TheMBAGlover

X

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.

TheMBAGlover

Y

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.

TheMBAGlover

Z

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.