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**Finance and Economics Dictionary
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English Terms
English Definitions
压力测试 Stress Testing Simulative techniques used on asset and liability portfolios to determine their reactions to different financial stresses.
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.
延长风险 Extension Risk The risk of a security lengthening in duration due to the deceleration of prepayments.
研究开发 R&D A company's activities that are directed at developing new products or procedures
研究及开发 Research and Development (R&D) A company's activities that are directed at developing new products or procedures
衍生工具 Derivative A security, such as an option or futures contract, whose value depends on the performance of an underlying security.
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.
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.
扬基债券 Yankee Bond Foreign bonds denominated in U.S. Dollars and issued in the United States by foreign banks and corporations.
养老金固定缴款计划 Defined Contribution Plan A retirement plan wherein a certain amount or percentage of money is set aside each year for the benefit of the employee. There are restrictions as to when and how you can withdraw these funds without penalties.
养老金固定收益计划 Defined Benefit Pension Plan An employer-sponsored retirement plan for which 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.
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.
要求回报率 Required Rate Of Return The rate of return needed to induce investors to invest in a security.
业务重组 Restructuring A major business modification, usually associated with personnel downsizing and asset revaluation.
1940年投资公司法 Investment Company Act of 1940 Created in 1940 through an act of Congress, this piece of legislation clearly defines the responsibilities and limitations placed upon fund companies that offer investment products to the public.
一般义务债券 General Obligation Bond A municipal bond backed by the credit and "taxing power" of the issuing jurisdiction, rather than the revenue from a given project.
一般折旧制度 General Depreciation System The most commonly used system for calculating depreciation. Personal property is depreciated using the declining-balance method, which involves applying the depreciation rate against the undepreciated balance.
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.
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.
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 Distribution A one time payment for the entire amount due, rather than breaking payments into smaller installments. Some lump-sum distributions receive special tax treatment.
遗赠,遗产 Bequest The process of giving stocks, bonds, or any other assets to the beneficiary of a will.
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 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)
已动用资本回报率 Return On Capital Employed (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.
已缴资本 Paid-Up Capital The state of a settlement when all payment obligations for a security has been completed.
已解除债务的破产人 Discharge in Bankruptcy When a bankrupt person or company is legally free and clear of any obligation to repay certain debts.
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 (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."
以房地产抵押作担保的证券 Mortgage Backed Securities An investment instrument that represents ownership of an undivided interest in a group of mortgages. Principal and interest from the individual mortgages are used to pay principal and interest on the MBS.
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.
以合理价格增长 Growth At A Reasonable Price (GARP) GARP investing combines the two successful strategies of value and growth investing. The name really says it all, GARP investors look for a stock with growth potential, but only if it is reasonably priced.
以活动为基础的预算案 Activity Based Budgeting Method of budgeting in which activities that incur costs in 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 Activity Based Management Using an activity-based costing system to improve the operations of an organization.
以价值为基础的定价 Value-Based Pricing A pricing strategy whereby a product's price is actively dependant upon its demand.
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 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.
以物易物 Barter The process of trading goods and services without the use of money.
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.
溢价债券 Premium Bond A bond that is valued at more than its face amount.
意外与健康福利 Accident and Health Benefits Fringe benefits provided by for employees for sickness, accidental injury, or accidental death. These benefits include payment of hospital and medical expenses as well as income payments.
意向书 Letter of Intent A letter that describes in detail a corporation's intention to act on something.
银行保险 Bank Insurance A public or private corporation that guarantees deposits up to a specified amount if the bank goes bankrupt.
银行出售保险 Bancassurance A French term referring to the selling of insurance through a bank's established distribution channels.
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.
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.
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.
银行利率 Bank Rate The rate at which central banks lend funds to national banks.
银行投资合约 Bank Investment Contract (BIC) A security with an interest rate guaranteed by a bank. It provides a specific yield on a portfolio over a specified period.
隐含波动性 Implied Volatility (IV) The estimated volatility of a stock's price.
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.
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.
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.
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.
印花税 Stamp Duty An ad-valorem or flat rate charged upon certain documents.
应付账款天数 Days Payable Outstanding (DPO) A company's average payable period. Calculated as:

Notice that the formula may also be written as: accounts payable / (cost of sales/number of days).
应课税收入 Taxable Income The amount of net income used in calculating income tax.
应课税收益 Taxable Gain The portion of a sale that is liable to taxation.
应收账款净额 Net Receivables A company's accounts receivable (money owed to the company) minus any provisions for bad debts.
应收账款周转率 Receivable Turnover Ratio An accounting measure used to quantify a firm's effectiveness in extending credit and success in collection of debts.
应收账款 Accounts Receivable (AR) Money that is owed by customers.Having receivables means that the company has made the sale but has yet to collect the money
应收账款天数 Days Sales Outstanding (DSO) A company's average payable period. Calculated as:

Notice that the formula may also be written as: accounts receivable / (credit sales/number of days).
盈利 Earnings The net income of a company during a specific period. Generally, but not necessarily, referring to after-tax income.
盈利倍数 Earnings Multiplier The estimated price-earnings ratio adjusted for the current level of interest rates.
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.
盈利收益 Earnings Yield The earnings per share for the most recent 12 months divided by market price per share.
盈利预测 Earnings Estimate An analyst's estimate for a company's future quarterly or annual earnings
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.
盈利资产 Earning Assets Any income earning asset owned by a company.
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.
营运贡杆 Operating Leverage A measurement of the degree to which a firm or project relies on fixed rather than variable costs.
营运净收入 NOI A company's operating income minus income taxes and minority interest.
营运净收入 Net Operating Income (NOI) A company's operating income minus income taxes and minority interest.
营运开支 Operating Expenses The essential things that a company must purchase in order to maintain business.
营运利润率 Operating Margin Calculated by dividing a company's operating profit by net sales.
营运收入 Operating Income The profit realized from a business' own operations.
营运现金流 Operating Cash Flow (OCF) The cash generated from the operations of a company. In general terms, it is defined as revenues less all operating expenses.
Operating cash flow is calculated through a series of adjustments to net income. It can be found on the statement of cash flows. ?
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 Working Capital Turnover A measurement comparing the depletion of working capital with the generation of sales over a given period.
营运租赁 Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset.
影子评级 Shadow Rating
  • The name given to a bond rating performed on an issuing party by a credited institution, but without any public announcement of the results.
  • A rating given by S&P to Israel Bonds, which are not permitted to be traded on the secondary market.
  • 影子定价 Shadow Pricing The arbitrary assignment of dollar values to non-marketed goods.
    硬货币 Hard Currency A currency, usually from a highly industrialized country, that is widely accepted around the world.
    硬通货贷款 Hard Loan A foreign loan that must be paid in the currency of a nation that has stability and a reputation abroad for economic strength (a hard currency).
    硬着陆 Hard Landing A term used to describe an economy going into recession as the government attempts to slow down inflation.
    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.
    佣金行 Commission House A brokerage or merchant firm which buys and sells futures contracts for customer accounts.
    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.
    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.
    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
    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 Refusal In general, the right of a person or company to purchase something before the offering is made available to others.
    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.
    有担保股票 Guaranteed Stock Common or preferred stock whose dividends are guaranteed.
    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.
    有抵押债务 Secured Debt Debt backed or secured by collateral in order to reduce the risk associated with lending.
    有价证券 Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price
    有上限期权 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.
    有条件买回条款 Provisional Call Feature A feature in a convertible issue that allows the issuer to call the issue during the non-call period if the stock reaches a certain price.
    有息票债券 Coupon Bond A debt obligation with coupons attached that represent semiannual interest payments.
    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.
    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 Limited Liability Company (LLC) A corporate structure whereby the shareholders of the company have a limited liability to the firms actions.
    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
    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.
    有效收益率 Effective Yield A bond's yield assuming that you reinvest the coupon (interest payments) once you've received payment.
    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.
    Calculated as total tax paid divided by taxable income.
    有形资产净值 Net Tangible Assets Calculated as total assets minus intangible assets and liabilities.
    有形资产 Tangible Asset Calculated as total assets minus intangible assets and liabilities.
    预测 Forecasting The process of analyzing historical and current data in order to determine future trends.
    预定的违约金 Liquidated Damages Present in certain legal contracts, this provision allows for the payment of a specified sum should one of the parties be in breach of contract.
    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.
    预付风险 Prepayment Risk The uncertainty related to unscheduled prepayment in excess of scheduled principal repayment.
    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.
    预见性盈利 Forward Looking Earnings Analyst forecasts used in the context of a P/E ratio based on forward (expected) earnings rather than on the trailing earnings (which is quoted more often).
    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.
    预期回报率 Expected Return The average of a probability distribution of possible returns
    预期债券票据 Bond Anticipation Note (BAN) Short term interest bearing securities issued in the anticipation of larger approaching bond issues.
    预算案 Budget An estimation of an organization's revenue and expenses over a specified period of time.
    预先包装的破产 Prepackaged Bankruptcy When a company prepares a reorganization plan that is negotiated and voted on by creditors and shareholders before the company actually files for bankruptcy
    员工供款计划 Employee Contribution Plan A company sponsored retirement plan where employees make deposits (contributions) to an account. Contributions are deducted from employee's pay, and some companies match payments.
    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.
    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.
    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 Agreement (FRA) A forward contract that determines an interest rate to be paid or received on an obligation beginning at a start date sometime in the future.
    远期市场 Forward Market A term used to describe the over-the-counter trading of forward contracts.
    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.
    3. Fixed assets plus working capital.
    4. Total assets less current liabilities.

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