财经词典 ─ 汉英对照 词典

TheMBAGlover

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中文词句	English Terms	English Definitions
安静申请	Quiet Filing	The name given to an IPO filing where important details are intentionally excluded. Sent to the SEC in order to begin the process of issuing a new security, these details must be submitted through amendments. This form of filing generally takes longer than the conventional methods.
安全投资转移	Flight to Quality	When investors move their capital to the safest possible investment vehicle. It is usually caused by uncertainty in the financial markets.
按比例	Pro Rata	Used to describe a proportionate allocation.

TheMBAGlover

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中文词句	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	When a business or person revises their payment schedule for repaying debt. 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	债券是一种债务投资，投资者以特定的利率及时期向需要资金的实体(公司或政府)借贷，投资者可获得一份证书，即债券，其中列明投资者可获得的利率(息票)及偿还资金的日期(到期日)。债券的利息一般每六个月(半年)支付一次 企业债券：一家企业发行的债券 市政债券：市政府发行的债券，一般属于免税债券，即投资者无需就收取的利息支付税项，但利率一般较需缴税债券低 美国国库券/政府债券：美国政府发行的债券，被认为是安全的投资，因为债券获得美国税务局担保。美国国库券的利息无需缴付所得税。国库券的年期一般为10年以上，而美国政府票据的年期较短 美国政府票据：政府票据与国库券的唯一分别在于时期，政府票据的年期一般为2至5年 美国短期国库券：时期比国库券及政府票据短，一般为3、6或9个月至2年。短期国库券的利息在到期时支付，价格而根据利息而定 零息票债券：无定期利息的债券，但发行价格相对面值有折让，在到期时才可实现回报
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	The value at which an asset is carried on a balance sheet. In other words, the cost of an asset minus accumulated depreciation. 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.
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	The adjustment of the weights of assets in an investment portfolio so that its performance matches that of an index. 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> [/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	In accounting, the number of times an asset is replaced during a financial period. Often used in terms of inventory or accounts receivable turnover. 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	The translation of a convertible security into a predetermined number of shares. 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	Previously given monies or benefits that are taken back due to specially arising circumstances. 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	A reduction in a company's stated capital. 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	The capital acquired during an IPO, or the additional offerings of a company, plus any retained earnings. 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	Financial assets or the financial value of assets such as cash. 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	The management of the financial assets of a company in order to maximize return. 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	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. In respect to corporate valuations, the book value of assets less liabilities.
资产净值	Net Asset Value (NAV)	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. 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. Revenue ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ 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	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. 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	The sum of a corporation's stock, long-term debt, and retained earnings. 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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中文词句	English Terms	English Definitions
压力测试	Stress Testing	Simulative techniques used on asset and liability portfolios to determine their reactions to different financial stresses.
亚洲式期权	Asian Option	An option whose payoff depends on the average price of the underlying asset over a certain period of time.
延长风险	Extension Risk	The risk of a security lengthening in duration due to the deceleration of prepayments.
研究开发	R&D	A company's activities that are directed at developing new products or procedures
研究及开发	Research and Development (R&D)	A company's activities that are directed at developing new products or procedures
衍生工具	Derivative	A security, such as an option or futures contract, whose value depends on the performance of an underlying security.
羊群心理	Herd Instinct	Characterized by a lack of individuality, herd mentality is associated with people thinking and acting like the general population.
扬基存款证	Yankee CD	A CD (Certificate of Deposit) issued in the U.S. market, typically New York, by a branch of a foreign bank.
扬基债券	Yankee Bond	Foreign bonds denominated in U.S. Dollars and issued in the United States by foreign banks and corporations.
养老金固定缴款计划	Defined Contribution Plan	A retirement plan wherein a certain amount or percentage of money is set aside each year for the benefit of the employee. There are restrictions as to when and how you can withdraw these funds without penalties.
养老金固定收益计划	Defined Benefit Pension Plan	An employer-sponsored retirement plan for which retirement benefits are based on a formula indicating the exact benefit that one can expect upon retiring. Investment risk and portfolio management are entirely under the control of the company. There are restrictions on when and how you can withdraw these funds without penalties.
要求储备金	Required Reserves	Requirements regarding the amount of funds that banks must hold in reserve against deposits made by their customers. This money must be in the bank's vaults or at the closest Federal Reserve Bank.
要求回报率	Required Rate Of Return	The rate of return needed to induce investors to invest in a security.
业务重组	Restructuring	A major business modification, usually associated with personnel downsizing and asset revaluation.
1940年投资公司法	Investment Company Act of 1940	Created in 1940 through an act of Congress, this piece of legislation clearly defines the responsibilities and limitations placed upon fund companies that offer investment products to the public.
一般义务债券	General Obligation Bond	A municipal bond backed by the credit and "taxing power" of the issuing jurisdiction, rather than the revenue from a given project.
一般折旧制度	General Depreciation System	The most commonly used system for calculating depreciation. Personal property is depreciated using the declining-balance method, which involves applying the depreciation rate against the undepreciated balance.
一级资本	Tier 1 Capital	A term used to describe the capital adequacy of a bank. Tier I capital is core capital, this includes equity capital and disclosed reserves.
144A 条例	Rule 144A	An SEC rule that modified a two-year holding period requirement on privately placed securities by permitting Qualified Institutional Buyers (QIBs) to trade these positions among themselves.
一次性偿还	Bullet Repayment	A single payment for an entire loan amount that is paid at maturity.
一次总付分配	Lump Sum Distribution	A one time payment for the entire amount due, rather than breaking payments into smaller installments. Some lump-sum distributions receive special tax treatment.
遗赠，遗产	Bequest	The process of giving stocks, bonds, or any other assets to the beneficiary of a will.
已充分反映实值	Fully Valued	A stock that has reached a price that accurately reflects the strength of the company.
已动用资本回报率	ROCE	A ratio that indicates the efficiency and profitability of a company's capital investments. Calculated as: Earnings before interest and tax (EBIT) ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ (Capital employed + Short term borrowings - Intangible assets)
已动用资本回报率	Return On Capital Employed (ROCE)	A ratio that indicates the efficiency and profitability of a company's capital investments. Calculated as: Earnings before interest and tax (EBIT) ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ (Capital employed + Short term borrowings - Intangible assets)
已发行股票	Shares Outstanding	The number of shares that are currently owned by investors. This includes restricted shares (shares owned by the company's officers and insiders) and shares held by the public. Shares that the company has repurchased are not considered outstanding stock.
已缴资本	Paid-Up Capital	The state of a settlement when all payment obligations for a security has been completed.
已解除债务的破产人	Discharge in Bankruptcy	When a bankrupt person or company is legally free and clear of any obligation to repay certain debts.
已售商品成本	COGS	An expense that reflects the cost of the product or good that generates revenue for a company. Sometimes referred to as "Cost of Sales."
已售商品成本	Cost of Goods Sold (COGS)	An expense that reflects the cost of the product or good that generates revenue for a company. Sometimes referred to as "Cost of Sales."
以房地产抵押作担保的证券	Mortgage Backed Securities	An investment instrument that represents ownership of an undivided interest in a group of mortgages. Principal and interest from the individual mortgages are used to pay principal and interest on the MBS.
以公共福利为目的	Pro Bono	To work for the good of the public rather than for a profit or income.
以合理价格增长	Growth At A Reasonable Price (GARP)	GARP investing combines the two successful strategies of value and growth investing. The name really says it all, GARP investors look for a stock with growth potential, but only if it is reasonably priced.
以活动为基础的预算案	Activity Based Budgeting	Method of budgeting in which activities that incur costs in each function of an organization are established and relationships are defined between activities. This information is then used to decide how much resource should be allocated to each activity.
以活动为基础的管理	Activity Based Management	Using an activity-based costing system to improve the operations of an organization.
以价值为基础的定价	Value-Based Pricing	A pricing strategy whereby a product's price is actively dependant upon its demand.
以市值计价	Mark to Market (MTM)	Recording the price or value of a security, portfolio, or account to reflect the current market value. An accounting method that relates to how a trader calculates their trading gains and losses, and how these gains and losses are reported on the trader's income tax returns.
以物易物	Barter	The process of trading goods and services without the use of money.
溢价	Premium	The total cost of an option. The difference between the higher price paid for a security and the security's face amount at issue.
溢价债券	Premium Bond	A bond that is valued at more than its face amount.
意外与健康福利	Accident and Health Benefits	Fringe benefits provided by for employees for sickness, accidental injury, or accidental death. These benefits include payment of hospital and medical expenses as well as income payments.
意向书	Letter of Intent	A letter that describes in detail a corporation's intention to act on something.
银行保险	Bank Insurance	A public or private corporation that guarantees deposits up to a specified amount if the bank goes bankrupt.
银行出售保险	Bancassurance	A French term referring to the selling of insurance through a bank's established distribution channels.
银团贷款	Syndicated Loan	A very large loan in which a group of banks work together to provide funds for one borrower. There is usually one lead bank that takes a small percentage of the loan and syndicates the rest to other banks.
银行担保	Bank Guarantee	A guarantee from a lending institution that the liabilities of a debtor will be met. In other words, if the debtor fails to settle a debt, the bank will cover it.
银行挤兑	Bank run	When numerous bank customers try to withdrawal their bank deposits simultaneously and the bank's reserves are not sufficient to cover the withdrawals.
银行利率	Bank Rate	The rate at which central banks lend funds to national banks.
银行投资合约	Bank Investment Contract (BIC)	A security with an interest rate guaranteed by a bank. It provides a specific yield on a portfolio over a specified period.
隐含波动性	Implied Volatility (IV)	The estimated volatility of a stock's price.
隐含成本	Implicit Cost	A cost that is represented by lost opportunity in the usage of a company's own resources, excluding cash.
隐含价值	Embedded Value	A common valuation method outside North America. It is based on the sum of tangible book value plus the (present) value of the in-force block.
隐含期权	Embedded Option	An option that is an inseparable part of another instrument. Compare this to a normal (or bare) option, which trades separately from the underlying security.
隐名合伙人	Silent Partner	An investor who does not have any management responsibilities but provides capital and shares liability for any losses experienced by the entity.
印花税	Stamp Duty	An ad-valorem or flat rate charged upon certain documents.
应付账款天数	Days Payable Outstanding (DPO)	A company's average payable period. Calculated as: Notice that the formula may also be written as: accounts payable / (cost of sales/number of days).
应课税收入	Taxable Income	The amount of net income used in calculating income tax.
应课税收益	Taxable Gain	The portion of a sale that is liable to taxation.
应收账款净额	Net Receivables	A company's accounts receivable (money owed to the company) minus any provisions for bad debts.
应收账款周转率	Receivable Turnover Ratio	An accounting measure used to quantify a firm's effectiveness in extending credit and success in collection of debts.
应收账款	Accounts Receivable (AR)	Money that is owed by customers.Having receivables means that the company has made the sale but has yet to collect the money
应收账款天数	Days Sales Outstanding (DSO)	A company's average payable period. Calculated as: Notice that the formula may also be written as: accounts receivable / (credit sales/number of days).
盈利	Earnings	The net income of a company during a specific period. Generally, but not necessarily, referring to after-tax income.
盈利倍数	Earnings Multiplier	The estimated price-earnings ratio adjusted for the current level of interest rates.
盈利不符预测	Earnings Surprises	When the earnings reported in a company's quarterly or annual report are above or below analysts' earnings estimates.
盈利收益	Earnings Yield	The earnings per share for the most recent 12 months divided by market price per share.
盈利预测	Earnings Estimate	An analyst's estimate for a company's future quarterly or annual earnings
盈利质量	Quality of Earnings	The amount of earnings attributable to higher sales or lower costs rather than artificial profits created by accounting anomalies such as inflation of inventory.
盈利资产	Earning Assets	Any income earning asset owned by a company.
营运比率	Operating Ratio	ratio that shows the efficiency of management. Calculated as: Operating Expense ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Net Sales The smaller the ratio, the greater the organization's ability to generate profit if revenues decrease.
营运贡杆	Operating Leverage	A measurement of the degree to which a firm or project relies on fixed rather than variable costs.
营运净收入	NOI	A company's operating income minus income taxes and minority interest.
营运净收入	Net Operating Income (NOI)	A company's operating income minus income taxes and minority interest.
营运开支	Operating Expenses	The essential things that a company must purchase in order to maintain business.
营运利润率	Operating Margin	Calculated by dividing a company's operating profit by net sales.
营运收入	Operating Income	The profit realized from a business' own operations.
营运现金流	Operating Cash Flow (OCF)	The cash generated from the operations of a company. In general terms, it is defined as revenues less all operating expenses. Operating cash flow is calculated through a series of adjustments to net income. It can be found on the statement of cash flows. ?
营运资金	Working Capital	A valuation metric that is calculated as current assets minus current liabilities.
营运资金周转率	Working Capital Turnover	A measurement comparing the depletion of working capital with the generation of sales over a given period.
营运租赁	Operating Lease	A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset.
影子评级	Shadow Rating	The name given to a bond rating performed on an issuing party by a credited institution, but without any public announcement of the results. A rating given by S&P to Israel Bonds, which are not permitted to be traded on the secondary market.
影子定价	Shadow Pricing	The arbitrary assignment of dollar values to non-marketed goods.
硬货币	Hard Currency	A currency, usually from a highly industrialized country, that is widely accepted around the world.
硬通货贷款	Hard Loan	A foreign loan that must be paid in the currency of a nation that has stability and a reputation abroad for economic strength (a hard currency).
硬着陆	Hard Landing	A term used to describe an economy going into recession as the government attempts to slow down inflation.
佣金	Commission	A service charge assessed by an agent in return for arranging the purchase or sale of a security or real estate. The commission must be fair and reasonable, considering all the relevant factors of the transaction. Commissions vary widely from broker to broker.
佣金行	Commission House	A brokerage or merchant firm which buys and sells futures contracts for customer accounts.
永久债券	Perpetual Bond	A bond with no maturity date. Perpetual bonds are not redeemable, instead they pay a steady stream of interest forever.
优化改组	Rationalization	A reorganization of a company in order to increase its efficiency. This reorganization may lead to an expansion or reduction in company size, a change of policy, or an alteration of strategy pertaining to particular products.
优先股	Preferred Stock	A class of ownership in a corporation with a stated dividend that must be paid before dividends to common stock holders. Preferred stock does not usually have voting rights
优先权	Preemptive Right	The right of a company's existing common shareholders to have the first chance to purchase shares in a company's future stock issuance.
优先权	Right Of First Refusal	In general, the right of a person or company to purchase something before the offering is made available to others.
游资、闲置资金	Idle Funds	Money that is not invested and, therefore, earning no income. For example, funds in a checking account.
有担保股票	Guaranteed Stock	Common or preferred stock whose dividends are guaranteed.
有抵押票据	Secured Note	A bilateral lending agreement, the note represents a contractual obligation to lend and borrow money at a specified interest rate.
有抵押债务	Secured Debt	Debt backed or secured by collateral in order to reduce the risk associated with lending.
有价证券	Marketable Securities	Very liquid securities that can be converted into cash quickly at a reasonable price
有上限期权	Capped Option	An option with a pre-established profit cap. A capped option is automatically exercised when the underlying security closes at or above (for a call) or at or below (for a put) the Option's cap price.
有条件买回条款	Provisional Call Feature	A feature in a convertible issue that allows the issuer to call the issue during the non-call period if the stock reaches a certain price.
有息票债券	Coupon Bond	A debt obligation with coupons attached that represent semiannual interest payments.
有限合伙	Limited Partnership	Two or more partners formed to conduct a business jointly, and in which one or more of the partners is liable only to the extent of the amount of money they have invested. Limited partners do not receive dividends, but enjoy direct access to the flow of income and expenses.
有限责任公司	LLC	A corporate structure whereby the shareholders of the company have a limited liability to the firms actions.
有限责任公司	Limited Liability Company (LLC)	A corporate structure whereby the shareholders of the company have a limited liability to the firms actions.
有限制股票	Restricted Stock	Insider holdings that are under some other kind of sales restriction. Restricted stock must be traded in compliance with special SEC regulations
有效期限	Effective Duration	A duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change.
有效收益率	Effective Yield	A bond's yield assuming that you reinvest the coupon (interest payments) once you've received payment.
有效税率	Effective Tax Rate	The rate a taxpayer would be taxed at if taxing was done at a constant rate, instead of progressively. Calculated as total tax paid divided by taxable income.
有形资产净值	Net Tangible Assets	Calculated as total assets minus intangible assets and liabilities.
有形资产	Tangible Asset	Calculated as total assets minus intangible assets and liabilities.
预测	Forecasting	The process of analyzing historical and current data in order to determine future trends.
预定的违约金	Liquidated Damages	Present in certain legal contracts, this provision allows for the payment of a specified sum should one of the parties be in breach of contract.
预付	Prepayment	The payment of a debt obligation prior to its due date. The excess payment over a scheduled debt repayment amount.
预付风险	Prepayment Risk	The uncertainty related to unscheduled prepayment in excess of scheduled principal repayment.
预计寿命	Life Expectancy	The age until which a person is expected to live. The remaining number of years an individual is expected to live according to IRS life expectancy tables.
预见性盈利	Forward Looking Earnings	Analyst forecasts used in the context of a P/E ratio based on forward (expected) earnings rather than on the trailing earnings (which is quoted more often).
预扣(税)	Withholding	Any tax that is taken directly out of an individual's wages or other income before he or she receives the funds.
预扣(税)	Withholding Tax	The amount of income tax an employer is required to withhold from an employee's salary.
预期回报率	Expected Return	The average of a probability distribution of possible returns
预期债券票据	Bond Anticipation Note (BAN)	Short term interest bearing securities issued in the anticipation of larger approaching bond issues.
预算案	Budget	An estimation of an organization's revenue and expenses over a specified period of time.
预先包装的破产	Prepackaged Bankruptcy	When a company prepares a reorganization plan that is negotiated and voted on by creditors and shareholders before the company actually files for bankruptcy
员工供款计划	Employee Contribution Plan	A company sponsored retirement plan where employees make deposits (contributions) to an account. Contributions are deducted from employee's pay, and some companies match payments.
远期掉期	Forward Swap	A swap agreement created through the synthesis of two different swaps, differing in duration, for the purpose of fulfilling the specific timeframe needs of an investor.
远期合约	Forward Contract	A cash market transaction in which delivery of the commodity is deferred until after the contract has been made. Although the delivery is made in the future, the price is determined at the initial trade date.
远期价格	Forward Price	A predetermined price that makes a forward contract worthless to both parties.
远期利率	Forward Rate	The amount that a currency, commodity, or some other asset will cost to deliver sometime in the future.
远期利率协议	Forward Rate Agreement (FRA)	A forward contract that determines an interest rate to be paid or received on an obligation beginning at a start date sometime in the future.
远期市场	Forward Market	A term used to describe the over-the-counter trading of forward contracts.
运用资本	Capital Employed	The total amount of capital used for the acquisition of profits. The value of all the assets employed in a business. Fixed assets plus working capital. Total assets less current liabilities.

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中文词句	English Terms	English Definitions
息票	Coupon	The interest rate stated on a bond when it's issued. The coupon is typically paid semiannually.
稀有	Scarcity	The basic economic problem, which arises from people having unlimited wants while there are and always will be limited resources. Because of scarcity, various economic decisions must be made to allocate resources efficiently.
洗黑钱	Money Laundering	The process by which large amounts of money illegally obtained from drug trafficking, terrorist activity, or other serious crimes, is given the appearance of having originated from a legitimate source.
系统性风险	Systematic Risk	risk that influences a large number of assets.
下调评级	Downgrade	A negative change in the rating of a security.
下游	Downstream	Refers to oil and gas operations after the production phase and through to the point of sale.
先进先出	First In, First Out (FIFO)	An inventory management and valuation method where the products acquired first are the ones sold first.
先投资，后调查	Invest, Then Investigate	An investment strategy where investors immediately purchase a stock and then do research and due diligence afterwards.
闲置时间	Idle Time	Unproductive time spent by employees due to factors beyond their control.
现货	Cash Commodity	The term used to refer to the actual or physical commodity underlying a futures contract.
现货即期价格	Spot Price	The current price at which a particular commodity can be bought or sold at a specified time and place.
现货商品	Spot Commodity	A commodity traded on the spot market. That is, with the expectation of actual delivery, as opposed to a commodity future that is usually not delivered.
现货市场	Cash Market	The market for a cash commodity or actual, as opposed to its futures contract.
现货市场	Spot Market	A commodities market in which goods are sold for cash and delivered immediately. A futures transaction which will expire in 1 month or less.
现金	Cash	Legal tender or coins that can be used in exchange goods, debt, or services. Sometimes also including the value of assets that can be converted into cash immediately, as reported by a company.
现金的现金回报率	Cash on Cash Return	A rate of return often used in real estate transactions. The calculation determines "cash income" on "cash invested." Annual Dollar Income ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Total Dollar Investment
现金股息	Cash Dividend	Money paid to stockholders, normally out of the corporation's current earnings or accumulated profits. All dividends must be declared by the board of directors, and are taxable income to the recipients.
现金及现金等价物	Cash And Cash Equivalents	An element recorded on the balance sheet, it reports the value of cash and its equivalents. These are assets that are cash or can be converted into cash immediately.
现金价格	Cash Price	The price of the purchase and delivery of cash commodities.
现金流	Cash Flow	The amount of cash a company generates and uses during a period, calculated by adding noncash charges (such as depreciation) to the net income after taxes. Cash Flow can be used as an indication of a company's financial strength. It is also sometimes referred to as the "money value" of trades in a stock during a trading day
现金每股盈利	Cash EPS	A ratio derived from operating cash flow divided by diluted shares outstanding.
现金投资	Cash Investment	Short-term obligations, usually ninety days or less, that provide a return in the form of interest payments.
现金余额养老金计划	Cash Balance Pension Plan	An employee pension plan whereby an employer will credit the participant's account with a set percentage of their yearly compensation plus interest charges.
现金预算	Cash Budget	An estimation of the cash inflows and outflows for a business.
现时价格	Current Price	The "real time" price of a security trading on an exchange.
现时年期	Current Maturity	The interval between the present date and the maturity date of a bond.
现时收益率	Current Yield	Annual income (interest or dividends) divided by the current price of the security.
现值	Present Value	The amount today that a sum of money in the future is worth, given a specified rate of return.
相对实力	Relative Strength	A measure of price trend that indicates how a stock is performing relative to other stocks in its industry. It is calculated dividing the price performance of a stock by the price performance of an appropriate index for the same time period.
相对市盈率比率	Price-Earnings Relative	A stocks price-earnings ratio divided by the price-earnings ratio for a market measure, such as the S&P 500 index or Wilshire 5000.
相关证券、相关股票	Underlying	In options, the security that must be delivered if a put or call option is exercised. In equities, the common stock that underlies certain types of securities such as warrants and convertible bonds
项目融资	Project Finance	Project finance is defined by the The International Project Finance Association (IPFA) as: The financing of long-term infrastructure, industrial projects and public services based upon a non-recourse or limited recourse financial structure where project debt and equity used to finance the project are paid back from the cashflow generated by the project.
消费物价指数	CPI	A measure of price changes in consumer goods and services such as gasoline, food, and automobiles
消费物价指数	Consumer Price Index (CPI)	A measure of price changes in consumer goods and services such as gasoline, food, and automobiles
消费信贷	Consumer Credit	A debt that someone incurs for the purpose of purchasing a good or service.
消费者信心指数	Consumer Confidence Index (CCI)	A survey of consumer confidence by the Conference Board. It measures how optimistic or pessimistic consumers are with respect to the economy in the near future.
销记、注销	Write-Off	To charge an asset amount to expense or loss in order to reduce the value of that asset and one's earnings.
销售报酬	Concession	A selling group's compensation in an underwriting (on a per-share or per-bond basis).
销售额与现金流比率	Sales to Cash Flow Ratio	A ratio that indicates whether or not a company's sales are high in comparison to its cash flow. Calculated as: Sales per Share ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Cash Flow per Share
销售回报率	Return On Sales (ROS)	A widely used ratio that detects operational efficiency. It is calculated by dividing net income before interest and tax by the sales.
销售及行政开支	Selling, General, & Administrative Expenses (SG&A)	Reported on the Income Statement, it is all the costs associated with selling and the general expenses of running the business.
销售税	Sales Tax	A tax that is imposed on the sale price of a retail good or services.
效益比例	Efficiency Ratio	A ratio used to calculate a bank's efficiency. Not all banks calculate the efficiency ratio the same way. We've seen the ratio calculated as all of the following: non-interest expense divided by total revenue less interest expense non-interest expense divided by net interest income before provision for loan losses non-interest expense divided into revenue operating expenses divided by fee income plus tax equivalent net interest income For all versions of the ratio, an increase means the company is losing a larger percentage of its income to expenses. If it is getting lower, it is good for the bank and its shareholders.
效益成本比率	Benefit Cost Ratio - (BCR)	A ratio attempting to clearly identify the relationship between the cost and benefits of a proposed project.
协同效应	Synergy	Used mostly in the context of mergers and acquisitions, synergy is the idea that the value and performance of two companies combined will be greater than the sum of the separate individual parts.
新经济	New Economy	A buzzword describing the new, high growth industries that are on the cutting edge of technology and are the driving force of economic growth.
新闻稿	Press Release	If it's an earnings press release, the release will discuss the financial results of the company for the recently completed quarter and may provide comments from management. Press releases often list valuable contact information that can assist you in your research, such as the company's web address.
新兴市场基金	Emerging Market Fund	A mutual fund investing a majority of its assets in the financial markets of a developing country, typically a small market with a short operating history.
信贷额度、资金设施	Facility	A term used to describe financial assistance programs offered by lending institutions to help companies requiring capital.
信贷额度、信贷限额	Line of Credit	An arrangement between a financial institution (usually a bank) and a customer establishing a maximum loan balance that the bank will permit the borrower to maintain.
信贷风险	Credit Risk	The possibility of a loss occurring due to the financial failure to meet contractual debt obligations.
信贷违约掉期	Credit Default Swap	A swap designed to transfer the credit exposure of fixed income products between parties.
信贷息差	Credit Spread	The spread between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating. An options strategy where a high premium option is sold and a low premium option is bought on the same underlying security.
信贷、信用、贷项	Credit	A contractual agreement in which a borrower receives something of value now, with the agreement to repay the lender at some date in the future. Also, the borrowing capacity of an individual or company. An accounting entry system that either decreases assets or increases liabilities.
信贷衍生工具	Credit Derivative	Privately held negotiable bilateral contracts that allow users to manage their exposure to credit risk. Credit Derivatives are financial assets like forward contracts, swaps, and options for which the price is driven by the credit risk of economic agents (private investors or governments).
信托	Trust	A fiduciary relationship in which one person, a trustee, holds title to property or assets for the benefit of another person, the beneficiary
信用合作社	Credit Union	Member-owned financial co-operative. These institutions are created and operated by its members and profits are shared amongst the owners.
信用卡	Credit Card	A card allowing someone to make a purchase on borrowed money. Credit cards are one of the most popular forms of payment for consumer goods and services in the United States.
信用评级	Credit Rating	An assessment of the credit worthiness of individuals and corporations. It is based upon the history of borrowing and repayment, as well as the availability of assets and extent of liabilities.
信用悬崖	Credit Cliff	A slang term meaning that credit deterioration could be compounded by provisions such as rating triggers or financial covenants. These can put pressure on the company's liquidity or its business to a material extent.
信用证	Letter of Credit	A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount.
行为经济学	Behavioral Economics	A field of economics that studies how the actual decision-making process influences the decisions that are reached.
行为金融学	Behavioral Finance	A field of finance that proposes psychology-based theories to explain stock market anomalies. Within behavioral finance it is assumed that the information structure and the characteristics of market participants systematically influence their investment decisions as well as market outcomes.
行使价格	Strike Price	The stated price per share for which underlying stock may be purchased (for a call) or sold (for a put) by the option holder upon exercise of the option contract.
行使、执行	Exercise	An action by a stockholder taking advantage of a privilege offered by a company or other financial institution. This includes warrants, options, and other exotic financial instruments.
熊市	Bear Market	A market in which prices of a certain group of securities are falling or are expected to fall. Although figures can vary, a downturn of 15%-20% or more in multiple indexes (Dow or S&P 500) is considered a bear market.
需求	Demand	A consumer's desire and willingness to pay for a good or service.
需求的价格弹性	Price Elasticity of Demand	Price Elasticity measures the responsiveness of the quantity demanded of a good to a change in its price. It is calculated as: % Change in Quantity Demanded ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ % Change in Price
需求建档	Book Building	The process by which the offer price of an IPO is based on actual demand from institutional investors.
宣告(合约)无效、废止契约	Defeasance	A provision that voids a bond or loan when the borrower sets aside cash or bonds sufficient enough to service the borrower's debt.
选出最有利的(投资等)	Cherry Picking	The act of investors choosing investments that have performed well within another portfolio in anticipation that the trend will continue. Relating to bankruptcy proceedings whereby the courts uphold contracts favorable to bankrupt companies, but annul those that are unfavorable.
循环信贷	Revolving Credit	A line of credit where the customer pays a commitment fee and is then allowed to take and repay funds at will. It is usually used for operating purposes, fluctuating each month depending on revenues and expenditures
迅速换手投资者	Flipper	A short-term investor or day trader who buys pre IPO shares, swiftly spinning them out into public markets for a quick profit.

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中文词句	English Terms	English Definitions
外包	Outsourcing	A practice used by different companies to reduce costs by transferring portions of work to outside suppliers rather than completing it internally.
外币效应	Foreign Currency Effects	The extent to which the changes in a foreign currency affects the return on a foreign investment.
外部董事	Outside Director	Any member of a company's board of directors who is not an employee or stakeholder in the company.
外国直接投资	Foreign Direct Investment (FDI)	An investment abroad, usually where the company being invested in is controlled by the foreign corporation.
外汇	Forex	The common term for the foreign exchange market. Brokerage firms and banks are connected over an electronic network that allows them to convert the currencies of most countries.
外汇	FX	The common term for the foreign exchange market. Brokerage firms and banks are connected over an electronic network that allows them to convert the currencies of most countries.
外汇率	Exchange Rate	The price of one country's currency expressed in another country's currency. In other words, the rate at which one currency can be exchanged for another.
外在价值	Extrinsic Value	The difference between the option value and the intrinsic value.
完全竞争	Perfect Competition	A market structure in which: All firms sell an identical product. All firms are price takers. All firms have a relatively small market share. Buyers know the nature of the product being sold and the prices charged by each firm. The industry is characterized by freedom of entry and exit.
网上银行	Online Banking	The performance of banking activities via the Internet.
往后定价	Back Pricing	A method used in specific futures contracts whereby the price of the commodity to be delivered is priced by the purchaser at some future date after entering into the position.
微观经济	Microeconomics	The study of the allocation of resources and the distribution of income, and how they are affected by the workings of government policies and the price system.
微型市值股票	Micro Cap Stock	Micro cap refers to a company with a market capitalization of between $50 million to $300 million.
围栏策略	Ring Fence	A strategy where an investor isolates a certain amount of money from any outside risk. It is mainly used by offshore investors.
委托人	Trustor	An individual or organization that gifts funds or assets to others by transferring fiduciary duty to a third party trustee that will maintain the assets for the benefit of the beneficiaries
委托帐户、全权管理帐户	Discretionary Account	An account that allows a broker to buy and sell securities without the client's consent.
违约风险	Default Risk	The risk that a company or individual will be unable to pay the contractual interest or principal on its debt obligations.
违约，未能履行合约	Default	The failure to promptly pay interest or principal when due. The failure to perform on a futures contract as required by an exchange.
未到价	Out of the Money	For a call, when an option's strike price is higher than the market price of the underlying stock. For a put, when the strike price is below the market price of the underlying stock.
未来价值	Future Value	The value of an asset or cash at a specified date in the future that is equivalent in value to a specified sum today. There are two ways to calculate FV: For an asset with simple annual interest: = Original Investment x (1+(interest rate*number of years)) For an asset with interest compounded annually: = Original Investment x ((1+interest rate)^number of years)
未实现收入	Unearned Revenue	When an individual or company receives money for a service or product that has yet to be fulfilled.
未实现收益	Unrealized Gain	A profit that results from holding on to an asset rather than cashing it in and using the funds
未实现损失	Unrealized Loss	A loss that results from holding on to an asset rather than cashing it in and officially taking the loss.
无抵押贷款	Unsecured Loan	A bank loan that is issued and supported only by the borrowers creditworthiness, rather than by some sort of collateral.
无抵押债权人	Unsecured Creditor	A person or institution that lends money to a company or individual without holding collateral on the property for security. This puts the creditor in a higher risk situation
无对冲黄金股票指数	BUGS Index	Short for "basket of un-hedged gold stocks," the BUGS index is the AMEX's index measuring gold companies that do not hedge their gold production beyond a year and a half.
无风险资产	Risk-Free Asset	An asset which has a certain future return. Treasuries (especially T-bills) are considered to be risk-free because they are backed by the U.S. government.
无风险回报率	Risk Free Rate of Return	The quoted rate on an asset that has virtually no risk.
无记名票据	Floater	A bond, or some other type of debt, whose coupon rate changes with market conditions (short term interest rates).
无形之手	Invisible Hand	Coined by Adam Smith in his 1776 book An Inquiry into the Nature and Causes of the Wealth of Nations. In his book he states: Essentially Smith says that individuals try to maximize their own good (and become wealthier), and by doing so, through trade and entrepreneurship, society as a whole will be better off. Furthermore, any government intervention in the economy isn't needed as the invisible hand would best guide the economy.
无形资产	Intangible Asset	An asset that is not physical in nature. E.g. goodwill
无追索权融资	Non-Recourse Finance	A loan where the lending bank is only entitled to repayment from the profits of the project the loan is funding, not from other assets of the borrower.
无追索权债务	Non-Recourse Debt	A loan that is secured by some sort of collateral, usually property. The issuer can seize the collateral if the borrower defaults.
五大工业国	G-5	Five of the world's leading countries that meet periodically to achieve a cooperative effort on international economic and monetary issues.
五大工业国	Group of Five (G-5)	Five of the world's leading countries that meet periodically to achieve a cooperative effort on international economic and monetary issues.
武士债券	Samurai Bond	A yen denominated bond that is issued in Tokyo by a non-Japanese company.
兀鹫基金	Vulture Fund	A fund that buys securities in distressed investments, such as high-yield bonds in (or near) default or equities that are in (or near) bankruptcy.
兀鹫投资者	Vulture Capitalist	A slang word for a venture capitalist who deprives an inventor of control over their own innovations and most of the money they should have made from the invention. A venture capitalist who invests in floundering firms in the hopes that they will turn around.

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中文词句	English Terms	English Definitions
Tombstone	Tombstone	A situation in which one participant's gains result only from another participant's equivalent losses. The net change is always 0.
摊薄后每股盈利	Diluted Earnings Per Share	The earnings per share (EPS) if all convertible securities were exercised.
摊薄、减损	Dilution	A reduction in earnings per share of common stock. Dilution occurs through the issuance of additional shares of common stock or the conversion of convertible securities.
摊销	Amortization	The paying off of debt in regular installments over a period of time. The deduction of capital expenses over a specific period of time. Similar to depreciation, it is a method of measuring the "consumption" of the value of long-term assets like equipment or buildings.
弹性	Elasticity	A measure of sensitivity of one variable to another. More specifically, the degree to which consumers respond to price changes. % Change in Quantity ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ % Change in Price
套汇	Arbitrage	The simultaneous purchase and selling of a security in order to profit from a differential in the price. This usually takes place on different exchanges or marketplaces.?
套汇定价理论	Arbitrage Pricing Theory (APT)	An alternative to the CAPM, APT differs in its assumptions and explanation of risk factors associated with the risk of an asset.
套汇交易理论	Arbitrage Trading Program (ATP)	A program used to simultaneously place orders for stock index futures and the underlying stocks. The ATP attempts to exploit price variations (Market Arbitrage).
套汇交易理论	ATP	A program used to simultaneously place orders for stock index futures and the underlying stocks. The ATP attempts to exploit price variations (Market Arbitrage).
套汇债券	Arbitrage Bond	A lower-rate debt security issued by a municipality prior to the call date of the municipality's existing higher-rate security.
套现、货币化	Monetize	To convert into money. To convert from securities into currency that can be used to purchase goods and services.
特殊风险	Specific Risk	Risk that affects a very small number of assets. This is sometimes referred to as "unsystematic risk."
特殊功能公司	SPV	Also referred to as a "bankruptcy-remote entity" whose operations are limited to the acquisition and financing of specific assets. The SPV is usually a subsidiary company with an asset/liability structure and legal status that makes its obligations secure even if the parent company goes bankrupt. A subsidiary corporation designed to serve as a counterparty for swaps and other credit sensitive derivative instruments. Also called a "derivatives product company."
特殊功能公司	Special Purpose Vehicle	Also referred to as a "bankruptcy-remote entity" whose operations are limited to the acquisition and financing of specific assets. The SPV is usually a subsidiary company with an asset/liability structure and legal status that makes its obligations secure even if the parent company goes bankrupt. A subsidiary corporation designed to serve as a counterparty for swaps and other credit sensitive derivative instruments. Also called a "derivatives product company."
特殊项目	Exceptional Item	Charges incurred that must be noted upon a company's balance sheet according to GAAP principles. Even though these are considered to be a part of ordinary business charges, due to their sheer size or frequency, they must be accordingly disclosed.
特许协议	Concession Agreement	A right granted by a government to a corporation. It specifies rules under which the company can operate locally.
提高平均价格	Average Up	The process of buying additional shares in a company at higher prices than you originally purchased. This brings the average price you've paid for all your shares up.
天使投资者	Angel Investor	A financial backer providing venture capital funds for small startups or entrepreneurs.
天灾债券	Act of God Bond	A bond issued by an insurance company, linking principal and interest to the company's losses due to natural disasters.
条例A	Regulation A	An SEC regulation that governs offerings of $5,000,000 or less, which qualify for simplified registration (an exemption).
条例D	Regulation D	An SEC regulation that governs private placement exemption when there is no investment banker involved.
条例FD	Regulation FD (Reg FD)	A rule passed by the Securities and Exchange Commission in an effort to prevent selective disclosure by public companies to market professionals and certain shareholders. The Reg FD rule reads as follows: "Whenever an issuer, or any person acting on its behalf, discloses any material nonpublic information regarding that issuer or its securities to [certain enumerated persons], the issuer shall make public disclosure of that information... simultaneously, in the case of an intentional disclosure; and... promptly, in the case of a non-intentional disclosure."
条例G	Regulation G	The Federal Reserve Board regulation that governs the extension of credit for securities transactions by commercial lenders and non-financial corporations.
条例M	Regulation M	An IRS regulation that allows regulated investment companies to pass taxes from capital gains, dividends, and interest distributions onto individual investors.
条例Q	Regulation Q	A Federal Reserve Board regulation that limits the interest rate banks can pay on savings deposits.
条例T	Regulation T	The Federal Reserve Board regulation that governs customer cash accounts and the amount of credit that brokerage firms and dealers may extend to customers for the purchase of securities.
条款书	Term Sheet	A non-binding agreement setting forth the basic terms and conditions under which an investment will be made.
条例U	Regulation U	The Federal Reserve Board regulation that governs loans by banks for the purchase of securities.
贴现窗	Discount Window	The location at the Federal Reserve where financial institutions go to borrow money at the discount rate.
贴现率、折让率	Discount Rate	The interest rate that an eligible depository institution is charged to borrow short term funds directly from a Federal Reserve Bank. The interest rate used in determining the present value of future cash flows.
贴现票据、折扣票据	Discount Note	An unsecured corporate debt that is issued at a discount and matures at par. It is similar to a zero coupon bond or T-bill. Discount notes give institutional and retail investors convenient choices with respect to the investment size and maturity date for a short-term investment.
贴现现金流	Discounted Cash Flow (DCF)	A method used to estimate the attractiveness of an investment opportunity.
贴现债券、折扣债券	Discount Bond	A bond that is valued at less than its face amount.
通货萎缩	Deflation	The rate at which the general level of prices for goods and services is falling. The opposite of inflation.
通货复涨、通货在膨胀	Reflation	An economic policy whereby a government uses fiscal or monetary stimulus in order to expand a country's output.
通用会计制度	GAAP	The common set of accounting principles, standards, and procedures. GAAP is a combination of authoritative standards (set by policy boards) and the accepted ways of doing accounting.
通用会计制度	Generally Accepted Accounting Principles (GAAP)	The common set of accounting principles, standards, and procedures. GAAP is a combination of authoritative standards (set by policy boards) and the accepted ways of doing accounting.
同级诉讼	Class Action	An action where an individual represents a group in a court claim. The judgment from the suit is for all the members of the group (class).
投标、交换媒介	Tender	To accept a formal offer, such as a takeover bid or tender offer. Means of settlement in a financial transaction. A bid to buy treasury bills. Notice from a futures contract seller to offer money or goods for settlement of a futures contract.
投机	Speculation	The process of selecting investments with higher risk in order to profit from an anticipated price movement.
投票权	Voting Right	The right of a stockholder to vote on matters of corporate policy making as well as on who will compose the board of directors.
投票股票	Voting Shares	Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors.
投票信托	Voting Trust	A trust legally created in order to combine the voting power of shareholders through the transference of legal title and voting rights to a designated trustee for a set duration.
投票信托协议	Voting Trust Agreement	A contractual agreement detailing the specifics of the voting trust, including the name of its trustee, the effective timeframe, and the nature of its formation.
投资	Investing	The act of committing money or capital to an endeavor (a business, project, real estate, etc.) with the expectation of obtaining an additional income or profit.
投资	Investment	An asset or item with value that is purchased for income or capital appreciation.
投资持有量	Position	The amount of a security either owned (long position) or borrowed (short position) by an individual or by a dealer.
投资的现金流回报	Cash Flow Return on Investment (CFROI)	A valuation model that assumes the stock market sets prices based on cash flow, not on corporate performance and earnings. Cash Flow ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Market Value of Capital Employed
投资等级	Investment Grade	In the case of a stock, a firm that has a strong balance sheet, considerable capitalization, and is recognized as a leader in its industry. In the case of fixed income, a bond with a rating of BBB or higher.
投资顾问	Investment Advisor	An advisor, registered with the Securities and Exchange Commission, who manages the investments of others.
投资环境	Investment Climate	The general economic conditions affecting the financial markets.
投资回报率	ROI	The profit or loss resulting from an investment transaction, usually expressed as an annual percentage return.
投资回报率	Return On Investment (ROI)	The profit or loss resulting from an investment transaction, usually expressed as an annual percentage return.
投资回收期	Payback Period	The length of time required to recover the cost of an investment. Calculated as: Cost of Project ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Annual Cash Inflows All other things being equal, the better investment is the one with the shorter payback period.
投资媒体	Investment Vehicle	In general, any method by which to invest.
投资情绪指标	Sentiment Indicator	A general term used to describe indicators that gauge investor attitudes towards the market.
投资缩减	Disinvestment	Refers to the sale or liquidation of an asset or subsidiary of an organization or government. Also known as divestiture. A reduction in capital expenditure, or when a company decides to not replace depleted capital goods.
投资性房地产	Investment Real Estate	Real estate that generates income.
投资银行	IB (Investment Bank)	A financial intermediary that performs a variety of services. This includes underwriting, acting as an intermediary between an issuer of securities and the investing public, facilitating mergers and other corporate reorganizations, and also acting as a broker for institutional clients.
投资银行	Investment Bank	A financial intermediary that performs a variety of services. This includes underwriting, acting as an intermediary between an issuer of securities and the investing public, facilitating mergers and other corporate reorganizations, and also acting as a broker for institutional clients.
投资银行家	Investment Banker	A person representing a financial institution that is in the business of raising capital for corporations and municipalities.
投资者关系部	Investor Relations	A department, present in most medium to large public companies, that provides investors with an accurate account of the affairs of the company. This helps investors to make informed buy or sell decisions.
投资者关系部	IR	A department, present in most medium to large public companies, that provides investors with an accurate account of the affairs of the company. This helps investors to make informed buy or sell decisions.
投资资金回报率	ROIC	A calculation used to determine the quality of a company. The general definition for ROIC is as follows: Net Income - Dividends ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Total Capital
投资资金回报率	Return On Investment Capital (ROIC)	A calculation used to determine the quality of a company. The general definition for ROIC is as follows: Net Income - Dividends ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Total Capital
投资组合保险	Portfolio Insurance	A method of hedging a portfolio of stocks against the market risk by short selling stock index futures.
投资组合管理	Portfolio Management	The art and science of making decisions about: investment mix and policy, matching investments to objectives, asset allocation for individuals and institutions, and balancing risk vs. performance.
投资组合经理	Portfolio Manager	The person responsible for the investment of a mutual fund's assets, implementing its investment strategy, and managing the day-to-day portfolio trading.
投资组合收入	Portfolio Income	Income from investments, including dividends, interest, royalties, and capital gains.
透支	Overdraft	An instant extension of credit from a lending institution.
退出投资策略	Exit Strategy	The method that a venture capitalist or business owner intends to use to get out of an investment that he/she has made.
拖欠债务	Delinquent	A term describing the failure to meet required obligations according to schedule.

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中文词句	English Terms	English Definitions
鲨变监察者	Shark Watcher	A firm specializing in the early detection of takeovers. The firm's primary business is usually the solicitation of proxies for client corporations.
瞻养比率	Dependency Ratio	A ratio indicating the number of dependents (aged 0-14 and over the age of 65) to the total population (aged 15-64). The total dependency ratio is calculated by the (number of dependents/population aged 15-64) x 100%.
瞻养比率	Total Dependency Ratio	A ratio indicating the number of dependents (aged 0-14 and over the age of 65) to the total population (aged 15-64). The total dependency ratio is calculated by the (number of dependents/population aged 15-64) x 100%.
商业对商业(B2B)	Business to Business (B2B)	Business conducted between companies, rather than between a company and individual consumers.
商业	Commercial	A term used to refer to any party or organization involved in producing, transporting, or merchandising a commodity.
商业银行	Commercial Bank	A financial institution that provides services such as a accepting deposits and giving business loans.
商业抵押作担保的证券	Commercial Mortgage Backed Security (CMBS)	Similar to a Mortgage Backed Security, but secured by loans with commercial instead of residential property.
商业票据	Commercial Paper	An unsecured, short-term loan issued by a corporation, typically for financing accounts receivable and inventories. It is usually issued at a discount reflecting prevailing market interest rates.
商品	Commodity	Any bulk good traded on an exchange or in the cash market.
商品期货交易委员会	Commodity Futures Trading Commission (CFTC)	A U.S. federal agency established by the Commodity Futures Trading Commission Act of 1974. It ensures the open and efficient operation of the futures markets. There are five futures markets commissioners who are appointed by the president (subject to Senate approval).
商誉	Goodwill	The excess of the purchase price over the fair market value of an asset. Accountants record this as a "write off" in the financial report.
商人银行	Merchant Bank	A bank which deals mostly in (but is not limited to) international finance, long term loans to companies, and underwriting. Merchant banks do not provide normal banking services to the general public.
上市证券	Listed Security	Securities that have been accepted for trading purposes by a recognized and regulated exchange.
上市公司	Public Company	A company that has issued securities through an offering which are now traded on the open market.
少数权益	Minority Interest	A significant, but non-controlling, outside ownership interest in a company/subsidiary that is consolidated with the parent for financial reporting purposes
涉漏消息	Leakage	A release of information to certain people before the official public announcement.
申报不足	Under Reporting	An illegal practice where a person under states their taxable income.
审计	Audit	An unbiased examination and evaluation of the financial statements of an organization. It can be done internally (by employees of the organization) or externally (by an outside firm).
审计师报告	Auditor's Report	Recorded in the annual report, it tests to see that corporation's financial statements comply with GAAP.
升值	Appreciation	The increase in value of an asset.
生产毛利率	GPM	The difference between the cost of a raw commodity and the income it generates once sold as a finished product.
生产毛利率	Gross Processing Margin (GPM)	The difference between the cost of a raw commodity and the income it generates once sold as a finished product.
生产价格指数	Producer Price Index (PPI)	A family of indexes that measures the average change over time in selling prices received by domestic producers of goods and services. PPIs measure price change from the perspective of the seller.
生产力	Productivity	A measure of the amount of output per unit of input.
石油输出国组织、欧佩克	OPEC	An intergovernmental organization dedicated to the stability and prosperity of the petroleum market. OPEC membership is open to any country that is a substantial exporter of oil and shares the ideals of the organization.
石油输出国组织、欧佩克	Organization of Petroleum Exporting Countries (OPEC)	An intergovernmental organization dedicated to the stability and prosperity of the petroleum market. OPEC membership is open to any country that is a substantial exporter of oil and shares the ideals of the organization.
时间加权回报率	Time-Weighted Rate of Return	A measure of the compound rate of growth in a portfolio. Because this method eliminates the distorting effects created by inflows of new money, it is used to compare the returns of investment managers. When calculating, the effect of varying cash inflows is eliminated by assuming a single investment at the beginning of a period and measuring the growth or loss of market value to the end of that period.
实际回报	Actual Return	The actual gain or loss of an investor. This can be expressed in the following formula: expected return (ex-ante) plus the effect of firm-specific and economy-wide news.
实付开支	Out of Pocket Expenses	An expense that an individual incurs for either business or personal usage. These expenses are tax deductible.
实物支付债券	Payment in Kind Bond (PIK)	A type of bond that pays interest in additional bonds, as opposed to cash payouts.
实际资产	Real Asset	Physical or identifiable assets such as gold, land, equipment, patents, etc. They are the opposite of a financial asset.
实际利率	Real Interest Rate	The excess of the interest rate over the inflation rate. The real rate of interest is approximately calculated by taking the nominal interest rate and subtracting inflation.
实际回报率	Real Rate of Return	The annual percentage return realized on an investment adjusted for changes in the price level due to inflation or deflation.
实现损失	Realized Loss	A loss recognized when assets are sold for a price lower than the original purchase price
实现利润	Realized Profit	A gain realized upon liquidation of assets that results from receiving a price higher than the original purchase price.
18定律	Rule of 18	A rule whereby the sum of the inflation rate and the P/E ratio of the Dow Jones Industrial Average is an indicator of the direction of the stock market. If the total is above 18, stocks are supposed to decrease. If the total is under 18, then the stock market is expected to increase.
使用权税、专利权税	Royalty	A payment to an owner for the use of property, especially patents, copyrighted works, franchises, or natural resources.
世界贸易组织	WTO	An international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably, and freely as possible.
世界贸易组织	World Trade Organization (WTO)	An international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably, and freely as possible.
市场泡沫	Bubble	A speculative market or stock in which the values rise very rapidly and then fall sharply.
市场	Market	Typically refers to the equity market where stocks are traded, but can also refer to the bond, options, or commodity market. People with the desire and ability to buy a specific product.
市场套利	Market Arbitrage	Purchasing and selling the same security at the same time in different markets to take advantage of a price difference between the two separate markets.
市价订单	Market Order	An order to buy or sell a stock immediately at the best available current price. A market order guarantees execution.
市场风险	Market Risk	The day to day potential for an investor to experience losses from fluctuations in securities prices.
市场风险溢价	Market Risk Premium	The difference between the expected return on a market portfolio and the risk-free rate.
市场细分	Market Segmentation	A marketing term describing the aggregating of prospective buyers into groups (segments) that have common needs and will respond similarly to a marketing action
市场情绪	Market Sentiment	The feeling or tone of a market. It is shown by the activity and price movement of the securities.
市场价值	Market Value	The current quoted price at which investors buy or sell a share of common stock or a bond at a given time. Sometimes referred to as total market value, the market capitalization plus the market value of debt.
市场增值	Market Value Added (MVA)	The difference between the market value of a company (both equity and debt) and the capital contributed by investors.
市政债券	Municipal Bond	A debt security issued by a state, municipality, or county, in order to finance its capital expenditures. Municipal bonds are exempt from federal taxes and from most state and local taxes, especially if you live in the state the bond is issued.
市政债券基金	Municipal Bond Fund	A mutual fund that invests in municipal bonds, operating either as an investment trust or as an open-end fund.
市政可转换证券	Municipal Convertible	A zero-coupon municipal bond that can be converted into an interest-bearing bond under certain circumstances.
市盈率	P/E Ratio	valuation ratio of a company's current share price compared to its per-share earnings. Calculated as: Market Value per Share ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Earnings per Share (EPS) EPS is usually from the last four quarters (trailing P/E), but sometimes can be taken from the estimates of earnings expected in the next four quarters (projected or forward P/E). A third variation is the sum of the last two actual quarters and the estimates of the next two quarters. '
市盈率与增长比率	PEG Ratio	A ratio used to determine a stock's value while taking into account earnings growth. The calculation is as follows: Price/Earnings Ratio ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Annual EPS Growth
市盈率	Price-Earnings Ratio	valuation ratio of a company's current share price compared to its per-share earnings. Calculated as: Market Value per Share ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Earnings per Share (EPS) EPS is usually from the last four quarters (trailing P/E), but sometimes can be taken from the estimates of earnings expected in the next four quarters (projected or forward P/E). A third variation is the sum of the last two actual quarters and the estimates of the next two quarters. '
市盈率与增长比率	PEG Ratio	A ratio used to determine a stock's value while taking into account earnings growth. The calculation is as follows: Price/Earnings Ratio ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Annual EPS Growth
市盈率与增长及股息比率	PEGY Ratio	A variation of the PEG ratio where a stock's P/E ratio is divided by its projected earnings growth rate and dividend yield.
收购	Acquisition	When one company purchases a majority interest in the acquired.
收购溢价	Acquisition Premium	The difference between the actual cost for acquiring a target firm versus the estimate made of its value before the acquisition.
收盘后交易	After Hours Trading	Trading after regular trading hours on the major exchanges.
收盘铃后	After The Bell	After the close of the stock market.
收支平衡点	Break Even Point (BEP)	The point at which gains equal losses. Or, the market price that a stock must reach for option buyers to avoid a loss if they exercise. For a call, it is the strike price plus the premium paid. For a put, it is the strike price minus the premium paid.
收购	Buyout	The purchase of a company or a controlling interest of a corporation's shares. A leveraged buyout is accomplished with borrowed money or by issuing more stock.
收盘、交易结束	Closing	The end of a trading session. The closing price is what's quoted in the newspaper. The final procedure in a home sale, documents are signed and recorded. This is the time when the property ownership is transferred.
收盘铃	Closing Bell	A bell that rings to signify the end of a trading session.
收益	Gain	An increase in the value of an asset or property. The gain is measured as the amount of capital from the sale of a good realized in excess of the original purchase price.
收入	Income	Money received by a person or organization because of effort (work) or from return on investments.
收益基金	Income Fund	A mutual fund that seeks to provide stable current income by investing in securities that pay interest or dividends.
收益股票	Income Stock	Stocks with a history of regular dividend payments that contribute to the largest portion of the stock's overall return.
收入回报率	Return On Revenue (ROR)	A measure of a corporation's profitability, calculated as net income divided by revenue. Net Income ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Revenue
收购	Takeover	When an acquiring company makes a bid for an acquiree. If the target company is publicly traded, the acquiring company will make an offer for the outstanding shares.
收益率	Yield	A measure of the income generated by a bond, it is calculated as the amount of interest paid on a bond divided by the price. The rate of return on an investment, usually expressed as an annual percentage rate.
首席行政官	CEO	This is the senior manager who is responsible for overseeing the activities of an entire company.
首席财务官	CFO	This is the senior manager who is responsible for overseeing the financial activities of an entire company. This includes signing checks, monitoring cash flow, and financial planning.
首席营运官	COO	This is the senior manager whose responsibility it is to manage the day-to-day operations of the company and then report this to the CEO.
首席行政官	Chief Executive Officer	This is the senior manager who is responsible for overseeing the activities of an entire company.
首席财务官	Chief Financial Officer	This is the senior manager who is responsible for overseeing the financial activities of an entire company. This includes signing checks, monitoring cash flow, and financial planning.
首席营运官	Chief Operating Officer	This is the senior manager whose responsibility it is to manage the day-to-day operations of the company and then report this to the CEO.
首次公开上市	IPO	The first sale of stock by a private company to the public. IPOs are often smaller, younger companies seeking capital to expand their business.
首期保证金	Initial Margin	The percentage of the purchase price of securities that can be purchased on margin.
首次公开上市	Initial Public Offering (IPO)	The first sale of stock by a private company to the public. IPOs are often smaller, younger companies seeking capital to expand their business.
首次公开上市锁定期、禁售期	IPO Lock-up	A legally binding contract between the underwriters and insiders of the company undergoing an initial public offering (IPO). The contract prevents them from selling any shares of stock for a specified period of time.
寿司债券	Sushi Bond	A Eurobond that is issued by a Japanese issuer and does not count against a Japanese institution's limits on the holdings of foreign securities.
受扶养人士	Dependent	A person who relies on someone else for financial support. The taxpayer supporting the dependent is allowed to claim dependency exemptions.
售出清理	Sell-Out	When a broker or investor buying stocks has failed to settle the trade in a timely matter and, consequently, the broker can forcibly sell the securities on the investors behalf.
授权股份	Authorized Stock	The maximum number of shares that a corporation is legally permitted to issue under its articles of incorporation. This figure is usually listed in the capital accounts section of the balance sheet.
受益者	Beneficial Owner	A person or firm that benefits from owning an asset even though they are not registered as a shareholder.
受益方	Beneficiary	A person or entity named in a will or financial contract to be an inheritor of someone's property when the property owner dies.
受托人	Fiduciary	A person legally appointed and authorized to hold assets in trust for another person. The fiduciary manages the assets for the benefit of the other person rather than for his/her own profits.
受损的资产	Impaired Asset	An asset with a market value that is worth less than its book value.
受损的信贷	Impaired Credit	The deterioration of a borrower's credit rating.
授权书	Power of Attorney	Giving someone the ability to act on your behalf in specific instances
受监管投资公司	Regulated Investment Company (RIC)	A mutual fund or real estate investment trust that is eligible to pass the taxes on capital gains, dividends, or interest payments onto the clients or individual investors.
受托人	Trustee	An individual who holds or manages assets for the benefit of another.
赎回	Redemption	The return of an investor's principal in a security, such as a stock, bond, or mutual fund.
数据探索	Data Mining	A type of database application that looks for hidden patterns in large groups of data.
双重收费	Double Dipping	For brokerage firms, when a broker puts commissioned products into a fee-based account. The broker makes money from both the client and the commission.
双谷经济衰退	Double Dip Recession	When the gross domestic product (GDP) growth slides back to negative after a quarter or two of brief positive growth. In other words, a recession followed by a short-lived recovery, followed by another recession.
双重征税	Double Taxing	A tax law that results in the same earnings being subjected to taxation twice. A company's income is taxed initially and then the shareholders and investors are taxed on the distributions they receive from the company.
双头垄断	Duopoly	A situation in which two companies own all or nearly all of the market for a given type of product or service.
水平价差	Horizontal Spread	An options strategy involving the simultaneous purchase and sale of two options of the same type, having the same strike price, but different expiration dates.
税后营运收入	After Tax Operating Income - ATOI	A company's total operating income after taxes. Calculated by deducting taxes from total operating income.
税后利润率	After Tax Profit Margin	The ratio calculated by taking net income after taxes and dividing it by net sales.
税后现金流	Cash Flow After Taxes	A company's cash flow after taxes is derived by taking the net income and removing charges for taxes and depreciation.
税前盈利	EBT	An indicator of a company's financial performance calculated as: Revenue - Expenses (excluding tax)
税后净营运利润	Net Operating Profit After Tax (NOPAT)	A company's potential cash earnings if its capitalization was unleveraged (that is, if it had no debt). NOPAT is frequently used in economic value added (EVA) calculations. Calculated as: NOPAT = operating income x (1 - Tax rate)
税务调整净营运利润	Net Operating Profit Less Adjusted Taxes (NOPLAT)	Total operating profits for a firm with adjustments made for taxes.
税盾	Tax Shield	The reduction in income taxes that results from taking an allowable deduction from taxable income.
私人银行	Private Banking	Beyond just providing credit or managing investments, private banking addresses your entire financial situation. Services include everything from protecting and growing your assets in the present, to planning retirement and passing wealth on to future generations.
私人公司	Private Company	A company whose ownership is private and, thus, do not need to meet the strict SEC filing requirements of public companies.
私人股本	Private Equity	When equity capital is made available to companies or investors, but not quoted on a stock market. The funds raised through private equity can be used to develop new products and technologies, to expand working capital, to make acquisitions, or to strengthen a company抯 balance sheet.
私人投资公开股票	Private Investment, Public Equity (PIPE)	This is when a private investment or mutual fund buys common stock for a company at a discount to the current market value per share.
私募	Private Placement	Raising of capital via private rather than public placement. The result is the sale of securities to a relatively small number of investors.
速动资产	Quick Assets	Assets that can be easily be converted into cash or are already in cash form. It is calculated as current assets minus inventories.
速动比率	Quick Ratio	An indicator of a company's financial strength. It is calculated by subtracting inventories from current assets, then dividing by current liabilities. This is also known as the Acid Test.
酸性测试比率	Acid Test	A stringent test that indicates if a firm has enough short-term assets to cover its immediate liabilities, without selling inventory. (Cash+Accounts Receivable+ Short-term Investments) ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Current Liabilities
损益表	Income Statement	Part of a company's financial statements summarizing revenues and expenses during a specific period of time. Also known as the profit and loss statement.
缩小规模	Downsize	Reducing the size of a company by eliminating workers and/or divisions within the company.
所有出价	Any and All Bid	A bid made to purchase all stock being offered at a specific price.
所得税	Income Tax	A tax on any money earned during a fiscal year, usually filed on a yearly basis. All businesses except partnerships must file an annual income tax return. Partnerships file an information return.
锁定协议	Lock-up Agreement	A legally binding contract between the underwriters and insiders of the company prohibits them from selling any shares of stock for a certain specified period of time.

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中文词句	English Terms	English Definitions
热门发行	Hot Issue	An issue that sells at a premium over the public offering price on the first day of trading.
热钱	Hot Money	Money that flows regularly between financial markets in search for the highest short term interest rates possible.
认购不足	Undersubscribed	When the demand for a new issue of securities (IPO) is less than the number of shares issued. This is sometimes referred to as an underbooking.
认股权证	Warrant	A derivative security that gives the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame.
认股权证比重	Warrant Coverage	An agreement between a company and its shareholders whereby the company issues warrants equal to some percentage of the dollar amount of the shareholder's investment.
认股权证溢价	Warrant Premium	The premium paid for the rights associated with a warrant.
人寿保险	Life Insurance	A protection against the lost income that would result if the insured were to pass away. The named beneficiary receives the proceeds and is thereby safeguarded from financial impacts of the death of the insured.
日经指数	Nikkei	The leading and most respected index of Japanese stocks.
日历年	Calendar Year	The year that begins January 1 and ends December 31
融资资本充实	Leveraged Recapitalization	A strategy where a company takes on significant additional debt with the purpose of either paying a large dividend or repurchasing shares. The result is a far more financially leveraged company.
融资租赁	Leveraged Lease	A lease agreement wherein the lessor, by borrowing funds from a lending institution, finances the purchase of the asset being leased.
软货币	Soft Currency	Another name for "weak currency," there is very little demand for this type of currency and values often fluctuate.
软贷款	Soft Loan	A loan with a below-market rate of interest. Loans made by multinational development banks and the World Bank to developing countries. Typically, soft loans have extended grace periods in which only interest or service charges are due, in addition to offering longer amortization schedules and lower interest rates than conventional bank loans.
软商品	Soft Commodity	Used to describe commodities such as coffee, cocoa, sugar and fruit. This term generally refers to commodities that are grown, rather than mined.
软通货、纸币	Soft Money	Government and organizations refer to this as 'one time' funding for a project or special purpose. Describes paper currency, as opposed to gold, silver, or some other coined metal.
软着陆	Soft Landing	A term used to describe a rate of economic growth high enough to avoid recession, but slow enough to avoid high inflation.
Russell 2000指数	Russell 2000 Index	An index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 2000 serves as a benchmark for small-cap stocks.

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中文词句	English Terms	English Definitions
72定律	Rule of 72	A rule stating that in order to find the number of years required to double your money at a given interest rate, you divide the compound return into 72. The result is the approximate number of years that it will take for your investment to double.
七大工业国	G-7	Seven of the world's leading countries that meet periodically to achieve a cooperative effort on international economic and monetary issues.
七大工业国	Group of Seven (G-7)	Seven of the world's leading countries that meet periodically to achieve a cooperative effort on international economic and monetary issues.
期初库存	Beginning Inventory	The book value of goods, inputs, or materials available for use or sale at the beginning of an inventory accounting period.
期货	Futures	A financial contract that encompasses the sale of financial instruments or physical commodities for future delivery, usually on a commodity exchange. Futures contracts try to "bet" what the value of an index or commodity will be at some date in the future.
期货合约	Futures Contract	An exchange traded agreement to buy or sell a particular type and grade of commodity for delivery at an agreed upon place and time in the future. Futures contracts are transferable between parties.
期货利率协议	Future Rate Agreement (FRA)	A forward contract that determines an interest rate to be paid or received on an obligation beginning at a start date sometime in the future.
期货市场	Futures Market	An auction market in which participants buy and sell commodity/future contracts for delivery on a specified future date. Trading is carried on through open yelling and hand signals in a trading pit.
期末库存	Ending Inventory	A book value of goods, inputs, or materials available for use or sale at the end of an inventory accounting period.
期末一次性偿还贷款	Bullet Loan	Any loan that requires a balloon payment at the end of the term and anticipates that the loan will be refinanced in order to meet the balloon payment obligation.
期末一次性偿还债券	Bullet Bond	A regular coupon paying debt instrument with a single repayment of principal on the maturity date.
期权	Option	A privilege sold by one party to another that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security at an agreed-upon price during a certain period of time or on a specific date.
期限	Duration	The measure of the price sensitivity of a fixed-income security to an interest rate change of 100 basis points. Calculation is based on the weighted average of the present values for all cash flows.
期限	Maturity	The length of time until the principal amount of a bond must be repaid. The end of the life of a security.
期限	Tenor	The term or life of a contract.
其他长期负债	Other Long Term Liabilities	A balance sheet item that would include items such as remaining leases, future employee benefits, deferred taxes, and other obligations that do not currently require interest payments.
其他流动负债	Other Current Liabilities	A balance sheet entry used by companies to group together current liabilities that are not assigned to common liabilities such as debt obligations or accounts payable.
其他流动资产	Other Current Assets	A balance sheet item that includes the value of non-cash assets like prepaid expenses and accounts receivable due within one year.
企业倍数	Enterprise Multiple	A ratio used to determine the value of a company. The enterprise-multiple looks at a firm as a potential acquirer would, because it takes debt into account - an item which other multiples like the P/E ratio do not include. Enterprise Value ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ EBITDA
企业重组	Reorganization	A process designed to revive a financially troubled or bankrupt firm. A reorganization involves the restatement of assets and liabilities, and communication with creditors in order to make arrangements for maintaining repayment.
企业价值	EV	A measure of a company's value. Calculated as market capitalization plus debt & preferred shares, minus cash & cash equivalents.
企业价值	Enterprise Value	A measure of a company's value. Calculated as market capitalization plus debt & preferred shares, minus cash & cash equivalents.
企业价值/EBITDA(企业倍数	EV/EBITDA	A ratio used to determine the value of a company. The enterprise-multiple looks at a firm as a potential acquirer would, because it takes debt into account - an item which other multiples like the P/E ratio do not include. Enterprise Value ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ EBITDA
企业融资	Corporate Finance	Any financial or monetary activity that deals with a company and its money.
企业债券	Corporate Bond	A debt security issued by a corporation.
企业治理	Corporate Governance	The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law.
企业自我竞争	Corporate Cannibalism	An act of self-infringement upon market share by corporations through the issuance of new products. Also known as "market cannibalization."
企业自由现金流	Free Cash Flow for the Firm (FCFF)	A firm's operating income less expenses, taxes, and changes in net working capital and investments.
气球型期权	Balloon Option	An option for which the notional payments increase significantly after a set threshold is broken.
气球型期限	Balloon Maturity	A repayment schedule for a bond issue where a large number of the bonds come due at a one time (normally at the final maturity date). A final loan payment that is considerably higher than prior payments.
汽车销售额	Auto Sales	The major producers of domestic automobiles report sales monthly. These numbers are seasonally adjusted by the U.S. Department of Commerce and are available to the public one to five business days after the end of each month.
契约	Covenant	A promise in an indenture, or any other formal debt agreement, that certain activities will or will not be carried out.
契约	Indenture	A contract between an issuer of bonds and the bondholder stating the time period for re-payment, amount of interest paid, if the bond is convertible (and if so, at what price or what ratio), and the amount of money that is to be re-paid.
前向整合	Forward Integration	A form of vertical integration that involves expanding a business so it directly distributes its products.
强制买回保障	Hard Call Protection	The period during the life of a callable bond where early redemption by the company is not permitted.
强制转换	Forced Conversion	When the issuer of a convertible security exercises their right to call the issue. This forces the investor to convert their security into the predetermined number of shares.
清算、清理	Liquidation	When a business or firm is terminated or bankrupt, its assets are sold and the proceeds pay creditors. Any leftovers are distributed to shareholders.
全民生产总值	GNP	An economic statistic which includes GDP plus any income earned by residents from their overseas investments, minus income earned within the domestic economy by overseas residents.
全民生产总值	Gross National Product (GNP)	An economic statistic which includes GDP plus any income earned by residents from their overseas investments, minus income earned within the domestic economy by overseas residents.
全球存托凭证	GDR	A bank certificate issued in more than one country for shares in a foreign company. The shares are held by a foreign branch of an international branch. The shares trade as domestic shares, but are offered for sale globally through the various bank branches. A financial instrument used by private markets to raise capital denominated in either U.S. dollars or Euros.
全球存托凭证	Global Depository Receipt (GDR)	A bank certificate issued in more than one country for shares in a foreign company. The shares are held by a foreign branch of an international branch. The shares trade as domestic shares, but are offered for sale globally through the various bank branches. A financial instrument used by private markets to raise capital denominated in either U.S. dollars or Euros.
全球宏观策略	Global Macro Strategy	A hedge fund strategy that involves holding long and short positions in various equity, fixed income, currency, and futures markets. The holdings are based primarily on overall economic (and political) views of various countries (macroeconomic principles).
全球基金	Global Fund	A mutual fund that can invest in companies located anywhere in the world, including your own country.
全球投资表现标准	Global Investment Performance Standards (GIPS)	Ethical standards to be used by investment managers for creating performance presentations that ensure fair representation and full disclosure of investment performance results.
全球一体化	Globalization	The tendency of world investment and business to move from national and domestic markets to a worldwide environment.
全球债券	Global Bond	Bonds that can be offered within the euromarket and several other markets simultaneously.
全球注册股票	Global Registered Share	A share issued and registered in multiple markets around the world.
全权委托指令	Discretionary Order	An order giving a broker the ability to decide when to buy/sell securities at the best possible price for the customer. Some discretionary orders place restrictive terms to limit the amount of discretion the broker has.
全新投资项目	Greenfield Investment	When a company or government invests money to construct a project in basic components.
权益方	Stakeholder	One who has a share or an interest, as in an enterprise.
权益会计法	Equity Accounting	A method of accounting whereby a corporation will document a portion of the undistributed profits for an affiliated company that they own a position in.
全资拥有子公司	Wholly Owned Subsidiary	A subsidiary whose parent company owns 100% of its common stock.

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中文词句	English Terms	English Definitions
拍卖市场	Auction Market	A market in which buyers enter competitive bids and sellers enter competitive offers at the same time.
派发、分配	Distribution	A company's payment of cash, stock, or physical products to their shareholders.
派发实物	Distribution in Kind	A distribution made in the form of stock rather than cash.
派息比率	Payout Ratio	The percentage of earnings paid out in dividends. It is calculated by dividing dividends per share by earnings per share.
抛售	Sell-Off	The rapid selling of securities, such as stocks, bonds, and commodities
赔偿	Indemnity	A contractual agreement made between different parties to compensate for any damages or losses.
赔偿保证书	Letter of Indemnity	A letter guaranteeing that contractual provisions will be met, otherwise financial reparations will be made.
配额、限额	Quota	In the context of international trade, this is a limit put on the amount of a specific good that can be imported.
配股	Allotment	During an IPO, this is the number of shares granted to each participating underwriting firm that they are permitted to sell. Remaining surpluses are then given to other firms which have won the bid for the right to sell the IPO.
批发银行	Wholesale Banking	Banking services between merchant banks and other financial institutions.
偏离	Divergence	Occurs when the trend of a security's price does not correspond with the trend of an indicator.
票据	Note	A debt security, usually maturing in one to ten years.
票面金额	Denomination	The stated value found on financial instruments.
票面值	Par Value	The face value of a bond.
平仓	Close Position	Getting out of a position in a particular stock or security.
平衡基金	Balanced Fund	A mutual fund that invests its assets in the money market, bonds, preferred stock, and common stock in an attempt to provide both growth and income.
平衡投资策略	Balanced Investment Strategy	A portfolio allocation and management method aimed at balancing risk and return.
平价	Parity	A situation in an exchange market where all brokers bidding for the same security have equal standing due to identical bids.
平均价格	Average Price	A bond's average price is calculated by adding its face value to the price paid for it and dividing the sum by two. Average price is also sometimes known as Net Asset Value (NAV) for mutual funds.
平均价格出售期权	Average Price Put	A type of option where the payoff is either zero or the amount by which the strike price exceeds the average price of the asset.
平均价格买入期权权	Average Price Call	A type of option where the payoff is either zero or the amount by which the average price of the asset exceeds the strike.
平均年度回报率	Average Annual Return	A figure used when reporting the historical return of a mutual fund. The AAR is stated after expenses have been tallied, including administration fees, 12b-1 fees, and others.
平均年度增长率	Average Annual Growth Rate	The average increase in the value of a portfolio over the period of a year.
平均时期	Average Life	An estimate of the number of terms to maturity, taking the possibility of early payments into account. Average life is calculated using the weighted average time to the receipt of all future cash flows.
平均值	Mean	The simple mathematical average of a two or more numbers.
平稳期	Basing	A period in which a stock price has very little or no trend resulting in a flat price pattern.
评估后价值	Assessed Value	The estimated value of real estate that is used for tax purposes.
评级	Rating	An evaluation of a corporate or municipal bond's relative safety from an investment standpoint. Basically, it scrutinizes the issuer's ability to repay principal and make interest payments. An analyst's recommendation on whether to buy, sell, or hold a specific stock.
评级机构	Rating Agency	A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends
凭票即付形式，无记名形式	Bearer Form	A security not registered in the issuing corporation's books but is payable to its bearer (the person possessing it).
破产	Bankruptcy	When a person or firm is unable to repay debts. Thus, the ownership of the firm's assets are transferred from the stockholders to the bondholders.
破产风险	Bankruptcy Risk	The ever present risk that a firm will be unable to meet its debt obligations. Often referred to as default or insolvency risk.