|
中文词句 |
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 |
- A bond that sells at a significant discount from
par value.
- 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 |
- 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.
- 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 |
- The estimated value of all assets and liabilities
of an acquired company used to consolidate the
financial statements of both companies.
- 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 |
- The difference between prices at which a market
maker can buy and sell a security.
- 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 EquityThe 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 EquityThe 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 |
- 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.
|
| 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 |
- A term describing stock, or any security,
representing an ownership interest.
- 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:
Dividends
---------------------
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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