|
中文词句 |
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) |
- Recording the price or value of a security,
portfolio, or account to reflect the current market
value.
- 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 |
- The total cost of an option.
- 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 |
- The payment of a debt obligation prior to its due
date.
- 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 |
- The age until which a person is expected to live.
- 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 |
- The total amount of capital used for the
acquisition of profits.
- The value of all the assets employed in a
business.
- Fixed assets plus working capital.
- Total assets less current liabilities.
|
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