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**Finance and Economics Dictionary
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English Terms
English Definitions
灾难债券 Catastrophe Bond A high-yield debt instrument that is usually insurance linked and meant to raise money in case of a catastrophe such as a hurricane or earthquake. It has a special condition that states that if the issuer (insurance or reinsurance company) suffers a loss from a particular predefined catastrophe, then the issuer's obligation to pay interest and/or repay the principal is either deferred or completely forgiven.
再保险 Reinsurance The process of insurance companies insuring underwritten policies with other institutions in order to offset exposure.
在建项目 Work in Progress Uncompleted work that has already incurred a capital investment from the company.
再融资 Refinance
  1. When a business or person revises their payment schedule for repaying debt.
  2. Replacing an older loan with a new loan offering better terms
再投资 Reinvestment Using dividends, interest, and capital gains earned in a mutual fund investment to purchase additional shares, rather than receiving the distributions in cash.
再投资风险 Reinvestment Risk The risk that future proceeds will have to be reinvested at a lower potential interest rate.
再投资率 Reinvestment Rate The rate at which cash flows from fixed-income securities may be reinvested
暂搁发行 Shelf Offering An SEC provision allowing an issuer to register a new issue security without selling the entire issue at once.
暂搁注册 Shelf Registration An term used for the SEC rule 415, which allows a corporation the ability to comply with registration requirements up to 2 years before doing a public offering. The corporation must still file the required annual and quarterly reports to the SEC.
暂缓行使(债权人权利) Forbearance A postponement of loan payments, granted by a lender or creditor, for a temporary period of time. This is done in order to give the borrower time to make up for overdue payments.
增记 Write-Up Increasing the book value of an asset because it is undervalued compared to market values.
增加抵押通知 Overcollateralization The posting of more collateral than is needed
增长股票 Growth Stock Shares in a company whose earnings are expected to grow at an above average rate relative to the market.
增长基金 Growth Fund A diversified portfolio of stocks that has capital appreciation as its primary goal. It invests in companies that reinvest their earnings for expansion, acquisitions, or research and development.
增长率 Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures.
增值 Value-Added The enhancement a company gives its product or service before offering the product to customers.
摘牌、停止上市 Delisting When the stock of a company is removed from a stock exchange. Reasons for delisting include violating regulations and failure to meet financial specifications set out by the stock exchange.
债换股交易 Debt Equity Swap A refinancing deal where a debt holder gets an equity position in exchange for cancellation of the debt.
债权人 Creditor One who extends credit by giving a person or organization permission to borrow money if they promise to pay it back at a later date.
债券 Bond








债券等值收益 Bond Equivalent Yield (BEY) A calculation for restating semi-annual, quarterly, or monthly discount-bond or note yields into an annual yield. For a fixed income security with a par value of $1000, the calculation is as follows:
1000-Purchase Price
Purchase Price
债券互换 Bond Swap A strategy whereby an investor sells a bond and at the same time purchases a different bond with the proceeds from the sale.
债券换新 Refunding Retiring an outstanding bond issue at maturity by using money from the sale of a new offering.
债券基金 Bond Fund A mutual fund whose investment objective is to provide stable income with a minimal risk. It invests in income-producing instruments, which may include corporate, government, or municipal bonds.
债券期权 Bond Option The same as a stock option except the underlying asset is a bond.
债券评级 Bond Rating An evaluation of the possibility of default by a bond issuer. It is based on an analysis of the issuer's financial condition and profit potential. Bond rating services are provided by, among others, Standard & Poor's, Moody's Investors Service, and Fitch Investors Service.
债务 Debt An amount of money owed from one person or firm to another.
债务偿付比率 Debt Service Coverage Ratio A ratio often used by bank loan officers when making loans to perspective income property loans.
Net Operating Income
Total Debt Service
债务重组 Debt Restructuring A method whereby companies with outstanding debt obligations alter the terms of the debt agreements in order to achieve some advantage.
债务股本比 Debt Equity Ratio A measure of a company's financial leverage calculated by dividing long term debt by shareholders equity. It indicates what proportion of equity and debt the company is using to finance its assets.
债务积压 Debt Overhang A situation where the debt stock of a country exceeds the country's future capacity to repay.
债务人 Debtor A company or individual that owes money.
债务人 Obligor An entity that has an obligation to pay all principal and interest payments on a debt.
债务融资 Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay principal and interest on the debt.
债务证券 Debt Security A security representing a loan by an investor to an issuer. In return for the loan, the issuer promises to repay the debt on a specified date and to pay interest.
战略联盟 Strategic Alliance An arrangement between two companies who have decided to share resources that one company may not have while holding something that another has
战争债券 War Bond Debt securities issued by a government for the purpose of financing military operations during times of war.
账簿管理人 Book Runner The managing or lead underwriter who maintains the books of securities sold for a new issue.
账面价值 Book Value
  1. The value at which an asset is carried on a balance sheet. In other words, the cost of an asset minus accumulated depreciation.
  2. The net asset value of a company. Calculated by total assets minus intangible assets (patents, goodwill) and liabilities.
账面现行价值 Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt.
折扣、贴现 Discount The difference between the lower price paid for a security and the security's face amount at issue.
折扣经纪人 Discount Broker A stockbroker who charges a reduced commission, but provides no investment advice.
折旧、贬值 Depreciation
  • An expense recorded to reduce the value of a long-term tangible asset. Since it is a non-cash expense, it increases free cash flow while decreasing the amount of a company's reported earnings.
  • A decrease in the value of a particular currency relative to other currencies.
    1. 折余成本、已折旧成本 Depreciated Cost Calculated by subtracting the amount of depreciation claimed from the original cost of an asset.
      整批[证券] Even Lot Quantities established by futures exchanges as benchmarks for quoting commodity prices.
      正交易量指数 Positive Volume Index (PVI) An index that focuses on days where the volume has significantly increased from the previous day's trading.
      证书 Certificate Another name for stock, certificate actually refers to the physical piece of paper representing ownership in a company.
      证券 Security An instrument representing ownership (stocks), a debt agreement (bonds), or the rights to ownership (derivatives).
      证券担保 Government Security A government debt obligation (local or national) backed by the credit and taxing power of a country with very little risk of default.
      证券分析员 Security Analyst One who studies various industries and companies, providing research reports and valuation reports. Analysts make the buy, sell, and hold recommendations.
      证券化 Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors.
      证券减值 Distressed Securities When a company is going through hard times and, as a result, the market value of its securities or assets fall substantially in value.
      证券借贷 Securities Lending When a brokerage lends securities owned by its clients to short sellers.
      政府票据 Treasury Note A marketable, fixed-interest rate U.S. Government debt security with a maturity between 1 and 10 years.
      指标 Indicator Anything used to predict future financial or economic trends.
      指数 Index A statistical measure of the changes in a portfolio of stocks representing a portion of the overall market.
      指数化 Indexing
      1. The adjustment of the weights of assets in an investment portfolio so that its performance matches that of an index.
      2. Linking movements of rates to the performance of an index.
      指数基金 Index Fund A portfolio of investments that are weighted the same as a stock-exchange index in order to mirror its performance. This process is also referred to as indexing.
      指数期货 Index Futures A futures contract on a stock or financial index, such as the S&P 500. Each index can have a different multiple for determining the price of the future.
      指数期权 Index Option A call or put option on a financial index.
      中等市值股票 Mid Cap Stock Short for "Middle Cap," mid cap refers to stocks with a market capitalization of between $2 billion to $10 billion.?/TD>
      中期 Medium Term Holding an asset for an intermediate period of time.
      中期股息 Interim Dividend A dividend payment made before a company's AGM and final financial statements. This declared dividend usually accompanies the company's interim financial statements.
      中期票据 MTN A note that usually matures in 5-10 years.
      中期票据 Medium Term Note (MTN) A note that usually matures in 5-10 years.
      中央银行 Central Bank A bank providing services for a country's government and major commercial banks.
      种子资金 Seed Capital The initial equity capital used to start a new venture or business. This initial amount is usually quite small because the venture is still in the idea or conceptual stage.
      仲裁 Arbitration An informal hearing held regarding a dispute. The dispute is judged by a group of people (generally three) who have been selected by an impartial panel. Once a decision has been reached, there is no further appeal process.
      周期性股票 Cyclical Stock Used to describe a stock that rises quickly when economic growth is strong, and falls rapidly when growth is slowing down.
      周期性行业 Cyclical Industry A term describing an industry that is sensitive to the business cycle and price changes. Many cyclical industries produce durable goods such as raw materials and heavy equipment.
      周期性失业 Cyclical Unemployment Unemployment resulting from changes in the business cycle.
      周转率、成交量 Turnover
      1. In accounting, the number of times an asset is replaced during a financial period. Often used in terms of inventory or accounts receivable turnover.
      2. In the context of securities, for either a portfolio or exchange, the number of shares traded for a period as a percentage of the total shares.
      注册财务分析师 CFA A professional designation given by the Association for Investment Management and Research (AIMR) that measures the competence and integrity of financial analysts. Candidates are required to pass three levels of exams covering areas such as accounting, economics, ethics, money management, and security analysis.
      注册财务分析师 Chartered Financial Analyst (CFA) A professional designation given by the Association for Investment Management and Research (AIMR) that measures the competence and integrity of financial analysts. Candidates are required to pass three levels of exams covering areas such as accounting, economics, ethics, money management, and security analysis.
      注册公共会计师 CPA A designation by the American Institute of Certified Public Accountants for those who pass an exam and meet work-experience requirements.
      注册公共会计师 Certified Public Accountant A designation by the American Institute of Certified Public Accountants for those who pass an exam and meet work-experience requirements.
      注册权 Registration 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.
      注册投资顾问 Registered Investment Advisor (RIA) An advisor, registered with the Securities and Exchange Commission, who manages the investments of others.
      专属基金 Captive Fund A fund that provides investment services solely to the one firm holding ownership.
      专营经纪人 Specialist A person on the trading floor of certain exchanges who holds an inventory of particular stocks. The specialist is responsible for managing limit trades, but does not make information on outstanding limit orders available to other traders.
      转换 Conversion
      1. The translation of a convertible security into a predetermined number of shares.
      2. A strategy used by future traders whereby they mix the purchase of option and futures contracts.
      转换价格 Conversion Price The price per share at which a convertible security can be converted into common stock.
      转换溢价 Conversion Premium The amount by which the price of a convertible security exceeds the current market value of the common stock into which it may be converted.
      转亏为盈、市道转好 Turnaround When the poor performance of a company, market, or the economy experiences a positive reversal.
      转捩点 Inflection Point An event that changes the way we think and act.
      -Andy Grove, Founder of Intel.
      转让 Assignment The transfer of an individual's rights or property to another person or business.
      转移特权 Exchange Privilege When a mutual fund shareholder has the opportunity to exchange a fund for another within the same family at no additional cost.
      转移投资行业 Sector Rotation The action of a mutual fund or portfolio manager shifting assets from one sector of the economy to another.
      追回利益、市场回落 Clawback
      1. Previously given monies or benefits that are taken back due to specially arising circumstances.
      2. A retraction of stock prices or of the market in general.
      追踪股票 Tracking Stock A stock issued by a parent company to create a financial vehicle to track the performance of a particular division or subsidiary.
      追踪基金 Tracker Fund A type of mutual fund that provides the same returns as an index. The fund invests in all the companies within the index according to a market value weighting.
      (资本)损耗 Impairment
      1. A reduction in a company's stated capital.
      2. The total capital that is less than the par value of the company's capital stock.
      资本保证基金 Capital Guarantee Fund An investment vehicle, offered by certain institutions, that guarantees the investor's initial capital investment from any losses.
      资本财货 Capital Goods Any goods used by an organization to produce other goods.
      资本成本 Cost of Capital The required return necessary to make a capital budgeting project worthwhile. Cost of capital would include the cost of debt and the cost of equity.
      资本充足率 Capital Adequacy Ratio (CAR) A measure of a bank's capital. It is expressed as a percentage of a bank's risk weighted credit exposures.
      资本化 Capitalize An accounting method used to delay the recognition of expenses by recording the expense as a long term asset.
      资本化租赁 Capital Lease A lease considered to have the economic characteristic of asset ownership.
      资本回报率 Return of Capital A return from an investment that is not considered income. The return of capital is when some or all of the money an investor has in an investment is paid back to him or her, thus decreasing the value of the investment. This is not a gain of any type because it is not in excess of the original investment.
      资本结构调整 Recapitalization Restructuring a company's debt and equity mixture without affecting the total amount of balance sheet equity.
      资本金基础 Capital Base
      1. The capital acquired during an IPO, or the additional offerings of a company, plus any retained earnings.
      2. An initial investment plus subsequent investments made by an investor into their portfolio.
      资本开支 Capital Expenditure Funds used by a company to acquire or upgrade physical assets such as property, industrial buildings, or equipment.
      资本密集 Capital Intensive A process or industry that requires large sums of financial resources to produce a particular good.
      资本票据 Capital Note Fixed income products issued by companies as a source of short term debt.
      资本升值 Capital Appreciation A rise in the market price of an asset.
      资本市场 Capital Markets The market where capital, such as stocks and bonds, are traded.
      资本收益 Capital Gain An increase in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A capital gain may be short-term (one year or less) or long-term (more than one year), and must be claimed on income taxes.
      资本收益回报率 Return On Capital Gains The return that one gets from an increase in the value of a capital asset (investment or real estate).
      资本损失 Capital Loss The loss incurred when a capital asset (investment or real estate) decreases in value. The loss is not realized until the asset is sold for a lower price than the purchase price.
      资本预算 Capital Budgeting The process of determining whether or not projects such as building a new plant or investing in a long-term venture are worthwhile.
      资本帐户 Capital Account The net result of public and private international investment flowing in and out of a country.
      资本主义 Capitalism An economic system that encourages private investment and business, rather than a government controlled economy.
      资本/资本金 Capital
      1. Financial assets or the financial value of assets such as cash.
      2. The factories, machinery, and equipment owned by a business.
      资本资产 Capital Asset A long-term asset that is not bought or sold in the regular course of business.
      资本资产计价模型 Capital Asset Pricing Model (CAPM) A model describing the relationship between risk and expected return. It serves as a model for the pricing of risky securities. CAPM says that the expected return of a security or a portfolio equals the rate on a risk-free security plus a risk premium. If this expected return does not meet or beat the required return then the investment should not be undertaken.
      资不抵债 Insolvency When a company can no longer meet its debt obligations with another firm or institution.
      资产 Asset Anything that an individual or a corporation owns that has economic value to its owner. Asset is also a balance sheet item showing what a firm owns.
      Assets are bought to increase the value of a firm or benefit the firms operations.
      资产偿付比率 Asset Coverage Ratio A test that determines a company's ability to cover debt obligations with their assets after all liabilities have been satisfied. It is calculated as the following
      (Book or liquidation value
      of total assets -
      intangible assets -
      (current liabilities -
      short term debt obligations))
      Total debt outstanding
      资产重新配置 Asset Redeployment The strategic relocation of company assets in order to increase profitability.
      资产抵押证券 Asset-Backed Security A security backed by notes or receivables against assets other than real estate.
      资产分配 Asset Allocation The process of dividing a portfolio among major asset categories, such as bonds, stocks, or cash. The purpose of asset allocation is to reduce risk by diversifying the portfolio.
      资产分配基金 Asset Allocation Fund type of mutual fund that splits investment assets among bonds, stocks, and other securities. The goal is to maximize return while minimizing risk.
      资产负债表 Balance Sheet A company's financial statement. It reports the company's assets, liabilities, and net worth at a specific time.
      资产负债表以外融资 Off Balance Sheet Financing The way a company raises money that does not appear on the balance sheet, unlike loans, debt, or equity, which do appear on the balance sheet.
      资产负债管理 Asset-Liability Management A technique employed by companies in coordinating the management of assets and liabilities so that an adequate return may be earned.
      资产估值 Asset Valuation The process of determining the current worth of a portfolio, company, investment, or balance sheet item.
      资产管理 Asset Management
      1. The management of the financial assets of a company in order to maximize return.
      2. An account at a financial institution that includes checking services, credit cards, debit cards, margin loans, the automatic sweep of cash balances into a money market fund, as well as brokerage services.
      资产互换 Asset Swap Similar in structure to a plain vanilla swap, the key difference is the underlying of the swap contract. Rather than regular fixed and floating loan interest rates being swapped, fixed and floating investments are being exchanged.
      资产回报率 ROA A useful indicator of how profitable a company is relative to its total assets. Calculated by dividing a company's annual earnings by its total assets, ROA is displayed as a percentage. Sometimes this is referred to as Return on Investment.
      Net Income
      Total Assets

      Note: Some people add interest expense back into net income when performing this calculation because it measures operating returns before cost of borrowing.
      资产回报率 Return On Assets (ROA) A useful indicator of how profitable a company is relative to its total assets. Calculated by dividing a company's annual earnings by its total assets, ROA is displayed as a percentage. Sometimes this is referred to as Return on Investment.
      Net Income
      Total Assets

      Note: Some people add interest expense back into net income when performing this calculation because it measures operating returns before cost of borrowing.
      资产净值 NAV
      1. In the context of mutual funds, the total value of the fund's portfolio less liabilities. The NAV is usually calculated on a daily basis.
      2. In respect to corporate valuations, the book value of assets less liabilities.
      资产净值 Net Asset Value (NAV)
      1. In the context of mutual funds, the total value of the fund's portfolio less liabilities. The NAV is usually calculated on a daily basis.
      2. In respect to corporate valuations, the book value of assets less liabilities.
      资产隙 Asset Play An incorrectly valued stock that is attractive because its combined asset value greater than its market capitalization.
      资产周转率 Asset Turnover The amount of sales generated for every dollar's worth of assets. It is calculated by dividing sales in dollars by assets in dollars.
      Total Assets
      资金成本 Cost of Funds The interest rate paid on a loan.
      资金的时间价值 Time Value of Money The basic principle that money can earn interest. Therefore, something that is worth $1 today will be worth more in the future if invested. This is also referred to as future value.
      资金过剩 Overcapitalization When a company has too much capital for the needs of its business
      资金汇回本国 Repatriation The process of converting a foreign currency into the currency of one's own country.
      资金消耗率 Burn Rate The rate at which a new company uses up its venture capital to finance overhead before generating positive cash flow from operations. In other words, it's a measure of negative cash flow.
      资金周转周期 Cash Conversion Cycle The duration between the sale of a firm's inventory and the collection of accounts receivable for the sale of that inventory.
      子弹式交易 Bullet Trade The act of purchasing an "in the money" put option so that the buyer can capitalize on a bear market by effectively shorting a stock without waiting for an uptick.
      子公司、附属公司 Subsidiary A company owned by another company that controls more than 50% of its voting stock.
      自动确认交易系统 Automated Confirmation Transaction Service (ACT) An automated system designed to document and report the clearing of trades in the Nasdaq market.
      自动债券系统 Automated Bond System (ABS) The electronic system on the NYSE that records bids and offers for inactively traded bonds. The system continues to monitor until the bonds are cancelled or executed.
      自然失业 Natural Unemployment The long-term sustainable rate of unemployment within an economy.
      自由不干预理论 Laissez Faire An economic theory from the 18th century that is strongly opposed to any government intervention in business affairs.
      自由现金流 Free Cash Flow A measure of how much cash a company has after paying its bills for ongoing activities and growth.
      自由资金交易 Proprietary Trading When a firm trades for direct gain instead of commission dollars. Essentially, the firm has decided to profit from the market rather than commissions from processing trades.
      综合企业 Conglomerate A company that consists of a grouping of businesses from unrelated streams.
      总费率 Gross Spread The difference between the underwriting price received by the issuing company and the actual offering price to the public.
      总分类账 General Ledger A company's accounting records. It contains all of the financial accounts and statements
      总企业价值 Total Enterprise Value (TEV) A valuation measurement used to compare companies with varying levels of debt. This is calculated as:
      TEV = Market Capitalization + Interest Bearing Debt + Preferred Stock - Excess Cash.
      总市值 Market Capitalization The total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap.
      总收入 Total Revenue Total sales and other revenue for a particular period.
      总收入 Revenue
      1. The dollar amount of sales during a specific period, including discounts and returned merchandise. It is the "top line" figure from which costs are subtracted to determine net income.
      2. When evaluating stocks, revenue growth serves as an indication of a company's health.
      总税项 Total Tax The complete amount of taxes an individual owes for a particular year after all credits have been deducted.
      总投资现金回报率 Cash Return on Gross Investment - (CROGI) A measure of financial performance calculated as gross cash flow after taxes divided by gross investment.
      总销售额 Gross Sales The overall sales which are not adjusted for discounts or returns. Gross sales is usually used for consumer retail firms.
      总效用 Total Utility The full satisfaction of consumers wants or needs through the consumption of specific goods or services.
      总行使价格 Aggregate Exercise Price The strike price of a put or call option multiplied by its contract size.
      总债务与总资产比率 Total Debt to Total Assets Used to measure a company's financial risk by determining how much of the company's assets have been financed by debt. Calculated by adding short-term and long-term debt, and then dividing by a company's total assets.
      总资本,总市值 Capitalization
      1. The sum of a corporation's stock, long-term debt, and retained earnings.
      2. A company's outstanding shares multiplied by its share price, better known as market capitalization.
      纵向合并 Vertical Merger A merger between two companies producing different goods or services for one specific finished product.
      纵向市场 Vertical Market A focused market that is only able to meet the need of one specific industry.
      纵向整合 Vertical Integration When a company expands its business into areas that are at different points of the same production path.
      租回已出售财产 Leaseback An arrangement where the seller of an asset leases back the same asset from the purchaser.
      租赁 Lease An agreement in which one party gains a long-term rental agreement, and the other party receives a form of secured long-term debt.
      最低额 Floor The lowest acceptable limit as restricted by controlling parties.
      最低叫价 Best Ask The lowest quoted offer for a particular stock among all competing market makers.
      最低预期回报率 Hurdle Rate The minimum amount of return that a person requires before they will make an investment in something.
      最高出价 Best Bid The highest quoted bid for a particular stock among all competing market makers.
      最高利率 Interest Rate Ceiling The absolute maximum rate of interest that a financial institution can charge for an adjustable rate mortgage or loan. This is regulated by the government.
      最后担保 Backstop To provide last-resort support or security in a securities offering.
      最佳价格规则 Best Price Rule An SEC regulation that requires shares tendered for an offer to be paid equally and maintain the same consideration.
      最佳执行 Best Execution The responsibility of brokers to provide the most advantageous execution of an order.
      最优惠利率 Prime Rate The interest rate that commercial banks charge their prime or most credit worthy customers, generally the large corporations.
      最终股息 Final Dividend The final dividend declared at a company's Annual General Meeting (AGM) for any given year. This amount is calculated after all financial statements are recorded and the directors are aware of the company's profitability and financial health.
      最终价值 Terminal Value The value of an investment at the end of a period, taking into account a specified rate of interest.

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