金融术语

央行术语
咨询轧差（advisory netting)：见状态轧差。

受保支付系统(assured payment system)(APS)：一种价值交换系统中的协议其中，及时完成一笔支付指令的结算，需要第三方(主要是银行、银行辛迪加或者清算所)不可撤销的和无条件的承诺支持。

参见价值交换结算系统。

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自动化清算所(automated clearing house)(ACH)：? 一种电子清算系统，在系统中支付指令，主要借助磁介质或者通过电信网络在金融机构之间进行交换并由数据处理中心处理。

参见清算。

自动柜员机(automated teller machine)(ATM)：? 一种可以让已授权的用户，主要利用机器可读的塑料卡，从其帐户提取现金并可向用户提供不同种类的其他服务诸如余额查询、资金转帐和接收存款的机电设备。

ATM可以以联机实时查询授权数据库或者脱机两种方式运行。

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银行汇票(bank draft)：? 在欧洲，该术语通常指一种由银行自身兑付的票据。

银行汇票由付方在银行购买并发送给收方，收方提交银行汇票给收方的开户银行，收方的开户银行对收方支付。

收方的开户银行再提交银行汇票给付方银行并由付方银行偿付。

在美国，该术语通常指由银行自身或者从其他银行兑付的汇票或者支票。

在银行本票中，银行既是出票人又是受票人。

在银行柜员支票中，一家银行是出票人，另一家银行是受票人。

银行汇票可能由银行按其自己的目的签发或者由客户购买并发送给收款人以清偿债。

批处理(batch)：? 一组支付指令和(或)证券转让指令以一个集合在处理点以不连续的时间间隔发送或处理。

受益所有权／权益(beneficial ownership/interest)：? 接收证券或其他金融票据的部分或全部所有权权益的权利(如收入、选举、转帐权)。

受益所有权通常区别于证券或金融票据的法定所有权。

参见法定所有权。

双边轧差结算系统(bilateral net settlement system)：? 它是一种结算系统，其参与者的双边轧差结算余额是在每对参与者之间进行结算的。

参见净贷记和借记余额。

双边轧差(bilateral netting)：? 双方之间对其双边债务进行轧差的协议。

协议包含的债务可能产生于金融合同或转帐交易或者同时产生于两者。

参见轧差，多边轧差，净额结算。

汇票(bill of exchange)：? 一种由出票人提交给受票人的书面票据，它要求受票人对出票人或出票人指定的人随时或在规定的日期支付一笔特定的数额。

广泛用于金融交易和(当在银行贴现时)获得信用。

参见个人汇票。

簿记系统(book entry system)：? 一种在没有票据或者证券实物移动的情况下，能够进行债权(即证券)转让的记帐系统。

参见无形化，停止流通。

批量转帐系统(bulk transfer system)：? 见零售转帐系统。

活期借款(call money)：? 是一种借款合同，该合同每天都被自动地重新续约，除非放款人或借款人表示希望资金在短时期内归还。

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资本风险(capital risk)：? 见本金风险。

最高限额(caps)：? 出于风险管理的目的，在营业日内对资金转帐或证券转让系统中的参与者可以发生的余额(借记或贷记余，它可能是净额或者全额)约定的量化限额。

最高限额可以由参与者根据他向系统中的其他参与者提供的双边信用来确定，即双边信用限额，或者由系统的经营者或管理转帐系统的机构在汇总一个参与者在系统中可能发生的净借记基础上确定，即发送方的净借记限额。

发送方的净借记限额，既可是有抵押的也可以是没有抵押的。

卡(card)：? 见提款卡、支票保付卡、芯片卡、信用卡、借记卡、延迟借记卡、预付卡、零售卡和旅行娱乐卡。

提款卡(cash card)：? 只在ATM或自动提款机上使用的卡(通常，其他的卡也有提款功能，它允许持卡人提取现金)。

自动提款机(cash dispenser)：? 允许客户，主要利用机器可读的塑料卡提取纸币，和在一些情况中也可提取硬币的电子机械设备。

参见ATM。

本票(casher’s cheque)：? 见银行汇票。

中央银行信用(流动性)贷款(central bank credit (liquility)
facility)：可由某些指定的中央银行帐户持有者(如银行)提用的常设的信用贷款。

在一些情况中，开户人可主动使用贷款，而在另一些情况中，中央银行可能保留一定程度的决定权。

借贷一般在往来帐户中以借款或者以证券抵押担保的透支形式(在一些欧洲国家也叫银行家借贷)或者以传统的票据再贴现形式出现。

中央证券托管(central security depository)：? 一种保管证券的服务，它使得证券的交易可以由簿记系统进行处理。

实物证券可以固定地由托管机构保管而不进行实物交割，或是实现证券的无形化(即证券都是以电子记录的形式存在)。

除了保管以外，中央证券托管可能还包含撮合、清算和结算功能。

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凭证(certificate)：? 表明发行者债权、债务或其他未清偿金融债务的实物票据。

链(chaining)：? 在一些转帐系统中(主要是证券系统)用于处理交易指令的方法。

该方法包括对处理转帐交易队列的控制(操纵)，以增加用可用资金和(或)证券往来余额(或可用信用和证券借贷额度)结算的转帐交易的数量和金额。

赊帐卡(charge card)：? 见旅行娱乐卡。

支票(cheque)：? 一种由出票人提交给受票人(通常是银行)的书面票据，它需要受票人对出票人或出票人所指定的人随时支付一笔特定的数额。

广泛用于清偿债务和从银行提取现金。

参见汇票。

支票保付卡(chque guarantee card)：? 作为支票担保制度的一部分而发行的卡。

这一功能也可和其他的功能，如提款卡或借记卡的功能结合在同一张卡中。

参见支票保付制。

支票保付制(cheque guarantee system)：? 一种对支票，主要是一定限额以内的支票进行担保的制度，商户既可根据对支票鉴发人发行的卡也可能通过商户可以访问的中央数据库确认。

确认后的支票由保付卡的发行者、付款人的开户行或者系统的经营者担保。

片卡(chip card)：? 也称IC(集成电路)卡或者智能卡。

在一张卡中包括用于识别、数据存储或特殊处理的一个或多个计算机芯片或集成电路，通常用于确认个人识别码(PIN)、购买授权、修改帐户余额和存储个人档案。

在一些情况中，当卡使用一次，卡的存储器就被更新一次，如更新帐户余额。

清算／票据交换(clearing/clearance)：? 清算是结算之前对支付指令或者证券转让指令进行发送、对帐和确认(在一些情况中)等处理，还可能包括指令轧差和产生结算的最终余额。

在证券市场中，这一过程常常是指票据交换(clearance)。

有时该术语包括(不准确)结算。

清算所(clearing house)：? 金融机构交换支付指令或者其他金融债务(即证券)的一个中心地点或者一种中央处理机制。

金融机构根据清算所的章程和办法在指定的时间交换要结算的凭证。

在一些情况中，清算所可能作为清算系统的重要订约方，或承担清算系统的金融或风险管理的责任。

参见清算／票据交换，清算系统。

清算所资金(clearing house funds)：? 该术语广泛用于美国某些金融市场，主要是指在接收日是临时的而在次日是确定的资金。

更特别地是，该词常常是指一些的清算所协定中，在结算清算处理中产生的债务时，由参与者交换的具有次日最终性的货币债权。

这种债权主要通过支票、汇票或其他类似的支付工具进行转帐。

清算系统(clearing system)：? 金融机构在同一地点(清算所)向其他的金融机构提交并与其他金融机构交换与资金或转帐证券转让相关的数据和(或)文件的一套做法。

这种做法经常也包含计算参与者的双边和/或多边轧差余额的机制，目的是便于在轧差或者净轧差的基础上进行金融机构之间债务的结算。

参见轧差。

比较(comparison)：? 见撮合。

确认(confirmation)：? 这一广泛使用的术语的特定内涵是市场参与者通知其订约方或者客户有关交易的详情，主要是让他们有时间对交易进行批准和询问。

代理银行(correspondent banking)：? 一家银行(代理)拥有其他银行(委托人)存款并对那些委托银行提供支付和其他服务的一种协议。

在一些国家中，这种协议也可称为代理关系。

在国际金融中，为外国委托银行保存的余额可以用来结算外汇交易。

相互代理的银行关系可能涉及到利用所谓的往来帐户来结算外汇交易。

订约方(counterparty)：? 一笔金融交易，诸如证券交易或外汇掉期协议中的对应方。

信用最高限额(credit caps)：? 见最高限额。

信用卡(credit card)：? 一种表明持卡人有一定信用额度的卡。

它使得持卡人能够在预定的最高限额内进行购买活动，还能够提取现金；提供的信用可以在规定日期末一次付清，或者只偿付一部分，同时保留部分延期信用余额。

任何延期的信用都要计息并且持卡人有时要交纳一笔年度费用。

信用卡公司(credit card company)：? 拥有特定信用卡商标的公司，并且也可能对利用卡服务的成员提供一系列的市场、处理或其他服务。

信用风险(credit risk/exposure)：? 交易中的订约方既不能在法定的时间内，也不能在法定时间以后的任何时间里全额结算其债务时所构成的风险。

在价值交换系统中，信用风险通常定义包括重置成本风险和本金风险。

信用转帐(credit transfer)：? 为把资金转给受益人由其使用支配而发出的一笔或者一个序列的支付指令。

支付指令及指令中所规定的资金都从付款人／发起者的开户行移交到受益人的开户行，这中间可能要通过若干家作为中介的其他银行，并有可能通过不止一个信用转帐系统来完成。

信用转帐系统(或直接转帐系统)(credit transfer system or giro system)：一种通过发送支付指令及指令中所记述的资金来实现信用转帐目的的系统。

跨国货币结算风险(或赫思塔特风险)(cross currency settlement risk or Herstatt risk)：? 见本金风险。

保管(custody)：? 为其他人保存和管理证券和金融工具。

日间信用(或日间透支、日间风险、日内信用)(daylight credit or daylight overdraft,
daylight exposure, intraday credit) ：? 一个营业日以内的信用；在日终结算的信用转帐系统中，假定接收了支付指令的机构接收了支付指令并且即使这家机构在营业日结算前不能收到最终资金也按指令的要求行动的话，它就在实事上心照不宣地提供了日间信贷。

借记最高限额(debit caps)：? 见最高限额。

借记卡(debit card)：? 使持卡人能够直接地从他在吸收存款的机构中开立的帐户对其购买活动进行付款的卡(有时还可能结合有其他的功能，例如具有提款卡或支票保付卡的功能)。

借记转帐系统(或借记托收系统)(debit transfer system or debit collection system)：? 它是一种资金转帐系统，其中由付款人生成的或者授权的借记托收指令从收款行转发到付款行并对付款人的帐户扣帐(借记)；例如，支票的转帐系统都是典型的借记转帐系统。

丧失清偿能力(default)：? 出于银行倒闭而非技术或临时性的原因，造成不能根据其合同条款完成资金转帐或证券转让的行为。

丧失清偿能力通常用来区分“失效交易”。

延迟借记卡(delayed debit card)：? 它是由银行发行的卡，持卡人可以在一定的已授权限额内赊支其帐户。

它让持卡人能够进行购买活动而不需增加其帐户的信用，发生的债务总额必须在一个特定的日期结算。

持卡人通常要交纳一笔年度费用。

删除(deletion)：? 一种机制，借此一些或全部发送给丧失清偿能力的参与者和由其提交的转帐指令都从结算进程中排除掉；在轧差机制中，其他参与者的双边、或多边轧差余额、或两者都要重新计算。

参见解退。

交割(delivery)：? 证券或金融工具的最终转让。

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付款交割方式(或DVP)(delivery versus payment system or DVP, delivery
against payment)：? 在价值交换结算系统中的一种机制，确保他方在并且
仅在他方的资产最终转让发生的同时发生本方的资产最终转让。

资产可能包括货
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高盛财经词典- 汉英对照T-Z
Tombstone Tombstone A situation in which one participant's gains
result only from another participant's equivalent
losses. The net change is always 0.
摊薄后每股盈利Diluted
Earnings Per
Share The earnings per share (EPS) if all convertible securities were exercised.
摊薄、减损Dilution A reduction in earnings per share of common stock.
Dilution occurs through the issuance of additional
shares of common stock or the conversion of
convertible securities.
摊销Amortization The paying off of debt in regular installments over
a period of time.
The deduction of capital expenses over a specific
period of time. Similar to depreciation, it is a
method of measuring the "consumption" of the value
of long-term assets like equipment or buildings.
弹性Elasticity A measure of sensitivity of one variable to
another. More specifically, the degree to which
consumers respond to price changes.
% Change in Quantity
￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣
% Change in Price
套汇Arbitrage The simultaneous purchase and selling of a
security in order to profit from a differential in
the price. This usually takes place on different
exchanges or marketplaces.?
套汇定价理论Arbitrage
Pricing Theory
(APT) An alternative to the CAPM, APT differs in its assumptions and explanation of risk factors associated with the risk of an asset.
套汇交易理论Arbitrage
Trading Program
(ATP) A program used to simultaneously place orders for stock index futures and the underlying stocks. The ATP attempts to exploit price variations (Market
Arbitrage).
套汇交易理论ATP A program used to simultaneously place orders for
stock index futures and the underlying stocks. The
ATP attempts to exploit price variations (Market
Arbitrage).
套汇债券Arbitrage Bond A lower-rate debt security issued by a
municipality prior to the call date of the
municipality's existing higher-rate security.
套现、货币化Monetize 1.To convert into money.
2.To convert from securities into currency
that can be used to purchase goods and
services.
特殊风险Specific Risk Risk that affects a very small number of assets.
This is sometimes referred to as "unsystematic
risk."
特殊功能公司SPV 1.Also referred to as a "bankruptcy-remote
entity" whose operations are limited to the
acquisition and financing of specific
assets. The SPV is usually a subsidiary
company with an asset/liability structure
and legal status that makes its obligations
secure even if the parent company goes
bankrupt.
2. A subsidiary corporation designed to serve
as a counterparty for swaps and other credit
sensitive derivative instruments. Also
called a "derivatives product company."
特殊功能公司Special Purpose
Vehicle 1.Also referred to as a "bankruptcy-remote
entity" whose operations are limited to the acquisition and financing of specific
assets. The SPV is usually a subsidiary
company with an asset/liability structure and legal status that makes its obligations secure even if the parent company goes
bankrupt.
2. A subsidiary corporation designed to serve
as a counterparty for swaps and other credit sensitive derivative instruments. Also
called a "derivatives product company."
特殊项目Exceptional
Item Charges incurred that must be noted upon a company's balance sheet according to GAAP principles. Even though these are considered to be a part of ordinary business charges, due to their sheer size or frequency, they must be accordingly disclosed.
特许协议Concession
Agreement A right granted by a government to a corporation. It specifies rules under which the company can operate locally.
提高平均价格Average Up The process of buying additional shares in a
company at higher prices than you originally
purchased. This brings the average price you've
paid for all your shares up.
天使投资者Angel Investor A financial backer providing venture capital funds
for small startups or entrepreneurs.
天灾债券Act of God Bond A bond issued by an insurance company, linking
principal and interest to the company's losses due
to natural disasters.
条例A Regulation A An SEC regulation that governs offerings of
$5,000,000 or less, which qualify for simplified
registration (an exemption).
条例D Regulation D An SEC regulation that governs private placement
exemption when there is no investment banker
involved.
条例FD Regulation FD
(Reg FD) A rule passed by the Securities and Exchange Commission in an effort to prevent selective disclosure by public companies to market professionals and certain shareholders.
The Reg FD rule reads as follows:
"Whenever an issuer, or any person acting on its behalf, discloses any material nonpublic information regarding that issuer or its securities to [certain enumerated persons], the issuer shall make public disclosure of that information... simultaneously, in the case of an intentional disclosure; and... promptly, in the case of a non-intentional disclosure."
条例G Regulation G The Federal Reserve Board regulation that governs
the extension of credit for securities
transactions by commercial lenders and
non-financial corporations.
条例M Regulation M An IRS regulation that allows regulated investment
companies to pass taxes from capital gains,
dividends, and interest distributions onto
individual investors.
条例Q Regulation Q A Federal Reserve Board regulation that limits the
interest rate banks can pay on savings deposits.
条例T Regulation T The Federal Reserve Board regulation that governs
customer cash accounts and the amount of credit
that brokerage firms and dealers may extend to
customers for the purchase of securities.
条款书Term Sheet A non-binding agreement setting forth the basic
terms and conditions under which an investment
will be made.
条例U Regulation U The Federal Reserve Board regulation that governs
loans by banks for the purchase of securities.
贴现窗Discount Window The location at the Federal Reserve where
financial institutions go to borrow money at the
discount rate.
贴现率、折让率Discount Rate 1.The interest rate that an eligible
depository institution is charged to borrow
short term funds directly from a Federal
Reserve Bank.
2.The interest rate used in determining the
present value of future cash flows.
贴现票据、折扣票据Discount Note An unsecured corporate debt that is issued at a
discount and matures at par. It is similar to a zero
coupon bond or T-bill. Discount notes give
institutional and retail investors convenient
choices with respect to the investment size and
maturity date for a short-term investment.
贴现现金流Discounted Cash
Flow (DCF) A method used to estimate the attractiveness of an investment opportunity.
贴现债券、折扣债
券
Discount Bond A bond that is valued at less than its face amount.
通货萎缩Deflation The rate at which the general level of prices for
goods and services is falling. The opposite of
inflation.
通货复涨、通货在膨胀Reflation An economic policy whereby a government uses
fiscal or monetary stimulus in order to expand a
country's output.
通用会计制度GAAP The common set of accounting principles,
standards, and procedures. GAAP is a combination
of authoritative standards (set by policy boards)
and the accepted ways of doing accounting.
通用会计制度Generally
Accepted
Accounting
Principles
(GAAP) The common set of accounting principles, standards, and procedures. GAAP is a combination of authoritative standards (set by policy boards) and the accepted ways of doing accounting.
同级诉讼Class Action An action where an individual represents a group
in a court claim. The judgment from the suit is for
all the members of the group (class).
投标、交换媒介Tender 1.To accept a formal offer, such as a takeover
bid or tender offer.
2.Means of settlement in a financial
transaction.
3. A bid to buy treasury bills.
4.Notice from a futures contract seller to
offer money or goods for settlement of a
futures contract.
投机Speculation The process of selecting investments with higher
risk in order to profit from an anticipated price
movement.
投票权Voting Right The right of a stockholder to vote on matters of
corporate policy making as well as on who will
compose the board of directors.
投票股票Voting Shares Shares that give the stockholder the right to vote
on matters of corporate policy making as well as
who will compose the members of the board of
directors.
投票信托Voting Trust A trust legally created in order to combine the
voting power of shareholders through the
transference of legal title and voting rights to
a designated trustee for a set duration.
投票信托协议Voting Trust
Agreement A contractual agreement detailing the specifics of the voting trust, including the name of its trustee, the effective timeframe, and the nature of its formation.
投资Investing The act of committing money or capital to an
endeavor (a business, project, real estate, etc.)
with the expectation of obtaining an additional
income or profit.
投资Investment An asset or item with value that is purchased for
income or capital appreciation.
投资持有量Position The amount of a security either owned (long
position) or borrowed (short position) by an
individual or by a dealer.
投资的现金流回报Cash Flow Return
on Investment
(CFROI)
A valuation model that assumes the stock market
sets prices based on cash flow, not on corporate
performance and earnings.
Cash Flow
￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣
￣￣￣￣￣￣￣￣￣
Market Value of Capital Employed
投资等级Investment
Grade 1.In the case of a stock, a firm that has a
strong balance sheet, considerable
capitalization, and is recognized as a
leader in its industry.
2.In the case of fixed income, a bond with a
rating of BBB or higher.
投资顾问Investment
Advisor An advisor, registered with the Securities and Exchange Commission, who manages the investments of others.
投资环境Investment
Climate The general economic conditions affecting the financial markets.
投资回报率ROI The profit or loss resulting from an investment
transaction, usually expressed as an annual
percentage return.
投资回报率Return On
Investment
(ROI) The profit or loss resulting from an investment transaction, usually expressed as an annual percentage return.
投资回收期Payback Period The length of time required to recover the cost of
an investment.
Calculated as:
Cost of Project
￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣
Annual Cash Inflows
All other things being equal, the better
investment is the one with the shorter payback
period.
投资媒体Investment
Vehicle
In general, any method by which to invest.
投资情绪指标Sentiment
Indicator A general term used to describe indicators that gauge investor attitudes towards the market.
投资缩减Disinvestment 1.Refers to the sale or liquidation of an asset
or subsidiary of an organization or
government. Also known as divestiture.
2. A reduction in capital expenditure, or when
a company decides to not replace depleted
capital goods.
投资性房地产Investment Real
Estate
Real estate that generates income.
投资银行IB (Investment
Bank) A financial intermediary that performs a variety of services. This includes underwriting, acting as an intermediary between an issuer of securities and the investing public, facilitating mergers and other corporate reorganizations, and also acting as a broker for institutional clients.
投资银行Investment Bank A financial intermediary that performs a variety
of services. This includes underwriting, acting as
an intermediary between an issuer of securities
and the investing public, facilitating mergers and
other corporate reorganizations, and also acting
as a broker for institutional clients.
投资银行家Investment
Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities.
投资者关系部Investor
Relations A department, present in most medium to large public companies, that provides investors with an accurate account of the affairs of the company. This helps investors to make informed buy or sell decisions.
投资者关系部IR A department, present in most medium to large
public companies, that provides investors with an
accurate account of the affairs of the company.
This helps investors to make informed buy or sell
decisions.
投资资金回报率ROIC A calculation used to determine the quality of a
company. The general definition for ROIC is as
follows:
Net Income - Dividends
￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣
Total Capital
投资资金回报率Return On
Investment
Capital (ROIC) A calculation used to determine the quality of a company. The general definition for ROIC is as follows:
Net Income - Dividends
￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣
Total Capital
投资组合保险Portfolio
Insurance A method of hedging a portfolio of stocks against the market risk by short selling stock index futures.
投资组合管理Portfolio
Management The art and science of making decisions about: investment mix and policy, matching investments to objectives, asset allocation for individuals and institutions, and balancing risk vs. performance.
投资组合经理Portfolio
Manager The person responsible for the investment of a mutual fund's assets, implementing its investment strategy, and managing the day-to-day portfolio trading.
投资组合收入Portfolio
Income Income from investments, including dividends, interest, royalties, and capital gains.
透支Overdraft An instant extension of credit from a lending
institution.
退出投资策略Exit Strategy The method that a venture capitalist or business
owner intends to use to get out of an investment
that he/she has made.
拖欠债务Delinquent A term describing the failure to meet required
obligations according to schedule.
外包Outsourcing A practice used by different companies to reduce
costs by transferring portions of work to outside
suppliers rather than completing it internally.
外币效应Foreign
Currency
Effects The extent to which the changes in a foreign currency affects the return on a foreign investment.
外部董事Outside
Director Any member of a company's board of directors who is not an employee or stakeholder in the company.
外国直接投资Foreign Direct
Investment
(FDI) An investment abroad, usually where the company being invested in is controlled by the foreign corporation.
外汇Forex The common term for the foreign exchange market.
Brokerage firms and banks are connected over an
electronic network that allows them to convert the
currencies of most countries.
外汇FX The common term for the foreign exchange market.
Brokerage firms and banks are connected over an
electronic network that allows them to convert the
currencies of most countries.
外汇率Exchange Rate The price of one country's currency expressed in
another country's currency. In other words, the
rate at which one currency can be exchanged for
another.
外在价值Extrinsic Value The difference between the option value and the
intrinsic value.
完全竞争Perfect
Competition
A market structure in which:
1.All firms sell an identical product.
2.All firms are price takers.
3.All firms have a relatively small market
share.
4.Buyers know the nature of the product being
sold and the prices charged by each firm.
5.The industry is characterized by freedom of
entry and exit.
网上银行Online Banking The performance of banking activities via the
Internet.
往后定价Back Pricing A method used in specific futures contracts
whereby the price of the commodity to be delivered
is priced by the purchaser at some future date
after entering into the position.
微观经济Microeconomics The study of the allocation of resources and the
distribution of income, and how they are affected
by the workings of government policies and the
price system.
微型市值股票Micro Cap Stock Micro cap refers to a company with a market
capitalization of between $50 million to $300
million.
围栏策略Ring Fence A strategy where an investor isolates a certain
amount of money from any outside risk. It is mainly
used by offshore investors.
委托人Trustor An individual or organization that gifts funds or
assets to others by transferring fiduciary duty to
a third party trustee that will maintain the assets
for the benefit of the beneficiaries
委托帐户、全权管理帐户Discretionary
Account
An account that allows a broker to buy and sell
securities without the client's consent.
违约风险Default Risk The risk that a company or individual will be
unable to pay the contractual interest or
principal on its debt obligations.
违约，未能履行合约Default 1.The failure to promptly pay interest or
principal when due.
2.The failure to perform on a futures contract
as required by an exchange.
未到价Out of the Money 1.For a call, when an option's strike price is
higher than the market price of the
underlying stock.
2.For a put, when the strike price is below the
market price of the underlying stock.
未来价值Future Value The value of an asset or cash at a specified date
in the future that is equivalent in value to a
specified sum today. There are two ways to
calculate FV:
1.For an asset with simple annual interest:
= Original Investment x (1+(interest
rate*number of years))
2.For an asset with interest compounded
annually:
= Original Investment x ((1+interest
rate)^number of years)
未实现收入Unearned
Revenue When an individual or company receives money for a service or product that has yet to be fulfilled.
未实现收益Unrealized Gain A profit that results from holding on to an asset
rather than cashing it in and using the funds
未实现损失Unrealized Loss A loss that results from holding on to an asset
rather than cashing it in and officially taking the
loss.
无抵押贷款Unsecured Loan A bank loan that is issued and supported only by
the borrowers creditworthiness, rather than by
some sort of collateral.
无抵押债权人Unsecured
Creditor A person or institution that lends money to a company or individual without holding collateral on the property for security. This puts the creditor in a higher risk situation
无对冲黄金股票指数BUGS Index Short for "basket of un-hedged gold stocks," the
BUGS index is the AMEX's index measuring gold
companies that do not hedge their gold production
beyond a year and a half.
无风险资产Risk-Free Asset An asset which has a certain future return.
Treasuries (especially T-bills) are considered to
be risk-free because they are backed by the U.S.
government.
无风险回报率Risk Free Rate
of Return The quoted rate on an asset that has virtually no risk.
无记名票据Floater A bond, or some other type of debt, whose coupon
rate changes with market conditions (short term
interest rates).
无形之手Invisible Hand Coined by Adam Smith in his 1776 book An Inquiry
into the Nature and Causes of the Wealth of
Nations. In his book he states:
Essentially Smith says that individuals try to
maximize their own good (and become wealthier),
and by doing so, through trade and
entrepreneurship, society as a whole will be
better off. Furthermore, any government
intervention in the economy isn't needed as the
invisible hand would best guide the economy.
无形资产Intangible
Asset An asset that is not physical in nature. E.g. goodwill
无追索权融资Non-Recourse
Finance A loan where the lending bank is only entitled to repayment from the profits of the project the loan is funding, not from other assets of the borrower.
无追索权债务Non-Recourse
Debt A loan that is secured by some sort of collateral, usually property. The issuer can seize the collateral if the borrower defaults.
五大工业国G-5 Five of the world's leading countries that meet
periodically to achieve a cooperative effort on
international economic and monetary issues.
五大工业国Group of Five
(G-5) Five of the world's leading countries that meet periodically to achieve a cooperative effort on international economic and monetary issues.
武士债券Samurai Bond A yen denominated bond that is issued in Tokyo by
a non-Japanese company.
兀鹫基金Vulture Fund A fund that buys securities in distressed
investments, such as high-yield bonds in (or near)
default or equities that are in (or near)
bankruptcy.
兀鹫投资者Vulture
Capitalist 1. A slang word for a venture capitalist who
deprives an inventor of control over their own innovations and most of the money they should have made from the invention.
2. A venture capitalist who invests in
floundering firms in the hopes that they will turn around.
息票Coupon The interest rate stated on a bond when it's
issued. The coupon is typically paid semiannually.
稀有Scarcity The basic economic problem, which arises from
people having unlimited wants while there are and
always will be limited resources. Because of
scarcity, various economic decisions must be made
to allocate resources efficiently.
洗黑钱Money
Laundering The process by which large amounts of money illegally obtained from drug trafficking, terrorist activity, or other serious crimes, is given the appearance of having originated from a legitimate source.
系统性风险Systematic Risk risk that influences a large number of assets.
下调评级Downgrade A negative change in the rating of a security.
下游Downstream Refers to oil and gas operations after the
production phase and through to the point of sale.
先进先出First In, First
Out (FIFO) An inventory management and valuation method where the products acquired first are the ones sold first.
先投资，后调查Invest, Then
Investigate An investment strategy where investors immediately purchase a stock and then do research and due diligence afterwards.
闲置时间Idle Time Unproductive time spent by employees due to
factors beyond their control.
现货Cash Commodity The term used to refer to the actual or physical
commodity underlying a futures contract.
现货即期价格Spot Price The current price at which a particular commodity
can be bought or sold at a specified time and place.
现货商品Spot Commodity A commodity traded on the spot market. That is,
with the expectation of actual delivery, as
opposed to a commodity future that is usually not
delivered.
现货市场Cash Market The market for a cash commodity or actual, as
opposed to its futures contract.
现货市场Spot Market 1. A commodities market in which goods are sold
for cash and delivered immediately.
2. A futures transaction which will expire in
1 month or less.
现金Cash Legal tender or coins that can be used in exchange
goods, debt, or services. Sometimes also including
the value of assets that can be converted into cash
immediately, as reported by a company.
现金的现金回报率Cash on Cash
Return
A rate of return often used in real estate
transactions. The calculation determines "cash
income" on "cash invested."
Annual Dollar Income
￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣
Total Dollar Investment
现金股息Cash Dividend Money paid to stockholders, normally out of the
corporation's current earnings or accumulated
profits. All dividends must be declared by the
board of directors, and are taxable income to the
recipients.
现金及现金等价物Cash And Cash
Equivalents
An element recorded on the balance sheet, it
reports the value of cash and its equivalents.。