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**Finance and Economics Dictionary
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English Terms
English Definitions
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.
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.
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.
高市值股票 Large-Cap Companies having a market capitalization between $10 billion and $200 billion.
高折扣债券 Deep Discount Bond
  1. 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.
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.
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.
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.
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.
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.
隔夜指数掉期 Overnight Index Swap An interest rate swap involving the overnight rate being exchanged for some fixed interest rate.
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.
公开市场委员会 FOMC The body that sets the interest rate and credit policies of the Federal Reserve System.
公开市场委员会 Federal Open Market Committee (FOMC) The body that sets the interest rate and credit policies of the Federal Reserve System.
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.
公开上市 Going Public The process of selling shares that were formerly privately-held to new investors for the first time.
公开说明书 Prospectus
  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 describes the fund's objectives, history, manager background, and financial statements.
公开资产 Public Assets that can be traded in a public market, such as the stock market.
公开发行价值 Public Offering Price (POP) The price at which new issues are offered to the public by an underwriter
公平交易 Arms Length Transaction When the buyers and sellers of a product act 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.
  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.
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.
公司税 Corporate Tax A levy placed on the profit of a firm; different rates are used for different levels of profits.
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.
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.
公司化、非共同化 Demutuali-zation The process of changing corporate structure from a mutual fund company to some other form, such as a limited liability or corporation.
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 Liquidity Ratio A ratio published monthly by the Investment Company Institute that compares the amount of cash to assets held by mutual fund portfolios.
共同拥有财产 Joint Owned Property Any property held in the name of more than one person.
共同债券 Joint Bond A type of annuity that makes payments for the lifetime of two or more beneficiaries
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 stimulate economic growth.
供应链 Supply Chain The network created amongst different companies producing, handling, and/or distributing a specific product.
供应链管理 Supply Chain Management The management and coordination of a product's supply chain for the purpose of increasing efficiency and profitability.
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.
购股接管 Purchase Acquisition An accounting method used in mergers and acquisitions where the purchasing company treats the target firm as an investment, adding the company's assets to its own at fair market value.
购股权 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.
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.
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.
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.
估价人 Assessor A local government official who determines the value of a property for taxation purposes.
估值 Valuation The process of determining the current worth of an asset.
估值不足 Undervalued A stock or other security that is trading below its presumed value.
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.
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.
古典经济学 Classical Economics Classical Economics refers to work done by a group of 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.
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 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.
股本回报率 Return On Equity (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.
股本金 Share Capital The portion of a corporation's equity obtained from issuing shares in return for cash or other considerations.
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.
股东价值转移 Shareholder Value Transfer (SVT) A measurement of the amount of shareholders' equity flowing out of a company to its executives through exercised stock options.
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.
股东增值 Shareholder Value Added (SVA) A value-based performance measure of a company's 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).
股东总回报 Total Shareholder Return
  • The total return of a stock to an investor (capital gain plus dividends).
  • The internal rate of return of all cash flows to an investor during the holding period of an investment.
  • 股份公司 Joint Stock Company An organization that falls between the definitions of a partnership and corporation. This type of company issues stock and allows for secondary market trading, however, stockholders are liable for company debts.
    股价下跌失效的期权 Down-and-Out Option An option that ceases to exist when the price of an underlying security sinks to a specified level.
    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.
    股价与现金流比率 Price-To-Cash-Flow Ratio A measure of the market's expectations regarding a firm's future financial health. It is calculated by dividing price per share by cash flow per share.
    股价与销售额比率 Price-To-Sales Ratio A technique for finding a stock's valuation relative to its own past performance, other companies, or the market itself. It is calculated by dividing a stock's current price by its revenue per share.
    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).
    股票 Share Certificates representing ownership in a corporation.
    股票报价 Stock Quote A list of prices, both bid and ask, for a stock during a particular trading day. Stocks used to be quoted in fractions, but now most all exchanges use decimals.
    股票倍数 Equity Multiplier Total assets divided by total common stockholders' equity.
    股票单位信托 Equity Unit Investment Trust A registered trust in which investors purchase units from a fixed portfolio of equities are chosen and passively managed by a professional money manager.
    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 Equity Risk Premium The extra return that the stock market provides over the risk free rate to compensate for market risk.
    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).
    股票股息 Stock Dividend A dividend payment made in the form of additional shares, rather than a cash payout.
    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.
    股票纪录 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 (put) a stock at an agreed-upon price during a certain period of time or on a specific date.
    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.
    股票资金 Equity Fund A mutual fund that invests in a broad, well diversified group of stocks.
    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.
    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.
    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.
    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 dividends per share and dividing by price per share.
    股息贴现模型 Dividend Discount Model (DDM) A procedure for valuing the price of a stock by using 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.
    股息宣告日 Declaration Date The date and amount of the next dividend payment as set by the board of directors.
    股息再投资计划 Dividend Reinvestment Plan A plan offered by a corporation giving investors the option of reinvesting their cash dividends by purchasing additional shares or fractional shares on the dividend payment date.
    股息政策 Dividend Policy The policy a company uses to decide how much it will pay out to shareholders in dividends.
    股息支付率 Dividend Payout Ratio The percentage of earnings paid to shareholders in dividends.
    Yearly Dividend per Share
    Earnings per Share

    or equivalently:
    Net Income
    固定成本 Fixed Cost A cost that remains constant, regardless of any change in a company's activity.
    固定费用偿付比率 Fixed-Charge Coverage Ratio The ratio of earnings before interest and taxes plus fixed 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.
    固定利率(抵押) Fixed Interest Rate (mortgage) A loan or mortgage with an interest rate that will remain at a certain rate for the entire term of the loan.
    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.
    固定收入证券 Fixed Income Security An investment that provides a return in the form of fixed periodic payments and eventual return of principle at maturity.
    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.
    寡头垄断 Oligopoly When a particular market is controlled by a small group of firms.
    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.
    关键规模 Critical Mass A very important or crucial stage in a company's development.
    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.
    关税 Tariffs A taxation imposed on goods and services imported into a country. Also known as a duty tax.
    关税及贸易总协定 General Agreement of Tariffs and Trade (GATT) An agreement, signed in 1947, whose purpose was to promote global trade between members through a reduction in tariffs.
    广泛基础加权平均 Broad-Based Weighted Average An anti-dilution provision used for the benefit of existing 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.
    管理层收购项目 Management Buyout (MBO) When the managers and/or executive of a company purchase controlling interest in a company.
    管理费用 Management Fee A fixed fee that a mutual fund manager charges investors for his services and work with the fund.
    管理人基准比较 Manager Universe (Benchmark) The comparison of an account's performance to the performance of a representative peer group of money managers.
    管理资产额 Assets Under Management In general, the market value of assets an investment company manages on behalf of investors.
    规模不经济 Dis-economies of Scale An economic theory that describes a situation in which 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.
    贵重金属 Precious Metal A general term used to describe valuable metals such as gold, iridium, palladium, platinum, and silver.
    国际基金 International Fund A mutual fund that can invest in companies located anywhere outside of your own country.
    国际结算银行 Bank for International Settlements (BIS) The BIS is an international organization fostering the cooperation of central banks and international financial institutions.
    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 Accounting Standards 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).
    国际贸易差额 Balance Of Trade (BOT) The largest component of a country's balance of 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.
    国际收支差额 Balance Of Payments (BOP) A record of all transactions made by one particular country during a certain period of time. It compares the amount of economic activity between a country and all other countries.
    国际债券 International Bond Bonds that are issued in a country by a non-domestic entity.
    国家风险 Country Risk The risk that a country will not be able to honor its financial commitments.
    国家企业 Crown Corporation Any corporation that is established and regulated by a country's government.
    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.
    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.
    国库券 Treasury Bond A marketable, fixed-interest U.S. Government debt security with a maturity over 10 years.
    国内生产净值 Net Domestic Product An annual measure of the economic output of a nation, 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 Product (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
    国外债券 Foreign Bond Bonds that are issued in a domestic market by a foreign entity, in the domestic market's currency.
    过渡贷款 Bridge loan A short-term loan that is used until a person or company can secure permanent financing.
    过渡融资 Bridge financing method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations.
    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.

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