DebtServiceFunds
银行信贷指标计算公式大全
银行信贷指标计算公式大全1. 贷款增长率（Loan Growth Rate）贷款增长率=（期末贷款余额-期初贷款余额）/期初贷款余额2. 不良贷款率（Non-performing Loan Ratio）不良贷款率=不良贷款余额/贷款总额3. 贷款回收率（Loan Recovery Rate）贷款回收率=贷款回收额/不良贷款余额4. 贷款利息净收入率（Net Interest Margin）贷款利息净收入率=（贷款利息收入-贷款利息支出）/贷款总额5. 资产质量指标（Asset Quality Index）资产质量指标=不良贷款余额/总资产6. 存款贷款比率（Loan to Deposit Ratio）存款贷款比率=贷款总额/存款总额7. 资本充足率（Capital Adequacy Ratio）资本充足率=（核心资本/风险资产）*100%8. 资金利润率（Funds Return on Investment）资金利润率=（利润总额/资产总额）*100%9. 资本利润率（Capital Return on Investment）资本利润率=（利润总额/核心资本）*100%10. 不良贷款损失率（Non-performing Loan Loss Rate）不良贷款损失率=不良贷款减值损失/不良贷款余额11. 利息覆盖比率（Interest Coverage Ratio）利息覆盖比率=经营收入/利息支出12. 还款能力指标（Debt Service Coverage Ratio）还款能力指标=可支配现金流入/债券偿债额这些指标可以通过贷款业务的相关数据进行计算，包括贷款余额、不良贷款余额、贷款回收额、贷款利息收入、贷款利息支出、总资产、存款总额、核心资本、风险资产、利润总额、不良贷款减值损失、经营收入和债券偿债额等。
这些指标的计算可以帮助银行了解贷款业务的运营情况、风险状况和盈利能力，从而制定相应的业务策略，提高贷款业务的质量和效益。
企业融资英语
企业融资英语在企业融资的背景下，涉及到一系列专业术语和表达方式。
以下是一些与企业融资相关的英语表达：●融资类型(Types of Financing):1.Debt financing: 债务融资2.Equity financing: 股权融资3.Venture capital: 风险投资4.Angel investment: 天使投资5.Private placement: 私募融资●融资渠道(Funding Channels):1.Bank loans: 银行贷款2.Bonds: 债券3.IPO (Initial Public Offering): 首次公开募股4.Crowdfunding: 众筹●融资流程(Financing Process):1.Due diligence: 尽职调查2.Term sheet: 条款协议书3.Valuation: 估值4.Pitching: 推介（向投资者介绍）●融资阶段(Stages of Financing):1.Seed financing: 种子轮融资2.Series A/B/C funding: A/B/C轮融资3.Mezzanine financing: 中间融资4.Bridge financing: 过渡性融资●财务指标(Financial Metrics):1.ROI (Return on Investment): 投资回报率2.EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization): 息税折旧摊销前利润3.Cash flow: 现金流4.Burn rate: 烧钱速度（每月的负现金流）交易条款(Deal Terms):1.Equity stake: 股权份额2.Convertible note: 可转换债券3.Pre-money valuation: 公司估值（融资前）4.Post-money valuation: 公司估值（融资后）这些术语可帮助描述企业融资的不同方面，以及与投资、财务等相关的内容。
Debt,DebtWaiverandDebtRepaymentFAQs
Debt, Debt Waiver and Debt Repayment FAQs1. When will I receive a letter from the DFAS saying I owe money for my LQA debt/What is the amount of my debt?Once your Human Resources Office inputs transactions to create your debt, DFAS will immediately review your pay account to determine your total indebtedness (the total amount you have erroneously been paid). These reviews have already begun; we expect to begin mailing notices in early June. The reviews may take longer if you have received LQA for more than 10 years.2. How will I receive this notice?You will receive official notice by mail to your address of record, so please ensure that your address is up-to-date by contacting your Civilian Pay Customer Service Representative (CSR) or your Human Resources (HR) Office.3. Is mail the only method for sending me my letter?/Can you email me my letter?It is a requirement that the debt letter be sent by mail to your official address of record.4. When will I have to start repaying my debt?Given the unique circumstances surrounding your debt, if you apply for a waiver of your debt, DFAS will delay collection while you are waiting for a decision on your waiver request. However, please note that if you have an existing LQA debt related to a prior reconciliation, collection of that debt will not be delayed.5. Why will I receive a letter from DFAS saying I owe money for my LQA?Your military service or employing agency should have already notified you that you do not meet the eligibil-ity requirements for LQA under the Department of State Standardized Regulations, Section 031.12b, and were erroneously being paid a living quarters allowance (LQA). If you have additional questions related to your eligibility for LQA and why you have a debt, please contact your servicing HR Office or Customer Service Representative (CSR).6. Why will I hear from DFAS/What is DFAS’ role?As part of its payroll responsibilities, DFAS is generally required to collect all indebtedness (or debt) due to the United States and process waiver requests in accordance with applicable laws and regulations.While there is no authority to approve a blanket (or group) waiver for all affected employees, the Office of the Under Secretary of Defense Personnel and Readiness (P&R) has determined that it is in the best interests of the Department to support requests for debt waivers due to the unique circumstances involved with these debts, so long as the employee was not aware of the fact that he/she was not entitled to LQA and there is no evidence of misrepresentation, fraud or deception to acquire LQA in the first place.7. Will my LQA stop immediately?Your HR Office makes this determination and will tell DFAS how to pay you moving forward. The Office of the Under Secretary of Defense for Personnel and Readiness (P&R) issued a memorandum dated January 3, 2013, which authorizes many of the impacted employees to receive additional LQA for up to one year, except in cases of potential fraud, due to the unusual circumstances. The LQA paid during this one-year period will not be included in the debt amount. For more details on this, please contact your HR Office.8. I was notified on May 1, 2013 that I was erroneously paid LQA when I wasn’t eligiblefor it, but the memorandum I received said I was granted LQA for up to one year.Will I receive LQA in my next paycheck?In the pay period in which you were notified about the erroneous LQA payments, the erroneous payments should have been stopped at the beginning of the pay period. This stoppage prevents you from receiving erroneous pay-ments with knowledge that you are not entitled to the payments and avoids the need to establish a debt for repay-ment. If you do receive erroneous payments after you were notified, the funds should be set aside for repayment to the Government.The start date of your additional LQA payments depends upon whether your entitlement to the additional payments is based upon the first or the second authorization given by OSD Personnel and Readiness (P&R). Please see the January 3, 2013 and May 15, 2013 P&R memoranda to determine which authorization is applicable to you. These memoranda explain when the additional LQA payments should start.9. If collection of the erroneous LQA payments are waived, are there any income taxconsequences?No. If a waiver request is approved, there are no income tax consequences because the erroneous payments are considered as valid payments for all purposes. For further information, please consult with your tax professional. 10. W ill/how will this debt affect my credit?DFAS will not report your debt to the credit agency, unless you are required to start making payments and fail to do so.11. W ill this affect any of my other entitlements or pay?Impacts on other entitlements, such as Renewal Agreement Travel, Home Leave, Temporary Quarters Subsistence Allowance and Student Travel, will be handled separately and are currently under review. If you have questions, contact your servicing HR Office.12. W hat are my options for repaying the debt, and can I do so even if my debtcollection is delayed?DFAS will include information on repayment options and how to apply for a debt waiver in your debt letter. Yes, you may submit a voluntary repayment agreement to set up a payment plan which needs to include your military ser-vice or defense agency’s approval. Details regarding voluntary repayment agreements will be included in your debt letter.13. H ow long do I have to file a debt waiver?You have 3 years from the date the erroneous payments were discovered to file a waiver request. However, em-ployees are strongly encouraged to submit waiver requests as soon as possible. During the next 6 months, DFAS will be making extra efforts to expedite the processing of these employees’ waiver requests. DFAS will also be advising the applicable military service or defense agency of the status of waiver submissions.14. W hat if I don’t request a debt waiver within three years?The law requires that requests for waivers be submitted within 3 years.15. C an I submit my debt waiver before I get my debt letter?No, you will need to know the total amount of your debt to complete your debt waiver application. However, you can begin putting together your debt waiver request prior to receiving your debt letter. A customized webpage will have tools and resources that will help you in preparing your waiver request.16. C an I dispute the validity of this debt at the same time I file a waiver?No. While the Department has deemed the LQA payments erroneous, you may disagree with this decision. To contest the validity or amount of the debt, the individual must petition for a hearing; more details are provided in the notice of indebtedness you will soon receive. Do NOT include arguments concerning the validity or amount of the debt in your waiver application, as the waiver may be denied on this basis.17. W here do I submit my request for a debt waiver?You will submit your debt waiver package to DFAS either by mail or fax to:DFASATTN: Dept. 62008899 E. 56th St.Indianapolis, IN 46249Or, fax to 866-401-5849 or DSN 510-366-0354.DFAS will compile and review your waiver package to ensure it is complete. If DFAS recommends approval, the waiver package will be forwarded to the Defense Office of Hearings and Appeals (DOHA) for a final decision on your waiver request.18. H ow will I be notified of the status of my waiver request?Once the DFAS payroll office has compiled your waiver package, you will receive notification via mail that your waiver request has been sent to the DFAS Waivers and Remissions team. The Waivers and Remissions team will ensure your request is complete and will send recommendations to the Defense Office of Hearings and Appeals (DOHA) for a final decision.You can check on the status by calling 800-538-9043 or DSN: 312-699-0580.19. H ow will I find out if my waiver has been approved or not?If your debt is waived in full, DOHA will send you notification directly via mail. DFAS will also be notified and will make any necessary adjustments to your pay account (i.e., DFAS will make sure the debt is properly noted in your account, so that collections do not begin).If your debt is partially waived or denied, DOHA will notify DFAS. DFAS will then send you notification via mail and will make any necessary adjustments to your pay account. If you owe money, DFAS will apply any waived amounts against the debt and start collection of the remaining portion of the debt. You may request a voluntary repayment agreement with approval of your agency. You will have appeal rights that will be detailed in the re-sponse from DOHA.20. W hat if my waiver request is not complete?If your request is not complete, DFAS will reach out to you via mail or email and request the missing information.Please ensure your most current email address is indicated on the Wavier Remission of Indebtedness Application, DD Form 2789.21. H ow long will it take for my debt waiver to be reviewed/approved?Depending on the length of the debt period, it may take up to 30 days for DFAS to process your waiver request.You may expect that it will take DOHA an additional 6-8 months to review your waiver request and make a final decision, but the decision could take longer depending on the complexity of your situation and how long you wereerroneously receiving LQA.。
城投债务风险应急预案范文
城投债务风险应急预案范文英文回答：City Investment Debt Risk Contingency Plan.I. Purpose.The purpose of this contingency plan is to establish a framework for identifying, assessing, and mitigating risks associated with city investment debt. This plan outlinesthe steps to be taken in the event of a debt crisis, including measures to protect the city's financialstability, minimize the impact on bondholders and investors, and maintain essential city services.II. Scope.This plan applies to all city investment debt,including general obligation bonds, revenue bonds, andother forms of borrowing. It covers risks that may arisefrom economic downturns, interest rate fluctuations, project delays, or other factors that could impair the city's ability to repay its debt obligations.III. Risk Assessment.The city shall conduct regular risk assessments to identify and evaluate potential risks associated with its investment debt. The assessments shall consider both internal and external factors, including:Economic conditions.Market volatility.Project implementation risks.Debt service coverage ratios.Credit ratings.IV. Risk Mitigation Strategies.The city shall implement a range of risk mitigation strategies to reduce the likelihood and impact of debt crises. These strategies may include:Maintaining a diversified portfolio of revenue sources.Hedging against interest rate risk.Establishing debt reserve funds.Monitoring project performance closely.Maintaining strong credit ratings.V. Debt Crisis Response.In the event of a debt crisis, the city shall activate this contingency plan and take the following steps:Notification: The city manager shall notify the mayor, city council, bondholders, and other stakeholders of thecrisis.Assessment: The city shall assess the severity of the crisis and its potential impact on the city's financial stability.Action: The city shall develop and implement a comprehensive action plan to address the crisis, including:Restructuring debt obligations.Raising additional revenue.Cutting expenditures.Seeking state or federal assistance.Communication: The city shall maintain open and transparent communication with all stakeholders throughout the crisis.VI. Recovery and Prevention.Following a debt crisis, the city shall prioritize recovery and prevention efforts. These efforts may include:Restoring financial stability.Rebuilding trust with investors.Implementing measures to prevent future crises.VII. Roles and Responsibilities.The following individuals and entities have roles and responsibilities in the implementation of this contingency plan:City Manager: Overall responsibility for coordinating the response to a debt crisis.City Council: Approval of the contingency plan and any necessary actions.Finance Director: Monitoring debt risk and implementing mitigation strategies.Bondholders: Providing input and support throughout the crisis.State and Federal Agencies: Providing assistance as needed.VIII. Revision and Review.This contingency plan shall be reviewed and revised annually to ensure its effectiveness and alignment with the city's financial management practices.中文回答：城投债务风险应急预案。
CFA II-Alternative Ivtmnt 关键词清单
CFA II Alternative Investments1 dimension: public or private市场。
1)Private为直接投资。
solely owned或indirectly owned through partnership or commingledreal estate funds.2)Public无直接投资，而是securities.包括REIT, real estate operating company &mortgage-backed securities. 3K1或equity. Debt投资者拥有mortgage介于bond和stock之间。
3K51.Office: Gross lease:房东负责opx(费用)；net lease则是tenant负责3K62.Industrial: Net lease更常见。
3K63.Retail: Percentage lease: min rent of $20 per square foot 或5% of sales per square foot ifsales is over $ 400 per square foot.3K74.Multi-family: 3K7Assessed value: taxing authority使用3K7Mortgage lending value: lenders value collateral使用3K7V aluation Approaches 3K7 ---3种方法1.Cost approach: property value= land cost + 建类似新房cost -→=land value +新房现行replacement cost–折旧&obsolescence估算. 适用条件：property比较新&缺乏可比交易2.Sales comparison approach: buyer value = value others pay for similar properties+/-differences with subject property.适用:最近有大量类似交易3K83.Income approach: PV of future cash flows. 适用：commercial real estateHighest & best use:NOI是基础：Net Operating Income. = 3K9Rental income if fully occupied+ other income= potential gross income- vacancy and collection loss= effective gross income- operating expense= net operating income 3K9第一部分：direct capitalizationCapitalization rate: 只用于1st year NOI. Cap rate = discount rate – growth rateCap rate(going-in cap rate) = current yield on the investment:----------→把公式计算顺序重置后如下：3K10 当cap rate未知时，可用以下公式获得：前提：当tenants pay all expenses, 左边公式成立：3K11其中ARY = all risks yield.(=cap rate)当rents每年增长constant时，nternal rate of return = cap rate(ARY)+growth rateStabilized NOI: 排除特殊情况导致NOI波动。
常用金融英语词汇大全必备单词
常用金融英语词汇大全必备单词在英语的学习中，词汇量的积累无疑是很重要的，有关金融方面的英语单词你知道多少呢，下面是店铺整理的一些常用金融英语词汇，希望对大家有帮助。
常用金融英语词汇：H合理预期 rational expectation核心资本 core capital合资企业 joint-venture enterprises红利 dividend宏观经济运营良好 sound macroeconomic performance宏观经济基本状况 macroeconomic fundamentals宏观调控 macroeconomic management(or adjustment)宏观调控目标 macroeconomic objectives(or targets)坏账 bad debt还本付息 debt service换汇成本unit export cost;local currency cost of export earnings汇兑在途 funds in float汇兑支出 advance payment of remittance by the beneficiary's bank汇率并轨 unification of exchange rates活期存款 demand deposits汇率失调 exchange rate misalignment混合所有制 diversified(mixed)ownership货币政策态势 monetary policy stance货款拖欠 overdue obligations to suppliers常用金融英语词汇：J基本建设投资 investment in infrastructure基本经济要素 economic fundamentals基本适度 broadly appropriate基准利率 benchmark interest rate机关团体存款 deposits of non-profit institutions机会成本 opportunity cost激励机制 incentive mechanism积压严重 heavy stockpile;excessive inventory挤提存款 run on banks挤占挪用unwarranted diversion of(financial)resources(from designated uses)技改投资 investment in technological upgrading技术密集型产品 technology-intensive product计划单列市 municipalities with independent planning status 计划经济 planned economy集体经济 the collective sector加大结构调整力度 to intensify structural adjustment加工贸易 processing trade加快态势 accelerating trend加强税收征管稽查 to enhance tax administration加权价 weighted average price价格放开 price liberalization价格形成机制 pricing mechanism减亏 to reduce losses简化手续 to cut red tape;to simplify(streamline)procedures 交投活跃 brisk trading缴存准备金 to deposit required reserves结构扭曲 structural distortion结构失调 structural imbalance结构性矛盾突出 acute structural imbalance结构优化 structural improvement(optimization)结汇、售汇 sale and purchase of foreign exchange金融脆弱 financial fragility金融动荡 financial turbulence金融风波 financial disturbance金融恐慌 financial panic金融危机 financial crisis金融压抑 financial repression金融衍生物 financial derivatives金融诈骗 financial fraud紧缩银根 to tighten monetary policy紧缩政策 austerity policies;tight financial policies经常账户可兑换 current account convertibility经济特区 special economic zones(SEZs)经济体制改革 economic reform经济增长方式的转变 change in the main source of economic growth(from investment expansion to efficiency gains) 经济增长减速economic slowdown;moderation in economic growth经济制裁 economic sanction经营自主权 autonomy in management景气回升 recovery in business activity境外投资 overseas investment竞争加剧 intensifying competition局部性金融风波 localized(isolated)financial disturbance。
Debt Financing edited
– Sinking fund in liquid assets is set up to pay debt. – Entering into a refinance agreement.
Sale and lease back
• A similar transaction is a sale and leaseback. The firm sells a long-lived asset to a lessor, using the cash received from the sale to reduce any liabilities originally used to finance the asset purchase. The firm then leases the asset from the lessor under an operating lease that is not shown as a long-term liability
– Cash Flows from financing activities: Cash flows used to reduce debt.
Accounting for Troubled Debt
• Handling of troubled debt:
– From debtor’s perspective
Use of another entity continued
• The new plant assets and the loan appear on the balance sheet of the unaffiliated company. The purchase commitment is a mutually unexecuted contract of the firm initially needing the additional manufacturing capacity.
金融类英语词汇的翻译(四)
金融类英语词汇的翻译 (四) exposure 承受风险；收支差〔外汇〕62expressed in Hong Kong dollar 以港元计算external assets 对外资产external auditor 外聘核数师；外聘审计师external claim 对外债权external commercial relations 对外贸易关系external competitiveness 对外竞争力External Department 外事经研部〔香港金融管理局〕external equilibrium 对外均衡external fund manager 外聘投资经理〔外汇基金〕external investor 外来投资者external liabilities and claims 对外负债和债权External Managers Division 外聘投资经理处〔香港金融管理局〕external price competitiveness 对外贸易价格竞争能力External Relations Division 对外关系处〔香港金融管理局〕external sovereign debt 对外国债external trade 对外贸易externally oriented economy 以外贸为主的经济；倚赖对外贸易的经济extinguishment allowance 结业津贴extortionate stipulation 敲诈性的规定extra allowance 额外津贴extra statutory concession 法外宽减extraordinary item 非经常项目；特殊帐项extrapolation 外推法extrinsic value 外在价值；非固有价值63财经类词汇 (F)face value 面值；票面价值facility letter 提供贷款通知书；贷款确认书Fact Book 19XX 《19XX 股市资料》Fact Sheet 《股市资料》factor analysis 因素分析factor cost 要素成本；生产要素成本factor market 生产要素市场factor of production 生产要素factor price 要素价格；生产要素价格factor system 因素计算法factoring company 代理融通公司；代理收帐公司facultative reinsurance business 临时再保险业务Faculty of Actuaries of Scotland 苏格兰精算师学院fair dealing 公平交易fair market value 公平市值fair return 合理利润；合理收益fall back 回落false accounting 伪造帐目false claim of business expenses 虚报营业开支false entry 虚假记项false market 假市family income 家庭收入family living expenses 家庭生活开支family-owned company 家族公司Far East Exchange 远东交易所Far Eastern Economic Review 《远东经济评论》Far Eastern Relief Fund 远东赈济基金fast market 快市；速动市场fast trading 交投畅旺favourable balance 顺差favourable balance of trade 贸易顺差Federal funds 联邦基金〔美国〕Federal funds rate 联邦基金利率Federal National Mortgage Association 联邦国民抵押协会〔美国〕Federal Open Market Committee 联邦公开市场委员会〔美国〕Federal Reserve Board 联邦储备局〔联储局〕〔美国〕Federal Reserve System 联邦储备系统〔美国〕Federal Reserve Wire Network 联邦储备系统通讯网络〔美国〕Federation Internationale des Bourses de Valeurs国际证券交易所联会Federation of Share Registrars 证券登记公司总会fee collection procedure 收费程序64fee payable 应缴费用fees and charges 费用及收费fees and receipts other than appropriation-in-aid不包括补助拨款的收费及收益fellow subsidiary 同集团附属公司Fidelity Fund 互保基金fiduciary 受信人；受托人fiduciary capacity 受信人身分fiduciary duty 受信责任fiduciary issue 信用发行fiduciary loan 信用放款；信用贷款field audit 实地审查〔税务〕Field Audit Group 实地审核组〔税务局〕field audit staff 实地审计人员；实地核数人员final account 决算账户；最后结算final and conclusive assessment 最终及决定性的评税final assessment 最后评税final consumption expenditure 最终消费开支final dividend 末期股息；末期摊还债款final estimate 最终估计final estimate of gross domestic product 本地生产总值的最后估计final goods 最终产品Final Notice for Rates 差饷最后通知书final salaries tax assessment 薪俸税最后评税final settlement 最终结算final settlement price 最终结算价格final statement 决算表final tax 最后税款finance 财务；融资Finance and Management Services Division 财务及行政管理科〔香港联合交易所有限公司〕Finance Bureau 库务局〔政府总部〕Finance CommitteeLimited>财务委员会〔香港期货交易所有限公司；香港联合交易所有限公司〕Finance Committee agenda item 财务委员会议程文件〔立法会〕Finance Committee of the Legislative Council 立法会财务委员会finance company 财务公司Finance Department 财务部〔香港联合交易所有限公司〕Finance Division 财务处〔香港金融管理局〕finance lease 融资租赁finance sectorial index 金融分类指数finance sub-index 金融分类指数Financial Accounting Section 财务会计组〔香港金融管理局〕financial adjustment 财政调整65financial administration 财政管理；财务管理financial adviser 财务顾问Financial and Accounting Regulations 《财务及会计规例》Financial and Institutional Coordinating Committee 财务监督委员会financial appraisal 财政评估financial arrangement 财政安排；财务安排financial assets 金融资产financial assistance 经济援助；财政资助financial auditing 财务审计financial capacity 经济能力financial centre 金融中心Financial Circular 《财务通告》financial commitment 财政承担；财政承担额financial community 财经界financial conglomerate 金融集团financial constraint 财政约束financial consultancy service 财务顾问服务financial contract 财务合约financial control 财务管理；财务控制；财政规控financial derivative 金融衍生工具financial derivative product 金融衍生产品financial discipline 财政纪律；财务约束financial disclosure 财务资料披露financial disclosure rules 财务数据披露规则financial exposure 财务风险financial futures 金融期货financial guideline 财政准则financial implication 财政影响；财政负担；财政承担financial information system 财务数据系统financial infrastructure 金融基础建设；金融基础设施Financial Infrastructure Section 财经基建组〔财经事务局〕financial institution 财务机构；金融机构financial instrument 金融工具；金融票据financial integrity 财政方面的稳健性financial intermediary 金融中介机构financial intermediation service 金融中介服务financial journalist 财经新闻工作者financial liberalization 金融市场自由化financial loss 财政损失financial management 财务管理financial management and budgeting system 财务管理及预算系统financial market 金融市场financial model 财政模式Financial Monitoring Unit 财务监察组〔经济局〕。
商务应用文写作需要的商务词汇
aabroad adv. 在国外，出国，广泛流传absence n. 缺席，离开absent adj. 不在，不参与absenteeism n. （经常性）旷工，旷职absorb v. 吸收，减轻（冲击、困难等）作用或影响abstract n. 摘要access n. 接近（或进入）的机会，享用权v. 获得使用计算机数据库的权利accommodation n. 设施，住宿account n. 会计帐目accountancy n. 会计工作accountant n. 会计accounts n. 往来帐目account for 解释，说明account executive n. （广告公司）客户经理*accruals n. 增值，应计achieve v. 获得或达到，实现，完成acknowledge v. 承认，告知已收到（某物），承认某人acquire v. 获得，得到*acquisition n. 收购，被收购的公司或股份acting adj. 代理的activity n. 业务类型actual adj. 实在的，实际的，确实的adapt v. 修改，适应adjust v. 整理，使适应administration n. 实施，经营，行政administer v. 管理，实施adopt v. 采纳，批准，挑选某人作候选人advertise v. 公布，做广告ad n. 做广告，登广告advertisement n. 出公告，做广告advertising n. 广告业after-sales service n. 售后服务agenda n. 议事日程agent n. 代理人，经纪人allocate v. 分配，配给amalgamation n. 合并，重组ambition n. 强烈的欲望，野心*amortise v. 摊还analyse v 分析，研究analysis n. 分析，分析结果的报告analyst n. 分析家，化验员annual adj. 每年的，按年度计算的annual general meeting （AGM）股东年会anticipate v. 期望anticipated adj. 期待的appeal n. 吸引力apply v. 申请，请求；应用，运用applicant n. 申请人application n. 申请，施用，实施appointee n. 被任命人appraisal n. 估量，估价appreciate v. 赏识，体谅，增值*appropriate v. 拨出（款项）approve v. 赞成，同意，批准aptitude n. 天资，才能*arbitrage n. 套利arbitration n. 仲裁*arrears n. 欠帐assemble v. 收集，集合assembly-line n. 装配线，流水作业线assess v. 评定，估价asset n. 资产current asset n. 流动资产fixed asset n. 固定资产frozen asset n. 冻结资产intangible assets n. 无形资产liquid assets n. 速动资产tangible assets n. 有形资产assist v. 援助，协助，出席audit n. 查账，审计automate v. 使某事物自动操作average n. 平均，平均水准awareness n. 意识；警觉Bbacking n. 财务支持，赞助backhander n. 贿赂*backlog n. 积压（工作或订货）bad debt 死账（无法收回的欠款）balance n. 收支差额，余额balance of payments n. 贸易支付差额balance sheet n. 资产负债表bankrupt adj. 破产的bankruptcy n. 破产bank statement n. 银行结算清单（给帐户的），银行对账单bar chart n. 条形图，柱状图bargain v. 谈判，讲价base n. 基地，根据地batch n. 一批，一组，一群batch production 批量生产bear market n. 熊市beat v. 超过，胜过behave v. 表现，运转behaviour n. 举止，行为，运转情况below-the-line advertising 线下广告，尚未被付款的广告benchmark n. 衡量标准benefit n. 利益，补助金，保险金得益fringe benefits n. 附加福利sickness benefit n. 疾病补助费bid n. 出价，投标takeover bid n. 盘进（一个公司）的出价bill n. 账单，票据billboard n. （路边）广告牌，招贴板black adj. 违法的in the black 有盈余，贷方black list 黑名单，禁止贸易的（货物、公司及个人）名单black Monday n. 黑色星期一，指1987年10月国际股票市场崩溃的日子blue chips n. 蓝筹股，绩优股blue-collar adj. 蓝领（工人）的Board of Directors n. 董事会Bond n. 债券bonus n. 津贴，红利books n . 公司帐目book value n. 账面价值，（公司或股票）净值bookkeeper n. 簿记员，记帐人boom n. 繁荣，暴涨boost v. 提高，增加，宣扬bottleneck n. 瓶颈，窄路，阻碍bottom adj. 最后的，根本的v. 到达底部，建立基础bounce v. 支票因签发人无钱而遭拒付并退回brainstorm n./v. 点子会议，献计献策, 头脑风暴branch n. 分支，分部brand n. 商标，品牌brand leader n. 占市场最大份额的品牌，名牌brand loyalty n. （消费者）对品牌的忠实break even v. 收支相抵，不亏不盈break even point 收支相抵点, 盈亏平衡点breakthrough n. 突破brief n. 摘要brochure n. 小册子broker n. 经纪人，代理人bull market 牛市budget n. 预算bulk n. 大量（货物）adj. 大量的bust adj. 破了产的buyout n. 买下全部产权CCAD(=Computer Aided Design) n. 计算机辅助设计call n. 打电话call on v. 呼吁，约请，拜访campaign n. 战役，运动candidate n. 求职者，候选人canteen n. 食堂canvass v. 征求意见，劝说capacity n. 生产额，（最大）产量caption n. 照片或图片下的简短说明capital n. 资本，资金capture v. 赢得cash n. 现金，现付款v. 兑现cash flow n. 现金流量case study n. 案例分析catalogue n. 目录，产品目录catastrophe n. 大灾难，大祸CEO n. Chief Executive Officer（美）总经理chain n. 连锁店challenger n. 挑战者channel n. (商品流通的)渠道charge n. 使承担，要（价），把……记入（账册等）chart n. 图表checkout n. 付款台chief adj. 主要的，首席的，总的CIF, c.i.f. 成本保险费加运费circular n. 传阅的小册子（传单等）circulate v. 传阅claim n./v. 要求，索赔client n. 委托人，顾客cold adj. 没人找上门来的，生意清淡的commercialise v. 使商品化commission n. 佣金*commitment n. 承诺commodity n. 商品，货物company n. 公司limited (liability) company (ltd.) 股份有限公司public limited company (plc) n. 股票上市公司compensate v. 补偿，酬报compensation n. 补偿，酬金compete v. 比赛，竞争competition n. 比赛，竞争competitor n. 竞争者，对手competitive adj. 竞争性的component n. 机器元件、组件、部件，部分concentrated marketing n. 集中营销策略condition n. 条件，状况*configuration n. 设备的结构、组合conflict n. 冲突，争论*conglomerate n. 综合商社，多元化集团公司*consolidate v. 帐目合并*consortium n. 财团constant adj. 恒定的，不断的，经常的consultant n. 咨询人员，顾问，会诊医生consumables n. 消耗品consumer durables n. 耐用消费品（如：洗衣机）consumer goods n. 消费品，生活资料*contingency n. 意外事件continuum n. 连续时间contract n. 合同，契约contractor n. 承办商，承建人contribute v. 提供，捐献contribution n. 贡献，捐献，税conversion n. 改装，改造conveyor n. 运送，传递，转让core time n. （弹性工作制的）基本上班时间（员工于此段时间必须上班，弹性只对除此以外的时间有效）cost n. 成本fixed costs 固定成本running costs 日常管理费用variable costs 可变成本cost-effective adj. 合算的，有效益的costing n. 成本计算，成本会计credit n. 赊购，赊购制度credit control 赊销管理（检查顾客及时付款的体系）letter of credit 信用证credit limit 赊销限额credit rating 信贷的信用等级，信誉评价creditor n. 债权人，贷方*creditworthiness n. 信贷价值，信贷信用crisis n. 危机，转折点critical adj. 关键的*critical path analysis n. 关键途径分析法currency n. 货币，流通current adj. 通用的，现行的Current account 往来帐户，活期（存款）户current assets n. 流动资产current liabilities n. 流动负债customise v. 按顾客的具体要求制造（或改造等）；顾客化cut-throat adj. 残酷的，激烈的cut-price a. 削价（出售）的CV(=curriculum vitae) n. 简历，履历*cycle time n. 循环时间Ddamages n. 损害，损失deadline n. 最后期限deal n. 营业协议，数量v. 交易dealer n. 商人debit n. 借方，欠的钱v. 记入帐户的借方debt n. 欠款，债务to get into debt 负债to be out of debt 不欠债to pay off a debt 还清债务debtor n. 债务人aged debtors 长期债务人declare v. 申报，声明decline n./v. 衰退，缓慢，下降decrease v. 减少deduct v. 扣除，减去default n. 违约，未履行defect n. 缺陷defective adj. 有缺点的defer v. 推迟deferred payments n. 延期支付deficit n. 赤字delivery cycle n. 交货周期*demand management n. 需求规化demotivated adj. 消极的，冷谈的deposit n. 储蓄，预付（定金）depot n. 仓库depreciate v. 贬值，（对资产）折旧depressing adj. 令人沮丧的deputy n. 代理人，副职，代理devalue v. 货币贬值（相对于其它货币）diet n. 饮食，食物，特种饮食differentiation n. 区分，鉴别dimensions n. 尺寸，面积，规模direct v 管理，指导director n. 经理，主管Managing Director n. 总经理direct cost n. 直接成本direct mail n. （商店为招揽生意而向人们投寄的）直接邮件direct selling n. 直销，直接销售directory n. 指南，号码簿discount n. 折扣，贴现dismiss v. 让……离开，打发走dismissal n. 打发走dispatch n./v. 调遣display n./v. 展出，显示dispose v. 安排，处理（事务）dispose of 去掉，清除distribution n. 分配，分发，分送产品*diversify v. 从事多种经营；多样化divest v. 剥夺dividend n. 股息，红利，年息division n. 部门*dog n. 滞销品down-market a./ad. 低档商品的*down-time/downtime n. 设备闲置期DP(=Data Processing) n. 计算机数据处理，计算机数据处理部门dramatic adj. 戏剧性的drive n. 积极性，能动性due adj. 应付的，预期的dynamic adj. 有活力的Eearnings n. 工资efficiency n. 效率endorse v. 背书，接受engage v. 雇用entitle v. 授权entitlement n. 应得的权利holiday entitlement n. 休假权equity n. 股东权益equity capital n. 股本equities 普通股，股票estimated demand n. 估计需求evaluate v. 估价，评价eventual adj. 最终的exaggerate v. 夸张exceed v. 超过exhibit n. 展览，表现expenditure n. 花费，支出额expense n. 费用，支出expense account n. 费用帐户expenses n. 费用，业务津贴expertise n. 专长，专门知识和技能*exposure n. 公众对某一产品或公司的知悉；广告所达到的观众总数Ffacilities n. 用于生产的设备、器材facilities layout n. 设备的布局规化、计划facilities location n. 设备安置*factoring n. 折价购买债券*fail-safe system n. 安全系统feasibility study n. 可行性研究feedback n. 反馈，反馈的信息field n. 办公室外边，具体业务file n. 文件集，卷宗，档案，文件v. 把文件（或资料）归档fill v. 充任finance n. 资金，财政v. 提供资金financial adj. 财政的financing n. 提供资金，筹借资金finished goods n. 制成品firm n. 公司fire v. 解雇fix v. 确定，使固定在fix up v. 解决，商妥fiscal adj. 国库的，财政的*flagship n. 同类中最成功的商品，佼佼者flexible adj. 有弹性的，灵活的flextime n. 弹性工作时间制flier(=flyer) n. 促销传单float v. 发行股票flop n. 失败flow shop n. 车间fluctuate v. 波动，涨落，起伏FOB, f.o.b n. 离岸价*follow-up n. 细节落实，接连要做的事forecast v. 预测four P's 指产品PRODUCT、价格PRICE、地点PLACE、促销PROMOTION framework n. 框架，结构*franchise n. 特许经销权v. 特许经销，给予特许经销权franchisee n. 特许经营人franchiser n. 授予特许经营权者fraud n. 欺骗*freebie n. （非正式的）赠品，免费促销的商品freelance n.& adj. 自由职业者（的）funds n. 资金，基金futures n. 期货交易Ggap n. 缺口，空隙*gearing n. 配称（即定息债务与股份资本之间的比率）*gimmick n. 好主意，好点子goal n. 目标going adj. 进行的，运转中的going rate n. 产品的市场价格goods n. 货物，商品goodwill n. 声誉*go public v. 首次公开发行股票grapple with v. 与……搏斗，尽力解决grievance n. 申诉，抱怨gross adj. 总的，毛的gross margin n. 毛利率gross profit n. 毛利gross yield n. 毛收益gradually adv. 逐渐地group n. （由若干公司联合而成的）集团grow v. 增长，扩大growth n. 增长，发展guarantee n. 保证，保单guidelines n. 指导方针，准则Hhand in v. 呈送hand in one's notice 递交辞呈handle v. 经营*hands on adj. 有直接经验的hard sell n. 强行推销hazard n. 危险，危害行为head n. 主管，负责health and safety n. 健康和安全*hedge n. 套期保值hidden adj. 隐藏的，不明显的hierarchy n. 等级制度，统治集团，领导层hire v. 雇用hire purchase n. 分期付款购物法hit v. 击中，到达holder n. 持有者holding company n. 控股公司hostile adj. 不友好的，恶意的HRD n. 人力资源发展部human resources n. 人力资源*hype n. 天花乱坠的（夸张）广告宣传Iimpact n. 冲击，强烈影响implement v. 实施，执行implication n 隐含意义incentive n. 刺激；鼓励income n. 工资或薪金收入，经营或投资的收入earned income 劳动收入，劳动所得unearned income 非劳动收入，投资所得increment v. 定期增加incur v 招致，承担*indemnity n. 偿还，赔偿index n. 指数，索引retail price index 零售价格指数indirect costs n. 间接成本induction n. 就职industrial adj. 工业的industrial action n. （罢工、怠工等）劳工行动industrial relations n. 劳资关系inefficiency n. 低效率，不称职inflate v. 抬高（物价），使通货等）膨胀inflation n. 通货膨胀*infringe v. 违法，违章initial adj. 初步的innovate v. 革新input n. 投入insolvent adj. 无清偿力的installment n. 部分，分期付款insure v. 给……保险，投保insurance n. 保险interest n. 利息，兴趣interest rate n. 利率interim n. 中期，过渡期间intermittent production n. 阶段性生产interview n./v. 面试interviewee n. 被面试的人interviewer n. 主持面试的人，招聘者introduce v. 介绍，提出*inventory n. 库存buffer inventory n. 用于应付突发性需求的存货capacity inventory n. 用于将来某时使用的存货cycle inventory n. 循环盘存decoupling inventory n. 保险性存货（以应付万一）finished goods inventory n. 制成品存货（盘存）pipeline inventory n. 在途存货raw materials inventory n. 原材料存货work-in-proGREss inventory n. 在制品盘存（存货）invest v. 投资investment n. 投资investor n. 投资者invoice n. 发票v. 给（某人）开发票irrevocable adj. 不可撤消的，不能改变的issue n. 发行股票* rights issue n. 优先认股权IT=Information Technology 信息技术item n. 货物，条目，条款Jjob n. 工作job description 工作说明，职务说明*job lot n. 一次生产的部分或少数产品job mobility 工作流动job rotation 工作轮换job satisfaction 工作的满意感（自豪感）*job shop n. 专门车间jobbing n. 为一次性的或小的订货需求而特设的生产制度joint adj. 联合的joint bank account （几个人的）联合银行存款帐户journal n. 专业杂志*jurisdiction n. 管辖（权）junk bonds n. 低档（风险）债券，垃圾债券junk mail n. （未经收信人要求的）直接邮寄的广告宣传*just-in-time n. 无库存制度Kkey adj. 主要的，关键的knockdown adj. （价格）很低的know-how n. 专门技术Ｌlabel n. 标签，标牌v. 加标签，加上标牌labour n. 劳动，工作，劳动力labour market 劳动力市场labour relations 劳资关系labour shortage 劳动力短缺*launch v. 在市场推出一种新产品n. 新产品的推出lay-off/layoff n./v. 临时解雇layout n. 工厂的布局lead v. 领先，领导lead time n. 完成某项活动所需的时间leaflet n. 广告印刷传单lease n. 租借，租赁物legal adj. 合法的lend v. 出借，贷款lessee n. 承租人lessor n. 出租人*ledger n. 分类帐nominal ledger n. 记名帐purchase ledger n. 进货sales ledger n. 销货帐*leverage n. 杠杆比率liability n. 负债liabilities n. 债务licence(US: license) n. 许可证license v. 许可，批准life cycle n. 寿命周期likely adj. 可能的*line process 流水线（组装）link n. 关系，联系，环liquid adj. 易转换成现款的liquidate v. 清算*liquidity n. 拥有变现力liquidation n. 清理（关闭公司），清算liquidator n. 清算人，公司资产清理人listed adj. 登记注册的listing n. 上市公司名录literature n. （产品说明书之类的）印刷品，宣传品litigate v. 提出诉讼loan n./v. 贷款，暂借logo n. 企业的特有标记lose v. 亏损loser n. 失败者loss n. 损失lot n. 批，量loyalty n. 忠诚，忠实Mmagazine n. 杂志，期刊mailshot n. 邮购maintain v. 维持，保持maintenance n. 维持，坚持major adj. 重大的，主要的，较大的majority shareholding 绝对控股make n. 产品的牌子或型号make-to-order adj. 根据订货而生产的产品make-to-stock adj. 指那些在未收到订货时就已生产了的产品management n. 管理，管理部门middle management n. 中层管理人员senior management n. 高层管理人员managerial adj. 管理人员的，管理方面的manager n. 经理plant manager n. 工厂负责人line manager n. 基层负责人staff manager n. 部门经理助理management accounts n. 管理帐目matrix management n. 矩阵管理*management information system(MIS) n. 管理信息系统manning n. 人员配备manpower n. 劳动力manpower resources n. 劳动力资源manual adj. 体力的，人工的，蓝领的manufacture v. （用机器）制造manufacturer n. 制造者（厂、商、公司）manufacturing adj. 制造的manufacturing industry 制造业margin n. 利润gross margin n. 毛利率net margin n. 净利润mark-up v. 标高售价，加价market n. 市场；产品可能的销量down market adv./adj. 低档商品/地的up market adj./adv. 高档商品的/地marketing mix n. 综合营销策略，指定价、促销、产品等策略的配合market leader n. 市场上的主导公司*market niche n. 小摊位，专业市场的一个小部分market penetration n. 市场渗入market segmentation 市场划分market share n. 市场占有率，市场份额*mass-marketing n. 大众营销术*master production schedule n. 主要生产计划*material requirements planning(MRP) n. 计算生产中所需材料的方法*materials handling n. 材料管理，材料控制maximise v. 使增至最大限度、最大化measure n. 措施，步骤media n. 新闻工具，传媒mass media 大众传媒（如电视、广播、报纸等）merchandising n. （在商店中）通过对商品的摆放与促销进行经营merge v. 联合，合并merger n. （公司，企业等的）合并merit n. 优点，值得，应受method study n. 方法研究middleman n. 中间人，经纪人full milk n. 全脂牛奶skimmed milk n. 脱脂乳minimise v. 使减至最小限度，最小化*mission n. 公司的长期目标和原则mobility n. 流动性，可移性moderately adv. 中等地，适度地monopoly n. 垄断，独占mortgage n./v. 抵押motivate v. 激励，激发……的积极性motivated adj. 有积极性的motivation n. 提供动机，积极性，动力motive n. 动机Nnegotiate v. 谈判negotiable adj. 可谈判的，可转让的net adj. 净的，纯的network n. 网络*niche n. 专业市场中的小摊位notice n. 通知，辞职申请，离职通知Oobjective n. 目标，目的obsolete adj. 过时的，淘汰的，废弃的offer n. 报价，发盘offer v. 开价off-season adj./adv. 淡季的off-the-shelf adj. 非专门设计的off-the-peg adj. 标准的，非顾客化的opening n. 空位operate v. 操作，经营，管理operating profits 营业利润*operations chart n. 经营（管理）表*operations scheduling n. 生产经营进度表opportunity n. 机会*optimize v. 优化option n. 选择权share option n. 期权organigram n. 组织图organisation chart n. 公司组织机构图orient v. 定向，指引orientation n. 倾向，方向；熟悉，介绍情况outcome n. 结果outlay n. 开销，支出，费用*outlet n. 商店a retail outlet 零售店outgoings n. 开支，开销outlined adj. 概括，勾勒的草图output n. 产量*outsource v. 外购产品或由外单位制做产品outstanding adj. 未付款的，应收的over-demand n. 求过于供overdraft n. 透支overdraft facility 透支限额overdraw v. 透支*overhead costs n. 营业成本*overheads n. 企业一般管理费用overpay n. 多付（款）overtime n. 加班overview n. 概述，概观owe v. 欠钱，应付Pp.a.(=per annum) n. 每年packaging n. 包装物；包装parent company n. 母公司，总公司part-time adj. 部分时间工作的，业余的participate v. 参加，分享(in)partnership n. 合伙（关系），合伙，合伙企业patent n. 专利pay n. 工资，酬金v. 付钱，付报酬take-home pay 实得工资payroll n. 雇员名单，工资表peak n. 峰值，顶点penetrate v. 渗透，打入（市场）penetration n. 目标市场的占有份额pension n. 养老金，退休金perform v. 表现，执行performance n. 进行，表现工作情况performance appraisal n. 工作情况评估perk n. 额外待遇（交通、保健、保险等）personnel n. 员工，人员*petty cash n. 零用现金phase out n. 分阶段停止使用*pick v. 提取生产用零部件或给顾客发货* picking list n. 用于择取生产或运输订货的表格pie chart n. 饼形图pilot n. 小规模试验pipeline n. 管道，渠道plant capacity n. 生产规模，生产能力plot v. 标绘，策划*plough back n. 将获利进行再投资* point of sale (POS) n. 销售点policy n. 政策，规定, 保险单*portfolio n. （投资）组合*portfolio management n. 组合证券管理post n. 邮件，邮局；职位position n. 职位potential n. 潜在力，潜势power n. 能力purchasing power 购买力PR=Public Relations 公共关系*preference shares n. 优先股price n. 价格market price 市场价，市价retail price 零售价probation n. 试用期product n. 产品production cycle n. 生产周期production schedule n. 生产计划product life cycle n. 产品生命周期product mix n. 产品组合（种类和数量的组合）productive adj. 生产的，多产的*profile n. 简介形象特征profit n. 利润operating profit n. 营业利润profit and loss account n. 损益帐户project v. 预测promote v . 推销promotion n. 提升，升级proposal n. 建议，计划prospect n. 预期，展望prospectus n. 计划书，说明书prosperity n. 繁荣，兴隆prototype n. 原型，样品*publicity n. 引起公众注意public adj. 公众的，公开的go public 上市public sector 公有企业publicity n. 公开场合，名声，宣传publics n. 公众，（有共同兴趣的）一群人或社会人士punctual adj. 准时的punctuality n. 准时purchase v. & n. 购买purchaser n. 买主，采购人QQC(=Quality Circle) n. 质检人员qualify v. 有资格，胜任qualified adj. 有资格的，胜任的，合格的qualification n. 资格，资格证明quality n. 质量quality assurance n. 质量保证quality control 质量控制，质量管理quarterly adj./adv. 季度的，按季度questionnaire n. 调查表，问卷quote n. 报价，股票牌价quotation n. 报价，股票牌价RＲ＆ＤResearch and Development 研究与开发radically adv. 根本地，彻底地raise n. （美）增加薪金v. 增加，提高；提出，引起range n. 系列产品rank n./v. 排名rapport n. 密切的关系，轻松愉快的气氛rate n. 比率，费用fixed rate 固定费用，固定汇率going rate 现行利率，现行汇率rating 评定结果ratio n. 比率rationalise v. 使更有效，使更合理raw adj. 原料状态的，未加工的raw material n. 原材料receive v. 得到receipt n. 收据receiver n. 接管人，清算人accounts receivable 应收帐receivership n. 破产管理recession n. 萧条reckon v. 估算，认为recognise v. 承认reconcile v. 使……相吻合，核对，调和recoup v. 扣除，赔偿recover v. 重新获得，恢复recovery n. 重获，恢复recruit v. 招聘，征募n. 新招收的人员recruitment n. 新成员的吸收red n. 红色in the red 赤字，负债reduce v. 减少reduction n. 减少redundant adj. 过多的，被解雇的redundancy n. 裁员，解雇reference n. 参考，参考资料reference number (Ref. No.) 产品的参考号码refund n./v. 归还，偿还region n. 地区*reimburse v. 偿还，报销reject n./v. 拒绝reliability n. 可靠性relief n. 减轻，解除，救济relocate v. 调动，重新安置remuneration n. 酬报，酬金rent v. 租n. 租金rep （代表）的缩写report to v. 低于（某人），隶属，从属reposition v. (为商品)重新定位represent v. 代表，代理representative n. 代理人，代表reputation n. 名声，声望reputable adj. 名声/名誉好的reserves n. 储量金，准备金resign v. 放弃，辞去resignation n. 辞职resistance n. 阻力，抵触情绪respond v. 回答，答复response n. 回答，答复restore v. 恢复result/results n. 结果，效果retail n./v. 零售retailer n. 零售商*retained earnings n. 留存收益retire v. 退休retirement n. 退休return n. 投资报酬*return on investment (ROI) n. 投资收入，投资报酬revenue n. 岁入，税收review v./n. 检查reward n./v. 报答，报酬，奖赏*rework v. （因劣质而）重作risk capital n. 风险资本rival n. 竞争者，对手adj. 竞争的rocket v. 急速上升，直线上升，飞升ROI Return on Investment 投资利润roughly adv. 粗略地round adj. 整数表示的，大约round trip 往返的行程royalty n. 特许权，专利权税run v. 管理，经营running adj. 运转的Ｓsack v. 解雇sales force 销售人员sample n. 样品；v. 试验；抽样检验*saturation n. （市场的）饱和（状态）saturate v. 饱和save v. 节省，储蓄savings n. 存款scale n. 刻度，层次scapegoat n. 替罪羊scare adj. 缺乏的，不足的*scrap n. 废料或废品seasonal adj. 季节性的section n. 部门sector n. 部门*securities n. 债券及有价证券segment n. 部分v. 将市场划分成不同的部分segmentation n. 将市场划分成不同的部门semi-skilled adj. 半熟练的settle v. 解决，决定settlement n. 解决，清偿，支付service n. 服务，帮佣services n. 专业服务settle v. 安排，支付set up v. 创立share n. 股份shareholder n. 股东*shelf-life n. 货架期（商品可以陈列在货架上的时间）shift n. 轮班showroom n. 陈列室simulation n. 模拟shop n. 商店closed shop 限制行业（只允许本工会会员）open shop 开放行业（非会员可从事的工作）shop steward 工会管事shopfloor 生产场所shortlist n. ……供最后选择的候选人名单v. 把……列入最后的候选人名单sick adj. 病的sick leave 病假sick note 病假条sick pay 病假工资sickness 生病skill n. 技能，熟巧skilled employee n. 熟练工人*skimming n. 高额定价，撇奶油式定价slogan n. 销售口号slump n. 暴跌a slump in sales 销售暴跌soft-sell n. 劝诱销售（术），软销售（手段）software n. 软件sole adj. 仅有的，单独的sole distributor 独家分销商solvent adj. 有偿付能力的*sourcing n. 得到供货spare part n. 零部件specification n. 产品说明split v. 分离spokesman n. 发言人sponsor n. 赞助者（为了商品的广告宣传）spread n. （股票买价和卖价的）差额stable adj. 稳定的staff n. 职员stag n. 投机认股者v. 炒买炒卖stagnant adj. 停滞的，萧条的*statute n. 成文法statutory adj. 法定的steadily adv. 稳定地，平稳地stock n. 库存，股票stock exchange n. 证券交易所*stockbroker n. 股票经纪人stock controller 库房管理者storage n. 贮藏，库存量strategy n. 战略*streamline v. 精简机构，提高效率stress n. 压力，紧迫strike n. 罢工structure n. 结构，设备*subcontract v. 分包（工程项目），转包subordinate n. 下级adj. 下级的subscribe v. 认购subsidiary n. 子公司subsidise v. 补贴，资助subsidy n. 补助金substantially adv. 大量地，大幅度地summarise v. 概括，总结superior n. 上级，长官supervisor n. 监督人，管理人supervisory adj. 监督的，管理的supply n./v. 供给，提供survey n 调查*SWOT analysis n. SWOT分析是分析一个公司或一个项目的优点、弱点、机会和风险*synergy n. 协作Ｔtactic n. 战术，兵法tailor v. 特制产品tailor made products 特制产品take on 雇用takeover n. 接管target n. 目标v. 把……作为目标tariff n. 关税；价目表task n. 任务，工作task force n. 突击队，攻关小队（为完成某项任务而在一起的一组人）tax n. 税，税金capital gains tax n. 资本收益税corporation tax n. 公司税，法人税income tax n. 所得税value added tax 增值税tax allowance 免减税tax avoidance 避税taxable 可征税的taxation 征税tax-deductible 在计算所得税时予以扣除的telesales n. 电话销售，电话售货temporary adj. 暂时的temporary post 临时职位tender n./v. 投标territory n. （销售）区域tie n. 关系，联系throughput n. 工厂的总产量TQC(=Total Quality Control) n. 全面质量管理*track record n. 追踪记录，业绩trade n./v. 商业，生意；交易，经商balance of trade 贸易平衡trading profit 贸易利润insider trading 内部交易trade mark 商标trade union 工会trainee n. 受培训者*transaction n. 交易，业务transfer n./v. 传输，转让*transformation n. 加工transparency n. (投影用)透明胶片treasurer n. 司库，掌管财务的人*treasury n. 国库，财政部trend n. 趋势，时尚*trouble-shooting n. 解决问题turnover n. 营业额，员工流动的比率staff turnover 人员换手率stock turnover 股票换手率Uundertake v. 从事、同意做某事undifferentiated marketing n. 无差异性营销策略uneconomical adj. 不经济的，浪费unemployment n. 失业unemployment benefit n. 失业津贴unit n. 单位unit cost n. 单位成本update v. 使现代化up to date adj./adv. 流行的，现行的，时髦的upgrade v. 升级，增加upturn n. 使向上，使朝上USP 唯一的销售计划Vvacancy n. 空缺vacant adj. 空缺的value n./v. 价值，估价valuation n. 价值value-added n. 增加值variable n. 可变物variation n. 变化，变更variety n. 多样化a variety of 多种多样的vary v. 改变，修改V AT Value Added Tax 增值税vendor n. 卖主（公司或个人）venture n. 冒险，投机venue n. 地点，集合地点viable adj. 可行的viability n. 可行性vision n. 设想，公司的长期目标vocation n. 行业，职业vocational adj. 行业的，职业的Wwage n. （周）工资wage freeze n. 工资冻结warehouse n. 仓库，货栈wealth n. 财富，资源wealthy adj. 富裕的，丰富的welfare n. 福利white-collar 白领阶层white goods n. 如冰箱和洗衣机等用在厨房中的产品wholesale n./adj./adv. 批发wholesaler 批发商*wind up v. 关闭公司withdraw v. 拿走，收回，退出withdrawal n. 拿走，收回，退出wholesale n./a. 批发；批发的wholesaler n. 批发商work n. 工作working conditions n. 工作条件work-in-proGREss n. 工作过程workload n. 工作量work order n. （包括原料、半成品、成品的）全部存货总量work station 工作位置*working capital n. 营运资本，营运资金write off v. 取消write-off n. 债务的取消Y*yield n. 有效产量Z*zero defect n. 合格产品*zero inventory n. 零存货。
金融英语词汇及解释（4）
English Terms 中⽂翻译详情解释/例⼦DJIA 道琼斯⼯业平均指数道琼斯⼯业平均指数是30种在纽约股票交易所及纳斯达克交易所买卖的重要股票的股价加权平均。
道琼斯⼯业平均指数于1896年由Charles Dow 始创DJTA 道琼斯交通平均指数道琼斯交通平均指数是20种在美国买卖的交通业股票的股价加权平均。
道琼斯⼯业平均指数于1884年始创DJUA 道琼斯公⽤事业平均指数道琼斯公⽤事业平均指数是15种在美国买卖的公⽤事业股票的股价加权平均。
道琼斯⼯业平均指数于1929年始创Data Mining 数据探索⼀种数据库应⽤，旨在探索⼤量数据之中存在的潜在模式Days Payable Outstanding (DPO) 应付账款天数备注：公式也可以作：应收账款/（信⽤成本/天数）Days Sales Outstanding (DSO) 应收账款天数备注：公式也可以作：应收账款/（信⽤销售额/天数）Debenture 公司 ?/TD> ⽆抵押债务，只依赖借⽅信⽤质量作为⽀持，并⽆抵押品，协议属于契约形式Debit 借项、借⽅增加资产或减低负债的会计⼊项Debt 债务⼀名⼈⼠或⼀家公司亏⽋其他⼈⼠或公司的⾦钱Debt Equity Ratio 债务股本⽐衡量公司财务贡杆的指标，计算⽅法为将公司的长期债务除以股东权益，显⽰公司建⽴资产的资⾦来源中股本与债务的⽐例备注：部分投资者在计算时只采⽤需要⽀付利息的长期债务，⽽不采⽤总负债总负债股东权益Debt Equity Swap 债换股交易⼀种再融资安排，债权⼈获得公司的股权，因⽽注销该公司亏⽋的债项Debt Financing 债务融资⼀家公司通过向个⼈及/或机构投资者出售债券、票据筹集营运资⾦或资本开⽀。
个⼈或机构投资者借出资⾦，成为公司的债权⼈，并获得该公司还本付息的Debt Ratio 负债⽐率财务⽐率的⼀种，计算⽅法为总债务除以总资产Debt Restructuring 债务重组有未偿还债务的企业修改债务协议，以争取更有利条款的⾏为Debt Security 债务证券证明投资者向发⾏⼈借出资⾦的证券。
国债资金工程费用使用指南
国债资金工程费用使用指南英文回答：The Guidelines for the Use of Funds for National Debt Projects.Introduction:The purpose of this document is to provide guidance on the appropriate use of funds for national debt projects. These guidelines aim to ensure transparency, accountability, and efficiency in the management of funds allocated forsuch projects.1. Eligible Expenses:a. Debt Service Costs: Funds can be used to cover the costs associated with servicing the national debt,including interest payments, principal repayments, andother related expenses.b. Project Implementation Costs: Funds can be allocated for the implementation of national debt projects, including administrative expenses, project management fees, and legal costs.c. Debt Restructuring Expenses: Funds can be used for expenses related to debt restructuring, such as fees for financial advisors, legal services, and other professional services.2. Prohibited Expenses:a. Personal Expenses: Funds should not be used for personal expenses of individuals involved in the management of national debt projects.b. Political Contributions: Funds should not be usedfor political contributions or any other activities that are not directly related to the national debt projects.c. Unauthorized Expenditures: Funds should not be usedfor any expenses that are not explicitly authorized under the national debt project guidelines.3. Approval Process:a. Budget Allocation: The allocation of funds for national debt projects should be approved through the regular budgeting process.b. Project Proposal: A detailed project proposal should be submitted for each national debt project, outlining the objectives, scope, budget, and expected outcomes.c. Review and Approval: The project proposal should be reviewed by relevant authorities, including the finance ministry, before approval is granted.4. Reporting and Monitoring:a. Financial Reporting: Regular financial reports should be prepared and submitted, detailing the utilization of funds for national debt projects.b. Independent Audit: An independent audit should be conducted periodically to ensure compliance with the guidelines and to assess the effectiveness of fund utilization.c. Internal Controls: Adequate internal controls should be established to monitor the use of funds and to prevent any misuse or misappropriation.Conclusion:These guidelines provide a framework for the appropriate use of funds for national debt projects. By adhering to these guidelines, governments can ensure transparency, accountability, and efficiency in the management of funds allocated for such projects.中文回答：国债资金工程费用使用指南。
管理好学生贷款-ManagingYourStudentLoanDebt_大学英语作文
管理好学生贷款-Managing Your Student Loan DebtThe cost of higher education continues to rise. Unfortunately, it＇s rising faster than the supply of grant and scholarship funds. This means that students today are leaving school with greater indebtedness than ever before. And yet, student loan defaults are at an all-time low! This can only mean that students today are better informed, and better prepared to take positive steps toward financial responsibility. managing your student loan debt Responsibility toward your student loans doesn＇t just mean staying out of default. It also means staying out of delinquency, keeping your account current. This may not always be easy. But we think these steps will help:* Know Your Rights and Responsibilities.* Know Your Repayment Options.A loan from the Federal Family Education Loan Program (FFELP) offers many more options for repayment than most forms of credit.* Keep in Touch.Stay in close contact with your lender or servicer.* Keep Your Credit Cards Under Control.Or, better yet, avoid them completely until you know you＇re on solid financial ground.* Make a Budget.And make sure that it includes your monthly student loan payment.。
{财务管理财务知识}高盛财经词典英汉对照
{财务管理财务知识}高盛财经词典英汉对照ActualReturn 实际回报一名投资者的实际收益或损失，可用以下公式表示：预期回报加上公司特殊消息及总体经济消息Actuary 精算保险公司的专业人员，负责评估申请人及其医疗纪录，以预测申请人的寿命Acquisition 收购一家公司收购另一家公司的多数股权AcquisitionPremium 收购溢价收购一家公司的实际成本与该公司收购前估值之间的差额AffiliatedCompanies 联营公司一家公司拥有另一家公司少数权益（低于50%）的情况，或指两家公司之间存在某些关联AffiliatedPerson 关联人士能影响一家企业活动的人士，包括董事、行政人员及股东等AfterHoursTrading 收盘后交易主要大型交易所正常交易时间以外进行的买卖交易AfterTaxOperatingIne-ATOI 税后营运收入一家公司除税后的总营运收入。
计算方法为将总营运收入减税项AfterTaxProfitMargin 税后利润率一种财务比率，计算方法为税后净利润除以净销售额AfterTheBell 收盘铃后股票市场收盘后Agent 代理人1.为客户进行证券买卖的人士或机构2.持有销售保险许可证的人士3.代表证券经纪行或发行人向公众出售或尝试出售证券的证券销售人员AgencyBonds 机构债券由政府机构发行的债券AgencyCross 交叉代理人一项由一名代理人同时代表买方与卖方的交易，也称为撍卮砣藬("DualAgency"。
AgencyProblem 代理问题债券人、股东及管理人员因目标不同而产生的利益冲突AgencySecurities 机构证券由美国政府支持的企业发行的低风险债务AggregateExercisePrice 总行使价格出售或买入期权的行使价格乘以合约金额AggressiveAccounting 激进会计不当地编制损益表以取悦投资者及提高股价法AggressiveInvestmentStrategy 进取投资策略投资组合经理尝试争取最高的回报。
财务术语的中英对照
财务术语的中英对照 a payment or serious payments 一次或多次付款abatement 扣减absolute and unconditional payments 绝对和无条件付款 accelerated payment 加速支付acceptance date 接受日acceptance 接受accession 加入accessories 附属设备accountability 承担责任的程度accounting benefits 会计利益accounting period 会计期间accounting policies 会计政策accounting principle 会计准则accounting treatment 会计处理accounts receivables 应收账款accounts 账项accredited investors 经备案的投资人accumulated allowance 累计准备金acknowledgement requirement 对承认的要求acquisition of assets 资产的取得acquisitions 兼并Act on Product Liability （德国）生产责任法action 诉讼actual ownership 事实上的所有权additional filings 补充备案additional margin 附加利差additional risk附加风险additions （设备的）附件adjusted tax basis 已调整税基adjustment of yield 对收益的调整administrative fee管理费Administrative Law（美国）行政法advance notice 事先通知advance 放款adverse tax consequences 不利的税收后果advertising 做广告affiliated group 联合团体affiliate 附属机构African Leasing Association 非洲租赁协会after-tax rate 税后利率aggregate rents 合计租金aggregate risk 合计风险agreement concerning rights of explore natural resources 涉及自然资源开发权的协议agreement 协议aircraft registry 飞机登记air<I>frame</I> （飞机的）机身airports 机场airworthiness directives （飞机的）适航指令alliances 联盟allocation of finance income 财务收益分配allowance for losses on receivables 应收款损失备抵金alternative uses 改换用途地使用amenability to foreign investment 外国投资的易受控制程度amendment 修改American Law Institute 美国法学会amortization of deferred loan fees and related consideration 递延的贷款费和相关的报酬的摊销amortization schedule 摊销进度表amortize 摊销amount of recourse 求偿金额amount of usage 使用量AMT (Alternative Minimum Tax) （美国）可替代最低税analogous to类推为annual budget appropriation 年度预算拨款appendix （契约性文件的）附件applicable law 适用法律applicable securities laws适用的证券法律applicable tax life 适用的应纳税寿命appraisal 评估appraisers 评估人员appreciation 溢价appropriation provisions 拨款条例appropriation 侵占approval authority 核准权approval 核准approximation近似arbitrary and artificially high value (承租人违约出租人收回租赁物时法官判决的)任意的和人为抬高的价值 arbitration 仲裁arm's length transaction 公平交易arrangement 安排arrest 扣留Article 2A 美国统一商法典关于法定融资租赁的条款articles of incorporation 公司章程AsiaLeaae 亚洲租赁协会assess 评估asset manager 设备经理asset risk insurance 资产风险保险asset securitization 资产证券化asset specificity 资产特点asset tracking 资产跟踪asset-backed financing 资产支持型融资asset-based lessor 立足于资产的出租人asset-oriented lessor (经营租赁中的)资产导向型出租人asset 资产assignee 受让人assignment 让与association 社团at the expiry 期限届满时ATT (automatic transfer of title) 所有权自动转移attachments 附着物attributes 属性auction sale 拍卖audits 审计authenticate 认证authentication 证实authority 当局authorize 认可availability of fixed rate medium-term financing 固定利率中期融资可得到的程度 available-for-sale securities 正供出售证券average life 平均寿命average managed net financed assets 所管理的已筹资金资产净额平均值aviation authority 民航当局backed-up servicer 替补服务者backhoe反铲装载机balance sheet date 资产负债表日bandwidth 带宽bank affiliates 银行的下属机构bank quote 银行报价bankruptcy cost 破产成本bankruptcy court 破产法院bankruptcy law 破产法bankruptcy proceedings 破产程序bankruptcy 破产bareboat charterer 光船承租人bargain renewal option廉价续租任择权basic earnings per share每股基本收益basic rent基本租金（各期应付的租金）beneficiaries受益人big-ticket items大额项目bill and collect开票和收款binding agreement有约束力的协议blind vendor discount卖主暗扣bluebook蓝皮书（美国二手市场设备价格手册）book income账面收入book loses账面亏损borrower借款人BPO(bargain purchase option)廉价购买任择权bridge facility桥式融通bridge桥梁broker fee经纪人费brokers经纪人build-to-suit leases（租赁物由承租人）承建或承造的租赁协议 bulldozer推土机bundled additional services捆绑（在一起的）附加服务bundling捆绑（服务）business acquisition业务收购business and occupation tax营业及开业许可税business generation业务开发business trust商业信托by(e)-laws细则 byte字节cable TV network有线电视网络cable电缆cancelability可撤销性cancelable可撤销的capacity资格capital allocation资本分派capital constraint资金掣肘capital contribution出资额capital cost资本费用capital expenditure基建费用capital lease融资租赁协议capital market资本市场capitalize资本化captive finance company专属金融公司captives专属公司carrying amount维持费用carrying value账面结存价值case law案例法cash collatera1现金抵押cash election现金选择cash flow coverage ratio现金流偿债能力比率cash flow现金流cash receipts and cash applications现金收入及现金运用casualty value要因价值（指租赁物毁坏或灭失时承租人应付的赔偿金额） casualty灾变、事故CAT(computer-added tomograph)依靠电脑的层析X射线摄影机category种类causal sale偶然销售ceiling上限cellular(mobile)移动通信central authority中央集权certificate of acceptance接受证书、验收证书certificate of participation共享证书certificate证书charitable trust公益信托chattel mortgage动产抵押chattel paper动产文据checking account存款支票户checklists审核内容清单circuit board线路板civil and commercial law 民商法Civil Code（德国）民法典civil law country（欧洲大陆各国的）大陆法系国家claim 权利要求classes级别classification criteria归类标准classification determination类别的确定classification indicators分类指标classification of leases租赁协议分类classification opinion分类观点classification process归类过程clawback (用附加税)填补（福利开支）client顾客clinic诊所collateral agent副代理人collateral tracking system抵押物跟踪制度collateral value抵押物价值collateralized by third party medical receivables due以第三方到期医疗应收款作为质押 collateral抵押物collect and disburse收取和支付collectibility可收回程度collection托收comfort level方便程度commerce clause商务条款commercial risk商业风险commercial terms商业条款commissions佣金commitment承诺common carriage通用车队common law country（英美等）海洋法系国家common trust共同信托commonality通用性compensate补偿competitive risk竞争风险competitor竞争者complex finance leases复杂的融资租赁comprehensive income综合收入comptroller审计官computer计算机conceptual difference概念上的差别concession period持有特许权的期间concession让步、特许conclusion结论conditional sales agreement附条件销售协议conditions of usage使用条件conduit structure管道结构(的公司)confidentiality保密性configure改装conflict冲突connectivility（信息传递中的）可连通性consensual or non-consensual lien同意或非经同意的留置权consent 同意consideration对价consolidation合并constructive acceptance of collateral抵押物的指定接受constructive sale推定出售consulting and advisory services咨询及顾问服务Consumer Credit Act（德国）消费者信用法consumer price index消费者价格指数consumer secured transaction消费者有担保交易consumer transaction消费者交易consumption tax消费税container集装箱contingent rental随机租金contingent rents随机租金continuation beyond the termination date终止日后的接续continuous and close customer contact同客户持续而紧密的接触contract maintenance（对设备的）合同维修contract origination合同开发contract pool合同池contract portfolio合同组合contract sales合同出售contracting cost缔约成本contracting states 缔约国contracts for services服务合同contractual provisions合同条款contributions出资Convention on the Recognition and Enforcement of Foreign Arbitral Award承认和执行外国仲裁裁决公约 convention 公约converted subordinated notes可转换次级票据convincing case有说服力的案例core <I>frame</I>work核心框架corporate aircraft公务（飞）机corporate debt market公司债市场corporate guarantees公司担保corporate income tax公司所得税corporation公司correlation相关性cost of capital资金成本cost of funds筹资成本cost of sale销售成本coterminous rate同期利率counsel律师counterclaim反诉counterpart副本course of dealing and usage of trade交易习惯和贸易惯例covenants契约coverage（保险中的）险别crane起重机credit and liquidity enhancement信用及流动性增级credit card receivables信用卡应收款credit card信用卡credit development信用变化credit enhancement信用增级credit history and profile信用记录和规模credit rating信用等级credit risk allocation and management信用风险的分摊及管理 credit risk信用风险credit underwriting process信用担保程序credit-based lessor立足于信用的出租人credit-oriented lessor(经营租赁中的)信贷导向型出租人creditors债权人creditworthiness信誉criterion（衡量用的）标准critical goals关键性目标cross-border funding跨境融资currency risk货币风险current and non-current liabilities当期及非当期负债current ratio流动比率current realization即期实现cushion缓冲customer contact客户联系customer's purchase cycle客户的购买周期customers客户cable TV network有线电视网络cable电缆cancelability可撤销性cancelable可撤销的capacity资格capital allocation资本分派capital constraint资金掣肘capital contribution出资额capital cost资本费用capital expenditure基建费用capital lease融资租赁协议capital market资本市场capitalize资本化captive finance company专属金融公司captives专属公司carrying amount维持费用carrying value账面结存价值case law案例法cash collatera1现金抵押cash election现金选择cash flow coverage ratio现金流偿债能力比率cash flow现金流cash receipts and cash applications现金收入及现金运用casualty value要因价值（指租赁物毁坏或灭失时承租人应付的赔偿金额） casualty灾变、事故CAT(computer-added tomograph)依靠电脑的层析X射线摄影机category种类causal sale 偶然销售ceiling 上限cellular(mobile)移动通信central authority中央集权certificate of acceptance接受证书、验收证书certificate of participation共享证书certificate证书charitable trust公益信托chattel mortgage动产抵押chattel paper动产文据checking account存款支票户checklists审核内容清单circuit board线路板civil and commercial law 民商法Civil Code（德国）民法典civil law country（欧洲大陆各国的）大陆法系国家claim 权利要求classes级别classification criteria归类标准classification determination类别的确定classification indicators分类指标classification of leases租赁协议分类classification opinion分类观点classification process归类过程clawback (用附加税)填补（福利开支）client顾客clinic诊所collateral agent副代理人collateral tracking system抵押物跟踪制度collateral value抵押物价值collateralized by third party medical receivables due以第三方到期医疗应收款作为质押 collateral抵押物collect and disburse收取和支付collectibility可收回程度collection托收comfort level方便程度commerce clause商务条款commercial risk商业风险commercial terms商业条款commissions佣金commitment承诺common carriage通用车队common law country（英美等）海洋法系国家common trust共同信托commonality通用性compensate补偿competitive risk竞争风险competitor竞争者complex finance leases复杂的融资租赁comprehensive income综合收入comptroller审计官computer计算机conceptual difference概念上的差别concession period持有特许权的期间concession让步、特许conclusion结论conditional sales agreement附条件销售协议conditions of usage使用条件conduit structure管道结构(的公司)confidentiality保密性configure改装conflict冲突connectivility（信息传递中的）可连通性consensual or non-consensual lien同意或非经同意的留置权consent 同意consideration对价consolidation合并constructive acceptance of collateral抵押物的指定接受constructive sale推定出售consulting and advisory services咨询及顾问服务Consumer Credit Act（德国）消费者信用法consumer price index消费者价格指数consumer secured transaction消费者有担保交易consumer transaction消费者交易consumption tax消费税container集装箱contingent rental随机租金contingent rents随机租金continuation beyond the termination date终止日后的接续continuous and close customer contact同客户持续而紧密的接触 contract maintenance（对设备的）合同维修contract origination合同开发contract pool合同池contract portfolio合同组合contract sales合同出售contracting cost缔约成本contracting states 缔约国contracts for services服务合同contractual provisions合同条款contributions出资Convention on the Recognition and Enforcement of Foreign Arbitral Award承认和执行外国仲裁裁决公约 convention 公约converted subordinated notes可转换次级票据convincing case有说服力的案例core <I>frame</I>work核心框架corporate aircraft公务（飞）机corporate debt market公司债市场corporate guarantees公司担保corporate income tax公司所得税corporation公司correlation相关性cost of capital资金成本cost of funds筹资成本cost of sale销售成本coterminous rate同期利率counsel律师counterclaim反诉counterpart副本course of dealing and usage of trade交易习惯和贸易惯例covenants契约coverage（保险中的）险别crane起重机credit and liquidity enhancement信用及流动性增级credit card receivables信用卡应收款credit card信用卡credit development信用变化credit enhancement信用增级credit history and profile信用记录和规模credit rating信用等级credit risk allocation and management信用风险的分摊及管理credit risk信用风险credit underwriting process信用担保程序credit-based lessor立足于信用的出租人credit-oriented lessor(经营租赁中的)信贷导向型出租人creditors债权人creditworthiness信誉criterion（衡量用的）标准critical goals关键性目标cross-border funding跨境融资currency risk货币风险current and non-current liabilities当期及非当期负债current ratio流动比率current realization即期实现cushion缓冲customer contact客户联系customer's purchase cycle客户的购买周期customers客户damage 损害dampening effect削弱性效应data transfer数据转换data transmission数据传输DDC (dedicated contract carriage)指定车型及司机的合同车队 dealer lessors供应商出租人debt capital债务资本debt covenant债务契约debt instruments债务证书debt issuance costs债务发行成本debt maturities债务期限debt securities债务证券debt service债息debt-equity ratios自有资金负债率debt-equity treatment债务－权益处理debtor债务人debt-to-equity ratio权益负债率decay（机械设备的）腐蚀declarations声明dedicated capacity carriage指定最低运输量的合同车队dedicated carriage一应俱全的车厢deductibility可抵扣程度deduction扣减default违约defeasance structures带有废止条款的结构defense抗辩deficiency claim损失索赔deficiency损失、缺陷definitional maze定义上的暧昧不明deflation通货紧缩deinstallation拆卸delay in delivery 延迟交付delinquencies拖欠delivery and acceptance process交付及验收程序denunciation 退出deposit account押金账项deposit taker存款接受者deposition处置depreciated value折余价值depreciation allowance折旧提存depreciation benefit折旧好处depreciation deductions折旧抵扣depreciation expense折旧费用depreciation period折旧期间deregulation解除管制derivative financial instruments衍生的金融工具designated location指定的位置detention扣押detraction减损developed and mature market发达而成熟的市场diagnostic equipment诊断设备differentiation差别化digitization数字化diluted earning per share每股稀释后收益direct and consequential damage直接和间接损失direct financing lease直接融资租赁direct tax直接税disaster recovery services（电脑租赁的）救灾服务disclaimer免责disclosure items披露项目discount rate折现率discounted present value折现值discretion自由酌情处理discrimination差别待遇disguised credit sale变相信贷销售disguised purchaser of the leased asset经过伪装的租赁资产买入人（指融资租赁的承租人） dispute resolution process争议解决程序distinction区别distinctive triangular relationship 特有的三边关系distribution分配diverse nuances多样化的细微差别diversification多样化diversity多样性dividends红利documentation文件制作及提供domestic law 国内法double taxation agreement双重课税协议double tax双重税double-dip tax leases（租赁一方为美国法人而另一方不是美国法人时的）双重所有权租赁协议 down payment定金down time窝工时间downgraded信用等级下降downward sloped interest expense line趋降的利息费用曲线draftsmanship（合同文本的）起草due diligence应有的审慎durability耐久性duration of delay拖延的持续时间duress胁迫early buyout提前买断early termination提前结束earnings before minority interest少数权益前收益earnings pattern收益模型EBO (early buyout)提前买断economic benefits经济利益economic climate经济气候economic life经济寿命economic ownership经济上的所有权education教育effective date生效日effective ownership有效的所有权effective waiver of defenses（对）抗辩的有效放弃effectiveness有效性electronic mail电子邮件eligibility合格性embedded嵌入emerging lease markets新兴租赁市场employee benefit plans雇员福利计划enactment实施encumbrance留置权end-of-term consequences期末结果end-of-term process期末程序ends up倒闭end-users最终用户enforceable强制性的enforcing remedies实施补救engine发动机enhanced equipment trust certificate增级的设备信托证书enter into force生效entitlement权利资格Environmental Liability Act（德国）环境责任法EPS(earning per share)每股收益率equalizing等量化equipment cost设备成本equipment defects设备瑕疵equipment identification设备认定equipment leasing industry设备租赁业equipment risk allocation and management设备风险的分担及管理Equipment Schedule设备清单equitable owner衡平法上的所有权人equity capital权益资本equity contribution权益出资equity in net loss of invests投资净损失中的权益equity insertion权益嵌入（指经营租赁的出租人在购置用于租赁的货物时要更多地依赖其自有资金） equity investor权益投资人equity securities权益证券ERISA（ Employee Retirement Income and Security Act）（美国）雇员退休收入及担保法escalation clauses自动调整条款essential use实质性使用estate（房地产）产业estimated remaining period估计的剩余期间estimated residual估计的余值estimates估计ETO(early termination option)（对）提前结束（的）任择权evolution演变excess cash过剩现金excess deduction超额扣减exchange交换excise tax许可证税exclusive remarketing firms（只处置某类设备的）专业性再处置公司executory cost执行成本exempt assets免税资产exempt entity免税机构exercisable 可行使的exercise price行使（某项权利，例如购买任择权时的）价格exhaustion损耗Exhibit（契约性文件的）附件EXIM bank（美国）进出口银行expenditure开支expertise专长expiration of the initial lease term初始租赁期限的届满exposure to residual asset value所承担的资产残值风险express warranty明示的担保extended retention of possession对占有的延伸提留extension延期external reporting risk财务报告引起的外部风险FAA(Federal Aviation Administration)(美国)联邦航空署face value面值factoring company代理融通公司fair market value leases公允市值租赁（指租金按租赁市场的常见数额来确定）fair market value transactions公允市值交易fair value公允价值fair wear and tear合理磨损FASB(Federal Accounting Standards Board) 13（美国）财务会计标准委员会第13号说明：租赁 FASIT (financial asset securitization investment trust)金融资产证券化投资信托fatal illness绝症features装置federal income tax联邦所得税Federal Tax Court（德国）联邦税务法庭federally guaranteed mortgage联邦保证抵押fee receivable应收费fee subordination附加费fee-based financing services以收费为基础的融资服备Felalease拉美租赁协会fiber optics光纤fiduciary responsibilities受托责任filing备案finance and other income财务及其它收入finance charges财务费用finance companies金融公司、财务公司finance lease laws融资租赁法律finance lease融资租赁协议financial assets金融资产financial bottom line财务底线financial components财务成份financial distortion财务失真financial institution金融机构financial instruments金融证书，金融工具financial leasing transaction融资租赁交易financial leasing融资租赁financial lessor融资出租人financial performance财务业绩financial ratios财务比率financial reality财务现实financial reporting risk(因财务失真所导致的)财务报告风险financial statement appearance资产负债表的表现financial terms融资条件financiers融资人financing source融资来源finding认定firm term确定的条款first amendment leases首期更改租赁协议five different <I>frame</I>works（作为租赁交易宏观环境的）五个不同的框架 fixed investment trust固定投资信托fixed purchase option固定价格购买任择权fixed rate固定利率fixed wire有线(通信)fixture filing固定备案flexibility灵活性floating lease accrued interest receivable浮动租赁应计的应收利息fluctuation波动FMRV(fair market rental value)公允的租金市值footnote disclosure通过附注披露foreclosure disposition扣押抵债处置foreclosure了结抵押（抵押权人按规定拍卖抵押物以受偿）forklift叉车form report格式报告forward rate agreement远期利率协议forward start swaps远期掉期four criteria（区别融资租赁和经营租赁的）四项标准fractional interest零散权益franchise特许权fraud欺诈free standing derivative instruments自力支撑的衍生工具from cradle to grave从摇篮到坟墓（指自始至终全程服务）front-end payment前端支付FSL(full-service lease)全程服务租赁fuel use tax燃料使用税full commitment全额承诺full disclosure充分披露full-payout versus non-full-payout全额支付还是非全额支付 full-payout全额支付full-service lease全套服务租赁fund appropriation拨款fund risk筹资风险funding resources筹资渠道funding risk筹资风险furnish供应future cash flow未来的现金流future lease payment未来租赁付款GAAP(generally accepted accounting principle)公认会计准则 gains收益gear ratio资本充足率gearing资本充足率general intangible一般无形物geographic distance地理上的距离German Insolvency Act德国破产法global leasing industry全球租赁业global survey全球调查globalization全球化goods货物goodwill商誉governmental agency政府（指定的）代理机构governmental body政府机构governmental fund政府基金governmental taking政府征用GPTD(gross profit tax deferral)毛利税递延grantor trust委托人信托grantors委托人grantor授予人growth rate增长率guaranteed residual value有担保的残值guarantee担保hallmark印记hardware硬件harmonization(在有着不同法规情况下的)协调headings标题health care merchant fund incorporation 保健商融资公司health care receivables保健应收款health care services保健服务healthcare provider保健提供者heavy maintenance大修hedge against inflation抵御通涨hedge套期保值helicopters直升机hell-or high water clauses绝对责任条款high technology leasing高技术租赁hire purchase agreement租购协议hire purchase contracts租购合同hirer租入人holders持有人homogeneity同质性hospitalization（到）医院治疗hours of use（设备的）使用小时hurdle rate最低可接受费率IAS(International Accounting Standard) 17国际会计准则 17 租赁 IDC(initial direct costs)初始直接费用identification确认idle capacity闲置的能力IFC(International Finance Corporation)国际金融公司illness疾病illustration演示immaterial items非实质性事项immediately available fund立即可以得到的资金impairment of assets资产减损implementation执行implicit interest rate隐含利率implied acceptance默认接受implied warranty or guarantee 暗示的担保in-bound leases进口租赁inception of the lease租赁协议开始日income and expense recognition收入和支出的确认income statement损益表income tax所得税incremental borrowing rate of interest新增借款利率 incurrance of an obligation义务的承担indebtedness欠款indemnification赔偿indemnify保护indenture trustee契约受托人independent director独立董事indexed rate指数利率（指跟着某个基准利率走的利率） index指数indirect bank leasing间接的银行租赁indirect tax间接税individual lessees个人承租人industrialization工业化industry dynamics行业动向industry lingo行话（行业内的暗语）information信息infrastructure基础设施infringement侵权in-house expertise（该公司）自有的专长initial accounting初始的会计处理initial case law初始判例法initial lease term初始的租期innovation创新in-place remarketing原地再处置input tax投入税insider transaction内部交易insolvency破产inspection findings检验结果inspection report检验报告inspection检验inspector检验员institutional finance机构融资instrument工具、文据insurance carrier承保人insurance claims保险索赔insurance coverage保险类别insurance <I>function</I>保险功能insurance policy保险单intangible assets无形资产intangible benefit无形权益intellectual property right知识产权intelligence gathering情报收集intentional or grossly negligent act故意的或严重疏忽的作为interest and fee income利息和收费收入interest component of scheduled payments排定进度付款的利息部分interest rate spreads利差interest rate swaps利率掉期interim real estate financing不动产过渡性融资interim rent暂行租金（在租金首付日应付的租金）intermediate twin-aisle中程双过道（指飞机）internal preference（所披露的信息严重扭曲时的）内部参考international financial leasing of equipment国际设备融资租赁international leasing community国际租赁界international registration requirement plan（飞机的）国际登记计划要求 internationalization国际化Internet互联网interperiod tax allocation各期之间的税收分配invasion侵犯inventory盘存、存货清册investment company投资公司investment grade credit rating投资等级信用评级investment return投资回报investors投资人invoice发票IOSCO(International Organization of Securities Commissions)证券委员会国际组织 IRC（Internal Revenue Code）（美国）国内税收法irrevocable不可撤销的IRS(Internal Revenue Service)(美国)国内税务局issue notes出立票据issuer发行人IT assets信息技术资产item项目job qualification sheet职业资格证judge法官judgement裁决judicial arena司法场所judicially-assisted repossession司法协助重新占有junk bonds垃圾债券jurisdictions司法管辖区label标记landing gear（飞机的）起落架landing着陆language（合同中的）用语large ticket asset大额资产lease application租赁申请lease fee租赁费（对租金中所含收益部分的形容）lease for movables动产租赁协议lease inception起租日lease intended as security担保意向租赁lease liabilities租赁负债lease lines of credit租赁信贷限额lease manager租赁协议管理人lease portfolio租赁协议组合lease registry租赁协议登记lease tax租赁税lease termination payment（为）提前结束（租赁协议而作的）支付lease term租赁期限lease versus purchase租还是买leased assets租赁资产leased equipment 租赁设备leased items租赁物件leased property租赁财产leasehold租赁、租借lease-in/lease-out（美国特有的为享受税收待遇而在美国企业同外国企业之间订立的）租入租出租赁协议 lease-purchase financing租购融资leases租赁协议Leaseurope欧洲租赁协会leasing activities租赁业务leasing agreement租赁协议leasing arrangement租赁安排leasing company租赁公司leasing professionals租赁专业人员leasing regulation对租赁的管制leasing systems（手工的或电脑的）租赁业务管理系统leasing's share of GDP租赁占国内生产总值的份额leasing租赁legal arrangement法律安排legal consequences法律后果legal entity法人legal fees法律费legal form法律形式legal issue法律课题legal ownership法定所有权legal owner法定所有权人legal right法定权利legal risk法律风险legal status法律地位legal title法定所有权legal treatment法律处理legally empowered法律授权的legitimate business purpose合法的营业目的lenders放款人lenient terms宽松条款lessee intent承租人的意向lessee承租人lessor's internal staff出租人的内部人员lessor出租人letter of credit信用证level of collateral抵押水平leverage borrowings杠杆借款leverage ratio资本充足率leveraged lease杠杆租赁levy扣押liabilities负债liberal depreciation rules自由折旧规则license特许licensing agreements许可证协议licensing of lease activity对租赁业务的许可lien date留置日lien留置权life-limited parts（飞机上）限制其使用小时的部件limitation of liability责任限度limited ability有限能力limited liability company有限责任公司liquidated damage损失赔偿金liquidator 清算人liquidity facility流动性融通liquidity support流动性支持liquidity现金支付能力litigation诉讼loans disguised as leases伪装成租赁的贷款loan-type financing贷款型融资loan贷款lobby effort游说努力local law当地法律local statues当地法规local tax地方税location所在地lock box account锁箱账户lock box collection and sweep arrangement（银行的）锁箱和自动转存安排locomotive（铁路）机车long term rental contract长期出租合同loss containment亏损防堵loss ratio赔付率losses损失lost sales losses出租人为了再处置收回的租赁物而失去出租新的租赁物的机会所带来的损失MACRS depreciation（美国的）加速成本回收的折旧maintain reserves（飞机租赁中承租人承担的）保养准备金maintenance contract维修保养合同maintenance interval（飞机发电机的）维修间隔期maintenance policies and procedures保养方针及程序make-whole premium凑整升水managerial reporting risk（财务报告导致的）管理层报告的风险manipulation of accounting principles对会计准则的巧妙运用manufacturer subsidy（来自）制造商（的）补贴marginal tax rate边际税率market friction市场摩擦market imperfection市场的不完善market participants市场参与者market penetration市场渗透率market rates of interest市场利率market share市场份额market size市场规模market stability市场稳定性marketplace市场环境master lease illustration租赁协议正文master lease主租赁协议material facts重要事实maturity到期日means手段measurement criteria衡量标准mechanism机制memory <I>function</I>备忘功能mercantile-type sale商业性销售merchantability适销性(经营租赁协议中的暗示保证)merges合并merit review process事实真相检查程序middle-market leasing中级市场租赁MIGA（Multilateral Investment Guarantee Agency）多边投资担保署minimum capital最低资本minimum lease payments receivable应收最小租赁付款minimum lease terms最短租赁期限minimum rental rate最低租金费率mirror-in/mirror-out principle（飞机返还时的维修状况同交付时）一模一样的原则mismatches不匹配mitigate缓解（风险）mobility移动性model模式modem“猫”（调制解调器）modification 更改monetary policy货币政策money-over-money lease钱到钱的租赁（租赁业内对融资租赁的俗称）monitoring监控monoline insurer单一险种保险人monopolies垄断部门monopoly垄断month-to-month rentals（期满但租赁物未退还时的）逐月收取的租金moratorium延缓履行mortgage loan placement抵押贷款安排motor carrier fee机动车费MPD(maintenance planning document)维修计划书MRI(magnetic resonance imaging)核磁共振成象multiple jurisdiction涉及多个司法管辖区的multi-years lease commitment多年的租赁款项承付municipal trade tax地方贸易税named owner指名的所有权人narrative report陈述式报告narrow-body aircraft窄机身飞机nascent幼稚的national independent full-service leasing rental firms全国性的独立全面服务租赁出租公司nationality国籍NCCUSL（The National Conference of Commissioners on Uniform State Laws）（美国）统一州法律委员会全国会议negligence 过失nenrenewal penalties期末若不留购或不续租时的罚金net cash investment outstanding 净现金出资余额net collectible value可回收净额net earnings净收益net financed assets已融资资产净额net gain on sale of financing transactions融资交易出售的净利得net investment outstanding净出资余额net lease净租赁（指不附带任何技术服务的租赁）net margin净收益net of deferred taxes递延所得税后净额net taxable income净应税收入net value净值net worth tax净财富税network connection device网络联接器件networks网络new product family新产品系列niche market可填补空缺的市场noise 噪声nominal price 名义价格nominal purchase option名义价格购买任择权non-accrual status不应计的状态non-appropriation不得挪用non-cancellable lease不可撤销的租赁协议non-conforming equipment不合格设备non-contracting states非缔约国nondebt interest非债务利益non-delivery未交付nonexclusive remarketing firms综合性再处置公司nonexistent不存在的non-full-payout非全额支付nonlabeled program(卖主同出租人各归各的)销售计划nonoperating leasing非经营租赁non-ownership for balance sheet不在资产负债表上资本化nonpossessory pledge非占有的抵押non-recourse sale of lease receivable对租赁应收款的无追索出售non-substitution clause不得替代条款nontax lease非税收租赁(指附条件销售，其中承租人被视为税收所有权人，可对租赁资产计提折旧) normal depreciable life正常可折旧寿命normal lease常规租赁normal terminations正常结束notarization公证人的公证notary system公证制度notes secured by equipment设备抵押票据notice of termination终止（租赁的）通知number of lease payments租赁付款次数objection拒绝obligations债务obligopolies受权专营部门。
股权基金术语英语
股权基金术语英语
股权基金（Private Equity Fund）领域有许多专业术语。
以下是一些股权基金领域常见的英语术语：
Limited Partner (LP): 有限合伙人，指投资于股权基金的机构或个人，通常对基金的管理和决策没有直接的参与。
General Partner (GP): 普通合伙人，指负责管理和运营股权基金的合伙人，通常是投资专业人士。
Carried Interest (Carry): 分红权益，是普通合伙人在基金盈利后获得的一部分收益，通常是利润的份额。
Commitment: 承诺，指有限合伙人承诺投资到股权基金中的资金总额。
Fund of Funds (FoF): 基金基金，指投资于其他多个股权基金的基金。
Due Diligence: 尽职调查，是指在投资前对潜在投资标的进行详尽的调查和评估。
Deal Flow: 交易流，指股权基金获得的潜在投资机会或交易建议的数量和质量。
Exit Strategy: 退出策略，指股权基金如何实现投资回报，例如通过公司出售、上市或合并等手段。
Valuation: 估值，是指对投资标的的估值，通常基于财务指标和市场情况。
Leverage: 杠杆，指在投资中使用借款来增加资本规模，以期望提高投资回报。
Portfolio Company: 投资组合公司，指股权基金投资组合中的公司。
这些术语涵盖了股权基金领域的一些关键概念。
在进行股权基金投资或了解该领域时，熟悉这些术语将有助于更好地理解相关业务和交流。
货币银行学英语词汇
投行人常用的英语金融词汇
投行人常用的英语金融词汇-CAL-FENGHAI.-(YICAI)-Company One1投行人常用的英语金融词汇2012年01月15日 15:37:32Accounts payable 应付帐款Accounts receivable 应收帐款Accrued interest 应计利息Accredited Investors 合资格投资者；受信投资人指符合美国证券交易委员(SEC)条例，可参与一般美国非公开(私募)发行的部份机构和高净值个人投资者Accredit value 自然增长值ACE 美国商品交易所ADB 亚洲开发银行ADR 美国存股证；美国预托收据；美国存托凭证[股市] 指由负责保管所存托外国股票的存托银行所发行一种表明持有人拥有多少外国股票(即存托股份)的收据。
ADR一般以美元计价和进行交易，及被视为美国证券。
对很多美国投资者而言，买卖ADR比买卖ADR所代表的股票更加方便、更流动、成本较低和容易。
大部份预托收据为ADR；但也可以指全球预托收(GDR) ，欧洲预托收据(EDR) 或国际预托收据(IDR) 。
从法律和行政立场而言，所有预托收据具有同样的意义。
ADS 美国存托股份Affiliated company 关联公司；联营公司After-market 后市[股市] 指某只新发行股票在定价和配置后的交易市场。
市场参与者关注的是紧随的后市情况，即头几个交易日。
有人把后市定义为股价稳定期，即发行结束后的30天。
也有人认为后市应指稳定期过后的交易市况。
然而，较为普遍的是把这段时期视为二级市场AGM 周年大会Agreement 协议；协定All-or-none order 整批委托Allocation 分配；配置Allotment 配股Alpha (Market Alpha) 阿尔法；预期市场可得收益水平Alternative investment 另类投资American Commodities Exchange美国商品交易所American Depository Receipt美国存股证；美国预托收据；美国存托凭证 (简称“ADR ”参见ADR栏目)American Depository Share 美国存托股份Amercian Stock Exchange 美国证券交易所American style option 美式期权Amex 美国证券交易所Amortization 摊销Amsterdam Stock Exchange 阿姆斯特丹证券交易所Annual General Meeting 周年大会Antitrust 反垄断APEC 亚太区经济合作组织(亚太经合组织) Arbitrage 套利；套汇；套戥Arbitration 仲裁Arm's length transaction 公平交易Articles of Association 公司章程；组织细则At-the-money option 平价期权；等价期权ASEAN 东南亚国家联盟 (东盟)Asian bank syndication market 亚洲银团市场Asian dollar bonds 亚洲美元债券Asset Allocation 资产配置Asset Management 资产管理Asset swap 资产掉期Assignment method 转让方法；指定分配方法ASX 澳大利亚证券交易所Auckland Stock Exchange 奥克兰证券交易所Auction market 竞价市场Authorized capital 法定股本；核准资本Authorized fund 认可基金Authorized representative 授权代表Australian Options Market 澳大利亚期权交易所Australian Stock Exchange 澳大利亚证券交易所Back-door listing 借壳上市Back-end load 撤离费；后收费用Back office 后勤办公室Back to back FX agreement 背靠背外汇协议Balance of trade 贸易平衡Balance sheet 资产负债表Balloon maturity 期末放气式偿还Balloon payment 最末期大笔还清Bank, Banker, Banking 银行；银行家；银行业Bank for International Settlements国际结算银行Bankruptcy 破产Base day 基准日Base rate 基准利率Basis point 基点；点子Basis swap 基准掉期Bear market 熊市；股市行情看淡Bearer 持票人Bearer stock 不记名股票Behind-the-scene 未开拓市场Below par 低于平值Benchmark 比较基准Beneficiary 受益人Beta (Market beta) 贝他(系数)；市场风险指数Best practice 最佳做法Bills department 押汇部BIS 国际结算银行Blackout period 封锁期Block trade 大额交易；大宗买卖Blue chips 蓝筹股Board of directors 董事会Bona fide buyer 真诚买家Bond market 债券市场，债市Bonds 债券，债票Bonus issue 派送红股Bonus share 红股Book value 帐面值Bookbuilding 建立投资者购股意愿档案[股市] 包销商用以定价一笔发行的方法。
Sovereign_Debt_Management_in_Developing_Countries
T he sovereign debt issue of developing countries standsout in global governance and international development cooperation. Due to the COVID-19 pandemic, Ukraine crisis and interest rate hikes in developed economies, among other factors, the most broad-based increase in debt experienced by developing countries since 2008, is turning into the fourth round of debt crisis. About 15% of low-income countries are already in debt crisis, 45% are at high risk of debt distress, and 25% of emerging markets face risks akin to debt default. Four coun-tries have applied to restructure their debt with the G20 Common Frame-work for Debt Treatments beyond the DSSI (Debt Service Suspension Initiative for Poorest Countries, DSSI), or Common Framework in short, and seven countries are on the brink of default. More countries are seeking financial assistance from the International Monetary Fund (IMF) or looking for alternative sources of financing. Some Western powers have adopted irresponsible financial policies, and become notably more reluctant to assume their interna-tional obligations and provide global public goods. The politicization of debt issue has aggravated divisions, and the deficit in global governance.POLITICAL FACTORS BEHINDTHE SOVEREIGN DEBT ISSUE OFDEVELOPING COUNTRIESThe sovereign debt issue and itsmanagement have everything to dowith the international political land-scape. Since the birth of the BrettonWoods system, finance has alwaysbeen used by Western powers toseek hegemony and exert influenceon developing countries. The rise ofemerging markets, China in particu-lar, is driving profound changes inthe global financial system. One ofthe implications is the increasinglydiversified sources of foreign debtfor developing countries, which hasmade it more difficult to coordinatedebt relief and management. Rapidresponse becomes harder when a sov-ereign debt crisis occurs, so does theprevention of new crises.First, fragmented debt relief ef-forts as a result of diversified sourcesof debt. Despite being the largestcreditors of developing countries,private creditors hardly participatein collective debt relief. Multilateralfinancial institutions, while dominat-Sovereign Debt Managementin Developing CountriesZhou YuyuanOn March 7, 2023, US Federal Reserve Chairman Jerome Powell appeared at a hearingbefore the US Congress in Washington, D.C., and said that the Federal Reserve mayraise the federal funds rate to a higher level than expected at a faster pace.(Photo/Xinhua)31ing collective debt management, often opt out of debt relief in consid-eration of their credit ratings. Official bilateral creditors are cautious about whether and how to take part in debt relief, due to political, economic and financial factors at home. Differences also exist between their governments and financial institutions.Second, the coordination of debt relief efforts. Compared with the top-down approach often adopted in multilateral or collective debt relief, bilateral bailouts are often bottom-up. In other words, creditors and debtors need to reach bilateral consensus first before a bailout is possible. When the sovereign debt relief is led by mul-tilateral financial institutions, they often seek to push through collectiveconsensus, and require official bilat-eral creditors to follow it through. Bilateral creditors, on the other hand, expect multilateral institutions to provide greater financial and liquid-ity support. In fact, even the top-down collective relief approach varies markedly in practice, due to the dif-ferent national conditions of debtor countries.Thirdly, the compatibility among debt management approaches. The Paris Club used to dominate debt relief for developing countries, but its relevance in sovereign debt treat-ment is in decline as the share of offi-cial loans from Western countries has dropped. In contrast, emerging econ-omies including China are becoming major sources of bilateral loans for developing countries. In the case of China, it has developed its own prin-ciples for sovereign debt treatment, including greater emphasis on sus-tainable development and the reluc-tance to write down loans directly. In the meantime, debtor nations have begun to explore a third way of debt management, including setting up groups of borrowers corresponding to groups of creditors. Private creditors have also adopted more sophisticatedmeans of debt treatment based oncontracts or collective action clauses.There is a need indeed to integratethose debt treatment efforts.IMPLICATIONS OF THE SOVEREIGNDEBT POLITICIZATIONDue to geopolitical competitionand major country rivalry, the debt is-sue, which should be on the develop-ment agenda, has been politicized. A sseveral developing nations are miredin debt crisis, some countries havelaunched the “Blame China” cam-paign to hurl groundless accusationsat China, by framing the debt traptheory and exaggerating issues suchas invisible debt and transparency. Indisregard of the fact that debt restruc-turing negotiations are time-consum-ing and difficult, they are blamingChina for the slow progress. Debtpoliticization is taking a great toll oninternational debt management, asit has formed a wrong perception ofthe debt issue, held back the estab-lishment of mechanisms and normsin debt cooperation, and exacerbatedthe collective action dilemma in debtrelief.First, a false perception of the debtissue is formed. It is nothing unusualfor nations to have debts, which canbe attributed to both domestic andinternational factors. Once the debtissue is politicized, the root causesbehind can hardly be recognized. Thespread of conspiracy theories and an-ti-intellectual arguments among thepublic, media, politicians and evenpolicymakers has further entrenchedthe negative image of China, whichmay lead to biased and irrationaldecision-making at national level.It has greatly distorted the percep-tion of China by the internationalcommunity and stood in the way ofcooperation that could have takenplace. For instance, although the so-called debt trap has been disprovedby research, some Western politiciansare still reluctant to interpret China’spolicies in an objective way, still lessacknowledge China’s contributionand role. In the same vein, the UShas accused China of failing to prop-erly follow through the DSSI, eventhough China, holding only 30% ofthe total repayable debt, has contrib-uted to 63% of debt relief. A s a result, Dollar interest rate hike is the last straw that broke the backbone of Sri Lanka’s economy.People are pictured protesting in Colombo, Sri Lanka on April 12, 2022.(Photo/IC Photo)32attention has been distracted from the fundamental obstacle for the coordination among creditors, which is their competing interest. Other priorities of greater significance for developing countries may also be overlooked, including investment, trade and new financing.Second, sovereign debt relief becomes more difficult. The politi-cization of the debt issue has exag-gerated differences between China and traditional creditors, widened the China-US trust deficit, and held back debt relief consensus and solutions. The US accuses China of adopting unconventional practices that dif-fer from those of Western countries, including excessive confidentiality requirements, lack of transparency, circumvention of Paris Club terms, and reluctance to write down debts. In China’s view, however, the US’ shunning the issue of private credi-tors is the crux of debt default by developing countries. Mistrust be-tween China and the US has become a major factor standing in the way of international debt cooperation.Third, debt relief is hardly effec-tive. Debt politicization has distracted efforts to address the debt issue, thus impairing the effectiveness of in-ternational debt relief. The reasons behind are three-fold. Firstly, major creditors including private and mul-tilateral financial institutions do not participate in debt relief and man-agement. The limited debt relief can only be enjoyed by low-income coun-tries. Secondly, the limited debt relief as a result of arduous negotiations can be easily undermined by finan-cial policies of developed economies, which will once again impose heavy burdens on developing countries. For example, the interest hike of the US dollar was the last straw to bring Sri Lanka to its knees. Currency devalu-ation has led Ghana’s foreign debt to soar by $ 6 billion, which has resulted in its announcement to stop payingmost of its debts. Thirdly, becauseof the deficit in global governanceand the lack of coordination amongmajor countries, benefits unleashedfrom debt relief can be easily coun-teracted by challenges such as thehigh inflation caused by price surgeof food and fuel.RESPONSIBILITY OF MAJORCOUNTRIES IN RESPONDING TOTHE SOVEREIGN DEBT CRISISThe debt crisis has highlightedthe importance of global political,economic and financial stability,and of coordination and cooperationamong major countries. The debt cri-sis faced by developing countries canhardly be addressed without greaterinternational cooperation, and amore equitable international debtmanagement framework put in placethrough the coordination among ma-jor countries.I. Strengthening Coordination andCooperation Among Major Countriesin International Debt ManagementFirst, trust is the basis of interna-tional cooperation. The top priorityfor now is for major countries torebuild mutual trust. They need toreach the common understandingthat developing countries are not thearena for major country rivalry, butthe stage for international coopera-tion, and shoulder their moral dutiesin global governance. Major coun-tries should abandon the Cold Warmentality, and perceive each other’spositive role in international develop-ment cooperation in an objective andrational manner. They should stopthe wrong practice of asking devel-oping countries to take sides, focusinstead on solving their debt crisisand development challenges, andpromote the de-politicization of inter-national development cooperation.Second, major countries shouldassume their international responsi-bilities. When they formulate policies,the spillover effects on developingcountries must be fully considered.Advanced economies should drawlessons from the great damage theirinterest hikes have done on develop-ing countries, and move faster tomeet their financing commitments,including those on special drawingrights and new financing support.Developed economies including theUS should do more to adopt andadjust macroeconomic policies andlaws from the perspective of prevent-ing debt crises, so as to ensure thestability of the international financialsystem, and that less developed na-tions can also benefit from liquidityexpansion.Third, true multilateralism shouldbe acted upon to enable multilateralmechanisms such as G20 to play agreater role in dealing with the debtcrisis. The G20 was instrumental inaddressing the 2008 financial crisis.Such experience should be drawn bymajor countries to step up coordina-tion and cooperation in multilateralmechanisms, and come up with vi-able solutions to the debt crisis con-fronted by developing nations.II. Promoting the Building of anInternational Debt ManagementSystem That is Fair, Fquitable andEffectiveInternational debt relief has al-ways been controversial, be it in theform of the Heavily Indebted PoorCountries (commonly addressed asHIPC) in the 20th century or theDSSI. International debt manage-ment is complex and painstaking,which cannot be measured simply interms of bailout or moral standards.As we provide emergency debt relief,it is of greater significance to reflecton the structural conundrum thatwhy such relief cannot prevent new33crises from happening. Systematic solutions are needed to address the debt and development problems of developing countries.First, mechanisms, procedures and rules for sovereign debt relief must be optimized to stay relevant. To get the emergency financial sup-port from the IMF, the applicant country must first get done the debt restructuring with its creditors. The reality is, however, that debt restruc-turing is often time-consuming. It means that countries in debt distress are often unable to obtain emergency support within a short time. With the collective approach of bilateral first, then private, the fair sharing of re-sponsibility in debt relief can hardly be addressed. This has become one of the largest barriers in debt relief. It is imperative to provide flexible and pragmatic debt relief arrangementsin light of specific realities throughclose communication at bilateral andmultilateral levels, and also with pri-vate creditors.Second, mutual learning is need-ed to leverage the complementaritybetween traditional and emergingcreditors. Developed countries, repre-sented by the Paris Club, and privatefinancial institutions, mostly in theWest, have gained much experiencein sovereign debt treatment, whichhas given rise to rules, standards andapproaches that underpin the currentinternational debt governance. Chinaand other emerging economies havecarried out a host of debt relief andrestructuring at bilateral level, withremarkable results in some countries.Traditional and emerging creditorsshould strengthen the sharing ofprinciples, approachesand best practices indebt treatment, so as tobring out the best effectin sovereign debt man-agement.Third, greater effortsshould be devoted to thebalance between debtand development sus-tainability. The debt is-sue, in essence, is aboutdevelopment. Address-ing the debt issue, at theend of the day, hingesupon national devel-opment. In the samevein, the priority ininternational debt treat-ment should be to helpdeveloping nations re-store and improve theireconomic capability.To achieve the end, theinternational develop-ment cooperation shallbe comprehensive, co-ordinated and effective,and the role of trade,investment, assistance and financingwell leveraged. Developed countriesand emerging markets also need tobetter coordinate and cooperate, so asto jointly promote global economicgovernance and uphold the interna-tional financial architecture.CONCLUSIONThe international debt manage-ment is characterized by the com-plexity, fragmentation and politiciza-tion of the debt issue. As developingcountries are faced with greaterchallenges in development, the defi-cit in global governance becomesmore prominent. To a large extent,the slow progress and ineffectivenessin international debt relief can be at-tributed to the lack of coordinationamong major countries as a result oftheir political rivalry. The dilemmanowadays in international debt man-agement is more of a product ofgeopolitical competition and majorpower confrontation. Therefore, thefundamental solution in preventingand coping with the debt crisis liesin putting in place an internationaldebt management system that isfair, equitable and effective. Debtmanagement will not get improvedwithout efforts of major countries torestore trust, assume responsibilityand strengthen cooperation. Facedwith the debt issue in the develop-ing world, Western countries shouldrefrain from politicizing the prob-lem, step up communication andcooperation, genuinely aim for thewell-being of developing countries,and promote the building of a moreeffective system of international debtmanagement.——————————————Zhou Yuyuan is Deputy Director at theCenter for West Asian & African Studiesof Shanghai Institutes for InternationalStudiesOn July 15, 2022, the G20 Finance Ministers and Central Bank Governors Meeting opened in Bali, Indonesia. (Photo/IC Photo)34。