TheMBAGlover

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中文词句	English Terms	English Definitions
垃圾债券、高风险债券	Junk Bond	A bond purchased for speculative purposes. They are usually rated BB or lower, and they have a higher default risk.
来自营运现金流	Funds From Operations (FFO)	Used by real estate investment trusts (REITS) to define the cash flow from their operations. It is calculated by adding depreciation and amortization expenses to earnings, and sometimes quoted on a per share basis.
蓝筹	Blue Chip	A security from a well-established, financially-sound, and stable company that has demonstrated its ability to pay dividends in both good and bad times.
劳工密集	Labor Intensive	A process or industry that requires large amounts of human effort to produce goods.
乐观投资者	Bull	An investor who thinks the market, a specific security, or an industry will rise.
累积股息	Cumulative Dividend	A limitation placed upon corporations ensuring the payment of preferred dividends before making distributions to common shareholders.
累计投票	Cumulative Voting	The procedure of voting for a company's directors, where each shareholder is entitled one vote per share times the number of directors to be elected. This is sometimes known as proportional voting.
累进税	Progressive Tax	A tax that takes a larger percentage from the income of high-income people than it does from low-income people.
累退税	Regressive Tax	A tax that takes a larger percentage from the income of low-income people than the income of high-income people.
理论性道琼斯指数	Theoretical Dow Jones Index	A method of calculating a Dow Jones index (most often the DJIA) that assumes all index components hit their high or low at the same time during the day.
利率	Interest Rate	The monthly effective rate paid (or received if you are a creditor) on borrowed money. Expressed as a percentage of the sum borrowed.
利率变动风险防范	Immunization	A strategy that matches the durations of assets and liabilities, thereby minimizing the impact of interest rates on the net worth.
利率掉期	Interest Rate Swap	A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies.
利率平价理论	Interest Rate Parity	A theory that the interest rate differential between two countries is equal to the differential between the forward exchange rate and the spot exchange rate.
利润	Profit	The same as net income, it is the company's total earnings less expenses.
利润分成计划	Profit Sharing Plan	A plan wherein the employees get a share in the profits of the company. The company decides what portion of the profit will be shared. Each employee then receives, into an account, a percentage of those profits based on their earnings. There are typically restrictions as to when and how you can withdraw these funds without penalties.
利润率	Profit Margin	An indicator of profitability, It is calculated as net earnings after taxes divided by revenues. Profit margin is usually displayed as a percentage.
利润预警	Profit Warning	When a company advises its earnings won't meet analyst expectations.
利润中心	Profit Center	The branch or division of a company that creates profits individually and separately from the main organization.
利息、权益	Interest	The charge for the privilege of borrowing money, typically expressed as an annual percentage rate. The amount of ownership a stockholder has in a company, usually expressed as a percentage.
连带、共同	Jointly and Severally	A legal term describing a partnership wherein individual decisions are binding against all parties involved and thus undivided. A term used in underwriting syndicates to refer to the distinct responsibility of individual companies to sell a certain portion of unsold new issue.
连带违约	Cross Default	A provisions in a bond indenture or loan agreement that puts the borrower in default if the borrower defaults on another obligation.
联邦储备模型	Fed Model	A model thought to be used by the Federal Reserve that hypothesizes a relationship between long-term treasury notes and the market return of equities.
联邦储备体系	Federal Reserve System (the Fed)	The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States.
联邦储备委员会	Federal Reserve Board (FRB)	The governing body of the Federal Reserve System. The seven members of the Board of Governors are appointed by the president, subject to confirmation by the Senate.
联邦储备银行	Federal Reserve Bank	The banks that carry out Fed operations, including controlling the money supply and regulating member banks. There are 12 District Feds, headquartered in Boston, New York, Philadelphia, Cleveland, St. Louis, San Francisco, Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas.
联邦基金	Federal Funds	Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements.
联邦基金利率	Federal Funds Rate	The interest rate at which a depository institution lends immediately available funds (balances at the Federal Reserve) to another depository institution overnight.
联储局	Fed	The governing body of the Federal Reserve System. The seven members of the Board of Governors are appointed by the president, subject to confirmation by the Senate.
联储局	The Fed	The governing body of the Federal Reserve System. The seven members of the Board of Governors are appointed by the president, subject to confirmation by the Senate.
联合账户	Joint Account	A brokerage or bank account that is owned together (jointly) by two or more people.
联营公司	Affiliated Companies	A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way.
廉价急售	Distressed Sale	An urgent sale of assets because of negative conditions.
[廉价]倾销	Dumping	In international trade, this occurs when one country exports a significant amount of goods to another country at prices much lower than in the domestic market. A slang term for selling a stock with little regard for price.
两地上市	Dual Listing	The listing of a company's shares on more than one stock exchange.
零和游戏	Zero-Sum Game	A situation in which one participant's gains result only from another participant's equivalent losses. The net change is always 0.
零期限货币	Money Zero Maturity (MZM)	A measure of the liquid money supply within an economy. MZM represents all money in M2 less the time deposits, plus all money market funds.
零售投资者	Retail Investor	Individual investors who buy and sell securities for their personal account, and not for another company or organization.
零售银行	Retail Banking	Retail banking is typical mass-market banking where individual customers use local branches of larger commercial banks. Services offered include: savings and checking accounts, mortgages, personal loans, debit cards, credit cards, and so forth.
零息票可转换证券	Zero-Coupon Convertible	A zero-coupon bond issued by a corporation, it can be converted into that corporation's common stock at a certain price.
零息票债券	Zero-Coupon Bond	A corporate or municipal debt security traded at a deep discount from face value. It is traded at a deep discount because the bond pays no interest. The profit is realized when the bond is redeemed at maturity for its full face value. It may be issued at a discount, or it may be stripped of its coupons by a bank and then repackaged as a zero coupon bond.
零星股、散股	Odd Lot	An amount of a security that is less than the normal unit of trading for that particular security.
流动比率	Working Ratio	A ratio used to measure a company's ability to recover operating costs from annual revenue. This ratio is calculated by taking the company's total annual expenses (excluding depreciation and debt-related expenses) and dividing by the annual gross income
流动比率	Current Ratio	Indicator of company's ability to pay short-term obligations; calculated by dividing current assets by current liabilities.
流动负债	Current Liabilities	Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year.
流动性偏好理论	Liquidity Preference Theory	The hypothesis that forward rates offer a premium over expected future spot rates.
流动资产	Current Assets	Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year.
流通风险	Liquidity Risk	The risk stemming from the lack of marketability of an investment that cannot be bought or sold quickly enough to prevent or minimize a loss.
流通性、变现能力	Liquidity	The degree to which an asset or security can be bought or sold in the market without affecting the asset's price. Liquidity is characterized by a high level of trading activity. The ability to convert an asset to cash quickly.
流通资产净值	Net Liquid Assets	A company's liquid financial assets minus its current liabilities.
龙债券	Dragon Bond	A bond that is issued in Asia, but the denomination of the bond is in U.S. dollars.
垄断、专利	Monopoly	A situation in which a single company owns all or nearly all of the market for a given type of product or service. For a strict academic definition, a monopoly is a market containing a single firm.
路演	Road Show	A presentation by an issuer of securities to potential buyers. It is intended to create interest in the securities.
伦敦银行同业拆放利率	LIBOR	This is the rate of interest at which banks borrow funds, in marketable size, from other banks in the London interbank market.
伦敦银行同业拆放利率	London Interbank Offer Rate (LIBOR)	This is the rate of interest at which banks borrow funds, in marketable size, from other banks in the London interbank market.

TheMBAGlover

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中文词句	English Terms	English Definitions
买方叫价	Ask (Price)	The price a seller is willing to accept for a security, also known as the offer price.
买方	Buy-Side	The investing institutions such as mutual funds, pension funds, and insurance firms that tend to buy large portions of securities.
买方出价	Bid	An offer by an investor, trader, or dealer to buy a security. The price at which a market maker is willing to buy a security.
买方出价	Bid Price	The price a buyer is willing to pay for a security.
买方垄断	Monopsony	Similar to a monopoly, but where a large buyer (not seller) controls a large proportion of the market and drives the prices down. Sometimes referred to as the buyers monopoly.
买方市场	Buyer's Market	A market condition characterized by an abundance of goods available for sale.
买回日期	Call Date	The date on which a bond can be redeemed before maturity. If the issuer feels there is a benefit to refinancing the issue, the bond may be redeemed on the call date at par or at a small premium to par.
买回收益率	Yield To Call	The yield of a bond or note if you were to buy and hold the security until the call date. This yield is valid only if the security is called prior to maturity. The calculation of yield to call is based on the coupon rate, the length of time to the call date, and the market price.
买回溢价	Call Premium	The dollar amount over the par value of a convertible fixed income and debt security. This amount is given to holders when the security is called by the issuer due to the soft call provision. The amount the purchaser of a call option must pay to the writer.
买卖差价	Bid-Ask Spread	The amount that the ask price exceeds the bid.
买入	Buy	A recommendation to purchase a specific security.
买入并持有	Buy And Hold	An investing strategy where stocks are bought and held for a long period regardless of fluctuations in the market.
买入-出售比率	Put-Call Ratio	A ratio of the trading volume of put options to call options. It is used to gauge investor sentiment.
买入-出售价差	Put-Call Parity	The relationship between the price of a put and the price of a call on the same underlying with the same expiration date.
买入对冲	Buying Hedge	A transaction that commodities investors undertake to hedge against possible increases in the prices of the actuals underlying the futures contracts.
买入期权	Call	An option contract giving the owner the right (but not the obligation) to buy a specified amount of an underlying security at a specified price within a specified time.
买入期权	Call Option	An agreement that gives an investor the right (but not the obligation) to buy a stock, bond, commodity, or other instrument at a specified price within a specific time period.
买入认股权证	Call Warrant	A warrant that gives the holder the right to buy the underlying share for an agreed price, on or before a specified date.
卖出	Sell	A recommendation to sell a particular security. The process of liquidating an asset in exchange for money.
卖出对冲	Selling Hedge	A hedging strategy used in futures markets whereby the sale of futures contracts are meant to offset a long underlying commodity position.
卖方寡头垄断	Oligopsony	Similar to an oligopoly, but where a small number of large buyers (not sellers) control a large proportion of the market and drive prices down.
卖方市场	Seller's Market	A market condition characterized by a shortage of goods available for sale.
卖空	Selling Short	The selling of a security that the seller does not own, or any sale that is completed by the delivery of a security borrowed by the seller. Short sellers assume that they will be able to buy the stock at a lower amount than the price at which they sold short
卖空	Short Selling	The selling of a security that the seller does not own, or any sale that is completed by the delivery of a security borrowed by the seller. Short sellers assume that they will be able to buy the stock at a lower amount than the price at which they sold short
毛收入	Gross Income	For individuals, it is your total personal income before deductions. For companies, it is their revenue minus cost of goods sold (also called gross margin).
贸易加权美元	Trade-Weighted Dollar	The trade-weighted dollar represents the foreign currency price of the U.S. dollar or the export value of the U.S. dollar.
贸易融资	Trade Finance	The science that describes the management of money, banking, credit, investments, and assets for international trade transactions.
每股现金流	Cash Flow Per Share	Cash flow from operations minus preferred stock dividends, divided by the number of common shares outstanding. This measures a firm's financial strength.?
每股销售额	Sales Per Share	A ratio that computes the total revenue earned per share over a 12-month period. It is calculated by dividing total revenue earned in a fiscal year by the weighted average of shares outstanding for that fiscal year.
每股盈利	EPS	The portion of a company's profit allocated to each outstanding share of common stock. Calculated as: Net Income - Dividends on Preferred Stock ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Average Outstanding Shares Companies usually use a weighted average number of shares outstanding over the reporting term.
每股盈利	Earnings Per Share (EPS)	The portion of a company's profit allocated to each outstanding share of common stock. Calculated as: Net Income - Dividends on Preferred Stock ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Average Outstanding Shares Companies usually use a weighted average number of shares outstanding over the reporting term.
每股资产净值	NAVPS	In mutual funds, the value of a mutual fund share. Calculated by dividing the total net asset value of the fund by the number of shares outstanding. In corporate valuations, the net asset value divided by the number of shares outstanding.
每股资产净值	NAV per Share	In mutual funds, the value of a mutual fund share. Calculated by dividing the total net asset value of the fund by the number of shares outstanding. In corporate valuations, the net asset value divided by the number of shares outstanding.
每股资产净值	Net Asset Value per Share	In mutual funds, the value of a mutual fund share. Calculated by dividing the total net asset value of the fund by the number of shares outstanding. In corporate valuations, the net asset value divided by the number of shares outstanding.
每股自由现金流	Free Cash Flow per Share	A measure of a company's financial flexibility. It is calculated as net income plus all non-cash expenses, less dividends and capital expenditures. The total is then divided by the number of shares outstanding.
每普通股账面价值	Book Value Per Common	A measure used by owners of common shares within a firm to determine the level of safety associated with each individual share after all debts are paid accordingly.
每日产量(桶)	Barrel's per Day	A statistic often used to determine output for oil production.
美国财政部	U.S. Treasury	The United States Department of the Treasury is the government department responsible for issuing all Treasury bonds, notes, and bills.
美国存托股份	American Depository Share (ADS)	A share issued under deposit agreement that represents an underlying security in the issuer's home country.?
美国存托凭证	American Depository Receipt (ADR)	A stock representing a specified number of shares in a foreign corporation. ADRs are bought and sold in the American markets just like regular stocks. An ADR is issued by a U.S. Bank, consisting of a bundle of shares of a foreign corporation that are being held in custody overseas. The foreign entity must provide financial information to the sponsor bank. ADRs do not eliminate the currency and economic risks for the underlying shares in another country. ADRs are listed on either the NYSE, AMEX, or Nasdaq.
美国股票交易所	American Stock Exchange	The third largest stock exchange in the United States. The AMEX is located in New York and handles approximately 10% of all securities traded in the States.
APICS(美国生产及库存控制协议)商业前景指数	APICS Business Outlook Index	A national manufacturing index that surveys several manufacturing firms on a monthly basis. If the index is above 50 it signals expansion, if it dips below 50 it indicates contraction.
美国证券交易监督委员会 (美国证监会)	SEC	A government commission created by Congress to regulate the securities markets and protect investors. In addition to regulation and protection, it also monitors the corporate takeovers in the United States. The SEC is composed of five commissioners appointed by the president of the United States and approved by the Senate. The statutes administered by the SEC are designed to promote full public disclosure and protect the investing public against fraudulent and manipulative practices in the securities markets. Generally, most issues of securities offered in interstate commerce, through the mail, or on the Internet, must be registered with the SEC.
美国证券交易监督委员会 (美国证监会)	Securities & Exchange Commission (SEC)	A government commission created by Congress to regulate the securities markets and protect investors. In addition to regulation and protection, it also monitors the corporate takeovers in the United States. The SEC is composed of five commissioners appointed by the president of the United States and approved by the Senate. The statutes administered by the SEC are designed to promote full public disclosure and protect the investing public against fraudulent and manipulative practices in the securities markets. Generally, most issues of securities offered in interstate commerce, through the mail, or on the Internet, must be registered with the SEC.
美式期权	American Option	An option that can be exercised anytime during its life.
美国证券库斯普号码	CUSIP Number	A number identifying all stocks and registered bonds. The Committee on Uniform Securities Identification Procedures (CUSIP) oversees the entire CUSIP system.
猛犬债券	Bulldog Bond	A sterling denominated bond that is issued in London by a company that is not British.
密歇根消费者信心指数	Michigan Consumer Sentiment Index	A survey of consumer confidence conducted by the University of Michigan. The preliminary report is released on the tenth (except on weekends) of each month. A final report for the prior month is released on the first of the month.
免税期	Tax Holiday	A government incentive program that offers a tax reduction to foreign investors.
面值	Face Value	The stated principal amount of a debt instrument. The value printed value on a banknote or coin.
民营化	Privatization	The transfer of ownership from government owned to a privately owned corporation.
敏感度分析	Sensitivity Analysis	A technique for determining what might happen in a decision analysis if a key prediction turns out to be wrong.
名义股东	Dummy Shareholder	A person who holds shares in his or her name, but the shares are really owned by someone else.
名义价值	Nominal Value	The stated value of an issued security that remains fixed, as opposed to its market value, which fluctuates.
名义利率	Nominal Interest Rate	The interest rate unadjusted for inflation.
名义收益率	Nominal Yield	The interest rate stated on the face of a bond, it represents the percentage of interest to be paid by the issuer on the face value of the bond.
目标公司	Target Company	A firm that has been targeted by another firm for a takeover.
目标价格	Target Price	The projected price level as stated by an investment analyst or advisor

TheMBAGlover

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中文词句	English Terms	English Definitions
纳斯达克全国市场	Nasdaq-NM	The Nasdaq National Market consists of over 3000 companies that have a national or international shareholder base, meet stringent financial requirements, and agree to specific corporate governance standards.
纳入研究范围	Coverage Initiated	When a brokerage or analyst issues his/her first rating on a particular stock.
纳斯达克全国市场	Nasdaq National Market Securities	The Nasdaq National Market consists of over 3000 companies that have a national or international shareholder base, meet stringent financial requirements, and agree to specific corporate governance standards.
纳斯达克市场、国家证券经纪商协会自动报价系统	Nasdaq	Created in 1971, the Nasdaq was the world's first electronic stock market. The Nasdaq is a computerized system that facilitates trading and provides price quotations on some 5,000 of the more actively traded over-the-counter stocks.
耐用品	Durables	A category of consumer goods, durables are products which do not have to be purchased frequently. This includes appliances, home and office furnishings, lawn and garden equipment, consumer electronics, toy makers, small tool manufacturers, sporting goods, photographic equipment, and jewelry.
内部回报率	IRR	Often used in capital budgeting, it's the interest rate that makes net present value of all cash flow equal zero.
内部回报率	Internal Rate of Return (IRR)	Often used in capital budgeting, it's the interest rate that makes net present value of all cash flow equal zero.
内在价值	Intrinsic Value	The value of a company or an asset based on an underlying perception of the value. For call options, this is the difference between the underlying stock's price and the strike price. For put options, it is the difference between the strike price and the underlying stock's price. In the case of both puts and calls, if the difference between the underlying stock's price and the strike price is negative, the value is given as zero.
内幕交易	Insider Trading	The buying or selling of a security by insiders who possess material, nonpublic information about the security. The act puts insiders in breach of a fiduciary duty or other relationship of trust and confidence.
内幕人士	Insider	Any person who has or has access to valuable nonpublic information about a corporation.
内部审计	Internal Audit	An audit performed by a person (or persons) employed by the firm being audited.
内幕消息	Insider Information	Material information about a company's activities that has not been disclosed to the public.
内部增长	Organic Growth	The growth rate of a company, excluding any growth from takeovers, acquisitions, or mergers.
内部增长率	Internal Growth Rate	The highest level of growth achievable for a business without obtaining outside financing.
年报	Annual Report	A corporation's annual statement of financial operations. Annual reports include a balance sheet, income statement, auditor's report, and a description of the company's operations.
年金	Annuity	A series of fixed-amount payments paid at regular intervals over the specified period of the annuity.
年度股东大会	Annual General Meeting (AGM)	A mandatory yearly meeting of shareholders that allows stakeholders to stay informed and involved with company decisions and workings.
年度化	Annualize	Converting the rate of return from a period of less than one year to an annual (yearly) basis. Converting the taxation period from less than one year to an annual (yearly) basis.
牛市	Bull Market	A market in which prices of a certain group of securities are rising or are expected to rise.
纽约股票交易所	NYSE	A corporation, operated by a board of directors, responsible for setting policies, supervising the stock exchange and its member activities, and listing securities. The NYSE also oversees the transfer of members' seats on the Exchange, judging whether a potential applicant is qualified to be a specialist.
纽约股票交易所	New York Stock Exchange	A corporation, operated by a board of directors, responsible for setting policies, supervising the stock exchange and its member activities, and listing securities. The NYSE also oversees the transfer of members' seats on the Exchange, judging whether a potential applicant is qualified to be a specialist.
纽约股票交易所综合指数	NYSE Composite Index	Measures all common stocks listed on the New York Stock Exchange and four subgroup indexes: Industrial, Transportation, Utility, and Finance. The index tracks the change in market value of NYSE common stocks, adjusted to eliminate the effects of new listings and de-listings. The market value of each stock is calculated by multiplying its price per share by the number of shares listed.

TheMBAGlover

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中文词句	English Terms	English Definitions
欧洲美元	Eurodollar	U.S. dollar-denominated deposits at foreign banks or foreign branches of American banks. By locating outside of the United States, Eurodollars escape regulation by the Federal Reserve Board.
欧洲式期权	European Option	An option that can only be exercised at the end of its life.
欧洲银行	Eurobank	A financial institution that readily accepts foreign currency denominated deposits and makes foreign currency loans.
欧洲债券	Eurobond	A bond that is denominated in a currency other than that of the country in which it is issued.
欧洲债券结算系统	Euroclear	One of two principal clearing houses for securities traded in the Euromarkets.
偶然事故	Contingency	An economic event, usually negative, that is in the process of occurring and, therefore, has not yet been resolved.

TheMBAGlover

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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.

TheMBAGlover

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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
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
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
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
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.