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中文词句
144A 条例
English
Rule 144A
English Definitions
An SEC rule that modified a two-year holding period
requirement on privately placed securities by permitting
Qualified Institutional Buyers (QIBs) to trade these
positions among themselves.
18 定律
Rule of 18
A rule whereby the sum of the inflation rate and the P/E
ratio of the Dow Jones Industrial Average is an indicator
of the direction of the stock market. If the total is above
18, stocks are supposed to decrease. If the total is under
18, then the stock ma
1940 年投资公司法
Investment
Created in 1940 through an act of Congress, this piece of
Company Act of
legislation clearly defines the responsibilities and
1940
limitations placed upon fund companies that offer
investment products to the public.
72 定律
Rule of 72
A rule stating that in order to find the number of years
required to double your money at a given interest rate,
you divide the compound return into 72. The result is the
approximate number of years that it will take for your
investment to double.
APICS
APICS Business
A national manufacturing index that surveys several
（美国生产及库存控制协 Outlook Index
manufacturing firms on a monthly basis. If the index is
议）
above 50 it signals expansion, if it dips below 50 it
商业前景指数
indicates contraction.
CAMELS 评级制度
CAMELS Rating
An international bank-rating system with which bank
System
supervisory authorities rate institutions according to six
factors. The six areas examined are represented by the
acronym "CAMELS."
CEDEL
CEDEL
One of two principal clearing houses for Euromarket
securities.
Notice that the formula may also be written as: accounts
payable / (cost of sales/number of days).
Notice that the formula may also be written as: accounts
receivable / (credit sales/number of days).
Net Operating Income
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Total Debt Service
Net Income
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Shareholder's Equity
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The ROE is useful in comparing the profitability of a
company to other firms in the same industry.
Calculated as total tax paid divided by taxable income.
2. In the case of fixed income, a bond with a rating of
BBB or higher.
Operating cash flow is calculated through a series of
adjustments to net income. It can be found on the
statement of cash flows. ?
2. The difference between the swap rate and the lending
rate offered through other investment vehicles with
comparable characteristics.
GDP 平减数
GDP Deflator
An economic metric used to account for inflation by
converting output measured at current prices into
constant-dollar GDP. The GDP deflator shows how much
a change in the base year's GDP relies upon changes in
the price level.
GDP 差距
GDP Gap
The sacrificed output within a country's economy due to
the failure to create sufficient jobs for all those willing to
work.
H股
H-Shares
A share of a Chinese company listed on the Hong Kong
Stock Exchange.
一次性偿还
Bullet Repayment
A single payment for an entire loan amount that is paid at
maturity.
一次总付分配
Lump Sum
A one time payment for the entire amount due, rather
Distribution
than breaking payments into smaller installments. Some
lump-sum distributions receive special tax treatment.
一级资本
Tier 1 Capital
A term used to describe the capital adequacy of a bank.
Tier I capital is core capital, this includes equity capital
and disclosed reserves.
一般义务债券
General Obligation
A municipal bond backed by the credit and "taxing
Bond
power" of the issuing jurisdiction, rather than the revenue
from a given project.
一般折旧制度
General
The most commonly used system for calculating
Depreciation
depreciation. Personal property is depreciated using the
System
declining-balance method, which involves applying the
depreciation rate against the undepreciated balance.
七大工业国
Group of Seven
Seven of the world's leading countries that meet
(G-7)
periodically to achieve a cooperative effort on
international economic and monetary issues.
七大工业国
G-7
Seven of the world's leading countries that meet
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periodically to achieve a cooperative effort on
international economic and monetary issues.
二级市场
Secondary Market
A market in which an investor purchases an asset from
another investor, rather than an issuing corporation.
二级发行
Secondary Offering
A sale of securities in which one or more major
stockholders in a company sell all or a large portion of
their holdings. The underwriting proceeds are paid to the
stockholders, rather than to the corporation.
人寿保险
Life Insurance
A protection against the lost income that would result if
the insured were to pass away. The named beneficiary
receives the proceeds and is thereby safeguarded from
financial impacts of the death of the insured.
二级资本
Tier 2 Capital
A term used to describe the capital adequacy of a bank.
Tier II capital is secondary bank capital that includes
items such as undisclosed reserves, general loss
reserves, subordinated term debt, and more.
个人收入
Personal Income
An individual's total earnings coming from wages,
business enterprises, and various investments.
个人消费开支
PCE
Similar to CPI, PCE is a report (actually a part of the
personal income report) put out by the Bureau of
Economic Analysis of the Department of Commerce.
PCE is a measure of price changes in consumer goods
and services. It consists of the actual and imputed
expenditures of households, and includes data pertaining
to durables, non-durables, and services.
个人理财
Personal Finance
Financial planning for individuals. Generally, it involves
analyzing their current financial position, predicting
short-term and long-term needs, and recommending a
financial strategy. This may involve advice on pensions,
school fees, mortgages, life insurance, and investments.
子公司、附属公司
Subsidiary
A company owned by another company that controls
more than 50% of its voting stock.
上市公司
Public Company
A company that has issued securities through an offering
which are now traded on the open market.
上市证券
Listed Security
Securities that have been accepted for trading purposes
by a recognized and regulated exchange.
已充分反映实值
Fully Valued
A stock that has reached a price that accurately reflects
the strength of the company.
已动用资本回报率
Return On Capital
A ratio that indicates the efficiency and profitability of a
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Employed (ROCE)
company's capital investments.
Calculated as:
Earnings before interest and tax (EBIT)
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
(Capital employed + Short term borrowings Intangible assets)
已动用资本回报率
ROCE
A ratio that indicates the efficiency and profitability of a
company's capital investments.
Calculated as:
Earnings before interest and tax (EBIT)
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
(Capital employed + Short term borrowings Intangible assets)
已发行股票
Shares Outstanding The number of shares that are currently owned by
investors. This includes restricted shares (shares owned
by the company's officers and insiders) and shares held
by the public. Shares that the company has repurchased
are not considered outstanding stock.
大宗交易
Block Trade
The sale or purchase of a large quantity of securities.
广泛基础加权平均
Broad-Based
An anti-dilution provision used for the benefit of existing
Weighted Average
preferred shareholders when additional offerings are
made by the corporation. The broad-based weighted
average accounts for all equity previously issued and
currently undergoing issue.
广泛基础指数
Broad-Base Index
An index designed to reflect the movement of the entire
market.
下调评级
Downgrade
A negative change in the rating of a security.
子弹式交易
Bullet Trade
The act of purchasing an "in the money" put option so
that the buyer can capitalize on a bear market by
effectively shorting a stock without waiting for an uptick.
已售商品成本
COGS
An expense that reflects the cost of the product or good
that generates revenue for a company. Sometimes
referred to as "Cost of Sales."
已售商品成本
Cost of Goods Sold
An expense that reflects the cost of the product or good
(COGS)
that generates revenue for a company. Sometimes
referred to as "Cost of Sales."
下游
Downstream
Refers to oil and gas operations after the production
phase and through to the point of sale.
已解除债务的破产人
Discharge in
When a bankrupt person or company is legally free and
Bankruptcy
clear of any obligation to repay certain debts.
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已缴资本
Paid-Up Capital
The state of a settlement when all payment obligations
for a security has been completed.
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.
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.
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.
公开上市
Going Public
The process of selling shares that were formerly
privately-held to new investors for the first time.
开支比率
Expense Ratio
The percentage of the assets that were spent to run a
mutual fund. It includes things like management and
advisory fees, travel costs, and 12b-1 fees. The expense
ratio does not include brokerage costs for trading the
portfolio.
公开市场委员会
Federal Open
The body that sets the interest rate and credit policies of
Market Committee
the Federal Reserve System.
(FOMC)
公开市场委员会
FOMC
The body that sets the interest rate and credit policies of
the Federal Reserve System.
日历年
Calendar Year
公开发行价值
Public Offering Price The price at which new issues are offered to the public
(POP)
公开说明书
Prospectus
The year that begins January 1 and ends December 31
by an underwriter
1.
A formal legal document describing details of a
corporation. The prospectus is generally created
for a proposed offering (usually an IPO), but they
can still be obtained from existing businesses as
well. The prospectus includes company facts that
are vitally important to potential investors.
2.
In this case of mutual funds, a prospectus
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describes the fund's objectives, history, manager
background, and financial statements.
公开说明书定稿
Final Prospectus
A legal document stating the price of a newly issued
security, the delivery date, and other facts that are
important for investors.
公开资产
Public
Assets that can be traded in a public market, such as the
stock market.
无风险回报率
Risk Free Rate of
The quoted rate on an asset that has virtually no risk.
Return
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.
公开流通股票
Float
The total number of shares publicly owned and available
for trading. The float is calculated by subtracting
restricted shares from outstanding shares.
今天最低
Today's Low
The intra-day low trading price.
今天最高
Today's High
The intra-day high trading price.
开支
Expense
1.
Money spent by a firm to continue its ongoing
operations.
2.
Money spent or costs incurred that are
deductible and reduce your taxable income.
公司化、非共同化
Demutualization
The process of changing corporate structure from a
mutual fund company to some other form, such as a
limited liability or corporation.
公司、企业
Corporation
The most common form of business organization. The
total worth of the organization is divided into shares of
stock, each representing a unit of ownership. A
corporation is ongoing and the owners face only limited
liability.
不可买回
Non-Callable
Securities that cannot be called by the issuer prior to
maturity.
公平交易
Arms Length
When the buyers and sellers of a product act
Transaction
independently of each other and have no relationship to
each other.
公平价值
Fair Value
1.
The estimated value of all assets and liabilities
of an acquired company used to consolidate the
financial statements of both companies.
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2.
In the futures market, fair value is the equilibrium
price for a futures contract. This is equal to the
spot price after taking into account compounded
interest (and dividends lost because the investor
owns the futures contract rather than the physical
stocks) over a certain period of time.
水平价差
Horizontal Spread
An options strategy involving the simultaneous purchase
and sale of two options of the same type, having the
same strike price, but different expiration dates.
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.
无记名票据
Floater
A bond, or some other type of debt, whose coupon rate
changes with market conditions (short term interest
rates).
不可抗力
Force Majeure
Literally translated as "great force," this clause is
included in contracts to remove liability for unforeseen
events restricting participants from fulfilling obligations.
双头垄断
Duopoly
A situation in which two companies own all or nearly all
of the market for a given type of product or service.
开市前交易
Pre-Market Trading
Trading done before the regular market opens.
公司债券
Debenture
An unsecured debt backed only by the credit worthiness
of the borrower. There is no collateral, and the
agreement is documented by an indenture.
中央银行
Central Bank
A bank providing services for a country's government
and major commercial banks.
公司税
Corporate Tax
A levy placed on the profit of a firm; different rates are
used for different levels of profits.
公平意见
Fairness Opinion
An opinion developed by qualified analysts or advisors
with the purpose of providing key details and factual
proof to the decision makers of a merger or acquisition.
牛市
Bull Market
A market in which prices of a certain group of securities
are rising or are expected to rise.
毛收入
Gross Income
1.
For individuals, it is your total personal income
before deductions.
2.
For companies, it is their revenue minus cost of
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goods sold (also called gross margin).
内在价值
Intrinsic Value
1.
The value of a company or an asset based on
an underlying perception of the value.
2.
For call options, this is the difference between
the underlying stock's price and the strike price.
For put options, it is the difference between the
strike price and the underlying stock's price. In the
case of both puts and calls, if the difference
between the underlying stock's price and the strike
price is negative, the value is given as zero.
反向收购
Reversed takeover
1.
When a larger company is bought out by a
smaller company.
2.
The purchasing of a public company by a private
company.
反收购措施
Anti-takeover
Measures taken on a continual or sporadic basis by a
Measure
firm's management in order to prevent or deter unwanted
takeovers.
反收购法规
Anti-takeover
A set of state regulations that prevent or deter
Statute
companies from attempting hostile takeovers. These
regulations vary across state lines and typically affect
only the companies incorporated within the state.
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.
及时生产
Just In Time
A production strategy companies employ to increase
efficiency and decrease waste by producing goods only
as they are ordered or needed.
专利权
Patent
A government license that allows one exclusive rights to
a process, design, or new invention.
双谷经济衰退
Double Dip
When the gross domestic product (GDP) growth slides
Recession
back to negative after a quarter or two of brief positive
growth. In other words, a recession followed by a
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short-lived recovery, followed by another recession.
分级股票
Classified Shares
The separation of company equity into more than one
class of common shares, usually called "Class A" and
"Class B."
不良贷款
Bad Debt
A debt which is not collectable and therefore worthless to
the creditor.
不良贷款
NPL
Loans that are in default or close to being in default.
不良贷款
Non-Performing
Loans that are in default or close to being in default.
Loan
无形资产
Intangible Asset
An asset that is not physical in nature. E.g. goodwill
不良资产
Non-Performing
Any asset that is not effectively producing income.
Asset
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.
分拆上市
Carveout
1.
Sometimes known as a partial spinoff, a carve
out occurs when a parent company sells a minority
(usually 20% or less) stake in a subsidiary for an
IPO or rights offering.
2.
Where an established brick-and-mortar
company hooks up with venture investors and a
new management team to launch an Internet
spinoff.
认购不足
Undersubscribed
When the demand for a new issue of securities (IPO) is
less than the number of shares issued. This is
sometimes referred to as an underbooking.
分拆、出售资产
Divestiture
Refers to the sale of a subsidiary company, also called
"spin-off."
认股权证
Warrant
A derivative security that gives the holder the right to
purchase securities (usually equity) from the issuer at a
specific price within a certain time frame.
认股权证比重
Warrant Coverage
An agreement between a company and its shareholders
whereby the company issues warrants equal to some
percentage of the dollar amount of the shareholder's
investment.
认股权证溢价
Warrant Premium
The premium paid for the rights associated with a
warrant.
分拆收购
Unbundling
Taking over a large company with several different lines
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of business and retaining the core business while selling
off the subsidiaries to help fund the takeover.
分析员
Analyst
A financial professional that has expertise in evaluating
investments. They are typically employed by brokerage
firms, investment advisors, or mutual funds. Analysts put
together buy, sell, and hold recommendations on
securities. Analysts usually specialize in specific
industries or sectors to allow for comprehensive
research.
天使投资者
Angel Investor
A financial backer providing venture capital funds for
small startups or entrepreneurs.
开放性信贷
Open End Credit
A pre-approved loan that may be used repeatedly up to a
certain limit.
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
开放性基金
Open-End Fund
A mutual fund that continues to sell shares to investors,
and will buy back shares when investors wish to sell
日经指数
Nikkei
The leading and most respected index of Japanese
stocks.
订单积压
Backlog
The total value of sales orders waiting to be fulfilled.
反垄断法
Anti-trust
The antitrust laws apply to virtually all industries and to
every level of business, including manufacturing,
transportation, distribution, and marketing. They prohibit
a variety of practices that restrain trade. Examples of
illegal practices are price-fixing conspiracies, corporate
mergers likely to reduce the competitive vigor of
particular markets, and predatory acts designed to
achieve or maintain monopoly power.
比例税
Proportional Tax
An income tax that takes the same percentage of income
from everyone regardless of how much (or little) an
individual earns.
石油输出国组织、欧佩克 Organization of
An intergovernmental organization dedicated to the
Petroleum Exporting stability and prosperity of the petroleum market. OPEC
Countries (OPEC)
membership is open to any country that is a substantial
exporter of oil and shares the ideals of the organization.
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分拆
Demerger
A corporate strategy to sell off subsidiaries or divisions of
a company.
分拆
Spinoff
A new, independent company created through selling or
distributing new shares for an existing part of another
company.
分股
Stock Split
The division of a company's existing stock into more
shares. In a 2-for-1 split, each stockholder would receive
an additional share for each share formerly held.
以活动为基础的预算案
Activity Based
Method of budgeting in which activities that incur costs in
Budgeting
each function of an organization are established and
relationships are defined between activities. This
information is then used to decide how much resource
should be allocated to each activity.
以活动为基础的管理
互相争夺市场
双重收费
Activity Based
Using an activity-based costing system to improve the
Management
operations of an organization.
Market
The negative impact a new product has on the sales
Cannibilization
performance of a company's existing, related products.
Double Dipping
For brokerage firms, when a broker puts commissioned
products into a fee-based account. The broker makes
money from both the client and the commission.
双重征税
Double Taxing
A tax law that results in the same earnings being
subjected to taxation twice. A company's income is taxed
initially and then the shareholders and investors are
taxed on the distributions they receive from the company.
长城
Chinese Wall
A slang term for the division within a brokerage firm that
prevents insider information from being handed out by
corporate advisers to investment traders.
风险价值
Value at Risk (VAR) A technique for estimating the probability of portfolio
losses exceeding some specified price.
不能变现
Illiquid
An asset or security that cannot be converted into cash
very quickly (or near prevailing market prices).
升值
Appreciation
The increase in value of an asset.
风险
Risk
The chance that an investment's actual return will be
different than expected. This includes the possibility of
losing some or all of the original investment. It is usually
measured using the historical returns or average returns
for a specific investment.
风险资本
Risk Capital
The money that a person allocates to investments in high
risk securities
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风险资本要求
无追索权债务
Risk Based Capital
A stated requirement of liquid reserves placed upon
Requirement
banks and institutions that deal in risky ventures.
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.
无追索权融资
Non-Recourse
A loan where the lending bank is only entitled to
Finance
repayment from the profits of the project the loan is
funding, not from other assets of the borrower.
风险容忍度
Risk Tolerance
The degree of uncertainty that an investor can handle in
regards to a negative change in the value of their
portfolio.
风险调整贴现率
Risk Adjusted
In portfolio theory and capital budget analysis, the rate
Discount Rate
necessary to determine the present value of an uncertain
or risky stream of income; it is the risk-free rate
(generally the return on short-term U.S. Treasury
securities）plus a risk premium that is based on an
analysis of the risk characteristics of the particular
investment or project
风险调整回报率
Risk Adjusted
A measure of how much risk a fund or portfolio assumed
Return
to earn its returns. This is usually expressed as a number
or a rating.
风险调整资本回报率
Risk Adjusted
In financial analysis, riskier projects and investments
Return on Capital
must be evaluated differently from their riskless
(RAROC)
counterparts. By discounting risky cashflows against less
risky cashflows RAROC accounts for changes in the
profile of the investment.
内部回报率
IRR
Often used in capital budgeting, it's the interest rate that
makes net present value of all cash flow equal zero.
内部回报率
内部审计
Internal Rate of
Often used in capital budgeting, it's the interest rate that
Return (IRR)
makes net present value of all cash flow equal zero.
Internal Audit
An audit performed by a person (or persons) employed
by the firm being audited.
专营经纪人
Specialist
A person on the trading floor of certain exchanges who
holds an inventory of particular stocks. The specialist is
responsible for managing limit trades, but does not make
information on outstanding limit orders available to other
traders.
反通货膨胀
Disinflation
A slowing of the rate at which prices increase. Typically,
this occurs during a recession as sales drop and retailers
are not able to pass on higher prices to customers.
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气球型期权
Balloon Option
An option for which the notional payments increase
significantly after a set threshold is broken.
气球型期限
Balloon Maturity
1.
A repayment schedule for a bond issue where a
large number of the bonds come due at a one time
(normally at the final maturity date).
2.
A final loan payment that is considerably higher
than prior payments.
内部增长
Organic Growth
The growth rate of a company, excluding any growth
from takeovers, acquisitions, or mergers.
内部增长率
中等市值股票
Internal Growth
The highest level of growth achievable for a business
Rate
without obtaining outside financing.
Mid Cap Stock
Short for "Middle Cap," mid cap refers to stocks with a
market capitalization of between $2 billion to $10 billion.?
贝塔系数
Beta (Coefficient)
The measure of systematic risk of a security. Beta (or
beta coefficient) is a means of measuring the volatility of
a security or portfolio of securities in comparison with the
market as a whole.
Beta is calculated using regression analysis. A beta of 1
indicates that the security's price will move with the
market. A beta greater than 1 indicates that the security's
price will be more volatile than the market. A beta less
than 1 means that it will be less volatile than the market.
计量经济学
Econometrics
The application of statistical theories to economic ones
for the purpose of forecasting future trends.
中期股息
Interim Dividend
A dividend payment made before a company's AGM and
final financial statements. This declared dividend usually
accompanies the company's interim financial statements.
长期债券
Long Bond
A bond that matures in more than 10 years. When people
refer to "the long bond," this typically is the 30-year U.S.
treasury.
从属债务
Subordinated Debt
A loan (or security) that ranks below other loans (or
securities) with regard to claims on assets or earnings.
长期债务/总资本比率
Long Term
A ratio indicating the financial leverage of a firm. It is
Debt/Capitalization
calculated by taking a company's long term debt and
dividing by the capital available (the sum of long term
debt, preferred stock, and stockholders' equity).
长期债务
Long Term Debt
Loans and financial obligations, lasting over one year, on
which interest is paid.
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长期资产
Long Term Assets
1.
Reported on the balance sheet, it's the value of
a company's property, equipment, and other
capital assets, less depreciation.
2.
A stock, bond, or other asset that you plan on
holding in your portfolio for a lengthy period of
time.
长期债款、融资债务
Funded Debt
A long term debt that matures after more than one year.
专属基金
Captive Fund
A fund that provides investment services solely to the
one firm holding ownership.
分期偿还债务
Installment Debt
Debt issued with the condition of regularly occurring
intervals for payment by the debtor, until the principal
and interest are paid in full.
中期票据
MTN
A note that usually matures in 5-10 years.
中期票据
Medium Term Note
A note that usually matures in 5-10 years.
(MTN)
中期
Medium Term
Holding an asset for an intermediate period of time.
内幕人士
Insider
Any person who has or has access to valuable nonpublic
information about a corporation.
内幕交易
Insider Trading
The buying or selling of a security by insiders who
possess material, nonpublic information about the
security. The act puts insiders in breach of a fiduciary
duty or other relationship of trust and confidence.
少数权益
Minority Interest
A significant, but non-controlling, outside ownership
interest in a company/subsidiary that is consolidated with
the parent for financial reporting purposes
内幕消息
Insider Information
Material information about a company's activities that
has not been disclosed to the public.
反摊薄条款
Anti-dilution
A provision in an option or a convertible security. It
Provision
protects an investor from dilution resulting from later
issues of stock at a lower price than the investor
originally paid.
巴黎俱乐部
Paris Club
A monthly meeting, taking place in Paris, between the
creditors of 19 countries for the purpose of discussing
debt issues. Among other things, the Paris Club
addresses the issue of coordinated debt relief for
developing countries that cannot service their debt.
永久年金
Perpetuity
A constant stream of identical cash flows with no maturity
date.
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永久债券
Perpetual Bond
A bond with no maturity date. Perpetual bonds are not
redeemable, instead they pay a steady stream of interest
forever.
电子商贸
Ecommerce
When a person or business uses the Internet as part of
their business model.
出口
Export
In reference to international trade, these are goods
shipped from one country from another.
以公共福利为目的
Pro Bono
To work for the good of the public rather than for a profit
or income.
可见供应
Invisible Supply
Stocks of commodity that are available for delivery upon
futures contracts, but whose quantities cannot be
accurately identified.
可支配收入
Disposable Income
The amount of after-tax income that is available to divide
between spending and personal savings.
外币效应
可互换
Foreign Currency
The extent to which the changes in a foreign currency
Effects
affects the return on a foreign investment.
Fungibility
The interchangeability of listed options, futures contracts,
and other instruments dependent upon identical terms.
可互换物品
Fungibles
Goods, securities, or instruments that are equivalent
and, therefore, are interchangeable.
平仓
Close Position
Getting out of a position in a particular stock or security.
白皮书
White Paper
An informational document issued by companies trying
to promote or highlight the significance of a planned
product or service
出市代表、场内交易商
Floor Trader
An exchange member who executes transactions from
the floor of the exchange exclusively for their own
account.
必付合约
Take or Pay
A provision, written into a contract, whereby one party
has the obligation of either taking delivery of goods or
paying a specified amount.
半可变因素
Semi-Variable Cost
A cost composed of a mixture of fixed and variable
components. Costs are fixed for a set level of production
or consumption, becoming variable after the level is
exceeded.
业务重组
Restructuring
A major business modification, usually associated with
personnel downsizing and asset revaluation.
以市值计价
Mark to Market
(MTM)
1.
Recording the price or value of a security,
portfolio, or account to reflect the current market
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value.
2.
An accounting method that relates to how a
trader calculates their trading gains and losses,
and how these gains and losses are reported on
the trader's income tax returns.
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.
创业基金
Venture Capital
Venture capital funds pool and manage money from
Fund
investors seeking private equity stakes in small and
medium-size enterprises with strong growth potential.
创业基金投资者
Venture Capitalist
An investor who provides capital to either start-up
ventures or support small companies who wish to
expand but do not have access to public funding.
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
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.
外包
Outsourcing
A practice used by different companies to reduce costs
by transferring portions of work to outside suppliers
rather than completing it internally.
生产力
Productivity
A measure of the amount of output per unit of input.
生产毛利率
GPM
The difference between the cost of a raw commodity and
the income it generates once sold as a finished product.
生产毛利率
对冲比率
Gross Processing
The difference between the cost of a raw commodity and
Margin (GPM)
the income it generates once sold as a finished product.
Hedge Ratio
1.
A ratio comparing the amount you are hedging
with the size of the position being hedged against.
2.
A ratio comparing the value of futures contracts
purchased or sold versus the value of the cash
commodity being hedged against.
市价订单
Market Order
An order to buy or sell a stock immediately at the best
available current price. A market order guarantees
execution.
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市场风险
Market Risk
The day to day potential for an investor to experience
losses from fluctuations in securities prices.
市场风险溢价
可自由支配收入
加权平均总市值
Market Risk
The difference between the expected return on a market
Premium
portfolio and the risk-free rate.
Discretionary
The amount of an individual's income available for
Income
spending after the essentials have been taken care of.
Weighted Average
A stock market index weighted by the value of all shares
Market
outstanding for each stock.
Capitalization
加权平均资本成本
WACC
A calculation of a firm's cost of capital that weights each
category of capital proportionately. Included in the
WACC calculation are all capital sources including:
common stock, preferred stock, bonds, and any other
long term debt.
WACC is calculated by multiplying the cost of each
capital component by its proportional weighting and then
summing:
Where:
Re = cost of equity
Rd = cost of debt
E = the market value of the firm's equity
D = the market value of the firm's debt
V=E+D
E/V = percentage of financing that is equity
D/V = percentage of financing that is debt
Tc = the corporate tax rate
加权平均资本成本
Weighted Average
A calculation of a firm's cost of capital that weights each
Cost of Capital
category of capital proportionately. Included in the
(WACC)
WACC calculation are all capital sources including:
common stock, preferred stock, bonds, and any other
long term debt.
WACC is calculated by multiplying the cost of each
capital component by its proportional weighting and then
summing:
Where:
Re = cost of equity
Rd = cost of debt
E = the market value of the firm's equity
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D = the market value of the firm's debt
V=E+D
E/V = percentage of financing that is equity
D/V = percentage of financing that is debt
Tc = the corporate tax rate
可买回优先股
Callable Preferred
A type of preferred stock that carries the provision that
Stock
the issuer has the right to call in the stock at a certain
price and retire it.
可买回债券
Callable Bond
A bond that can be redeemed by the issuer prior to its
maturity. Usually a premium is paid to the bond owner
when the bond is called.
外在价值
Extrinsic Value
The difference between the option value and the intrinsic
value.
市场价值
Market Value
1.
The current quoted price at which investors buy
or sell a share of common stock or a bond at a
given time.
2.
Sometimes referred to as total market value, the
market capitalization plus the market value of debt.
生产价格指数
Producer Price
A family of indexes that measures the average change
Index (PPI)
over time in selling prices received by domestic
producers of goods and services. PPIs measure price
change from the perspective of the seller.
本年迄今
Year To Date (YTD) The period beginning January 1st of the current year up
until today's date
本年迄今
YTD
The period beginning January 1st of the current year up
until today's date
市场细分
Market
A marketing term describing the aggregating of
Segmentation
prospective buyers into groups (segments) that have
common needs and will respond similarly to a marketing
action
市场泡沫
Bubble
A speculative market or stock in which the values rise
very rapidly and then fall sharply.
正交易量指数
以价值为基础的定价
Positive Volume
An index that focuses on days where the volume has
Index (PVI)
significantly increased from the previous day's trading.
Value-Based Pricing A pricing strategy whereby a product's price is actively
dependant upon its demand.
可交换证券
Exchangeable
A security that grants its holder the right to exchange it
Security
for the common stock of a firm other than the issuer.
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市场套利
Market Arbitrage
Purchasing and selling the same security at the same
time in different markets to take advantage of a price
difference between the two separate markets.
可交换债务
Exchangeable Debt Similar to convertibles, except this type of debt can be
converted into the shares of a company other than the
issuer (usually a subsidiary).
以合理价格增长
Growth At A
GARP investing combines the two successful strategies
Reasonable Price
of value and growth investing. The name really says it all,
(GARP)
GARP investors look for a stock with growth potential,
but only if it is reasonably priced.
对冲基金
Hedge Fund
An aggressively managed portfolio taking positions on
safe and speculative opportunities. Most hedge funds
are limited to a maximum of 100 investors. For the most
part, hedge funds are unregulated because it is assumed
the people investing in these are very sophisticated and
wealthy.
市场情绪
Market Sentiment
The feeling or tone of a market. It is shown by the activity
and price movement of the securities.
市场增值
Market Value Added The difference between the market value of a company
(MVA)
(both equity and debt) and the capital contributed by
investors.
对冲
Hedge
Making an investment to reduce the risk of adverse price
movements in an asset. Normally, a hedge consists of
protecting a position in a related security.
市场
Market
1.
Typically refers to the equity market where
stocks are traded, but can also refer to the bond,
options, or commodity market.
2.
People with the desire and ability to buy a
specific product.
平价
Parity
A situation in an exchange market where all brokers
bidding for the same security have equal standing due to
identical bids.
半年
Semi-annual
An event that occurs twice in a calendar year.
申报不足
Under Reporting
An illegal practice where a person under states their
taxable income.
平均年度回报率
Average Annual
A figure used when reporting the historical return of a
Return
mutual fund. The AAR is stated after expenses have
been tallied, including administration fees, 12b-1 fees,
and others.
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平均年度增长率
平均价格
Average Annual
The average increase in the value of a portfolio over the
Growth Rate
period of a year.
Average Price
Sometimes used in determining a bond's yield to
maturity. A bond's average price is calculated by adding
its face value to the price paid for it and dividing the sum
by two.
Average price is also sometimes known as Net Asset
Value (NAV) for mutual funds.
平均价格出售期权
Average Price Put
A type of option where the payoff is either zero or the
amount by which the strike price exceeds the average
price of the asset.
平均价格买入期权权
Average Price Call
A type of option where the payoff is either zero or the
amount by which the average price of the asset exceeds
the strike.
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)
加快折旧
Accelerated
Any method of depreciation used for accounting or
Depreciation
income tax purposes that allows greater deductions in
the earlier years of the life of an asset.
平均时期
Average Life
An estimate of the number of terms to maturity, taking
the possibility of early payments into account. Average
life is calculated using the weighted average time to the
receipt of all future cash flows.
平均值
Mean
The simple mathematical average of a two or more
numbers.
印花税
Stamp Duty
An ad-valorem or flat rate charged upon certain
documents.
白武士
White Knight
A company that makes a friendly takeover offer for the
control of a target company that is being faced with a
hostile takeover from a separate party.
可延长债券
Extendable Bond
A bond issue with a maturity that can be extended to a
longer period at the option of the issuer.
记录日
Record Date
The date established by an issuer of a security for the
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purpose of determining the holders who are entitled to
receive a dividend or distribution
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.
本金、[企业]主要负责人、 Principal
1.
[交易]当事人
The amount borrowed or the amount still owed
on a loan, separate from interest.
2.
The original amount invested, separate from
earnings.
3.
The face value of a bond.
4.
The owner of a private company.
5.
The main party to a transaction, acting as either
a buyer or seller for his/her own account and risk.
可变成本
Variable Cost
A cost that changes in proportion to a change in a
company's activity or business.
以房地产抵押作担保的证 Mortgage Backed
An investment instrument that represents ownership of
券
an undivided interest in a group of mortgages. Principal
Securities
and interest from the individual mortgages are used to
pay principal and interest on the MBS.
可卖回债券
Put Bond
A bond that allows the holder to force the issuer to
repurchase the security at specified dates before
maturity. The repurchase price is set at the time of issue,
and is usually par value.
可变寿险保单
Variable Life
A life insurance contract that provides financial
Insurance Policy
compensation to the named beneficiaries in the event of
the insured's death. The insurance company guarantees
payment of a minimum amount plus an additional sum
according to the performance of a separate account,
usually invested in equities or other relatively
high-yielding securities.
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
以物易物
Barter
The process of trading goods and services without the
use of money.
古典经济学
Classical
Classical Economics refers to work done by a group of
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Economics
economists in the 18th and 19th centuries. They
developed theories about the way markets and market
economies work. The study was primarily concerned with
the dynamics of economic growth. It stressed economic
freedom and promoted ideas such as laissez-faire and
free competition.
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.
外国直接投资
可转换公司信用债券
可转换优先股
可转换次级票据
Foreign Direct
An investment abroad, usually where the company being
Investment (FDI)
invested in is controlled by the foreign corporation.
Convertible
Any type of debenture that can be converted into some
Debenture
other security.
Convertible
Preferred stock that can be converted into common stock
Preferred Stock
at the option of the holder.
Convertible
A short-term debt security (note), that can be changed
Subordinated Note
into common stock (convertible) and ranks below other
loans (subordinate).
可转换证券
Convertibles
Securities, usually bonds or preferred shares, that can be
converted into common stock. ?
可转换债券
Convertible Bond
bond that can be converted into a predetermined amount
of the company's equity at certain times during its life.
Convertibles are sometimes called CVs.
出账、销账
Charge Off
1.
A debt that is deemed uncollectable and written
off. Also known as a bad debt.
2.
A one time expense incurred by a company that
negatively affects earnings.
石油输出国组织、欧佩克 OPEC
An intergovernmental organization dedicated to the
stability and prosperity of the petroleum market. OPEC
membership is open to any country that is a substantial
exporter of oil and shares the ideals of the organization.
目标公司
Target Company
A firm that has been targeted by another firm for a
takeover.
市政可转换证券
目标价格
Municipal
A zero-coupon municipal bond that can be converted into
Convertible
an interest-bearing bond under certain circumstances.
Target Price
The projected price level as stated by an investment
analyst or advisor
世界贸易组织
WTO
An international organization dealing with the global rules
of trade between nations. Its main function is to ensure
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that trade flows as smoothly, predictably, and freely as
possible.
世界贸易组织
World Trade
An international organization dealing with the global rules
Organization (WTO) of trade between nations. Its main function is to ensure
that trade flows as smoothly, predictably, and freely as
possible.
市政债券
Municipal Bond
A debt security issued by a state, municipality, or county,
in order to finance its capital expenditures. Municipal
bonds are exempt from federal taxes and from most
state and local taxes, especially if you live in the state the
bond is issued.
市政债券基金
可持续增长率
Municipal Bond
A mutual fund that invests in municipal bonds, operating
Fund
either as an investment trust or as an open-end fund.
Sustainable Growth The maximum growth rate that a firm can sustain without
Rate
having to increase financial leverage.
Calculated as:
ROE x (1 - dividend-payout ratio)
本债比
Gearing
This is the ratio of long-term funds with fixed interest that
makes up a firm's capital.
龙债券
Dragon Bond
A bond that is issued in Asia, but the denomination of the
bond is in U.S. dollars.
市盈率
P/E Ratio
valuation ratio of a company's current share price
compared to its per-share earnings.
Calculated as:
Market Value per Share
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Earnings per Share (EPS)
EPS is usually from the last four quarters (trailing P/E),
but sometimes can be taken from the estimates of
earnings expected in the next four quarters (projected or
forward P/E). A third variation is the sum of the last two
actual quarters and the estimates of the next two
quarters. '
市盈率
Price-Earnings
valuation ratio of a company's current share price
Ratio
compared to its per-share earnings.
Calculated as:
Market Value per Share
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Earnings per Share (EPS)
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EPS is usually from the last four quarters (trailing P/E),
but sometimes can be taken from the estimates of
earnings expected in the next four quarters (projected or
forward P/E). A third variation is the sum of the last two
actual quarters and the estimates of the next two
quarters. '
市盈率与增长及股息比率 PEGY Ratio
A variation of the PEG ratio where a stock's P/E ratio is
divided by its projected earnings growth rate and
dividend yield.
市盈率与增长及股息比率 PEGY Ratio
A variation of the PEG ratio where a stock's P/E ratio is
divided by its projected earnings growth rate and
dividend yield.
市盈率与增长比率
PEG Ratio
A ratio used to determine a stock's value while taking into
account earnings growth. The calculation is as follows:
Price/Earnings Ratio
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Annual EPS Growth
市盈率与增长比率
PEG Ratio
A ratio used to determine a stock's value while taking into
account earnings growth. The calculation is as follows:
Price/Earnings Ratio
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Annual EPS Growth
代理人
Agent
1.
An individual or firm that places securities
transactions for clients.
2.
A person licensed by a state to sell insurance.
3.
A securities salesperson who represents a
broker-dealer or issuer when selling or trying to sell
securities to the investing public.
民营化
Privatization
The transfer of ownership from government owned to a
privately owned corporation.
出售认股权证
Put Warrant
A warrant that gives the holder the right to sell the
underlying share for an agreed price, on or before a
specified date.
代理问题
Agency Problem
When conflicts of interest rise between creditors,
shareholders, and management, because of differing
goals.
出售权
Put
1.
An option contract giving the owner the right, but
not the obligation, to sell a specified amount of an
underlying security at a specified price within a
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specified time.
2.
代理委托书
Proxy
he act of exercising a put option.
A formal document signed by a shareholder to authorize
another shareholder, or commonly the company's
management, to vote the holder's shares at the annual
meeting.
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.
GDP 平减数
GDP Deflator
An economic metric used to account for inflation by
converting output measured at current prices into
constant-dollar GDP. The GDP deflator shows how much
a change in the base year's GDP relies upon changes in
the price level.
本票
Promissory Note
A written, dated, and signed two-party instrument
containing an unconditional promise by the maker to pay
a definite sum of money to a payee on demand or at a
specified future date.
付款日期
Payment Date
The date on which a declared stock dividend is
scheduled to be paid.
付款代理人
Paying Agent
An agent who accepts payments from the issuer of a
security and then distributes the payments to the holders
of the security.
长期负债
Long Term
Recorded on the balance sheet, a company's liabilities
Liabilities
for leases, bond repayments, and other items due in
more than one year.
付款交割
Delivery Versus
A securities industry procedure in which the buyer's
Payment
payment for securities is due at the time of delivery.
Security delivery and payment are simultaneous.
加强信贷措施
白象
Credit
A method whereby a company attempts to improve its
Enhancement
debt or credit worthiness.
White Elephant
Any investment that nobody wants because it is a money
loser.
平稳期
Basing
A period in which a stock price has very little or no trend
resulting in a flat price pattern.
可磋商修改的
Negotiable
1.
A term relating to the price of a good or security
which is not firmly established.
2.
A term relating to a good or security whose
ownership is easily transferable from one party to
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平衡投资策略
Balanced
A portfolio allocation and management method aimed at
Investment Strategy balancing risk and return.
平衡基金
Balanced Fund
A mutual fund that invests its assets in the money
market, bonds, preferred stock, and common stock in an
attempt to provide both growth and income.
买入认股权证
Call Warrant
A warrant that gives the holder the right to buy the
underlying share for an agreed price, on or before a
specified date.
买入对冲
Buying Hedge
A transaction that commodities investors undertake to
hedge against possible increases in the prices of the
actuals underlying the futures contracts.
买入-出售价差
Put-Call Parity
The relationship between the price of a put and the price
of a call on the same underlying with the same expiration
date.
买入-出售比率
Put-Call Ratio
A ratio of the trading volume of put options to call
options. It is used to gauge investor sentiment.
买入并持有
Buy And Hold
An investing strategy where stocks are bought and held
for a long period regardless of fluctuations in the market.
收入回报率
Return On Revenue A measure of a corporation's profitability, calculated as
(ROR)
net income divided by revenue.
Net Income
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Revenue
压力测试
Stress Testing
Simulative techniques used on asset and liability
portfolios to determine their reactions to different
financial stresses.
尽力推销
Best Efforts
An underwriter's agreement to act as an agent between
an issuing company and investors.
买入期权
Call
An option contract giving the owner the right (but not the
obligation) to buy a specified amount of an underlying
security at a specified price within a specified time.
买入期权
Call Option
An agreement that gives an investor the right (but not the
obligation) to buy a stock, bond, commodity, or other
instrument at a specified price within a specific time
period.
买入
Buy
A recommendation to purchase a specific security.
收入
Income
Money received by a person or organization because of
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effort (work) or from return on investments.
后门上市/借壳上市
Back Door Listing
A strategy of going public used by a company that fails to
meet the criteria for listing on a stock exchange. To get
onto the exchange, the company desiring to go public
acquires an already-listed company.
交叉对冲
Cross Hedge
The act of hedging ones position by taking an offsetting
position in another good with similar price movements.
交叉代理人
Agency Cross
A trade that has only one agent acting for the buyer and
seller. Also known as "Dual Agency."
交叉交易
Cross
When a broker receives a buy and sell order for the
same stock at the same price, and subsequently makes
a simultaneous trade between two separate customers.
名义价值
Nominal Value
The stated value of an issued security that remains fixed,
as opposed to its market value, which fluctuates.
名义收益率
Nominal Yield
The interest rate stated on the face of a bond, it
represents the percentage of interest to be paid by the
issuer on the face value of the bond.
名义利率
Nominal Interest
The interest rate unadjusted for inflation.
Rate
名义股东
有上限期权
Dummy
A person who holds shares in his or her name, but the
Shareholder
shares are really owned by someone else.
Capped Option
An option with a pre-established profit cap. A capped
option is automatically exercised when the underlying
security closes at or above (for a call) or at or below (for
a put) the Option's cap price.
交叉持股
Cross Holding
When listed corporations own securities issued by other
listed corporations.
交叉基金
Crossover Fund
An investment fund that invests in both public and private
equity.
网上银行
Online Banking
The performance of banking activities via the Internet.
多元化
Diversification
A risk management technique that mixes a wide variety
of investments within a portfolio. It is designed to
minimize the impact of any one security on overall
portfolio performance.
多元化普通股资金
Diversified Common A mutual fund that invests its assets in a wide range of
Stock Fund
common stocks. The fund's objectives can be growth,
income, or a combination of both.
买方叫价
Ask (Price)
The price a seller is willing to accept for a security, also
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known as the offer price.
买方出价
Bid
1.
An offer by an investor, trader, or dealer to buy a
security.
2.
The price at which a market maker is willing to
buy a security.
买方出价
Bid Price
The price a buyer is willing to pay for a security.
买方市场
Buyer's Market
A market condition characterized by an abundance of
goods available for sale.
收支平衡点
Break Even Point
The point at which gains equal losses.
(BEP)
Or, the market price that a stock must reach for option
buyers to avoid a loss if they exercise. For a call, it is the
strike price plus the premium paid. For a put, it is the
strike price minus the premium paid.
优化改组
Rationalization
A reorganization of a company in order to increase its
efficiency. This reorganization may lead to an expansion
or reduction in company size, a change of policy, or an
alteration of strategy pertaining to particular products.
行为经济学
Behavioral
A field of economics that studies how the actual
Economics
decision-making process influences the decisions that
are reached.
行为金融学
Behavioral Finance
A field of finance that proposes psychology-based
theories to explain stock market anomalies. Within
behavioral finance it is assumed that the information
structure and the characteristics of market participants
systematically influence their investment decisions as
well as market outcomes.
买方垄断
Monopsony
Similar to a monopoly, but where a large buyer (not
seller) controls a large proportion of the market and
drives the prices down. Sometimes referred to as the
buyers monopoly.
地区股票交易所
买方
Regional Stock
Any exchange that resides beyond the country's main
Exchange
financial center.
Buy-Side
The investing institutions such as mutual funds, pension
funds, and insurance firms that tend to buy large portions
of securities.
自由不干预理论
Laissez Faire
An economic theory from the 18th century that is strongly
opposed to any government intervention in business
affairs.
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全民生产总值
GNP
An economic statistic which includes GDP plus any
income earned by residents from their overseas
investments, minus income earned within the domestic
economy by overseas residents.
全民生产总值
Gross National
An economic statistic which includes GDP plus any
Product (GNP)
income earned by residents from their overseas
investments, minus income earned within the domestic
economy by overseas residents.
企业自由现金流
成本协同效益
Free Cash Flow for
A firm's operating income less expenses, taxes, and
the Firm (FCFF)
changes in net working capital and investments.
Cost Synergy
In the context of mergers, cost synergy is the savings in
operating costs expected after two companies, who
compliment each other's strengths, join.
企业自我竞争
Corporate
An act of self-infringement upon market share by
Cannibalism
corporations through the issuance of new products. Also
known as "market cannibalization."
场外交易
Curb Trading
Trading that occurs outside of general market
regulations, commonly through computers or telephones
after the official exchanges have closed.
场外交易证券
OTC
A security which is not traded on an exchange, usually
due to an inability to meet listing requirements. For such
securities, brokers/dealers negotiate directly with one
another over computer networks and by phone. The
NASD carefully monitors their activities.
场外交易证券
Over-The-Counter
A security which is not traded on an exchange, usually
(OTC)
due to an inability to meet listing requirements. For such
securities, brokers/dealers negotiate directly with one
another over computer networks and by phone. The
NASD carefully monitors their activities.
企业价值
EV
A measure of a company's value. Calculated as market
capitalization plus debt & preferred shares, minus cash &
cash equivalents.
企业价值
Enterprise Value
A measure of a company's value. Calculated as market
capitalization plus debt & preferred shares, minus cash &
cash equivalents.
企业价值/EBITDA（企业 EV/EBITDA
A ratio used to determine the value of a company. The
倍数）
enterprise-multiple looks at a firm as a potential acquirer
would, because it takes debt into account - an item which
other multiples like the P/E ratio do not include.
Enterprise Value
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EBITDA
企业治理
Corporate
The relationship between all the stakeholders in a
Governance
company. This includes the shareholders, directors, and
management of a company, as defined by the corporate
charter, bylaws, formal policy, and rule of law.
红头招股书、公开说明书 Red Herring
A preliminary registration statement that must be filed
初稿
with the SEC or provincial securities commission. It
describes the issue (IPO) and the prospects of the
company. There is no price or issue size stated in the
Red Herring.
自由现金流
Free Cash Flow
A measure of how much cash a company has after
paying its bills for ongoing activities and growth.
创业项目
Venture
Generally refers to a risky start-up or enterprise
company.
企业重组
Reorganization
A process designed to revive a financially troubled or
bankrupt firm. A reorganization involves the restatement
of assets and liabilities, and communication with
creditors in order to make arrangements for maintaining
repayment.
行业类股
Sector
A particular group of securities that are in the same
industry.
创业资本
Venture Capital
Money and resources made available to startup firms
and small businesses with exceptional growth potential.
企业债券
Corporate Bond
A debt security issued by a corporation.
自由资金交易
Proprietary Trading
When a firm trades for direct gain instead of commission
dollars. Essentially, the firm has decided to profit from
the market rather than commissions from processing
trades.
企业倍数
Enterprise Multiple
A ratio used to determine the value of a company. The
enterprise-multiple looks at a firm as a potential acquirer
would, because it takes debt into account - an item which
other multiples like the P/E ratio do not include.
Enterprise Value
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
EBITDA
行业基金
Sector Fund
A mutual fund whose objective is to invest in a particular
industry or sector of the economy to capitalize on
returns.
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成本基础
Cost Basis
The purchase price after commissions or other
expenses. Cost basis is used to calculate capital gains or
losses when the security is eventually sold.
华尔街
Wall Street
1.
The street in New York where the NYSE is
located.
2.
The NYSE itself.
3.
Also the collective name for the financial
institutions in New York City. Including stock
exchanges, banks, commodity markets, money
markets, etc.
企业融资
Corporate Finance
Any financial or monetary activity that deals with a
company and its money.
行业
Industry
A category used to describe a company's primary
business activity, usually determined by the largest
source of a company's revenues.
灰市
Gray Market
1.
An unofficial market where new issues of shares
are bought and sold before they officially become
available for trading on the stock exchange.
2.
发行人
Issuer
The sale of goods by unauthorized dealers.
The entity, such as a corporation or municipality, that
offers (or proposes to offer) its securities for sale.
地产、厂房及设备
PP&E
PPE stands for property, plant, and equipment.
发行、上市
Flotation
The process of changing a private company into a public
company by issuing shares and soliciting the public to
purchase them.
存托公司
Depository Trust
One of the world's largest securities depositories, it holds
Company (DTC)
in excess of $10 trillion worth of securities in custody.
The DTC acts like a clearing house to settle trades in
corporate and municipal securities.
存托及结算机构
Depository Trust
Established in 1999, the DTCC is a holding company
and Clearing
consisting of 5 clearing corporations and 1 depository,
Corporation (DTCC) making it the world's largest financial services
corporation dealing in post trade transactions.
买回日期
Call Date
The date on which a bond can be redeemed before
maturity. If the issuer feels there is a benefit to
refinancing the issue, the bond may be redeemed on the
call date at par or at a small premium to par.
地产让与证书
Conveyance
A written instrument, such as a deed or lease, that
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transfers some ownership interest in real property from
one person to another.
合成出售期权
Synthetic Put
An investment strategy of short selling a security and
entering a long position on its call.
优先权
Preemptive Right
The right of a company's existing common shareholders
to have the first chance to purchase shares in a
company's future stock issuance.
优先权
Right Of First
In general, the right of a person or company to purchase
Refusal
something before the offering is made available to
others.
发行成本
Flotation Cost
The costs associated with the issuance of new securities.
机会成本
Opportunity Cost
The difference in return between a chosen investment
and one that is passed up.
合成有抵押债务
Synthetic
An artificial collateralized debt obligation that is backed
Collateralized Debt
by a pool of credit derivatives.
Obligation
买回收益率
Yield To Call
The yield of a bond or note if you were to buy and hold
the security until the call date. This yield is valid only if
the security is called prior to maturity. The calculation of
yield to call is based on the coupon rate, the length of
time to the call date, and the market price.
有价证券
安全投资转移
Marketable
Very liquid securities that can be converted into cash
Securities
quickly at a reasonable price
Flight to Quality
When investors move their capital to the safest possible
investment vehicle. It is usually caused by uncertainty in
the financial markets.
乐观投资者
Bull
An investor who thinks the market, a specific security, or
an industry will rise.
优先股
Preferred Stock
A class of ownership in a corporation with a stated
dividend that must be paid before dividends to common
stock holders. Preferred stock does not usually have
voting rights
全权委托指令
Discretionary Order
An order giving a broker the ability to decide when to
buy/sell securities at the best possible price for the
customer. Some discretionary orders place restrictive
terms to limit the amount of discretion the broker has.
共同拥有财产
Joint Owned
Any property held in the name of more than one person.
Property
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存托凭证
Depository Receipt
A negotiable financial instrument issued by a bank to
represents a foreign company's publicly traded
securities. The depository receipt trades on a local stock
exchange.
发行备忘录
发行说明书
Offering
A legal document stating the objectives, risks, and terms
Memorandum
of investment involved with a private placement.
Offering Circular
An abbreviated prospectus for a new security listing.
Delivered to individuals and brokerage houses, these
documents are issued to arouse interest in the new
issue.
合成租赁
Synthetic Lease
An operating lease that is structured in a way so that it is
not recorded as a liability on the balance sheet. Instead,
it is considered to be an expense on the income
statement.
合并套利
Merger Arbitrage
A hedge fund strategy whereby the stocks of two
merging companies are simultaneously bought and sold
to create a riskless profit. Merger arbitrageur look at the
risk of the deal not closing on time or at all. Because of
this slight uncertainty the target company's stock will
typically sell at a discount to the price that the combined
company has when the merger is closed.
协同效应
Synergy
Used mostly in the context of mergers and acquisitions,
synergy is the idea that the value and performance of two
companies combined will be greater than the sum of the
separate individual parts.
自动债券系统
Automated Bond
The electronic system on the NYSE that records bids
System (ABS)
and offers for inactively traded bonds. The system
continues to monitor until the bonds are cancelled or
executed.
共同债券
Joint Bond
A type of annuity that makes payments for the lifetime of
two or more beneficiaries
共同基金
Mutual Fund
A security that gives small investors access to a well
diversified portfolio of equities, bonds, and other
securities. Each shareholder participates in the gain or
loss of the fund. Shares are issued and can be redeemed
as needed. The fund's net asset value (NAV) is
determined each day. Each mutual fund portfolio is
invested to match the objective stated in the prospectus.
共同基金流动率
Mutual Fund
A ratio published monthly by the Investment Company
Liquidity Ratio
Institute that compares the amount of cash to assets held
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自动确认交易系统
Automated
An automated system designed to document and report
Confirmation
the clearing of trades in the Nasdaq market.
Transaction Service
(ACT)
买回溢价
Call Premium
1.
The dollar amount over the par value of a
convertible fixed income and debt security. This
amount is given to holders when the security is
called by the issuer due to the soft call provision.
2.
The amount the purchaser of a call option must
pay to the writer.
合并
Merger
The combining of two or more companies, generally by
offering the stockholders of one company securities in
the acquiring company in exchange for the surrender of
their stock.
先进先出
后进先出
First In, First Out
An inventory management and valuation method where
(FIFO)
the products acquired first are the ones sold first.
LIFO
A inventory management and valuation method whereby
products acquired last are the ones sold first.
后进先出
有条件买回条款
Last In First Out
A inventory management and valuation method whereby
(LIFO)
products acquired last are the ones sold first.
Provisional Call
A feature in a convertible issue that allows the issuer to
Feature
call the issue during the non-call period if the stock
reaches a certain price.
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).
次级证券
Junior Security
A security that ranks below others in regards to claim on
assets and income.
次级股票
Secondary Stock
A stock that is considered more risky than blue chips
because it has a smaller market capitalization.
1940 年投资公司法
Investment
Created in 1940 through an act of Congress, this piece of
Company Act of
legislation clearly defines the responsibilities and
1940
limitations placed upon fund companies that offer
investment products to the public.
再投资风险
Reinvestment Risk
The risk that future proceeds will have to be reinvested at
a lower potential interest rate.
先投资，后调查
Invest, Then
An investment strategy where investors immediately
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Investigate
purchase a stock and then do research and due
diligence afterwards.
有形资产净值
Net Tangible Assets Calculated as total assets minus intangible assets and
liabilities.
有形资产
Tangible Asset
An asset that has a physical form.
再投资
Reinvestment
Using dividends, interest, and capital gains earned in a
mutual fund investment to purchase additional shares,
rather than receiving the distributions in cash.
再投资率
Reinvestment Rate
The rate at which cash flows from fixed-income securities
may be reinvested
回报率
Return
The gain or loss for a security in a particular period,
consisting of income plus capital gains relative to
investment. It is usually quoted as a percentage.
夹层融资
Mezzanine
1.
Financing
A type of equity financing used in takeovers. It
uses preferred shares and convertible securities to
make a target firm larger.
2.
年报
Annual Report
Financing that combines debt and equity.
A corporation's annual statement of financial operations.
Annual reports include a balance sheet, income
statement, auditor's report, and a description of the
company's operations.
灰武士
Gray Knight
A second, unsolicited bidder in a corporate takeover. A
gray knight enters the scene in order to take advantage
of any problems between the first bidder and the target
company.
交易对手风险
Counterparty Risk
The risk to each party of a contract that the counterparty
will not live up to their contractual obligations.
行使、执行
Exercise
An action by a stockholder taking advantage of a
privilege offered by a company or other financial
institution. This includes warrants, options, and other
exotic financial instruments.
交易后估值
行使价格
Post-Money
The value of a company after external financing
Valuation
alternatives are added to its balance sheet.
Strike Price
The stated price per share for which underlying stock
may be purchased (for a call) or sold (for a put) by the
option holder upon exercise of the option contract.
机构证券
Agency Securities
Low risk debt obligations issued by enterprises that the
U.S. Government sponsors.
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机构投资者
Institutional Investor A non-bank person or organization that trades securities
in large enough share quantities or dollar amounts that
they qualify for preferential treatment and lower
commissions. Institutional investors face less protective
regulations because it is assumed that they are more
knowledgeable and better able to protect themselves
交易所
Exchange
An exchange is a market where securities, commodities,
options, and futures are traded.
交易所分销
Exchange
A trade made on the floor of a securities exchange,
Distribution
where a large block of shares traded actually represent
many buy and sell orders that have been pooled and
executed as one transaction.
交易所指数基金
Exchange Traded
A security that tracks an index but has the flexibility of
Fund
trading like a stock. Just like an index fund, an ETF
represents a basket of stocks that reflect an index. The
difference is that an ETF isn't a mutual fund - it trades
just like any other company on a stock exchange. Unlike
a mutual fund, which have their net asset value (NAV)
calculated at the end of each trading day, an ETF's price
changes throughout the day from buying and selling.
回购股份
Share Repurchase
A company's plan to buy back its own shares from the
marketplace, reducing the number of outstanding shares.
Typically, this is an indication that the company's
management thinks the shares are undervalued
机构经纪人预测系统
IBES
A system that gathers and compiles the different
estimates made by stock analysts on the future earnings
for the majority of U.S. publicly traded companies.
机构经纪人预测系统
交易单位、批
Institutional Brokers' A system that gathers and compiles the different
Estimate System
estimates made by stock analysts on the future earnings
(IBES)
for the majority of U.S. publicly traded companies.
Lot
In general, any group of goods or services making up a
transaction.
负抵押条款
Negative Pledge
A negative covenant in an indenture, it states that the
Clause
corporation will not pledge any of its assets if doing so
would give the lenders less security.
有抵押债务
Secured Debt
Debt backed or secured by collateral in order to reduce
the risk associated with lending.
有抵押票据
Secured Note
A bilateral lending agreement, the note represents a
contractual obligation to lend and borrow money at a
specified interest rate.
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交易前估值
有担保股票
Pre-Money
The value of a company before external financing
Valuation
alternatives are added to its balance sheet.
Guaranteed Stock
Common or preferred stock whose dividends are
guaranteed.
边际效用
Marginal Utility
The additional satisfaction obtained by a consumer from
consuming one more unit of a good or service.
买卖差价
Bid-Ask Spread
The amount that the ask price exceeds the bid.
机构债券
Agency Bonds
A bond issued by a government agency.
机构基金
Institutional Fund
A mutual fund targeting high value investors with low
fees, but high minimum requirements.
交易控制
Curb
A temporary restriction on program trading in a particular
security or market, usually to reduce dramatic price
movements.
负所得税
交易量、成交量
Negative Income
A taxation system where income subsidies are given to
Tax
persons or families that are below the poverty line.
Volume Of Trade
The number of shares or contracts traded in a security or
an entire market during a given period.
边际税率
Marginal Tax Rate
The amount of tax paid on an additional dollar of income.
As income rises, so does the tax rate.
收购溢价
Acquisition
The difference between the actual cost for acquiring a
Premium
target firm versus the estimate made of its value before
the acquisition.
收购
Acquisition
When one company purchases a majority interest in the
acquired.
年金
Annuity
A series of fixed-amount payments paid at regular
intervals over the specified period of the annuity.
后线
Back Office
Administration and support personnel in a financial
services company. They carry out functions like:
settlements, clearances, record maintenance, regulatory
compliance, accounting, etc.
收购
Buyout
The purchase of a company or a controlling interest of a
corporation's shares. A leveraged buyout is
accomplished with borrowed money or by issuing more
stock.
回购
Buy Back
1.
The buying back of shares by a corporation in
order to reduce the number of shares on the
market.
2.
The purchasing of shares previously sold short
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so the open position is closed.
收购
Takeover
When an acquiring company makes a bid for an
acquiree. If the target company is publicly traded, the
acquiring company will make an offer for the outstanding
shares.
年度化
Annualize
1.
Converting the rate of return from a period of
less than one year to an annual (yearly) basis.
2.
Converting the taxation period from less than
one year to an annual (yearly) basis.
负面风险
Downside Risk
An estimation of a security's potential to suffer a decline
in price if the market conditions turn bad.
有限合伙
Limited Partnership
Two or more partners formed to conduct a business
jointly, and in which one or more of the partners is liable
only to the extent of the amount of money they have
invested. Limited partners do not receive dividends, but
enjoy direct access to the flow of income and expenses.
负面发展的可能性
Downside
The potential dollar amount by which the market or a
stock could fall.
亚洲式期权
Asian Option
An option whose payoff depends on the average price of
the underlying asset over a certain period of time.
年度股东大会
Annual General
A mandatory yearly meeting of shareholders that allows
Meeting (AGM)
stakeholders to stay informed and involved with
company decisions and workings.
有限责任公司
LLC
A corporate structure whereby the shareholders of the
company have a limited liability to the firms actions.
有限责任公司
在建项目
Limited Liability
A corporate structure whereby the shareholders of the
Company (LLC)
company have a limited liability to the firms actions.
Work in Progress
Uncompleted work that has already incurred a capital
investment from the company.
负面契约
Negative Covenant
A bond covenant that prevents certain activities, unless
agreed to by the bondholders.
有限制股票
Restricted Stock
Insider holdings that are under some other kind of sales
restriction. Restricted stock must be traded in
compliance with special SEC regulations
再保险
Reinsurance
The process of insurance companies insuring
underwritten policies with other institutions in order to
offset exposure.
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收益
Gain
An increase in the value of an asset or property. The gain
is measured as the amount of capital from the sale of a
good realized in excess of the original purchase price.
负债
Liability
A legal debt or obligation estimated via accrual
accounting. Recorded on the balance sheet, current
liabilities are debts payable within one year, while
long-term liabilities are debts payable over a longer
period.
权益方
Stakeholder
One who has a share or an interest, as in an enterprise.
价格风险
Price Risk
The risk that the value of a security or portfolio of
securities will decline in the future.
负债比率
Debt Ratio
A ratio calculated by taking total debts and dividing by
total assets.
负债比率
Gearing Ratio
A general term given to leverage ratios that express the
capital for a firm.
价格目标
Price Target
The projected price level as stated by an investment
analyst or advisor.
价格回升
Rally
A rise in the prices of individual securities, bonds, or
indexes, following a period of flat or declining prices.
权益会计法
Equity Accounting
A method of accounting whereby a corporation will
document a portion of the undistributed profits for an
affiliated company that they own a position in.
合资企业、合资经营
Joint Venture
The cooperation of two or more individuals or businesses
in a specific enterprise, each agreeing to share profit,
loss, and control.
负债收购
LBO
A strategy involving the acquisition of another company
using borrowed money (bonds or loans). The acquiring
company uses its own assets as collateral for the loan in
hopes that the future cash flows will cover the loan
payments.
负债收购
Leveraged Buyout
A strategy involving the acquisition of another company
(LBO)
using borrowed money (bonds or loans). The acquiring
company uses its own assets as collateral for the loan in
hopes that the future cash flows will cover the loan
payments.
价格发现
Price Discovery
A method of determining the price for a specific
commodity through basic supply and demand factors
related to the market
有效收益率
Effective Yield
A bond's yield assuming that you reinvest the coupon
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(interest payments) once you've received payment.
负盈利
Negative Carry
A transaction where the cost of financing exceeds the
yield earned in a securities or financial futures position.
价值评估
Appraisal
发展阶段
Development Stage A company that is focusing a majority of its attention on
An opinion of value for a property or business.
research & development. Because attention is focused
on research, earnings are usually very small or nothing.
扣除利息及税项前盈利
EBIT
An indicator of a company's financial performance
calculated as:
Revenue - Expenses (excluding tax and interest)
扣除利息、税项及折旧前 EBITD
An indicator of a company's financial performance
盈利
calculated as:
Revenue - Expenses (excluding tax, interest, and
depreciation)
扣除利息、税项、折旧及 EBITDA
An indicator of a company's financial performance
摊销前盈利
calculated as:
Revenue - Expenses (excluding tax, interest,
depreciation, and amortization)
扣除利息、税项、折旧、 EBITDAR
An indicator of a company's financial performance
摊销及重组成本前盈利
calculated as:
Revenue - Expenses (excluding tax, interest,
depreciation, amortization, and restructuring costs)
价值投资
Value Investing
The process of selecting stocks that trade for less than
their intrinsic value. A value investor typically selects
stocks with lower than average price-to-book or
price-to-earning ratios.
全资拥有子公司
收益股票
Wholly Owned
A subsidiary whose parent company owns 100% of its
Subsidiary
common stock.
Income Stock
Stocks with a history of regular dividend payments that
contribute to the largest portion of the stock's overall
return.
价格波幅
Range
A stocks low price and high price for a particular trading
period, such as the close of a day's trading, the opening
of a day's trading, a day, a month, or a year.
合资格机构投资者
QIB
Primarily referring to institutions that manage at least
$100 million in securities including banks, savings and
loans institutions, insurance companies, investment
companies, employee benefit plans, or an entity owned
entirely by qualified investors. Also included are
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registered broker-dealers owning and investing, on a
discretionary basis, $10 million in securities of
non-affiliates.
合资格机构投资者
Qualified
Primarily referring to institutions that manage at least
Institutional Buyer
$100 million in securities including banks, savings and
(QIB)
loans institutions, insurance companies, investment
companies, employee benefit plans, or an entity owned
entirely by qualified investors. Also included are
registered broker-dealers owning and investing, on a
discretionary basis, $10 million in securities of
non-affiliates.
价差、息差
Spread
1.
The difference between the bid and the ask
prices of a security or asset.
2.
An options position established by purchasing
one option and selling another option of the same
class, but of a different series.
收益率
Yield

A measure of the income generated by a bond, it is
calculated as the amount of interest paid on a bond
divided by the price.

The rate of return on an investment, usually
expressed as an annual percentage rate.
收益基金
Income Fund
A mutual fund that seeks to provide stable current
income by investing in securities that pay interest or
dividends.
有息票债券
Coupon Bond
A debt obligation with coupons attached that represent
semiannual interest payments.
价值链
Value Chain
A high-level model of how businesses receive raw
materials as input, add value to the raw materials
through various processes, and sell finished products to
customers
有效期限
Effective Duration
A duration calculation for bonds with embedded options.
Effective duration takes into account that expected cash
flows will fluctuate as interest rates change.
有效税率
Effective Tax Rate
The rate a taxpayer would be taxed at if taxing was done
at a constant rate, instead of progressively.
全球一体化
Globalization
The tendency of world investment and business to move
from national and domestic markets to a worldwide
environment.
机械化投资
Mechanical
Buying and selling stocks based on criteria that meets
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Investing
the predetermined mechanical investing screen. This
screen usually ranks stocks using the central element of
relative strength or momentum, but other indicators can
also be used. Investors buy the top 5-10 stocks
according to this type of screening process.
后续发行
Follow-on Offering
An offering of additional shares after a company has had
an initial public offering.
后续发行
收盘后交易
Subsequent
An offering of additional shares after a company has had
Offering
an initial public offering (IPO).
After Hours Trading Trading after regular trading hours on the major
exchanges.
全球存托凭证
GDR
1.
A bank certificate issued in more than one
country for shares in a foreign company. The
shares are held by a foreign branch of an
international branch. The shares trade as domestic
shares, but are offered for sale globally through the
various bank branches.
2.
A financial instrument used by private markets
to raise capital denominated in either U.S. dollars
or Euros.
全球存托凭证
Global Depository
1.
Receipt (GDR)
A bank certificate issued in more than one
country for shares in a foreign company. The
shares are held by a foreign branch of an
international branch. The shares trade as domestic
shares, but are offered for sale globally through the
various bank branches.
2.
A financial instrument used by private markets
to raise capital denominated in either U.S. dollars
or Euros.
收盘、交易结束
Closing
1.
The end of a trading session. The closing price
is what's quoted in the newspaper.
2.
The final procedure in a home sale, documents
are signed and recorded. This is the time when the
property ownership is transferred.
扬基存款证
Yankee CD
A CD (Certificate of Deposit) issued in the U.S. market,
typically New York, by a branch of a foreign bank.
全球宏观策略
Global Macro
A hedge fund strategy that involves holding long and
Strategy
short positions in various equity, fixed income, currency,
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and futures markets. The holdings are based primarily on
overall economic (and political) views of various
countries (macroeconomic principles).
全球投资表现标准
Global Investment
Ethical standards to be used by investment managers for
Performance
creating performance presentations that ensure fair
Standards (GIPS)
representation and full disclosure of investment
performance results.
全球注册股票
价值股票
Global Registered
A share issued and registered in multiple markets around
Share
the world.
Value Stock
A stock that is considered undervalued by a value
investor. Common characteristics of such stocks include
a high dividend yield and low price-to-book ratio.
收盘铃
Closing Bell
A bell that rings to signify the end of a trading session.
收盘铃后
After The Bell
After the close of the stock market.
全球债券
Global Bond
Bonds that can be offered within the euromarket and
several other markets simultaneously.
扬基债券
Yankee Bond
Foreign bonds denominated in U.S. Dollars and issued in
the United States by foreign banks and corporations.
尽职调查
Due Diligence
1.
An investigation or audit of a potential
investment. Due diligence serves to confirm all
material facts in regards to a sale.
2.
Generally, due diligence refers to the care a
reasonable person should take before entering in
an agreement or transaction with another party.
全球基金
Global Fund
A mutual fund that can invest in companies located
anywhere in the world, including your own country.
负商誉
Negative Goodwill
A gain occurring when the price paid for an acquisition is
less than the fair value of its net assets.
关联人士
Affiliated Person
An individual who is in a position to influence the actions
of a corporation. This includes people such as directors,
executives, and owners.
交割文件
Delivery Instrument
A document that stands in lieu of the physical underlying
during the delivery of the futures contract.
交割月份
Delivery Month
The month in which a contract expires and delivery of the
underlying or cash is required for fulfillment.
关税及贸易总协定
General Agreement An agreement, signed in 1947, whose purpose was to
of Tariffs and Trade promote global trade between members through a
(GATT)
reduction in tariffs.
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交割日期
Delivery Date
1.
The final date by which the underlying
commodity for a futures contract must be delivered
in order for the terms of the contract to be fulfilled.
2.
The maturity date of a currency forward
contract.
自然失业
同等权利
Natural
The long-term sustainable rate of unemployment within
Unemployment
an economy.
Pari Passu
Two securities or obligations with equal rights to
payment. The term is Latin and translates to: "without
partiality."
交割、交货
Delivery
The act whereby an underlying commodity, security,
cash value, or delivery instrument covering the
commodity is tendered and received by the contract
holder.
交割价格
Delivery Price
A price for the delivery of underlying commodities upon
the expiration of futures contracts. This price is fixed by
clearing houses.
存款证
CD
A savings certificate entitling the bearer to receive
interest. A CD bears a maturity date, a specified interest
rate, and can be issued in any denomination. CDs are
generally issued by commercial banks.
存款证
Certificate Of
A savings certificate entitling the bearer to receive
Deposit (CD)
interest. A CD bears a maturity date, a specified interest
rate, and can be issued in any denomination. CDs are
generally issued by commercial banks.
存款、按金
Deposit
1.
A transaction involving a transfer of funds to
another party for safekeeping.
2.
A portion of funds that is used as security or
collateral for the delivery of a good.
伦敦银行同业拆放利率
LIBOR
This is the rate of interest at which banks borrow funds,
in marketable size, from other banks in the London
interbank market.
伦敦银行同业拆放利率
London Interbank
This is the rate of interest at which banks borrow funds,
Offer Rate (LIBOR)
in marketable size, from other banks in the London
interbank market.
仲裁
Arbitration
An informal hearing held regarding a dispute. The
dispute is judged by a group of people (generally three)
who have been selected by an impartial panel. Once a
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decision has been reached, there is no further appeal
process.
关税
Tariffs
A taxation imposed on goods and services imported into
a country. Also known as a "duty tax."
红筹公司
Red Chip
A company incorporated and listed in Hong Kong with
controlling Chinese shareholders.
羊群心理
Herd Instinct
Characterized by a lack of individuality, herd mentality is
associated with people thinking and acting like the
general population.
全新投资项目
多数股东
安静申请
Greenfield
When a company or government invests money to
Investment
construct a project in basic components.
Majority
A person or conglomerate who owns more than 50% of
Shareholder
the outstanding shares for a corporation.
Quiet Filing
The name given to an IPO filing where important details
are intentionally excluded. Sent to the SEC in order to
begin the process of issuing a new security, these details
must be submitted through amendments. This form of
filing generally takes longer than the conventional
methods.
关键规模
Critical Mass
A very important or crucial stage in a company's
development.
再融资
Refinance
1.
When a business or person revises their
payment schedule for repaying debt.
2.
Replacing an older loan with a new loan offering
better terms
私人公司
Private Company
A company whose ownership is private and, thus, do not
need to meet the strict SEC filing requirements of public
companies.
私人投资公开股票
Private Investment,
This is when a private investment or mutual fund buys
Public Equity (PIPE) common stock for a company at a discount to the current
market value per share.
私人股本
Private Equity
When equity capital is made available to companies or
investors, but not quoted on a stock market. The funds
raised through private equity can be used to develop new
products and technologies, to expand working capital, to
make acquisitions, or to strengthen a companyˇs balance
sheet.
纳入研究范围
Coverage Initiated
When a brokerage or analyst issues his/her first rating on
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a particular stock.
私人银行
Private Banking
Beyond just providing credit or managing investments,
private banking addresses your entire financial situation.
Services include everything from protecting and growing
your assets in the present, to planning retirement and
passing wealth on to future generations.
进口
Import
In reference to international trade, these are goods
brought into one country from another.
员工供款计划
Employee
A company sponsored retirement plan where employees
Contribution Plan
make deposits (contributions) to an account.
Contributions are deducted from employee's pay, and
some companies match payments.
劳工密集
Labor Intensive
A process or industry that requires large amounts of
human effort to produce goods.
证书
Certificate
Another name for stock, certificate actually refers to the
physical piece of paper representing ownership in a
company.
每日产量（桶）
Barrel's per Day
A statistic often used to determine output for oil
production.
汽车销售额
Auto Sales
The major producers of domestic automobiles report
sales monthly. These numbers are seasonally adjusted
by the U.S. Department of Commerce and are available
to the public one to five business days after the end of
each month.
财务
Finance
The science that describes the management of money,
banking, credit, investments, and assets.
过去 12 个月
LTM
A term used to describe financial results during the
period of the last 12 months.
过去 12 个月
Last Twelve Months A term used to describe financial results during the
period of the last 12 months.
技术分析
Technical Analysis
A method of evaluating securities by analyzing statistics
generated by market activity, such as past prices and
volume. Technical analysts do not attempt to measure a
security's intrinsic value. Technical analysts often use
charts to identify patterns that can suggest future activity.
财务代理
Fiscal Agent
An organization, such as a bank or trust company, that
takes responsibility for the fiscal duties of an unrelated
party.
财务会计
Financial
Reporting of the financial position and performance of a
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Accounting
firm through financial statements issued to external users
on a periodic basis.
财务会计标准委员会
即付年金
Financial
Designated as the organization for establishing
Accounting
standards of financial accounting and reporting. FASB
Standards Board -
standards govern the preparation of financial reports and
(FASB)
are recognized by the SEC.
Annuity Due
An annuity whose payment is to be made immediately,
rather than at the end of the period.
财务年度
Fiscal Year
Any 12-month period that a company uses for accounting
purposes.
财务规划
Financial Planner
An investment professional who assists individuals put
together a financial plan and coordinate various financial
activities.
财务表现
应付账款天数
Financial
A company's ability to generate new resources, from
Performance
day-to-day operations, over a given period of time.
Days Payable
A company's average payable period. Calculated as:
Outstanding (DPO)
折旧、贬值
Depreciation
1.
An expense recorded to reduce the value of a
long-term tangible asset. Since it is a non-cash
expense, it increases free cash flow while
decreasing the amount of a company's reported
earnings.
2.
A decrease in the value of a particular currency
relative to other currencies.
低市值公司
Small-Cap
Refers to stocks with a relatively small market
capitalization. The definition of small-cap can vary
among brokerages, but generally a company between
$300 million to $2 billion in market cap is considered a
small cap.
运用资本
Capital Employed
1.
The total amount of capital used for the
acquisition of profits.
2.
The value of all the assets employed in a
business.
寿司债券
Sushi Bond
3.
Fixed assets plus working capital.
4.
Total assets less current liabilities.
A Eurobond that is issued by a Japanese issuer and
does not count against a Japanese institution's limits on
the holdings of foreign securities.
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估价人
Assessor
A local government official who determines the value of a
property for taxation purposes.
两地上市
Dual Listing
The listing of a company's shares on more than one
stock exchange.
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.
纵向市场
Vertical Market
A focused market that is only able to meet the need of
one specific industry.
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.
纵向合并
Vertical Merger
A merger between two companies producing different
goods or services for one specific finished product.
低价交易
Downtick
A transaction on an exchange occurring at a price below
the previous transaction.
低价交易量
Downtick Volume
The share volume of a security that trades at a price
lower than its previous price.
库存、存货
Inventory
Inventory can be either raw materials, finished items
already available for sale, or goods in the process of
being manufactured. Inventory is recorded as an asset
on a company's balance sheet.
库存证券发行
Treasury Offering
The issuance of an additional class of security already
existing in a firm's treasury.
库存股
Treasury Stock
When a company repurchases its common stock and
holds this stock in the company's treasury.
财产转让
Disposition
Getting rid of an asset or security through a direct sale or
some other method.
折扣经纪人
Discount Broker
A stockbroker who charges a reduced commission, but
provides no investment advice.
库存周转率
Inventory Turnover
A ratio that shows how many times the inventory of a firm
is sold and replaced over a specific period.
Generally calculated as:
Sales
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Inventory
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However, it may also be calculated as:
Cost of Goods Sold
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Average Inventory
宏观经济
Macroeconomics
The field of economics that studies the behavior of the
economy as a whole.
纽约股票交易所
NYSE
A corporation, operated by a board of directors,
responsible for setting policies, supervising the stock
exchange and its member activities, and listing
securities. The NYSE also oversees the transfer of
members' seats on the Exchange, judging whether a
potential applicant is qualified to be a specialist.
纽约股票交易所
New York Stock
A corporation, operated by a board of directors,
Exchange
responsible for setting policies, supervising the stock
exchange and its member activities, and listing
securities. The NYSE also oversees the transfer of
members' seats on the Exchange, judging whether a
potential applicant is qualified to be a specialist.
纽约股票交易所综合指数 NYSE Composite
Index
Measures all common stocks listed on the New York
Stock Exchange and four subgroup indexes: Industrial,
Transportation, Utility, and Finance. The index tracks the
change in market value of NYSE common stocks,
adjusted to eliminate the effects of new listings and
de-listings. The market value of each stock is calculated
by multiplying its price per share by the number of shares
listed.
应收账款
Accounts
Money that is owed by customers.Having receivables
Receivable (AR)
means that the company has made the sale but has yet
to collect the money
应收账款天数
Days Sales
A company's average collection period. Calculated as:
Outstanding (DSO)
应收账款周转率
Receivable
An accounting measure used to quantify a firm's
Turnover Ratio
effectiveness in extending credit and success in
collection of debts.
应收账款净额
Net Receivables
A company's accounts receivable (money owed to the
company) minus any provisions for bad debts.
折扣、贴现
Discount
The difference between the lower price paid for a
security and the security's face amount at issue.
纯价格
Clean Price
完全竞争
Perfect Competition A market structure in which:
The price quoted for a bond excluding accrued interest.
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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.
低负债资产负债表
批发银行
Clean Balance
Referring to a company whose balance sheet has very
Sheet
little or no debt.
Wholesale Banking
Banking services between merchant banks and other
financial institutions.
来自营运现金流
Funds From
Used by real estate investment trusts (REITS) to define
Operations (FFO)
the cash flow from their operations. It is calculated by
adding depreciation and amortization expenses to
earnings, and sometimes quoted on a per share basis.
财产税
Property Tax
A tax assessed on real estate by the local government.
The tax is usually based on the value of property
(including the land) you own.
库存置存成本
纵向整合
Carrying Cost Of
The cost of maintaining inventory in a company's
Inventory
warehouse.
Vertical Integration
When a company expands its business into areas that
are at different points of the same production path.
财产
Property
A legally owned possession or real estate.
投机
Speculation
The process of selecting investments with higher risk in
order to profit from an anticipated price movement.
评级
Rating
1.
An evaluation of a corporate or municipal bond's
relative safety from an investment standpoint.
Basically, it scrutinizes the issuer's ability to repay
principal and make interest payments.
2.
An analyst's recommendation on whether to
buy, sell, or hold a specific stock.
杜邦分析
Du Pont Analysis
A method of performance measurement that was started
by the DuPont Corporation in the 1920s, and has been
used by them ever since. With this method, assets are
measured at their gross book value rather than at net
book value in order to produce a higher ROI.
初级市场
Primary Market
The market in which investors have the first opportunity
to buy a newly issued security.
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评估后价值
Assessed Value
The estimated value of real estate that is used for tax
purposes.
折余成本、已折旧成本
Depreciated Cost
Calculated by subtracting the amount of depreciation
claimed from the original cost of an asset.
评级机构
Rating Agency
A company, such as Moody's or Standard & Poor's, that
rates various debt and preferred stock issues for safety
of payment of principal, interest, or dividends
杜邦特性理论
Du Pont Identity
An expression breaking down return on equity (ROE) into
three parts: profit margin, total asset turnover, and
financial leverage.
The Du Pont identity tells us that ROE is affected by 3
things:

Operating efficiency (as measured by profit
margin)

Asset use efficiency (as measured by total asset
turnover)

Financial leverage (as measured by the equity
multiplier)
证券化
Securitization
The process of creating a financial instrument by
combining other financial assets and then marketing
them to investors.
证券分析员
Security Analyst
One who studies various industries and companies,
providing research reports and valuation reports.
Analysts make the buy, sell, and hold recommendations.
佣金行
Commission House
A brokerage or merchant firm which buys and sells
futures contracts for customer accounts.
每股自由现金流
Free Cash Flow per A measure of a company's financial flexibility. It is
Share
calculated as net income plus all non-cash expenses,
less dividends and capital expenditures. The total is then
divided by the number of shares outstanding.
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.
进取投资策略
Aggressive
A method of portfolio management that attempts to
Investment Strategy achieve maximum return. Aggressive investors place a
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higher percentage of their assets in equities than they do
in safer debt securities.
每股现金流
Cash Flow Per
Cash flow from operations minus preferred stock
Share
dividends, divided by the number of common shares
outstanding. This measures a firm's financial strength.?
证券担保
Government
A government debt obligation (local or national) backed
Security
by the credit and taxing power of a country with very little
risk of default.
坚定承诺
Firm commitment
1.
A lending institution's promise to enter into a
loan agreement with a specific entity, within a
certain period of time.
2.
An underwriter's agreement to assume all
inventory risk and purchase all securities directly
from the issuer for sale to the public at the price
specified.
每股资产净值
NAVPS
1.
In mutual funds, the value of a mutual fund
share. Calculated by dividing the total net asset
value of the fund by the number of shares
outstanding.
2.
In corporate valuations, the net asset value
divided by the number of shares outstanding.
每股资产净值
NAV per Share
1.
In mutual funds, the value of a mutual fund
share. Calculated by dividing the total net asset
value of the fund by the number of shares
outstanding.
2.
In corporate valuations, the net asset value
divided by the number of shares outstanding.
每股资产净值
Net Asset Value per
1.
Share
In mutual funds, the value of a mutual fund
share. Calculated by dividing the total net asset
value of the fund by the number of shares
outstanding.
2.
In corporate valuations, the net asset value
divided by the number of shares outstanding.
每股盈利
EPS
The portion of a company's profit allocated to each
outstanding share of common stock. Calculated as:
Net Income - Dividends on Preferred Stock
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Average Outstanding Shares
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Companies usually use a weighted average number of
shares outstanding over the reporting term.
每股盈利
Earnings Per Share The portion of a company's profit allocated to each
(EPS)
outstanding share of common stock. Calculated as:
Net Income - Dividends on Preferred Stock
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Average Outstanding Shares
Companies usually use a weighted average number of
shares outstanding over the reporting term.
呆账准备金
Allowance For
An estimation made by companies and documented on
Doubtful Accounts
their balance sheet for receivables that might go
uncollected.
证券借贷
Securities Lending
When a brokerage lends securities owned by its clients
to short sellers.
每股销售额
Sales Per Share
A ratio that computes the total revenue earned per share
over a 12-month period. It is calculated by dividing total
revenue earned in a fiscal year by the weighted average
of shares outstanding for that fiscal year.
佣金
Commission
A service charge assessed by an agent in return for
arranging the purchase or sale of a security or real
estate. The commission must be fair and reasonable,
considering all the relevant factors of the transaction.
Commissions vary widely from broker to broker.
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 A rule passed by the Securities and Exchange
FD)
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
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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.
条例 U
Regulation U
The Federal Reserve Board regulation that governs
loans by banks for the purchase of securities.
144A 条例
Rule 144A
An SEC rule that modified a two-year holding period
requirement on privately placed securities by permitting
Qualified Institutional Buyers (QIBs) to trade these
positions among themselves.
证券
Security
An instrument representing ownership (stocks), a debt
agreement (bonds), or the rights to ownership
(derivatives).
连带、共同
Jointly and
1.
Severally
A legal term describing a partnership wherein
individual decisions are binding against all parties
involved and thus undivided.
2.
A term used in underwriting syndicates to refer
to the distinct responsibility of individual
companies to sell a certain portion of unsold new
issue.
连带违约
Cross Default
A provisions in a bond indenture or loan agreement that
puts the borrower in default if the borrower defaults on
another obligation.
系统性风险
Systematic Risk
risk that influences a large number of assets.
财政政策
Fiscal Policy
Government spending policies that influence
macroeconomic conditions. These policies affect tax
rates, interest rates, and government spending, in an
effort to control the economy.
围栏策略
Ring Fence
A strategy where an investor isolates a certain amount of
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money from any outside risk. It is mainly used by
offshore investors.
利润中心
Profit Center
The branch or division of a company that creates profits
individually and separately from the main organization.
利润分成计划
Profit Sharing Plan
A plan wherein the employees get a share in the profits
of the company. The company decides what portion of
the profit will be shared. Each employee then receives,
into an account, a percentage of those profits based on
their earnings. There are typically restrictions as to when
and how you can withdraw these funds without penalties.
估值不足
Undervalued
A stock or other security that is trading below its
presumed value.
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
The profit or loss resulting from an investment
Investment (ROI)
transaction, usually expressed as an annual percentage
return.
利息、权益
Interest
1.
The charge for the privilege of borrowing money,
typically expressed as an annual percentage rate.
2.
The amount of ownership a stockholder has in a
company, usually expressed as a percentage.
估值折扣
Haircut
1.
The difference between prices at which a market
maker can buy and sell a security.
2.
The percentage by which an asset's market
value is reduced for the purpose of calculating
capital requirement, margin, and collateral levels.
投资组合
Portfolio
A group of assets, such as stocks, bonds, and mutuals,
that are held by an investor. To reduce their risk,
investors tend to hold more than just a single stock or
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other asset.
投资组合收入
Portfolio Income
Income from investments, including dividends, interest,
royalties, and capital gains.
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
The art and science of making decisions about:
Management
investment mix and policy, matching investments to
objectives, asset allocation for individuals and
institutions, and balancing risk vs. performance.
投资性房地产
Investment Real
Real estate that generates income.
Estate
投资的现金流回报
Cash Flow Return
A valuation model that assumes the stock market sets
on Investment
prices based on cash flow, not on corporate performance
(CFROI)
and earnings.
Cash Flow
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Market Value of Capital Employed
投资环境
Investment Climate
The general economic conditions affecting the financial
markets.
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.
投资持有量
Position
The amount of a security either owned (long position) or
borrowed (short position) by an individual or by a dealer.
估值较低的一次融资
Down Round
A round of financing where investors purchase stock
from a company at a lower valuation than the valuation
placed upon the company by earlier investors.
灾难债券
Catastrophe Bond
A high-yield debt instrument that is usually insurance
linked and meant to raise money in case of a catastrophe
such as a hurricane or earthquake. It has a special
condition that states that if the issuer (insurance or
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reinsurance company) suffers a loss from a particular
predefined catastrophe, then the issuer's obligation to
pay interest and/or repay the principal is either deferred
or completely forgiven.
投资资金回报率
Return On
A calculation used to determine the quality of a company.
Investment Capital
The general definition for ROIC is as follows:
(ROIC)
Net Income - Dividends
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Total Capital
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
利润预警
Profit Warning
When a company advises its earnings won't meet
analyst expectations.
利润率
Profit Margin
An indicator of profitability, It is calculated as net
earnings after taxes divided by revenues. Profit margin is
usually displayed as a percentage.
投资银行
IB (Investment
A financial intermediary that performs a variety of
Bank)
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.
投资情绪指标
Sentiment Indicator
A general term used to describe indicators that gauge
investor attitudes towards the market.
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.
应课税收入
Taxable Income
The amount of net income used in calculating income
tax.
应课税收益
Taxable Gain
投资等级
Investment Grade
The portion of a sale that is liable to taxation.
1.
In the case of a stock, a firm that has a strong
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balance sheet, considerable capitalization, and is
recognized as a leader in its industry.
投资媒体
Investment Vehicle
投资缩减
Disinvestment
In general, any method by which to invest.
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
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.
投资顾问
Investment Advisor
1.
A person making investment recommendations
in return for a flat fee or percentage of assets
managed, known as a commission.
2.
For mutual fund companies, it is the individual
who has the day-to-day responsibility of investing
and monitoring the cash and securities within the
fund's portfolio in order to achieve the fund's
objectives.
利润
Profit
The same as net income, it is the company's total
earnings less expenses.
估值
Valuation
The process of determining the current worth of an asset.
利率平价理论
Interest Rate Parity
A theory that the interest rate differential between two
countries is equal to the differential between the forward
exchange rate and the spot exchange rate.
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.
间接成本
Overhead
A reference in accounting to all costs not including or
related to direct labor, materials, or administration costs
补偿买进
Buy-In
When an investor is forced to repurchase shares
because the seller did not deliver the securities in a
timely fashion, or did not deliver them at all.
利率变动风险防范
Immunization
A strategy that matches the durations of assets and
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liabilities, thereby minimizing the impact of interest rates
on the net worth.
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
A contractual agreement detailing the specifics of the
Agreement
voting trust, including the name of its trustee, the
effective timeframe, and the nature of its formation.
迅速换手投资者
Flipper
A short-term investor or day trader who buys pre IPO
shares, swiftly spinning them out into public markets for a
quick profit.
利率
Interest Rate
The monthly effective rate paid (or received if you are a
creditor) on borrowed money. Expressed as a
percentage of the sum borrowed.
证券减值
Distressed
When a company is going through hard times and, as a
Securities
result, the market value of its securities or assets fall
substantially in value.
利率掉期
Interest Rate Swap
A deal between banks or companies where borrowers
switch floating-rate loans for fixed rate loans in another
country. These can be either the same or different
currencies.
财富 500
Fortune 500
An annual list of the 500 largest companies in the United
States. The list is compiled using the most recent figures
for revenue.
私募
Private Placement
Raising of capital via private rather than public
placement. The result is the sale of securities to a
relatively small number of investors.
条款书
Term Sheet
A non-binding agreement setting forth the basic terms
and conditions under which an investment will be made.
远期市场
Forward Market
A term used to describe the over-the-counter trading of
forward contracts.
远期合约
Forward Contract
A cash market transaction in which delivery of the
commodity is deferred until after the contract has been
made. Although the delivery is made in the future, the
price is determined at the initial trade date.
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即期交易
Spot Trade
The purchase and sale of a foreign currency or
commodity for immediate delivery.
远期价格
Forward Price
A predetermined price that makes a forward contract
worthless to both parties.
远期利率
Forward Rate
The amount that a currency, commodity, or some other
asset will cost to deliver sometime in the future.
远期利率协议
Forward Rate
A forward contract that determines an interest rate to be
Agreement (FRA)
paid or received on an obligation beginning at a start
date sometime in the future.
纳斯达克市场、国家证券 Nasdaq
Created in 1971, the Nasdaq was the world's first
经纪商协会自动报价系统
electronic stock market. The Nasdaq is a computerized
system that facilitates trading and provides price
quotations on some 5,000 of the more actively traded
over-the-counter stocks.
纳斯达克全国市场
Nasdaq-NM
The Nasdaq National Market consists of over 3000
companies that have a national or international
shareholder base, meet stringent financial requirements,
and agree to specific corporate governance standards.
纳斯达克全国市场
Nasdaq National
The Nasdaq National Market consists of over 3000
Market Securities
companies that have a national or international
shareholder base, meet stringent financial requirements,
and agree to specific corporate governance standards.
防御性投资
Defensive Buy
An investment that is an attractive buy because it is low
risk, not because of its return potential.
防御性投资策略
Defensive
A method of portfolio allocation and management aimed
Investment Strategy at minimizing the risk of losing principal. Defensive
investors place a high percentage of their investable
assets in bonds, cash equivalents, and stocks that are
less volatile than average.
过渡贷款
Bridge loan
A short-term loan that is used until a person or company
can secure permanent financing.
财富效应
The Wealth Effect
The "wealth effect" refers to the propensity of people to
spend more if they have more assets. The premise is
that when the value of equities rises, so does our wealth
and disposable income. Therefore, we feel more
comfortable about spending.
财富效应
Wealth Effect
The "wealth effect" refers to the propensity of people to
spend more if they have more assets. The premise is
that when the value of equities rises, so does our wealth
and disposable income. Therefore, we feel more
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comfortable about spending.
每普通股账面价值
Book Value Per
A measure used by owners of common shares within a
Common
firm to determine the level of safety associated with each
individual share after all debts are paid accordingly.
即期票据
Demand Note
A loan with no fixed term or set duration of repayment. It
can be recalled upon the lenders request, assuming the
notice required by the provisions of the loan are met.
远期掉期
Forward Swap
A swap agreement created through the synthesis of two
different swaps, differing in duration, for the purpose of
fulfilling the specific timeframe needs of an investor.
财富管理
Wealth
A professional service which is the combination of
Management
financial/investment advice, accounting/tax services, and
legal/estate planning for one fee.
财富增值指数
Wealth Added Index Designed by the Steward Stern & Co. consulting firm,
(WAI)
this index measures wealth intuitively as returns
exceeding shareholder's cost of capital.
过渡融资
Bridge financing
method of financing, used by companies before their
IPO, to obtain necessary cash for the maintenance of
operations.
闲置时间
Idle Time
Unproductive time spent by employees due to factors
beyond their control.
告慰函、安慰函
Letter of Comfort
A letter issued to a lending institution by a parent
company acknowledging the approval of a subsidiary
company's attempt for financing.
抗鲨措施
Shark Repellent
Any number of measures taken by a corporation to
discourage an unwanted takeover attempt.
均衡
Equilibrium
The state where market supply and demand balance
each other and, therefore, prices are stable.
单一业务
Pure Play
A company devoted to one line of business, or a
company whose stock price is highly correlated with the
fortunes of a specific investing theme or strategy.
转亏为盈、市道转好
Turnaround
When the poor performance of a company, market, or
the economy experiences a positive reversal.
净亏损、净损失
Net Loss
When a person or company's expenses exceeds the
income produced.
武士债券
Samurai Bond
A yen denominated bond that is issued in Tokyo by a
non-Japanese company.
审计
Audit
1.
An unbiased examination and evaluation of the
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financial statements of an organization. It can be
done internally (by employees of the organization)
or externally (by an outside firm).
货币
Currency
Money circulated within an economy, including coins and
paper notes.
非中介化
Disintermediation
1.
In finance, withdrawal of funds from intermediary
financial institutions, such as banks and savings
and loan associations, in order to invest them
directly.
2.
Generally, removing the middleman or
intermediary.
延长风险
Extension Risk
The risk of a security lengthening in duration due to the
deceleration of prepayments.
卖方市场
Seller's Market
A market condition characterized by a shortage of goods
available for sale.
货币市场
Money Market
The securities market dealing in short-term debt and
monetary instruments. Money market instruments are
forms of debt that mature in less than one year and are
very liquid.
货币市场账户
Money Market
A savings account that offers the competitive rate of
Account
interest (real rate) in exchange for larger than normal
deposits.
国内生产净值
Net Domestic
An annual measure of the economic output of a nation,
Product
adjusted to account for depreciation. You can calculate
this by subtracting depreciation from the gross domestic
product (GDP).
国内生产总值
GDP
The monetary value of all the goods and services
produced by an economy over a specified period. It
includes consumption, government purchases,
investments, and exports minus imports
国内生产总值
Gross Domestic
The monetary value of all the goods and services
Product (GDP)
produced by an economy over a specified period. It
includes consumption, government purchases,
investments, and exports minus imports
货币市场基金
Money Market Fund A mutual fund that invests in short-term debt instruments.
The fund's objective is to earn interest for shareholders
while maintaining a net asset value of $1.00 per share.
审计师报告
Auditor's Report
Recorded in the annual report, it tests to see that
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corporation's financial statements comply with GAAP.
货币远期
Currency Forward
A forward contract that locks-in the price an entity can
buy or sell currency on a future date.
货币供应
Money Supply
The entire quantity of a country's bills, coins, loans,
credit, and other liquid instruments in the economy. It is
divided into three categories, M1, M2, and M3, according
to the type and size of account the instrument is kept in.
货币供应量 1
M1
The category of the money supply that includes all
physical money like coins and currency. It also includes
demand deposits, which are checking accounts and
NOW accounts.
货币供应量 2
M2
A category of the money supply that includes M1 in
addition to all time-related deposits, savings deposits,
and non-institutional money-market funds.
货币供应量 3
M3
A category of the money supply that includes M2 in
addition to all large time deposits, institutional
money-market funds, short-term repurchase
agreements, along with other larger liquid assets.
货币政策
Monetary Policy
The actions of a central bank, currency board, or other
regulatory committee, that determine the size and rate of
growth of the money supply, which in turn affects interest
rates.
拖欠债务
Delinquent
A term describing the failure to meet required obligations
according to schedule.
货币流量
Money Flow
Calculated by averaging the high, low, and closing
prices, and multiplying by the daily volume. Comparing
that result with the number for the previous day tells you
whether money flow was positive or negative for the
current day.
货币流量指数
Money Flow Index
A momentum indicator that measures the strength of
(MFI)
money in and out of a security. A divergence between
the MFI and price trend can be interpreted as a possible
trend reversal.
金手铐
Golden Handcuffs
An incentive given to existing employees in hopes that
they will decide to stay with the company.
货币掉期
Currency Swap
A swap that involves the exchange of principal and
interest in one currency for the same in another currency.
货币期权
Currency Option
A contract that grants the holder the right, but not the
obligation, to buy or sell currency at a specified price
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during a specified period of time.
货币期货
Currency Futures
A transferable futures contract that specifies the price at
which a specified currency can be bought or sold at a
future date.
卖方寡头垄断
Oligopsony
Similar to an oligopoly, but where a small number of
large buyers (not sellers) control a large proportion of the
market and drive prices down.
货币管理外包
Currency Overlay
The outsourcing of currency risk management to a
specialist firm, known as the overlay manager. This is
used in international investment portfolios to separate
the management of currency risk from the asset
allocation and security selection decisions of the
investor's money managers.
转让
Assignment
The transfer of an individual's rights or property to
another person or business.
卖出
Sell
1.
A recommendation to sell a particular security.
2.
The process of liquidating an asset in exchange
for money.
股东
Shareholder
Any person, company, or other institution that owns at
least 1 share in a company. A shareholder may also be
referred to as a stockholder.
实付开支
注册公共会计师
Out of Pocket
An expense that an individual incurs for either business
Expenses
or personal usage. These expenses are tax deductible.
CPA
A designation by the American Institute of Certified
Public Accountants for those who pass an exam and
meet work-experience requirements.
注册公共会计师
Certified Public
A designation by the American Institute of Certified
Accountant
Public Accountants for those who pass an exam and
meet work-experience requirements.
净出口值
Net Exports
The value of total exports minus the value of total
imports.
其他长期负债
Other Long Term
A balance sheet item that would include items such as
Liabilities
remaining leases, future employee benefits, deferred
taxes, and other obligations that do not currently require
interest payments.
卖出对冲
Selling Hedge
A hedging strategy used in futures markets whereby the
sale of futures contracts are meant to offset a long
underlying commodity position.
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还本付息
Debt Service
Cash required in a given period for the repayment of
interest and principal of a debt.
注册权
Registration Right
A contractual right giving investors holding restricted
stock the ability to demand that the issuing company
register the shares to the SEC, effectively making the
stock available for sale to the public.
股本成本
Cost of Equity
The return that stockholders require for a company. The
traditional formula is the dividend capitalization model:
股本回报率
Return On Equity
A measure of a corporation's profitability, calculated as:
(ROE)
股本回报率
ROE
A measure of a corporation's profitability, calculated as:
Net Income
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Shareholder's Equity
The ROE is useful in comparing the profitability of a
company to other firms in the same industry.
股东权益
Shareholders Equity A firms total assets minus its total liabilities, or
equivalently, share capital plus retained earnings minus
treasury shares. It is the amount of the company that is
financed through common and preferred shares.
股东价值转移
Shareholder Value
A measurement of the amount of shareholders' equity
Transfer (SVT)
flowing out of a company to its executives through
exercised stock options.
使用权税、专利权税
Royalty
A payment to an owner for the use of property, especially
patents, copyrighted works, franchises, or natural
resources.
注册财务分析师
CFA
A professional designation given by the Association for
Investment Management and Research (AIMR) that
measures the competence and integrity of financial
analysts. Candidates are required to pass three levels of
exams covering areas such as accounting, economics,
ethics, money management, and security analysis.
注册财务分析师
Chartered Financial A professional designation given by the Association for
Analyst (CFA)
Investment Management and Research (AIMR) that
measures the competence and integrity of financial
analysts. Candidates are required to pass three levels of
exams covering areas such as accounting, economics,
ethics, money management, and security analysis.
股市投资比率
Market Exposure
The amount an individual or mutual fund has invested in
the stock market, usually calculated as a percentage.
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Registered
An advisor, registered with the Securities and Exchange
Investment Advisor
Commission, who manages the investments of others.
(RIA)
股本金
Share Capital
The portion of a corporation's equity obtained from
issuing shares in return for cash or other considerations.
附加费
Surcharge
股东总回报
Total Shareholder
An added charge, cost, or tax.
1.
Return
The total return of a stock to an investor (capital
gain plus dividends).
2.
The internal rate of return of all cash flows to an
investor during the holding period of an
investment.
其他流动负债
Other Current
A balance sheet entry used by companies to group
Liabilities
together current liabilities that are not assigned to
common liabilities such as debt obligations or accounts
payable.
其他流动资产
Other Current
A balance sheet item that includes the value of non-cash
Assets
assets like prepaid expenses and accounts receivable
due within one year.
国外债券
Foreign Bond
Bonds that are issued in a domestic market by a foreign
entity, in the domestic market's currency.
空头猛跌，大量抛空以使 Bear Raid
An illegal practice whereby investors attempt to push the
价格下跌
price of a stock lower by taking large short positions and
spreading unfavorable rumors about the target firm.
股东增值
Shareholder Value
A value-based performance measure of a company's
Added (SVA)
worth to shareholders. The basic calculation is net
operating profit after tax (NOPAT) minus the cost of
capital from the issuance of debt and equity, based on
the company's weighted average cost of capital (WACC).
到价
At the Money
An option is at-the-money if the strike price of the option
equals the market price of the underlying security.
到价
In the Money
For a call option, in-the-money is when the option's strike
price is below the market price of the underlying stock.
For a put option, in-the-money is when the strike price is
above the market price of the underlying stock.
购买力
Buying Power
The money an investor has available to buy securities. In
a margin account, the buying power is the total cash held
in the brokerage account plus maximum margin
available.
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受托人
Fiduciary
A person legally appointed and authorized to hold assets
in trust for another person. The fiduciary manages the
assets for the benefit of the other person rather than for
his/her own profits.
净收入
NI
An individual or company's total earnings, reflecting
revenues adjusted for costs of doing business,
depreciation, interest, taxes, and other expenses.
净收入
Net Income (NI)
An individual or company's total earnings, reflecting
revenues adjusted for costs of doing business,
depreciation, interest, taxes, and other expenses.
购买力
Purchasing Power
The ability to purchase goods and services, or the
amount of goods and services that one unit of money can
buy.
受托人
Trustee
An individual who holds or manages assets for the
benefit of another.
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
股价下跌生效的期权
Down-and-In Option An option that comes into existence when the price of an
underlying security sinks to a specified level.
股价下跌失效的期权
经纪公司催缴通知
Down-and-Out
An option that ceases to exist when the price of an
Option
underlying security sinks to a specified level.
House Call
Notification from a broker that a customer's equity in a
margin account is below the required maintenance level.
The customer must provide more cash or securities to
meet a house call.
股份公司
Joint Stock
An organization that falls between the definitions of a
Company
partnership and corporation. This type of company
issues stock and allows for secondary market trading,
however, stockholders are liable for company debts.
股价与账面价值比率
Price-To-Book Ratio A ratio used to compare a stock's market value to its
book value. It is calculated by dividing the current closing
price of the stock by the latest quarter's book value (Book
value is simply assets minus liabilities).
股价与现金流比率
Price-To-Cash-Flow A measure of the market's expectations regarding a
Ratio
firm's future financial health. It is calculated by dividing
price per share by cash flow per share.
参考比率
Reference Rate
The underlying index or rate upon which a floating-rate
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股价与销售额比率
Price-To-Sales
A technique for finding a stock's valuation relative to its
Ratio
own past performance, other companies, or the market
itself. It is calculated by dividing a stock's current price by
its revenue per share.
顶尖业务
Crown Jewels
The most valuable unit of a corporation because of
profitability, asset value, future prospects, etc.
所有出价
Any and All Bid
A bid made to purchase all stock being offered at a
specific price.
房地产
Real Estate
Land plus anything permanently fixed to it, including
buildings, shed's, and other items attached to the
structure.
房地产代理
Real Estate Agent
A person with a state/provincial license to represent a
buyer or a seller in a real estate transaction in exchange
for a commission. Most agents work for real estate
brokers or realtors.
房地产投资信托
REIT
A security that sells like a stock on the major exchanges
and invests in real estate directly, either through
properties or mortgages.
REITs receive special tax considerations, and typically
offer investors high yields as well as a highly liquid
method of investing in real estate.
房地产投资信托
Real Estate
A security that sells like a stock on the major exchanges
Investment Trust
and invests in real estate directly, either through
(REIT)
properties or mortgages.
REITs receive special tax considerations, and typically
offer investors high yields as well as a highly liquid
method of investing in real estate.
房地产抵押
Mortgage
A loan, secured by the collateral of some specified real
estate property, in which the borrower is obligated to
make a predetermined set of payments to repay the loan.
房地产抵押银行家
Mortgage Banker
The lender in a mortgage contract, or the one making the
loan directly
股权收购要约
Tender Offer
An offer to purchase some or all of shareholders' shares
in a corporation. The price offered is usually at a
premium to the market price.
委托帐户、全权管理帐户 Discretionary
非牟利机构
An account that allows a broker to buy and sell securities
Account
without the client's consent.
Non-Profit
An association that is given tax free status. Donations to
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Organization
波动性
Volatility
a non-profit organization are often tax deductible as well.
1.
In general, volatility is a statistical measure of
the tendency of a market or security to rise or fall
sharply within a short period of time. Volatility is
typically calculated by using variance or
annualized standard deviation of the price or
return.
2.
Volatility is a variable that appears in option
pricing formulas. In the option pricing formula, it
denotes the extent to which the the return of the
underlying asset will fluctuate between now and
the expiration of the option.
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.
净收益
Net Proceeds
The amount received after all the costs are deducted
from the sale of property, a loan, or the sale of some type
of security.
定价能力
Pricing Power
An economic term referring to the effect that a change in
a firm's product price has on the quantity demanded of
that product. Pricing power ties in with the "Price
Elasticity of Demand."
实收资本
Paid in Capital
Capital received from investors in exchange for stock.
This is recorded as an entry on the balance sheet.
备考盈利
Pro Forma Earnings Earnings that are derived by pro forma rather than
standard GAAP methods.
变动率
ROC
The speed at which a variable changes over a specific
period of time.
变动率
备考、模拟
Rate of Change
The speed at which a variable changes over a specific
(ROC)
period of time.
Pro Forma
A latin term that translates into "for the sake of form." In
the investing world, the term describes a method of
calculating financial results in order to emphasize either
current or projected figures.
供应
Supply
The total amount of a good or service available for
purchase by consumers.
供应方理论
Supply-Side Theory An economic theory holding that bolstering an economy's
ability to supply more goods is the most effective way to
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stimulate economic growth.
现时价格
Current Price
The "real time" price of a security trading on an
exchange.
现时收益率
Current Yield
Annual income (interest or dividends) divided by the
current price of the security.
现时年期
Current Maturity
The interval between the present date and the maturity
date of a bond.
非劳动收入
Unearned Income
Any income that comes from investments and other
sources unrelated to employment services.
国库券
Treasury Bond
A marketable, fixed-interest U.S. Government debt
security with a maturity over 10 years.
受扶养人士
Dependent
A person who relies on someone else for financial
support. The taxpayer supporting the dependent is
allowed to claim dependency exemptions.
单位信托
Unit Trust (UT)
An un-incorporated mutual fund structure that allows
funds to hold assets and pass through profits to the
individual owners, rather than reinvest profits back into
the fund.
净投资收入
垃圾债券、高风险债券
Net Investment
The profit resulting from an investment minus any direct
Income
expenses.
Junk Bond
A bond purchased for speculative purposes. They are
usually rated BB or lower, and they have a higher default
risk.
供应商融资
Vendor Financing
When a company lends money to one of its customers so
that the customer can buy products from them. By doing
this, the company increases their sales even though they
are basically buying their own products.
供应链
Supply Chain
The network created amongst different companies
producing, handling, and/or distributing a specific
product.
单纯期权
Vanilla Option
An normal option with no special or unusual features.
供应链管理
Supply Chain
The management and coordination of a product's supply
Management
chain for the purpose of increasing efficiency and
profitability.
单位数量，整份股
Board Lot
A term used when describing a standard number of
shares in trading stocks, usually 100.
现金
Cash
Legal tender or coins that can be used in exchange
goods, debt, or services. Sometimes also including the
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value of assets that can be converted into cash
immediately, as reported by a company.
现货
Cash Commodity
The term used to refer to the actual or physical
commodity underlying a futures contract.
卖空
Selling Short
The selling of a security that the seller does not own, or
any sale that is completed by the delivery of a security
borrowed by the seller. Short sellers assume that they
will be able to buy the stock at a lower amount than the
price at which they sold short
卖空
Short Selling
The selling of a security that the seller does not own, or
any sale that is completed by the delivery of a security
borrowed by the seller. Short sellers assume that they
will be able to buy the stock at a lower amount than the
price at which they sold short
法定人数
Quorum
The minimum acceptable level of individuals with a
vested interest in a company needed to make the
proceedings of a meeting valid under the corporate
charter.
实物支付
Payment in Kind
When a good or service is used as payment, as opposed
to cash.
实物支付债券
定性分析
Payment in Kind
A type of bond that pays interest in additional bonds, as
Bond (PIK)
opposed to cash payouts.
Qualitative Analysis Analysis that uses subjective judgment in evaluating
securities based on non-financial information such as
management expertise, cyclicality of industry, strength of
research and development, and labor relations.
现金及现金等价物
Cash And Cash
An element recorded on the balance sheet, it reports the
Equivalents
value of cash and its equivalents. These are assets that
are cash or can be converted into cash immediately.
软货币
Soft Currency
Another name for "weak currency," there is very little
demand for this type of currency and values often
fluctuate.
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.
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拍卖市场
Auction Market
A market in which buyers enter competitive bids and
sellers enter competitive offers at the same time.
购股权
Right
A security giving stockholders entitlement to purchase
new shares issued by the corporation at a predetermined
price (normally less than the current market price) in
proportion to the number of shares already owned.
Rights are issued only for a short period of time, after
which they expire.
固定收入证券
Fixed Income
An investment that provides a return in the form of fixed
Security
periodic payments and eventual return of principle at
maturity.
国际会计标准
IAS
A set of standards stating how particular types of
transactions and other events should be reflected in
financial statements.
International Accounting Standards (IAS) are issued by
the Board of the International Accounting Standards
Committee (IASC).
国际会计标准
International
A set of standards stating how particular types of
Accounting
transactions and other events should be reflected in
Standards
financial statements.
International Accounting Standards (IAS) are issued by
the Board of the International Accounting Standards
Committee (IASC).
国际收支差额
Balance Of
A record of all transactions made by one particular
Payments (BOP)
country during a certain period of time. It compares the
amount of economic activity between a country and all
other countries.
固定成本
Fixed Cost
A cost that remains constant, regardless of any change
in a company's activity.
购股权发行
Rights Issue
The issuing of rights, to existing shareholders of a
security, to buy a proportional number of additional
securities at a given price (usually at a discount) within a
fixed period.
购股权发行
Rights Offering
The issuing of rights, to existing shareholders of a
security, to buy a proportional number of additional
securities at a given price (usually at a discount) within a
fixed period.
实际回报
Actual Return
The actual gain or loss of an investor. This can be
expressed in the following formula: expected return
(ex-ante) plus the effect of firm-specific and
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economy-wide news.
实际回报率
Real Rate of Return The annual percentage return realized on an investment
adjusted for changes in the price level due to inflation or
deflation.
固定年金
Fixed Annuity
An insurance contract in which the insurance company
makes fixed dollar payments to the annuitant for the term
of the contract, usually until the annuitant dies. The
insurance company guarantees both earnings and
principal.
现金价格
Cash Price
The price of the purchase and delivery of cash
commodities.
现金每股盈利
Cash EPS
A ratio derived from operating cash flow divided by
diluted shares outstanding.
现金投资
Cash Investment
Short-term obligations, usually ninety days or less, that
provide a return in the form of interest payments.
实现利润
Realized Profit
A gain realized upon liquidation of assets that results
from receiving a price higher than the original purchase
price.
实际利率
Real Interest Rate
The excess of the interest rate over the inflation rate. The
real rate of interest is approximately calculated by taking
the nominal interest rate and subtracting inflation.
固定利率（抵押）
现货即期价格
Fixed Interest Rate
A loan or mortgage with an interest rate that will remain
(mortgage)
at a certain rate for the entire term of the loan.
Spot Price
The current price at which a particular commodity can be
bought or sold at a specified time and place.
现金余额养老金计划
Cash Balance
An employee pension plan whereby an employer will
Pension Plan
credit the participant's account with a set percentage of
their yearly compensation plus interest charges.
现金的现金回报率
Cash on Cash
A rate of return often used in real estate transactions.
Return
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.
表现股票
Performance
Shares of company stock that are given to managers
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抵押品
Shares
only if certain performance criteria is met.
Collateral
Properties or assets that are offered to secure a loan or
other credit. Collateral becomes subject to seizure on
default.
固定费用偿付比率
Fixed-Charge
The ratio of earnings before interest and taxes plus fixed
Coverage Ratio
charges (before tax), divided by the fixed charges plus
interest.
This ratio indicates a firm's ability to satisfy fixed
financing expenses, such as interest and leases.
国际贸易差额
Balance Of Trade
The largest component of a country's balance of
(BOT)
payments. It is the difference between exports and
imports. Debit items include imports, foreign aid,
domestic spending abroad and domestic investments
abroad. Credit items include exports, foreign spending in
the domestic economy, and foreign investments in the
domestic economy.
国际结算银行
净现值
Bank for
The BIS is an international organization fostering the
International
cooperation of central banks and international financial
Settlements (BIS)
institutions.
NPV
An approach used in capital budgeting where the present
value of cash inflow is subtracted from the present value
of cash outflows.
净现值
Net Present Value
An approach used in capital budgeting where the present
(NPV)
value of cash inflow is subtracted from the present value
of cash outflows.
附股息
Cum Dividend
When a buyer of a security is entitled to receive a
dividend that has been declared, but not paid.
现金流
Cash Flow
The amount of cash a company generates and uses
during a period, calculated by adding noncash charges
(such as depreciation) to the net income after taxes.
Cash Flow can be used as an indication of a company's
financial strength.
It is also sometimes referred to as the "money value" of
trades in a stock during a trading day
实现损失
Realized Loss
A loss recognized when assets are sold for a price lower
than the original purchase price
固定资产
Fixed Asset
Tangible property, owned by a firm, that is used in the
production of its income, but not expected to be
consumed or converted into cash.
实际资产
Real Asset
Physical or identifiable assets such as gold, land,
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equipment, patents, etc. They are the opposite of a
financial asset.
国际债券
International Bond
Bonds that are issued in a country by a non-domestic
entity.
现金预算
Cash Budget
An estimation of the cash inflows and outflows for a
business.
非经常开支
周转率、成交量
Nonrecurring
An expense occurring only once on a company's
Charge
financial statement.
Turnover
1.
In accounting, the number of times an asset is
replaced during a financial period. Often used in
terms of inventory or accounts receivable turnover.
2.
In the context of securities, for either a portfolio
or exchange, the number of shares traded for a
period as a percentage of the total shares.
国际基金
International Fund
A mutual fund that can invest in companies located
anywhere outside of your own country.
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.
非经常项目
Extraordinary Item
Gains or losses included in a company's financial
statements, which are infrequent and unusual in nature.
These are usually explained further in the 'notes to the
financial statements.'
购股接管
Purchase
An accounting method used in mergers and acquisitions
Acquisition
where the purchasing company treats the target firm as
an investment, adding the company's assets to its own at
fair market value.
表现落后大市
Underperform
An analyst recommendation that means a stock is
expected to do slightly worse than the market return
表现最佳承销商
Bulge Bracket
The group of firms in an underwriting syndicate who sold
the largest amount of the issue.
表现超越大市
Market Outperform
An analyst recommendation meaning a stock is expected
to do slightly better than the market return.
表现超越大市
Outperform
An analyst recommendation meaning a stock is expected
to do slightly better than the market return.
担保人
Guarantor
A person that guarantees to pay for someone else's debt
if they default on their loan obligation.
经济合作及发展组织
OECD
The OECD is a group of 30 member countries who
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账面价值
Book Value
1.
The value at which an asset is carried on a
balance sheet. In other words, the cost of an asset
minus accumulated depreciation.
2.
The net asset value of a company. Calculated
by total assets minus intangible assets (patents,
goodwill) and liabilities.
欧洲式期权
European Option
An option that can only be exercised at the end of its life.
经济体系
Economy
A set of interrelated economic production and
consumption activities.
经济学
Economics
The study of how people use their limited resources in an
attempt to satisfy unlimited wants.
账面现行价值
Carrying Value
Also know as "book value," it is a company's total assets
minus intangible assets and liabilities, such as debt.
欧洲美元
Eurodollar
U.S. dollar-denominated deposits at foreign banks or
foreign branches of American banks. By locating outside
of the United States, Eurodollars escape regulation by
the Federal Reserve Board.
欧洲债券
Eurobond
A bond that is denominated in a currency other than that
of the country in which it is issued.
欧洲债券结算系统
Euroclear
One of two principal clearing houses for securities traded
in the Euromarkets.
经济衰退
Recession
A significant decline in activity spread across the
economy, lasting longer than a few months. It is visible in
industrial production, employment, real income, and
wholesale-retail trade. The technical indicator of a
recession is two consecutive quarters of negative
economic growth as measured by a country's GDP.
季度（第一季度、第二季 Q1, Q2, Q3, Q4
A three-month period on a financial calendar that acts as
度、第三季度、第四季度）
a basis for the reporting of earnings and the paying of
dividends.
季度（第一季度、第二季 Quarter (Q1, Q2,
A three-month period on a financial calendar that acts as
度、第三季度、第四季度） Q3, Q4)
a basis for the reporting of earnings and the paying of
dividends.
欧洲银行
Eurobank
A financial institution that readily accepts foreign
currency denominated deposits and makes foreign
currency loans.
经济萧条
Depression
A severe and prolonged recession characterized by
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inefficient economic productivity, high unemployment,
and falling price levels.
软贷款
Soft Loan
1.
A loan with a below-market rate of interest.
2.
Loans made by multinational development
banks and the World Bank to developing countries.
Typically, soft loans have extended grace periods
in which only interest or service charges are due,
in addition to offering longer amortization
schedules and lower interest rates than
conventional bank loans.
经济增值
EVA
A measure of a company's financial performance coined
by Stern Stewart & Co. EVA measures the residual
wealth of a company when its cost of capital is deducted
from its operating profit (adjusted for taxes on a cash
basis).
EVA is calculated as:
Net Operating profit After taxes (NOPAT) - (Capital *
Cost of Capital)
经济增值
Economic Value
A measure of a company's financial performance coined
Added (EVA)
by Stern Stewart & Co. EVA measures the residual
wealth of a company when its cost of capital is deducted
from its operating profit (adjusted for taxes on a cash
basis).
EVA is calculated as:
Net Operating profit After taxes (NOPAT) - (Capital *
Cost of Capital)
转换
Conversion
1.
The translation of a convertible security into a
predetermined number of shares.
2.
A strategy used by future traders whereby they
mix the purchase of option and futures contracts.
股息
Dividend
A cash payment, using profits, announced by a
company's board of directors and distributed among
stockholders. Dividends may be in the form of cash,
stock, or property. All dividends must be declared by the
board of directors.
净值
Net Worth
The amount by which a person's assets exceed their
liabilities.
现值
PV
The amount today that a sum of money in the future is
worth, given a specified rate of return.
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现值
Present Value
The amount today that a sum of money in the future is
worth, given a specified rate of return.
承继人
Heir
A person who inherits some or all of the estate of a
recently deceased person. The legal successor is usually
selected because they are related to the deceased by a
direct bloodline or have been designated in a will or by a
legal authority.
受益方
Beneficiary
A person or entity named in a will or financial contract to
be an inheritor of someone's property when the property
owner dies.
股息支付率
Dividend Payout
The percentage of earnings paid to shareholders in
Ratio
dividends.
Yearly Dividend per Share
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Earnings per Share
or equivalently:
Dividends
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Net Income
国家风险
Country Risk
The risk that a country will not be able to honor its
financial commitments.
净债务
Net Debt
Calculated as short and long term interest bearing debt
minus cash (and equivalents).
国家主权风险
Sovereign Risk
The risk that a foreign government will default on a loan
because of a change in national policy.
国家企业
Crown Corporation
Any corporation that is established and regulated by a
country's government.
净资产回报率
Return On Net
A measure of a corporation's profitability, calculated as:
Assets (RONA)
Net Income
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Shareholder's Equity
股息再投资计划
Dividend
A plan offered by a corporation giving investors the
Reinvestment Plan
option of reinvesting their cash dividends by purchasing
additional shares or fractional shares on the dividend
payment date.
转换价格
Conversion Price
The price per share at which a convertible security can
be converted into common stock.
股息收益率
Dividend Yield
An indication of the income generated by a share of
stock. Dividend yield is calculated by taking annual
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dividends per share and dividing by price per share.
国家证券经纪商协会
NASD
A self-regulatory organization of the securities industry
responsible for the operation and regulation of the
Nasdaq stock market and over-the-counter markets.
They also administrate exams for investment
professionals, such as the series 7 exam.
金钱、货币
Money
1.
A commodity or asset, such as gold, an officially
issued currency, coin, or paper note, that can be
legally exchanged for something equivalent, such
as goods or services.
2.
As defined by common law: a medium of
exchange authorized or adopted by a domestic or
foreign government and includes a monetary unit
of account established by an intergovernmental
organization or by agreement between two or more
nations.
受损的信贷
Impaired Credit
The deterioration of a borrower's credit rating.
受损的资产
Impaired Asset
An asset with a market value that is worth less than its
book value.
受益者
Beneficial Owner
A person or firm that benefits from owning an asset even
though they are not registered as a shareholder.
股息宣告日
Declaration Date
The date and amount of the next dividend payment as
set by the board of directors.
股息贴现模型
Dividend Discount
A procedure for valuing the price of a stock by using
Model (DDM)
predicted dividends and discounting them back to
present value. The idea is that if the value obtained from
the DDM is higher than what the shares are currently
trading at, then the stock is undervalued.
Dividend per share
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Discount Rate - Dividend growth rate
股息政策
Dividend Policy
The policy a company uses to decide how much it will
pay out to shareholders in dividends.
净息差
Net Interest Margin
The difference between interest income and interest
expenses, divided by average earning assets.
转换溢价
Conversion
The amount by which the price of a convertible security
Premium
exceeds the current market value of the common stock
into which it may be converted.
受监管投资公司
Regulated
A mutual fund or real estate investment trust that is
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放宽管制
Investment
eligible to pass the taxes on capital gains, dividends, or
Company (RIC)
interest payments onto the clients or individual investors.
Deregulation
The reduction or elimination of government power within
a particular industry. Deregulation is usually enacted to
create more competition within an industry.
抛售
Sell-Off
The rapid selling of securities, such as stocks, bonds,
and commodities
股票
Share
Certificates representing ownership in a corporation.
垄断、专利
Monopoly
A situation in which a single company owns all or nearly
all of the market for a given type of product or service.
For a strict academic definition, a monopoly is a market
containing a single firm.
股票分拆上市
Equity Carve-out
1.
Sometimes known as a partial spinoff, a carve
out occurs when a parent company sells a minority
(usually 20% or less) stake in a subsidiary for an
IPO or rights offering.
2.
Where an established brick-and-mortar
company hooks up with venture investors and a
new management team to launch an Internet
spinoff.
股票风险溢价
股票纪录
Equity Risk
The extra return that the stock market provides over the
Premium
risk free rate to compensate for market risk.
Stock Record
A system that helps brokerage firms keep track of the
position and physical location of the securities they are
holding.
股票价值低于现金值
Trading Below Cash When a company's total share value is less than its cash
minus debts.
股票关联票据
Equity-Linked Note
An instrument whose return is determined by the
performance of a single equity security, a basket of
equity securities, or an equity index.
经常帐户
Current Account
The difference between a nation's total exports of goods,
services, and transfers, and its total imports of them.
Current account balance calculations exclude
transactions in financial assets and liabilities.
凭票即付形式，无记名形 Bearer Form
A security not registered in the issuing corporation's
式
books but is payable to its bearer (the person possessing
it).
股票报价
Stock Quote
A list of prices, both bid and ask, for a stock during a
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particular trading day. Stocks used to be quoted in
fractions, but now most all exchanges use decimals.
非营运现金流
非营运资产
转移投资行业
Non-Operating
Cash inflows and outflows related to non-current
Cash Flows
investments, financing, and dividends.
Non-Operating
Assets that are unnecessary to the ongoing operations of
Asset
a business.
Sector Rotation
The action of a mutual fund or portfolio manager shifting
assets from one sector of the economy to another.
股票、股本
Equity
1.
A term describing stock, or any security,
representing an ownership interest.
2.
On the balance sheet, equity refers to the value
of the funds contributed by the owners (the
stockholders) plus the retained earnings (or
losses).
股票单位信托
Equity Unit
A registered trust in which investors purchase units from
Investment Trust
a fixed portfolio of equities are chosen and passively
managed by a professional money manager.
软通货、纸币
Soft Money
1.
Government and organizations refer to this as
'one time' funding for a project or special purpose.
2.
Describes paper currency, as opposed to gold,
silver, or some other coined metal.
股票股息
Stock Dividend
A dividend payment made in the form of additional
shares, rather than a cash payout.
转捩点
Inflection Point
An event that changes the way we think and act.
-Andy Grove, Founder of Intel.
软商品
Soft Commodity
Used to describe commodities such as coffee, cocoa,
sugar and fruit. This term generally refers to commodities
that are grown, rather than mined.
转移特权
Exchange Privilege
When a mutual fund shareholder has the opportunity to
exchange a fund for another within the same family at no
additional cost.
股票资金
Equity Fund
A mutual fund that invests in a broad, well diversified
group of stocks.
股票倍数
Equity Multiplier
Total assets divided by total common stockholders'
equity.
股票期权
Stock Option
A privilege, sold by one party to another, that gives the
buyer the right, but not the obligation, to buy (call) or sell
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(put) a stock at an agreed-upon price during a certain
period of time or on a specific date.
所得税
Income Tax
A tax on any money earned during a fiscal year, usually
filed on a yearly basis. All businesses except
partnerships must file an annual income tax return.
Partnerships file an information return.
股票融资
Equity Financing
Raising money for company activities by selling common
or preferred stock to individual or institutional investors.
In return for the money paid, shareholders receive
ownership interests in the corporation.
到期日
Expiration Date
The day on which an options or futures contract is no
longer valid and, therefore, ceases to exist.
定量分析
Quantitative
A security analysis that uses financial information
Analysis
derived from company annual reports and income
statements to evaluate an investment decision.
到期日期
Maturity Date
The date on which a bond's principal or other liability
investment is repaid to the investor and interest
payments stop.
承销团
Syndicate
A group of bankers, insurers, etcetera, who work
together on a large project.
承销团
Underwriting
1.
The process by which investment bankers raise
investment capital from investors on behalf of
corporations and governments that are issuing
securities (both equity and debt).
2.
承销价差
The process of issuing insurance policies
Underwriting
The spread between the amount received by
Spread
underwriters from the public offering price and the
amount underwriters pay to the issuing company for the
securities
到期收益率
YTM
The rate of return anticipated on a bond if it is held until
the maturity date. YTM is considered a long term bond
yield expressed as an annual rate.
The calculation takes into account the current market
price, par value, coupon interest rate, and time to
maturity. It is also assumed that all coupons are
reinvested at the same rate. Sometimes this is referred
to as a bond's "yield" for short.
到期收益率
Yield To Maturity
The rate of return anticipated on a bond if it is held until
(YTM)
the maturity date. YTM is considered a long term bond
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yield expressed as an annual rate.
The calculation takes into account the current market
price, par value, coupon interest rate, and time to
maturity. It is also assumed that all coupons are
reinvested at the same rate. Sometimes this is referred
to as a bond's "yield" for short.
定期存款
Time Deposit
A savings account or CD held for a fixed-term with the
understanding that the depositor can only withdraw by
giving written notice.
软着陆
Soft Landing
A term used to describe a rate of economic growth high
enough to avoid recession, but slow enough to avoid
high inflation.
周期性失业
周期性行业
Cyclical
Unemployment resulting from changes in the business
Unemployment
cycle.
Cyclical Industry
A term describing an industry that is sensitive to the
business cycle and price changes. Many cyclical
industries produce durable goods such as raw materials
and heavy equipment.
周期性股票
Cyclical Stock
Used to describe a stock that rises quickly when
economic growth is strong, and falls rapidly when growth
is slowing down.
范畴经济
Economies of
An economic theory stating that the average total cost of
Scope
production decreases as a result of increasing the
number of different goods produced.
非强制买回保障
Soft Call Protection
A feature added to convertible fixed-income and debt
securities. The provision dictates that a premium will be
paid by the issuer if early redemption occurs.
净销售额
Net Sales
The amount a seller receives from the buyer after costs
associated with the sale are deducted.
免税期
Tax Holiday
A government incentive program that offers a tax
reduction to foreign investors.
规模不经济
Diseconomies of
An economic theory that describes a situation in which
Scale
economies of scale no longer function for a firm. Rather
than experiencing continued decreasing costs per
increase in output, firms see an increase in marginal cost
when output is increased.
规模经济
Economies of Scale An economic theory stating that a plant's marginal cost of
production decrease as the plant's operation increases.
定额投资
Closed-End
When an investment company issues a fixed number of
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Investment
shares in an actively managed portfolio of securities. The
shares are traded in the market just like common stock.
具增值作用的收购项目
经磋商协议的承销费用
Accretive
An acquisition that will increase the acquiring company's
Acquisition
EPS.
Negotiated
When the purchase price and commission for
Underwriting
underwriting a new issue are negotiated, as opposed to
using the competitive bid process.
金融中介机构
Financial
An institution that acts as the middleman between
Intermediary
investors and firms raising funds. Often referred to as
financial institutions.
金融时报股票交易所指数 FTSE
A company that specializes in index calculation.
Although not part of a stock exchange, co-owners
include the London Stock Exchange and the Financial
Times.
金融资产
Financial Asset
An asset that derives value because of a contractual
claim. Examples are stocks, bonds, or bank deposits.
金融资产重整
Financial
The creation of new and improved financial products
Engineering
through innovative design or repackaging of existing
financial instruments.
金融超级市场
账簿管理人
Financial
A financial company that offers a wide range of services
Supermarket
to its clients.
Book Runner
The managing or lead underwriter who maintains the
books of securities sold for a new issue.
种子资金
Seed Capital
The initial equity capital used to start a new venture or
business. This initial amount is usually quite small
because the venture is still in the idea or conceptual
stage.
按比例
Pro Rata
Used to describe a proportionate allocation.
总分类账
General Ledger
A company's accounting records. It contains all of the
financial accounts and statements
衍生工具
Derivative
A security, such as an option or futures contract, whose
value depends on the performance of an underlying
security.
信用卡
Credit Card
A card allowing someone to make a purchase on
borrowed money. Credit cards are one of the most
popular forms of payment for consumer goods and
services in the United States.
信用合作社
Credit Union
Member-owned financial co-operative. These institutions
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are created and operated by its members and profits are
shared amongst the owners.
信用证
Letter of Credit
A letter from a bank guaranteeing that a buyer's payment
to a seller will be received on time and for the correct
amount.
信用评级
Credit Rating
An assessment of the credit worthiness of individuals
and corporations. It is based upon the history of
borrowing and repayment, as well as the availability of
assets and extent of liabilities.
相对实力
Relative Strength
A measure of price trend that indicates how a stock is
performing relative to other stocks in its industry. It is
calculated dividing the price performance of a stock by
the price performance of an appropriate index for the
same time period.
独立审计师
Independent Auditor An external auditor with a certified public accounting
designation that qualifies him or her to provide an
auditor's report.
耐用品
Durables
A category of consumer goods, durables are products
which do not have to be purchased frequently. This
includes appliances, home and office furnishings, lawn
and garden equipment, consumer electronics, toy
makers, small tool manufacturers, sporting goods,
photographic equipment, and jewelry.
背对背贷款
Back-to-Back Loan
A loan where two companies in different countries
borrow offsetting amounts in each other's currency. The
purpose of this transaction is to hedge against currency
fluctuations.
恒生指数
HSI
An index of the leading stocks on the Hong Kong stock
market.
恒生指数
总市值
Hang Seng Index
An index of the leading stocks on the Hong Kong stock
(HSI)
market.
Market
The total dollar value of all outstanding shares. It's
Capitalization
calculated by multiplying the number of shares times the
current market price. This term is often referred to as
market cap.
独立基金
Segregated Fund
A type of annuity that is similar to a mutual fund.
Segregated Funds are an insurance product and are only
offered by insurance companies.
信用悬崖
Credit Cliff
A slang term meaning that credit deterioration could be
compounded by provisions such as rating triggers or
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financial covenants. These can put pressure on the
company's liquidity or its business to a material extent.
项目融资
Project Finance
Project finance is defined by the The International Project
Finance Association (IPFA) as:
The financing of long-term infrastructure, industrial
projects and public services based upon a non-recourse
or limited recourse financial structure where project debt
and equity used to finance the project are paid back from
the cashflow generated by the project.
契约
Covenant
A promise in an indenture, or any other formal debt
agreement, that certain activities will or will not be carried
out.
契约
Indenture
A contract between an issuer of bonds and the
bondholder stating the time period for re-payment,
amount of interest paid, if the bond is convertible (and if
so, at what price or what ratio), and the amount of money
that is to be re-paid.
持有
Hold
An analyst recommendation to neither buy nor sell a
security.
信托
Trust
A fiduciary relationship in which one person, a trustee,
holds title to property or assets for the benefit of another
person, the beneficiary
总收入
Revenue
1.
The dollar amount of sales during a specific
period, including discounts and returned
merchandise. It is the "top line" figure from which
costs are subtracted to determine net income.
2.
When evaluating stocks, revenue growth serves
as an indication of a company's health.
总收入
Total Revenue
Total sales and other revenue for a particular period.
首次公开上市
IPO
The first sale of stock by a private company to the public.
IPOs are often smaller, younger companies seeking
capital to expand their business.
首次公开上市
Initial Public
The first sale of stock by a private company to the public.
Offering (IPO)
IPOs are often smaller, younger companies seeking
capital to expand their business.
首次公开上市锁定期、禁 IPO Lock-up
A legally binding contract between the underwriters and
售期
insiders of the company undergoing an initial public
offering (IPO). The contract prevents them from selling
any shares of stock for a specified period of time.
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派发、分配
Distribution
A company's payment of cash, stock, or physical
products to their shareholders.
活动比率
Activity Ratio
Accounting ratios that measure a firm's ability to convert
different accounts within their balance sheets into cash
or sales.
总企业价值
Total Enterprise
A valuation measurement used to compare companies
Value (TEV)
with varying levels of debt. This is calculated as:
TEV = Market Capitalization + Interest Bearing Debt +
Preferred Stock - Excess Cash.
相对市盈率比率
Price-Earnings
A stocks price-earnings ratio divided by the
Relative
price-earnings ratio for a market measure, such as the
S&P 500 index or Wilshire 5000.
活动收入
Active Income
Income for which services have been performed. This
includes wages, tips, salaries, commissions, and income
from businesses in which there is material participation
复合年均增长率
Compound Annual
The year over year growth rate of an investment over a
Growth Rate
specified period of time.
(CAGR)
Calculated by taking the nth root of the total percentage
growth rate where n is the number of years in the period
being considered.
This can be written as:
(Current Value/Base Value)^(1/# of years) - 1.
相关证券、相关股票
Underlying
1.
In options, the security that must be delivered if
a put or call option is exercised.
2.
In equities, the common stock that underlies
certain types of securities such as warrants and
convertible bonds
总行使价格
Aggregate Exercise The strike price of a put or call option multiplied by its
Price
contract size.
派发实物
Distribution in Kind
A distribution made in the form of stock rather than cash.
养老金固定收益计划
Defined Benefit
An employer-sponsored retirement plan for which
Pension Plan
retirement benefits are based on a formula indicating the
exact benefit that one can expect upon retiring.
Investment risk and portfolio management are entirely
under the control of the company. There are restrictions
on when and how you can withdraw these funds without
penalties.
养老金固定缴款计划
Defined
A retirement plan wherein a certain amount or
Contribution Plan
percentage of money is set aside each year for the
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benefit of the employee. There are restrictions as to
when and how you can withdraw these funds without
penalties.
保收债券
Cushion Bond
A type of callable bond that sells at a premium because
the issued coupon payments are above market interest
rates
战争债券
War Bond
Debt securities issued by a government for the purpose
of financing military operations during times of war.
持有期
Holding Period
The time (or expected time) that an asset will be held for.
持有量不足
Underweight
A term describing an investment position that does not
hold a sufficient amount of securities to satisfy the
accepted benchmark of the portfolio's asset allocation
strategy.
美式期权
American Option
An option that can be exercised anytime during its life.
持有期回报/收益率
Holding Period
The total return received from holding an asset.
Return/Yield
Calculated as income plus price appreciation during a
specified time period, divided by the cost of the
investment.
挂名董事、名义董事
Dummy Director
A person on a company's board of directors who votes
and acts on the wishes of a non board member.
前向整合
Forward Integration
A form of vertical integration that involves expanding a
business so it directly distributes its products.
保护主义
Protectionism
Actions taken by a government to prevent imports from
destroying domestic producers.
宣告（合约）无效、废止 Defeasance
A provision that voids a bond or loan when the borrower
契约
sets aside cash or bonds sufficient enough to service the
borrower's debt.
要求回报率
保证金、按金
Required Rate Of
The rate of return needed to induce investors to invest in
Return
a security.
Margin Account
1.
The use of borrowed money to purchase
securities, referred to as "buying on margin."
2.
The amount of equity contributed by a customer
as a percentage of the current market value of the
securities held in a margin account.
3.
In a general business context, margin refers to
the difference between selling price and the cost of
goods sold.
总投资现金回报率
Cash Return on
A measure of financial performance calculated as gross
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Gross Investment -
cash flow after taxes divided by gross investment.
(CROGI)
要求储备金
Required Reserves
Requirements regarding the amount of funds that banks
must hold in reserve against deposits made by their
customers. This money must be in the bank's vaults or at
the closest Federal Reserve Bank.
APICS（美国生产及库存 APICS Business
A national manufacturing index that surveys several
控制协议）商业前景指数 Outlook Index
manufacturing firms on a monthly basis. If the index is
above 50 it signals expansion, if it dips below 50 it
indicates contraction.
贸易加权美元
Trade-Weighted
The trade-weighted dollar represents the foreign
Dollar
currency price of the U.S. dollar or the export value of the
U.S. dollar.
美国存托凭证
American
A stock representing a specified number of shares in a
Depository Receipt
foreign corporation. ADRs are bought and sold in the
(ADR)
American markets just like regular stocks. An ADR is
issued by a U.S. Bank, consisting of a bundle of shares
of a foreign corporation that are being held in custody
overseas. The foreign entity must provide financial
information to the sponsor bank. ADRs do not eliminate
the currency and economic risks for the underlying
shares in another country.
ADRs are listed on either the NYSE, AMEX, or Nasdaq.
美国存托股份
American
A share issued under deposit agreement that represents
Depository Share
an underlying security in the issuer's home country.?
(ADS)
挤油交易、反复买卖
Churning
An unethical practice employed by some brokers to
increase their commissions by excessively trading in a
client's account
美国证券交易监督委员会 SEC
A government commission created by Congress to
（美国证监会）
regulate the securities markets and protect investors. In
addition to regulation and protection, it also monitors the
corporate takeovers in the United States. The SEC is
composed of five commissioners appointed by the
president of the United States and approved by the
Senate. The statutes administered by the SEC are
designed to promote full public disclosure and protect the
investing public against fraudulent and manipulative
practices in the securities markets. Generally, most
issues of securities offered in interstate commerce,
through the mail, or on the Internet, must be registered
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with the SEC.
美国证券交易监督委员会 Securities &
A government commission created by Congress to
（美国证监会）
Exchange
regulate the securities markets and protect investors. In
Commission (SEC)
addition to regulation and protection, it also monitors the
corporate takeovers in the United States. The SEC is
composed of five commissioners appointed by the
president of the United States and approved by the
Senate. The statutes administered by the SEC are
designed to promote full public disclosure and protect the
investing public against fraudulent and manipulative
practices in the securities markets. Generally, most
issues of securities offered in interstate commerce,
through the mail, or on the Internet, must be registered
with the SEC.
美国证券库斯普号码
CUSIP Number
A number identifying all stocks and registered bonds.
The Committee on Uniform Securities Identification
Procedures (CUSIP) oversees the entire CUSIP system.
美国财政部
U.S. Treasury
The United States Department of the Treasury is the
government department responsible for issuing all
Treasury bonds, notes, and bills.
结构性失业
Structural
Unemployment resulting from changes in the basic
Unemployment
composition of the economy. These changes
simultaneously open new positions for trained workers.
贴现现金流
美国股票交易所
Discounted Cash
A method used to estimate the attractiveness of an
Flow (DCF)
investment opportunity.
American Stock
The third largest stock exchange in the United States.
Exchange
The AMEX is located in New York and handles
approximately 10% of all securities traded in the States.
结构性票据
Structured Note
1.
A synthetic medium-term debt obligation with
embedded components and characteristics that
adjust the risk/return profile of the security.
2.
An instrument whose value is determined by the
price movement of the asset underlying the note. It
allows investors to realize a profit from favorable
price movements.
结构性融资
Structured Finance
A service offered by many large financial institutions for
companies with very unique financing needs. These
financing needs usually don't match conventional
financial products such as a loan. Structured finance
generally involves highly complex financial transactions.
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贴现债券、折扣债券
Discount Bond
贴现率、折让率
Discount Rate
A bond that is valued at less than its face amount.
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.
政府票据
Treasury Note
A marketable, fixed-interest rate U.S. Government debt
security with a maturity between 1 and 10 years.
贴现窗
Discount Window
The location at the Federal Reserve where financial
institutions go to borrow money at the discount rate.
贸易融资
Trade Finance
The science that describes the management of money,
banking, credit, investments, and assets for international
trade transactions.
指标
Indicator
Anything used to predict future financial or economic
trends.
保荐人
Sponsor
1.
In the context of mutuals, an underwriting
company that offers shares in its mutual funds.
2.
In the context of stocks, an influential investor
who creates demand for a security because of
their positive outlook on it.
信贷风险
Credit Risk
The possibility of a loss occurring due to the financial
failure to meet contractual debt obligations.
信贷违约掉期
Credit Default Swap A swap designed to transfer the credit exposure of fixed
income products between parties.
贵重金属
Precious Metal
A general term used to describe valuable metals such as
gold, iridium, palladium, platinum, and silver.
信贷衍生工具
Credit Derivative
Privately held negotiable bilateral contracts that allow
users to manage their exposure to credit risk. Credit
Derivatives are financial assets like forward contracts,
swaps, and options for which the price is driven by the
credit risk of economic agents (private investors or
governments).
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信贷、信用、贷项
Credit
1.
A contractual agreement in which a borrower
receives something of value now, with the
agreement to repay the lender at some date in the
future. Also, the borrowing capacity of an individual
or company.
2.
An accounting entry system that either
decreases assets or increases liabilities.
信贷息差
Credit Spread
1.
The spread between Treasury securities and
non-Treasury securities that are identical in all
respects except for quality rating.
2.
An options strategy where a high premium
option is sold and a low premium option is bought
on the same underlying security.
总费率
Gross Spread
The difference between the underwriting price received
by the issuing company and the actual offering price to
the public.
信贷额度、信贷限额
Line of Credit
An arrangement between a financial institution (usually a
bank) and a customer establishing a maximum loan
balance that the bank will permit the borrower to
maintain.
信贷额度、资金设施
Facility
A term used to describe financial assistance programs
offered by lending institutions to help companies
requiring capital.
贬值
Devaluation
Lowering the value of a country's currency compared to
the value of a commodity or to the value of another
country's currency.
面值
Face Value
1.
The stated principal amount of a debt
instrument.
2.
派息比率
Payout Ratio
The value printed value on a banknote or coin.
The percentage of earnings paid out in dividends. It is
calculated by dividing dividends per share by earnings
per share.
总效用
Total Utility
The full satisfaction of consumers wants or needs
through the consumption of specific goods or services.
总债务与总资产比率
Total Debt to Total
Used to measure a company's financial risk by
Assets
determining how much of the company's assets have
been financed by debt. Calculated by adding short-term
and long-term debt, and then dividing by a company's
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total assets.
总资本，总市值
Capitalization
1.
The sum of a corporation's stock, long-term
debt, and retained earnings.
2.
A company's outstanding shares multiplied by
its share price, better known as market
capitalization.
首席行政官
CEO
This is the senior manager who is responsible for
overseeing the activities of an entire company.
首席行政官
首席财务官
Chief Executive
This is the senior manager who is responsible for
Officer
overseeing the activities of an entire company.
CFO
This is the senior manager who is responsible for
overseeing the financial activities of an entire company.
This includes signing checks, monitoring cash flow, and
financial planning.
首席财务官
Chief Financial
This is the senior manager who is responsible for
Officer
overseeing the financial activities of an entire company.
This includes signing checks, monitoring cash flow, and
financial planning.
看涨的多空套做
Bull Spread
An option strategy in which maximum profit is attained if
the underlying security rises in price. Either calls or puts
can be used. The lower strike price is purchased and the
higher strike price is sold. The options have the same
expiration date.
看涨的纵向多空套做
Bull Vertical Spread An optimistic strategy used by investors who feel that the
market price of a commodity will appreciate, but wish to
limit the downside potential associated with an incorrect
prediction.
独资经营
Sole Proprietorship
A business organization that is unincorporated and has
only one owner.
标准差
Standard Deviation
1.
A measure of the dispersion of a set of data from
its mean. The more spread apart the data is, the
higher the deviation.
2.
In finance, standard deviation is applied to the
annual rate of return of an investment to measure
the investment's volatility (risk).
保留盈余
R/E
The percentage of net earnings not paid out in dividends,
but retained by the company to be reinvested in its core
business or to pay debt. It is recorded under
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shareholders equity on the balance sheet.
Calculated by adding net income to (or subtracting any
net losses from) beginning retained earnings and
subtracting any dividends paid to shareholders.
保留盈余
Retained Earnings
The percentage of net earnings not paid out in dividends,
but retained by the company to be reinvested in its core
business or to pay debt. It is recorded under
shareholders equity on the balance sheet.
Calculated by adding net income to (or subtracting any
net losses from) beginning retained earnings and
subtracting any dividends paid to shareholders.
首席营运官
COO
This is the senior manager whose responsibility it is to
manage the day-to-day operations of the company and
then report this to the CEO.
首席营运官
Chief Operating
Officer
标准普尔
S&P
A company that rates stocks and corporate and
municipal bonds according to risk profiles. Additionally,
Standard and Poor's produces and tracks the S&P
indexes, and publishes a variety of financial and
investment reports.
标准普尔 500
S&P500
An index consisting of 500 stocks chosen for market
size, liquidity, and industry group representation. It is a
market-value weighted index, with each stock's weight in
the index proportionate to its market value
标准普尔 500
S&P 500
An index consisting of 500 stocks chosen for market
size, liquidity, and industry group representation. It is a
market-value weighted index, with each stock's weight in
the index proportionate to its market value
标准普尔
S&P (Standard And A company that rates stocks and corporate and
Poor's)
municipal bonds according to risk profiles. Additionally,
Standard and Poor's produces and tracks the S&P
indexes, and publishes a variety of financial and
investment reports.
保留管理层的收购项目
Management Buyin
When a group of investors outside of a company
(MBI)
purchase a controlling block of shares and keep the
existing management.
带领权
Drag Along Rights
A right that enables a majority shareholder to force a
minority shareholder to join in the sale of a company. The
majority owner doing the dragging must give the minority
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share holder the same price, terms, and conditions as
any other seller.
持续经营
Going Concern
A term for a company that has the resources needed in
order to continue to operate. If a company is not a going
concern, it means the company has gone bankrupt.
持续经营价值
活跃债券投资者
Going Concern
The value of a company's ability to generate earnings
Value
from tangible and intangible assets.
Active Bond Crowd
A term used to describe fixed-income securities that
trade frequently on the floor of the NYSE.
战略联盟
Strategic Alliance
An arrangement between two companies who have
decided to share resources that one company may not
have while holding something that another has
贷款
Loan
When a lender gives money or property to a borrower,
and the borrower agrees to return the property or repay
the borrowed money along with interest, at a
predetermined date in the future.
贷款与价值比率
Loan to Value Ratio A lending risk ratio calculated by dividing the total
amount for the mortgage or loan by the appraised value
of the property.
结晶交易
Crystallization
The act of selling and buying stocks almost
instantaneously in order to increase or decrease book
value.
活期存款
Demand Deposit
An account where deposited funds can be withdrawn at
any time.
总税项
Total Tax
The complete amount of taxes an individual owes for a
particular year after all credits have been deducted.
首期保证金
Initial Margin
The percentage of the purchase price of securities that
can be purchased on margin.
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.
贷款损失准备金
Loan Loss Provision An expense set aside as an allowance for bad loans
(customer defaults, or terms of a loan have to be
renegotiated, etc).
贷款银团
Loan Syndication
The process of involving numerous different lenders in
providing various portions of a loan.
总销售额
Gross Sales
The overall sales which are not adjusted for discounts or
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returns. Gross sales is usually used for consumer retail
firms.
指数
Index
A statistical measure of the changes in a portfolio of
stocks representing a portion of the overall market.
Russell 2000 指数
Russell 2000 Index
An index that measures the performance of the 2,000
smallest companies in the Russell 3000 Index. The
Russell 2000 serves as a benchmark for small-cap
stocks.
指数化
Indexing
1.
The adjustment of the weights of assets in an
investment portfolio so that its performance
matches that of an index.
2.
Linking movements of rates to the performance
of an index.
重置成本
Replacement Cost
The price that will have to be paid to replace an existing
asset with a similar asset.
指数基金
Index Fund
A portfolio of investments that are weighted the same as
a stock-exchange index in order to mirror its
performance. This process is also referred to as
indexing.
指数期权
Index Option
A call or put option on a financial index.
指数期货
Index Futures
A futures contract on a stock or financial index, such as
the S&P 500. Each index can have a different multiple for
determining the price of the future.
结算
Clearing
The procedure by which an organization acts as an
intermediary and assumes the role of a buyer and seller
for transactions in order to reconcile orders between
transacting parties.
保管人
Custodian
A financial institution that has the legal responsibility for a
customer's securities. This implies management as well
as safekeeping.
结算日期
Settlement Date
1.
The date by which an executed security trade
must be settled. That is, the date by which a buyer
must pay for the securities delivered by the seller.
2.
The payment date of benefits from a life
insurance policy.
结算行
Clearing House
This is a firm that guarantees the obligations of the
parties in an exchange traded security or derivative
transaction.
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结算价格
Settlement Price
The average price that a contract trades at, calculated for
both the open and the close of each trading day.
保管帐户
Custodial Account
1.
An account created at a bank, brokerage firm or
mutual fund company that is managed by an adult
for a minor that is under the age of 18 to 21
(depending on state legislation).
2.
A retirement account managed for eligible
employees by a custodian.
结算费用
Clearing Fee
A fee charged by clearing corporations for their services
provided to investment firms.
热门发行
Hot Issue
An issue that sells at a premium over the public offering
price on the first day of trading.
预计寿命
Life Expectancy
1.
The age until which a person is expected to live.
2.
The remaining number of years an individual is
expected to live according to IRS life expectancy
tables.
资不抵债
Insolvency
When a company can no longer meet its debt obligations
with another firm or institution.
预见性盈利
Forward Looking
Analyst forecasts used in the context of a P/E ratio based
Earnings
on forward (expected) earnings rather than on the trailing
earnings (which is quoted more often).
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.?
债务
Debt
An amount of money owed from one person or firm to
another.
债务人
Debtor
A company or individual that owes money.
债务人
Obligor
An entity that has an obligation to pay all principal and
interest payments on a debt.
资本化
Capitalize
An accounting method used to delay the recognition of
expenses by recording the expense as a long term asset.
资本开支
Capital Expenditure Funds used by a company to acquire or upgrade
physical assets such as property, industrial buildings, or
equipment.
资本升值
Capital Appreciation A rise in the market price of an asset.
资本化租赁
Capital Lease
A lease considered to have the economic characteristic
of asset ownership.
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资本主义
Capitalism
An economic system that encourages private investment
and business, rather than a government controlled
economy.
资本市场
Capital Markets
The market where capital, such as stocks and bonds, are
traded.
资本成本
Cost of Capital
The required return necessary to make a capital
budgeting project worthwhile. Cost of capital would
include the cost of debt and the cost of equity.
套汇交易理论
Arbitrage Trading
A program used to simultaneously place orders for stock
Program (ATP)
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).
资本充足率
资本回报率
Capital Adequacy
A measure of a bank's capital. It is expressed as a
Ratio (CAR)
percentage of a bank's risk weighted credit exposures.
Return of Capital
A return from an investment that is not considered
income. The return of capital is when some or all of the
money an investor has in an investment is paid back to
him or her, thus decreasing the value of the investment.
This is not a gain of any type because it is not in excess
of the original investment.
资本收益
Capital Gain
An increase in the value of a capital asset (investment or
real estate) that gives it a higher worth than the purchase
price. The gain is not realized until the asset is sold. A
capital gain may be short-term (one year or less) or
long-term (more than one year), and must be claimed on
income taxes.
资本收益回报率
资本帐户
Return On Capital
The return that one gets from an increase in the value of
Gains
a capital asset (investment or real estate).
Capital Account
The net result of public and private international
investment flowing in and out of a country.
资本财货
Capital Goods
Any goods used by an organization to produce other
goods.
债务证券
Debt Security
A security representing a loan by an investor to an
issuer. In return for the loan, the issuer promises to repay
the debt on a specified date and to pay interest.
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
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made.
债务股本比
Debt Equity Ratio
A measure of a company's financial leverage calculated
by dividing long term debt by shareholders equity. It
indicates what proportion of equity and debt the company
is using to finance its assets.
Note: Sometimes investors only use interest bearing long
term debt instead of total liabilities.
Total Liabilities
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Shareholders Equity
除外责任比率
Exclusion Ratio
The portion of the return on investments that is income
tax exempt. It represents a payback of initial investments
rather than capital gains.
套汇定价理论
Arbitrage Pricing
An alternative to the CAPM, APT differs in its
Theory (APT)
assumptions and explanation of risk factors associated
with the risk of an asset.
荷兰拍卖
Dutch Auction
An auction where the price on an item is lowered until it
gets its first bid, and then the item is sold at that price.
资金的时间价值
Time Value of
The basic principle that money can earn interest.
Money
Therefore, something that is worth $1 today will be worth
more in the future if invested. This is also referred to as
future value.
资本金基础
Capital Base
1.
The capital acquired during an IPO, or the
additional offerings of a company, plus any
retained earnings.
2.
An initial investment plus subsequent
investments made by an investor into their
portfolio.
资本保证基金
Capital Guarantee
An investment vehicle, offered by certain institutions, that
Fund
guarantees the investor's initial capital investment from
any losses.
债务重组
Debt Restructuring
A method whereby companies with outstanding debt
obligations alter the terms of the debt agreements in
order to achieve some advantage.
资本结构调整
Recapitalization
Restructuring a company's debt and equity mixture
without affecting the total amount of balance sheet
equity.
资本损失
Capital Loss
The loss incurred when a capital asset (investment or
real estate) decreases in value. The loss is not realized
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until the asset is sold for a lower price than the purchase
price.
资本/资本金
Capital
1.
Financial assets or the financial value of assets
such as cash.
2.
The factories, machinery, and equipment owned
by a business.
资本资产
Capital Asset
A long-term asset that is not bought or sold in the regular
course of business.
债务积压
Debt Overhang
A situation where the debt stock of a country exceeds the
country's future capacity to repay.
资本资产计价模型
Capital Asset
A model describing the relationship between risk and
Pricing Model
expected return. It serves as a model for the pricing of
(CAPM)
risky securities. CAPM says that the expected return of a
security or a portfolio equals the rate on a risk-free
security plus a risk premium. If this expected return does
not meet or beat the required return then the investment
should not be undertaken.
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.
高市值股票
Large-Cap
Companies having a market capitalization between $10
billion and $200 billion.
（资本）损耗
Impairment
1.
A reduction in a company's stated capital.
2.
The total capital that is less than the par value of
the company's capital stock.
资本预算
Capital Budgeting
The process of determining whether or not projects such
as building a new plant or investing in a long-term
venture are worthwhile.
债务偿付比率
资本票据
Debt Service
A ratio often used by bank loan officers when making
Coverage Ratio
loans to perspective income property loans.
Capital Note
Fixed income products issued by companies as a source
of short term debt.
资本密集
Capital Intensive
A process or industry that requires large sums of
financial resources to produce a particular good.
选出最有利的（投资等） Cherry Picking
1.
The act of investors choosing investments that
have performed well within another portfolio in
anticipation that the trend will continue.
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2.
Relating to bankruptcy proceedings whereby the
courts uphold contracts favorable to bankrupt
companies, but annul those that are unfavorable.
债务融资
Debt Financing
When a firm raises money for working capital or capital
expenditures by selling bonds, bills, or notes to individual
and/or institutional investors. In return for lending the
money, the individuals or institutions become creditors
and receive a promise to repay principal and interest on
the debt.
资产
Asset
Anything that an individual or a corporation owns that
has economic value to its owner. Asset is also a balance
sheet item showing what a firm owns.
Assets are bought to increase the value of a firm or
benefit the firms operations.
破产
Bankruptcy
When a person or firm is unable to repay debts. Thus,
the ownership of the firm's assets are transferred from
the stockholders to the bondholders.
预付
Prepayment
1.
The payment of a debt obligation prior to its due
date.
2.
The excess payment over a scheduled debt
repayment amount.
债权人
Creditor
One who extends credit by giving a person or
organization permission to borrow money if they promise
to pay it back at a later date.
租回已出售财产
Leaseback
An arrangement where the seller of an asset leases back
the same asset from the purchaser.
资产分配
Asset Allocation
The process of dividing a portfolio among major asset
categories, such as bonds, stocks, or cash. The purpose
of asset allocation is to reduce risk by diversifying the
portfolio.
资产互换
Asset Swap
Similar in structure to a plain vanilla swap, the key
difference is the underlying of the swap contract. Rather
than regular fixed and floating loan interest rates being
swapped, fixed and floating investments are being
exchanged.
破产风险
Bankruptcy Risk
The ever present risk that a firm will be unable to meet its
debt obligations. Often referred to as default or
insolvency risk.
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预付风险
Prepayment Risk
The uncertainty related to unscheduled prepayment in
excess of scheduled principal repayment.
资产分配基金
Asset Allocation
type of mutual fund that splits investment assets among
Fund
bonds, stocks, and other securities. The goal is to
maximize return while minimizing risk.
流动比率
Current Ratio
Indicator of company's ability to pay short-term
obligations; calculated by dividing current assets by
current liabilities.
流动比率
Working Ratio
A ratio used to measure a company's ability to recover
operating costs from annual revenue. This ratio is
calculated by taking the company's total annual
expenses (excluding depreciation and debt-related
expenses) and dividing by the annual gross income
预先包装的破产
Prepackaged
When a?company prepares a reorganization plan that is
Bankruptcy
negotiated and voted on by creditors and shareholders
before the company actually files for bankruptcy
特许协议
Concession
A right granted by a government to a corporation. It
Agreement
specifies rules under which the company can operate
locally.
资产回报率
Return On Assets
A useful indicator of how profitable a company is relative
(ROA)
to its total assets. Calculated by dividing a company's
annual earnings by its total assets, ROA is displayed as
a percentage. Sometimes this is referred to as Return on
Investment.
资产回报率
ROA
A useful indicator of how profitable a company is relative
to its total assets. Calculated by dividing a company's
annual earnings by its total assets, ROA is displayed as
a percentage. Sometimes this is referred to as Return on
Investment.
Net Income
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Total Assets
Note: Some people add interest expense back into net
income when performing this calculation because it
measures operating returns before cost of borrowing.
流动负债
Current Liabilities
Usually appearing on a company's balance sheet, it
represents the amount owed for interest, accounts
payable, short-term loans, expenses incurred but unpaid,
and other debts due within one year.
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资产负债表
Balance Sheet
A company's financial statement. It reports the
company's assets, liabilities, and net worth at a specific
time.
资产负债表以外融资
Off Balance Sheet
The way a company raises money that does not appear
Financing
on the balance sheet, unlike loans, debt, or equity, which
do appear on the balance sheet.
资产负债管理
Asset-Liability
A technique employed by companies in coordinating the
Management
management of assets and liabilities so that an adequate
return may be earned.
被动投资
Passive Investing?
An investment strategy involving limited ongoing buying
and selling actions. Passive investors will purchase
investments with the intention of long-term appreciation
and limited maintenance.
追回利益、市场回落
Clawback
1.
Previously given monies or benefits that are
taken back due to specially arising circumstances.
2.
A retraction of stock prices or of the market in
general.
资产抵押证券
资产周转率
Asset-Backed
A security backed by notes or receivables against assets
Security
other than real estate.
Asset Turnover
The amount of sales generated for every dollar's worth of
assets. It is calculated by dividing sales in dollars by
assets in dollars.
Revenue
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Total Assets
资产净值
NAV
1.
In the context of mutual funds, the total value of
the fund's portfolio less liabilities. The NAV is
usually calculated on a daily basis.
2.
In respect to corporate valuations, the book
value of assets less liabilities.
资产净值
Net Asset Value
1.
(NAV)
In the context of mutual funds, the total value of
the fund's portfolio less liabilities. The NAV is
usually calculated on a daily basis.
2.
In respect to corporate valuations, the book
value of assets less liabilities.
积压待发股票、悬货
Overhang
Calculated as stock options granted, plus the remaining
options to still be granted, and then divided by the total
shares outstanding.
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资产重新配置
流动资产
Asset
The strategic relocation of company assets in order to
Redeployment
increase profitability.
Current Assets
Appearing on a company's balance sheet, it represents
cash, accounts receivable, inventory, marketable
securities, prepaid expenses, and other assets that can
be converted to cash within one year.
资产偿付比率
Asset Coverage
A test that determines a company's ability to cover debt
Ratio
obligations with their assets after all liabilities have been
satisfied. It is calculated as the following
(Book or liquidation value of total assets intangible assets (current liabilities - short term debt obligations))
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Total debt outstanding
预扣（税）
Withholding
Any tax that is taken directly out of an individual's wages
or other income before he or she receives the funds.
预扣（税）
Withholding Tax
The amount of income tax an employer is required to
withhold from an employee's salary.
资产隙
Asset Play
An incorrectly valued stock that is attractive because its
combined asset value greater than its market
capitalization.
资产管理
Asset Management
1.
The management of the financial assets of a
company in order to maximize return.
2.
An account at a financial institution that includes
checking services, credit cards, debit cards,
margin loans, the automatic sweep of cash
balances into a money market fund, as well as
brokerage services.
盈利
Earnings
The net income of a company during a specific period.
Generally, but not necessarily, referring to after-tax
income.
除证、不带认股权证
Ex-Warrant
The trading of shares when a warrant has been declared,
but not distributed.
盈利不符预测
Earnings Surprises
When the earnings reported in a company's quarterly or
annual report are above or below analysts' earnings
estimates.
时间加权回报率
Time-Weighted
A measure of the compound rate of growth in a portfolio.
Rate of Return
Because this method eliminates the distorting effects
created by inflows of new money, it is used to compare
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the returns of investment managers.
When calculating, the effect of varying cash inflows is
eliminated by assuming a single investment at the
beginning of a period and measuring the growth or loss
of market value to the end of that period.
盈利收益
Earnings Yield
The earnings per share for the most recent 12 months
divided by market price per share.
高折扣债券
Deep Discount
1.
Bond
A bond that sells at a significant discount from
par value.
2.
A bond that has a coupon rate significantly less
than the prevailing rates of fixed-income securities
with similar risk profiles and is selling at a discount
from par value.
高级证券
Senior Security
A security (usually debt) that, in the event the issuer goes
bankrupt, must be repaid before other creditors receive
any payment.
获利抛售
Profit Taking
Occurs when traders sell stock to cash in on a sharp rise.
This action pushes prices down temporarily.
盈利质量
Quality of Earnings
The amount of earnings attributable to higher sales or
lower costs rather than artificial profits created by
accounting anomalies such as inflation of inventory.
高利贷
Loan Sharking
When a borrower is charged interest above an
established legal rate. Depending on where you live,
lenders typically cannot charge more than 60% interest
per annum.
盈利资产
Earning Assets
Any income earning asset owned by a company.
盈利预测
Earnings Estimate
An analyst's estimate for a company's future quarterly or
annual earnings
盈利倍数
Earnings Multiplier
The estimated price-earnings ratio adjusted for the
current level of interest rates.
配股
Allotment
During an IPO, this is the number of shares granted to
each participating underwriting firm that they are
permitted to sell. Remaining surpluses are then given to
other firms which have won the bid for the right to sell the
IPO.
债券
Bond
A bond is a debt investment whereby the investor loans
money to an entity (company or government) that needs
funds for a defined period of time at a specified interest
rate. In exchange for your money, the entity will issue
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you a certificate, or bond, that states the interest rate
(coupon rate) you are to be paid and when your loaned
funds are to be returned (maturity date). Interest on
bonds is usually paid every six months (semiannually).
Corporate bond: A bond issued by a corporation.
Municipal bond: A bond issued by a municipality. These
are generally tax free, so you pay no taxes on the
interest you earn, but the interest rate is usually lower
than for a taxable bond.
Treasury bond: A bond issued by the U.S. Government.
These are considered safe investments because they
are backed by the taxing authority of the U.S.
government, and the interest on Treasury bonds is not
subject to state income tax. T-bonds have maturities
greater than ten years, while notes and bills have lower
maturities.
Treasury note: The only difference between a Treasury
note and a Treasury bond is that a Treasury note is
issued for a shorter time, usually two to five years.
Treasury bill: This is held for a shorter time than either a
Treasury bond or a Treasury note--usually three, six, or
nine months to two years. Interest on T-bills is paid at the
time the bill matures, and the bills are priced accordingly.
Zero-coupon bonds: A bond that generates no periodic
interest payments but is issued at a discount from face
value. The return is realized at maturity.
债券互换
Bond Swap
A strategy whereby an investor sells a bond and at the
same time purchases a different bond with the proceeds
from the sale.
资金汇回本国
Repatriation
The process of converting a foreign currency into the
currency of one's own country.
资金成本
Cost of Funds
The interest rate paid on a loan.
债券评级
Bond Rating
An evaluation of the possibility of default by a bond
issuer. It is based on an analysis of the issuer's financial
condition and profit potential. Bond rating services are
provided by, among others, Standard & Poor's, Moody's
Investors Service, and Fitch Investors Service.
积极投资
Active Investing
An investment strategy involving ongoing buying and
selling actions of the investor. Active investors will
purchase investments and continuously monitor their
activity in order to exploit profitable conditions.
资金过剩
Overcapitalization
When a company has too much capital for the needs of
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its business
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.
预定的违约金
Liquidated
Present in certain legal contracts, this provision allows
Damages
for the payment of a specified sum should one of the
parties be in breach of contract.
资金周转周期
Cash Conversion
The duration between the sale of a firm's inventory and
Cycle
the collection of accounts receivable for the sale of that
inventory.
资金消耗率
Burn Rate
The rate at which a new company uses up its venture
capital to finance overhead before generating positive
cash flow from operations. In other words, it's a measure
of negative cash flow.
债券换新
Refunding
Retiring an outstanding bond issue at maturity by using
money from the sale of a new offering.
债券基金
Bond Fund
A mutual fund whose investment objective is to provide
stable income with a minimal risk. It invests in
income-producing instruments, which may include
corporate, government, or municipal bonds.
恶性通货膨胀
Hyperinflation
Extremely rapid or out of control inflation.
债券期权
Bond Option
The same as a stock option except the underlying asset
is a bond.
债券等值收益
Bond Equivalent
A calculation for restating semi-annual, quarterly, or
Yield (BEY)
monthly discount-bond or note yields into an annual
yield. For a fixed income security with a par value of
$1000, the calculation is as follows:
1000-Purchase Price
Purchase Price
格林斯潘
Alan Greenspan
Dr. Greenspan is Chairman of the Board of Governors of
the Federal Reserve System. He is serving his fourth
four-year term ending June 20, 2004. Dr. Greenspan
also serves as Chairman of the Federal Open Market
Committee (FOMC), the Fed's principal monetary
policymaking body.
格林斯潘对策
Greenspan Put
A colloquial term used to describe the Chairman of the
Federal Reserve Board's actions in preventing significant
and sustained market downturns.
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积极管理
Active Management An investing strategy that seeks returns in excess of a
specified benchmark.
竞标
Competitive Bid
A process whereby an underwriter submits a sealed bid
to the issuer. The issuer awards the contract to the
underwriter with the best price and contract terms.
预测
Forecasting
The process of analyzing historical and current data in
order to determine future trends.
消费物价指数
CPI
A measure of price changes in consumer goods and
services such as gasoline, food, and automobiles
消费物价指数
消费信贷
Consumer Price
A measure of price changes in consumer goods and
Index (CPI)
services such as gasoline, food, and automobiles
Consumer Credit
A debt that someone incurs for the purpose of
purchasing a good or service.
消费者信心指数
Consumer
A survey of consumer confidence by the Conference
Confidence Index
Board. It measures how optimistic or pessimistic
(CCI)
consumers are with respect to the economy in the near
future.
借项、借方
Debit
An accounting entry which results in either an increase in
assets or a decrease in liabilities or in your bank account.
热钱
Hot Money
Money that flows regularly between financial markets in
search for the highest short term interest rates possible.
租赁
Lease
An agreement in which one party gains a long-term
rental agreement, and the other party receives a form of
secured long-term debt.
残值
Salvage Value
The estimated value that an asset will realize upon its
sale at the end of its useful life.
家庭开支
Household
A per person breakdown of general living expenses. It
Expenses
includes the amount paid for lodging, food consumed
within the home, utilities paid, and other expenses. The
sum of all the expenses is then divided by the number of
family members residing in the house in order to find
each member's part of the total expense.
效益比例
Efficiency Ratio
A ratio used to calculate a bank's efficiency. Not all
banks calculate the efficiency ratio the same way. We've
seen the ratio calculated as all of the following:
1.
non-interest expense divided by total revenue
less interest expense
2.
non-interest expense divided by net interest
income before provision for loan losses
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3.
non-interest expense divided into revenue
4.
operating expenses divided by fee income plus
tax equivalent net interest income
For all versions of the ratio, an increase means the
company is losing a larger percentage of its income to
expenses. If it is getting lower, it is good for the bank and
its shareholders.
除息、不带息
Ex-Dividend
The trading of shares when a declared dividend belongs
to the seller rather than the buyer.
除权、不带新股认股权
Ex-Rights
The period when a new purchaser of stock is not entitled
to participate in the recently declared rights offering.
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
1.
Vehicle
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."
效益成本比率
家庭成员
损益表
Benefit Cost Ratio -
A ratio attempting to clearly identify the relationship
(BCR)
between the cost and benefits of a proposed project.
Member of
A person who has lived in the taxpayer's home for the
Household
entire tax year.
Income Statement
Part of a company's financial statements summarizing
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revenues and expenses during a specific period of time.
Also known as the profit and loss statement.
债换股交易
Debt Equity Swap
A refinancing deal where a debt holder gets an equity
position in exchange for cancellation of the debt.
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.
高流通性市场
Liquid Market
A market with many bid and ask offers. The market is
characterized by high liquidity, low spreads, and low
volatility.
浮息票据
Floating Rate Note
A note with a variable interest rate. Adjustments to the
(FRN)
interest rate are usually made every 6 months and are
tied to a certain money-market index.
息票
Coupon
The interest rate stated on a bond when it's issued. The
coupon is typically paid semiannually.
GDP 差距
GDP Gap
The sacrificed output within a country's economy due to
the failure to create sufficient jobs for all those willing to
work.
流通风险
Liquidity Risk
The risk stemming from the lack of marketability of an
investment that cannot be bought or sold quickly enough
to prevent or minimize a loss.
流通性、变现能力
Liquidity
1.
The degree to which an asset or security can be
bought or sold in the market without affecting the
asset's price. Liquidity is characterized by a high
level of trading activity.
2.
流动性偏好理论
流通资产净值
The ability to convert an asset to cash quickly.
Liquidity Preference The hypothesis that forward rates offer a premium over
Theory
expected future spot rates.
Net Liquid Assets
A company's liquid financial assets minus its current
liabilities.
能量比率
Power Ratio
Measures a media company's revenue performance in
comparison to the audience share they control. You need
to know three numbers in order to make this calculation
work:
1. Total Market Revenue
2. The Company's Revenue
3. The Audience Share
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预期回报率
Expected Return
The average of a probability distribution of possible
returns
恐慌性出售
Panic Selling
High volume selling brought about by sharp price
declines.
恐慌性买入
Panic Buying
High volume buying brought about by sharp price
increases.
预期债券票据
倍数
Bond Anticipation
Short term interest bearing securities issued in the
Note (BAN)
anticipation of larger approaching bond issues.
Multiple
Another term for the price/earnings ratio, which is
calculated by dividing a stock's current price by the
company's current annual earnings per share.
恶意收购
Hostile Takeover
A takeover attempt that is strongly resisted by the target
firm.
倍数压缩
Multiple
Arises when a stock trades at a certain multiple and,
Compression
while earnings may be good, the stock price doesn't
move or sometimes goes down. The result is that the
multiple is reduced even though nothing is fundamentally
wrong with the company. The valuation has been called
into question and the multiple that you are willing to pay
for that stock is the only thing different.
乘数效应
Multiplier Effect
The expansion of a country's money supply that results
from the collective of member banks being able to lend
more money than they take in.
紧缩
Squeeze
1.
In financial terms, a period of time when
borrowing is difficult.
2.
In general business terms, times when
increasing costs cannot be passed onto
consumers. The decrease in profits is said to be
caused by a "squeeze" on profit margins.
换算风险
Translation
The exchange rate risk associated with companies that
Exposure
deal in foreign currencies or list foreign assets upon their
balance sheets.
紧缩信贷
Credit Crunch
An economic condition whereby investment capital is
difficult to obtain. Banks and investors become weary of
lending funds to corporations thereby driving up the price
of debt products for borrowers.
预算案
Budget
An estimation of an organization's revenue and
expenses over a specified period of time.
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涉漏消息
Leakage
A release of information to certain people before the
official public announcement.
追踪股票
Tracking Stock
A stock issued by a parent company to create a financial
vehicle to track the performance of a particular division or
subsidiary.
配额、限额
Quota
In the context of international trade, this is a limit put on
the amount of a specific good that can be imported.
追踪基金
Tracker Fund
A type of mutual fund that provides the same returns as
an index. The fund invests in all the companies within the
index according to a market value weighting.
捐赠
Endowment
Assets, funds, or property that is donated to an
institution, an individual, or a group as a source of
income.
商人银行
Merchant Bank
A bank which deals mostly in (but is not limited to)
international finance, long term loans to companies, and
underwriting. Merchant banks do not provide normal
banking services to the general public.
第三方保管协议
Escrow Agreement
A certificate provided by an approved bank that
guarantees the indicated securities are deposited at that
particular bank.
第三方保管契约
Escrow
A financial instrument held by a third party on behalf of
others until their written or oral instructions or obligations
have been fulfilled.
基于财务表现额外对价条 Earnout
A contractual provision where the seller of a business
款
obtains additional consideration based on the business
achieving certain financial goals in the future. These
goals are usually stated as a percentage of gross sales
or earnings.
累计投票
Cumulative Voting
The procedure of voting for a company's directors, where
each shareholder is entitled one vote per share times the
number of directors to be elected. This is sometimes
known as proportional voting.
部分还款
Paydown
The process of repaying a portion of an outstanding loan
balance.
部分还款系数
Paydown Factor
Each month a portion of cash is subtracted from the
principal of a mortgage security. This amount is then
divided by the original principal of the security and is
reported as the paydown factor.
猛犬债券
Bulldog Bond
A sterling denominated bond that is issued in London by
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a company that is not British.
商业
Commercial
A term used to refer to any party or organization involved
in producing, transporting, or merchandising a
commodity.
减记
Write-Down
Reducing the book value of an asset because it is
overvalued compared to market values.
偿付比率
Solvency Ratio
One of many ratios used to gauge a company's ability to
meet long-term obligations.
商业对商业（B2B)
通用会计制度
Business to
Business conducted between companies, rather than
Business (B2B)
between a company and individual consumers.
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 The common set of accounting principles, standards,
Accounting
and procedures. GAAP is a combination of authoritative
Principles (GAAP)
standards (set by policy boards) and the accepted ways
of doing accounting.
基本时期
Base Period
A particular time period used for comparative purposes
when measuring economic data.
商业抵押作担保的证券
Commercial
Similar to a Mortgage Backed Security, but secured by
Mortgage Backed
loans with commercial instead of residential property.
Security (CMBS)
基本面分析
Fundamental
A method of evaluating securities by attempting to
Analysis
measure the intrinsic value of a particular stock.
Fundamental analysts study everything from the overall
economy and industry conditions, to the financial
condition and management of companies.
偿付能力、资力
Solvency
The ability of a corporation to meet both its long-term
fixed expenses and to have adequate money for
long-term expansion and growth.
商业银行
Commercial Bank
A financial institution that provides services such as a
accepting deposits and giving business loans.
商业票据
Commercial Paper
An unsecured, short-term loan issued by a corporation,
typically for financing accounts receivable and
inventories. It is usually issued at a discount reflecting
prevailing market interest rates.
售出清理
Sell-Out
When a broker or investor buying stocks has failed to
settle the trade in a timely matter and, consequently, the
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broker can forcibly sell the securities on the investors
behalf.
速动比率
Quick Ratio
An indicator of a company's financial strength. It is
calculated by subtracting inventories from current assets,
then dividing by current liabilities. This is also known as
the Acid Test.
授权书
Power of Attorney
Giving someone the ability to act on your behalf in
specific instances
银行出售保险
Bancassurance
A French term referring to the selling of insurance
through a bank's established distribution channels.
综合企业
Conglomerate
A company that consists of a grouping of businesses
from unrelated streams.
混合证券
Hybrid Security
A security that combines two or more different financial
instruments.
银行投资合约
Bank Investment
A security with an interest rate guaranteed by a bank. It
Contract (BIC)
provides a specific yield on a portfolio over a specified
period.
银行利率
Bank Rate
The rate at which central banks lend funds to national
banks.
授权股份
Authorized Stock
The maximum number of shares that a corporation is
legally permitted to issue under its articles of
incorporation. This figure is usually listed in the capital
accounts section of the balance sheet.
银行担保
Bank Guarantee
A guarantee from a lending institution that the liabilities of
a debtor will be met. In other words, if the debtor fails to
settle a debt, the bank will cover it.
理论性道琼斯指数
Theoretical Dow
A method of calculating a Dow Jones index (most often
Jones Index
the DJIA) that assumes all index components hit their
high or low at the same time during the day.
银行挤兑
Bank run
When numerous bank customers try to withdrawal their
bank deposits simultaneously and the bank's reserves
are not sufficient to cover the withdrawals.
银行保险
Bank Insurance
A public or private corporation that guarantees deposits
up to a specified amount if the bank goes bankrupt.
银团贷款
Syndicated Loan
A very large loan in which a group of banks work
together to provide funds for one borrower. There is
usually one lead bank that takes a small percentage of
the loan and syndicates the rest to other banks.
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速动资产
Quick Assets
Assets that can be easily be converted into cash or are
already in cash form. It is calculated as current assets
minus inventories.
减价、调低标价
Markdown
The difference between the highest current bid price
among broker-dealers in the market and the lower price
that a dealer charges a customer.
营运开支
Operating Expenses The essential things that a company must purchase in
order to maintain business.
研究及开发
Research and
A company's activities that are directed at developing
Development (R&D) new products or procedures
研究开发
R&D
A company's activities that are directed at developing
new products or procedures
营运比率
Operating Ratio
ratio that shows the efficiency of management.
Calculated as:
Operating Expense
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Net Sales
The smaller the ratio, the greater the organization's
ability to generate profit if revenues decrease.
营运收入
Operating Income
The profit realized from a business' own operations.
营运利润率
Operating Margin
Calculated by dividing a company's operating profit by
net sales.
营运净收入
NOI
A company's operating income minus income taxes and
minority interest.
营运净收入
营运现金流
Net Operating
A company's operating income minus income taxes and
Income (NOI)
minority interest.
Operating Cash
The cash generated from the operations of a company.
Flow (OCF)
In general terms, it is defined as revenues less all
operating expenses.
营运资金
Working Capital
A valuation metric that is calculated as current assets
minus current liabilities.
营运资金周转率
营运租赁
Working Capital
A measurement comparing the depletion of working
Turnover
capital with the generation of sales over a given period.
Operating Lease
A lease contract that allows the use of an asset, but does
not convey rights similar to ownership of the asset.
累进税
Progressive Tax
A tax that takes a larger percentage from the income of
high-income people than it does from low-income
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营运贡杆
Operating Leverage A measurement of the degree to which a firm or project
relies on fixed rather than variable costs.
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
黄武士
Yellow Knight
A company that was once making a takeover attempt but
ends up discussing a merger with the target company.
控股公司
Holding Company
A parent corporation that owns enough voting stock in
another corporation to control its board of directors (and,
therefore, controls its policies and management).
基金中的基金
Funds of Funds
A mutual fund which invests in other mutual funds.
递延帐户
Deferred Account
An account that postpones tax liabilities until a later date.
Deferred accounts are usually retirement accounts.
黄金股
Golden Share
A type of share that gives its shareholder veto power
over changes to the company's charter.
基金经理
Fund Manager
The person responsible for investing of a mutual fund's
assets, implementing its investment strategy, and
managing in day-to-day portfolio trading.
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.
偿还债务
Repayment
The act of paying back a debt.
黄金降落伞
Golden Parachute
Lucrative benefits given to top executives in the event
that a company is taken over by another firm, resulting in
the loss of their job. Benefits include items such as stock
options, bonuses, severance pay, etc.
黄金救生衣
Golden Lifejacket
An exceptional compensation package an acquiring
company offers to the top executives of the company
being acquired. The offer is meant to keep these
executives attracted to holding their offices.
通货萎缩
Deflation
The rate at which the general level of prices for goods
and services is falling. The opposite of inflation.
基点
Basis Point (BP)
A measure of a bond's yield, equal to 1/100th of 1% of
yield. A bond whose yield increases from 5.0% to 5.5% is
said to increase by 50 basis points.
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商品
Commodity
Any bulk good traded on an exchange or in the cash
market.
票面金额
Denomination
The stated value found on financial instruments.
票面值
Par Value
The face value of a bond.
商品期货交易委员会
Commodity Futures A U.S. federal agency established by the Commodity
Trading
Futures Trading Commission Act of 1974. It ensures the
Commission
open and efficient operation of the futures markets.
(CFTC)
There are five futures markets commissioners who are
appointed by the president (subject to Senate approval).
基准
Benchmark
Anything that serves as a standard for something's
performance to be measured against.
减债
Deleverage
The reduction of financial instruments or borrowed
capital previously used to increase the potential return of
an investment. It is the opposite of leverage.
偏离
Divergence
Occurs when the trend of a security's price does not
correspond with the trend of an indicator.
基础设施
Infrastructure
The basic physical systems of a nation.
累积股息
Cumulative
A limitation placed upon corporations ensuring the
Dividend
payment of preferred dividends before making
distributions to common shareholders.
减损盈利的收购项目
Dilutive Acquisition
An acquisition that will decrease the acquiring company's
EPS.
基准债券
Benchmark Bond
A bond that provides a standard for comparing the
performance of other bonds. Government bonds are
almost always used as benchmark bonds.
偿债基金
Sinking Fund
A means of repaying funds advanced through a bond
issue. The issuer makes periodic payments to a trustee,
who retires part of the issue by purchasing the bonds in
the open market.
累退税
Regressive Tax
A tax that takes a larger percentage from the income of
low-income people than the income of high-income
people.
票据
Note
A debt security, usually maturing in one to ten years.
掉期
Swap
Traditionally, the exchange of one security for another to
change the maturity (bonds), quality of issues (stocks or
bonds), or because investment objectives have changed.
Recently, swaps have grown to include currency swaps
and interest rates swaps.
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掉期利率
Swap Rate
The rate of the fixed portion of a swap as determined by
its particular market. This is the rate at which the swap
will occur for one of the parties entering into the
agreement.
偶然事故
Contingency
An economic event, usually negative, that is in the
process of occurring and, therefore, has not yet been
resolved.
掉期息差
Swap Spread
1.
The difference between the negotiated and fixed
rate of a swap. The spread is determined by
characteristics of market supply and creditor
worthiness.
商誉
Goodwill
The excess of the purchase price over the fair market
value of an asset. Accountants record this as a "write off"
in the financial report.
敏感度分析
Sensitivity Analysis
A technique for determining what might happen in a
decision analysis if a key prediction turns out to be
wrong.
密歇根消费者信心指数
Michigan Consumer A survey of consumer confidence conducted by the
Sentiment Index
University of Michigan. The preliminary report is released
on the tenth (except on weekends) of each month. A final
report for the prior month is released on the first of the
month.
清算、清理
Liquidation
When a business or firm is terminated or bankrupt, its
assets are sold and the proceeds pay creditors. Any
leftovers are distributed to shareholders.
透支
Overdraft
An instant extension of credit from a lending institution.
期末一次性偿还贷款
Bullet Loan
Any loan that requires a balloon payment at the end of
the term and anticipates that the loan will be refinanced
in order to meet the balloon payment obligation.
期末一次性偿还债券
Bullet Bond
A regular coupon paying debt instrument with a single
repayment of principal on the maturity date.
期末库存
Ending Inventory
A book value of goods, inputs, or materials available for
use or sale at the end of an inventory accounting period.
销记、注销
Write-Off
To charge an asset amount to expense or loss in order to
reduce the value of that asset and one's earnings.
税务调整净营运利润
Net Operating Profit Total operating profits for a firm with adjustments made
Less Adjusted
for taxes.
Taxes (NOPLAT)
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期权
Option
A privilege sold by one party to another that offers the
buyer the right, but not the obligation, to buy (call) or sell
(put) a security at an agreed-upon price during a certain
period of time or on a specific date.
赎回
Redemption
The return of an investor's principal in a security, such as
a stock, bond, or mutual fund.
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.
隐名合伙人
Silent Partner
An investor who does not have any management
responsibilities but provides capital and shares liability
for any losses experienced by the entity.
税后利润率
联合账户
After Tax Profit
The ratio calculated by taking net income after taxes and
Margin
dividing it by net sales.
Joint Account
A brokerage or bank account that is owned together
(jointly) by two or more people.
税后现金流
Cash Flow After
A company's cash flow after taxes is derived by taking
Taxes
the net income and removing charges for taxes and
depreciation.
最后担保
Backstop
To provide last-resort support or security in a securities
offering.
税后净营运利润
Net Operating Profit A company's potential cash earnings if its capitalization
After Tax (NOPAT)
was unleveraged (that is, if it had no debt). NOPAT is
frequently used in economic value added (EVA)
calculations.
Calculated as:
NOPAT = operating income x (1 - Tax rate)
黑色星期一
Black Monday
The most notorious day in financial history (October 19,
1987). The DJIA fell 508 points, almost 22%. This stands
as the largest one-day drop in NYSE history.
黑色星期四
Black Thursday
The colloquial name given to Thursday, October 24th,
1929 when the New York Stock Exchange plummeted
leading to the great depression of the 1930's.
税后营运收入
After Tax Operating A company's total operating income after taxes.
Income - ATOI
Calculated by deducting taxes from total operating
income.
最优惠利率
Prime Rate
The interest rate that commercial banks charge their
prime or most credit worthy customers, generally the
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large corporations.
最低叫价
Best Ask
The lowest quoted offer for a particular stock among all
competing market makers.
联系汇率
递延收入
Pegged exchange
A method of stabilizing a country's currency by fixing its
rate
exchange rate to that of another country.
Deferred Revenue
A liability account used for deposits and other cash
receipts prior to the completion of the sale.
隐含成本
Implicit Cost
A cost that is represented by lost opportunity in the
usage of a company's own resources, excluding cash.
递延年金
Deferred Annuity
An annuity contract that delays payments of income,
installments, or a lump sum until the investor elects to
receive them.
隐含价值
Embedded Value
A common valuation method outside North America. It is
based on the sum of tangible book value plus the
(present) value of the in-force block.
期初库存
Beginning Inventory The book value of goods, inputs, or materials available
for use or sale at the beginning of an inventory
accounting period.
递延利息债券
Deferred Interest
A debt instrument that pays no interest until a date
Bond
specified in the future.
隐含波动性
Implied Volatility (IV) The estimated volatility of a stock's price.
递延所得税
Deferred Income
A liability that results from income already earned and
Tax
recognized for accounting purposes, but not for tax
purposes, that is recorded on the balance sheet.
最低预期回报率
Hurdle Rate
The minimum amount of return that a person requires
before they will make an investment in something.
集体基金
Collective Fund
An investment vehicle that combines tax exempt assets
of various individuals and organizations in order to create
a well diversified portfolio.
联邦基金
Federal Funds
Funds deposited to regional Federal Reserve Banks by
commercial banks, including funds in excess of reserve
requirements.
联邦基金利率
Federal Funds Rate The interest rate at which a depository institution lends
immediately available funds (balances at the Federal
Reserve) to another depository institution overnight.
隐含期权
Embedded Option
An option that is an inseparable part of another
instrument. Compare this to a normal (or bare) option,
which trades separately from the underlying security.
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联邦储备体系
Federal Reserve
The central bank of the United States. The Fed, as it is
System (the Fed)
commonly called, regulates the U.S. monetary and
financial system. The Federal Reserve System is
composed of a central governmental agency in
Washington, D.C. (the Board of Governors) and twelve
regional Federal Reserve Banks in major cities
throughout the United States.
联邦储备委员会
Federal Reserve
The governing body of the Federal Reserve System. The
Board (FRB)
seven members of the Board of Governors are appointed
by the president, subject to confirmation by the Senate.
联邦储备银行
Federal Reserve
The banks that carry out Fed operations, including
Bank
controlling the money supply and regulating member
banks. There are 12 District Feds, headquartered in
Boston, New York, Philadelphia, Cleveland, St. Louis,
San Francisco, Richmond, Atlanta, Chicago,
Minneapolis, Kansas City, and Dallas.
联邦储备模型
Fed Model
A model thought to be used by the Federal Reserve that
hypothesizes a relationship between long-term treasury
notes and the market return of equities.
最低额
Floor
The lowest acceptable limit as restricted by controlling
parties.
期货
Futures
A financial contract that encompasses the sale of
financial instruments or physical commodities for future
delivery, usually on a commodity exchange. Futures
contracts try to "bet" what the value of an index or
commodity will be at some date in the future.
超卖
Oversold
A technical analysis term for a market in which the
volume of selling that has occurred is greater than the
fundamentals justify.
黑武士
Black Knight
A company that makes a hostile takeover offer on a
target company.
硬货币
Hard Currency
A currency, usually from a highly industrialized country,
that is widely accepted around the world.
期货市场
Futures Market
An auction market in which participants buy and sell
commodity/future contracts for delivery on a specified
future date. Trading is carried on through open yelling
and hand signals in a trading pit.
锁定协议
Lock-up Agreement A legally binding contract between the underwriters and
insiders of the company prohibits them from selling any
shares of stock for a certain specified period of time.
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最佳执行
Best Execution
The responsibility of brokers to provide the most
advantageous execution of an order.
期货合约
Futures Contract
An exchange traded agreement to buy or sell a particular
type and grade of commodity for delivery at an agreed
upon place and time in the future. Futures contracts are
transferable between parties.
最终价值
Terminal Value
The value of an investment at the end of a period, taking
into account a specified rate of interest.
最佳价格规则
Best Price Rule
An SEC regulation that requires shares tendered for an
offer to be paid equally and maintain the same
consideration.
期货利率协议
Future Rate
A forward contract that determines an interest rate to be
Agreement (FRA)
paid or received on an obligation beginning at a start
date sometime in the future.
最终股息
Final Dividend
The final dividend declared at a company's Annual
General Meeting (AGM) for any given year. This amount
is calculated after all financial statements are recorded
and the directors are aware of the company's profitability
and financial health.
循环信贷
Revolving Credit
A line of credit where the customer pays a commitment
fee and is then allowed to take and repay funds at will. It
is usually used for operating purposes, fluctuating each
month depending on revenues and expenditures
最佳做法/最佳惯例
Best Practice
期限
Duration
The measure of the price sensitivity of a fixed-income
security to an interest rate change of 100 basis points.
Calculation is based on the weighted average of the
present values for all cash flows.
期限
Maturity
1.
The length of time until the principal amount of a
bond must be repaid.
2.
税盾
Tax Shield
The end of the life of a security.
The reduction in income taxes that results from taking an
allowable deduction from taxable income.
期限
Tenor
强制买回保障
Hard Call Protection The period during the life of a callable bond where early
The term or life of a contract.
redemption by the company is not permitted.
强制转换
Forced Conversion
When the issuer of a convertible security exercises their
right to call the issue. This forces the investor to convert
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their security into the predetermined number of shares.
税前盈利
EBT
An indicator of a company's financial performance
calculated as:
Revenue - Expenses (excluding tax)
等值
Par
1.
The face value of a bond. Generally $1,000 for
corporate issues, with higher denominations such
as $10,000 for many government issues.
2.
A dollar amount assigned to a security when first
issued.
最高出价
Best Bid
The highest quoted bid for a particular stock among all
competing market makers.
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.
超高市值股票
Mega Cap
Companies having a market capitalization greater than
$200 billion.
最高利率
Interest Rate Ceiling The absolute maximum rate of interest that a financial
institution can charge for an adjustable rate mortgage or
loan. This is regulated by the government.
游资、闲置资金
Idle Funds
Money that is not invested and, therefore, earning no
income. For example, funds in a checking account.
等值债券
Parity Bond
Two or more bond issues with equal rights to bond
payments and pledged revenues.
赔偿
Indemnity
A contractual agreement made between different parties
to compensate for any damages or losses.
联营公司
Affiliated
A situation that occurs when one company owns a
Companies
minority interest (less than 50%) in another company.
Also refers to companies that are related to each other in
some way.
销售及行政开支
销售回报率
Selling, General, &
Reported on the Income Statement, it is all the costs
Administrative
associated with selling and the general expenses of
Expenses (SG&A)
running the business.
Return On Sales
A widely used ratio that detects operational efficiency. It
(ROS)
is calculated by dividing net income before interest and
tax by the sales.
销售报酬
Concession
A selling group's compensation in an underwriting (on a
per-share or per-bond basis).
硬通货贷款
Hard Loan
A foreign loan that must be paid in the currency of a
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nation that has stability and a reputation abroad for
economic strength (a hard currency).
赔偿保证书
Letter of Indemnity
A letter guaranteeing that contractual provisions will be
met, otherwise financial reparations will be made.
销售税
Sales Tax
A tax that is imposed on the sale price of a retail good or
services.
销售额与现金流比率
Sales to Cash Flow
A ratio that indicates whether or not a company's sales
Ratio
are high in comparison to its cash flow.
Calculated as:
Sales per Share
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Cash Flow per Share
短期同业拆借，通知贷款 Call Loan
A loan provided to a brokerage firm and used to finance
margin accounts. The interest rate on a call loan is
calculated daily. The resulting interest rate is referred to
as the call loan rate.
短期同业拆借利率，通知 Call Loan Rate
The short term interest rate charged on a secured call
贷款利率
loan, usually in margin accounts.
暂搁发行
Shelf Offering
An SEC provision allowing an issuer to register a new
issue security without selling the entire issue at once.
暂缓行使（债权人权利） Forbearance
A postponement of loan payments, granted by a lender
or creditor, for a temporary period of time. This is done in
order to give the borrower time to make up for overdue
payments.
联储局
Fed
The governing body of the Federal Reserve System. The
seven members of the Board of Governors are appointed
by the president, subject to confirmation by the Senate.
联储局
The Fed
The governing body of the Federal Reserve System. The
seven members of the Board of Governors are appointed
by the president, subject to confirmation by the Senate.
硬着陆
Hard Landing
A term used to describe an economy going into
recession as the government attempts to slow down
inflation.
暂搁注册
Shelf Registration
An term used for the SEC rule 415, which allows a
corporation the ability to comply with registration
requirements up to 2 years before doing a public offering.
The corporation must still file the required annual and
quarterly reports to the SEC.
短期国库券
Treasury Bill
A U.S. Government debt security with a maturity that is
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less than one year. Treasury bills are issued through a
competitive bidding process at a discount from par. This
means they do not pay fixed interest payments like most
bonds do.
超额认购
Oversubscribed
When the demand for a new issue of securities (IPO)
exceeds the number of shares issued.
超额认股权
Greenshoe Option
An option that allows the underwriting of an IPO to sell
additional shares to the public if the demand is high.
超额配股权
Overallotment
Selling more securities than are available in an IPO.
遗赠，遗产
Bequest
The process of giving stocks, bonds, or any other assets
to the beneficiary of a will.
道氏理论
Dow Theory
A theory which says the market is in an upward trend if
one of its averages (industrial or transportation)
advances above a previous important high, it is
accompanied or followed by a similar advance in the
other.
意外与健康福利
Accident and Health Fringe benefits provided by for employees for sickness,
Benefits
accidental injury, or accidental death. These benefits
include payment of hospital and medical expenses as
well as income payments.
零用现金、小额出纳金
Petty Cash
The small amount of cash and coins that an organization
uses for minor purchases and for providing change to
customers
溢价
Premium
1.
The total cost of an option.
2.
The difference between the higher price paid for
a security and the security's face amount at issue.
意向书
Letter of Intent
A letter that describes in detail a corporation's intention to
act on something.
新兴市场基金
Emerging Market
A mutual fund investing a majority of its assets in the
Fund
financial markets of a developing country, typically a
small market with a short operating history.
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.
廉价急售
Distressed Sale
An urgent sale of assets because of negative conditions.
溢价债券
Premium Bond
A bond that is valued at more than its face amount.
[廉价]倾销
Dumping
1.
In international trade, this occurs when one
country exports a significant amount of goods to
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another country at prices much lower than in the
domestic market.
2.
A slang term for selling a stock with little regard
for price.
董事会
Board Of Directors
Individuals elected by stockholders to establish corporate
management policies. A board of directors makes
decisions on major company issues and controls when
dividends will be paid to stockholders.
跨国企业
Multinational
A corporation that has its facilities and other assets in at
Corporation
least one other foreign country. Sometimes referred to as
transnational corporation.
隔夜利率
Overnight Rate
The interest rate at which a depository institution lends
immediately available funds (balances within the central
bank) to another depository institution overnight.
新经济
New Economy
A buzzword describing the new, high growth industries
that are on the cutting edge of technology and are the
driving force of economic growth.
隔夜指数掉期
零和游戏
Overnight Index
An interest rate swap involving the overnight rate being
Swap
exchanged for some fixed interest rate.
Zero-Sum Game
A situation in which one participant's gains result only
from another participant's equivalent losses. The net
change is always 0.
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.
零星股、散股
Odd Lot
An amount of a security that is less than the normal unit
of trading for that particular security.
新闻稿
Press Release
If it's an earnings press release, the release will discuss
the financial results of the company for the recently
completed quarter and may provide comments from
management. Press releases often list valuable contact
information that can assist you in your research, such as
the company's web address.
零息票可转换证券
Zero-Coupon
A zero-coupon bond issued by a corporation, it can be
Convertible
converted into that corporation's common stock at a
certain price.
零息票债券
Zero-Coupon Bond
A corporate or municipal debt security traded at a deep
discount from face value. It is traded at a deep discount
because the bond pays no interest. The profit is realized
when the bond is redeemed at maturity for its full face
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value. It may be issued at a discount, or it may be
stripped of its coupons by a bank and then repackaged
as a zero coupon bond.
零售投资者
Retail Investor
Individual investors who buy and sell securities for their
personal account, and not for another company or
organization.
数据探索
Data Mining
A type of database application that looks for hidden
patterns in large groups of data.
零售银行
Retail Banking
Retail banking is typical mass-market banking where
individual customers use local branches of larger
commercial banks. Services offered include: savings and
checking accounts, mortgages, personal loans, debit
cards, credit cards, and so forth.
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.
零期限货币
Money Zero
A measure of the liquid money supply within an
Maturity (MZM)
economy. MZM represents all money in M2 less the time
deposits, plus all money market funds.
道琼斯工业平均指数
DJIA
The Dow Jones Industrial Average is a price-weighted
average of 30 significant stocks traded on the New York
Stock Exchange and the Nasdaq. The DJIA was
invented by Charles Dow back in 1896.
道琼斯工业平均指数
Dow Jones
The Dow Jones Industrial Average is a price-weighted
Industrial Average
average of 30 significant stocks traded on the New York
(DJIA)
Stock Exchange and the Nasdaq. The DJIA was
invented by Charles Dow back in 1896.
道琼斯公用事业平均指数 DJUA
The Dow Jones Utility Average is a price-weighted
average of 15 utility stocks traded in the United States.
The DJUA was started back in 1929.
道琼斯公用事业平均指数 Dow Jones Utility
Average (DJUA)
The Dow Jones Utility Average is a price-weighted
average of 15 utility stocks traded in the United States.
The DJUA was started back in 1929.
道琼斯交通平均指数
DJTA
The Dow Jones Transportation Average is a
price-weighted average of 20 transportation stocks
traded in the United States. The average was started
back in 1884.
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道琼斯交通平均指数
Dow Jones
The Dow Jones Transportation Average is a
Transportation
price-weighted average of 20 transportation stocks
Average (DJTA)
traded in the United States. The average was started
back in 1884.
跟随权
Tag Along Rights
A procedure used to protect a minority shareholder
(usually in a venture capital deal). Basically, if a majority
shareholder sells their stake, then the minority
shareholder has the right to join the transaction and sell
their minority stake in the company.
路演
Road Show
A presentation by an issuer of securities to potential
buyers. It is intended to create interest in the securities.
摊薄后每股盈利
摊薄、减损
Diluted Earnings
The earnings per share (EPS) if all convertible securities
Per Share
were exercised.
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.
缩小规模
Downsize
Reducing the size of a company by eliminating workers
and/or divisions within the company.
静止期
Quiet Period
In terms of an IPO, the period where an issuer is subject
to a SEC ban on promotional publicity. The quiet period
usually lasts either 40 or 90 days from the IPO.
熊市
Bear Market
A market in which prices of a certain group of securities
are falling or are expected to fall. Although figures can
vary, a downturn of 15%-20% or more in multiple indexes
(Dow or S&P 500) is considered a bear market.
境外
Offshore
A term describing entities located or based outside of
one's national boundaries.
寡头垄断
Oligopoly
When a particular market is controlled by a small group
of firms.
需求
Demand
A consumer's desire and willingness to pay for a good or
service.
需求的价格弹性
Price Elasticity of
Price Elasticity measures the responsiveness of the
Demand
quantity demanded of a good to a change in its price. It is
calculated as:
% Change in Quantity Demanded
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
% Change in Price
需求建档
Book Building
The process by which the offer price of an IPO is based
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on actual demand from institutional investors.
酸性测试比率
Acid Test
A stringent test that indicates if a firm has enough
short-term assets to cover its immediate liabilities,
without selling inventory.
(Cash+Accounts Receivable+Short-term Investments)
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Current Liabilities
管理人基准比较
Manager Universe
The comparison of an account's performance to the
(Benchmark)
performance of a representative peer group of money
managers.
管理层收购项目
管理费用
Management
When the managers and/or executive of a company
Buyout (MBO)
purchase controlling interest in a company.
Management Fee
A fixed fee that a mutual fund manager charges investors
for his services and work with the fund.
管理资产额
摘牌、停止上市
Assets Under
In general, the market value of assets an investment
Management
company manages on behalf of investors.
Delisting
When the stock of a company is removed from a stock
exchange. Reasons for delisting include violating
regulations and failure to meet financial specifications set
out by the stock exchange.
蓝筹
Blue Chip
A security from a well-established, financially-sound, and
stable company that has demonstrated its ability to pay
dividends in both good and bad times.
精算
Actuary
A professional working for an insurance company. They
evaluate your application and medical records to project
how long you will live.
影子评级
Shadow Rating
1.
The name given to a bond rating performed on
an issuing party by a credited institution, but
without any public announcement of the results.
2.
A rating given by S&P to Israel Bonds, which are
not permitted to be traded on the secondary
market.
影子股票
Phantom Stock
An employee benefit plan that gives selected employees
(senior management) many of the benefits of stock
ownership without actually giving them any company
stock. Sometimes referred to as a shadow stock.
影子定价
Shadow Pricing
The arbitrary assignment of dollar values to
non-marketed goods.
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联系电话：
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增长股票
Growth Stock
Shares in a company whose earnings are expected to
grow at an above average rate relative to the market.
增长率
Growth Rates
The compounded annualized rate of growth of a
company's revenues, earnings, dividends, or other
figures.
增长基金
Growth Fund
A diversified portfolio of stocks that has capital
appreciation as its primary goal. It invests in companies
that reinvest their earnings for expansion, acquisitions, or
research and development.
增记
Write-Up
Increasing the book value of an asset because it is
undervalued compared to market values.
额外回报
Excess Return
Returns in excess of the risk-free rate or in excess of a
market measure (such as an index fund).
增加抵押通知
Overcollateralization The posting of more collateral than is needed
横向合并
Horizontal Merger
A merger occurring between companies producing
similar goods or offering similar services.
横向整合
鲨变监察者
Horizontal
When a company expands its business into different
Integration
products that are similar to current lines.
Shark Watcher
A firm specializing in the early detection of takeovers.
The firm's primary business is usually the solicitation of
proxies for client corporations.
增值
Value-Added
The enhancement a company gives its product or service
before offering the product to customers.
镜子基金
Mirror Fund
A type of mutual fund, typically run by a life insurance
company, that enables an investor to access another
company's mutual fund through their life insurance
policies.
激进会计法
Aggressive
The practice of inappropriately misconstruing income
Accounting
statements for the purpose of pleasing investors and
inflating stock prices.
整批［证券］
Even Lot
Quantities established by futures exchanges as
benchmarks for quoting commodity prices.
融资资本充实
Leveraged
A strategy where a company takes on significant
Recapitalization
additional debt with the purpose of either paying a large
dividend or repurchasing shares. The result is a far more
financially leveraged company.
融资租赁
Leveraged Lease
A lease agreement wherein the lessor, by borrowing
funds from a lending institution, finances the purchase of
地址： 广州市黄埔东路 3529 号金山纸业商务中心二楼 215 号
15112199151 020-66699698 020-61013358
http://www.waljob.net
联系电话：
广州华路卓企业管理咨询有限公司 ------- 专注于劳务派遣，社保代理，业务外包，代理招聘
the asset being leased.
避风港
Safe Harbor
1.
A legal provision to reduce or eliminate liability
as long as good faith is demonstrated.
2.
A form of shark repellant where a target
company acquires a business that is so poorly
regulated that the target itself is less attractive. In
effect, this gives the target company a "safe
harbor."
3.
An accounting method that avoids legal or tax
regulations and allows for a simpler (usually)
method of determining a tax consequence than is
available following the precise language of the tax
code.
避税乐园
Tax Haven
A country that offers individuals and businesses little or
no tax liability.
瞻养比率
Dependency Ratio
A ratio indicating the number of dependents (aged 0-14
and over the age of 65) to the total population (aged
15-64). The total dependency ratio is calculated by the
(number of dependents/population aged 15-64) x 100%.
瞻养比率
Total Dependency
A ratio indicating the number of dependents (aged 0-14
Ratio
and over the age of 65) to the total population (aged
15-64). The total dependency ratio is calculated by the
(number of dependents/population aged 15-64) x 100%.
地址： 广州市黄埔东路 3529 号金山纸业商务中心二楼 215 号
15112199151 020-66699698 020-61013358
http://www.waljob.net
联系电话：