晨星_持久的竞争优势_用经济专利来改善投资回报(英文)

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cfa esg 中英文笔记

cfa esg 中英文笔记CFA协会提供的ESG（环境、社会和治理）中英文笔记如下：中文笔记：ESG投资是一种关注企业环境、社会和治理状况的投资策略，旨在实现可持续的长期回报。

ESG因素可以帮助投资者评估企业的潜在风险和机会，从而做出更明智的投资决策。

在投资决策中考虑ESG因素，有助于投资者更好地理解企业的运营模式、战略方向和社会责任等方面的信息。

通过投资于重视ESG因素的企业，投资者可以获得更好的投资回报，同时为可持续发展做出贡献。

英文笔记：ESG investing is an investment strategy that focuses on the environmental, social, and governance factors of a company. It aims to achieve sustainable long-term returns. ESG factors can help investors assess potential risks and opportunities of a company, enabling them to make more informed investment decisions. Taking ESG factors into consideration in investment decisions helpsinvestors better understand a company's operating model, strategic direction, and social responsibilities. By investing in companies that prioritize ESG factors, investors can achieve better investment returns while contributing to sustainable development.。

晨星中国基金评级说明

那么，晨星如何衡量基金的风险调整后收益呢？ “晨星风险调整后收益”（Morningstar Risk-Adjusted Return）是晨星星级评价的核心指标，又称 MRAR。MRAR 的衡量具有以下特点。 1、未规定超额收益是服从特定分布的； 2、在所有情况下，风险要受到惩罚； 3、其理论基础——期望效用理论被专业投资人和分析师所接受。 MRAR 的衡量以期望效用理论（Expected Utility Theory）为基础，该理论认为投资人：比起无法预期的高收益，更倾向于可预见的低收益；愿意放弃一部分预期收益来换取确定性较强的收益。在此前提下，根据每个投资组合的期末价值构造效用函数，然后计算期望效用并按照其数值高低对所有的投资组合进行排名。晨星根据每只基金在计算期间月度回报率的波动程度尤其是下行波动的情况，以“惩罚风险”的方式对该基金的回报率进行调整；波动越大，惩罚越多。如果有两只基金回报率相近，晨星对其中回报波动较大者给予更多的风险惩罚。通
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衡量基金的收益
晨星用月度回报率（Monthly Total Return）来衡量基金的收益。月度回报率反映在既定的月度内，投资人持有基金所获得的收益。并假设投资人将所得分红均用于再投资，不考虑税收、交易费用。计算公式：
N n Di 1 TR = e ∏ + − 1 N N i = 1 i b
晨星对于国内的封闭式基金暂时不做分类。对于 QDII 基金，尽管其均投资于境外证券市场，但具体投资对象、范围、区域、风格有所不同，由此在风险收益特征上也有所差异。因此，根据其投资对象、范围、区域、风格的不同，晨星主要以基金的投资组合数据为基础，并考虑招募说明书中关于投资范围和投资比例等规定，遵循晨星全球基金分类标准进行分类。

2004年考研英语一阅读真题及答案

2004年考研英语一阅读真题及答案考研英语一阅读真题：Passage OneQuestions 36 to 40 are based on the following passage:Five competitive forces are shaping the globalizing pharmaceutical industry. These forces include the need to expand into new markets, to access new drugs, to reduce costs and increase efficiency, to respond to increasing prevalence of chronic diseases, and to establish an intellectual-property-based advantage. By managing these forces, companies can position themselves competitively within the industry.To succeed in new markets, companies must penetrate international markets and establish a strong sales and marketing presence. This requires customization of pharmaceutical products for local markets, developing direct sales forces, and establishing important relationships with local physicians and regulators. Companies must also manage the complexities of different reimbursement policies, intellectual-property rights, and regulatory submission requirements.Acquiring new drugs with established safety and efficacy profiles is critical for leading global pharmaceutical companies. Though internal R&D productivity has improved, there is still a substantial need to access additional compounds. Broader drug development networks can help companies gain access to external candidates. Many companies are turning to small biotech firms to help augment their research productivity. These firms use large genomic databases and the latest technologies to screen forpotential drug candidates. Global pharmaceutical companies are also exploring mergers, acquisitions, and licensing agreements as ways to access compounds.To reduce costs and increase efficiency, companies are investing inR&D informatics infrastructure, which helps improve the productivity ofR&D investment. Global R&D information-technology (IT) groups have been established to build R&D informatics capability to support clinical-data management, data warehousing, statistical analysis, reporting, and modeling.Chronic diseases are replacing infectious diseases as the primary drivers of global healthcare demand. Pharmaceutical companies will have to shift their R&D strategies to address diseases such as diabetes, hypertension, and cancer. Some companies have reorganized their R&D structures to create new units focused on researching specific therapeutic areas or diseases.Intellectual-property-based advantage is crucial in the pharmaceutical industry because strong proprietary positions provide competitive differentiation and commercial strength. Many companies are working on gaining exclusive rights to drug compounds, delivery mechanisms, and advanced technologies. This allows them to build barriers to potential competition and to extend the lives of existing products.36. What need do pharmaceutical companies have to expand into new markets?答案：To succeed in new markets, companies must penetrate international markets and establish a strong sales and marketing presence.37. How can pharmaceutical companies access new drugs?答案：Companies can access new drugs by acquiring new drugs with established safety and efficacy profiles, turning to small biotech firms to help augment their research productivity, and exploring mergers, acquisitions, and licensing agreements.38. What are pharmaceutical companies doing to reduce costs and increase efficiency?答案：Pharmaceutical companies are investing in R&D informatics infrastructure, establishing global R&D information-technology (IT) groups to improve the productivity of R&D investment.39. Why do pharmaceutical companies need to respond to increasing prevalence of chronic diseases?答案：Chronic diseases are replacing infectious diseases as the primary drivers of global healthcare demand, so pharmaceutical companies need to shift their R&D strategies to address diseases such as diabetes, hypertension, and cancer.40. Why is establishing an intellectual-property-based advantage crucial in the pharmaceutical industry?答案：Establishing an intellectual-property-based advantage is crucial because it provides competitive differentiation and commercial strength, allowing companies to build barriers to potential competition and extend the lives of existing products.答案解析：36. 根据原文第二段"To succeed in new markets, companies must penetrate international markets and establish a strong sales and marketing presence."可知，制药公司需要扩展到新市场是为了在国际市场上取得成功并建立强大的销售和市场推广能力。

如何成为伟大的投资者——马克塞勒斯

如何成为伟大的投资者——马克?塞勒斯马克·塞斯勒是对冲基金——塞勒斯资本管理基金的创始人和管理者，他曾是晨星公司（Morningstar）的首席证券策略分析师，塞勒斯资本管理基金现在管理着约8,500万美元。

马克·塞斯勒恪守价值投资原则，风格类似于巴菲特，他喜欢竞争对手很少的大公司，也就是拥有宽阔的“护城河”的行业。

他在这些公司不被看好且其股价达到他认为是便宜货的水准时买入股票。

他也投资某些小公司，这些小公司拥有一些隐藏的价值，其他投资者估价时并未考虑到这些因素。

他的基金投资组合非常集中，只持有5-15只股票，通常在5只左右，现在，6只股票就构成了他投资组合的90%；其中有一只股票占他基金总资产的一半。

首先我要感谢丹尼尔·哥德堡邀请我到这里,还要感谢所有出席的各位。

我有一阵子没来波士顿了,但我1991-1992年间在伯克利音乐学校学习期间在本地短期生活过，我在那儿学习爵士乐钢琴演奏，但过了几个学期后我放弃了，到洛杉矶去参加了一个乐队。

那时我很穷，没法玩遍波士顿，又没车，没法饱览新英格兰地区的风光，所以大部分时候只能每天窝在练习室内苦练钢琴。

因此每当我重返波士顿，它对我来说总是像个全新的地方。

有件事我得给你们说：“我到这里不是来教你们如何成为一个伟大的投资者的，恰恰相反，我到这里来想告诉你们的是为什么你们中绝大多数人达不到那个境界。

”如果你已经花了足够多的时间研究像查理·芒格、巴菲特、布鲁斯·博克维兹、比尔·米勒、埃迪·兰伯特、比尔·阿克曼以及其他类似的伟大投资者，你就会明白我的意思。

我知道在座的各位都非常聪明，都是通过努力奋斗达到了今天的成就，你们是聪明人中的聪明人。

即使你会忘了我所说的其他话，有件事你必须得记住：你成为伟大投资者的可能微乎其微，概率非常低，比如2%或更低，而且这个概率还是我考虑到在座各位都有高智商、工作勤奋且即将在顶尖商学院获得MBA学位这些事实后向上调整过的。

晨星和明晟的esg评价体系-概念解析以及定义

晨星和明晟的esg评价体系-概述说明以及解释1.引言1.1 概述概述部分应该对整篇文章进行简要的介绍，包括晨星和明晟的ESG评价体系的背景和重要性。

以下是一个可能的概述部分的内容：概述部分：ESG评价（Environmental, Social, and Governance）是评价企业在环境、社会和治理方面的绩效和风险的一种方法。

随着社会对企业社会责任的关注越来越高，ESG评价体系也变得越来越重要。

晨星和明晟作为两家知名的金融机构，都开发了自己的ESG评价体系，并在资本市场中广泛应用。

本文旨在对晨星和明晟的ESG评价体系进行比较与对比，并探讨它们的优劣势、可行性和可靠性。

通过对两种评价体系的异同、应用场景和影响进行分析，可以更全面地了解它们之间的差异和取舍。

此外，文章还会对晨星和明晟的ESG评价体系进行综合评价，并对未来ESG评价体系的发展趋势进行展望。

文章的结构如下：引言部分将概述本文的目的和结构，接着将分别介绍晨星和明晟的ESG评价体系，包括评价的定义和重要性、评价方法和指标体系以及应用场景和影响。

之后，文章将对两个评价体系进行比较与对比，分析它们的异同、优劣势以及可行性和可靠性。

最后，文章将给出对晨星和明晟ESG评价体系的综合评价，并展望未来ESG评价体系的发展趋势。

通过本文的研究，我们将更深入地了解晨星和明晟的ESG评价体系，为投资者和企业提供更全面和准确的ESG信息，促进可持续发展的实现。

（注：以上内容仅供参考，具体的概述内容可以根据实际撰写情况进行调整和修改。

）1.2文章结构文章结构部分的内容如下：1.2 文章结构本文将通过以下几个方面来详细介绍晨星和明晟的ESG评价体系。

首先，我们将在引言部分概述本文的主要内容和结构。

其次，在第2节中，我们将详细介绍晨星的ESG评价体系，包括其定义和重要性，评价方法和指标体系，以及应用场景和影响。

然后，在第3节中，我们将着重介绍明晟的ESG评价体系，包括其定义和重要性，评价方法和指标体系，以及应用场景和影响。

投资大师名言中英文

投资大师名言中英文In the world of investing, the words of wisdom from masters of finance resonate across borders and languages, offering insights that are as timeless as they are profound. From Warren Buffett's musings on value investing to Charlie Munger's thoughts on rationality, these investment legends have left an indelible mark on the investing world. Let's delve into some of the most famous quotes from these investment masters, exploring their wisdom in both English and Chinese.Warren Buffett, the legendary investor and chairman of Berkshire Hathaway, is renowned for his principles of value investing. He believes that the key to successful investing lies in identifying companies with strong fundamentals and durable competitive advantages, and holding onto them for the long term. Buffett famously said, "Price is what you pay; value is what you get." This quote encapsulates his belief that investors should focus on the intrinsic valueof a business, rather than its short-term market price.Charlie Munger, Buffett's long-time business partnerand fellow investor, emphasizes the importance ofrationality in decision-making. He believes that investors should approach investing with a mindset of skepticism and avoid falling prey to emotional biases. Munger once said, "The difference between successful people and really successful people is that really successful people say no to almost everything." This quote highlights his beliefthat successful investing requires discipline and theability to resist the urge to chase after every opportunity that comes along.Peter Lynch, the former manager of the Magellan Fund and an icon of growth investing, believes that investors should focus on companies with strong growth potential and competitive advantages. He advocates for a hands-on approach to investing, urging investors to understand the businesses they are investing in intimately. Lynch famously said, "Invest in what you know." This quote reflects his belief that investors should invest in companies and industries they understand well, leveraging their knowledge and expertise to make informed decisions.These investment masters have left us with a legacy of wisdom that spans across languages and cultures. Theirquotes, whether in English or Chinese, offer profound insights into the world of investing and the principlesthat guide successful investors. As we delve deeper into their words, let's explore some of these quotes in Chinese, and see how their wisdom translates across languages.沃伦·巴菲特，这位传奇投资者和伯克希尔·哈撒韦公司的董事长，以价值投资理念而闻名。

经济学最全词典-中英对照

经济学词典提供经济学词典.向他致敬!Ability－to－pay principle（of taxation）（税收的）支付能力原则按照纳税人支付能力确定纳税负担的原则。

纳税人支付能力依据其收人或财富来衡量。

这一原则并不说明某经济状况较好的人到底该比别人多负担多少。

Absolute advantage(in international trade）(国际贸易中的）绝对优势A国所具有的比B国能更加有效地（即单位投入的产出水平比较高等）生产某种商品的能力。

这种优势并不意味着A国必然能将该商品成功地出口到B国。

因为B国还可能有一种我们所说的比较优势或曰比较利益（comparative advantage）。

Accelerator principle 加速原理解释产出率变动同方向地引致投资需求变动的理论。

Actual,cyc1ical，and structual budget 实际预算、周期预算和结构预算实际预算的赤字或盈余指的是某年份实际记录的赤字或盈余。

实际预算可划分成结构预算和周期预算。

结构预算假定经济在潜在产出水平上运行，并据此测算该经济条件下的政府税入、支出和赤字等指标。

周期预算基于所预测的商业周期（及其经济波动）对预算的影响。

Adaptive expectations 适应性预期见预期（expectations）。

Adjustable peg 可调整钉住一种（固定）汇率制度。

在该制度下，各国货币对其他货币保持一种固定的或曰“钉住的”汇率。

当某些基本因素发生变动、原先汇率失去合理依据的时候，这种汇率便不时地趋于凋整。

在1944－1971年期间，世界各主要货币都普遍实行这种制度，称为“布雷顿森林体系”。

Administered（or inflexible）prices 管理（或非浮动）价格特指某类价格的术语。

按照有关规定，这类价格在某一段时间内、在若干种交易中能够维持不变。

（见价格浮动，price flexibility）Adverse selection 逆向选择一种市场不灵。

基金常用英语词汇

基金常用词汇套戥Arbitrage效率前缘Efficient Frontier高收益High Yield基金公会HKIFA基金经理Fund Manager基金销售文件Prospectus基准Benchmarks被动式管理Passive Management离岸基金Offshore Fund最大跌幅Maximum Drawdown揣测最佳时机Market Timing期货管理型基金Managed Futures短仓/淡仓Short Position跌势差Downside Deviation雇主供款Employer Contribution雇员供款Employee Contribution新高价High-On-High Basis新兴市场Emerging Markets新兴市场基金Emerging Markets Fund管理费ManagemantFee增长和收入基金Growthand Income Fund严格评估Due Diligence买入价Bid Price买卖差价Bid-offer Spread传统基金Traditional Fund债券基金Bond Fund单一对冲基金Single Strategy Hedge Fund单位Unit单位信托基金Unit Trust卖出价Offer Price奖励费Incentive Fees对冲Hedge对冲基金的基金Fund Of Hedge Funds (FoHFs) 对冲基金指引Hedge Funds Guidelines开放式基金Open-end Fund强制性供款Mandatory Contributions强积金Mandatory Provident Fund Scheme-MPF 总回报Total Return标准差Standard Deviation毕苏期权定价模式Black-Scholes环球宏观Macro Funds环球基金Global Fund绝对回报Absolute Return认可基金Authorised Funds认沽期权Put Option/Put认股权证基金Warrant Fund认购期权Call Option/Call证券借出Stock Lending贝他系数Beta资产分配Asset Allocation资产净值Net Asset value-NAV赎回Redemption赎回通知期Redemption Notice Period赎回费Redemption Fee赎回费/ 买入费Redemption Price / Bid Price 进取型的投资管理Aggressive Growth进取型增长基金Aggressive Growth Fund长/ 短仓持股Long/Short Equity长仓/ 好仓/ 持货Long Position预设回报率Hurdle Rateh主动式管理Active ManagementCalmar 比率Calmar RatioSharpe比率Sharpe RatioSortino比率Sortino Ratio入息基金Income Fund子基金Baby Funds/Underly ing Funds已调整风险回报Risk-adjusted Return公积金计划Pension Plan分散投资Diversification主要经纪Prime Broker可换股债券套戥Convertible Bond Arbitrage 另类投资Alternative Investment市场中立Market Neutral平均成本效益Dollor-cost Averaging再投资Reinvestment合并套戥Merger Arbitrage地区基金Regional Fund如计划为伞子基金Umbrella Fund有限责任Limited Liability自愿性供款Voluntary Contributions行业/主题基金Sector/Theme Fund价值型管理value均衡基金Balanced Funds投资年期Time Horizon投资组合Portfolio投资顾问Investment Adviser杠杆Leverage/Gearing杠杆借贷比率Leverage Ratio每日估值Daily Valuation每年回报Annual Return供款Contribution受压/ 濒临破产的证券Distressed Securities 定息工具套戥Fixed Income Arbitrage定息基金Fixed-income Fund承受风险能力Risk Tolerance注册地Domicile沽空Short Selling波幅Volatility股份Share股息分派Dividened Distributions股票基金Equity Fund表现费Performance Fees阿尔法系数Alpha非认可基金Unauthorised Fund信托人Trustee保本对冲基金Capital Guaranteed Hedge Funds封闭式基金Closed-end Fund界定利益计划Defined Benefit Plan界定供款计划Defined Contribution Plan相关系数Correlation重大事件主导的投资Event Driven/Special Situations首次认购费Front-end Fee教你如何用WORD文档(2012-06-27 192246)转载▼标签：杂谈1. 问：WORD 里边怎样设置每页不同的页眉？如何使不同的章节显示的页眉不同？答：分节，每节可以设置不同的页眉。

产业经济学方面的英语词汇[1]

产业经济学方面的英语词汇Aaccounting 会计accounting cost 会计成本accounting profit 会计利润adverse selection 逆向选择allocation 配置allocation of resources 资源配置allocative efficiency 配置效率antitrust legislation 反托拉斯法arc elasticity 弧弹性Arrow's impossibility theorem 阿罗不可能定理Assumption 假设asymetric information 非对称性信息average 平均average cost 平均成本average cost pricing 平均成本定价法average fixed cost 平均固定成本average product of capital 资本平均产量average product of labour 劳动平均产量average revenue 平均收益average total cost 平均总成本average variable cost 平均可变成本Bbarriers to entry 进入壁垒base year 基年bilateral monopoly 双边垄断benefit 收益black market 黑市bliss point 极乐点boundary point 边界点break even point 收支相抵点budget 预算budget constraint 预算约束budget line 预算线budget set 预算集Ccapital 资本capital stock 资本存量capital output ratio 资本产出比率capitalism 资本主义cardinal utility theory 基数效用论cartel 卡特尔ceteris puribus assumption “其他条件不变”的假设ceteris puribus demand curve 其他因素不变的需求曲线Chamberlin model 张伯伦模型change in demand 需求变化change in quantity demanded 需求量变化change in quantity supplied 供给量变化change in supply 供给变化choice 选择closed set 闭集Coase theorem 科斯定理Cobb—Douglas production function 柯布--道格拉斯生产函数cobweb model 蛛网模型collective bargaining 集体协议工资collusion 合谋command economy 指令经济commodity 商品commodity combination 商品组合commodity market 商品市场commodity space 商品空间common property 公用财产comparative static analysis 比较静态分析compensated budget line 补偿预算线compensated demand function 补偿需求函数compensation principles 补偿原则compensating variation in income 收入补偿变量competition 竞争competitive market 竞争性市场complement goods 互补品complete information 完全信息completeness 完备性condition for efficiency in exchange 交换的最优条件condition for efficiency in production 生产的最优条件concave 凹concave function 凹函数concave preference 凹偏好consistence 一致性constant cost industry 成本不变产业constant returns to scale 规模报酬不变constraints 约束consumer 消费者consumer behavior 消费者行为consumer choice 消费者选择consumer equilibrium 消费者均衡consumer optimization 消费者优化consumer preference 消费者偏好consumer surplus 消费者剩余consumer theory 消费者理论consumption 消费consumption bundle 消费束consumption combination 消费组合consumption possibility curve 消费可能曲线consumption possibility frontier 消费可能性前沿consumption set 消费集consumption space 消费空间continuity 连续性continuous function 连续函数contract curve 契约曲线convex 凸convex function 凸函数convex preference 凸偏好convex set 凸集corporatlon 公司cost 成本cost benefit analysis 成本收益分cost function 成本函数cost minimization 成本极小化Cournot equilihrium 古诺均衡Cournot model 古诺模型Cross—price elasticity 交叉价格弹性Ddead—weights loss 重负损失decreasing cost industry 成本递减产业decreasing returns to scale 规模报酬递减deduction 演绎法demand 需求demand curve 需求曲线demand elasticity 需求弹性demand function 需求函数demand price 需求价格demand schedule 需求表depreciation 折旧derivative 导数derive demand 派生需求difference equation 差分方程differential equation 微分方程differentiated good 差异商品differentiated oligoply 差异寡头diminishing marginal substitution 边际替代率递减diminishing marginal return 收益递减diminishing marginal utility 边际效用递减direct approach 直接法direct taxes 直接税discounting 贴税、折扣diseconomies of scale 规模不经济disequilibrium 非均衡distribution 分配division of labour 劳动分工distribution theory of marginal productivity 边际生产率分配论duoupoly 双头垄断、双寡duality 对偶durable goods 耐用品dynamic analysis 动态分析dynamic models 动态模型EEconomic agents 经济行为者economic cost 经济成本economic efficiency 经济效率economic goods 经济物品economic man 经济人economic mode 经济模型economic profit 经济利润economic region of production 生产的经济区域economic regulation 经济调节economic rent 经济租金exchange 交换economics 经济学exchange efficiency 交换效率economy 经济exchange contract curve 交换契约曲线economy of scale 规模经济Edgeworth box diagram 埃奇沃思图exclusion 排斥性、排他性Edgeworth contract curve 埃奇沃思契约线Edgeworth model 埃奇沃思模型efficiency 效率，效益efficiency parameter 效率参数elasticity 弹性elasticity of substitution 替代弹性endogenous variable 内生变量endowment 禀赋endowment of resources 资源禀赋Engel curve 恩格尔曲线entrepreneur 企业家entrepreneurship 企业家才能entry barriers 进入壁垒entry/exit decision 进出决策envolope curve 包络线equilibrium 均衡equilibrium condition 均衡条件equilibrium price 均衡价格equilibrium quantity 均衡产量eqity 公平equivalent variation in income 收入等价变量excess—capacity theorem 过度生产能力定理excess supply 过度供给exchange 交换exchange contract curve 交换契约曲线exclusion 排斥性、排他性exclusion principle 排他性原则existence 存在性existence of general equilibrium 总体均衡的存在性exogenous variables 外生变量expansion paths 扩展径expectation 期望expected utility 期望效用expected value 期望值expenditure 支出explicit cost 显性成本external benefit 外部收益external cost 外部成本external economy 外部经济external diseconomy 外部不经济externalities 外部性FFactor 要素factor demand 要素需求factor market 要素市场factors of production 生产要素factor substitution 要素替代factor supply 要素供给fallacy of composition 合成谬误final goods 最终产品firm 企业firms’demand curve for labor 企业劳动需求曲线firm supply curve 企业供给曲线first-degree price discrimination 第一级价格歧视first—order condition 一阶条件fixed costs 固定成本fixed input 固定投入fixed proportions production function 固定比例的生产函数flow 流量fluctuation 波动for whom to produce 为谁生产free entry 自由进入free goods 自由品，免费品free mobility of resources 资源自由流动free rider 搭便车，免费搭车function 函数future value 未来值Ggame theory 对策论、博弈论general equilibrium 总体均衡general goods 一般商品Giffen goods 吉芬晶收入补偿需求曲线Giffen's Paradox 吉芬之谜Gini coefficient 吉尼系数goldenrule 黄金规则goods 货物government failure 政府失败government regulation 政府调控grand utility possibility curve 总效用可能曲线grand utility possibility frontier 总效用可能前沿Hheterogeneous product 异质产品Hicks—kaldor welfare criterion 希克斯一卡尔多福利标准homogeneity 齐次性homogeneous demand function 齐次需求函数homogeneous product 同质产品homogeneous production function 齐次生产函数horizontal summation 水平和household 家庭how to produce 如何生产human capital 人力资本hypothesis 假说Iidentity 恒等式imperfect competion 不完全竞争implicitcost 隐性成本income 收入income compensated demand curve income constraint 收入约束income consumption curve 收入消费曲线income distribution 收入分配income effect 收入效应income elasticity of demand 需求收入弹性increasing cost industry 成本递增产业increasing returns to scale 规模报酬递增inefficiency 缺乏效率index number 指数indifference 无差异indifference curve 无差异曲线indifference map 无差异族indifference relation 无差异关系indifference set 无差异集indirect approach 间接法individual analysis 个量分析individual demand curve 个人需求曲线individual demand function 个人需求函数induced variable 引致变量induction 归纳法industry 产业industry equilibrium 产业均衡industry supply curve 产业供给曲线inelastic 缺乏弹性的inferior goods 劣品inflection point 拐点information 信息information cost 信息成本initial condition 初始条件initial endowment 初始禀赋innovation 创新input 投入input—output 投入—产出institution 制度institutional economics 制度经济学insurance 保险intercept 截距interest 利息interest rate 利息率intermediate goods 中间产品internatization of externalities 外部性内部化invention 发明inverse demand function 逆需求函数investment 投资invisible hand 看不见的手isocost line 等成本线，isoprofit curve 等利润曲线isoquant curve 等产量曲线isoquant map 等产量族Kkinded—demand curve 弯折的需求曲线Llabour 劳动labour demand 劳动需求labour supply 劳动供给labour theory of value 劳动价值论labour unions 工会laissez faire 自由放任Lagrangian function 拉格朗日函数Lagrangian multiplier 拉格朗乘数，land 土地law 法则law of demand and supply 供需法law of diminishing marginal utility 边际效用递减法则law of diminishing marginal rate of substitution 边际替代率递减法则law of diminishing marginal rate of technical substitution 边际技术替代率law of increasing cost 成本递增法则law of one price 单一价格法则leader—follower model 领导者--跟随者模型least—cost combination of inputs 最低成本的投入组合leisure 闲暇Leontief production function 列昂节夫生产函数licenses 许可证linear demand function 线性需求函数linear homogeneity 线性齐次性linear homogeneous production function 线性齐次生产函数long run长期long run average cost 长期平均成本long run equilibrium 长期均衡long run industry supply curve 长期产业供给曲线long run marginal cost 长期边际成本long run total cost 长期总成本Lorenz curve 洛伦兹曲线loss minimization 损失极小化1ump sum tax 一次性征税luxury 奢侈品Mmacroeconomics 宏观经济学marginal 边际的marginal benefit 边际收益marginal cost 边际成本marginal cost pricing 边际成本定价marginal cost of factor 边际要素成本marginal period 市场期marginal physical productivity 实际实物生产率marginal product 边际产量marginal product of capital 资本的边际产量marginal product of 1abour 劳动的边际产量marginal productivity 边际生产率marginal rate of substitution 边替代率marginal rate of transformation 边际转换率marginal returns 边际回报marginal revenue 边际收益marginal revenue product 边际收益产品marginal revolution 边际革命marginal social benefit 社会边际收益marginal social cost 社会边际成本marginal utility 边际效用marginal value products 边际价值产品market 市场market clearance 市场结清，市场洗清market demand 市场需求market economy 市场经济market equilibrium 市场均衡market failure 市场失败market mechanism 市场机制market structure 市场结构market separation 市场分割market regulation 市场调节market share 市场份额markup pricing 加减定价法Marshallian demand function 马歇尔需求函数maximization 极大化microeconomics 微观经济学minimum wage 最低工资misallocation of resources 资源误置mixed economy 混合经济model 模型money 货币monopolistic competition 垄断竞争monopolistic exploitation 垄断剥削monopoly 垄断，卖方垄断monopoly equilibrium 垄断均衡monopoly pricing 垄断定价monopoly regulation 垄断调控monopoly rents 垄断租金monopsony 买方垄断NNash equilibrium 纳什均衡Natural monopoly 自然垄断Natural resources 自然资源Necessary condition 必要条件necessities 必需品net demand 净需求nonconvex preference 非凸性偏好nonconvexity 非凸性nonexclusion 非排斥性nonlinear pricing 非线性定价nonrivalry 非对抗性nonprice competition 非价格竞争nonsatiation 非饱和性non--zero—sum game 非零和对策normal goods 正常品normal profit 正常利润normative economics 规范经济学Oobjective function 目标函数oligopoly 寡头垄断oligopoly market 寡头市场oligopoly model 寡头模型opportunity cost 机会成本optimal choice 最佳选择optimal consumption bundle 消费束perfect elasticity 完全有弹性optimal resource allocation 最佳资源配置optimal scale 最佳规模optimal solution 最优解optimization 优化ordering of optimization(social) preference (社会)偏好排序ordinal utility 序数效用ordinary goods 一般品output 产量、产出output elasticity 产出弹性output maximization 产出极大化Pparameter 参数Pareto criterion 帕累托标准Pareto efficiency 帕累托效率Pareto improvement 帕累托改进Pareto optimality 帕累托优化Pareto set 帕累托集partial derivative 偏导数partial equilibrium 局部均衡patent 专利pay off matrix 收益矩阵、支付矩阵perceived demand curve 感觉到的需求曲线perfect competition 完全竞争perfect complement 完全互补品perfect monopoly 完全垄断perfect price discrimination 完全价格歧视perfect substitution 完全替代品perfect inelasticity 完全无弹性perfectly elastic 完全有弹性perfectly inelastic 完全无弹性plant size 工厂规模point elasticity 点弹性positive economics 实证经济学post Hoc Fallacy 后此谬误prediction 预测preference 偏好preference relation 偏好关系present value 现值price 价格price adjustment model 价格调整模型price ceiling 最高限价price consumption curve 价格费曲线price control 价格管制price difference 价格差别price discrimination 价格歧视price elasticity of demand 需求价格弹性price elasticity of supply 供给价格弹性price floor 最低限价price maker 价格制定者price rigidity 价格刚性price seeker 价格搜求者price taker 价格接受者price tax 从价税private benefit 私人收益principal—agent issues 委托--代理问题private cost 私人成本private goods 私人用品private property 私人财产producer equilibrium 生产者均衡producer theory 生产者理论product 产品product transformation curve 产品转换曲线product differentiation 产品差异product group 产品集团production 生产production contract curve 生产契约曲线production efficiency 生产效率production function 生产函数production possibility curve 生产可能性曲线productivity 生产率productivity of capital 资本生产率productivity of labor 劳动生产率profit 利润profit function 利润函数profit maximization 利润极大化property rights 产权property rights economics 产权经济学proposition 定理proportional demand curve 成比例的需求曲线public benefits 公共收益public choice 公共选择public goods 公共商品pure competition 纯粹竞争rivalry 对抗性、竞争pure exchange 纯交换pure monopoly 纯粹垄断Qquantity—adjustment model 数量调整模型quantity tax 从量税quasi—rent 准租金Rrate of product transformation 产品转换率rationality 理性reaction function 反应函数regulation 调节，调控relative price 相对价格rent 租金rent control 规模报酬rent seeking 寻租rent seeking economics 寻租经济学resource 资源resource allocation 资源配置returns 报酬、回报returns to scale 规模报酬revealed preference 显示性偏好revenue 收益revenue curve 收益曲线revenue function 收益函数revenue maximization 收益极大化ridge line 脊线risk 风险Ssatiation 饱和，满足saving 储蓄scarcity 稀缺性law of scarcity 稀缺法则second—degree price discrimination 二级价格歧视second derivative --阶导数second—order condition 二阶条件service 劳务set 集shadow prices 影子价格short—run 短期short—run cost curve 短期成本曲线short—run equilibrium 短期均衡short—run supply curve 短期供给曲线shut down decision 关闭决策shortage 短缺shut down point 关闭点single price monopoly 单一定价垄断slope 斜率social benefit 社会收益social cost 社会成本social indifference curve 社会无差异曲线social preference 社会偏好social security 社会保障social welfare function 社会福利函数socialism 社会主义solution 解space 空间stability 稳定性stable equilibrium 稳定的均衡Stackelberg model 斯塔克尔贝格模型static analysis 静态分析stock 存量stock market 股票市场strategy 策略subsidy 津贴substitutes 替代品substitution effect 替代效应substitution parameter 替代参数sufficient condition 充分条件supply 供给supply curve 供给曲线supply function 供给函数supply schedule 供给表Sweezy model 斯威齐模型symmetry 对称性symmetry of information 信息对称Ttangency 相切taste 兴致technical efficiency 技术效率technological constraints 技术约束technological progress 技术进步technology 技术third—degree price discrimination 第三级价格歧视total cost 总成本total effect 总效应total expenditure 总支出total fixed cost 总固定成本total product 总产量total revenue 总收益total utility 总效用total variable cost 总可变成本traditional economy 传统经济transitivity 传递性transaction cost 交易费用Uuncertainty 不确定性uniqueness 唯一性unit elasticity 单位弹性unstable equilibrium 不稳定均衡utility 效用utility function 效用函数utility index 效用指数utility maximization 效用极大化utility possibility curve 效用可能性曲线utility possibility frontier 效用可能性前沿Vvalue 价值value judge 价值判断value of marginal product 边际产量价值variable cost 可变成本variable input 可变投入variables 变量vector 向量visible hand 看得见的手vulgur economics 庸俗经济学Wwage 工资wage rate 工资率Walras general equilibrium 瓦尔拉斯总体均衡Walras's law 瓦尔拉斯法则Wants 需要Welfare criterion 福利标准Welfare economics 福利经学Welfare loss triangle 福利损失三角形welfare maximization 福利极大化Zzero cost 零成本zero elasticity 零弹性zero homogeneity 零阶齐次性zero economic profit 零利润。

[经济学]7ProfitandLoss

12
Calculating Profit: What Should be Included in Costs?
From the perspective of the profit-seeker, wages, rent and interest are costs of production.
Interest?
The price people pay to obtain resources now rather than to wait until they have earned the purchasing power with which to buy the resources
Like wage, rent is also contractually established and reduces uncertainty.
No one would consider wage and rent payments as profit.
8
Wage, Rent and Interest
4
Introduction
“Perhaps no term or concept in economic discussion is used with a more bewildering variety of well-established meanings than profit.”
-Frank Knight
19
Comparing Economic Profit and Accounting Profit
1st year total revenues = $85,000 1st year explicit costs = $45,000

Economist 常用英文词汇

1、绝对优势（Absolute advantage）如果一个国家用一单位资源生产的某种产品比另一个国家多，那么，这个国家在这种产品的生产上与另一国相比就具有绝对优势。

2、逆向选择（Adverse choice）在此状况下，保险公司发现它们的客户中有太大的一部分来自高风险群体。

3、选择成本（Alternative cost）如果以最好的另一种方式使用的某种资源，它所能生产的价值就是选择成本，也可以称之为机会成本。

4、需求的弧弹性（Arc elasticity of demand）如果P1和Q1分别是价格和需求量的初始值，P2 和Q2 为第二组值，那么，弧弹性就等于-（Q1-Q2）（P1＋P2）/（P1-P2）（Q1＋Q2）5、非对称的信息（Asymmetric information）在某些市场中，每个参与者拥有的信息并不相同。

例如，在旧车市场上，有关旧车质量的信息，卖者通常要比潜在的买者知道得多。

6、平均成本（Average cost）平均成本是总成本除以产量。

也称为平均总成本。

7、平均固定成本( Average fixed cost）平均固定成本是总固定成本除以产量。

8、平均产品（Average product）平均产品是总产量除以投入品的数量。

9、平均可变成本（Average variable cost）平均可变成本是总可变成本除以产量。

10、投资的β(Beta）β度量的是与投资相联的不可分散的风险。

对于一种股票而言，它表示所有现行股票的收益发生变化时，一种股票的收益会如何敏感地变化。

11、债券收益(Bond yield）债券收益是债券所获得的利率。

12、收支平衡图（Break－even chart）收支平衡图表示一种产品所出售的总数量改变时总收益和总成本是如何变化的。

收支平衡点是为避免损失而必须卖出的最小数量。

13、预算线(Budget line）预算线表示消费者所能购买的商品X和商品Y的数量的全部组合。

晨星博士后激励计划英语

晨星博士后激励计划英语英文回答：The Morningstar Postdoctoral Incentive (MPI) Program is a competitive program that provides funding to postdoctoral researchers who have the potential to become leaders in the field of investment research. The program is open to researchers from all over the world who have earned a PhD in a relevant field, such as economics, finance, or statistics.The MPI Program provides a number of benefits to its participants, including:A salary of up to $80,000 per year.Health insurance and other benefits.Access to research resources and support.Opportunities for mentorship and professional development.The MPI Program is a highly competitive program, and only a small number of applicants are accepted each year. In order to be considered for the program, applicants must submit a research proposal, a curriculum vitae, and letters of recommendation.The research proposal should outline the applicant's proposed research project and explain how it willcontribute to the field of investment research. The curriculum vitae should highlight the applicant's academic and research experience, as well as their leadership and communication skills. The letters of recommendation should come from individuals who are familiar with the applicant's work and who can attest to their abilities.The MPI Program is a great opportunity for postdoctoral researchers to gain the skills and experience they need to become leaders in the field of investment research. If you are a highly motivated and talented researcher, I encourageyou to apply for the program.中文回答：晨星博士后激励计划（MPI）是一个竞争激烈的计划，该计划为有潜力成为投资研究领域领导者的博士后研究人员提供资金。

incumbency advantages 经济术语

incumbency advantages是一个经济术语，可以翻译为“在位优势”或“在位者优势”。

它是指已经在位的企业或个人在市场竞争中所拥有的某些优势，这些优势可能来自于先前的投资、经验积累、品牌知名度、客户关系等等。

在位者可以利用这些优势来保持市场份额、提高利润率、阻止新进入者等。

然而，在位优势并不是绝对的，新进入者可以通过创新、降低成本、提供更好的产品或服务等方式来挑战在位者。

此外，政策变化、市场需求变化等因素也可能影响在位优势的持续性和稳定性。

goodwillgoodwill是什么意思goodwill是(1篇)

goodwillgoodwill是什么意思goodwill是(1篇)goodwill goodwill是什么意思goodwill是1goodwill goodwill是什么意思goodwill是什么goodwill(商誉)能在未来期间为企业经营带来超额利润的潜在经济价值，或一家企业预期的获利能力超过可辨认资产正常获利能力(如社会平均投资回报率)的资本化价值。

商誉是企业整体价值的组成部分。

在企业合并时，它是购买企业投资成本超过被并企业净资产公允价值的差额。

商誉形成的原因很多，弗克(Fale)和戈登(Gordon)经过大量深入的实证研究，发现企业形在商誉的因素如下：(1)短期现金流量的增加，包括生产的经济性，能筹集更多的资金，有现金储备较低的筹资成本，存货持有成本的减少，避免交易成本，税务优惠。

(2)稳定性，包括有稳定的原材料供应，无重大的经营波动，与__保持良好的关系。

(3)人力因素，包括管理才能，良好的劳资关系，精细的.培训计划，__结构，良好的外部公共关系。

(4)排它性，包括技术的独占权和品牌。

商誉是不可确指的无形资产，其特点是：(1)没有实物形态。

(2)商誉融入企业整体，因而它不能单独存在，也不能与企业其他各种可辨认资产分__单独出售。

(3)有助于形成商誉的个另因素，难以用一定的方法或公式进行单独的计价。

商誉的价值，只有在把企业作为一个整体来看待时才能按总额加以确定。

(4)在企业合并时，可确认商誉的实际价值，但它与建立商誉过程中所发生的成本没有直接的联系。

商誉的存在，未必一定有为建立它而发生的各种成本。

按国际会计惯例，只有外购的商誉才能确认入账，即在企业合并时才可能予以入账。

自创商誉不能入账，即使有费用的发生与商誉的形成有某种关系，但也应确认为费用，其理由在于，无法确定哪笔支出是专为创立商誉而支出，无法确定发生的出生地同多少商誉以及发生支出的受益期有多长，根据会计的稳健性原则，将这些支出均作为费用处理。

晨星_持久的竞争优势_用经济专利来改善投资回报(共24页文档

× Hot Products: Krispy Kreme, Tommy Hilfiger, Crocs, Iomega, etc. × Can generate high returns on capital for a short period of time, but sustainable returns are what make a moat.
× Management matters, but moats matter more.
11
Where Morningstar Finds Economic Moats
×Three groups: Wide, Narrow, and None.
×Wide moats are tough to find. Less than 10% of the 2100 companies that we follow have wide economic moats. (169, to be precise.)
6
Sources of Economic Moats
×Switching Costs: Do the costs – in time or money – of switching to a competing product/service outweigh the benefits?
× Monetary/Labor Costs -Oracle -Autodesk -Data processors
12
Why Moats Matter
× Moats ቤተ መጻሕፍቲ ባይዱdd intrinsic value!
× A company that is likely to compound cash flow internally for many years is worth more today than a company which isn’t.

Get格雅TheEconomist单词

The-Economist单词The Economist ?经济学人?常用词汇总结1、绝对优势〔Absolute advantage〕2、逆向选择〔Adverse choice〕3、选择本钱〔Alternative cost〕4、需求的弧弹性〔Arc elasticity of demand〕5、非对称的信息〔Asymmetric information〕6、平均本钱〔Average cost〕7、平均固定本钱( Average fixed cost〕8、平均产品〔Average product〕9、平均可变本钱〔Average variable cost〕10、投资的β(Beta〕11、债券收益(Bond yield〕12、收支平衡图〔Break－even chart〕13、预算线(Budget line〕14、捆绑销售〔Bundling〕15、资本〔Capital〕16、资本收益〔Capital gain〕17、资本主义〔Capitalism〕18、基数效用(Cardinal utility〕19、卡特尔〔Cartel〕20、科布一道格拉斯生产函数〔Cobb-Douglas production function〕21、勾结〔Collision〕22、比拟优势〔Comparative advantage〕23、互补品〔Complements〕24、本钱不变行业〔Constant-cost industry〕25、规模收益不变〔Constant returns to scale〕26、消费者剩余〔Consumer surplus〕27、可竞争市场〔Contestable market〕28、契约曲线〔Contract curve〕29、角点解〔Corner solution〕30、需求的交叉弹性〔Cross elasticity of demand〕31、垄断的无谓损失〔Deadweight loss of monopoly〕32、买方垄断的无谓损失〔Deadweight loss of monopsony〕33、本钱递减行业〔Decreasing-cost industry〕34、规模收益递减〔Decreasing return to scale〕35、需求曲线〔Demand curve〕36、可贷资金的需求曲线〔Demand curve of loanable可借用的funds〕37、贴现率〔Discount rate〕38、可分散风险(Diversifiable risk〕39、主导厂商〔Dominant firm〕40、优势策略〔Dominant strategy〕41、双头垄断〔Duopoly)42、经济效率〔Economic efficiency〕43、经济利润〔Economic profit〕44、生产的经济区域〔Economic region of production〕45、经济资源〔Economic resource〕46、范围经济〔Economies of scope〕47、有效市场假说〔Efficient markets hypothesis〕48、财富状况〔Endowment position〕49、恩格尔曲线〔Engel curve〕50、均衡〔Equilibrium〕51、过剩生产能力〔Excess capacity〕52、扩张路径( Expansion path〕53、期望货币价值〔Expected monetary vale〕54、预期利润〔Expected profit〕55、完全信息的预期价值〔Expected value of perfect information〕56、显本钱〔Explicit costs〕57、外部不经济〔External diseconomy〕58、外部经济〔External economy〕先动优势〔First-mover advantages〕59、固定本钱〔Fixed cost〕60、不变投人品〔FIXed input〕61、自由资源〔Free resource)62、一般均衡分析〔General equilibrium analysis〕63、吉芬反论〔Giffen`s paradox〕64、隐本钱〔Implicit cost〕65、收入补偿的需求曲线〔Income－compensated demand curve〕66、收入--消费曲线〔Income-consumption curve〕67、收人效应〔Income effect〕68、需求的收入弹性〔income elasticity of demand〕69、本钱递增的产业〔Increasing-cost industry〕70、规模收益递增〔increasing returns to scale〕71、无差异曲线〔Indifference curve〕72、劣质商品〔Inferior good〕劣质商品是指其收入效应使得实际收人增加导致需求量减少的商品。

晨星持久的竞争优势用经济专利来改善投资回报共24页文档

× Hot Products: Krispy Kreme, Tommy Hilfiger, Crocs, Iomega, etc. × Can generate high returns on capital for a short period of time, but sustainable returns are what make a moat.
competitive advantage, which occurs when the value of a good or service increases with the number of users. × Examples of the Network Effect
× eBay × Western Union × MasterCard, American Express, Discover, Visa × Microsoft × Financial Exchanges
× An economic moat is a structural business characteristic that allows a firm to generate excess economic returns for an extended period. × Note that “structural” means “inherent to the business.” × Smart managers and great execution are important, 3
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Agenda ×Our Approach to Competitive Analysis
× What is an Economic Moat × What’s Not ×Where Morningstar Finds Moats ×Why Moats Matter ×Using Economic Moats in the Investment Process