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本公司(中国公司)已经完成的技术规范、IT、工程、国际招标翻译项目

美国LISS公司2007年财务审计报告 美国苹果公司电子计算机资料 美国GE医疗 美国DG工程监理公司　　　　　　 西部天然气管道施工技术资料项目　　　　　　 北京某外国中国机构2,000,000字IT项目 深林集团　　　　　　　　　 塑钢专利技术资料　　　　　　　　　 深圳炭顶高科出口产品专业技术介绍资料 英国oxford byeing 资料 英国TTC公司IT资料 意大利工艺品集 法国Brital TC 英国乳品产业 坦桑尼亚绿色世界世界银行项目 马拉维国际援助项目 重点城市防洪工程标书　 DP钢结构技术规范 DP钢结构专利技术 顶点国际工程施工图纸和合同资料　　　　　　 香港房地产项目　　　 坦桑尼亚Zanzibar规划设计方案　　　　　　　　　　　　　　　 英国飞利浦金科技公司同印度的IT OEM项目3,000,000字项目　　　　　　 南非国际酒店集团 德国BADT机械资料　　　　　　　　　　　　　　　 德国BADT机械投标资料 四川国际建设总承包项目　 投标资料　　　　　　　　　　　　　　　　　 美国圣多安律师事务所200,000字法律文件 建筑规划设计事务所　　　 温哥华规划及建筑设计方案 加拿大MT电脑公司温哥华中文本地化项目(由美国公司完成)　　　　　　 日本ITO工程技术株式会社　　 技术资料　　　　　　　　　　　　　　 电工设备总公司　　　　　　 油田设备工程投标资料　　　　 市政公司　　　　 铁道部标书　　　　　　　　　　　　 厂房投标资料　　　　 大使馆资料　　　　　　　　　　　 工程项目规划设计投标资料　　　　　　　　　 英国TED医疗公司宣传资料　　　　　　 医院工程投标资料　　　　　　　　　　　　　   由于项目太多加上为客户保密的原则,这里只能向潜在客户提供一些我们公司做过的项目的信息(不包括我们美国 英国公司的大量显赫公司 机构客户资料与信息).     金融投资词汇 中文词句 English Terms English Definitions H股 H-Shares A share of a Chinese company listed on the Hong Kong Stock Exchange. 行业 Industry A category used to describe a company's primary business activity, usually determined by the largest source of a company's revenues. 行业基金 Sector Fund A mutual fund whose objective is to invest in a particular industry or sector of the economy to capitalize on returns. 行业类股 Sector A particular group of securities that are in the same industry. 合并 Merger The combining of two or more companies, generally by offering the stockholders of one company securities in the acquiring company in exchange for the surrender of their stock. 合并套利 Merger Arbitrage A hedge fund strategy whereby the stocks of two merging companies are simultaneously bought and sold to create a riskless profit. Merger arbitrageur look at the risk of the deal not closing on time or at all. Because of this slight uncertainty the target company's stock will typically sell at a discount to the price that the combined company has when the merger is closed. 合成出售期权 Synthetic Put An investment strategy of short selling a security and entering a long position on its call. 合成有抵押债务 Synthetic Collateralized Debt Obligation An artificial collateralized debt obligation that is backed by a pool of credit derivatives. 合成租赁 Synthetic Lease An operating lease that is structured in a way so that it is not recorded as a liability on the balance sheet. Instead, it is considered to be an expense on the income statement. 合资格机构投资者 QIB Primarily referring to institutions that manage at least $100 million in securities including banks, savings and loans institutions, insurance companies, investment companies, employee benefit plans, or an entity owned entirely by qualified investors. Also included are registered broker-dealers owning and investing, on a discretionary basis, $10 million in securities of non-affiliates. 合资格机构投资者 Qualified Institutional Buyer (QIB) Primarily referring to institutions that manage at least $100 million in securities including banks, savings and loans institutions, insurance companies, investment companies, employee benefit plans, or an entity owned entirely by qualified investors. Also included are registered broker-dealers owning and investing, on a discretionary basis, $10 million in securities of non-affiliates. 合资企业、合资经营 Joint Venture The cooperation of two or more individuals or businesses in a specific enterprise, each agreeing to share profit, loss, and control. 荷兰拍卖 Dutch Auction An auction where the price on an item is lowered until it gets its first bid, and then the item is sold at that price. 黑色星期四 Black Thursday The colloquial name given to Thursday, October 24th, 1929 when the New York Stock Exchange plummeted leading to the great depression of the 1930's. 黑色星期一 Black Monday The most notorious day in financial history (October 19, 1987). The DJIA fell 508 points, almost 22%. This stands as the largest one-day drop in NYSE history. 黑武士 Black Knight A company that makes a hostile takeover offer on a target company. 恒生指数 HSI An index of the leading stocks on the Hong Kong stock market. 恒生指数 Hang Seng Index (HSI) An index of the leading stocks on the Hong Kong stock market. 横向合并 Horizontal Merger A merger occurring between companies producing similar goods or offering similar services. 横向整合 Horizontal Integration When a company expands its business into different products that are similar to current lines. 红筹公司 Red Chip A company incorporated and listed in Hong Kong with controlling Chinese shareholders. 红头招股书、公开说明书初稿 Red Herring A preliminary registration statement that must be filed with the SEC or provincial securities commission. It describes the issue (IPO) and the prospects of the company. There is no price or issue size stated in the Red Herring. 宏观经济 Macroeconomics The field of economics that studies the behavior of the economy as a whole. 后进先出 LIFO A inventory management and valuation method whereby products acquired last are the ones sold first. 后进先出 Last In First Out (LIFO) A inventory management and valuation method whereby products acquired last are the ones sold first. 后门上市/借壳上市 Back Door Listing A strategy of going public used by a company that fails to meet the criteria for listing on a stock exchange. To get onto the exchange, the company desiring to go public acquires an already-listed company. 后线 Back Office Administration and support personnel in a financial services company. They carry out functions like: settlements, clearances, record maintenance, regulatory compliance, accounting, etc. 后续发行 Follow-on Offering An offering of additional shares after a company has had an initial public offering. 后续发行 Subsequent Offering An offering of additional shares after a company has had an initial public offering (IPO). 互相争夺市场 Market Cannibilization The negative impact a new product has on the sales performance of a company's existing, related products. 华尔街 Wall Street The street in New York where the NYSE is located. The NYSE itself. Also the collective name for the financial institutions in New York City. Including stock exchanges, banks, commodity markets, money markets, etc. 还本付息 Debt Service Cash required in a given period for the repayment of interest and principal of a debt. 换算风险 Translation Exposure The exchange rate risk associated with companies that deal in foreign currencies or list foreign assets upon their balance sheets. 黄金股 Golden Share A type of share that gives its shareholder veto power over changes to the company's charter. 黄金降落伞 Golden Parachute Lucrative benefits given to top executives in the event that a company is taken over by another firm, resulting in the loss of their job. Benefits include items such as stock options, bonuses, severance pay, etc. 黄金救生衣 Golden Lifejacket An exceptional compensation package an acquiring company offers to the top executives of the company being acquired. The offer is meant to keep these executives attracted to holding their offices. 黄武士 Yellow Knight A company that was once making a takeover attempt but ends up discussing a merger with the target company. 灰市 Gray Market An unofficial market where new issues of shares are bought and sold before they officially become available for trading on the stock exchange. The sale of goods by unauthorized dealers. 灰武士 Gray Knight A second, unsolicited bidder in a corporate takeover. A gray knight enters the scene in order to take advantage of any problems between the first bidder and the target company. 回报率 Return The gain or loss for a security in a particular period, consisting of income plus capital gains relative to investment. It is usually quoted as a percentage. 回购 Buy Back The buying back of shares by a corporation in order to reduce the number of shares on the market. D207The purchasing of shares previously sold short so the open position is closed. 回购股份 Share Repurchase A company's plan to buy back its own shares from the marketplace, reducing the number of outstanding shares. Typically, this is an indication that the company's management thinks the shares are undervalued 混合证券 Hybrid Security A security that combines two or more different financial instruments. 活动比率 Activity Ratio Accounting ratios that measure a firm's ability to convert different accounts within their balance sheets into cash or sales. 活动收入 Active Income Income for which services have been performed. This includes wages, tips, salaries, commissions, and income from businesses in which there is material participation 活期存款 Demand Deposit An account where deposited funds can be withdrawn at any time. 活跃债券投资者 Active Bond Crowd A term used to describe fixed-income securities that trade frequently on the floor of the NYSE. 货币 Currency Money circulated within an economy, including coins and paper notes. 货币掉期 Currency Swap A swap that involves the exchange of principal and interest in one currency for the same in another currency. 货币管理外包 Currency Overlay The outsourcing of currency risk management to a specialist firm, known as the overlay manager. This is used in international investment portfolios to separate the management of currency risk from the asset allocation and security selection decisions of the investor's money managers. 货币供应 Money Supply The entire quantity of a country's bills, coins, loans, credit, and other liquid instruments in the economy. It is divided into three categories, M1, M2, and M3, according to the type and size of account the instrument is kept in. 货币供应量1 M1 The category of the money supply that includes all physical money like coins and currency. It also includes demand deposits, which are checking accounts and NOW accounts. 货币供应量2 M2 A category of the money supply that includes M1 in addition to all time-related deposits, savings deposits, and non-institutional money-market funds. 货币供应量3 M3 A category of the money supply that includes M2 in addition to all large time deposits, institutional money-market funds, short-term repurchase agreements, along with other larger liquid assets. 货币流量 Money Flow Calculated by averaging the high, low, and closing prices, and multiplying by the daily volume. Comparing that result with the number for the previous day tells you whether money flow was positive or negative for the current day. 货币流量指数 Money Flow Index (MFI) A momentum indicator that measures the strength of money in and out of a security. A divergence between the MFI and price trend can be interpreted as a possible trend reversal. 货币期货 Currency Futures A transferable futures contract that specifies the price at which a specified currency can be bought or sold at a future date. 货币期权 Currency Option A contract that grants the holder the right, but not the obligation, to buy or sell currency at a specified price during a specified period of time. 货币市场 Money Market The securities market dealing in short-term debt and monetary instruments. Money market instruments are forms of debt that mature in less than one year and are very liquid. 货币市场基金 Money Market Fund A mutual fund that invests in short-term debt instruments. The fund's objective is to earn interest for shareholders while maintaining a net asset value of $1.00 per share. 货币市场账户 Money Market Account A savings account that offers the competitive rate of interest (real rate) in exchange for larger than normal deposits. 货币远期 Currency Forward A forward contract that locks-in the price an entity can buy or sell currency on a future date. 货币政策 Monetary Policy The actions of a central bank, currency board, or other regulatory committee, that determine the size and rate of growth of the money supply, which in turn affects interest rates. 获利抛售 Profit Taking Occurs when traders sell stock to cash in on a sharp rise. This action pushes prices down temporarily. 巴黎俱乐部 Paris Club A monthly meeting, taking place in Paris, between the creditors of 19 countries for the purpose of discussing debt issues. Among other things, the Paris Club addresses the issue of coordinated debt relief for developing countries that cannot service their debt. 白皮书 White Paper An informational document issued by companies trying to promote or highlight the significance of a planned product or service 白武士 White Knight A company that makes a friendly takeover offer for the control of a target company that is being faced with a hostile takeover from a separate party. 白象 White Elephant Any investment that nobody wants because it is a money loser. 半可变因素 Semi-Variable Cost A cost composed of a mixture of fixed and variable components. Costs are fixed for a set level of production or consumption, becoming variable after the level is exceeded. 半年 Semi-annual An event that occurs twice in a calendar year. 保管人 Custodian A financial institution that has the legal responsibility for a customer's securities. This implies management as well as safekeeping. 保管帐户 Custodial Account 1. An account created at a bank, brokerage firm or mutual fund company that is managed by an adult for a minor that is under the age of 18 to 21 (depending on state legislation). 保护主义 Protectionism Actions taken by a government to prevent imports from destroying domestic producers. 保荐人 Sponsor In the context of mutuals, an underwriting company that offers shares in its mutual funds. In the context of stocks, an influential investor who creates demand for a security because of their positive outlook on it. 保留管理层的收购项目 Management Buyin (MBI) When a group of investors outside of a company purchase a controlling block of shares and keep the existing management. 保留盈余 R/E The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. Calculated by adding net income to (or subtracting any net losses from) beginning retained earnings and subtracting any dividends paid to shareholders. 保留盈余 Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. 保收债券 Cushion Bond A type of callable bond that sells at a premium because the issued coupon payments are above market interest rates 保证金、按金 Margin Account The use of borrowed money to purchase securities, referred to as "buying on margin." The amount of equity contributed by a customer as a percentage of the current market value of the securities held in a margin account. In a general business context, margin refers to the difference between selling price and the cost of goods sold. 贝塔系数 Beta (Coefficient) The measure of systematic risk of a security. Beta (or beta coefficient) is a means of measuring the volatility of a security or portfolio of securities in comparison with the market as a whole. 备考、模拟 Pro Forma A latin term that translates into "for the sake of form." In the investing world, the term describes a method of calculating financial results in order to emphasize either current or projected figures. 备考盈利 Pro Forma Earnings Earnings that are derived by pro forma rather than standard GAAP methods. 背对背贷款 Back-to-Back Loan A loan where two companies in different countries borrow offsetting amounts in each other's currency. The purpose of this transaction is to hedge against currency fluctuations. 被动投资 Passive Investing? An investment strategy involving limited ongoing buying and selling actions. Passive investors will purchase investments with the intention of long-term appreciation and limited maintenance. 倍数 Multiple Another term for the price/earnings ratio, which is calculated by dividing a stock's current price by the company's current annual earnings per share. 倍数压缩 Multiple Compression Arises when a stock trades at a certain multiple and, while earnings may be good, the stock price doesn't move or sometimes goes down. The result is that the multiple is reduced even though nothing is fundamentally wrong with the company. The valuation has been called into question and the multiple that you are willing to pay for that stock is the only thing different. 本金、[企业]主要负责人、[交易]当事人 Principal The amount borrowed or the amount still owed on a loan, separate from interest. The original amount invested, separate from earnings. The face value of a bond. The owner of a private company. The main party to a transaction, acting as either a buyer or seller for his/her own account and risk. 本年迄今 YTD The period beginning January 1st of the current year up until today's date 本年迄今 Year To Date (YTD) The period beginning January 1st of the current year up until today's date 本票 Promissory Note A written, dated, and signed two-party instrument containing an unconditional promise by the maker to pay a definite sum of money to a payee on demand or at a specified future date. 本债比 Gearing This is the ratio of long-term funds with fixed interest that makes up a firm's capital. 比例税 Proportional Tax An income tax that takes the same percentage of income from everyone regardless of how much (or little) an individual earns. 必付合约 Take or Pay A provision, written into a contract, whereby one party has the obligation of either taking delivery of goods or paying a specified amount. 避风港 Safe Harbor A legal provision to reduce or eliminate liability as long as good faith is demonstrated. A form of shark repellant where a target company acquires a business that is so poorly regulated that the target itself is less attractive. In effect, this gives the target company a "safe harbor." An accounting method that avoids legal or tax regulations and allows for a simpler (usually) method of determining a tax consequence than is available following the precise language of the tax code. 避税乐园 Tax Haven A country that offers individuals and businesses little or no tax liability. 边际税率 Marginal Tax Rate The amount of tax paid on an additional dollar of income. As income rises, so does the tax rate. 边际效用 Marginal Utility The additional satisfaction obtained by a consumer from consuming one more unit of a good or service. 贬值 Devaluation Lowering the value of a country's currency compared to the value of a commodity or to the value of another country's currency. 变动率 ROC One of two principal clearing houses for securities traded in the Euromarkets. 变动率 Rate of Change (ROC) The speed at which a variable changes over a specific period of time. 标准差 Standard Deviation A measure of the dispersion of a set of data from its mean. The more spread apart the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk). 标准普尔 S&P (Standard And Poor's) A company that rates stocks and corporate and municipal bonds according to risk profiles. Additionally, Standard and Poor's produces and tracks the S&P indexes, and publishes a variety of financial and investment reports. 标准普尔 S&P A company that rates stocks and corporate and municipal bonds according to risk profiles. Additionally, Standard and Poor's produces and tracks the S&P indexes, and publishes a variety of financial and investment reports. 标准普尔500 S&P500 An index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock's weight in the index proportionate to its market value 表现超越大市 Market Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. 表现超越大市 Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. 表现股票 Performance Shares Shares of company stock that are given to managers only if certain performance criteria is met. 表现落后大市 Underperform An analyst recommendation that means a stock is expected to do slightly worse than the market return 波动性 Volatility In general, volatility is a statistical measure of the tendency of a market or security to rise or fall sharply within a short period of time. Volatility is typically calculated by using variance or annualized standard deviation of the price or return. Volatility is a variable that appears in option pricing formulas. In the option pricing formula, it denotes the extent to which the the return of the underlying asset will fluctuate between now and the expiration of the option. 表现最佳承销商 Bulge Bracket The group of firms in an underwriting syndicate who sold the largest amount of the issue. 补偿买进 Buy-In When an investor is forced to repurchase shares because the seller did not deliver the securities in a timely fashion, or did not deliver them at all. 不可抗力 Force Majeure Literally translated as "great force," this clause is included in contracts to remove liability for unforeseen events restricting participants from fulfilling obligations. 不可买回 Non-Callable Securities that cannot be called by the issuer prior to maturity. 不良贷款 Bad Debt A debt which is not collectable and therefore worthless to the creditor. 不良贷款 NPL Loans that are in default or close to being in default. 不良资产 Non-Performing Asset Any asset that is not effectively producing income. 不良贷款 Non-Performing Loan Loans that are in default or close to being in default. 不能变现 Illiquid An asset or security that cannot be converted into cash very quickly (or near prevailing market prices). 部分还款 Paydown The process of repaying a portion of an outstanding loan balance. CEDEL CEDEL A zero-coupon bond issued by a corporation, it can be converted into that corporation's common stock at a certain price. 财产转让 Disposition Getting rid of an asset or security through a direct sale or some other method. 财产 Property A legally owned possession or real estate. 财产税 Property Tax A tax assessed on real estate by the local government. The tax is usually based on the value of property (including the land) you own. 财富500 Fortune 500 An annual list of the 500 largest companies in the United States. The list is compiled using the most recent figures for revenue. 财富效应 The Wealth Effect The "wealth effect" refers to the propensity of people to spend more if they have more assets. The premise is that when the value of equities rises, so does our wealth and disposable income. Therefore, we feel more comfortable about spending. 财富增值指数 Wealth Added Index (WAI) Designed by the Steward Stern & Co. consulting firm, this index measures wealth intuitively as returns exceeding shareholder's cost of capital. 财富效应 Wealth Effect The "wealth effect" refers to the propensity of people to spend more if they have more assets. The premise is that when the value of equities rises, so does our wealth and disposable income. Therefore, we feel more comfortable about spending. 财富管理 Wealth Management A professional service which is the combination of financial/investment advice, accounting/tax services, and legal/estate planning for one fee. 财务 Finance The science that describes the management of money, banking, credit, investments, and assets. 财务会计 Financial Accounting Reporting of the financial position and performance of a firm through financial statements issued to external users on a periodic basis. 财务会计标准委员会 Financial Accounting Standards Board - (FASB) Designated as the organization for establishing standards of financial accounting and reporting. FASB standards govern the preparation of financial reports and are recognized by the SEC. 财务表现 Financial Performance A company's ability to generate new resources, from day-to-day operations, over a given period of time. 财务规划 Financial Planner An investment professional who assists individuals put together a financial plan and coordinate various financial activities. 财务代理 Fiscal Agent An organization, such as a bank or trust company, that takes responsibility for the fiscal duties of an unrelated party. 财务年度 Fiscal Year Any 12-month period that a company uses for accounting purposes. 财政政策 Fiscal Policy Government spending policies that influence macroeconomic conditions. These policies affect tax rates, interest rates, and government spending, in an effort to control the economy. CAMELS评级制度 CAMELS Rating System An international bank-rating system with which bank supervisory authorities rate institutions according to six factors. The six areas examined are represented by the acronym "CAMELS." 参考比率 Reference Rate The underlying index or rate upon which a floating-rate security is based. 残值 Salvage Value The estimated value that an asset will realize upon its sale at the end of its useful life. 长城 Chinese Wall A slang term for the division within a brokerage firm that prevents insider information from being handed out by corporate advisers to investment traders. 长期债款、融资债务 Funded Debt A long term debt that matures after more than one year. 长期债券 Long Bond A bond that matures in more than 10 years. When people refer to "the long bond," this typically is the 30-year U.S. treasury. 长期资产 Long Term Assets Reported on the balance sheet, it's the value of a company's property, equipment, and other capital assets, less depreciation. A stock, bond, or other asset that you plan on holding in your portfolio for a lengthy period of time. 长期债务/总资本比率 Long Term Debt/Capitalization A ratio indicating the financial leverage of a firm. It is calculated by taking a company's long term debt and dividing by the capital available (the sum of long term debt, preferred stock, and stockholders' equity). 长期债务 Long Term Debt A ratio indicating the financial leverage of a firm. It is calculated by taking a company's long term debt and dividing by the capital available (the sum of long term debt, preferred stock, and stockholders' equity). 长期负债 Long Term Liabilities Recorded on the balance sheet, a company's liabilities for leases, bond repayments, and other items due in more than one year. 偿付比率 Solvency Ratio One of many ratios used to gauge a company's ability to meet long-term obligations. 偿付能力、资力 Solvency The ability of a corporation to meet both its long-term fixed expenses and to have adequate money for long-term expansion and growth. 偿还债务 Repayment The payment of a debt obligation prior to its due date. The excess payment over a scheduled debt repayment amount. 偿债基金 Sinking Fund A means of repaying funds advanced through a bond issue. The issuer makes periodic payments to a trustee, who retires part of the issue by purchasing the bonds in the open market. 场外交易 Curb Trading Trading that occurs outside of general market regulations, commonly through computers or telephones after the official exchanges have closed. 场外交易证券 OTC A security which is not traded on an exchange, usually due to an inability to meet listing requirements. For such securities, brokers/dealers negotiate directly with one another over computer networks and by phone. The NASD carefully monitors their activities. 场外交易证券 Over-The-Counter (OTC) A security which is not traded on an exchange, usually due to an inability to meet listing requirements. For such securities, brokers/dealers negotiate directly with one another over computer networks and by phone. The NASD carefully monitors their activities. 超额认股权 Greenshoe Option An option that allows the underwriting of an IPO to sell additional shares to the public if the demand is high. 超额配股权 Overallotment Selling more securities than are available in an IPO. 超额认购 Oversubscribed When the demand for a new issue of securities (IPO) exceeds the number of shares issued. 超高市值股票 Mega Cap Companies having a market capitalization greater than $200 billion. 超卖 Oversold A technical analysis term for a market in which the volume of selling that has occurred is greater than the fundamentals justify. 成本基础 Cost Basis The purchase price after commissions or other expenses. Cost basis is used to calculate capital gains or losses when the security is eventually sold. 成本协同效益 Cost Synergy In the context of mergers, cost synergy is the savings in operating costs expected after two companies, who compliment each other's strengths, join. 承销价差 Underwriting Spread The spread between the amount received by underwriters from the public offering price and the amount underwriters pay to the issuing company for the securities 承销团 Syndicate A group of bankers, insurers, etcetera, who work together on a large project. 承销团 Underwriting The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). The process of issuing insurance policies 乘数效应 Multiplier Effect The expansion of a country's money supply that results from the collective of member banks being able to lend more money than they take in. 承继人 Heir A person who inherits some or all of the estate of a recently deceased person. The legal successor is usually selected because they are related to the deceased by a direct bloodline or have been designated in a will or by a legal authority. 持续经营 Going Concern A term for a company that has the resources needed in order to continue to operate. If a company is not a going concern, it means the company has gone bankrupt. 持续经营价值 Going Concern Value The value of a company's ability to generate earnings from tangible and intangible assets. 持有 Hold An analyst recommendation to neither buy nor sell a security. 持有量不足 Underweight A term describing an investment position that does not hold a sufficient amount of securities to satisfy the accepted benchmark of the portfolio's asset allocation strategy. 持有期 Holding Period The time (or expected time) that an asset will be held for. 持有期回报/收益率 Holding Period Return/Yield The total return received from holding an asset. Calculated as income plus price appreciation during a specified time period, divided by the cost of the investment. 重置成本 Replacement Cost The price that will have to be paid to replace an existing asset with a similar asset. 出口 Export In reference to international trade, these are goods shipped from one country from another. 出市代表、场内交易商 Floor Trader An exchange member who executes transactions from the floor of the exchange exclusively for their own account. 出售权 Put An option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying security at a specified price within a specified time. The act of exercising a put option. 出售认股权证 Put Warrant A warrant that gives the holder the right to sell the underlying share for an agreed price, on or before a specified date. 出账、销账 Charge Off A debt that is deemed uncollectable and written off. Also known as a bad debt. A one time expense incurred by a company that negatively affects earnings. 初级市场 Primary Market The market in which investors have the first opportunity to buy a newly issued security. 除权、不带新股认股权 Ex-Rights The period when a new purchaser of stock is not entitled to participate in the recently declared rights offering. 除外责任比率 Exclusion Ratio The portion of the return on investments that is income tax exempt. It represents a payback of initial investments rather than capital gains. 除息、不带息 Ex-Dividend The trading of shares when a declared dividend belongs to the seller rather than the buyer. 除证、不带认股权证 Ex-Warrant The trading of shares when a warrant has been declared, but not distributed. 创业基金 Venture Capital Fund Venture capital funds pool and manage money from investors seeking private equity stakes in small and medium-size enterprises with strong growth potential. 创业基金投资者 Venture Capitalist An investor who provides capital to either start-up ventures or support small companies who wish to expand but do not have access to public funding. 创业项目 Venture Generally refers to a risky start-up or enterprise company. 创业资本 Venture Capital Money and resources made available to startup firms and small businesses with exceptional growth potential. 纯价格 Clean Price The price quoted for a bond excluding accrued interest. 次级股票 Secondary Stock A stock that is considered more risky than blue chips because it has a smaller market capitalization. 次级证券 Junior Security A security that ranks below others in regards to claim on assets and income. 从属债务 Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. 存款证 CD A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified interest rate, and can be issued in any denomination. CDs are generally issued by commercial banks. 存款证 Certificate Of Deposit (CD) A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified interest rate, and can be issued in any denomination. CDs are generally issued by commercial banks. 存款、按金 Deposit A transaction involving a transfer of funds to another party for safekeeping. A portion of funds that is used as security or collateral for the delivery of a good. 存托公司 Depository Trust Company (DTC) One of the world's largest securities depositories, it holds in excess of $10 trillion worth of securities in custody. The DTC acts like a clearing house to settle trades in corporate and municipal securities. 存托及结算机构 Depository Trust and Clearing Corporation (DTCC) Established in 1999, the DTCC is a holding company consisting of 5 clearing corporations and 1 depository, making it the world's largest financial services corporation dealing in post trade transactions. 存托凭证 Depository Receipt A negotiable financial instrument issued by a bank to represents a foreign company's publicly traded securities. The depository receipt trades on a local stock exchange.   大宗交易 Block Trade The sale or purchase of a large quantity of securities. 呆账准备金 Allowance For Doubtful Accounts An estimation made by companies and documented on their balance sheet for receivables that might go uncollected. 代理人 Agent An organization, such as a bank or trust company, that takes responsibility for the fiscal duties of an unrelated party. 代理委托书 Proxy A formal document signed by a shareholder to authorize another shareholder, or commonly the company's management, to vote the holder's shares at the annual meeting. 代理问题 Agency Problem When conflicts of interest rise between creditors, shareholders, and management, because of differing goals. 贷款 Loan When a lender gives money or property to a borrower, and the borrower agrees to return the property or repay the borrowed money along with interest, at a predetermined date in the future. 贷款损失准备金 Loan Loss Provision An expense set aside as an allowance for bad loans (customer defaults, or terms of a loan have to be renegotiated, etc). 贷款银团 Loan Syndication The process of involving numerous different lenders in providing various portions of a loan. 贷款与价值比率 Loan to Value Ratio A lending risk ratio calculated by dividing the total amount for the mortgage or loan by the appraised value of the property. 带领权 Drag Along Rights A right that enables a majority shareholder to force a minority shareholder to join in the sale of a company. The majority owner doing the dragging must give the minority share holder the same price, terms, and conditions as any other seller. 担保人 Guarantor A person that guarantees to pay for someone else's debt if they default on their loan obligation. 单纯期权 Vanilla Option An normal option with no special or unusual features. 单位数量，整份股 Board Lot A term used when describing a standard number of shares in trading stocks, usually 100. 单位信托 Unit Trust (UT) An un-incorporated mutual fund structure that allows funds to hold assets and pass through profits to the individual owners, rather than reinvest profits back into the fund. 单一业务 Pure Play A company devoted to one line of business, or a company whose stock price is highly correlated with the fortunes of a specific investing theme or strategy. 到价 At the Money An option is at-the-money if the strike price of the option equals the market price of the underlying security. 到价 In the Money For a call option, in-the-money is when the option's strike price is below the market price of the underlying stock. For a put option, in-the-money is when the strike price is above the market price of the underlying stock. 到期日 Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. 到期日期 Maturity Date The date on which a bond's principal or other liability investment is repaid to the investor and interest payments stop. 到期收益率 YTM The rate of return anticipated on a bond if it is held until the maturity date. YTM is considered a long term bond yield expressed as an annual rate. The calculation takes into account the current market price, par value, coupon interest rate, and time to maturity. It is also assumed that all coupons are reinvested at the same rate. Sometimes this is referred to as a bond's "yield" for short. 到期收益率 Yield To Maturity (YTM) The rate of return anticipated on a bond if it is held until the maturity date. YTM is considered a long term bond yield expressed as an annual rate. The calculation takes into account the current market price, par value, coupon interest rate, and time to maturity. It is also assumed that all coupons are reinvested at the same rate. Sometimes this is referred to as a bond's "yield" for short. 道琼斯工业平均指数 DJIA The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq. The DJIA was invented by Charles Dow back in 1896. 道琼斯工业平均指数 Dow Jones Industrial Average (DJIA) The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq. The DJIA was invented by Charles Dow back in 1896. 道琼斯公用事业平均指数 DJUA The Dow Jones Utility Average is a price-weighted average of 15 utility stocks traded in the United States. The DJUA was started back in 1929. 道琼斯公用事业平均指数 Dow Jones Utility Average (DJUA) The Dow Jones Utility Average is a price-weighted average of 15 utility stocks traded in the United States. The DJUA was started back in 1929. 道琼斯交通平均指数 DJTA The Dow Jones Transportation Average is a price-weighted average of 20 transportation stocks traded in the United States. The average was started back in 1884. 道琼斯交通平均指数 Dow Jones Transportation Average (DJTA) The Dow Jones Transportation Average is a price-weighted average of 20 transportation stocks traded in the United States. The average was started back in 1884. 道氏理论 Dow Theory A theory which says the market is in an upward trend if one of its averages (industrial or transportation) advances above a previous important high, it is accompanied or followed by a similar advance in the other. 等值 Par The face value of a bond. Generally $1,000 for corporate issues, with higher denominations such as $10,000 for many government issues. A dollar amount assigned to a security when first issued. 等值债券 Parity Bond Two or more bond issues with equal rights to bond payments and pledged revenues. 低价交易 Downtick A transaction on an exchange occurring at a price below the previous transaction. 低价交易量 Downtick Volume The share volume of a security that trades at a price lower than its previous price. 低负债资产负债表 Clean Balance Sheet Referring to a company whose balance sheet has very little or no debt. 低市值公司 Small-Cap Refers to stocks with a relatively small market capitalization. The definition of small-cap can vary among brokerages, but generally a company between $300 million to $2 billion in market cap is considered a small cap. 抵押品 Collateral Properties or assets that are offered to secure a loan or other credit. Collateral becomes subject to seizure on default. 地产让与证书 Conveyance A written instrument, such as a deed or lease, that transfers some ownership interest in real property from one person to another. 地区股票交易所 Regional Stock Exchange Any exchange that resides beyond the country's main financial center. 递延利息债券 Deferred Interest Bond A debt instrument that pays no interest until a date specified in the future. 递延年金 Deferred Annuity An annuity contract that delays payments of income, installments, or a lump sum until the investor elects to receive them. 递延收入 Deferred Revenue A liability account used for deposits and other cash receipts prior to the completion of the sale. 递延所得税 Deferred Income Tax A liability that results from income already earned and recognized for accounting purposes, but not for tax purposes, that is recorded on the balance sheet. 递延帐户 Deferred Account An account that postpones tax liabilities until a later date. Deferred accounts are usually retirement accounts. 第三方保管契约 Escrow A financial instrument held by a third party on behalf of others until their written or oral instructions or obligations have been fulfilled. 第三方保管协议 Escrow Agreement A certificate provided by an approved bank that guarantees the indicated securities are deposited at that particular bank. 电子商贸 Ecommerce When a person or business uses the Internet as part of their business model. 掉期 Swap Traditionally, the exchange of one security for another to change the maturity (bonds), quality of issues (stocks or bonds), or because investment objectives have changed. Recently, swaps have grown to include currency swaps and interest rates swaps. 掉期利率 Swap Rate The rate of the fixed portion of a swap as determined by its particular market. This is the rate at which the swap will occur for one of the parties entering into the agreement. 掉期息差 Swap Spread The difference between the negotiated and fixed rate of a swap. The spread is determined by characteristics of market supply and creditor worthiness. The difference between the swap rate and the lending rate offered through other investment vehicles with comparable characteristics. 顶尖业务 Crown Jewels The most valuable unit of a corporation because of profitability, asset value, future prospects, etc. 订单积压 Backlog The total value of sales orders waiting to be fulfilled. 定额投资 Closed-End Investment When an investment company issues a fixed number of shares in an actively managed portfolio of securities. The shares are traded in the market just like common stock. 定价能力 Pricing Power An economic term referring to the effect that a change in a firm's product price has on the quantity demanded of that product. Pricing power ties in with the "Price Elasticity of Demand." 定量分析 Quantitative Analysis A security analysis that uses financial information derived from company annual reports and income statements to evaluate an investment decision. 定期存款 Time Deposit A savings account or CD held for a fixed-term with the understanding that the depositor can only withdraw by giving written notice. 定性分析 Qualitative Analysis Analysis that uses subjective judgment in evaluating securities based on non-financial information such as management expertise, cyclicality of industry, strength of research and development, and labor relations. 董事会 Board Of Directors Individuals elected by stockholders to establish corporate management policies. A board of directors makes decisions on major company issues and controls when dividends will be paid to stockholders. 独立基金 Segregated Fund A type of annuity that is similar to a mutual fund. Segregated Funds are an insurance product and are only offered by insurance companies. 独立审计师 Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. 独资经营 Sole Proprietorship A business organization that is unincorporated and has only one owner. 杜邦分析 Du Pont Analysis A method of performance measurement that was started by the DuPont Corporation in the 1920s, and has been used by them ever since. With this method, assets are measured at their gross book value rather than at net book value in order to produce a higher ROI. 杜邦特性理论 Du Pont Identity An expression breaking down return on equity (ROE) into three parts: profit margin, total asset turnover, and financial leverage. The Du Pont identity tells us that ROE is affected by 3 things: Operating efficiency (as measured by profit margin) Asset use efficiency (as measured by total asset turnover) Financial leverage (as measured by the equity multiplier) 短期国库券 Treasury Bill A U.S. Government debt security with a maturity that is less than one year. Treasury bills are issued through a competitive bidding process at a discount from par. This means they do not pay fixed interest payments like most bonds do. 短期同业拆借利率，通知贷款利率 Call Loan Rate The short term interest rate charged on a secured call loan, usually in margin accounts. 短期同业拆借，通知贷款 Call Loan A loan provided to a brokerage firm and used to finance margin accounts. The interest rate on a call loan is calculated daily. The resulting interest rate is referred to as the call loan rate. 对冲 Hedge Making an investment to reduce the risk of adverse price movements in an asset. Normally, a hedge consists of protecting a position in a related security. 对冲比率 Hedge Ratio A ratio comparing the amount you are hedging with the size of the position being hedged against. A ratio comparing the value of futures contracts purchased or sold versus the value of the cash commodity being hedged against. 对冲基金 Hedge Fund An aggressively managed portfolio taking positions on safe and speculative opportunities. Most hedge funds are limited to a maximum of 100 investors. For the most part, hedge funds are unregulated because it is assumed the people investing in these are very sophisticated and wealthy. 多元化 Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. 多元化普通股资金 Diversified Common Stock Fund A mutual fund that invests its assets in a wide range of common stocks. The fund's objectives can be growth, income, or a combination of both. 多数股东 Majority Shareholder A person or conglomerate who owns more than 50% of the outstanding shares for a corporation. 额外回报 Excess Return Returns in excess of the risk-free rate or in excess of a market measure (such as an index fund). 恶性通货膨胀 Hyperinflation Extremely rapid or out of control inflation. 恶意收购 Hostile Takeover A takeover attempt that is strongly resisted by the target firm. 二级发行 Secondary Offering A sale of securities in which one or more major stockholders in a company sell all or a large portion of their holdings. The underwriting proceeds are paid to the stockholders, rather than to the corporation. 二级市场 Secondary Market A market in which an investor purchases an asset from another investor, rather than an issuing corporation. 二级资本 Tier 2 Capital A term used to describe the capital adequacy of a bank. Tier II capital is secondary bank capital that includes items such as undisclosed reserves, general loss reserves, subordinated term debt, and more. 中文词句 English Terms English Definitions 发行备忘录 Offering Memorandum A legal document stating the objectives, risks, and terms of investment involved with a private placement. 发行成本 Flotation Cost The costs associated with the issuance of new securities. 发行人 Issuer The entity, such as a corporation or municipality, that offers (or proposes to offer) its securities for sale. 发行、上市 Flotation The process of changing a private company into a public company by issuing shares and soliciting the public to purchase them. 发行说明书 Offering Circular An abbreviated prospectus for a new security listing. Delivered to individuals and brokerage houses, these documents are issued to arouse interest in the new issue. 发展阶段 Development Stage A company that is focusing a majority of its attention on research & development. Because attention is focused on research, earnings are usually very small or nothing. 法定人数 Quorum The minimum acceptable level of individuals with a vested interest in a company needed to make the proceedings of a meeting valid under the corporate charter. 反垄断法 Anti-trust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. Examples of illegal practices are price-fixing conspiracies, corporate mergers likely to reduce the competitive vigor of particular markets, and predatory acts designed to achieve or maintain monopoly power. 反收购措施 Anti-takeover Measure Measures taken on a continual or sporadic basis by a firm's management in order to prevent or deter unwanted takeovers. 反收购法规 Anti-takeover Statute A set of state regulations that prevent or deter companies from attempting hostile takeovers. These regulations vary across state lines and typically affect only the companies incorporated within the state. 反摊薄条款 Anti-dilution Provision A provision in an option or a convertible security. It protects an investor from dilution resulting from later issues of stock at a lower price than the investor originally paid. 反通货膨胀 Disinflation A slowing of the rate at which prices increase. Typically, this occurs during a recession as sales drop and retailers are not able to pass on higher prices to customers. 反向收购 Reversed takeover When a larger company is bought out by a smaller company. The purchasing of a public company by a private company. 范畴经济 Economies of Scope An economic theory stating that the average total cost of production decreases as a result of increasing the number of different goods produced. 防御性投资 Defensive Buy An investment that is an attractive buy because it is low risk, not because of its return potential. 防御性投资策略 Defensive Investment Strategy A method of portfolio allocation and management aimed at minimizing the risk of losing principal. Defensive investors place a high percentage of their investable assets in bonds, cash equivalents, and stocks that are less volatile than average. 房地产 Real Estate Real estate that generates income. 房地产代理 Real Estate Agent A person with a state/provincial license to represent a buyer or a seller in a real estate transaction in exchange for a commission. Most agents work for real estate brokers or realtors. 房地产抵押 Mortgage A loan, secured by the collateral of some specified real estate property, in which the borrower is obligated to make a predetermined set of payments to repay the loan. 房地产抵押银行家 Mortgage Banker The lender in a mortgage contract, or the one making the loan directly 房地产投资信托 REIT A security that sells like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages. REITs receive special tax considerations, and typically offer investors high yields as well as a highly liquid method of investing in real estate. 房地产投资信托 Real Estate Investment Trust (REIT) A security that sells like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages. REITs receive special tax considerations, and typically offer investors high yields as well as a highly liquid method 放宽管制 Deregulation The reduction or elimination of government power within a particular industry. Deregulation is usually enacted to create more competition within an industry. 非经常项目 Extraordinary Item Gains or losses included in a company's financial statements, which are infrequent and unusual in nature. These are usually explained further in the 'notes to the financial statements.' 非经常开支 Nonrecurring Charge An expense occurring only once on a company's financial statement. 非劳动收入 Unearned Income Any income that comes from investments and other sources unrelated to employment services. 非牟利机构 Non-Profit Organization An association that is given tax free status. Donations to a non-profit organization are often tax deductible as well. 非强制买回保障 Soft Call Protection A feature added to convertible fixed-income and debt securities. The provision dictates that a premium will be paid by the issuer if early redemption occurs. 非营运资产 Non-Operating Asset Assets that are unnecessary to the ongoing operations of a business. 非营运现金流 Non-Operating Cash Flows Cash inflows and outflows related to non-current investments, financing, and dividends. 分拆上市 Carveout 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. 分拆 Demerger A corporate strategy to sell off subsidiaries or divisions of a company. 分拆、出售资产 Divestiture Refers to the sale of a subsidiary company, also called "spin-off." 分拆 Spinoff A new, independent company created through selling or distributing new shares for an existing part of another company. 分拆收购 Unbundling Taking over a large company with several different lines of business and retaining the core business while selling off the subsidiaries to help fund the takeover. 分股 Stock Split The division of a company's existing stock into more shares. In a 2-for-1 split, each stockholder would receive an additional share for each share formerly held. 分级股票 Classified Shares The separation of company equity into more than one class of common shares, usually called "Class A" and "Class B." 分期偿还债务 Installment Debt Debt issued with the condition of regularly occurring intervals for payment by the debtor, until the principal and interest are paid in full. 分析员 Analyst A financial professional that has expertise in evaluating investments. They are typically employed by brokerage firms, investment advisors, or mutual funds. Analysts put together buy, sell, and hold recommendations on securities. Analysts usually specialize in specific industries or sectors to allow for comprehensive research. 风险 Risk The chance that an investment's actual return will be different than expected. This includes the possibility of losing some or all of the original investment. It is usually measured using the historical returns or average returns for a specific investment. 风险价值 Value at Risk (VAR) A technique for estimating the probability of portfolio losses exceeding some specified price. 风险容忍度 Risk Tolerance The degree of uncertainty that an investor can handle in regards to a negative change in the value of their portfolio. 风险调整贴现率 Risk Adjusted Discount Rate In portfolio theory and capital budget analysis, the rate necessary to determine the present value of an uncertain or risky stream of income; it is the risk-free rate (generally the return on short-term U.S. Treasury securities)plus a risk premium that is based on an analysis of the risk characteristics of the particular investment or project 风险调整回报率 Risk Adjusted Return A measure of how much risk a fund or portfolio assumed to earn its returns. This is usually expressed as a number or a rating. 风险调整资本回报率 Risk Adjusted Return on Capital (RAROC) In financial analysis, riskier projects and investments must be evaluated differently from their riskless counterparts. By discounting risky cashflows against less risky cashflows RAROC accounts for changes in the profile of the investment. 风险资本要求 Risk Based Capital Requirement A stated requirement of liquid reserves placed upon banks and institutions that deal in risky ventures. 风险资本 Risk Capital The money that a person allocates to investments in high risk securities 浮息票据 Floating Rate Note (FRN) A note with a variable interest rate. Adjustments to the interest rate are usually made every 6 months and are tied to a certain money-market index. 付款交割 Delivery Versus Payment A securities industry procedure in which the buyer's payment for securities is due at the time of delivery. Security delivery and payment are simultaneous. 负抵押条款 Negative Pledge Clause A negative covenant in an indenture, it states that the corporation will not pledge any of its assets if doing so would give the lenders less security. 负面发展的可能性 Downside The potential dollar amount by which the market or a stock could fall. 负面风险 Downside Risk An estimation of a security's potential to suffer a decline in price if the market conditions turn bad. 负面契约 Negative Covenant A bond covenant that prevents certain activities, unless agreed to by the bondholders. 负商誉 Negative Goodwill A gain occurring when the price paid for an acquisition is less than the fair value of its net assets. 负所得税 Negative Income Tax A taxation system where income subsidies are given to persons or families that are below the poverty line. 负盈利 Negative Carry A transaction where the cost of financing exceeds the yield earned in a securities or financial futures position. 负债比率 Debt Ratio A ratio calculated by taking total debts and dividing by total assets. 负债比率 Gearing Ratio A general term given to leverage ratios that express the capital for a firm. 负债收购 LBO A strategy involving the acquisition of another company using borrowed money (bonds or loans). The acquiring company uses its own assets as collateral for the loan in hopes that the future cash flows will cover the loan payments. 负债收购 Leveraged Buyout (LBO) A strategy involving the acquisition of another company using borrowed money (bonds or loans). The acquiring company uses its own assets as collateral for the loan in hopes that the future cash flows will cover the loan payments. 负债 Liability A legal debt or obligation estimated via accrual accounting. Recorded on the balance sheet, current liabilities are debts payable within one year, while long-term liabilities are debts payable over a longer period. 附股息 Cum Dividend When a buyer of a security is entitled to receive a dividend that has been declared, but not paid. 附加费 Surcharge An added charge, cost, or tax. 复合年均增长率 Compound Annual Growth Rate (CAGR) The year over year growth rate of an investment over a specified period of time. Calculated by taking the nth root of the total percentage growth rate where n is the number of years in the period being considered. This can be written as: (Current Value/Base Value)^(1/# of years) - 1.

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.
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