minimum net-worth requirement 最低净值要求Minimum risk asset ratio 最低风险资产比率Monitoring activity 监管活动Monitoring credit 信用监控Monitoring customer credit limits 监管客户信贷限额Monitoring risks 监管风险Monitoring total credit limits 监管全部信贷限额Monthly reports 月报Moody's debt rating 穆迪债券评级Mortgage 抵押M pr’oving balance sheet 改善资产负债表Multiple discriminate analysis 多元分析National debt 国家债务NCI 无信贷间隔天数Near-cash assets 近似于现金的资产Negative cash flow 负现金流量Negative net cash flow 负净现金流量Negative operational cash flows 负的经营性现金流量Negative pledge 限制抵押Net book value 净账面价值Net cash flow 净现金流量Net worth test 净值测试New entrants 新的市场进人者No credit interval 无信贷间隔天数Non-cash items 非现金项目Non-core business 非核心业务Non-operational items 非经营性项目Obtaining payment 获得支付One-man rule 一人原则Open account terms 无担保条款Operating leases 经营租赁Operating profit 营业利润Operational cash flow 营运性现金流量Operational flexibility 经营弹性Optimal credit 最佳信贷Order cycle 订货环节Ordinary dividend payments 普通股股利支付Organization of credit activities 信贷活动的组织Overdue payments 逾期支付Over-trading 过度交易Overview of accounts 财务报表概览Packing loan 打包贷款Parent company 母公司PAT 税后利润Payment in advance 提前付款Payment obligations 付款义务Payment records 付款记录Payment score 还款评分PBIT 息税前利润PBT 息后税前利润Percentage change 百分比变动Performance bonds 履约保证Personal guarantees 个人担保Planning systems 计划系统Pledge 典押Points-scoring system 评分系统Policy setting 政策制定Political risk 政治风险Potential bad debt 潜在坏账Potential credit risk 潜在信用风险Potential value 潜在价值Predicting corporate failures 企业破产预测Preference dividends 优先股股息Preferred stockholders 优先股股东Preliminary assessment 预备评估Premiums 溢价Primary ratios 基础比率Prior charge capital 优先偿付资本Priority cash flows 优先性现金流量Priority for creditors 债权人的清偿顺序Priority payments 优先支付Product life cycle 产品生命周期Product market analysis 产品市场分析Product range 产品范围Products 产品Professional fees 专业费用Profit 利润Profit and loss account 损益账户Profit margin 利润率Profitability 盈利能力Profitability management 盈利能力管理Profitability ratios 盈利能力比率Promissory notes 本票Property values 所有权价值Providers of credit 授信者Provision accounting 准备金会计处理Prudence concept 谨慎原则Public information 公共信息Public relations 公共关系Purpose of credit ratings 信用评级的目的Purpose of ratios 计算比率的目的Qualitative covenants 定性条款Quantitative covenants 定量条款Query control 质疑控制Quick ratio 速动比率Rating exercise 评级实践Rating process for a company 企业评级程序Ratio analysis 比率分析Ratio analysis weaknesses 比率分析的缺陷Real insolvency 真实破产Real sales growth 实际销售收入增长率Realization concept 实现原则Receivables 应收账款Recession 衰退Reducing debtors 冲减应收账款Reducing profits 冲减利润Reducing provisions 冲减准备金Reducing reported profits 冲减账面利润Reducing stocks 减少存货Registrar of Companies 企业监管局Regulatory risk 监管风险Releasing provisions 冲回准备金Relocation expenses 费用再分配Reminder letters 催缴单Repayment on demand clause 即期偿还条款Replacement of principal 偿还本金Report of chairman 总裁／董事长报告Reserve accounting 准备金核算Residual cash flows 剩余现金流量Restricting bad debts 限制坏账Restrictions on secured borrowing 担保借款限制Retention-of-title clauses 所有权保留条款Revenues 总收入Risk analysis reports 风险分析报告Risk and banks 风险与银行Risk and companies 风险与企业Risk and Return 风险与回报Risk capital 风险资本Risk-reward 风险回报Risk-weighted assets 风险加权资产ROCE 资本收益率Romapla clauses “一手交钱一手交货”条款Sales 销售额Secondary ratios 分解比率Secure methods of payment 付款的担保方式Secured assets 担保资产Secured creditors 有担保债权人Secured loans 担保贷款Securities and Exchange Commission (SEC) (美国)证券交易委员会Security guarantees 抵押担保Security of payment 付款担保Security general principles 担保的一般原则Segmentation 细分Setting and policing credit limits 信用限额的设定与政策制定Settlement discount (提前)结算折扣Settlement terms 结算条款Share price 股价Short-term borrowing 短期借款Short-term creditors 短期负债Short-term liabilities 短期债务Short-termism 短期化SIC 常务诠释委员会Significance of working capital 营运资金的重要性Single credit customer 单一信用客户Single ratio analysis 单一比率分析Size of credit risk 信用风险的大小Slow stock turnover 较低的存货周转率Sources of assessments 评估信息来源Sources of credit information 信用信息来源Sources of risk 风险来源Sovereign rating 主权评级Specialist agencies 专业机构Specific debt issue 特别债券发行Speculative 投机性Speculative grades 投机性评级Split rating 分割评级Spot rate 现价(即期比率)Spreadsheets 电子数据表Staff redundancies 员工遣散费Standard security clauses 标准担保条款Standard & Poor's 标准普尔Standing Interpretations Committee 证券交易委员会Standing starting credit limits 持续更新信用限额Statistical analysis 统计分析Statistical techniques 统计技巧Status reports (企业)状况报告Stock valuations 存货核算Stocks 股票Straight line depreciation method 直线折旧法Strategic positioning 战略定位Surplus assets 盈余资产Surplus rating 盈余评级Supplier power 供应商的力量Supply chain 供应链Support rating 支持评级Swap agreement 换合约Swaps 互换SWOT analysis SWOT分析Symptoms of failure questionnaires 企业破产征兆调查表Takeovers 收购Tax payments 税务支付Technical insolvency 技术破产Technology and change 技术进步Term loan 定期贷款Term of borrowing 借款期限Third party guarantees 第三方担保Tier 1 capital 一类资本Tier 2 capital 二类资本Total credit limit 整体信用限额Total current assets 流动资产总额Trade companies 贸易企业Trade credit 商业信用Trade creditors 应付账款Trade cycle 商业循环Trade cycle times 商业循环周期Trade debt 应收账款Trade debtors 贸易债权人Trade financing 贸易融资Trade Indemnity 贸易赔偿Trade references 贸易参考Trade-off 协定Trading outlook 交易概况Trading profit 营业利润Traditional cash flow 传统现金流量Triple A 三AUCP 跟单信用证统一惯例Uncovered dividend 未保障的股利Uniform Customs & Practice 跟单信用证统一惯例Unpaid invoices 未付款发票Unsecured creditors 未担保的债权人Usefulness of liquidity ratios 流动性比率的作用Uses of cash 现金的使用Using bank risk information 使用银行风险信息Using financial assessments 使用财务评估Using ratios 财务比率的运用Using retention-of-title clauses 使用所有权保留条款Value chain 价值链Value of Z scores Z值模型的价值Variable costs 变动成本Variable interest 可变利息Variety of financial ratios 财务比率的种类Vetting procedures 审查程序Volatile revenue dynamic 收益波动Volume of sales 销售量Warning signs of credit risk 信用风险的警示Working assets 营运资产working capital 营运资本Working capital changes 营运资本变化额Working capital management 营运资本管理working capital ratios 营运资本比率Worldwide credit 统一授信Write-downs 资产减值Write-offs 勾销Z score assessments Z值评估z score models z值模型Z scores z值Z scoring Z值评分系统。

新外研版英语九年级下Module 7 Unit 3 Language in use练习(附答案)

Unit 3 Language in useⅠ.用括号内所给单词的适当形式填空1．I'm sure China will be able ________(hold) the Winter Olympic Games successfully in 2022. 2．Little Tom ate at ________(little) 4 ice creams, and soon he felt terrible.3．Staying with a British family is a good way ________(learn) about British culture.4．She made a good study plan at the ________(begin) of the new term.5．He lost his key. It made him ________(stay) in the cold to wait for his wife's return. Ⅱ.用所给单词或短语的适当形式填空last, provide, try out, grow up,make great progress6．What are you going to be when you ____________________？7．Edison always ____________ his new ideas when he was young.8．He kept studying hard on the Internet at home and ____________ soon.9．The government has ____________ children in poor areas with food for free since 2011. 10．The heavy rain ____________ for a long time yesterday.Ⅲ.单项填空( )11.The restaurant is nice and the food is not bad, ________ I still prefer eating at home. A．and B．butC．so D．or( )12. You'd better ________ your sweater when you go out. It's cold outside.A．wear B．to wearC．put on D．to put on( )13.Some girls get sick after they try so hard to lose ________．A．weighing B．weightC．weigh D．weighed( )14.—I'm sorry I ________ my exercise book at home this morning.—It doesn't matter. Don't forget ________ it here this afternoon.A．left; to take B．forgot; bringingC．left; to bring D．forgot; to bring( )15. ________ my sister ________ my brother sings well. Because they are both music teachers. A．Both; and B．Not only; but alsoC．Either; or D．Neither; norⅣ.根据首字母提示完成短文My mother likes shopping every day. She is 16.c________ about it. She often makes a shopping 17.l________ at the beginning of every month. The things include shorts, trousers, some pairs of sunglasses and so on. At the 18.s________ time, she often stays in 19.t________ with her friends in other countries. Different countries have different 20.c________， so they often talk about shopping experiences and different customs online. Sometimes she invites some foreign 21.g________ to our home. They have formed close 22.f________ with each other.Compared to going to the supermarket, my mother 23.p________ shopping online. She says that it can save(节省) her 24.m________ money and time. She has lots of other things to do in her 25.d________ life.Ⅴ.任务型阅读In the past, when students graduated(毕业) from college and got jobs, only some of them went on with their study. But today, lifelong(终身的) learning is becoming more and more common.Lucy, who is forty, teaches physics at a college in Boston. “Next term, I'll teach some of my classes by using the Internet. This is the way of teaching that I've never used before，” says Lucy. “These days, I am taking a class on the Internet to learn about the computer. If not, I will lose my job.” At the same time, Lucy's seventyyearold parents, who live in New York, are taking an art class online. “We love this subject，” says her father, “and we learn it to enjoy ourselves. You see we can study with people all over the world. What fun it is to learn like this！”根据短文内容，完成表格。

Mother's_Mad_About_the_Internuts

Thought you were safe sharing secrets with Internet friends? Wait for the doorbell...Mother's Mad About the InternutsCarol Sarler Tap tap tappa tap-tap. It is the last sound to be heard before sleep. On( ) bad days, it is the first sound to be heard in the morning. It is the sound of the only()disagreement in a household that is otherwise peaceful. My daughter is ()on the Internet and I think that it is mad, bad and dangerous.She is in every other respect a() young woman. She graduated in the summer, she goes to work each day, she and her friends are on the phone all evening and she goes out with them at weekends. But on top of that she has( )started spending some two hours in()communication with a computer. And I hate it.This is not just()of new technology. Of course, there is value in instant access to information banks worldwide and, of course, email is() the way we （）with each other. My mistrust is based on the fact that this use of the Internet is such a pale copy of the time-honored way in which people communicate with each other. It （）to intimacy before acquaintance; it（）secrets outwards, not inwards; and, most worrying of all, it is a（）for liars.What（）me is that my daughter（）all this. The denial is there in the language she uses. "I 'met' Janet in January," she says, "and we've been 'friends' ever since." At other times, "I was 'talking' to Alex the other day and he 'said'..." "No, he didn't," I argue; friends are friends when, and only when, you have seen the whites of their eyes. She just（）hers, skywards.Imagine this. When I was planning to go away for a few dayslast month, this intelligent 22-year-old （）a plan for a party, the guests to include a variety of Internuts who, （）as they would from all corners, would need to stay overnight.Overnight? In my home, my home that contains everything I care about, rather high on the list being my daughter herself.She said: "Don't be silly." She said it would be quite all right, because the people she was planning to invite were those whom she had "known" for at least a year and whom she "knows" as well as any of her other friends that, on the whole, I （）to like. I said, trying to be reasonable but not（）succeeding, that in and among the things they "tell" each other on the tap-tap, a () to murder might just have been (), might it not?The party did not happen. The row most certainly did.When I say that if they are not nutters they are nerds, she tries to(). Do I think she is a nerd?（）not. Well, then, why should they be? Do I think she is a liar? Just as absolutely not. （）the initiative she moves over to the attack."You remember that favorite story of yours, the one about how the army captain and the woman whose book he discovered got to know one another （）through writing letters? And how she refused to send him a photograph because she felt that if he really cared, it wouldn't matter what she looked like? Well, they hadn't seen each other either." She smiles her self-satisfied smile. Arguing with a daughter is always like that, so （）. They always know where your weak（）are, just where to （）in under your （）.But I cannot （）it from my head, the worries refuse to go away. It is not that, as (), I have reason to believe theywould lie. But they could. They could lie about their age, their state of mind or even their sex. Indeed, apparently in America it is common for men to tap-tap pretending to be women on the basis that they then get other women to communicate with far greater().A thought (). The worst scenes my mind dreams up play like a horror movie. So I call a friend in Hollywood: has anyone thought of this for a movie plot? He laughs. There are five, to his knowledge alone, in development and one heading into production. () to say, it is a new () of the old tale of innocents calling forth evil forces they cannot control, this time in the form of a visitor with the ever-handy axe () in his luggage.So now, I say to my daughter, we just wait for life to () art and we're home and dry. And ( ) in our beds.She laughs. "See you in the morning, Mum. I'm just going upstairs to talk to my friends. Goodnight." Tap tappa tap-tap...。

国际财务管理(英文版)课后习题答案6

CHAPTER 5 THE MARKET FOR FOREIGN EXCHANGESUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. Give a full definition of the market for foreign exchange.Answer: Broadly defined, the foreign exchange (FX) market encompasses the conversion of purchasing power from one currency into another, bank deposits of foreign currency, the extension of credit denominated in a foreign currency, foreign trade financing, and trading in foreign currency options and futures contracts.2. What is the difference between the retail or client market and the wholesale or interbank market for foreign exchange?Answer: The market for foreign exchange can be viewed as a two-tier market. One tier is the wholesale or interbank market and the other tier is the retail or client market. International banks provide the core of the FX market. They stand willing to buy or sell foreign currency for their own account. These international banks serve their retail clients, corporations or individuals, in conducting foreign commerce or making international investment in financial assets that requires foreign exchange. Retail transactions account for only about 14 percent of FX trades. The other 86 percent is interbank trades between international banks, or non-bank dealers large enough to transact in the interbank market.3. Who are the market participants in the foreign exchange market?Answer: The market participants that comprise the FX market can be categorized into five groups: international banks, bank customers, non-bank dealers, FX brokers, and central banks. International banks provide the core of the FX market. Approximately 100 to 200 banks worldwide make a market in foreign exchange, i.e., they stand willing to buy or sell foreign currency for their own account. These international banks serve their retail clients, the bank customers, in conducting foreign commerce or making international investment in financial assets that requires foreign exchange. Non-bank dealers are large non-bank financial institutions, such as investment banks, mutual funds, pension funds, and hedge funds, whose size and frequency of trades make it cost- effective to establish their own dealing rooms to trade directly in the interbank market for their foreign exchange needs.Most interbank trades are speculative or arbitrage transactions where market participants attempt to correctly judge the future direction of price movements in one currency versus another or attempt to profit from temporary price discrepancies in currencies between competing dealers.FX brokers match dealer orders to buy and sell currencies for a fee, but do not take a position themselves. Interbank traders use a broker primarily to disseminate as quickly as possible a currency quote to many other dealers.Central banks sometimes intervene in the foreign exchange market in an attempt to influence the price of its currency against that of a major trading partner, or a country that it “fixes” or “pegs” its currency against. Intervention is the process of using foreign currency reser ves to buy one’s own currency in order to decrease its supply and thus increase its value in the foreign exchange market, or alternatively, selling one’s own currency for foreign currency in order to increase its supply and lower its price.4. How are foreign exchange transactions between international banks settled?Answer: The interbank market is a network of correspondent banking relationships, with large commercial banks maintaining demand deposit accounts with one another, called correspondent bank accounts. The correspondent bank account network allows for the efficient functioning of the foreign exchange market. As an example of how the network of correspondent bank accounts facilities international foreign exchange transactions, consider a U.S. importer desiring to purchase merchandise invoiced in guilders from a Dutch exporter. The U.S. importer will contact his bank and inquire about the exchange rate. If the U.S. importer accepts the offered exchange rate, the bank will debit the U.S. importer’s account for the purchase of the Dutch guilders. The bank will instruct its correspondent bank in the Netherlands to debit its correspondent bank account the appropriate amount of guilders and to credit the Dutch exporter’s bank account. The importer’s bank will then debit its books to offset the debit of U.S. importer’s account, reflecting the decrease in its correspondent bank account balan ce.5. What is meant by a currency trading at a discount or at a premium in the forward market?Answer: The forward market involves contracting today for the future purchase or sale of foreign exchange. The forward price may be the same as the spot price, but usually it is higher (at a premium) or lower (at a discount) than the spot price.6. Why does most interbank currency trading worldwide involve the U.S. dollar?Answer: Trading in currencies worldwide is against a common currency that has international appeal. That currency has been the U.S. dollar since the end of World War II. However, the euro and Japanese yen have started to be used much more as international currencies in recent years. More importantly, trading would be exceedingly cumbersome and difficult to manage if each trader made a market against all other currencies.7. Banks find it necessary to accommodate their clients’ needs to buy or sell FX forward, in many instances for hedging purposes. How can the bank eliminate the currency exposure it has created for itself by accommodating a client’s forward transaction?Answer: Swap transactions provide a means for the bank to mitigate the currency exposure in a forward trade. A swap transaction is the simultaneous sale (or purchase) of spot foreign exchange against a forward purchase (or sale) of an approximately equal amount of the foreign currency. To illustrate, suppose a bank customer wants to buy dollars three months forward against British pound sterling. The bank can handle this trade for its customer and simultaneously neutralize the exchange rate risk in the trade by selling (borrowed) British pound sterling spot against dollars. The bank will lend the dollars for three months until they are needed to deliver against the dollars it has sold forward. The British pounds received will be used to liquidate the sterling loan.8. A CD/$ bank trader is currently quoting a small figure bid-ask of 35-40, when the rest of the market is trading at CD1.3436-CD1.3441. What is implied about the trader’s beliefs by his prices?Answer: The trader must think the Canadian dollar is going to appreciate against the U.S. dollar and therefore he is trying to increase his inventory of Canadian dollars by discouraging purchases of U.S. dollars by standing willing to buy $ at only CD1.3435/$1.00 and offering to sell from inventory at the slightly lower than market price of CD1.3440/$1.00.9. What is triangular arbitrage? What is a condition that will give rise to a triangular arbitrage opportunity?Answer: Triangular arbitrage is the process of trading out of the U.S. dollar into a second currency, then trading it for a third currency, which is in turn traded for U.S. dollars. The purpose is to earn anarbitrage profit via trading from the second to the third currency when the direct exchange between the two is not in alignment with the cross exchange rate.Most, but not all, currency transactions go through the dollar. Certain banks specialize in making a direct market between non-dollar currencies, pricing at a narrower bid-ask spread than the cross-rate spread. Nevertheless, the implied cross-rate bid-ask quotations impose a discipline on the non-dollar market makers. If their direct quotes are not consistent with the cross exchange rates, a triangular arbitrage profit is possible.PROBLEMS1. Using Exhibit 5.4, calculate a cross-rate matrix for the euro, Swiss franc, Japanese yen, and the British pound. Use the most current American term quotes to calculate the cross-rates so that the triangular matrix resulting is similar to the portion above the diagonal in Exhibit 5.6.Solution: The cross-rate formula we want to use is:S(j/k) = S($/k)/S($/j).The triangular matrix will contain 4 x (4 + 1)/2 = 10 elements.¥SF £$Euro 138.05 1.5481 .6873 1.3112 Japan (100) 1.1214 .4979 .9498 Switzerland .4440 .8470U.K 1.90772. Using Exhibit 5.4, calculate the one-, three-, and six-month forward cross-exchange rates between the Canadian dollar and the Swiss franc using the most current quotations. State the forward cross-rates in “Canadian” terms.Solution: The formulas we want to use are:F N(CD/SF) = F N($/SF)/F N($/CD)orF N(CD/SF) = F N(CD/$)/F N(SF/$).We will use the top formula that uses American term forward exchange rates.F1(CD/SF) = .8485/.8037 = 1.0557F3(CD/SF)= .8517/.8043 = 1.0589F6(CD/SF)= .8573/.8057 = 1.06403. Restate the following one-, three-, and six-month outright forward European term bid-ask quotes in forward points.Spot 1.3431-1.3436One-Month 1.3432-1.3442Three-Month 1.3448-1.3463Six-Month 1.3488-1.3508Solution:One-Month 01-06Three-Month 17-27Six-Month 57-724. Using the spot and outright forward quotes in problem 3, determine the corresponding bid-ask spreads in points.Solution:Spot 5One-Month 10Three-Month 15Six-Month 205. Using Exhibit 5.4, calculate the one-, three-, and six-month forward premium or discount for the Canadian dollar versus the U.S. dollar using American term quotations. For simplicity, assume each month has 30 days. What is the interpretation of your results?Solution: The formula we want to use is:f N,CD= [(F N($/CD) - S($/CD/$)/S($/CD)] x 360/Nf1,CD= [(.8037 - .8037)/.8037] x 360/30 = .0000f3,CD= [(.8043 - .8037)/.8037] x 360/90 = .0030f6,CD= [(.8057 - .8037)/.8037] x 360/180 = .0050The pattern of forward premiums indicates that the Canadian dollar is trading at an increasing premium versus the U.S. dollar. That is, it becomes more expensive (in both absolute and percentage terms) to buy a Canadian dollar forward for U.S. dollars the further into the future one contracts.6. Using Exhibit 5.4, calculate the one-, three-, and six-month forward premium or discount for the U.S. dollar versus the British pound using European term quotations. For simplicity, assume each month has 30 days. What is the interpretation of your results?Solution: The formula we want to use is:f N,$= [(F N (£/$) - S(£/$))/S(£/$)] x 360/Nf1,$= [(.5251 - .5242)/.5242] x 360/30 = -.0023f3,$= [(.5268 - .5242)/.5242] x 360/90 = -.0198f6,$= [(.5290 - .5242)/.5242] x 360/180 = -.0183The pattern of forward premiums indicates that the British pound is trading at a discount versus the U.S. dollar. That is, it becomes more expensive to buy a U.S. dollar forward for British pounds (in absolute but not percentage terms) the further into the future one contracts.7. Given the following information, what are the NZD/SGD currency against currency bid-ask quotations?American Terms European TermsBank Quotations Bid Ask Bid AskNew Zealand dollar .7265 .7272 1.3751 1.3765Singapore dollar .6135 .6140 1.6287 1.6300Solution: Equation 5.12 from the text implies S b(NZD/SGD) = S b($/SGD) x S b(NZD/$) = .6135 x 1.3765 = .8445. The reciprocal, 1/S b(NZD/SGD)= S a(SGD/NZD)= 1.1841. Analogously, it is implied that S a(NZD/SGD) = S a($/SGD) x S a(NZD/$) = .6140 x 1.3765 = .8452. The reciprocal, 1/S a(NZD/SGD) = S b(SGD/NZD)= 1.1832. Thus, the NZD/SGD bid-ask spread is NZD0.8445-NZD0.8452 and the SGD/NZD spread is SGD1.1832-SGD1.1841.8. Assume you are a trader with Deutsche Bank. From the quote screen on your computer terminal, you notice that Dresdner Bank is quoting €0.7627/$1.00 and Credit Suisse is offering SF1.1806/$1.00. You learn that UBS is making a direct market between the Swiss franc and the euro, with a current €/SF quote of .6395. Show how you can make a triangular arbitrage profit by trading at these prices. (Ignore bid-ask spreads for this problem.) Assume you have $5,000,000 with which to conduct the arbitrage. What happens if you initially sell dollars for Swiss francs? What €/SF price will eliminate triangular arbitrage?Solution: To make a triangular arbitrage profit the Deutsche Bank trader would sell $5,000,000 to Dresdner Bank at €0.7627/$1.00. This trade would yield €3,813,500= $5,000,000 x .7627. The Deutsche Bank trader would then sell the euros for Swiss francs to Union Bank of Switzerland at a price of €0.6395/SF1.00, yielding SF5,963,253 = €3,813,500/.6395. The Deutsche Bank trader will resell the Swiss francs to Credit Suisse for $5,051,036 = SF5,963,253/1.1806, yielding a triangular arbitrage profit of $51,036.If the Deutsche Bank trader initially sold $5,000,000 for Swiss francs, instead of euros, the trade would yield SF5,903,000 = $5,000,000 x 1.1806. The Swiss francs would in turn be traded for euros to UBS for €3,774,969= SF5,903,000 x .6395. The euros would be resold to Dresdner Bank for $4,949,481 = €3,774,969/.7627, or a loss of $50,519. Thus, it is necessary to conduct the triangular arbitrage in the correct order.The S(€/SF)cross exchange rate should be .7627/1.1806 = .6460. This is an equilibrium rate at which a triangular arbitrage profit will not exist. (The student can determine this for himself.) A profit results from the triangular arbitrage when dollars are first sold for euros because Swiss francs are purchased for euros at too low a rate in comparison to the equilibrium cross-rate, i.e., Swiss francs are purchased for only €0.6395/SF1.00 instead of the no-arbitrage rate of €0.6460/SF1.00. Similarly, when dollars are first sold for Swiss francs, an arbitrage loss results because Swiss francs are sold for euros at too low a rate, resulting in too few euros. That is, each Swiss franc is sold for €0.6395/SF1.00 instead of the higher no-arbitrage rate of €0.6460/SF1.00.9. The current spot exchange rate is $1.95/£ and the three-month forward rate is $1.90/£. Based on your analysis of the exchange rate, you are pretty confident that the spot exchange rate will be $1.92/£ in three months. Assume that you would like to buy or sell £1,000,000.a. What actions do you need to take to speculate in the forward market? What is the expected dollar profit from speculation?b. What would be your speculative profit in dollar terms if the spot exchange rate actually turns out to be $1.86/£.Solution:a. If you believe the spot exchange rate will be $1.92/£ in three months, you should buy £1,000,000 forward for $1.90/£. Your expected profit will be:$20,000 = £1,000,000 x ($1.92 -$1.90).b. If the spot exchange rate actually turns out to be $1.86/£ in three months, your loss from the long position will be:-$40,000 = £1,000,000 x ($1.86 -$1.90).10. Omni Advisors, an international pension fund manager, plans to sell equities denominated in Swiss Francs (CHF) and purchase an equivalent amount of equities denominated in South African Rands (ZAR).Omni will realize net proceeds of 3 million CHF at the end of 30 days and wants to eliminate the risk that the ZAR will appreciate relative to the CHF during this 30-day period. The following exhibit shows current exchange rates between the ZAR, CHF, and the U.S. dollar (USD).Currency Exchange Ratesa.Describe the currency transaction that Omni should undertake to eliminate currency riskover the 30-day period.b.Calculate the following:• The CHF/ZAR cross-currency rate Omni would use in valuing the Swiss equityportfolio.•The current value of Omni’s Swiss equity portfolio in ZAR.• The annualized forward premium or discount at which the ZAR is trading versus theCHF.CFA Guideline Answer:a.To eliminate the currency risk arising from the possibility that ZAR will appreciateagainst the CHF over the next 30-day period, Omni should sell 30-day forward CHFagainst 30-day forward ZAR delivery (sell 30-day forward CHF against USD and buy30-day forward ZAR against USD).b.The calculations are as follows:•Using the currency cross rates of two forward foreign currencies and three currencies (CHF, ZAR, USD), the exchange would be as follows:--30 day forward CHF are sold for USD. Dollars are bought at the forward sellingprice of CHF1.5285 = $1 (done at ask side because going from currency into dollars)--30 day forward ZAR are purchased for USD. Dollars are simultaneously sold to purchase ZAR at the rate of 6.2538 = $1 (done at the bid side because going fromdollars into currency)--For every 1.5285 CHF held, 6.2538 ZAR are received; thus the cross currency rate is1.5285 CHF/6.2538 ZAR = 0.244411398.• At the time of execution of the forward contracts, the v alue of the 3 million CHF equity portfolio would be 3,000,000 CHF/0.244411398 = 12,274,386.65 ZAR.• To calculate the annualized premium or discount of the ZAR against the CHF requires comparison of the spot selling exchange rate to the forward selling price of CHF for ZAR.Spot rate = 1.5343 CHF/6.2681 ZAR = 0.24477912030 day forward ask rate 1.5285 CHF/6.2538 ZAR = 0.244411398The premium/discount formula is:[(forward rate – spot rate) / spot rate] x (360 / # day contract) =[(0.244411398 – 0.24477912) / 0.24477912] x (360 / 30) =-1.8027126 % = -1.80% discount ZAR to CHFMINI CASE: SHREWSBURY HERBAL PRODUCTS, LTD.Shrewsbury Herbal Products, located in central England close to the Welsh border, is an old-line producer of herbal teas, seasonings, and medicines. Its products are marketed all over the United Kingdom and in many parts of continental Europe as well.Shrewsbury Herbal generally invoices in British pound sterling when it sells to foreign customers in order to guard against adverse exchange rate changes. Nevertheless, it has just received an order from a large wholesaler in central France for £320,000 of its products, conditional upon delivery being made in three months’ time and the order invoiced in euros.Shrewsbury’s controller, Elton Peters, is concerned with whether the pound will appreciate versus the euro over the next three months, thus eliminating all or most of the profit when the euro receivable is paid. He thinks this is an unlikely possibility, but he decides to contact the firm’s banker for suggestions about hedging the exchange rate exposure.Mr. Peters learns from the banker that the current spot e xchange rate is €/£ is €1.4537, thus the invoice amount should be €465,184. Mr. Peters also learns that the three-month forward rates for the pound and the euro versus the U.S. dollar are $1.8990/£1.00 and $1.3154/€1.00, respectively. The banker offers to set up a forward hedge for selling the euro receivable for pound sterling based on the €/£ forward cross-exchange rate implicit in the forward rates against the dollar.What would you do if you were Mr. Peters?Suggested Solution to Shrewsbury Herbal Products, Ltd.Note to Instructor: This elementary case provides an intuitive look at hedging exchange rate exposure. Students should not have difficulty with it even though hedging will not be formally discussed until Chapter 8. The case is consistent with the discussion that accompanies Exhibit 5.9 of the text. Professor of Finance, Banikanta Mishra, of Xavier Institute of Management – Bhubaneswar, India contributed to this solution.Suppose Shrewsbury sells at a twenty percent markup. Thus the cost to the firm of the £320,000 order is £256,000. Thus, the pound could appreciate to €465,184/£256,000 = €1.8171/1.00 before all profit was eliminated. This seems rather unlikely. Nevertheless, a ten percent appreciation of the pound (€1.4537 x 1.10) to €1.5991/£1.00 would only yield a profit of £34,904 (= €465,184/1.5991 - £256,000). Shrewsbury can hedge the exposure by selling the euros forward for British pounds at F3(€/£) = F3($/£) ÷ F3($/€) = 1.8990 ÷ 1.3154 = 1.4437. At this forward exchange rate, Shrewsbury can “lock-in” a price of £322,217 (= €465,184/1.4437) for the sale. The forward exchange rate indicates that the euro is trading at a premium to the British pound in the forward market. Thus, the forward hedge allows Shrewsbury to lock-in a greater amount (£2,217) than if the euro receivable was converted into pounds at the current spotIf the euro was trading at a forward discount, Shrewsbury would end up locking-in an amount less than £320,000. Whether that would lead to a loss for the company would depend upon the extent of the discount and the amount of profit built into the price of £320,000. Only if the forward exchange rate is even with the spot rate will Shrewsbury receive exactly £320,000.Obviously, Shrewsbury could ensure that it receives exactly £320,000 at the end of three-month accounts receivable period if it could invoice in £. That, however, is not acceptable to the French wholesaler. When invoicing in euros, Shrewsbury could establish the euro invoice amount by use of the forward exchange rate instead of the current spot rate. The invoice amount in that case would be €461,984 = £320,000 x 1.4437. Shrewsbury can now lock-in a receipt of £320,000 if it simultaneously hedges its euro exposure by selling €461,984 at the forward rate of 1.4437. That is, £320,000 = €461,984/1.4437.。

国际业务常用英语词汇

国际业务常用英语词汇跟单结算及国际保函信用证Documentary credit 跟单信用证Back to back credit 背对背信用证Transferable credit 可转让信用证Un-transferable credit 不可转让信用证Red clause credit 红条款信用证Revolving credit 循环信用证Standby letter of credit 备用信用证Negotiation credit 议付信用证Acceptance credit 承兑信用证Payment credit 付款信用证Irrevocable credit 不可撤销信用证Payment credit 付款信用证Deferred payment credit 延期付款信用证Confirmed credit 保兑信用证Usance credit payable at sight 假远期信用证Commercial contract 商务合同Importer 进口商Exporter 出口商Applicant 申请人Beneficiary 受益人Opening bank/issuing bank 开证行Advising bank 通知行Reimbursing bank 偿付行Presenting bank 交单行Confirming bank 保兑行Negotiating bank 议付行Accepting bank 承兑行Drawee bank 付款行Transferring bank 转让行Nominated bank 被指定银行Expiry date and place 有效日期和地点Freely negotiable 自由议付Restricted negotiable 限制议付Cumulative 可累计Non-cumulative 不可累计Deferred payment 延期付款Discounting 贴现Acceptance 承兑Negotiation 议付Discrepancies 不符点Presentation date 交单日期Period for presentation of documents 交单期限托收Collection 托收Collecting bank代收行Remitting bank 托收行Principal 委托人Drawee 付款人Clean collection 光票托收Documentary collection 跟单托收Outward collection 出口托收Collection instruction 托收指示Collection order 托收指令Inward collection 进口代收Financial documents 金融单据Commercial documents 商业单据Documents against acceptance (D/A) 承兑交单Documents against payment (D/P) 付款交单Documents against payment at sight (D/P at sight) 即期付款交单Documents against payment of usance bill 远期付款交单Terms and conditions of collection 托收条款单据Commercial invoice 商业发票Customs invoice 海关发票Consular 领事发票Pro forma invoice 形式发票Insurance policy 保险单Transport documents 运输单据Bill of exchange/draft 汇票Usance bill 远期汇票Packing list 装箱单Weight list 重量单Quantity certificate 数量单Certificate of origin 原产地证明Certificate of quality 品质证明书Bill of lading 提单Blank back bill of lading/short form bill of lading 背面空白/简式提单Charter party bill of lading 租船提单Combined transport bill of lading 多式联运提单Container bill of lading 集装箱提单Airway bill 空运单Postal receipt 邮包收据Cargo receipt 货物收据其它Banking charges 银行费用Presentation of documents 提示单据Reimbursement/claim instructions 索汇路线Payment 付款Advice of payment 付款通知Acceptance 承兑Advice of acceptance 承兑通知Endorsement 背书Blank endorsed 空白背书Carrier 承运人Consignee 收货人Chamber of commerce 商会Shipping mark 唛头Shipment date 装运日Discrepancy 不符点Freight charge 运费Freight payable at destination 运费预付至Correspondent bank 代理行Partial shipment 分批装运Transshipment 转运Port of loading 装货港Port of discharge 卸货港Price terms 价格条款Release documents against payment 付款赎单Release documents against acceptance 承兑赎单EXW(ex works) 工厂交货价FCA( free carrier) 货交承运人价FAS(free alongside ship) 装运港船边交货价FOB(free on board) 装运港船上交货价CFR(cost and freight) 成本加运费价CIF(cost, insurance and freight) 成本、保险费加运费价CPT(carriage paid to) 运费付至……价CIP(carriage and insurance paid to) 运费、保险费付至……价DAF(delivered at frontier) 边境交货价DES( delivered ex ship) 目的港船上交货价DEQ(delivered ex quay) 目的港码头交货价DDU(delivered duty unpaid) 未完税交货价DDP(delivered duty paid) 完税交货价保函Guarantee 保函Tender guarantee/bid bond guarantee 投标保函Performance guarantee 履约保函Advance payment guarantee 预付款保函Warranty guarantee 质量保函Retention money guarantee 留滞金保函Payment guarantee 付款保函Financial standby letter of credit 融资备用信用证Counter guarantee 反担保函Principal 被担保人Guarantor 担保人Written statement 书面声明Multiple drawing 多次索赔Claims under a bank guarantee 保函的索赔Place of jurisdiction 司法管辖地Commission on bond 保函佣金外汇资金Remittance; funds transfer汇款Outward remittance 汇出汇款Inward remittance 汇入汇款Telegraphic communications 电讯方式TELEX 电传CABLE,TELEGRAM 电报Draft票汇Mail transfer信汇Remitter汇款申请人Payee or Beneficiary收款人Remitting bank汇出行Receiving/Paying bank汇入/解付行Customer transfer客户汇款General financial institution transfer银行间汇款Sender's correspondent 帐户行Intermediary bank中间行Drawee bank 汇票付款行Issue of draft 汇票的签发Reimbursement of drafts 汇票的索偿Clearing 清算Trade date 交易日Reference date 参考日Value date起息日Maturity date/Expiry date到期日Basis point基点Buyer’s market买方市场Purchase and sale of foreign exchange 结售汇Foreign exchange surrender结汇Spot即期Forward远期Current account 经常项目Current account convertibility 经常项目可兑换Managed floating exchange rate有管理的浮动汇率Pegged exchange rate钉住汇率Real effective exchange rate实际有效汇率Position头寸Term structure期限结构Capital account资本项目Interest-bearing asset生息资产Foreign direct investment外国直接投资CHIPS (Clearing House Inter-bank Payment System）同业支付清算系统SWIFT (Society for Worldwide International Financial Telecommunication）环球银行间金融电信协会Opening price开盘价Closing price收盘价Bid price 买入价Offer price 卖出价Extension展期Fixed exchange rate固定汇率Floating exchange rate 浮动汇率Premium升水Discount贴水Financial derivative instruments金融衍生工具Futures期货Option期权Option trading 期权的交易Swap掉期In the Money 溢价期权At the Money 平价期权Out of the Money 折价期权Put option看跌期权Call option 看涨期权Long (buyer) 买方Short (seller) 卖方Position买卖角色Long call买入看涨期权Short call卖出看涨期权Long put买入看跌期权Short put卖出看跌期权Out-Of-Money不执行（期权）Interest rate lap利率上限Interest rate floor利率下限Relative value相对价值Pay swap支付互换Option contract期权合约American style option美式期权European style option欧式期权The strike price/the exercise price执行价格Option premium/option price期权费Structured derivatives结构化衍生工具Hedge对冲Dual currency deposit 双币存款USD/CNY linked deposit 美元/人民币挂钩产品Interest rate derivatives 利率衍生产品Interest rate option利率期权Structured interest rate products 结构性利率产品To hedge currency exposures 对冲货币敞口Speculate 投机Yield enhancement products 增值产品Interest basis 计息方式Principal amount 本金Principal guaranteed 本金担保Principal guaranteed deposit 本金担保存款Spot reference 即期参考汇率Short-term view products 短期产品Hedge against套期保值Exchange-rate regime 汇率机制Deposit account 定期存款账户Cheque account 支票账户Clearing bank 清算银行Foreign currency (exchange) reserve 外汇储备Devaluation货币贬值Revaluation货币升值International balance of payment国际收支Cross rate/Arbitrage rate套汇汇率Foreign exchange fluctuation外汇波动信贷基本词汇（包括会计）Accounting convention 会计惯例Accounting for acquisitions 购并的会计处理Accounting for debtors 应收账款核算Accounting for depreciation 折旧核算Accounting for foreign currencies 外汇核算Accounting for goodwill 商誉核算Accounting for stocks 存货核算Accounting policies 会计政策Accounting standards 会计准则Accruals concept 权责发生原则Achieving credit control 实现信用控制Acid test ratio 酸性测试比率Actual cash flow 实际现金流量Adjusting company profits 企业利润调整Advance payment guarantee 提前偿还保金Adverse trading 不利交易Advertising budget 广告预算Advising bank 通告银行Age analysis 账龄分析Aged debtors analysis 逾期账款分析Aged debtors’report 逾期应收款报告Aged debtors’exception report 逾期应收款的特殊报告All—monies clause 全额支付条款Amortization 摊销Analytical questionnaire 调查表分析Analytical skills 分析技巧Analyzing financial risk 财务风险分析Analyzing financial statements 财务报表分析Analyzing liquidity 流动性分析Analyzing profitability 盈利能力分析Analyzing working capital 营运资本分析Annual expenditure 年度支出Anticipating future income 预估未来收入Areas of financial ratios 财务比率分析的对象Articles of incorporation 合并条款Asian crisis 亚洲(金融)危机Assessing companies 企业评估Assessing country risk 国家风险评估Assessing credit risks 信用风险评估Assessing strategic power 战略地位评估Assessment of banks 银行的评估Asset conversion lending 资产转换贷款Asset protection lending 资产担保贷款Asset sale 资产出售Asset turnover 资产周转率Assets 资产Association of British Factors and Discounters 英国代理人与贴现商协会Auditor's report 审计报告Aval 物权担保Bad debt 坏账Bad debt level 坏账等级Bad debt risk 坏账风险Bad debts performance 坏账发生情况Bad loans 坏账Balance sheet 资产负债表Balance sheet structure 资产负债表结构Bank credit 银行信贷Bank failures 银行破产Bank loans．availability 银行贷款的可获得性Bank status reports 银行状况报告Bankruptcy 破产Bankruptcy code 破产法Bankruptcy petition 破产申请书Basle agreement 塞尔协议Basle Agreement 《巴塞尔协议》Behavioral scoring 行为评分Bill of exchange 汇票Bill of lading 提单BIS (Bank for International Settlements) 国际清算银行BIS agreement 国际清算银行协定Blue chip 蓝筹股Bonds 债券Book receivables 账面应收账款Borrowing money 借人资金Borrowing proposition 借款申请Breakthrough products 创新产品Budgets 预算Building company profiles 勾画企业轮廓Business development loan 商业开发贷款Business failure 破产Business plan 经营计划Business risk 经营风险Buyer credits 买方信贷Buyer power 购买方力量Buyer risks 买方风险CAMPARI 优质贷款原则Canons of lending 贷款原则Capital adequacy 资本充足性Capital adequacy rules 资本充足性原则Capital commitments 资本承付款项Capital expenditure (Capex) 资本支出Capital funding 资本融资Capital investment 资本投资Capital strength 资本实力Capital structure 资本结构Capitalization of interest 利息资本化Capitalizing R&D costs/expenditures 研发费用资本化Capitalizing interest costs 利息成本资本化Cascade effect 瀑布效应Cash assets 现金资产Cash collection targets 现金托收目标Cash cycle 现金循环周期Cash cycle ratios 现金循环周期比率Cash cycle times 现金循环周期时间Cash deposit 现金储蓄Cash flows 现金流量Cash flow adjustments 现金流调整Cash flow analysis 现金流量分析Cash flow crisis 现金流危机Cash flow cycle 现金流量周期Cash flow forecasts/projections 现金流量预测Cash flow lending 现金流贷出Cash flow profile 现金流概况Cash flow statements 现金流量表Cash position 现金头寸Cash positive JE现金流量Cash rich companies 现金充足的企业Cash surplus 现金盈余Cash tank 现金水槽Cash-in-advance 预付现金Categorized cash flow 现金流量分类CE 优质贷款原则CEO 首席执行官Chairman 董事长, 总裁Chapter 11 rules 第十一章条款Charge 抵押Charged assets 抵押资产Chief executive officer 首席执行官Collateral security 抵押证券Collecting payments 收取付款Collection activity 收款活动Collection cycle 收款环节Collection procedures 收款程序Collective credit risks 集合信用风险Comfortable liquidity position 适当的流动性水平Commercial mortgage 商业抵押Commercial paper 商业票据Commission 佣金Commitment fees 承诺费Common stock 普通股Common stockholders 普通股股东Company and its industry 企业与所处行业Company assets 企业资产Company liabilities 企业负债Company loans 企业借款Competitive advantage 竞争优势Competitive forces 竞争力Competitive products 竞争产品Complaint procedures 申诉程序Computerized credit information 计算机化信用信息Computerized diaries 计算机化日志Confirmed letter of credit 承兑信用证Confirmed letters of credit 保兑信用证Confirming bank 确认银行Conservatism concept 谨慎原则Consistency concept 一贯性原则Consolidated accounts 合并报表Consolidated balance sheets 合并资产负债表Contingent liabilities 或有负债Continuing security clause 连续抵押条款Contractual payments 合同规定支出Control limits 控制限度Control of credit activities 信用活动控制Controlling credit 控制信贷Controlling credit risk 控制信用风险Corporate banking 公司业务Corporate credit analysis 企业信用分析Corporate credit controller 企业信用控制人员Corporate credit risk analysis 企业信用风险分析Corporate customer 企业客户Corporate failure prediction models 企业破产预测模型Corporate lending 企业贷款Cost leadership 成本领先型Cost of sales 销售成本Costs 成本Country limit 国家限额Country risk 国家风险Court judgments 法院判决Covenant 贷款保证契约Covenants 保证契约Creative accounting 寻机性会计Credit analysis 信用分析Credit analysis of customers 客户信用分析Credit analysis of suppliers 供应商的信用分析Credit analysis on banks 银行信用分析Credit analysts 信用分析Credit assessment 信用评估Credit bureau reports 信用咨询公司报告Credit bureau 信用机构Credit control 信贷控制Credit control activities 信贷控制活动Credit control performance reports 信贷控制绩效报告Credit controllers 信贷控制人员Credit cover 信用风险担保Credit cycle 信用循环Credit decisions 信贷决策Credit deterioration 信用恶化Credit exposure 信用敞口Credit granting process 授信程序Credit information 信用信息Credit information agency 信用信息机构Credit insurance 信贷保险Credit insurance advantages 信贷保险的优势Credit insurance brokers 信贷保险经纪人Credit insurance limitations 信贷保险的局限Credit limits 信贷限额Credit limits for currency blocs 货币集团国家信贷限额Credit limits for individual countries 国家信贷限额Credit line 授信额度Credit management 信贷管理Credit managers 信贷经理Credit monitoring 信贷监控Credit notes 欠款单据Credit period 信用期Credit planning 信用计划Credit policy 信用政策Credit policy issues 信用政策发布Credit proposals 信用申请Credit protection 信贷保护Credit quality 信贷质量Credit rating 信用评级Credit rating agencies 信用评级机构Credit rating process 信用评级程序Credit rating system 信用评级系统Credit reference 信用咨询Credit reference agencies 信用评级机构Credit risk 信用风险Credit risk assessment 信用风险评估Credit risk exposure 信用风险敞口Credit risk insurance 信用风险保险Credit risk of individual customers 个体信用风险Credit risk：bank credit 信用风险：银行信用Credit risk：trade credit 信用风险：商业信用Credit scoring 信用风险评分Credit scoring model 信用评分模型Credit scoring system 信用评分系统Credit squeeze 信贷压缩Credit taken ratio 受信比率Credit terms 信贷条款Credit utilization reports 信贷利用报告Credit vetting 信用审查Credit watch 信用观察Credit worthiness 信誉Creditor days 应付账款天数Cross-default clause 交叉违约条款Currency risk 货币风险Current assets 流动资产Current debts 流动负债Current ratio requirement 流动比率要求Current ratios 流动比率Customer care 客户关注Customer credit ratings 客户信用评级Customer liaison 客户联络Customer risks 客户风险Cut-off scores 及格线Cycle of credit monitoring 信用监督循环Cyclical business 周期性行业Daily operating expenses 经营费用Day’s sales outstanding 收回应收账款的平均天数Debentures 债券Debt capital 债务资本Debt collection agency 债务托收机构Debt issuer 债券发行人Debt protection levels 债券保护级别Debt ratio 负债比率Debt securities 债券Debt service ratio 还债率Debtor days 应收账款天数Debtor's assets 债权人的资产Default 违约Deferred payments 延期付款Definition of leverage 财务杠杆率定义Deposit limits 储蓄限额Depositing money 储蓄资金Depreciation 折旧Depreciation policies 折旧政策Development budget 研发预算Differentiation 差别化Direct loss 直接损失Directors salaries 董事薪酬Discretionary cash flows 自决性现金流量Discretionary outflows 自决性现金流出Distribution costs 分销成本Dividend cover 股息保障倍数Dividend payout ratio 股息支付率Dividends 股利Documentary credit 跟单信用证DSO 应收账款的平均回收期Duration of credit risk 信用风险期Eastern bloc countries 东方集团国家EBITDA 扣除利息、税收、折旧和摊销之前的收益Exports Credit Guarantee Department (ECGD) 出口信贷担保局Economic conditions 经济环境Economic cycles 经济周期Economic depression 经济萧条Economic growth 经济增长Economic risk 经济风险Electronic data interchange(EDI) 电子数据交换Environmental factors 环境因素Equity capital 权益资本Equity finance 权益融资Equity stake 股权EU countries 欧盟国家EU directives 欧盟法规EU law 欧盟法律Eurobonds 欧洲债券European parliament 欧洲议会European Union 欧盟Evergreen loan 常年贷款Exceptional item 例外项目Excessive capital commitments 过多的资本承付款项Exchange controls 外汇管制Exchange-control regulations 外汇管制条例Exhaust method 排空法Existing competitors 现有竞争对手Existing debt 未清偿债务Export buyer’s credit出口买方信贷Export collection loan 出口托收贷款Export credit agencies 出口信贷代理机构Export credit insurance 出口信贷保险Export factoring 出口代理Export sales 出口额Export seller’s credi t出口买方信贷Export negotiation 出口议付Extending credit 信贷展期External agency 外部机构External assessment methods 外部评估方式External assessments 外部评估External information sources 外部信息来源Extraordinary items 非经常性项目Extras 附加条件Facility account 便利账户Factoring 代理Factoring debts 代理收账Factoring discounting 代理折扣Factors Chain International 国际代理连锁Failure prediction scores 财务恶化预测分值FASB (美国)财务会计准则委员会Faulty credit analysis 破产信用分析Fees 费用Finance, new business ventures 为新兴业务融资Finance, repay existing debt 为偿还现有债务融资Finance, working capital 为营运资金融资Financial assessment 财务评估Financial cash flows 融资性现金流量Financial collapse 财务危机Financial flexibility 财务弹性Financial forecast 财务预测Financial instability 财务的不稳定性Financial rating analysis 财务评级分析Financial ratios 财务比率Financial risk 财务风险Financial risk ratios 财务风险比率Fitch IBCA 惠誉评级Fitch IBCA ratings 惠誉评级Fixed assets 固定资产Fixed charge 固定费用Fixed charge cover 固定费用保障倍数Fixed costs 固定成本Floating assets 浮动资产Floating charge 浮动抵押Floor planning 底价协议Focus 聚焦Forced sale risk 强制出售风险Foreign exchange markets 外汇市场Forfaiting 福费廷Formal credit rating 正式信用评级Forward bill discount 远期信用证项下汇票贴现Forward rate agreements 远期利率协议FRAs 远期利率协议Fund managers 基金经理FX transaction 外汇交易GAAP 公认会计准则Gearing 财务杠杆率Geographical spread of markets 市场的地理扩展Global target 全球目标Going concern concept 持续经营原则Good lending 优质贷款Good times 良好时期Government agencies 政府机构Government interference 政府干预Gross income 总收入Guarantee of payment 支付担保Guaranteed loans 担保贷款Guarantees 担保High credit quality 高信贷质量High credit risk 高信贷风险High default risk 高违约风险High interest rates 高利率High risk regions 高风险区域Highly speculative 高度投机High-risk loan 高风险贷款High-value loan 高价值贷款Historical accounting 历史会计处理Historical cost 历史成本IAS 国际会计准则IASC 国际会计准则委员会IBTT 息税前利润ICE 优质贷款原则Ideal liquidity ratios 理想的流动性比率Implied debt rating 隐含债务评级Importance of credit control 信贷控制的重要性Improved products 改进的产品Improving reported asset values 改善资产账面价值In house assessment 内部评估In house credit analysis 内部信用分析In house credit assessments 内部信用评估In house credit ratings 内部信用评级Income bonds 收入债券Income statement 损益表Increasing profits 提高利润Increasing reported profits 提高账面利润Indemnity clause 赔偿条款Indicators of credit deterioration 信用恶化征兆Indirect loss 间接损失Individual credit transactions 个人信用交易Individual rating 个体评级Industrial reports 行业报告Industrial unrest 行业动荡Industry limit 行业限额Industry risk 行业风险Industry risk analysis 行业风险分析Inflow 现金流入Information in financial statements 财务报表中的信息Initial payment 初始支付Insolvencies 破产Institutional investors 机构投资者Insured debt 投保债务Intangible fixed asset 无形固定资产Inter-company comparisons 企业间比较Inter-company loans 企业间借款Interest 利息Interest cost 利息成本Interest cover ratio 利息保障倍数Interest cover test 利息保障倍数测试Interest holiday 免息期Interest payments 利息支付Interest rates 利率Interim statements 中报(中期报表)Internal assessment methods 内部评估方法Internal financing ratio 内部融资率Internal Revenue Service 美国国税局International Accounting Standards Committee 国际会计准则委员会International Accounting Standards(IAS) 国际会计准则International Chamber of Commerce 国际商会International credit ratings 国际信用评级International Factoring 国际保理International Factoring Association 国际代理商协会International settlements 国际结算Inventory 存货Inverse of current ratio 反转流动比率Investment analysts 投资分析人员Investment policy 投资政策Investment risk 投资风险Investment spending 投资支出Invoice discounting 发票贴现Issue of bonds 债券的发行Issued debt capital 发行债务资本Junk bond status 垃圾债券状况Just-in-time system(JIT) 适时系统Key cash flow ratios 主要现金流量指标Labor unrest 劳动力市场动荡Large scale borrower 大额借贷者Legal guarantee 法律担保Legal insolvency 法律破产Lending agreements 贷款合约Lending covenants 贷款保证契约Lending decisions 贷款决策Lending proposals 贷款申请Lending proposition 贷款申请Lending transactions 贷款交易Letters of credit 信用证Leverage 财务杠杆率London Inter-bank Offered Rate (LIBOR) 伦敦同业拆借利率Lien 留置Liquid assets 速动资产Liquidation 清算Liquidation expenses 清算费Liquidity 流动性Liquidity and working capital 流动性与营运资金Liquidity ratios 流动比率Liquidity run 流动性危机Liquidity shortage 流动性短缺Loan covenants 贷款合约Loan guarantees 贷款担保Loan principal 贷款本金Loan principal repayments 贷款本金偿还Loan review 贷款审查Long-term debt 长期负债Long-term funding 长期融资Long-term risk 长期风险Management 管理层Marginal lending 边际贷款Marginal trade credit 边际交易信贷Market surveys 市场调查Marketing 市场营销Markets 市场Matching concept 配比原则Material adverse-change clause 重大不利变动条款Maximum leverage level 最高财务杠杆率限制Measurement and judgment 计量与判断Measuring risk 风险计量Medium-term loan 中期贷款Microcomputer modeling 计算机建模Minimum current ratio requirement 最低流动比率要求Minimum leverage ratio 最低举债比率Minimum net worth 最低净值Minimum net-worth requirement 最低净值要求Minimum risk asset ratio 最低风险资产比率Monitoring activity 监管活动Monitoring credit 信用监控Monitoring customer credit limits 监管客户信贷限额Monitoring risks 监管风险Monitoring total credit limits 监管全部信贷限额Monthly reports 月报Moody's debt rating 穆迪债券评级Mortgage 抵押M pr’oving balance sheet 改善资产负债表Multiple discriminate analysis 多元分析National debt 国家债务NCI 无信贷间隔天数Near-cash assets 近似于现金的资产Negative cash flow 负现金流量Negative net cash flow 负净现金流量Negative operational cash flows 负的经营性现金流量Negative pledge 限制抵押Net book value 净账面价值Net cash flow 净现金流量Net worth test 净值测试New entrants 新的市场进人者No credit interval 无信贷间隔天数Non-cash items 非现金项目Non-core business 非核心业务Non-operational items 非经营性项目Obtaining payment 获得支付One-man rule 一人原则Open account terms 无担保条款Operating leases 经营租赁Operating profit 营业利润Operational cash flow 营运性现金流量Operational flexibility 经营弹性Optimal credit 最佳信贷Order cycle 订货环节Ordinary dividend payments 普通股股利支付Organization of credit activities 信贷活动的组织Overdue payments 逾期支付Over-trading 过度交易Overview of accounts 财务报表概览Packing loan 打包贷款Parent company 母公司PAT 税后利润Payment in advance 提前付款Payment obligations 付款义务Payment records 付款记录Payment score 还款评分PBIT 息税前利润PBT 息后税前利润Percentage change 百分比变动Performance bonds 履约保证Personal guarantees 个人担保Planning systems 计划系统Pledge 典押Points-scoring system 评分系统Policy setting 政策制定Political risk 政治风险Potential bad debt 潜在坏账Potential credit risk 潜在信用风险Potential value 潜在价值Predicting corporate failures 企业破产预测Preference dividends 优先股股息Preferred stockholders 优先股股东Preliminary assessment 预备评估Premiums 溢价Primary ratios 基础比率Prior charge capital 优先偿付资本Priority cash flows 优先性现金流量Priority for creditors 债权人的清偿顺序Priority payments 优先支付Product life cycle 产品生命周期Product market analysis 产品市场分析Product range 产品范围Products 产品Professional fees 专业费用Profit 利润Profit and loss account 损益账户Profit margin 利润率Profitability 盈利能力Profitability management 盈利能力管理Profitability ratios 盈利能力比率Promissory notes 本票Property values 所有权价值Providers of credit 授信者Provision accounting 准备金会计处理Prudence concept 谨慎原则Public information 公共信息Public relations 公共关系Purpose of credit ratings 信用评级的目的Purpose of ratios 计算比率的目的Qualitative covenants 定性条款Quantitative covenants 定量条款Query control 质疑控制Quick ratio 速动比率Rating exercise 评级实践Rating process for a company 企业评级程序Ratio analysis 比率分析Ratio analysis weaknesses 比率分析的缺陷Real insolvency 真实破产Real sales growth 实际销售收入增长率Realization concept 实现原则Receivables 应收账款Recession 衰退Reducing debtors 冲减应收账款Reducing profits 冲减利润Reducing provisions 冲减准备金Reducing reported profits 冲减账面利润Reducing stocks 减少存货Registrar of Companies 企业监管局Regulatory risk 监管风险Releasing provisions 冲回准备金Relocation expenses 费用再分配Reminder letters 催缴单Repayment on demand clause 即期偿还条款Replacement of principal 偿还本金Report of chairman 总裁／董事长报告Reserve accounting 准备金核算Residual cash flows 剩余现金流量Restricting bad debts 限制坏账Restrictions on secured borrowing 担保借款限制Retention-of-title clauses 所有权保留条款Revenues 总收入Risk analysis reports 风险分析报告Risk and banks 风险与银行Risk and companies 风险与企业Risk and Return 风险与回报Risk capital 风险资本Risk-reward 风险回报Risk-weighted assets 风险加权资产ROCE 资本收益率Romapla clauses “一手交钱一手交货”条款Sales 销售额Secondary ratios 分解比率Secure methods of payment 付款的担保方式Secured assets 担保资产Secured creditors 有担保债权人Secured loans 担保贷款Securities and Exchange Commission (SEC) (美国)证券交易委员会Security guarantees 抵押担保Security of payment 付款担保Security general principles 担保的一般原则Segmentation 细分Setting and policing credit limits 信用限额的设定与政策制定Settlement discount (提前)结算折扣Settlement terms 结算条款Share price 股价Short-term borrowing 短期借款Short-term creditors 短期负债Short-term liabilities 短期债务Short-termism 短期化SIC 常务诠释委员会Significance of working capital 营运资金的重要性Single credit customer 单一信用客户Single ratio analysis 单一比率分析Size of credit risk 信用风险的大小Slow stock turnover 较低的存货周转率Sources of assessments 评估信息来源Sources of credit information 信用信息来源Sources of risk 风险来源Sovereign rating 主权评级Specialist agencies 专业机构Specific debt issue 特别债券发行Speculative 投机性Speculative grades 投机性评级Split rating 分割评级Spot rate 现价(即期比率)Spreadsheets 电子数据表Staff redundancies 员工遣散费Standard security clauses 标准担保条款Standard & Poor's 标准普尔Standing Interpretations Committee 证券交易委员会Standing starting credit limits 持续更新信用限额Statistical analysis 统计分析Statistical techniques 统计技巧Status reports (企业)状况报告Stock valuations 存货核算Stocks 股票Straight line depreciation method 直线折旧法Strategic positioning 战略定位Surplus assets 盈余资产Surplus rating 盈余评级Supplier power 供应商的力量Supply chain 供应链Support rating 支持评级Swap agreement 换合约Swaps 互换SWOT analysis SWOT分析Symptoms of failure questionnaires 企业破产征兆调查表Takeovers 收购Tax payments 税务支付Technical insolvency 技术破产Technology and change 技术进步Term loan 定期贷款Term of borrowing 借款期限Third party guarantees 第三方担保Tier 1 capital 一类资本Tier 2 capital 二类资本Total credit limit 整体信用限额Total current assets 流动资产总额Trade companies 贸易企业Trade credit 商业信用Trade creditors 应付账款Trade cycle 商业循环Trade cycle times 商业循环周期Trade debt 应收账款Trade debtors 贸易债权人Trade financing 贸易融资Trade Indemnity 贸易赔偿Trade references 贸易参考Trade-off 协定Trading outlook 交易概况Trading profit 营业利润Traditional cash flow 传统现金流量Triple A 三AUCP 跟单信用证统一惯例Uncovered dividend 未保障的股利Uniform Customs & Practice 跟单信用证统一惯例Unpaid invoices 未付款发票Unsecured creditors 未担保的债权人Usefulness of liquidity ratios 流动性比率的作用Uses of cash 现金的使用Using bank risk information 使用银行风险信息Using financial assessments 使用财务评估Using ratios 财务比率的运用Using retention-of-title clauses 使用所有权保留条款Value chain 价值链Value of Z scores Z值模型的价值Variable costs 变动成本Variable interest 可变利息Variety of financial ratios 财务比率的种类Vetting procedures 审查程序Volatile revenue dynamic 收益波动Volume of sales 销售量Warning signs of credit risk 信用风险的警示Working assets 营运资产working capital 营运资本Working capital changes 营运资本变化额Working capital management 营运资本管理working capital ratios 营运资本比率Worldwide credit 统一授信Write-downs 资产减值Write-offs 勾销Z score assessments Z值评估z score models z值模型Z scores z值Z scoring Z值评分系统。

全球债券市场投行排名

DCM Contacts
New York Mireia Gutierrez +1 212 577 4446 mireia.gutierrez@ London Renee Tourell +44 20 7440 6343 renee.tourell@ Hong Kong Anthony Castillo +852 3698 4816 anthony.castillo@
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Corporate Issuers - Currency Analysis
Other YEN GBP RMB EURO USD
USD remained the currency of choice for corporate issuers in 2011 despite recording the second successive annual drop in volume to $767.0bn o Euro denominated bonds for corporate issuers fell 15% in 2011 to reach $190.7bn. In both 3Q and 4Q 2011 Renminbi denominated volume overtook Euro denominated volume to become the second highest currency for corporate issuers
Global DCM Volume Global DCM volume reached $5.64tr in 2011, down 8% compared with the $6.10tr issued in 2010. 1H 2011 accounted for 61% of the 2011 total with $3.44tr while second half volume dropped to $2.20tr, the lowest half year volume since 2H 2008 Global DCM activity fell to 22,989 deals from 26,814 deals in 2010 US Marketed DCM US marketed DCM volume reached $2.67tr in 2011, down 14% compared with 2010. Despite the overall decrease Yankee DCM reached $677.4bn, up 6% on 2010 and accounted for 25% of US marketed DCM, the largest proportion on record Asia Pacific (ex Japan) Asia Pacific (ex Japan) DCM volume reached $698.6bn in 2011, a record annual volume and up 13% on the $619.0bn raised in 2010 Corporate issuance reached a record $340.6bn and accounted for 49% of Asia Pacific (ex Japan) DCM China ranked second globally for corporate IG issuance behind the US with a record $162.4bn in 2011, up 38% on 2010

国际财务管理(英文版)课后习题答案6

CHAPTER 5 THE MARKET FOR FOREIGN EXCHANGESUGGESTED ANSWERS AND SOLUTIONS TO END-OF—CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1。

Give a full definition of the market for foreign exchange。

Answer: Broadly defined，the foreign exchange (FX）market encompasses the conversion of purchasing power from one currency into another，bank deposits of foreign currency, the extension of credit denominated in a foreign currency，foreign trade financing，and trading in foreign currency options and futures contracts.2。

What is the difference between the retail or client market and the wholesale or interbank market for foreign exchange?Answer：The market for foreign exchange can be viewed as a two-tier market. One tier is the wholesale or interbank market and the other tier is the retail or client market。

International banks provide the core of the FX market. They stand willing to buy or sell foreign currency for their own account。

外国基金公司及其排名

3 AllianceBernstein - Global High Yield Portfolio Class "A2" 聯博 ─ 環球高收益基金 "A2"
1 Franklin Templeton Investment Funds - Templeton Global Smaller Companies Fund "A(acc)" Shares 富蘭克林鄧普頓投資基金－鄧普頓環球小型公司基金"A(累算)"股
OPIBU
0.95
2.13
-0.35
1 AllianceBernstein - Global High Yield Portfolio Class "A2" 聯博 ─ 環球高收益基金 "A2"
ACGHU
3.98
10.35
0.95
2 Baring Oppenheimer Fund plc - Baring Emerging Markets Debt Fund Oppenheimer Class "A" 霸菱凱萬基金系列－霸菱成長市場收益基金凱萬A股
2 Baring Oppenheimer Fund plc - Baring International Bond Fund Oppenheimer Class "A" 霸菱凱萬基金系列－霸菱總收益基金凱萬A股
3 Morgan Stanley SICAV Global Bond Fund "A" Shares 摩根士丹利 SICAV 環球債券基金"A"股
SCHDU BPSDU
CIEDU
28.73 27.27 1.15 0.99

专八英语阅读

英语专业八级考试TEM-8阅读理解练习册（1）(英语专业2012级)UNIT 1Text AEvery minute of every day, what ecologist生态学家James Carlton calls a global ―conveyor belt‖, redistributes ocean organisms生物.It’s planetwide biological disruption生物的破坏that scientists have barely begun to understand.Dr. Carlton —an oceanographer at Williams College in Williamstown,Mass.—explains that, at any given moment, ―There are several thousand marine species traveling… in the ballast water of ships.‖ These creatures move from coastal waters where they fit into the local web of life to places where some of them could tear that web apart. This is the larger dimension of the infamous无耻的，邪恶的invasion of fish-destroying, pipe-clogging zebra mussels有斑马纹的贻贝.Such voracious贪婪的invaders at least make their presence known. What concerns Carlton and his fellow marine ecologists is the lack of knowledge about the hundreds of alien invaders that quietly enter coastal waters around the world every day. Many of them probably just die out. Some benignly亲切地，仁慈地—or even beneficially — join the local scene. But some will make trouble.In one sense, this is an old story. Organisms have ridden ships for centuries. They have clung to hulls and come along with cargo. What’s new is the scale and speed of the migrations made possible by the massive volume of ship-ballast water压载水— taken in to provide ship stability—continuously moving around the world…Ships load up with ballast water and its inhabitants in coastal waters of one port and dump the ballast in another port that may be thousands of kilometers away. A single load can run to hundreds of gallons. Some larger ships take on as much as 40 million gallons. The creatures that come along tend to be in their larva free-floating stage. When discharged排出in alien waters they can mature into crabs, jellyfish水母, slugs鼻涕虫，蛞蝓, and many other forms.Since the problem involves coastal species, simply banning ballast dumps in coastal waters would, in theory, solve it. Coastal organisms in ballast water that is flushed into midocean would not survive. Such a ban has worked for North American Inland Waterway. But it would be hard to enforce it worldwide. Heating ballast water or straining it should also halt the species spread. But before any such worldwide regulations were imposed, scientists would need a clearer view of what is going on.The continuous shuffling洗牌of marine organisms has changed the biology of the sea on a global scale. It can have devastating effects as in the case of the American comb jellyfish that recently invaded the Black Sea. It has destroyed that sea’s anchovy鳀鱼fishery by eating anchovy eggs. It may soon spread to western and northern European waters.The maritime nations that created the biological ―conveyor belt‖ should support a coordinated international effort to find out what is going on and what should be done about it. (456 words)1.According to Dr. Carlton, ocean organism‟s are_______.A.being moved to new environmentsB.destroying the planetC.succumbing to the zebra musselD.developing alien characteristics2.Oceanographers海洋学家are concerned because_________.A.their knowledge of this phenomenon is limitedB.they believe the oceans are dyingC.they fear an invasion from outer-spaceD.they have identified thousands of alien webs3.According to marine ecologists, transplanted marinespecies____________.A.may upset the ecosystems of coastal watersB.are all compatible with one anotherC.can only survive in their home watersD.sometimes disrupt shipping lanes4.The identified cause of the problem is_______.A.the rapidity with which larvae matureB. a common practice of the shipping industryC. a centuries old speciesD.the world wide movement of ocean currents5.The article suggests that a solution to the problem__________.A.is unlikely to be identifiedB.must precede further researchC.is hypothetically假设地，假想地easyD.will limit global shippingText BNew …Endangered‟ List Targets Many US RiversIt is hard to think of a major natural resource or pollution issue in North America today that does not affect rivers.Farm chemical runoff残渣, industrial waste, urban storm sewers, sewage treatment, mining, logging, grazing放牧,military bases, residential and business development, hydropower水力发电,loss of wetlands. The list goes on.Legislation like the Clean Water Act and Wild and Scenic Rivers Act have provided some protection, but threats continue.The Environmental Protection Agency (EPA) reported yesterday that an assessment of 642,000 miles of rivers and streams showed 34 percent in less than good condition. In a major study of the Clean Water Act, the Natural Resources Defense Council last fall reported that poison runoff impairs损害more than 125,000 miles of rivers.More recently, the NRDC and Izaak Walton League warned that pollution and loss of wetlands—made worse by last year’s flooding—is degrading恶化the Mississippi River ecosystem.On Tuesday, the conservation group保护组织American Rivers issued its annual list of 10 ―endangered‖ and 20 ―threatened‖ rivers in 32 states, the District of Colombia, and Canada.At the top of the list is the Clarks Fork of the Yellowstone River, whereCanadian mining firms plan to build a 74-acre英亩reservoir水库，蓄水池as part of a gold mine less than three miles from Yellowstone National Park. The reservoir would hold the runoff from the sulfuric acid 硫酸used to extract gold from crushed rock.―In the event this tailings pond failed, the impact to th e greater Yellowstone ecosystem would be cataclysmic大变动的，灾难性的and the damage irreversible不可逆转的.‖ Sen. Max Baucus of Montana, chairman of the Environment and Public Works Committee, wrote to Noranda Minerals Inc., an owner of the ― New World Mine‖.Last fall, an EPA official expressed concern about the mine and its potential impact, especially the plastic-lined storage reservoir. ― I am unaware of any studies evaluating how a tailings pond尾矿池，残渣池could be maintained to ensure its structural integrity forev er,‖ said Stephen Hoffman, chief of the EPA’s Mining Waste Section. ―It is my opinion that underwater disposal of tailings at New World may present a potentially significant threat to human health and the environment.‖The results of an environmental-impact statement, now being drafted by the Forest Service and Montana Department of State Lands, could determine the mine’s future…In its recent proposal to reauthorize the Clean Water Act, the Clinton administration noted ―dramatically improved water quality since 1972,‖ when the act was passed. But it also reported that 30 percent of riverscontinue to be degraded, mainly by silt泥沙and nutrients from farm and urban runoff, combined sewer overflows, and municipal sewage城市污水. Bottom sediments沉积物are contaminated污染in more than 1,000 waterways, the administration reported in releasing its proposal in January. Between 60 and 80 percent of riparian corridors (riverbank lands) have been degraded.As with endangered species and their habitats in forests and deserts, the complexity of ecosystems is seen in rivers and the effects of development----beyond the obvious threats of industrial pollution, municipal waste, and in-stream diversions改道to slake消除the thirst of new communities in dry regions like the Southwes t…While there are many political hurdles障碍ahead, reauthorization of the Clean Water Act this year holds promise for US rivers. Rep. Norm Mineta of California, who chairs the House Committee overseeing the bill, calls it ―probably the most important env ironmental legislation this Congress will enact.‖ (553 words)6.According to the passage, the Clean Water Act______.A.has been ineffectiveB.will definitely be renewedC.has never been evaluatedD.was enacted some 30 years ago7.“Endangered” rivers are _________.A.catalogued annuallyB.less polluted than ―threatened rivers‖C.caused by floodingD.adjacent to large cities8.The “cataclysmic” event referred to in paragraph eight would be__________.A. fortuitous偶然的，意外的B. adventitious外加的，偶然的C. catastrophicD. precarious不稳定的，危险的9. The owners of the New World Mine appear to be______.A. ecologically aware of the impact of miningB. determined to construct a safe tailings pondC. indifferent to the concerns voiced by the EPAD. willing to relocate operations10. The passage conveys the impression that_______.A. Canadians are disinterested in natural resourcesB. private and public environmental groups aboundC. river banks are erodingD. the majority of US rivers are in poor conditionText CA classic series of experiments to determine the effects ofoverpopulation on communities of rats was reported in February of 1962 in an article in Scientific American. The experiments were conducted by a psychologist, John B. Calhoun and his associates. In each of these experiments, an equal number of male and female adult rats were placed in an enclosure and given an adequate supply of food, water, and other necessities. The rat populations were allowed to increase. Calhoun knew from experience approximately how many rats could live in the enclosures without experiencing stress due to overcrowding. He allowed the population to increase to approximately twice this number. Then he stabilized the population by removing offspring that were not dependent on their mothers. He and his associates then carefully observed and recorded behavior in these overpopulated communities. At the end of their experiments, Calhoun and his associates were able to conclude that overcrowding causes a breakdown in the normal social relationships among rats, a kind of social disease. The rats in the experiments did not follow the same patterns of behavior as rats would in a community without overcrowding.The females in the rat population were the most seriously affected by the high population density: They showed deviant异常的maternal behavior; they did not behave as mother rats normally do. In fact, many of the pups幼兽，幼崽, as rat babies are called, died as a result of poor maternal care. For example, mothers sometimes abandoned their pups,and, without their mothers' care, the pups died. Under normal conditions, a mother rat would not leave her pups alone to die. However, the experiments verified that in overpopulated communities, mother rats do not behave normally. Their behavior may be considered pathologically 病理上，病理学地diseased.The dominant males in the rat population were the least affected by overpopulation. Each of these strong males claimed an area of the enclosure as his own. Therefore, these individuals did not experience the overcrowding in the same way as the other rats did. The fact that the dominant males had adequate space in which to live may explain why they were not as seriously affected by overpopulation as the other rats. However, dominant males did behave pathologically at times. Their antisocial behavior consisted of attacks on weaker male,female, and immature rats. This deviant behavior showed that even though the dominant males had enough living space, they too were affected by the general overcrowding in the enclosure.Non-dominant males in the experimental rat communities also exhibited deviant social behavior. Some withdrew completely; they moved very little and ate and drank at times when the other rats were sleeping in order to avoid contact with them. Other non-dominant males were hyperactive; they were much more active than is normal, chasing other rats and fighting each other. This segment of the rat population, likeall the other parts, was affected by the overpopulation.The behavior of the non-dominant males and of the other components of the rat population has parallels in human behavior. People in densely populated areas exhibit deviant behavior similar to that of the rats in Calhoun's experiments. In large urban areas such as New York City, London, Mexican City, and Cairo, there are abandoned children. There are cruel, powerful individuals, both men and women. There are also people who withdraw and people who become hyperactive. The quantity of other forms of social pathology such as murder, rape, and robbery also frequently occur in densely populated human communities. Is the principal cause of these disorders overpopulation? Calhoun’s experiments suggest that it might be. In any case, social scientists and city planners have been influenced by the results of this series of experiments.11. Paragraph l is organized according to__________.A. reasonsB. descriptionC. examplesD. definition12．Calhoun stabilized the rat population_________.A. when it was double the number that could live in the enclosure without stressB. by removing young ratsC. at a constant number of adult rats in the enclosureD. all of the above are correct13.W hich of the following inferences CANNOT be made from theinformation inPara. 1?A. Calhoun's experiment is still considered important today.B. Overpopulation causes pathological behavior in rat populations.C. Stress does not occur in rat communities unless there is overcrowding.D. Calhoun had experimented with rats before.14. Which of the following behavior didn‟t happen in this experiment?A. All the male rats exhibited pathological behavior.B. Mother rats abandoned their pups.C. Female rats showed deviant maternal behavior.D. Mother rats left their rat babies alone.15. The main idea of the paragraph three is that __________.A. dominant males had adequate living spaceB. dominant males were not as seriously affected by overcrowding as the otherratsC. dominant males attacked weaker ratsD. the strongest males are always able to adapt to bad conditionsText DThe first mention of slavery in the statutes法令，法规of the English colonies of North America does not occur until after 1660—some forty years after the importation of the first Black people. Lest we think that existed in fact before it did in law, Oscar and Mary Handlin assure us, that the status of B lack people down to the 1660’s was that of servants. A critique批判of the Handlins’ interpretation of why legal slavery did not appear until the 1660’s suggests that assumptions about the relation between slavery and racial prejudice should be reexamined, and that explanation for the different treatment of Black slaves in North and South America should be expanded.The Handlins explain the appearance of legal slavery by arguing that, during the 1660’s, the position of white servants was improving relative to that of black servants. Thus, the Handlins contend, Black and White servants, heretofore treated alike, each attained a different status. There are, however, important objections to this argument. First, the Handlins cannot adequately demonstrate that t he White servant’s position was improving, during and after the 1660’s; several acts of the Maryland and Virginia legislatures indicate otherwise. Another flaw in the Handlins’ interpretation is their assumption that prior to the establishment of legal slavery there was no discrimination against Black people. It is true that before the 1660’s Black people were rarely called slaves. But this shouldnot overshadow evidence from the 1630’s on that points to racial discrimination without using the term slavery. Such discrimination sometimes stopped short of lifetime servitude or inherited status—the two attributes of true slavery—yet in other cases it included both. The Handlins’ argument excludes the real possibility that Black people in the English colonies were never treated as the equals of White people.The possibility has important ramifications后果，影响.If from the outset Black people were discriminated against, then legal slavery should be viewed as a reflection and an extension of racial prejudice rather than, as many historians including the Handlins have argued, the cause of prejudice. In addition, the existence of discrimination before the advent of legal slavery offers a further explanation for the harsher treatment of Black slaves in North than in South America. Freyre and Tannenbaum have rightly argued that the lack of certain traditions in North America—such as a Roman conception of slavery and a Roman Catholic emphasis on equality— explains why the treatment of Black slaves was more severe there than in the Spanish and Portuguese colonies of South America. But this cannot be the whole explanation since it is merely negative, based only on a lack of something. A more compelling令人信服的explanation is that the early and sometimes extreme racial discrimination in the English colonies helped determine the particular nature of the slavery that followed. (462 words)16. Which of the following is the most logical inference to be drawn from the passage about the effects of “several acts of the Maryland and Virginia legislatures” (Para.2) passed during and after the 1660‟s?A. The acts negatively affected the pre-1660’s position of Black as wellas of White servants.B. The acts had the effect of impairing rather than improving theposition of White servants relative to what it had been before the 1660’s.C. The acts had a different effect on the position of white servants thandid many of the acts passed during this time by the legislatures of other colonies.D. The acts, at the very least, caused the position of White servants toremain no better than it had been before the 1660’s.17. With which of the following statements regarding the status ofBlack people in the English colonies of North America before the 1660‟s would the author be LEAST likely to agree?A. Although black people were not legally considered to be slaves,they were often called slaves.B. Although subject to some discrimination, black people had a higherlegal status than they did after the 1660’s.C. Although sometimes subject to lifetime servitude, black peoplewere not legally considered to be slaves.D. Although often not treated the same as White people, black people,like many white people, possessed the legal status of servants.18. According to the passage, the Handlins have argued which of thefollowing about the relationship between racial prejudice and the institution of legal slavery in the English colonies of North America?A. Racial prejudice and the institution of slavery arose simultaneously.B. Racial prejudice most often the form of the imposition of inheritedstatus, one of the attributes of slavery.C. The source of racial prejudice was the institution of slavery.D. Because of the influence of the Roman Catholic Church, racialprejudice sometimes did not result in slavery.19. The passage suggests that the existence of a Roman conception ofslavery in Spanish and Portuguese colonies had the effect of _________.A. extending rather than causing racial prejudice in these coloniesB. hastening the legalization of slavery in these colonies.C. mitigating some of the conditions of slavery for black people in these coloniesD. delaying the introduction of slavery into the English colonies20. The author considers the explanation put forward by Freyre andTannenbaum for the treatment accorded B lack slaves in the English colonies of North America to be _____________.A. ambitious but misguidedB. valid有根据的but limitedC. popular but suspectD. anachronistic过时的，时代错误的and controversialUNIT 2Text AThe sea lay like an unbroken mirror all around the pine-girt, lonely shores of Orr’s Island. Tall, kingly spruce s wore their regal王室的crowns of cones high in air, sparkling with diamonds of clear exuded gum流出的树胶; vast old hemlocks铁杉of primeval原始的growth stood darkling in their forest shadows, their branches hung with long hoary moss久远的青苔;while feathery larches羽毛般的落叶松,turned to brilliant gold by autumn frosts, lighted up the darker shadows of the evergreens. It was one of those hazy朦胧的, calm, dissolving days of Indian summer, when everything is so quiet that the fainest kiss of the wave on the beach can be heard, and white clouds seem to faint into the blue of the sky, and soft swathing一长条bands of violet vapor make all earth look dreamy, and give to the sharp, clear-cut outlines of the northern landscape all those mysteries of light and shade which impart such tenderness to Italian scenery.The funeral was over,--- the tread鞋底的花纹/ 踏of many feet, bearing the heavy burden of two broken lives, had been to the lonely graveyard, and had come back again,--- each footstep lighter and more unconstrained不受拘束的as each one went his way from the great old tragedy of Death to the common cheerful of Life.The solemn black clock stood swaying with its eternal ―tick-tock, tick-tock,‖ in the kitchen of the brown house on Orr’s Island. There was there that sense of a stillness that can be felt,---such as settles down on a dwelling住处when any of its inmates have passed through its doors for the last time, to go whence they shall not return. The best room was shut up and darkened, with only so much light as could fall through a little heart-shaped hole in the window-shutter,---for except on solemn visits, or prayer-meetings or weddings, or funerals, that room formed no part of the daily family scenery.The kitchen was clean and ample, hearth灶台, and oven on one side, and rows of old-fashioned splint-bottomed chairs against the wall. A table scoured to snowy whiteness, and a little work-stand whereon lay the Bible, the Missionary Herald, and the Weekly Christian Mirror, before named, formed the principal furniture. One feature, however, must not be forgotten, ---a great sea-chest水手用的储物箱,which had been the companion of Zephaniah through all the countries of the earth. Old, and battered破旧的，磨损的, and unsightly难看的it looked, yet report said that there was good store within which men for the most part respect more than anything else; and, indeed it proved often when a deed of grace was to be done--- when a woman was suddenly made a widow in a coast gale大风，狂风, or a fishing-smack小渔船was run down in the fogs off the banks, leaving in some neighboring cottage a family of orphans,---in all such cases, the opening of this sea-chest was an event of good omen 预兆to the bereaved丧亲者;for Zephaniah had a large heart and a large hand, and was apt有…的倾向to take it out full of silver dollars when once it went in. So the ark of the covenant约柜could not have been looked on with more reverence崇敬than the neighbours usually showed to Captain Pennel’s sea-chest.1. The author describes Orr‟s Island in a(n)______way.A.emotionally appealing, imaginativeB.rational, logically preciseC.factually detailed, objectiveD.vague, uncertain2.According to the passage, the “best room”_____.A.has its many windows boarded upB.has had the furniture removedC.is used only on formal and ceremonious occasionsD.is the busiest room in the house3.From the description of the kitchen we can infer that thehouse belongs to people who_____.A.never have guestsB.like modern appliancesC.are probably religiousD.dislike housework4.The passage implies that_______.A.few people attended the funeralB.fishing is a secure vocationC.the island is densely populatedD.the house belonged to the deceased5.From the description of Zephaniah we can see thathe_________.A.was physically a very big manB.preferred the lonely life of a sailorC.always stayed at homeD.was frugal and saved a lotText BBasic to any understanding of Canada in the 20 years after the Second World War is the country' s impressive population growth. For every three Canadians in 1945, there were over five in 1966. In September 1966 Canada's population passed the 20 million mark. Most of this surging growth came from natural increase. The depression of the 1930s and the war had held back marriages, and the catching-up process began after 1945. The baby boom continued through the decade of the 1950s, producing a population increase of nearly fifteen percent in the five years from 1951 to 1956. This rate of increase had been exceeded only once before in Canada's history, in the decade before 1911 when the prairies were being settled. Undoubtedly, the good economic conditions of the 1950s supported a growth in the population, but the expansion also derived from a trend toward earlier marriages and an increase in the average size of families; In 1957 the Canadian birth rate stood at 28 per thousand, one of the highest in the world. After the peak year of 1957, thebirth rate in Canada began to decline. It continued falling until in 1966 it stood at the lowest level in 25 years. Partly this decline reflected the low level of births during the depression and the war, but it was also caused by changes in Canadian society. Young people were staying at school longer, more women were working; young married couples were buying automobiles or houses before starting families; rising living standards were cutting down the size of families. It appeared that Canada was once more falling in step with the trend toward smaller families that had occurred all through theWestern world since the time of the Industrial Revolution. Although the growth in Canada’s population had slowed down by 1966 (the cent), another increase in the first half of the 1960s was only nine percent), another large population wave was coming over the horizon. It would be composed of the children of the children who were born during the period of the high birth rate prior to 1957.6. What does the passage mainly discuss?A. Educational changes in Canadian society.B. Canada during the Second World War.C. Population trends in postwar Canada.D. Standards of living in Canada.7. According to the passage, when did Canada's baby boom begin?A. In the decade after 1911.B. After 1945.C. During the depression of the 1930s.D. In 1966.8. The author suggests that in Canada during the 1950s____________.A. the urban population decreased rapidlyB. fewer people marriedC. economic conditions were poorD. the birth rate was very high9. When was the birth rate in Canada at its lowest postwar level?A. 1966.B. 1957.C. 1956.D. 1951.10. The author mentions all of the following as causes of declines inpopulation growth after 1957 EXCEPT_________________.A. people being better educatedB. people getting married earlierC. better standards of livingD. couples buying houses11.I t can be inferred from the passage that before the IndustrialRevolution_______________.A. families were largerB. population statistics were unreliableC. the population grew steadilyD. economic conditions were badText CI was just a boy when my father brought me to Harlem for the first time, almost 50 years ago. We stayed at the hotel Theresa, a grand brick structure at 125th Street and Seventh avenue. Once, in the hotel restaurant, my father pointed out Joe Louis. He even got Mr. Brown, the hotel manager, to introduce me to him, a bit punchy强力的but still champ焦急as fast as I was concerned.Much has changed since then. Business and real estate are booming. Some say a new renaissance is under way. Others decry责难what they see as outside forces running roughshod肆意践踏over the old Harlem. New York meant Harlem to me, and as a young man I visited it whenever I could. But many of my old haunts are gone. The Theresa shut down in 1966. National chains that once ignored Harlem now anticipate yuppie money and want pieces of this prime Manhattan real estate. So here I am on a hot August afternoon, sitting in a Starbucks that two years ago opened a block away from the Theresa, snatching抓取，攫取at memories between sips of high-priced coffee. I am about to open up a piece of the old Harlem---the New York Amsterdam News---when a tourist。

金融英语总结模板范文

In recent years, the financial sector has undergone significant transformations, impacting economies globally. This summary aims to provide an overview of the key aspects of the financial industry, including its structure, recent developments, challenges, and future prospects.Structure of the Financial SectorThe financial sector is a complex network of institutions and intermediaries that facilitate the flow of funds between savers and borrowers. It primarily consists of the following components:1. Central Banks: These institutions are responsible for controlling the country's monetary policy, ensuring stability in the financial system, and regulating the supply of money and credit.2. Commercial Banks: These banks accept deposits from the public and provide various financial services, including loans, credit cards, and investment services.3. Investment Banks: Focused on large-scale corporate finance, investment banks assist companies in raising capital through initial public offerings (IPOs) and mergers and acquisitions.4. Insurance Companies: These entities provide insurance coverage against potential financial losses, such as accidents, illnesses, and property damage.5. Stock Exchanges: Stock exchanges serve as platforms for the trading of stocks, bonds, and other securities, allowing investors to buy and sell financial instruments.Recent DevelopmentsThe financial sector has witnessed several key developments in recent years:1. Technological Innovation: Advancements in technology have revolutionized the financial industry, leading to the rise of fintech companies and the digitization of financial services.2. Regulatory Changes: Governments worldwide have implemented stricter regulations to mitigate financial risks and ensure consumer protection, such as the introduction of the Dodd-Frank Act in the United States.3. Globalization: The financial sector has become increasingly interconnected, with cross-border investments and financial flows on the rise.Challenges Faced by the Financial SectorDespite the advancements and growth, the financial sector faces several challenges:1. Economic Uncertainty: Fluctuations in global economic conditions, such as recessions and geopolitical tensions, can impact the stability of the financial system.2. Financial Inclusion: There is still a significant portion of the population that lacks access to financial services, hindering economic development.3. Cybersecurity Threats: The increasing number of cyber attacks poses a threat to the security of financial data and the integrity of financial systems.Future ProspectsLooking ahead, the financial sector is expected to evolve further in the following areas:1. Sustainable Finance: As climate change and environmental concerns gain prominence, the financial sector is expected to increasingly focus on sustainable investment practices.2. Blockchain and Cryptocurrencies: The adoption of blockchain technology and cryptocurrencies could disrupt traditional financial systems and reshape the way transactions are conducted.3. Artificial Intelligence and Machine Learning: AI and ML technologies are expected to enhance risk management, improve customer experiences, and streamline financial operations.In conclusion, the financial sector plays a crucial role in the global economy, facilitating economic growth and development. As the industry continues to evolve, addressing challenges and embracing technological advancements will be key to ensuring its stability and sustainability in the future.。

金融十课-第2课,外资投行：高富帅的练武场

Rev($m)
% Share FY 2015 Rank
5,708
8.1
1
4,712
6.7
2
4,336
6.2
3
4,055
5.8
4
3,488
5.0
5
3,001
4.3
8
2,939
4.2
7
2,534
3.6
6
1,747
2.5
10
1,559
2.2
11
34,078
48.3
70 Share 7.9 7.2 6.3 6.0 5.1 4.1 4.1 4.4 2.3 2.1 49.3
80年代，放松对市场和机构的管制，证券公司机构整合；与证券化相关的新产品不断涌现
1991-1993低利率环境，债市发展迅速
2000年网络股泡沫破裂
2007年，全球金融危机爆发
高盛集团大事记
1930
1940
1933年投资研究部；1934年市政债券部
1950
1970s，美国并购浪潮，并购与重组、杠杆收购等业务快速发展
战略及组织架构变革
总体战略：成为一个全球性的、提供综合金融服务公司关键字：全球化、综合化战略
1869年—20世纪30年代：依托商业票据业务的领先地位顺势进入股票承销和投资领域。
1969-1999 1997-2001
Global IB Revenue Bank Ranking –Full Year 2016
Bank JP MorganJP摩根 Goldman Sachs高盛 Bankof AmericaMerrillLynch 美银美林 Morgan Stanley摩根士丹利 Citi 花旗 Barclays巴克莱银行 Credit Suisse瑞银 Wells Fargo Securities 富国证券 Deutsche Bank德意志银行 RBC Capital MarketsRBC资本 Top 10 Total Total

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List of top Investment Banks Worldwide
Source: Balance sheet of respective banks(2009)
Goldman Sachs It was founded in 1869& is global investment banking and securities firm which engages in investment banking,securities services investment management and other financial services primarily with in stitutional clients
JP Morgan Chase: It is one of the oldest financial services firms in the world & has operations in 60 countries with assets of $2trillion,the largest market capitalization & reports us $ 779 billion as assets under
its management.
Morgan Stanley: It is a global financial services provider & serving a diversified group of corporation. governments,financial institurions,and individuals with us$779 billion as assets under its management Citigroup: It is a major American financial services company based in New York,NY,& has the world”s largest financial services network,spanning 140 countries with approximately 16000 offices worldwide.
Bank of America(Bank of America Merrill Lynch):It is a financial services company ,the largest bank holding company in the United States,by assets,and the second largest bank by market capitalization. Barclays Capital: It is the 25th largest company in the world by Forbes Global 2000(2008 list)and the fourth largest financial services provider in the world by Tier capital($325 billion),It is also the largest financial services provider globally with $3,7 trillion of assets.
Lazard: It is a preeminent international financial advisory and asset management firm & is one of the world’s largest investment banks having a cumulative value in excess of $1 trillion & more than 250 restructurings totaling over $350billion in debtor assets.
Credit Suisse: It was founded by Alfred Escher in 1856& is organized into three divisions,Investment Banking,Private Banking,and Assert Management
Deutsche Bank: It is an international universal offering financial products and services like sales,trading, and origination of debt and equity;mergers and acquisitions(M&A);risk management products,corporate finance wealth management,retail banking,fund management,and transaction banking.。

List of top Investment Banks Worldwide

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