Financial Instruments, Financial Markets, and Financial Institutions

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《金融学》第二章答案金融系统

《金融学》第二章答案金融系统CHAPTER 2THE FINANCIAL S YS TEMObjectivesTo provide a conceptual framework for understanding how the financial system works and how it changes over time.To understand the meaning and determinants of rates of return on different classes of assets.Outline2.1 What Is the Financial System?2.2 The Flow of Funds2.3 The Functional Perspective2.4 Financial Innovation and the “Invisible Hand”2.5 Financial Markets2.6 Financial Market Rates2.7 Financial Intermediaries2.8 Financial Infrastructure and Regulation2.9 Governmental and Quasi-Governmental OrganizationsSummaryThe financial system is the set of markets and intermediaries used by households, firms, and governments to implement their financial decisions. It includes the markets for stocks, bonds, and other securities, as well as financial intermediaries such as banks and insurance companies.Funds flow through the financial system from entities that have a surplus of funds to those that have a deficit.Often these fund flows take place through a financial intermediary.There are six core functions performed by the financialsystem:1.To provide ways to transfer economic resources through time, across borders, and among industries.2.To provide ways of managing risk.3.To provide ways of clearing and settling payments to facilitate trade.4.To provide a mechanism for the pooling of resources and for the subdividing of shares in variousenterprises.5.To provide price information to help coordinate decentralized decision-making in various sectors of the economy.6.To provide ways of dealing with the incentive problems created when one party to a transaction hasinformation that the other party does not or when one party acts as agent for another.The fundamental economic force behind financial innovation is competition, which generally leads to improvements in the way financial functions are performed. The basic types of financial assets traded in markets are debt, equity, and derivatives.Debt instruments are issued by anyone who borrows money—firms, governments, and households.Equity is the claim of the owners of a firm. Equity securities issued by corporations are called common stocks.Derivatives are financial instruments such as options and futures contracts that derive their value from the prices of one or more other assets.An interest rate is a promised rate of return, and there are as many different interest rates as there are distinct kinds of borrowing and lending. Interest rates vary depending on the unitof account, the maturity, and the default risk of the credit instrument. The nominal interest rate is the promised amount of money you receive per unit you lend.The real rate of return is defined as the nominal interest rate you earn corrected for the change in the purchasing power of money. For example, if you earn a nominal interest rate of 8% per year and the rate of price inflation is also 8% per year, then the real rate of return is zero.There are four main factors that determine rates of return in a market economy:the productivity of capital goods—expected rates of return on mines, dams, roads, bridges, factories, machinery, and inventories,the degree of uncertainty regarding the productivity of capital goods,time preferences of people—the preference of people for consumption now versus consumption in the future, and risk aversion—the amount people are willing to give up in order to reduce their exposure to risk.Indexing is an investment strategy that seeks to match the returns of a specified stock market index.Financial intermediaries are firms whose primary business is to provide customers with financial products that cannot be obtained more efficiently by transacting directly in securities markets. A mong the main types of intermediaries are banks, investment companies, and insurance companies. Their products include checking accounts, loans, mortgages, mutual funds, and a wide range of insurance contracts.Solutions to Problems at End of Chapter1. Do you agree with Adam Smith’s view that society canrely more on the “invisible hand” than on government to promote economic pros perity?Student answers will vary of course.SAMPLE ANSWER:The communist system is the exact opposite of Adam Smith’s invisible hand. And of course we have recently seen the downfall of many of the communist countries around the world. In the communist world, it was believed that government could make better decisions promoting economic prosperity than individuals could. Clearly this system failed to promote economic prosperity. It seems that Adam Smith’s view was that competitive market systems as a whole (rather than government) could best allocate resources to promote economic prosperity. However, a completely unfettered capitalist society such as in the late 1800s in the Western world may n ot have been the perfect system either as the invisible hand helped the “rich get richer” while the poor and needy had no formal assistance. This outraged the moral fabric of society and government programs were eventually set up to formally address thisi ssue of general welfare and “fairness”.2. How does the financial system contribute to economic security and prosperity in a capitalist society?In a capitalist society, it is the price system which helps make capital resource decisions. Capital flows to those operations which can employ it to earn the highest rate of return. This therefore allocates capital to its most productive use, thereby enhancing society’s economic prosperity.In addition, the financial system has markets and intermediaries which transfer risks from those who are least willing to bear it to those who are most willing to bear it. This benefits society as a whole withoutcosting it anything. In addition, by allowing individuals to reduce or eliminate risks, it fosters an atmosphere of undertaking business ventures which also benefits society.3. Give an example of how each of the six functions of the financial system are performed more efficiently today than they were in the time of Adam Smith (1776).Clearing and settling payments:In Adam Smith’s day, just as today there was paper and coin currency. However, due to technological innovations (primarily the computer) today there are many additional forms of payment settlement such as personal checks, credit cards, debit cards and electronic transfer of funds. In addition, certain credit cards and traveler’s checks are accepted everywhere in the world making currency exchange a relic of the past. Pooling resources and subdividing shares:In Adam Smith’s day, most businesses were s mall and were financed by sole proprietorships. Therefore the need to pool resources to finance large investments was not as prevalent or as important as it is today. Again, the technological revolution of computers and telephones allow for global capital marke ts to efficiently finance today’s much larger businesses. Today these companies can access huge pools of money around the world and find the cheapest source of financing for large scale projects.Transfer economic resources: Today there is a worldwide financial system which facilitates the transfer of resources and risk from one individual to another and from one point in time to another. In Adam Smith’s day, although there were financial markets which played a limited role, they were localized, small and much less efficient and innovative than they are today.Managing risk: Of course during Adam Smith’s day individuals and businesses faced many of the same risks they dotoday (risk of property damage, risk of financial loss, risk of crop failure etc.) Ho wever, there were limited means to offset this risk. There were some insurance companies in place at that time, however, they concentrated on managing business risk rather than personal risk and certainly there was not the same type of insurance. A good ex ample is that in Adam Smith’s day, there was no unemployment insurance. In Adam Smith’s day, there was very little a farmer could do about reducing his risk of crop failure or lower crop prices. Today there are a vast number of markets and securities which can be used to offset individual and business risk as well as a huge network of insurance companies whose role is to transfer risk from those who want to reduce risk to those who want to take on more risk.Price information: During Adam Smith’s day, info rmation traveled slowly. Of course, there were no phones, televisions or radios. News traveled by newspaper and by the mail. Today, information travels around the worldinstantaneously. Due primarily to the growth and innovation in computer and telephone t echnology, information about security prices and performance is known at virtually the same time everywhere around the world.Incentive problems: As discussed above, today’s financial sy stem is large, innovative and global. In Adam Smith’s day, while there were problems of moral hazard and adverse selection (but less of a principal-agent problem) there was not the same financial system and sophistication to deal with these problems as there is today.4. How does a competitive stock market accomplish the result that Adam Smith describes? Should the stock market be regulated? How and why?Student answers will vary.SAMPLE ANSWER:Adam Smith talked about free and competitive markets as a system which allocates capital to its most productive use and greatest value. In a competitive stock market, prices are set through supply and demand. Those companies returning the highest return will be rewarded with the highest prices (or cheapest source of financing). Those companies which are under performing will not be allocated as much capital because they are not as productive. Because the universe of possible investments is huge and because it is at times difficult for investors to discern which companies are the most productive employers of capital, regulation shou ld be required to make sure relevant and standardized information is disseminated to potential investors. This would include regulation on disclosure and also insider trading and stock manipulation. However other forms of market regulation are perhaps not so important from a market efficiency point of view and may even impede society’s overall financial welfare.5. Would you be able to get a student loan without someone else offering to guarantee it?Since most students do not have any earning power (yet) or source of savings or other capital, it is doubtful any intermediary would take that credit risk at any reasonable interest rate.6. Give an example of a new business that would not be able to get financing if insurance against risk were not available.EXAMPLES:Chemical companyChild safety products companyAirlineBankHospitalEnvironmental consultingHazardous waste disposal7. Suppose you invest in a real-estate development deal. The total investment is $100,000. You invest $20,000 of your own money and borrow the other $80,000 from the bank. Who bears the risk of this venture and why?The $20,000 of my own money is considered the equity capital and the $80,000 is debt financing. In general it is the equity investors who absorb the primary risk of business failure. This is because if the business goes bankrupt, I will unlikely get any or my money back as the debt holders get paid back before I do. However, the debt holder also faces some risk that it will not even get back all its principal and interest. So lenders do share some of the business risk along with the equity investors.8. You are living in the United States and are thinking of traveling to Germany 6 months from now. You can purchase an option to buy marks now at a fixed rate of $0.75 per mark 6 months from now. How is the option like an insurance policy?An option means you have a choice. In this example you can choose to buy the marks at $0.75 in 6 months but you do not have to. You will only buy the marks at this price if it is cheaper for you to do so (if the spot market at that time is higher). Therefore, like an insurance policy you are protected against a potential loss. You know that the maximum price you will have to pay is $0.75 per mark and that you are protected against any higher price. Presumably you will have to pay something for the price of that option and that can be equated to an insurance premium.9. Give an example of how the problem of moral hazard might prevent you from getting financing for something you want to do. Can you think of a way of overcoming this problem?SAMPLE ANSWER:Suppose I want to start a biotechnology business and I need a lot of financing. The trouble is, I do not want to disclose my technology secrets to potential equity and debt investors. I will have great difficulty raising financing. But I could do the following: At a minimum, I could require all potential lenders and investors to sign agreements saying they will not disclose any of my secrets. Secondly, I could share some of my equity with potential lenders (equity-kickers) and investors (stock and stock options). At least that way they will not be motivated to disclose my secrets to others. Finally, if I decided I did not want to share secrets, I could give collateral in my new plant to the debt lenders and that might make them more comfortable with the issue of moral hazard.10. Give an example of how the problem of adverse selection might prevent you from getting financing for something you want to do. Can you think of a way of overcoming this problem?SAMPLE ANSWER:Suppose I want to start a car leasing business. Initially my plan was to purchase several automobiles and lease them out at attractive annual rates. However, potential lenders were worried that my business would attract individuals who drive great distances each year. Rather than buy their own car and lose significant value, they would lease my cars and take a new one each year. I would not be able to obtain financing for this business until I instituted annual mileage restrictions. This alteration in the business plan was enough to make the lenderscomfortable with the potential problem of adverse selection.11. Give an example of how the principal-agent problem might prevent you from getting financing for something you want to do. Can you think of a way of overcoming this problem?SAMPLE ANSWER:Suppose you want to start a personal care products company. However, you have the idea for the business, but you do not want to actually run the business. To do that you have hired an executive from a competitor. He will own no equity in the business but will be paid a salary of $100,000 to start up the business.Trouble with this example is that the executive you have hired has little incentive to make the business really work other than his salary (which presumably he could earn at many different companies). What if this executive is really a spy? It may be difficult to get financing for this venture. The way to solve the problem is if you the owner decide to run the business (you certainly are motivated for it do well) or at a minimum, grant your new employee stock or stock options in the business.12. Why is it that a country’s postage stamps are not as good a medium of exchange as its paper currency? Postage stamps would be much easier to copy (to counterfeit) than paper currency which has intricate designs and is made of special fibers (not easily duplicated). Secondly, postage stamps would not be as durable as paper currency and because of their other use, could easily stick to other items! Finally, because postage stamps are used for another purpose, one might run out of them and have to make a special trip to the post office to get more. Of course, the post office is not as convenient as an ATM machine for getting a new supply of currency.13. Who is hurt if I issue counterfeit U.S. dollars and use them to purchase valuable goods and services?If this were done in great size, everyone would be hurt through the inflation that would result in the increased money supply. However, if done in a s mall amount, the individuals accepting the currency are taking on the risk (without knowing it) that the dollars will not be accepted by others as a medium of exchange.14. Some say the only criterion to use in predicting what will serve as money in the future is the real resource cost of producing it, including the transaction costs of verifying its authenticity. According to this criterion what do you think will be the money of the future?SAMPLE ANSWER:Payments via electronic transfer may become the medium of choice. It is a very cheap way to create currency. The biggest challenge will be to create security systems that do not allow for tampering and fraud. Once this is done and once most individuals and retail establishments have access to the system (through bank accounts and linking computer systems) then this should become the “currency” of choice.15. Should all governments issue debt that is indexed to their domestic price level? Is there a moral hazard problem that citizens face with regard to their public officials when government debt is fixed in units of the domestic currency?The answer is that all governments should issue debt that is indexed to their domestic price level. This is due to the fact that if debts are not indexed to the domestic price level, governments have the incentive to print money to repay those debts, thereby increasing domestic inflation which negatively impacts all ofsociety.16. Describe your country’s sy stem for financing higher education. Wh at are the roles played by households, voluntary non-profit organizations, businesses and government?SAMPLE ANSWER:In the United States, the vast majority of higher education is paid for by individuals through savings. These sums can be supplemented in whole or in part by government-guaranteed loans and through student loans and scholarships provided by universities themselves as well as by private foundations such as those provided by the Fulbright scholarship.17. Describe your country’s system for fin ancing residential housing. What are the roles played by households, businesses and government?SAMPLE ANSWER:In the United States individuals and individual borrowings from savings and loans, commercial banks and mortgage lending companies finance the vast majority of residential housing through individual equity savings. The government guarantees a certain amount of low income mortgages and local governments finance some low-income housing. Businesses play a role through the lending business as well as through the financial markets which provide liquidity for portfolios of certain standardized mortgages.18. Describe your country’s system for financing new enterprises. What are the roles played by households, businesses and government?SAMPLE ANSWER:In the United States, the vast majority of new enterprises is financed through individual savings and through initial publicofferings made to the general public. These sources of financing are augmented by established firms which spend research and development (R&D) dollars developing new products and businesses and by venture capital institutions which also provide start-up financing.19. Describe your country’s system for financing medical research. What are the roles played by voluntary non-profit organizations, businesses and government?SAMPLE ANSWER:In the United States, medical research is financed both by non-profit organizations (such as universities and medical facilities as well as organizations such as the American Heart Association) as well as by businesses such as Merck, Johnson & Johnson and Genentech. The government is involved in research grants, primarily to universities.20. Assume there are only two stocks traded in the stock market, and you are trying to construct an index to show what has happened to stock prices. Let us say that in the base year the prices were $20 per share for stock 1 with 100 million shares outstanding and $10 for stock 2 with 50 million shares outstanding. A year later, the prices are $30 per share for stock 1 and $2 per share for stock 2. Using the two different methods explained in the chapter, compute stock indexes showing what has happened to the overall stock market. Which of the two methods do you prefer and why? (See appendix that follows.) DJI-Type Index = Average of Current Prices/Average of Base Prices * 100 = 106.67S&P-Type Index = (Weight of Stock 1 * Current Price of Stock 1 / Base Price of Stock 1 + Weight of Stock 2 * Current Price of Stock 2/Base Price of Stock 2) * 100 = 124The S&P-Type Index accurately reflects what has happened to the total market value of all stocks.。

财务管理专业金融词汇

财务管理专业金融词汇财务管理专业是一个涵盖了许多金融方面的学科，学生需要掌握大量的金融术语和概念。

本文将为你介绍一些常见的财务管理专业金融词汇，帮助你更好地理解和运用这些术语。

1. 财务报表财务报表是财务管理中最重要的工具之一，用于记录和揭示企业的财务状况和业绩。

以下是常见的财务报表和相关术语：•资产负债表（Balance Sheet）：反映了企业在特定日期的资产、负债和所有者权益的情况。

•利润表（Income Statement）：也称为损益表，显示企业在一段特定时期内的收入、成本和利润。

•现金流量表（Cash Flow Statement）：展示了企业在一段特定时期内的现金流入和流出情况。

•综合损益表（Statement of Comprehensive Income）：同时包含了净利润和其他综合收益的财务报表。

2. 金融市场金融市场是实现资金流动和交易的场所，是财务管理专业学习的重点之一。

以下是常见的金融市场术语：•股票市场（Stock Market）：买卖股票的交易场所。

•债券市场（Bond Market）：用于购买和出售债券的市场。

•商品市场（Commodity Market）：交易商品和原材料的市场。

•外汇市场（Foreign Exchange Market）：进行不同货币之间兑换的市场。

3. 投资与融资投资和融资是财务管理专业的核心内容，涉及到企业和个人如何选择和利用资金。

以下是与投资和融资相关的金融术语：•股票（Stock）：指一家公司的所有权份额。

•债券（Bond）：表示借款方向债权人发行的一种债务凭证。

•股息（Dividend）：由公司向股东分配的利润的一部分。

•利率（Interest Rate）：资金借贷时支付的利息。

•杠杆（Leverage）：指通过借入资金来进行投资的策略。

4. 风险管理与衍生品风险管理是财务管理中重要的一部分，而衍生品则是实现风险管理的工具之一。

以下是与风险管理和衍生品相关的术语：•风险管理（Risk Management）：通过识别、评估和处理可能的风险来保护企业免受潜在风险的影响。

中国注册会计师考试英文测试词汇整理

中国注册会计师考试英文测试词汇整理现金 Cash in hand银行存款 Cash in bank其他货币资金-外埠存款Other monetary assets - cash in other cities 其他货币资金-银行本票 Other monetary assets - cashier‘s check其他货币资金-银行汇票 Other monetary assets - bank draft其他货币资金-信用卡 Other monetary assets - credit cards其他货币资金-信用证保证金 Other monetary assets - L/C deposit其他货币资金-存出投资款 Other monetary assets - cash for investment 短期投资-股票投资 Investments - Short term - stocks短期投资-债券投资 Investments - Short term - bonds短期投资-基金投资 Investments - Short term - funds短期投资-其他投资 Investments - Short term - others短期投资跌价准备 Provision for short-term investment长期股权投资-股票投资 Long term equity investment - stocks长期股权投资-其他股权投资 Long term equity investment - others长期债券投资-债券投资 Long term securities investemnt - bonds长期债券投资-其他债权投资 Long term securities investment - others 长期投资减值准备 Provision for long-term investment应收票据 Notes receivable应收股利 Dividends receivable应收利息 Interest receivable应收帐款 Trade debtors坏帐准备- 应收帐款 Provision for doubtful debts - trade debtors预付帐款 Prepayment应收补贴款 Allowance receivable其他应收款 Other debtors坏帐准备- 其他应收款 Provision for doubtful debts - other debtors 其他流动资产 Other current assets物资采购 Purchase原材料 Raw materials包装物 Packing materials低值易耗品 Low value consumbles材料成本差异 Material cost difference自制半成品 Self-manufactured goods库存商品 Finished goods商品进销差价 Difference between purchase & sales of commodities委托加工物资 Consigned processiong material委托代销商品 Consignment-out受托代销商品 Consignment-in分期收款发出商品 Goods on instalment sales存货跌价准备 Provision for obsolete stocks待摊费用 Prepaid expenses待处理流动资产损益 Unsettled G/L on current assets待处理固定资产损益 Unsettled G/L on fixed assets委托贷款-本金 Consignment loan - principle委托贷款-利息 Consignment loan - interest委托贷款-减值准备 Consignment loan - provision固定资产-房屋建筑物 Fixed assets - Buildings固定资产-机器设备 Fixed assets - Plant and machinery固定资产-电子设备、器具及家具 Fixed assets - Electronic Equipment, furniture and fixtures固定资产-运输设备 Fixed assets - Automobiles累计折旧 Accumulated depreciation固定资产减值准备 Impairment of fixed assets工程物资-专用材料 Project material - specific materials工程物资-专用设备 Project material - specific equipment工程物资-预付大型设备款 Project material - prepaid for equipment工程物资-为生产准备的工具及器具 Project material - tools and facilities for production在建工程 Construction in progress在建工程减值准备 Impairment of construction in progress固定资产清理 Disposal of fixed assets无形资产-专利权 Intangible assets - patent无形资产-非专利技术 Intangible assets - industrial property and know-how无形资产-商标权 Intangible assets - trademark rights无形资产-土地使用权 Intangible assets - land use rights无形资产-商誉 Intangible assets - goodwill无形资产减值准备 Impairment of intangible assets长期待摊费用 Deferred assets未确认融资费用 Unrecognized finance fees其他长期资产 Other long term assets递延税款借项 Deferred assets debits应付票据 Notes payable应付帐款 Trade creditors预收帐款 Adanvances from customers代销商品款 Consignment-in payables其他应交款 Other payable to government其他应付款 Other creditors应付股利 Proposed dividends待转资产价值 Donated assets预计负债 Accrued liabilities应付短期债券 Short-term debentures payable其他流动负债 Other current liabilities预提费用 Accrued expenses应付工资 Payroll payable应付福利费 Welfare payable短期借款-抵押借款 Bank loans - Short term - pledged短期借款-信用借款 Bank loans - Short term - credit短期借款-担保借款 Bank loans - Short term - guaranteed一年内到期长期借款 Long term loans due within one year一年内到期长期应付款 Long term payable due within one year 长期借款 Bank loans - Long term应付债券-债券面值 Bond payable - Par value应付债券-债券溢价 Bond payable - Excess应付债券-债券折价 Bond payable - Discount应付债券-应计利息 Bond payable - Accrued interest长期应付款 Long term payable专项应付款 Specific payable其他长期负债 Other long term liabilities应交税金-所得税 Tax payable - income tax应交税金-增值税 Tax payable - VAT应交税金-营业税 Tax payable - business tax应交税金-消费税 Tax payable - consumable tax应交税金-其他 Tax payable - others递延税款贷项 Deferred taxation credit股本 Share capital已归还投资 Investment returned利润分配-其他转入 Profit appropriation - other transfer in利润分配-提取法定盈余公积 Profit appropriation - statutory surplus reserve利润分配-提取法定公益金 Profit appropriation - statutory welfare reserve利润分配-提取储备基金 Profit appropriation - reserve fund利润分配-提取企业发展基金 Profit appropriation - enterprise development fund 利润分配-提取职工奖励及福利基金 Profit appropriation - staff bonus and welfare fund利润分配-利润归还投资 Profit appropriation - return investment by profit利润分配-应付优先股股利 Profit appropriation - preference shares dividends利润分配-提取任意盈余公积 Profit appropriation - other surplus reserve利润分配-应付普通股股利 Profit appropriation - ordinary shares dividends利润分配-转作股本的普通股股利 Profit appropriation - ordinary shares dividends converted to shares期初未分配利润 Retained earnings, beginning of the year资本公积-股本溢价 Capital surplus - share premium资本公积-接受捐赠非现金资产准备 Capital surplus - donation reserve资本公积-接受现金捐赠 Capital surplus - cash donation资本公积-股权投资准备 Capital surplus - investment reserve资本公积-拨款转入 Capital surplus - subsidiary资本公积-外币资本折算差额 Capital surplus - foreign currency translation资本公积-其他 Capital surplus - others盈余公积-法定盈余公积金 Surplus reserve - statutory surplus reserve盈余公积-任意盈余公积金 Surplus reserve - other surplus reserve盈余公积-法定公益金 Surplus reserve - statutory welfare reserve盈余公积-储备基金 Surplus reserve - reserve fund盈余公积-企业发展基金 Surplus reserve - enterprise development fund盈余公积-利润归还投资 Surplus reserve - reture investment by investment主营业务收入 Sales主营业务成本 Cost of sales主营业务税金及附加 Sales tax营业费用 Operating expenses管理费用 General and administrative expenses财务费用 Financial expenses投资收益 Investment income其他业务收入 Other operating income营业外收入 Non-operating income补贴收入 Subsidy income其他业务支出 Other operating expenses营业外支出 Non-operating expenses所得税 Income tax直接人工成本差异（direct labor variance）直接材料成本差异（direct material variance）在产品计价（work-in-process costing）联产品成本计算（joint products costing）生产成本汇总程序（accumulation process of procluction cost）制造费用差异（manufacturing expenses variance）实际成本与估计成本（actual cost and estimated cost）工资费用分配（salary costs allocation）成本曲线（cost curve）农业生产成本（agriculture production cost）原始成本和重置成本（original cost and replacement cost）工程施工成本直接成本与间接成本（direct cost and indirect cost）可控成本（controllable cost）制造费用分配（manufacturing expenses allocation）理论成本与应用成本（theory cost and practice cost）辅助生产成本分配（auxiliary production cost allocation）期间,费用成本控制程序（procedure of cost control）成本记录（cost entry, cost recorder cost agenda）成本计算分批法（job costing method）成本计算分步法直接人工成本差异（direct labor variance）成本控制方法（cost control method）内河运输成本生产费用要素（elements of production expenses）历史成本与未来成本（historical cost and future cost）可避免成本与不可避免成本（avoidable cost and unavoidable cost）成本计算期（cost period）平均成本与个别成本（avorage cost and individual cost）跨期摊提费用分配（inter-period expenses allocation）计划成本（planned cost）数量差异（quantity variance）燃料费用分配（fuel expenses allocation）定额成本控制制度（norm cost control system）定额管理（management norm）可递延成本与不可递延成本（deferrable cost and undeferrable cost）成本控制标准（standard of cost control）副产品成本计算（by-product costing）责任成本（responsibility cost）生产损失核算（production loss accounting）生产成本（production cost）预计成本（predicted cost）成本结构（cost structure）房地产开发成本主要成本与加工成本（prime costs and processing costs）决策成本（cost of decision making）成本计算品种法（category costing method）在产品成本（work-in-process cost）工厂成本（factory cost）成本考核（cost assess ）制造费用（manufactruing expenses）动力费用分配（power expenses allocation）趋势分析法（trend analysis approach）成本计算简单法（simple costing method）责任成本层次（levels of responsibility cost）对比分析法（comparative analysis approach）约当产量比例法（equivalent units method）原始记录（original record）可比产品成本分析（general product cost analysis）成本计算方法（costing method）成本计算对象（costing objective）成本计算单位（costing unit）成本计划完成情况分析成本计划管理体系（planned management system of cost）成本计划（cost plan）成本会计（cost accounting）成本核算原则（principle of costing）成本核算程序（cost accounting qrocedures）成本核算成本（costing account）成本核算（costing）成本归集（cost accumulation）成本管理（cost management）成本分析（cost analysis）成本分配（ocst allocation）成本分类账（cost ledger）成本分类（cost classifiction）成本费用界限成本调整（cost adjustment）成本差异（cost variance）成本报告（costing report）成本（cost）车间成本（workshop cost）厂内经济核算制（internal business accounting system）厂内结算价格（internal settlement prices）产品寿命周期成本（product life cycle cost）产品成本项目（cost items of product）产品成本技术经济分析产品成本计划（the plan of product costs）产品成本（product cost）初级会计汇总原始凭证（cumulative source document）汇总记账凭证核算形式（bookkeeping procedure using summary ovchers）工作底稿（working paper）复式记账凭证（mvltiple account titles voucher）复式记账法（Double entry bookkeeping）复合分录（compound entry）划线更正法（correction by drawing a straight ling）汇总原始凭证（cumulative source document）会计凭证（accounting documents）会计科目表（chart of accounts）会计科目（account title）红字更正法（correction by using red ink）会计核算形式（bookkeeping procedures）过账（posting）会计致迹╝ccounting entry）会计循环（accounting cycle）会计账簿（Book of accounts）活页式账簿（loose-leaf book）集合分配账户（clearing accounts）计价对比账户（matching accounts）记账方法（bookkeeping methods）记账规则（recording rules）记账凭证（voucher）记账凭证核算形式（Bookkeeping proced ureusing vouchers）记账凭证汇总表核算形式（bookkeeping procedure using categorized account summary）简单分录（simple entry）结算账户（settlement accounts）结账（closing account）结账分录（closing entry）借贷记账法（debit-credit bookkeeping）通用日记账核算形式（bookkeeping procedure using general journal）外来原始凭证（source document from outside）现金日记账（cash journal）虚账户（nominal accounts）序时账簿（book of chronological entry）一次凭证（single-record document）银行存款日记账（deposit journal）永续盘存制（perpetual inventory system）原始凭证（source document）暂记账户（suspense accounts）增减记账法（increase-decrease bookkeeping）债权结算账户（accounts for settlement of claim）债权债务结算账户（accounts for settlement of claim and debt）债务结算账户（accounts for settlement of debt）账户（account）账户编号（Account number）账户对应关系（debit-credit relationship）账项调整（adjustment of account）专用记账凭证（special-purpose voucher）转回分录（reversing entry）资金来源账户（accounts of sources of funds）资产负债账户（balance sheet accounts）转账凭证（transfer voucher）资金运用账户（accounts of applications of funds）自制原始凭证（internal source document）总分类账簿（general ledger）总分类账户（general account）附加账户（adjunct accounts）付款凭证（payment voucher）分类账簿（ledger）中级会计固定资产（fixed assets）利润总额利益分配（profit distribution）应计费用（accrued expense）商标权（trademarks and tradenames）全部履行法净利润（net income）应付利润（profit payable）未分配利润收益债券（income bonds）货币资金利息资本化（capitalization of interests）公益金工程物资预付账款（advance to supplier）其他应收款（other receivables）现金（cash）预收账款公司债券发行（corporate bond floatation）应付工资（wages payable）实收资本（paid-in capital）盈余公积（surplus reserves）管理费用土地使用权股利（dividend）应交税金（taxes payable）流动资金负商誉（negative goodwill）费用的确认（recognition of expense）短期投资（temporary investment）专项资产【旧】专有技术（know-how）专营权（franchises）资本公积（capital reserves）资产负债表法资金占用和资金来源[旧]自然资源（natural resources）存货（inventory）车间经费【旧】偿债基金（sinking fund）长期应付款（long-term payables）长期投资（long-term investments）长期借款（long-term loans）长期负债（long-term liability of long-term debt）财务费用（financing expenses）拨定留存收益（appropriated retained earnings）标准成本法（standard costing）变动成本法（variable costing）比例履行法包装物版权（copyrights）高级会计期货交易市场（market of futures transaction）期货交易（futures transaction）举债经营融资租赁（leveraged lease）金融工具（financial instruments）企业集团（business qroup）年度报告（annual report）内部往来（transactions between home office and branches）合伙企业（partnership enterprise）合并资产负债表（consolidated balance sheet）合并主体的所得税会计（accounting for income taxes of consolidated entities）（美）合并现金流量表（consolidated statement of cash flow）合并价差（cost-book value differentials）合并会计报表（consolidated financial statements）购买法（purchase methed）企业整体价值（the value of an enterprise as a whole）权益结合法（pooling of interest method）期内所得税分摊（intraperiod tax allocation）（美）期末存货的未实现损益（unrealized profit in ending inventory）公司间的长期资产业务（intercompany transactions in long-term assets）名义货币保全（maintaining capital in units of money）基金论（the fund theory）功能性货币（functional currency）（美）汇兑损益（exchange gains or losses）合并财务状况变动表（consolidated statement of changes in financial poition）合并财务状况变动表（consolidated statement of换算损益（translation gains or losses）举债经营收购（Leveraged buyouts,简称LBC）（美）母公司持股比例变动（change in ownership percentage held by parent）交互分配法（reciprocal allocation approach）（美）货币项（monetary items）合伙清算（partnership liquidation全面分摊法（comprehensive allocation）固定资产投资方向调节税合并费用（expenses related to combinations）间接标价法（indirect quotation）买入汇率（buying rate）期货合约（futrues contract）混合合并（conglomeration）控投公司（holding company）股票指数期货（stock index futrues）横向销售（crosswise sale）固定汇率（fixed rate）纳税影响法（tax effect method）记账汇率（recording rate）横向合并（horizontal integration）合并前股利（preacquisition dividends）可变现净值（net realizable）企业合并会计（accounting for business combination）平仓盈亏（offset gain and loss）卖出汇率（selling rate）金融期货交易（financial futures transaction）会计利润（accounting income）合并损益表（consolidated income statement）公允价值（fair value）期权（options）间接控股（indirect holding）两笔交易观（two-transaction opinion）破产清算（bankrupcy liquidation）企业合并（business combination）企业论（the enterprise theory）商品寄销（consignment）个人所得税（personal income tax）个人财务报表（personal financial state-ments）（美）改组计划（reorganization plan）（美）改组（reorganization）复杂权益法（complex equity method）附属公司（associated company）负权人偿金（dividend）浮动汇率（floating rate）分支机构会计（accounting for branch）推定赎回损益（constructive gains and losses on bonds）推定赎回（constructive retirement）投机（spculation）贴水（discount）特定物价指数（specific price index）分支机构（branch）分期收款销货（installment sales）分次清算（installment liquidation）分部报告（segmental reporting）房地产收入（real estate revenue）房地产成本（cost of real setate）房地产（real estate）多种汇率法（multiply exchange rate）对境外实体的净投资（net investment in foreign entities）订量单位：（units of measurement）递延法（deffered method）当代理论（contemporary theory）单一汇率法（singal method）退休金（pension plan）退休金会计（accounting for pension plan）（美）退休金给付义务（pension benefit obligations）（美）外币（foreign currency）外币业务（foreign currency transaction）吸收合并（merger）物价变动会计（accounting for price changes）无偿债能力（insolvency）完全合并（full consolidation）物价指数（price index）物价变动（price changes）完全应计法（full accrual method）物价总指数（general price index）外汇期货交易（foreign exchange frtrues transaction）下推会计（push-down accounting）（美）先折算后调整法（translation-remeasurement method）现行成本/稳值货币会计（current cost/general purchasing power accountin）现行成本（crurent cost）现行成本会计（current cost accounting）先调整后折算法（remeasurement-translation method）销售代理处（sales agency）相互持股（mutual holdings）相对账户调节（reconciliation of home office and branch accounts）新合伙人入伙（admission of a new parther）向上销售（upstream sale）衍生金融工具（derivative financial instru-ments）销售式融资租赁（sales-type financing lease）向下销售（downstream sale）消费税（consumer tax）一笔交易观（one-transaction opinion）业主权论（the proprietorship theory）一般物价水准会计（general price level accounting）一般购买力单位（units of general purchasing power）招股说明书（prospectus）中间汇率（middle rate）中期报告（interim reporting）重置成本（replacement cost）转租赁（subleases）准改组（quasi-reorbganization）（美）资本保全（capital maintenance）资本化价值（capitalized value）资本因素（capital factor）资产负债法（asset/libility method）存货转让价格（inventory transfer price）创立合并（consolidation）出租人会计（accounting for leases-lessor）持有（产）损益（holding gains losses）持仓盈亏（opsition gain and loss）承租人会计（accounting for leases-leasee）成本回收法（cost recovery method）纵向合并（Vertical integration）综合变动（general change）子公司权益变动（change in ownership of a subsidiary）子公司（subsidiary company）资源税（resources tax）成本法（cost method）财产信托会计（fiduciary accounting）（美）财产税（property tax）部分分摊法（partial allocation）不合并子公司（unconsolidated subsidiaries）最低退休金负债（minimum liability）（美）租赁（leases）租金（rents）企业会计企业财务（business finance）期权市场（option market）期货市场（future market）可转让定期存单市场（negotiable CDmarket）货币市场（money market）黄金市场（gold market）国有独资公司股份有限公司（company limited by shares）股份两合公司（limited pactnership）公司（company）二级市场（security secondary market）独资企业（sole proprietorship）店头市场（over-the -counter-market）承兑市场（acceptance market）拆借市场（lending market）财务制度（financial regulations）财务政策（financial policy）财务预测（financial forecast）财务控制（financial control）金融市场（financial market）财务决策（financial decision）财务监督（financial cupervision）财务计划（financial planning）财务活动（financial activities）财务管理组织（organization of financial management）一级市场（security primary market）无限责任公司（company of unlimited liability）外汇市场（foreign exchange market）贴现市场（dixcount market）企业组织形式（forms of enterprise organization）政府会计企业财务（business finance）期权市场（option market）期货市场（future market）可转让定期存单市场（negotiable CDmarket）货币市场（money market）黄金市场（gold market）国有独资公司股份有限公司（company limited by shares）股份两合公司（limited pactnership）公司（company）二级市场（security secondary market）独资企业（sole proprietorship）店头市场（over-the -counter-market）承兑市场（acceptance market）拆借市场（lending market）财务制度（financial regulations）财务政策（financial policy）财务预测（financial forecast）财务控制（financial control）金融市场（financial market）财务决策（financial decision）财务监督（financial cupervision）财务计划（financial planning）财务活动（financial activities）财务管理组织（organization of financial management）一级市场（security primary market）无限责任公司（company of unlimited liability）外汇市场（foreign exchange market）贴现市场（dixcount market）企业组织形式（forms of enterprise organization）事业单位会计（accounting for non-profit organizations）事业单位固定资产（fixed assets for non-profit organizations）事业单位固定基金（fixed funds non-profit organizations）事业单位负债（liabilities for non-profit organizations）事业单位对外投资（outside investments for non-profit organizations）事业单位财务清算（liquidation of non-profit organization）上缴上级支出（payment to the higher authority）上级补助收入（grant from the higher authority）其他收入（miscellaneous gains）科学事业单位资产（scientific research instifutes'assets）科学事业单位支出（scientific research institutes'expenditures）科学事业单位预算（scientific research institutes'budgeting）科学事业单位收入（scientific research institutes'revenues）科学事业单位结余（scientific research institutes'surplus）科学事业单位会计制度（accointing regulations for scientific research instifutes）科学事业单位会计报表分析（scientific research institutes-analysis of accounting statements）科学事业单位会计（sicentific research institute accounting）科学事业单位成本费用管理（scientific research institutes-cost maragement）科学事业单位财务制度（financial regulations for scientific research institutes）经营支出（orerating expense ）经营收入（operating revenue）基金预算支出（fund budget expenditure）基金预算收入（fund budget revenue）基金预算结余（surplus of fund budget）国家预算（state budget）国家决算（final accounts of state revenue and expenditure）高等学校资产（colleges and universities assets）高等学校支出（colleges and universities expenditures）高等学校预算管理方式（budget management method of colleges and universities）高等学校收入（colleges and universities revenues）专用基金支出（expenditure on special purpose fund）专用基金收入（proceeds from special purpose fund）专用基金结余（surplus of special purpose funds）中华人民共和国预算法（the budget law of the people's Republic of China）资金调拨支出（expenditure on allocated and transeferred fund）财政收入（public finance-revemue）财政净资产（public finance-net assets）财政负债（public finance-liabilities）财政补助收入（grant from the state）拨入专款（restricted appropriation）。

注册会计师考试英语加试会计英语词汇汇总

注册会计师考试英语加试会计英语词汇汇总注册会计师考试是一项具有很高难度和专业性的考试，其中英语加试是会计专业学习的重要组成部分。

以下是一个关于会计英语词汇的汇总。

1. 财务会计（Financial Accounting）：财务会计是记录和报告一个组织或个人财务状况的过程。

2. 管理会计（Management Accounting）：管理会计是为管理层提供决策支持和资源分配的信息的过程。

3. 税务会计（Tax Accounting）：税务会计是为了遵守税法和报税目的而记录和报告税务事项的过程。

4. 审计（Auditing）：审计是对财务记录和报告的独立审查，以评估其准确性和合规性。

5. 资产（Assets）：资产是指一个组织或个人拥有的具有经济价值的资源。

6. 负债（Liabilities）：负债是指一个组织或个人对他人的经济债务。

7. 所有者权益（Owner's Equity）：所有者权益是一个组织或个人净资产的部分，表示对资产的所有权和控制权。

8. 收入（Revenue）：收入是指一个组织或个人在经营活动中获得的资源或增加了所有者权益的经济利益。

9. 成本（Cost）：成本是指用于生产或获得产品或服务的资源的金额。

10. 费用（Expense）：费用是指用于经营活动的支出，通常与产品或服务的生产或销售有关。

11. 利润（Profit）：利润是指一个组织或个人在销售产品或提供服务后获得的经济利益。

12. 财务比率（Financial Ratios）：财务比率是通过比较一个组织的不同财务指标来评估管理层的财务绩效。

13. 资本预算（Capital Budgeting）：资本预算是一种决策过程，用于评估和选择投资项目，以确定最有利可图的项目。

14. 风险管理（Risk Management）：风险管理是一种评估和管理一个组织面临的潜在风险的过程，以减少损失和不确定性。

15. 现金流量（Cash Flow）：现金流量是一个组织或个人在一段时间内收入和支出现金的净量。

金融工具英语演讲稿范文

Ladies and Gentlemen,Good morning/afternoon. It is my great pleasure to stand before youtoday to discuss a topic that is both fascinating and crucial in the modern economy: the role and impact of financial instruments. Financial instruments are the lifeblood of financial markets, facilitating theflow of capital, mitigating risk, and enabling the growth and stability of economies worldwide. In this speech, I will delve into the various types of financial instruments, their functions, and the profound impact they have on our lives and the global financial system.I. Introduction to Financial InstrumentsTo begin, let's define what financial instruments are. Financial instruments are contracts or agreements between two or more parties that have a monetary value. They are used to raise capital, manage risk, and allocate resources. Financial instruments can be categorized intoseveral types, including:1. Debt instruments2. Equity instruments3. Derivatives4. Commodity instruments5. Foreign exchange instrumentsII. Debt InstrumentsDebt instruments are financial contracts in which one party lends money to another party, which agrees to repay the principal amount along with interest over a specified period. The most common types of debt instruments are:1. Bonds: Fixed-income securities issued by corporations, municipalities, and governments to raise capital.2. Notes: Similar to bonds, but with shorter maturities.3. Loans: A direct lending arrangement between a lender and a borrower.Debt instruments play a crucial role in the financial system by providing capital to businesses and governments. They also offer investors a steady stream of income in the form of interest payments.III. Equity InstrumentsEquity instruments represent ownership in a company. The most common types of equity instruments are:1. Shares: Units of ownership in a corporation.2. Stock options: The right to purchase shares at a predetermined price within a specific timeframe.Equity instruments provide investors with the potential for capital gains and dividends. They also allow investors to participate in the decision-making process of the company.IV. DerivativesDerivatives are financial contracts whose value is derived from an underlying asset, which can be a stock, bond, commodity, or even a currency. The most popular types of derivatives are:1. Options: Give the holder the right, but not the obligation, to buy or sell an asset at a predetermined price.2. Futures: Contracts to buy or sell an asset at a future date at a specified price.3. Swaps: Agreements to exchange cash flows or liabilities between two parties.Derivatives are widely used for hedging risks, speculation, and arbitrage. They have become an integral part of the global financial system, but also raise concerns about market stability and excessiverisk-taking.V. Commodity InstrumentsCommodity instruments are financial contracts that derive their value from physical commodities, such as oil, gold, and agricultural products. The most common types of commodity instruments are:1. Futures contracts: Agreements to buy or sell a commodity at a future date.2. Options on commodities: Give the holder the right, but not the obligation, to buy or sell a commodity.Commodity instruments enable investors to gain exposure to commodity prices, manage risk, and speculate on market trends.VI. Foreign Exchange InstrumentsForeign exchange instruments are financial contracts that involve the exchange of one currency for another. The most common types of foreign exchange instruments are:1. Spot contracts: Immediate exchange of currencies.2. Forward contracts: Agreements to exchange currencies at a future date.3. Options on currencies: Give the holder the right, but not the obligation, to exchange currencies.Foreign exchange instruments facilitate international trade and investment, and enable investors to gain exposure to foreign currencies and markets.VII. Impact of Financial Instruments on the Modern EconomyFinancial instruments have had a profound impact on the modern economy in several ways:1. Capital formation: Financial instruments provide businesses and governments with the necessary capital to expand, innovate, and create jobs.2. Risk management: Financial instruments allow investors and businesses to hedge against various risks, such as interest rate risk, currency risk, and commodity price risk.3. Resource allocation: Financial instruments help to allocate capital to its most efficient and productive uses, promoting economic growth.4. Market efficiency: Financial instruments enable the efficient pricing of assets, leading to better resource allocation and investment decisions.5. Globalization: Financial instruments have facilitated international trade and investment, promoting economic integration and growth.VIII. ConclusionIn conclusion, financial instruments are an essential component of the modern economy, playing a vital role in the flow of capital, risk management, and resource allocation. From debt instruments to derivatives, each type of financial instrument serves a unique purpose and contributes to the stability and growth of the global financial system. As we continue to navigate the complexities of the modern economy, it is crucial to understand the functions and impact of financial instruments to make informed decisions and foster economic prosperity.Thank you for your attention. I welcome any questions or comments you may have regarding the role and impact of financial instruments in the modern economy.。

Finance细分专业那么多,哪个才是正确的选择？

Finance细分专业那么多，哪个才是正确的选择？广义上的金融一般是指资金的融通，即由资金融通的工具、机构、市场和制度构成的有机系统，金融又划分为微观金融和宏观金融两部分。

在中国的综合类大学里，金融系往往设置在经济学院。

在国外“Finance”的含义却相对较窄，主要是指与资本市场、企业运作相关的事务，也因此，国外的金融学课程往往重点在资本市场以及与公司相关的微观内容。

Finance其实在国外可以说是一个专业大类，并且它的细分专业超级多，以下是武汉申友留学给大家列举的一些Finance的细分专业！金融(Science in Finance/Finance)金融工程(Financial Engineering)金融数学(Financial Mathematics)金融计算机(Computational Finance)金融市场(Financial Markets)金融工具(Financial Instruments)公司金融(Corporate Finance)公共金融(Public Finance)银行和理财(Banks & Banking)金融法律法规(Financial Regulation)投资管理(Investment Management)金融经济学(Financial Economics)保险(Insurance)等。

而在所有的这些专业中，最热门的有三个专业：金融专业（Science in Finance / Finance）、金融工程（Financial Engineering）金融数学（Financial Mathematics）。

三个专业的申请方向都有一些大大小小的区别。

金融（Science in Finance / Finance）这是为有志于从事金融分析、投资管理和公司、金融战略和管理方面的专业人士开设的职业硕士项目。

金融硕士在典型的课程设置方面，一般需要学生在经济学、会计学、统计学等基础课程方面先修。

IFRS 9 Financial Instruments 金融工具

IFRS 9 Financial Instruments 金融工具IFRS 9 now classifies financial assets under three headings as follows:CLASSIFICATION OF FINANCIAL ASSETSThis is the normal default classification for financial assets and will apply to all financial assets unless they are designated to be measured and accounted forin any other way.This classification includes any financial assets held for trading purposes and also derivatives, unless they are part of a properly designated hedging arrangement. Debt instruments will be classified to be measured and accounted for at FVTPL unless they have been correctly designated to be measured at amortized cost (see later). Initial recognition at fair value is normally cost incurred and this will exclude transactions costs, which are charged to profit or loss as incurred.Remeasurement to fair value takes place at each reporting date, with any movement in fair value taken to profit or loss for the year, which effectively incorporates an annual impairment review.2. Financial assets at fair value through other comprehensive income(FVTOCI)This classification applies to equity instruments only and must be designatedupon initial recognition. It will typically be applicable for equity interests that an entity intends to retain ownership of on a continuing basis.Initial recognition at fair value would normally include the associated transaction costs of purchase. The accounting treatment automatically incorporates an impairment review, with any change in fair value taken to other comprehensive income in the year.Upon derecognition, any gain or loss is based upon the carrying value at thedate of disposal. One important point is that there is no recycling of any amounts previously taken to equity in earlier accounting periods. Instead, at derecognition, an entity may choose to make an equity transfer from other components of equity to retained earnings as any amounts previously taken to equity can now be regarded as having been realized.3. Financial assets measured at amortized costThis classification can apply only to debt instruments and must be designatedupon initial recognition. For the designation to be effective, the financial asset must pass two tests as follows:The business model test – to pass this test, the entity must be holding the financial asset to collect in the contractual cash flows associated with that financial asset. If this is not the case, such as the financial asset being held and then traded to take advantage of changes in fair value, then the test is failed and the financial asset reverts to the default classification to be measured at FVTPL.The cash flow characteristics test – to pass this test, the contractual cash flows collected must consist solely of payment of interest and capital. If this is not the case, the test is failed and the financial asset reverts to the default classification to bemeasured at FVTPL.。

(2021年整理)金融英语词汇

金融英语词汇编辑整理：尊敬的读者朋友们：这里是精品文档编辑中心，本文档内容是由我和我的同事精心编辑整理后发布的，发布之前我们对文中内容进行仔细校对，但是难免会有疏漏的地方，但是任然希望（金融英语词汇）的内容能够给您的工作和学习带来便利。

同时也真诚的希望收到您的建议和反馈，这将是我们进步的源泉，前进的动力。

本文可编辑可修改，如果觉得对您有帮助请收藏以便随时查阅，最后祝您生活愉快业绩进步，以下为金融英语词汇的全部内容。

金融英语词汇ABS 资产担保证券（Asset Backed Securities的英文缩写）Accelerated depreciation 加速折旧Acceptor 承兑人；受票人；接受人Accommodation paper 融通票据；担保借据Accounts payable 应付帐款Accounts receivable 应收帐款Accrual basis 应计制；权责发生制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Accrediting 本金增值———适用于多种工具,指名义本金在工具（如上限合约、上下限合约、掉期和互换期权)的期限内连续增长。

ACE 美国商品交易所Acid Test Ratio 酸性测验比率；速动比率Across the board 全面一致;全盘的Acting in concert 一致行动；合谋Active assets 活动资产；有收益资产Active capital 活动资本Actual market 现货市场Actuary 精算师;保险统计专家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。

financialinstruments金融工具

In financial markets (capital markets and money markets) By issuing financial instruments (also called securities) which give the holders claims on future cash flows of the business
Lower limit on current ratio Upper limit on D/E ratio Required approval by bondholders before major acquisition or sale of assets
Bondholders have no direct say in a company unless it defaults on its interest, sinking fund, or covenant obligations.
17
Risk and return
What is the expected rate of return on equity? Rate of return =Dividend yield + capital appreciation
= Div/Mkt price + % change in share price Risk –return tradeoff : Higher the risk in an investment , higher the expected returns Equity investors expect a risk premium to compensate for the enhanced risk So return on equity = Risk free rate + Risk premium Risk free rate taken as Govt. Bond rate Risk premium (Table 5-1) = 11.6 - 5.3= 6.3%

金融英语听说unit5 Financial Instruments(词汇术语复习)

Multiple Choices
指定收款人
the named payee
指定收款账户（号）The named bank’s account
支票签发人的签名 The signature by the writer
签发普通支票 Issue an open check payable
代收行
The collecting bank
汇票提单本票普通支票划线支票清洁提单已装船提单
ቤተ መጻሕፍቲ ባይዱ
Bill of exchange Bill of lading(B/L) Promissory note Open check Crossed check Clean bill of lading Shipped on board bill of
lading
装箱单商业发票原产地证明书检验证书
Packing list Commercial invoice Certificate of origin Certificate of ispection
exercise 2
drawer Drawee Payer Payee Acceptor
L/O/G/O
Unit 5 Financial Instruments
L/O/G/O
PartⅠ Warm-up
exercise 1
金融工具
Financial instruments
金融衍生工具 Financial derivative
汇票即期汇票远期汇票银行汇票商业汇票银行承兑汇票商业承兑汇票
受票人出票人承兑人付款人收款人
exercise 2
Endorser Endorsee Transferor Transferee Shipper(consignor) Carrier consignee

cfa一级词汇

cfa一级词汇
CFA一级考试涉及的词汇主要包括金融和投资领域的专业术语和概念。

下面是一些常见的CFA一级考试词汇：
1. 资产配置（Asset Allocation）：投资组合中不同资产类别的分配比例。

2. 资产负债表（Balance Sheet）：一家公司在特定日期上的资产、负债和股东权益的快照。

3. 基点（Basis Point）：表示利率或投资回报率的一种测量单位，相当于1/100百分点。

4. 基金经理（Fund Manager）：负责管理投资组合的专业人员。

5. 财务杠杆（Financial Leverage）：使用借款或其他负债来增加投资回报率的策略。

6. 期货合约（Futures Contract）：一种标准化的合约，约定在未来某个日期以特定价格交割某种商品或金融资产。

7. 净现值（Net Present Value）：将未来现金流折现到当前时点的价值。

8. 风险溢价（Risk Premium）：投资回报率高于无风险回报率的额外回报。

9. 投资组合（Portfolio）：持有多种不同资产的集合。

10. 股息收益率（Dividend Yield）：股票每年支付的股息与股票价格的比率。

以上只是一些常见的CFA一级考试词汇，实际考试中还会涉及更多的专业术语和概念。

考生需要全面掌握相关词汇，并理解其在金融和投资领域的含义和应用。

ACCA P2 考前复习

ACCA P2 RevisionFinancial Instruments: 金融工具Financial instrument: A financial instrument is defined as any contract that gives rise to both a financial asset of one entity and a financial liability or equity instrument of another entity.金融工具是指形成一个企业的金融资产，同时在另一个的企业中形成金融负债或权益工具的合同。

Financial instruments fall into three categories: 金融工具分为三类：(1)Financial assets: e.g.金融资产：比如❝Cash 现金❝An equity instrument of another entity (e.g. shareholding in another company)持有的其他单位的权益工具（比如在另一公司的股份）；❝ A contractual right to receive cash or another financial asset from another entity, e.g. trade receivables从其他单位收取现金或其他金融资产的合同权利，比如贸易应收账款❝ A derivative standing at a gain持续收益的衍生工具(2)Financial liability: e.g.金融负债：比如❝ A contractual obligation to deliver cash or another financial asset to another entity; e.g.trade payables, debenture loans, redeemable preference shares向其他单位交付现金或其他金融资产的合同权利，比如贸易应付账款、债券贷款、可赎回优先股❝ A derivative standing at a loss持续亏损的衍生工具。

金融英语期末重点总结

金融英语期末重点总结一、基本概念与词汇1. 资产管理：Asset Management，是指对投资者个人或机构的资金进行管理和投资的活动。

2. 负债：Liability，指一个人或机构所欠他人或其他组织的货币、商品或服务等。

3. 存款：Deposit，指将货币存入银行或其他金融机构的行为。

4. 贷款：Loan，指个人或企业从银行或其他金融机构获得的资金，并按约定的利率和条件偿还。

5. 利率：Interest Rate，是指借贷资金的价格。

通常以百分比形式表示，用于衡量借贷资金的成本或回报。

6. 风险：Risk，指在投资或经营过程中遭受亏损的可能性。

7. 股票：Stock，指公司以吸引投资者的方式发行的所有权证明，股权的一部分。

8. 债券：Bond，是指债务人（发行债券的公司或政府）向债权人（购买债券的投资者）借款的债权凭证。

9. 股息：Dividend，是指上市公司向股东分配的盈利的一部分。

10. 保险：Insurance，是指保险公司架起的经济保护的桥梁，将风险分散到各个投保人，以减轻其负担。

二、金融市场与金融产品1. 证券市场：Securities Market，是指股票、债券等金融工具的交易市场。

2. 股票市场：Stock Market，是指股票的买卖市场。

主要分为一级市场和二级市场。

3. 债券市场：Bond Market，指债券的买卖市场。

分为一级市场和二级市场。

4. 期货市场：Futures Market，是指用来进行期货交易的场所。

5. 外汇市场：Foreign Exchange Market，是指用来交换不同国家货币的市场。

6. 金融衍生品：Financial Derivatives，是指与金融资产相关的衍生产品。

包括期权、期货、互换等。

7. 互联网金融：Internet Finance，是指利用互联网技术进行金融服务的新兴业态。

8. 数字货币：Digital Currency，是指用数字技术发行和流通的货币。

金融英语词汇资料必看

金融英语词汇资料必看对于英语，我们需要把陌生的单词片语和句型语法不断的熟悉和熟练，使之成为我们的一种习惯，把它变成我们的第二天性。

因此，重复重复再重复，熟练熟练再熟练，是学会英语的不二法门。

下面是小编给大家整理的一些金融英语词汇的学习资料，希望对大家有所帮助。

金融英语词汇及解释纸币或硬币上印明的价值Facility 信贷额度、资金设施放款机构为企业提供的财务支援，协助解决资金需要Fair Value 公平价值 1. 被收购公司并入两家公司合并财务报表的所有资产负债的预计价值2. 对于期货市场而言，公平价值是一份期货合约的均衡价格。

这相等于计入复利率后(以及股息损失，因为投资拥有期货合约，而非实际股份)在特定时期内的现货价值Fairness Opinion 公平意见由合资格分析员或顾问出具，就一项合并或收购项目向决策人提供项目主要细节及实质证明的意见书Fed 联储局美国联邦储备体系的监管机构。

监理会的七名成员由总统委任，并须获得参议院的批准Federal Funds 联邦基金商业银行向美国地方联邦储备银行存入的资金，包括高于准备金要求的金额Federal Funds Rate 联邦基金利率一家存托机构利用手上的资金向另一家存托机构借出隔夜贷款的利率Federal Open Market Committee (FOMC) 公开市场委员会为美国联邦储备体系制定利率及信贷政策的机构Federal Reserve Bank 联邦储备银行执行联邦储备体系政策的银行，包括控制货币供应及监管会员银行。

联邦储备银行共分为12家地区银行，总部设于波士顿、纽约、费城、科尔夫兰、圣露而斯、三藩士、烈治文、阿特兰大、芝加哥、明尼亚波利斯、肯萨斯城、达拉斯Federal Reserve Board (FRB) 联邦储备委员会美国联邦储备体系的监管机构。

监理会的七名成员由总统委任，并须获得参议院的批准Federal Reserve System (the Fed) 联邦储备体系美国的中央银行，负责监管美国的货币及金融系统。

金融英语：财务专业术语汇总大全

金融英语：财务术语汇总1估计使用年期estimated useful life估值师valuer估值报告valuation report低收费经纪discount broker低于面值below par低于最佳卖盘价/ 低于最好沽盘价downtick；minus tick 魇德蚵艏？firm bid and ask quotations作价买卖market making佣金回扣commission rebate兑付redemption免责声明disclaimer冷淡对待令cold shoulder order利息补贴【中国内地】interest rate subsidy【Mainland China】利息资本化capitalisation of interest利益冲突事宜委员会Conflict Committee利率上限interest-rate ceiling利率掉期/ 利率调期interest-rate swap利率期货interest-rate futures利率衔接interest collar；interest rate collar利润profit初次公开招股initial public offering （IPO）初步认购价initial subscription price助理主管【创业板】assistant supervisor【GEM】即日平仓交易day trade即日回购协议【银行】intraday repurchase agreement【banking】即日有效买卖盘good-for-day order即日拆借市场intra-day money market即日流动资金intraday liquidity即日差额缴款报告【中央结算系统】Intra-day Marks Collection Report【CCASS】即日追补按金intra-day margin call即日报价intraday quotation即日买卖day trade即日盘/ 即日买卖盘day order?即日鲜? day trade即日额外按金intra-day margin即月front-month即夜传送报告资料服务【中央结算系统】Overnight Report Distribution【CCASS】实时支付结算系统【金管局】Real Time Gross Settlement system （RTGS）【HKMA】实时或取消Immediate-or-Cancel （IOC）实时汇款同时交收【银行】payment vs payment （PvP）【banking】实时信息real time information实时数码数据传送专线realtime digital datafeed实时数码数据服务Realtime Digital Data Service （RDDS）实时转送online transfer否定声明negative statement；disclaimer囤仓策略buy and hold strategy均衡价格equilibrium price坐盘proprietary trading夹仓squeeze；short squeeze尾盘at-the-close order技术分析technical analysis投资分析员investment analyst投资服务指令【欧洲联盟】Investment Services Directive （ISD）【European Union】投资者户口服务Investor Account Service投资者户口持有人Investor Participant （IP）《投资者户口持有人规则》Terms and Conditions for Investor Participants《投资者与证券市场》【刊物】Investors and the Stock Market【publication】《投资者应知多点》【刊物】Know More About Your Investment【publication】投资级别investment grade投资理念investment philosophy投资组合portfolio投资组合经理portfolio manager投资对象investee投资管理研究联会Association for Investment Management and Research （AIMR）投资顾问investment adviser投资顾问委员会Investment Advisory Committee投标程序tender procedure折扣discount；haircut折扣经纪discount broker折算translation折旧depreciation折让discount折让经纪discount broker拋空short selling改良特别股份交易方法Enhanced Special Stock Trading Method 更正交易trade amendment更改财政年度结算日期change of year end每日平均交收效率daily average settlement efficiency每日交易活动及持仓报告【期货】Daily Trading Activity and Open Positions Summary Report【futures】每日回报标准差standard deviation of daily return每日按金daily margin每日按金要求daily margin call每日价格上限daily trading limit《每周港股统计数字》Weekly Hong Kong Stock Market Statistics每股有形资产净值net tangible assets per share每股盈利earnings per share （EPS）每股资产净值net asset value per share没有利益关系的股东disinterested shareholder没有预先借货的卖空活动naked short selling没有担保的卖空交易uncovered short selling私人户口交易指引personal account dealing guidelines 私人配售private placing私人密码personal identification number （PIN）私有化/ 私营化privatisation系列按金价值series margin value系统性风险systematic risk系统参数system parameter系统终止system closure系统整合商system integrator系统联通权system access right系统联通权收费【期权】System Access Right Fee【options】财务术语汇总2《防止洗黑钱修订指引》Revised Guidance Notes Regarding Money Laundering《亚太股市脉络》Regional Monitor亚洲证券分析家协会Asian Securities Analysts Federation亚太区中央证券存管处组织Asia-Pacific Central Securities Depository Group （ACG）亚太贷款市场协会Asia Pacific Loan Market Association亚太经济合作组织Asia Pacific Economic Cooperation （APEC）亚洲美元市场Asian dollar market亚洲美元债券Asian dollar bond亚洲货币世界（新加坡）有限公司Money World Asia Pte Limited亚洲开发银行Asian Development Bank （ADB）亚洲证券分析员公会Asian Securities' Analysts Council （ASAC）亚洲证券借贷协会Pan Asian Securities Lending Association （PASLA）?来回?期权交易"round trip" option transaction供股rights issue供款contribution供货商电子存盘系统Vendor Electronic Filing System （VEF）两用画面终端机dual mode terminal （DMT）两边客交易direct business；direct business transaction两边客买卖盘two-sided order两边开盘two-way quote到期/ 到期日maturity；expiry date到期月份expiry month到期收益率yield to maturity到期前有效买卖盘good-till-date order （GTD）制订系统规模system sizing制裁权power of sanction券面利率coupon；coupon rate协议安排/ 协议计划scheme of arrangement 取消交易【期权】trade reversals【options】取消交易合约【期权】reversal contract【options】取消前有效买卖盘good-till-cancelled order （GTC）受信人fiduciary受信责任fiduciary duty受益人beneficiary受托人trustee；fiduciary受监管之股份卖空活动regulated short selling受让人assignee；transferee垃圾债券junk bond委托存款designated deposit委派代表书proxy form定息按揭fixed-rate mortgage定期债券term bond定价模式pricing model?定镜?处理【计算机】snapshot【computer】延时信息delayed data往来账current account或有保费contingent premium或然负债contingent liabilities所有普通股指数All Ordinaries Index （AOI）所需回报率required rate of return房地产投资信托基金real estate investment trust （REIT）《房地产投资信托基金守则》Code on Real Estate Investment Trusts 承兑acceptance承兑行acceptance house承前【会计】brought forward【accounting】承配人placee承销underwrite承销商underwriter承办银行administering bank承让人assignee；transferee披露/ 披露事项disclosure披露权益disclosure of interests押记pledge抵押charge；pledge抵押安排security arrangement抵押品collateral；security抵押品资格collateral eligibility抵押债项secured debts抵押证券asset-backed securities （ABS）抵销set off?拆骨专家? asset stripper拆卖资产asset stripping招股书/ 招股章程prospectus招股价issue price招股机制offering mechanism招标发售offer by tender放宽利率管制deregulation of interest rates放宽管制deregulation服务业联会【香港总商会】Coalition on Service Industry【Hong Kong General Chamber of Commerce】东亚及大洋洲证券交易所联会East Asian and Oceanian Stock Exchanges Federation （EAOSEF）东南亚国家协会（东协）Association of South-East Asian Nations （ASEAN）东盟地区论坛ASEAN Regional Forum东盟自由贸易区ASEAN Free Trade Area （AFTA）武士债券samurai bond沽出未抵押期权naked option writing沽出备兑期权covered writing沽出认沽期权write a put option沽出认购期权write a call option沽空short selling沽盘sell order沽盘价ask price；asked price法人股【中国内地】legal person share【Mainland China】法定公益金【中国内地】statutory public welfare fund 【Mainland China】法定公积金【中国内地】statutory surplus reserve【Mainland China】法定股本authorised capital法定储备statutory reserve法律风险legal risk法律实体legal entity法团大股东具报书Corporate Substantial Shareholders Notification 泡沫经济bubble economy波幅volatility注入资产asset injection炒高价格ramping；price ramping争夺式收购contested takeover物业估值师property valuer物业增值税property gains tax狙击手【收购】predator；raider【takeover】直接存款/存账指示Direct Credit Instruction （DCI）直接扣款/扣账指示Direct Debit Instruction （DDI）直接纳入中央结算系统的新股direct stock admission【CCASS】直接结算direct clearing直接结算参与者Direct Clearing Participant （DCP）直通式交易程序straight-through processing直驳光纤dark fibre直线折旧法straightline method of depreciation空仓/ 空头bear position；short position《股市资料》Fact Book；Fact Sheet股市资料捐赠计划Stock Market Information Donation Programme股本share capital股本基数equity base股本价值value of equity capital股本证券equity securities股本权证equity warrant；subscription warrant （vs derivative warrant）股份化demutualisation股份代号stock code股份交收费stock settlement fee股份存入表格Stock Deposit Form股份存放费stock deposit fee股份收纳stock conversion股份有限公司joint stock company股份制demutualisation股份承押人stock pledgee股份承押人参与者【中央结算系统参与者】Stock Pledgee Participant【CCASS Participants】股份拆细split；stock split股份计划share scheme股份页【大利市机】stock page【Teletext】股份托管费stock custody fee股份提取费stock withdrawal fee股份结算费stock clearing fee股份认购权share option股份卖空试验计划Short Selling Pilot Scheme股份购回share repurchase《股份购回守则》Code on Share Repurchases股份转移日结单【中央结算系统】Daily Movement Statement【CCASS】股份转移报告【中央结算系统】Statement of Stock Movement【CCASS】股份权益share entitlements《股价敏感资料披露指引》Guide on disclosure of price-sensitive information 股东名册register of members；share register股东周年大会annual general meeting （AGM）股东特别大会extraordinary general meeting （EGM）股东贷款shareholder loan股东应占溢利profits attributable to shareholders股东权益equity interest股东权益小组【证监会】Shareholders Group 【SFC】股息率dividend yield股息单dividend warrant股票出借人stock lender股票承押人stock pledgee股票非流动化immobilisation of share certificate股票非实物化dematerialisation of share certificate股票按贷财务活动share margin financing股票借贷stock borrowing and lending股票借贷数额资料页【大利市】stock borrowing and lending position information page【Teletext】股票期货stock futures股票期权stock option；equity option股票期权系统Traded OPtions System （TOPS）股票期权参考教育站Stock Options Reference Educator （SCORE）股票期权从业员专业课程Professional Course for Equity Options Practitioners股票登记费scrip fee股票贷出户口Stock Lending Account股票归还stock return股价不动时回报standstill return股价敏感资料price-sensitive information股权equity interest；shareholding芝加哥交易所Chicago Board of Trade （CBOT）芝加哥商品交易所Chicago Mercantile Exchange （CME）芝加哥期权交易所Chicago Board Options Exchange （CBOE）近价盘about order金银业贸易场Chinese Gold and Silver Exchange Society金银证券交易所The Kam Ngan Stock Exchange金融大改革【英国】Big Bang【UK】金融工具financial instrument金融中介现象financial intermediation金融中介机构/团体financial intermediary金融市场financial market《金融市场检讨报告》Report on Financial Market Review金融行动专责委员会Financial Action Task Force （FATF）《金融服务法令》【英国】Financial Services Act【UK】金融服务网络FinNet金融租赁financial lease金融基建督导委员会The Steering Committee on the Enhancement of Financial Infrastructure金融期货financial futures金融机构financial institution金边证券gilt-edged securities长仓long position；bull position附加自动对盘终端机用家additional AMS terminal user附寄结单服务的股份独立户口【中央结算系统】Stock Segregated Account with Statement Service [CCASS]附带执行买卖盘【伦敦交易所】contingent order【LSE】附属公司subsidiary附属贷款subordinated loan?非上市可交易?股份"trading only" stocks非中介化disintermediation非市场庄家的交易non-market-making transaction非正常项目abnormal item非成立为有限公司的注册人士unincorporated registered person非即日平仓交易overnight trade非实时数据delayed data非受监管发行人unregulated issuer非所有者权益变动表statement of "non-owner movement in equity" 非金钱佣金soft commission非金钱利益soft-dollar benefits非执行董事non-executive director非常重大的收购事项very substantial acquisition非现货月恒生指数期货合约non-spot month Hang Seng Index futures contract非登记持有人non-registered holder非结算的期权买卖参与者/ 非结算参与者/ 【期权买卖】Non-Clearing Options Trading Participant；Non-Clearing Participant （NCP）【options trading】非经常项目extraordinary item非认可负债non-ranking liabilities非整手买卖盘round-lot-plus order保本信托基金guaranteed unit trust保本产品capital preservation product保本证Capital Protected Instrument （CPI）保值公债【中国内地】Public Debt （Inflation-Linked Subsidy）Treasury【Mainland China】保留意见qualified opinion财务术语汇总3保管人custodian保障安排security arrangement《保障投资者条例》Protection of Investors Ordinance 保险业监理专员Commissioner of Insurance保险业监理处Office of the Commissioner of Insurance 保荐人sponsor《保荐人标准守则》Model Code for Sponsors《保荐人声明》Sponsor's Declaration保荐经纪sponsoring broker保证warranty保证人guarantor保证金margin保证金客户margin client保证金保险范围比率margin coverage ratio保证金借贷活动margin financing保证金价值margin value保证金证券交易户口Margin Securities Trading Account保证金融资margin financing保证基金Guarantee Fund?保护偿付?规则【期权】Payout-Protection Rule【options】信心保证书comfort letter信用评级credit rating信息交流exchange of information 信托人trustee信贷credit信贷风险credit risk信贷评级credit rating信贷管制credit control信贷紧缩credit squeeze信贷额度credit limit前收市价previous closing price《宣誓及声明条例》Oaths and Declarations Ordinance 客户户口client account客户身分规则【证监会】Client Identity Rule【SFC】客户服务器结构client server architecture客户协议书/合约client's agreement客户按金client margin待转名股份"street name" share certificate后备资料复原软件file backup-restore macro后备联线通讯线路backup interactive line后进先出last in，first out （LIFO）后勤办公室back office恒生100 Hang Seng 100 （HS100）恒生中国内地流通指数Hang Seng Mainland Freefloat Index （HSMLFI）恒生中国内地综合指数Hang Seng Mainland Composite Index （HSMLCI）恒生中国企业指数（恒生国企指数）Hang Seng China Enterprises Index （HSCEI）恒生亚洲指数Hang Seng Asia Index （HSAI）恒生指数Hang Seng Index （HSI）恒生香港大型股指数Hang Seng HK LargeCap Index （HSHKLI）恒生香港小型股指数Hang Seng HK SmallCap Index （HSHKSI）恒生香港中型股指数Hang Seng HK MidCap Index （HSHKMI）恒生香港中资企业指数（中资企业指数）Hang Seng China-Affiliated Corporations Index （HSCCI）恒生香港流通指数Hang Seng HK Freefloat Index （HSHKFI）恒生香港综合指数Hang Seng Hong Kong Composite Index （HSHKCI）恒生伦敦参考指数Hang Seng London Reference Index （HSLRI）恒生流通50 Hang Seng Freefloat 50恒生流通中国内地25 Hang Seng Freefloat Mainland 25恒生流通香港25 Hang Seng Freefloat HK 25恒生流通综合指数Hang Seng Freefloat Composite Index （HSFCI）恒生信息科技指数Hang Seng IT Index （HSITI）恒生信息科技组合指数Hang Seng IT Portfolio Index （HSITP）恒生综合指数Hang Seng Composite Index （HSCI）恒生/富时亚洲大企业指数FTSE/Hang Seng Asiatop Index恒生/富时亚洲分类指数FTSE/Hang Seng Asian Sector Indexes恒生/富时指数系列FTSE/Hang Seng Indexes 恒指服务有限公司HSI Services Limited恒指国际有限公司HSI International Limited 恒指期货Hang Seng Index Futures恒指期权Hang Seng Index Options恢复买卖resumption of trading持有成本cost of carry持股人的分布情况spread of holders持仓position持仓上限/ 限额position limit持仓比例position ratio《持仓限额及大额未平仓合约的申报规定指引》【证监会】Guidance Note on Position Limits and Large Open Position Reporting Requirements【SFC】持仓限额比率position limit ratio持仓风险调整position risk adjustment持仓净额net position持仓类别【期权】tier【options】《持牌人胜任能力的指引》Guidance Note on Competence《持牌人进行持续培训的指引》Guidance Note on Continuous Professional Training持续专业培训课程Continuous Professional Training （CPT）持续净额交收continuous net settlement （CNS）持续责任continuing obligation；on-going obligation持续发售机制tap facility持续经营【会计】going concern【accounting】持续经营之业务continuing operation持续关连交易continuing connected transaction 持权成本【期权】cost of carry指引摘要Guidance Note指示价格indicative price指定分配【期权】assignment【options】指定百分比prescribed percentage指定银行designated bank指定证券designated securities指数加权移动平均方法exponentially-weighted moving average 指数套戥index arbitrage指数参与单位index participation unit指数掉期index swap指数期货index futures指数债券index bond指数预托证券index depository receipt；index share指数认购权证index call warrant指数权证index warrant按市价计值mark to market / mark-to-market按金margin按金比例margin ratio按金交易margin trading按金减免margin relief按金对销margin offset按揭贷款基准组合benchmark mortgage pool按揭贷款发放者mortgage loan originator按金间距margin interval按揭证券mortgage-backed securities按盘价nominal price故障包容fault tolerance?柏力克-舒尔斯?期权定价模式Black-Scholes option pricing model查访inspection visit查询公布资料【中央结算系统】Enquire Announcement Information【CCASS】查询交收指示未获配对原因【中央结算系统】Enquire Unmatched SI Reason【CCASS】?查询报失股票资料?功能【中央结算系统】Enquire Reported Lost Certificate 【CCASS】洗黑钱money laundering活跃业务纪录【创业板】active business pursuits【GEM】派送股份/红股bonus issue界面联系interfacing盈利earnings；profit盈利对利息倍数interest cover；interest coverage盈富基金Tracker Fund of Hong Kong （TraHK）盈余储备surplus reserve相互上市cross listing；dual listing相抵持仓offsetting position相对回报率relative return相对强弱指数Relative Strength Indicator （RSI）相联人associated person相关/指定资产underlying asset相关/指定证券underlying securities看跌股票挂钩票据Bear Equity Linked Instrument （Bear ELI）看涨股票挂钩票据Bull Equity Linked Instrument （Bull ELI）约务更替novation约价consideration纪律上诉委员会Disciplinary Appeals Committee纪律委员会Disciplinary Committee《纪律案例》Disciplinary Casebook《纪律处分程序手册》Handbook on Disciplinary Proceedings 纪律处分权力disciplinary power纪律程序disciplinary procedures红股bonus share红股发行bonus issue红筹股red chip美元总会计长【美国】Comptroller of the Currency【US】美式期权American style option美国本土债券Yankee bond美国全国证券交易商协会自动报价系统/ 美国纳斯达克证券市场National Association of Securities Dealers Automated Quotations （NASDAQ）美国存管信托公司Depository Trust Company （DTC）【US】美国商会American Chamber of Commerce （AMCHAM）美国国家经济研究局National Bureau of Economic Research【US】美国预托证券American depository receipt （ADR）美国联邦公开市场委员会Federal Open Market Committee （FOMC）美国联邦国家房屋贷款协会（房利美）Federal National Mortgage Association （Fannie Mae）美国证券交易所American Stock Exchange （AMEX）英伦银行Bank of England英格兰及威尔斯特许会计师公会Institute of Chartered Accountants in England and Wales （ICA England & Wales）英国公认会计师公会Chartered Association of Certified Accountants （ACCA）英国投资管理监管组织Investment Management Regulatory Organisation （IMRO）英国金融业管理局Financial Services Authority （FSA）【UK】衍生产品/ 衍生工具derivatives衍生产品及风险管理文凭课程Diploma Course in Derivatives and Risk Management衍生产品市场/ 衍生工具市场derivatives market衍生产品市场咨询小组Derivatives Market Consultative Panel衍生产品结算及交收系统Derivatives Clearing and Settlement System （DCASS）衍生权证derivative warrant要约offer计算按金程序margining process负债liabilities负债日indebtedness date财务术语汇总4负债比率debt-to-equity ratio重大交易major transaction重估revaluation重组reorganisation重置成本replacement cost重复认购multiple application重整账目restatement of accounts限制通知书restriction notice限制买卖期"black out" period限价盘limit order限价卖空规则tick rule面值face value；nominal value风险披露risk disclosure风险披露声明书【创业板】Risk Disclosure Statement【GEM】风险值value-at-risk风险容限risk tolerance风险容量appetite for risk风险参数risk parameter风险控制risk control风险排列方法risk array method风险排列按金制度risk array margining system风险排列算式risk array algorithm风险评估risk evaluation风险管理risk management；exposure management 风险管理委员会Risk Management Committee风险鉴别risk identification食价price cheating；scalping首次上市费initial listing fee首次公开招股initial public offering （IPO）首次公开招股之进度报告Initial Public Offerings Progress Report首次认购费front-end load首席交易员chief dealer香港上市公司商会Chamber of Hong Kong Listed Companies香港中央结算（代理人）有限公司HKSCC Nominees Limited香港中央结算有限公司（香港结算）Hong Kong Securities Clearing Company Limited （HKSCC）香港中央证券登记有限公司Computershare Hong Kong Investor Services Limited （CHIS）。