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中文词句 |
English Terms |
English Definitions |
| 发行备忘录 |
Offering Memorandum |
A legal document stating the
objectives, risks, and terms of investment involved with
a private placement. |
| 发行成本 |
Flotation Cost |
The costs associated with the
issuance of new securities. |
| 发行人 |
Issuer |
The entity, such as a
corporation or municipality, that offers (or proposes to
offer) its securities for sale. |
| 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. |
| 发行说明书 |
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. |
| 发展阶段 |
Development Stage |
A company that is focusing a
majority of its attention on research & development.
Because attention is focused on research, earnings are
usually very small or nothing. |
| 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. |
| 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. |
| 反收购措施 |
Anti-takeover Measure |
Measures taken on a continual
or sporadic basis by a firm's management in order to
prevent or deter unwanted takeovers. |
| 反收购法规 |
Anti-takeover Statute |
A set of state regulations
that prevent or deter companies from attempting hostile
takeovers. These regulations vary across state lines and
typically affect only the companies incorporated within
the state. |
| 反摊薄条款 |
Anti-dilution Provision |
A provision in an option or a
convertible security. It protects an investor from
dilution resulting from later issues of stock at a lower
price than the investor originally paid. |
| 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. |
| 反向收购 |
Reversed takeover |
- When a larger company is bought out by a smaller
company.
- The purchasing of a public company by a private
company.
|
| 范畴经济 |
Economies of Scope |
An economic theory stating
that the average total cost of production decreases as a
result of increasing the number of different goods
produced. |
| 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 Investment
Strategy |
A method of portfolio
allocation and management aimed 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. |
| 房地产 |
Real Estate |
Real estate that generates
income. |
| 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 |
| 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 Investment Trust
(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 |
| 放宽管制 |
Deregulation |
The reduction or elimination
of government power within a particular industry.
Deregulation is usually enacted to create more
competition within an industry. |
| 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.' |
| 非经常开支 |
Nonrecurring Charge |
An expense occurring only
once on a company's financial statement. |
| 非劳动收入 |
Unearned Income |
Any income that comes from
investments and other sources unrelated to employment
services. |
| 非牟利机构 |
Non-Profit Organization |
An association that is given
tax free status. Donations to a non-profit organization
are often tax deductible as well. |
| 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. |
| 非营运资产 |
Non-Operating Asset |
Assets that are unnecessary
to the ongoing operations of a business. |
| 非营运现金流 |
Non-Operating Cash Flows |
Cash inflows and outflows
related to non-current investments, financing, and
dividends. |
| 分拆上市 |
Carveout |
- 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.
- Where an established brick-and-mortar company
hooks up with venture investors and a new management
team to launch an Internet spinoff.
|
| 分拆 |
Demerger |
A corporate strategy to sell
off subsidiaries or divisions of a company. |
| 分拆、出售资产 |
Divestiture |
Refers to the sale of a
subsidiary company, also called "spin-off." |
| 分拆 |
Spinoff |
A new, independent company
created through selling or distributing new shares for
an existing part of another company. |
| 分拆收购 |
Unbundling |
Taking over a large company
with several different lines of business and retaining
the core business while selling off the subsidiaries to
help fund the takeover. |
| 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. |
| 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." |
| 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. |
| 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. |
| 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. |
| 风险价值 |
Value at Risk (VAR) |
A technique for estimating
the probability of portfolio losses exceeding some
specified price. |
| 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 Discount
Rate |
In portfolio theory and
capital budget analysis, the 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 Return |
A measure of how much risk a
fund or portfolio assumed 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 Return on
Capital (RAROC) |
In financial analysis,
riskier projects and investments must be evaluated
differently from their riskless counterparts. By
discounting risky cashflows against less risky cashflows
RAROC accounts for changes in the profile of the
investment. |
| 风险资本要求 |
Risk Based Capital
Requirement |
A stated requirement of
liquid reserves placed upon banks and institutions that
deal in risky ventures. |
| 风险资本 |
Risk Capital |
The money that a person
allocates to investments in high risk securities |
| 浮息票据 |
Floating Rate Note (FRN) |
A note with a variable
interest rate. Adjustments to the interest rate are
usually made every 6 months and are tied to a certain
money-market index. |
| 付款交割 |
Delivery Versus Payment |
A securities industry
procedure in which the buyer's payment for securities is
due at the time of delivery. Security delivery and
payment are simultaneous. |
| 负抵押条款 |
Negative Pledge Clause |
A negative covenant in an
indenture, it states that the corporation will not
pledge any of its assets if doing so would give the
lenders less security. |
| 负面发展的可能性 |
Downside |
The potential dollar amount
by which the market or a stock could fall. |
| 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. |
| 负面契约 |
Negative Covenant |
A bond covenant that prevents
certain activities, unless agreed to by the bondholders.
|
| 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. |
| 负所得税 |
Negative Income Tax |
A taxation system where
income subsidies are given to persons or families that
are below the poverty line. |
| 负盈利 |
Negative Carry |
A transaction where the cost
of financing exceeds the yield earned in a securities or
financial futures position. |
| 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.
|
| 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 (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 |
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. |
| 附股息 |
Cum Dividend |
When a buyer of a security is
entitled to receive a dividend that has been declared,
but not paid. |
| 附加费 |
Surcharge |
An added charge, cost, or
tax. |
| 复合年均增长率 |
Compound Annual Growth Rate
(CAGR) |
The year over year growth
rate of an investment over a specified period of time.
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.
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