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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.

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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.

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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

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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.

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中文词句	English Terms	English Definitions
开放性基金	Open-End Fund	A mutual fund that continues to sell shares to investors, and will buy back shares when investors wish to sell
开放性信贷	Open End Credit	A pre-approved loan that may be used repeatedly up to a certain limit.
开市前交易	Pre-Market Trading	Trading done before the regular market opens.
开支	Expense	Money spent by a firm to continue its ongoing operations. Money spent or costs incurred that are deductible and reduce your taxable income.
开支比率	Expense Ratio	The percentage of the assets that were spent to run a mutual fund. It includes things like management and advisory fees, travel costs, and 12b-1 fees. The expense ratio does not include brokerage costs for trading the portfolio.
看涨的多空套做	Bull Spread	An option strategy in which maximum profit is attained if the underlying security rises in price. Either calls or puts can be used. The lower strike price is purchased and the higher strike price is sold. The options have the same expiration date.
看涨的纵向多空套做	Bull Vertical Spread	An optimistic strategy used by investors who feel that the market price of a commodity will appreciate, but wish to limit the downside potential associated with an incorrect prediction.
抗鲨措施	Shark Repellent	Any number of measures taken by a corporation to discourage an unwanted takeover attempt.
可变成本	Variable Cost	A cost that changes in proportion to a change in a company's activity or business.
可变寿险保单	Variable Life Insurance Policy	A life insurance contract that provides financial compensation to the named beneficiaries in the event of the insured's death. The insurance company guarantees payment of a minimum amount plus an additional sum according to the performance of a separate account, usually invested in equities or other relatively high-yielding securities.
可持续增长率	Sustainable Growth Rate	The maximum growth rate that a firm can sustain without having to increase financial leverage. Calculated as: ROE x (1 - dividend-payout ratio)
可磋商修改的	Negotiable	A term relating to the price of a good or security which is not firmly established. A term relating to a good or security whose ownership is easily transferable from one party to another
可互换	Fungibility	The interchangeability of listed options, futures contracts, and other instruments dependent upon identical terms.
可互换物品	Fungibles	Goods, securities, or instruments that are equivalent and, therefore, are interchangeable.
可见供应	Invisible Supply	Stocks of commodity that are available for delivery upon futures contracts, but whose quantities cannot be accurately identified.
可交换债务	Exchangeable Debt	Similar to convertibles, except this type of debt can be converted into the shares of a company other than the issuer (usually a subsidiary).
可交换证券	Exchangeable Security	A security that grants its holder the right to exchange it for the common stock of a firm other than the issuer.
可买回优先股	Callable Preferred Stock	A type of preferred stock that carries the provision that the issuer has the right to call in the stock at a certain price and retire it.
可买回债券	Callable Bond	A bond that can be redeemed by the issuer prior to its maturity. Usually a premium is paid to the bond owner when the bond is called.
可卖回债券	Put Bond	A bond that allows the holder to force the issuer to repurchase the security at specified dates before maturity. The repurchase price is set at the time of issue, and is usually par value.
可延长债券	Extendable Bond	A bond issue with a maturity that can be extended to a longer period at the option of the issuer.
可支配收入	Disposable Income	The amount of after-tax income that is available to divide between spending and personal savings.
可转换次级票据	Convertible Subordinated Note	A short-term debt security (note), that can be changed into common stock (convertible) and ranks below other loans (subordinate).
可转换公司信用债券	Convertible Debenture	Any type of debenture that can be converted into some other security.
可转换优先股	Convertible Preferred Stock	Preferred stock that can be converted into common stock at the option of the holder.
可转换债券	Convertible Bond	bond that can be converted into a predetermined amount of the company's equity at certain times during its life. Convertibles are sometimes called CVs.
可转换证券	Convertibles	Securities, usually bonds or preferred shares, that can be converted into common stock. ?
可自由支配收入	Discretionary Income	The amount of an individual's income available for spending after the essentials have been taken care of.
空头猛跌，大量抛空以使价格下跌	Bear Raid	An illegal practice whereby investors attempt to push the price of a stock lower by taking large short positions and spreading unfavorable rumors about the target firm.
恐慌性出售	Panic Selling	High volume selling brought about by sharp price declines.
控股公司	Holding Company	A parent corporation that owns enough voting stock in another corporation to control its board of directors (and, therefore, controls its policies and management).
扣除利息及税项前盈利	EBIT	An indicator of a company's financial performance calculated as: Revenue - Expenses (excluding tax and interest)
扣除利息、税项及折旧前盈利	EBITD	An indicator of a company's financial performance calculated as: Revenue - Expenses (excluding tax, interest, and depreciation)
扣除利息、税项、折旧及摊销前盈利	EBITDA	An indicator of a company's financial performance calculated as: Revenue - Expenses (excluding tax, interest, depreciation, and amortization)
扣除利息、税项、折旧、摊销及重组成本前盈利	EBITDAR	An indicator of a company's financial performance calculated as: Revenue - Expenses (excluding tax, interest, depreciation, amortization, and restructuring costs)
库存、存货	Inventory	Inventory can be either raw materials, finished items already available for sale, or goods in the process of being manufactured. Inventory is recorded as an asset on a company's balance sheet.
库存股	Treasury Stock	When a company repurchases its common stock and holds this stock in the company's treasury.
库存证券发行	Treasury Offering	The issuance of an additional class of security already existing in a firm's treasury.
库存置存成本	Carrying Cost Of Inventory	The cost of maintaining inventory in a company's warehouse.
库存周转率	Inventory Turnover	A ratio that shows how many times the inventory of a firm is sold and replaced over a specific period. Generally calculated as: Sales ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Inventory However, it may also be calculated as: Cost of Goods Sold ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Average Inventory
跨国企业	Multinational Corporation	A corporation that has its facilities and other assets in at least one other foreign country. Sometimes referred to as transnational corporation.

TheMBAGlover

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中文词句	English Terms	English Definitions
机构基金	Institutional Fund	A mutual fund targeting high value investors with low fees, but high minimum requirements.
机构经纪人预测系统	IBES	A system that gathers and compiles the different estimates made by stock analysts on the future earnings for the majority of U.S. publicly traded companies.
机构经纪人预测系统	Institutional Brokers' Estimate System (IBES)	A system that gathers and compiles the different estimates made by stock analysts on the future earnings for the majority of U.S. publicly traded companies.
机构投资者	Institutional Investor	A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. Institutional investors face less protective regulations because it is assumed that they are more knowledgeable and better able to protect themselves
机构债券	Agency Bonds	A bond issued by a government agency.
机构证券	Agency Securities	Low risk debt obligations issued by enterprises that the U.S. Government sponsors.
机会成本	Opportunity Cost	The difference in return between a chosen investment and one that is passed up.
机械化投资	Mechanical Investing	Buying and selling stocks based on criteria that meets the predetermined mechanical investing screen. This screen usually ranks stocks using the central element of relative strength or momentum, but other indicators can also be used. Investors buy the top 5-10 stocks according to this type of screening process.
积极管理	Active Management	An investing strategy that seeks returns in excess of a specified benchmark.
积极投资	Active Investing	An investment strategy involving ongoing buying and selling actions of the investor. Active investors will purchase investments and continuously monitor their activity in order to exploit profitable conditions.
基本面分析	Fundamental Analysis	A method of evaluating securities by attempting to measure the intrinsic value of a particular stock. Fundamental analysts study everything from the overall economy and industry conditions, to the financial condition and management of companies.
基本时期	Base Period	A particular time period used for comparative purposes when measuring economic data.
基础设施	Infrastructure	The basic physical systems of a nation.
基点	Basis Point (BP)	A measure of a bond's yield, equal to 1/100th of 1% of yield. A bond whose yield increases from 5.0% to 5.5% is said to increase by 50 basis points.
基金经理	Fund Manager	The person responsible for investing of a mutual fund's assets, implementing its investment strategy, and managing in day-to-day portfolio trading.
基金中的基金	Funds of Funds	A mutual fund which invests in other mutual funds.
基于财务表现额外对价条款	Earnout	A contractual provision where the seller of a business obtains additional consideration based on the business achieving certain financial goals in the future. These goals are usually stated as a percentage of gross sales or earnings.
基准	Benchmark	Anything that serves as a standard for something's performance to be measured against.
基准债券	Benchmark Bond	A bond that provides a standard for comparing the performance of other bonds. Government bonds are almost always used as benchmark bonds.
激进会计法	Aggressive Accounting	The practice of inappropriately misconstruing income statements for the purpose of pleasing investors and inflating stock prices.
及时生产	Just In Time	A production strategy companies employ to increase efficiency and decrease waste by producing goods only as they are ordered or needed.
即付年金	Annuity Due	An annuity whose payment is to be made immediately, rather than at the end of the period.
即期交易	Spot Trade	The purchase and sale of a foreign currency or commodity for immediate delivery.
即期票据	Demand Note	A loan with no fixed term or set duration of repayment. It can be recalled upon the lenders request, assuming the notice required by the provisions of the loan are met.
积压待发股票、悬货	Overhang	Calculated as stock options granted, plus the remaining options to still be granted, and then divided by the total shares outstanding.
集体基金	Collective Fund	An investment vehicle that combines tax exempt assets of various individuals and organizations in order to create a well diversified portfolio.
挤油交易、反复买卖	Churning	An unethical practice employed by some brokers to increase their commissions by excessively trading in a client's account
计量经济学	Econometrics	The application of statistical theories to economic ones for the purpose of forecasting future trends.
记录日	Record Date	The date established by an issuer of a security for the purpose of determining the holders who are entitled to receive a dividend or distribution
技术分析	Technical Analysis	A method of evaluating securities by analyzing statistics generated by market activity, such as past prices and volume. Technical analysts do not attempt to measure a security's intrinsic value. Technical analysts often use charts to identify patterns that can suggest future activity.
季度(第一季度、第二季度、第三季度、第四季度)	Q1, Q2, Q3, Q4	A three-month period on a financial calendar that acts as a basis for the reporting of earnings and the paying of dividends.
季度(第一季度、第二季度、第三季度、第四季度)	Quarter (Q1, Q2, Q3, Q4)	A three-month period on a financial calendar that acts as a basis for the reporting of earnings and the paying of dividends.
加快折旧	Accelerated Depreciation	Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years of the life of an asset.
加强信贷措施	Credit Enhancement	A method whereby a company attempts to improve its debt or credit worthiness.
加权平均资本成本	WACC	A calculation of a firm's cost of capital that weights each category of capital proportionately. Included in the WACC calculation are all capital sources including: common stock, preferred stock, bonds, and any other long term debt. WACC is calculated by multiplying the cost of each capital component by its proportional weighting and then summing: Where: Re = cost of equity Rd = cost of debt E = the market value of the firm's equity D = the market value of the firm's debt V = E + D E/V = percentage of financing that is equity D/V = percentage of financing that is debt Tc = the corporate tax rate
加权平均资本成本	Weighted Average Cost of Capital (WACC)	A calculation of a firm's cost of capital that weights each category of capital proportionately. Included in the WACC calculation are all capital sources including: common stock, preferred stock, bonds, and any other long term debt. WACC is calculated by multiplying the cost of each capital component by its proportional weighting and then summing: Where: Re = cost of equity Rd = cost of debt E = the market value of the firm's equity D = the market value of the firm's debt V = E + D E/V = percentage of financing that is equity D/V = percentage of financing that is debt Tc = the corporate tax rate
加权平均总市值	Weighted Average Market Capitalization	A stock market index weighted by the value of all shares outstanding for each stock.
家庭成员	Member of Household	A person who has lived in the taxpayer's home for the entire tax year.
家庭开支	Household Expenses	A per person breakdown of general living expenses. It includes the amount paid for lodging, food consumed within the home, utilities paid, and other expenses. The sum of all the expenses is then divided by the number of family members residing in the house in order to find each member's part of the total expense.
夹层融资	Mezzanine Financing	A type of equity financing used in takeovers. It uses preferred shares and convertible securities to make a target firm larger. Financing that combines debt and equity.
价差、息差	Spread	The difference between the bid and the ask prices of a security or asset. An options position established by purchasing one option and selling another option of the same class, but of a different series.
价格波幅	Range	A stocks low price and high price for a particular trading period, such as the close of a day's trading, the opening of a day's trading, a day, a month, or a year.
价格发现	Price Discovery	A method of determining the price for a specific commodity through basic supply and demand factors related to the market
价格风险	Price Risk	The risk that the value of a security or portfolio of securities will decline in the future.
价格回升	Rally	A rise in the prices of individual securities, bonds, or indexes, following a period of flat or declining prices.
价格目标	Price Target	The projected price level as stated by an investment analyst or advisor.
价值股票	Value Stock	A stock that is considered undervalued by a value investor. Common characteristics of such stocks include a high dividend yield and low price-to-book ratio.
价值链	Value Chain	A high-level model of how businesses receive raw materials as input, add value to the raw materials through various processes, and sell finished products to customers
价值评估	Appraisal	An opinion of value for a property or business.
价值投资	Value Investing	The process of selecting stocks that trade for less than their intrinsic value. A value investor typically selects stocks with lower than average price-to-book or price-to-earning ratios.
坚定承诺	Firm commitment	A lending institution's promise to enter into a loan agreement with a specific entity, within a certain period of time. An underwriter's agreement to assume all inventory risk and purchase all securities directly from the issuer for sale to the public at the price specified.
减记	Write-Down	Reducing the book value of an asset because it is overvalued compared to market values.
减价、调低标价	Markdown	The difference between the highest current bid price among broker-dealers in the market and the lower price that a dealer charges a customer.
减损盈利的收购项目	Dilutive Acquisition	An acquisition that will decrease the acquiring company's EPS.
减债	Deleverage	The reduction of financial instruments or borrowed capital previously used to increase the potential return of an investment. It is the opposite of leverage.
间接成本	Overhead	A reference in accounting to all costs not including or related to direct labor, materials, or administration costs
交叉持股	Cross Holding	When listed corporations own securities issued by other listed corporations.
交叉代理人	Agency Cross	A trade that has only one agent acting for the buyer and seller. Also known as Dual Agency.
交叉对冲	Cross Hedge	The act of hedging ones position by taking an offsetting position in another good with similar price movements.
交叉基金	Crossover Fund	An investment fund that invests in both public and private equity.
交叉交易	Cross	When a broker receives a buy and sell order for the same stock at the same price, and subsequently makes a simultaneous trade between two separate customers.
交割价格	Delivery Price	A price for the delivery of underlying commodities upon the expiration of futures contracts. This price is fixed by clearing houses.
交割、交货	Delivery	The act whereby an underlying commodity, security, cash value, or delivery instrument covering the commodity is tendered and received by the contract holder.
交割日期	Delivery Date	The final date by which the underlying commodity for a futures contract must be delivered in order for the terms of the contract to be fulfilled. The maturity date of a currency forward contract.
交割文件	Delivery Instrument	A document that stands in lieu of the physical underlying during the delivery of the futures contract.
交割月份	Delivery Month	The month in which a contract expires and delivery of the underlying or cash is required for fulfillment.
交易单位、批	Lot	In general, any group of goods or services making up a transaction.
交易对手风险	Counterparty Risk	The risk to each party of a contract that the counterparty will not live up to their contractual obligations.
交易后估值	Post-Money Valuation	The value of a company after external financing alternatives are added to its balance sheet.
交易控制	Curb	A temporary restriction on program trading in a particular security or market, usually to reduce dramatic price movements.
交易量、成交量	Volume Of Trade	The number of shares or contracts traded in a security or an entire market during a given period.
交易前估值	Pre-Money Valuation	The value of a company before external financing alternatives are added to its balance sheet.
交易所分销	Exchange Distribution	A trade made on the floor of a securities exchange, where a large block of shares traded actually represent many buy and sell orders that have been pooled and executed as one transaction.
交易所指数基金	Exchange Traded Fund	A security that tracks an index but has the flexibility of trading like a stock. Just like an index fund, an ETF represents a basket of stocks that reflect an index. The difference is that an ETF isn't a mutual fund - it trades just like any other company on a stock exchange. Unlike a mutual fund, which have their net asset value (NAV) calculated at the end of each trading day, an ETF's price changes throughout the day from buying and selling.
结构性票据	Structured Note	A synthetic medium-term debt obligation with embedded components and characteristics that adjust the risk/return profile of the security. An instrument whose value is determined by the price movement of the asset underlying the note. It allows investors to realize a profit from favorable price movements.
结构性融资	Structured Finance	A service offered by many large financial institutions for companies with very unique financing needs. These financing needs usually don't match conventional financial products such as a loan. Structured finance generally involves highly complex financial transactions.
结构性失业	Structural Unemployment	Unemployment resulting from changes in the basic composition of the economy. These changes simultaneously open new positions for trained workers.
结晶交易	Crystallization	The act of selling and buying stocks almost instantaneously in order to increase or decrease book value.
结算	Clearing	The procedure by which an organization acts as an intermediary and assumes the role of a buyer and seller for transactions in order to reconcile orders between transacting parties.
结算费用	Clearing Fee	A fee charged by clearing corporations for their services provided to investment firms.
结算行	Clearing House	This is a firm that guarantees the obligations of the parties in an exchange traded security or derivative transaction.
结算价格	Settlement Price	The average price that a contract trades at, calculated for both the open and the close of each trading day.
结算日期	Settlement Date	The date by which an executed security trade must be settled. That is, the date by which a buyer must pay for the securities delivered by the seller. The payment date of benefits from a life insurance policy.
借项、借方	Debit	An accounting entry which results in either an increase in assets or a decrease in liabilities or in your bank account.
今天最低	Today's Low	The intra-day low trading price.
今天最高	Today's High	The intra-day high trading price.
金钱、货币	Money	A commodity or asset, such as gold, an officially issued currency, coin, or paper note, that can be legally exchanged for something equivalent, such as goods or services. D1083As defined by common law: a medium of exchange authorized or adopted by a domestic or foreign government and includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more nations.
金融超级市场	Financial Supermarket	A financial company that offers a wide range of services to its clients.
金融时报股票交易所指数	FTSE	A company that specializes in index calculation. Although not part of a stock exchange, co-owners include the London Stock Exchange and the Financial Times.
金融中介机构	Financial Intermediary	An institution that acts as the middleman between investors and firms raising funds. Often referred to as financial institutions.
金融资产	Financial Asset	An asset that derives value because of a contractual claim. Examples are stocks, bonds, or bank deposits.
金融资产重整	Financial Engineering	The creation of new and improved financial products through innovative design or repackaging of existing financial instruments.
金手铐	Golden Handcuffs	An incentive given to existing employees in hopes that they will decide to stay with the company.
紧缩	Squeeze	In financial terms, a period of time when borrowing is difficult. In general business terms, times when increasing costs cannot be passed onto consumers. The decrease in profits is said to be caused by a squeeze on profit margins.
紧缩信贷	Credit Crunch	An economic condition whereby investment capital is difficult to obtain. Banks and investors become weary of lending funds to corporations thereby driving up the price of debt products for borrowers.
尽力推销	Best Efforts	An underwriter's agreement to act as an agent between an issuing company and investors.
尽职调查	Due Diligence	An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to a sale. Generally, due diligence refers to the care a reasonable person should take before entering in an agreement or transaction with another party.
进口	Import	In reference to international trade, these are goods brought into one country from another.
进取投资策略	Aggressive Investment Strategy	A method of portfolio management that attempts to achieve maximum return. Aggressive investors place a higher percentage of their assets in equities than they do in safer debt securities.
经常帐户	Current Account	The difference between a nation's total exports of goods, services, and transfers, and its total imports of them. Current account balance calculations exclude transactions in financial assets and liabilities.
经磋商协议的承销费用	Negotiated Underwriting	When the purchase price and commission for underwriting a new issue are negotiated, as opposed to using the competitive bid process.
经纪公司催缴通知	House Call	Notification from a broker that a customer's equity in a margin account is below the required maintenance level. The customer must provide more cash or securities to meet a house call.
经济合作及发展组织	OECD	The OECD is a group of 30 member countries who discuss and develop economic and social policy.
经济衰退	Recession	A significant decline in activity spread across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income, and wholesale-retail trade. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country's GDP.
经济体系	Economy	A set of interrelated economic production and consumption activities.
经济萧条	Depression	A severe and prolonged recession characterized by inefficient economic productivity, high unemployment, and falling price levels.
经济学	Economics	The study of how people use their limited resources in an attempt to satisfy unlimited wants.
经济增值	EVA	A measure of a company's financial performance coined by Stern Stewart & Co. EVA measures the residual wealth of a company when its cost of capital is deducted from its operating profit (adjusted for taxes on a cash basis). EVA is calculated as: Net Operating profit After taxes (NOPAT) - (Capital * Cost of Capital)
经济增值	Economic Value Added (EVA)	A measure of a company's financial performance coined by Stern Stewart & Co. EVA measures the residual wealth of a company when its cost of capital is deducted from its operating profit (adjusted for taxes on a cash basis). EVA is calculated as: Net Operating profit After taxes (NOPAT) - (Capital * Cost of Capital)
精算	Actuary	A professional working for an insurance company. They evaluate your application and medical records to project how long you will live.
净出口值	Net Exports	The value of total exports minus the value of total imports.
净亏损、净损失	Net Loss	When a person or company's expenses exceeds the income produced.
净收入	NI	An individual or company's total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes, and other expenses.
净收入	Net Income (NI)	An individual or company's total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes, and other expenses.
净收益	Net Proceeds	The amount received after all the costs are deducted from the sale of property, a loan, or the sale of some type of security.
净投资收入	Net Investment Income	The profit resulting from an investment minus any direct expenses.
净息差	Net Interest Margin	The difference between interest income and interest expenses, divided by average earning assets.
净现值	NPV	An approach used in capital budgeting where the present value of cash inflow is subtracted from the present value of cash outflows.
净现值	Net Present Value (NPV)	An approach used in capital budgeting where the present value of cash inflow is subtracted from the present value of cash outflows.
净销售额	Net Sales	The amount a seller receives from the buyer after costs associated with the sale are deducted.
净债务	Net Debt	Calculated as short and long term interest bearing debt minus cash (and equivalents).
净值	Net Worth	The amount by which a person's assets exceed their liabilities.
净资产回报率	Return On Net Assets (RONA)	A measure of a corporation's profitability, calculated as: Net Income ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Shareholder's Equity
竞标	Competitive Bid	A process whereby an underwriter submits a sealed bid to the issuer. The issuer awards the contract to the underwriter with the best price and contract terms.
静止期	Quiet Period	In terms of an IPO, the period where an issuer is subject to a SEC ban on promotional publicity. The quiet period usually lasts either 40 or 90 days from the IPO.
境外	Offshore	A term describing entities located or based outside of one's national boundaries.
镜子基金	Mirror Fund	A type of mutual fund, typically run by a life insurance company, that enables an investor to access another company's mutual fund through their life insurance policies.
具增值作用的收购项目	Accretive Acquisition	An acquisition that will increase the acquiring company's EPS.
捐赠	Endowment	Assets, funds, or property that is donated to an institution, an individual, or a group as a source of income.
均衡	Equilibrium	The state where market supply and demand balance each other and, therefore, prices are stable.

TheMBAGlover

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中文词句	English Terms	English Definitions
H股	H-Shares	A share of a Chinese company listed on the Hong Kong Stock Exchange.
行业	Industry	A category used to describe a company's primary business activity, usually determined by the largest source of a company's revenues.
行业基金	Sector Fund	A mutual fund whose objective is to invest in a particular industry or sector of the economy to capitalize on returns.
行业类股	Sector	A particular group of securities that are in the same industry.
合并	Merger	The combining of two or more companies, generally by offering the stockholders of one company securities in the acquiring company in exchange for the surrender of their stock.
合并套利	Merger Arbitrage	A hedge fund strategy whereby the stocks of two merging companies are simultaneously bought and sold to create a riskless profit. Merger arbitrageur look at the risk of the deal not closing on time or at all. Because of this slight uncertainty the target company's stock will typically sell at a discount to the price that the combined company has when the merger is closed.
合成出售期权	Synthetic Put	An investment strategy of short selling a security and entering a long position on its call.
合成有抵押债务	Synthetic Collateralized Debt Obligation	An artificial collateralized debt obligation that is backed by a pool of credit derivatives.
合成租赁	Synthetic Lease	An operating lease that is structured in a way so that it is not recorded as a liability on the balance sheet. Instead, it is considered to be an expense on the income statement.
合资格机构投资者	QIB	Primarily referring to institutions that manage at least $100 million in securities including banks, savings and loans institutions, insurance companies, investment companies, employee benefit plans, or an entity owned entirely by qualified investors. Also included are registered broker-dealers owning and investing, on a discretionary basis, $10 million in securities of non-affiliates.
合资格机构投资者	Qualified Institutional Buyer (QIB)	Primarily referring to institutions that manage at least $100 million in securities including banks, savings and loans institutions, insurance companies, investment companies, employee benefit plans, or an entity owned entirely by qualified investors. Also included are registered broker-dealers owning and investing, on a discretionary basis, $10 million in securities of non-affiliates.
合资企业、合资经营	Joint Venture	The cooperation of two or more individuals or businesses in a specific enterprise, each agreeing to share profit, loss, and control.
荷兰拍卖	Dutch Auction	An auction where the price on an item is lowered until it gets its first bid, and then the item is sold at that price.
黑色星期四	Black Thursday	The colloquial name given to Thursday, October 24th, 1929 when the New York Stock Exchange plummeted leading to the great depression of the 1930's.
黑色星期一	Black Monday	The most notorious day in financial history (October 19, 1987). The DJIA fell 508 points, almost 22%. This stands as the largest one-day drop in NYSE history.
黑武士	Black Knight	A company that makes a hostile takeover offer on a target company.
恒生指数	HSI	An index of the leading stocks on the Hong Kong stock market.
恒生指数	Hang Seng Index (HSI)	An index of the leading stocks on the Hong Kong stock market.
横向合并	Horizontal Merger	A merger occurring between companies producing similar goods or offering similar services.
横向整合	Horizontal Integration	When a company expands its business into different products that are similar to current lines.
红筹公司	Red Chip	A company incorporated and listed in Hong Kong with controlling Chinese shareholders.
红头招股书、公开说明书初稿	Red Herring	A preliminary registration statement that must be filed with the SEC or provincial securities commission. It describes the issue (IPO) and the prospects of the company. There is no price or issue size stated in the Red Herring.
宏观经济	Macroeconomics	The field of economics that studies the behavior of the economy as a whole.
后进先出	LIFO	A inventory management and valuation method whereby products acquired last are the ones sold first.
后进先出	Last In First Out (LIFO)	A inventory management and valuation method whereby products acquired last are the ones sold first.
后门上市/借壳上市	Back Door Listing	A strategy of going public used by a company that fails to meet the criteria for listing on a stock exchange. To get onto the exchange, the company desiring to go public acquires an already-listed company.
后线	Back Office	Administration and support personnel in a financial services company. They carry out functions like: settlements, clearances, record maintenance, regulatory compliance, accounting, etc.
后续发行	Follow-on Offering	An offering of additional shares after a company has had an initial public offering.
后续发行	Subsequent Offering	An offering of additional shares after a company has had an initial public offering (IPO).
互相争夺市场	Market Cannibilization	The negative impact a new product has on the sales performance of a company's existing, related products.
华尔街	Wall Street	The street in New York where the NYSE is located. The NYSE itself. Also the collective name for the financial institutions in New York City. Including stock exchanges, banks, commodity markets, money markets, etc.
还本付息	Debt Service	Cash required in a given period for the repayment of interest and principal of a debt.
换算风险	Translation Exposure	The exchange rate risk associated with companies that deal in foreign currencies or list foreign assets upon their balance sheets.
黄金股	Golden Share	A type of share that gives its shareholder veto power over changes to the company's charter.
黄金降落伞	Golden Parachute	Lucrative benefits given to top executives in the event that a company is taken over by another firm, resulting in the loss of their job. Benefits include items such as stock options, bonuses, severance pay, etc.
黄金救生衣	Golden Lifejacket	An exceptional compensation package an acquiring company offers to the top executives of the company being acquired. The offer is meant to keep these executives attracted to holding their offices.
黄武士	Yellow Knight	A company that was once making a takeover attempt but ends up discussing a merger with the target company.
灰市	Gray Market	An unofficial market where new issues of shares are bought and sold before they officially become available for trading on the stock exchange. The sale of goods by unauthorized dealers.
灰武士	Gray Knight	A second, unsolicited bidder in a corporate takeover. A gray knight enters the scene in order to take advantage of any problems between the first bidder and the target company.
回报率	Return	The gain or loss for a security in a particular period, consisting of income plus capital gains relative to investment. It is usually quoted as a percentage.
回购	Buy Back	The buying back of shares by a corporation in order to reduce the number of shares on the market. D207The purchasing of shares previously sold short so the open position is closed.
回购股份	Share Repurchase	A company's plan to buy back its own shares from the marketplace, reducing the number of outstanding shares. Typically, this is an indication that the company's management thinks the shares are undervalued
混合证券	Hybrid Security	A security that combines two or more different financial instruments.
活动比率	Activity Ratio	Accounting ratios that measure a firm's ability to convert different accounts within their balance sheets into cash or sales.
活动收入	Active Income	Income for which services have been performed. This includes wages, tips, salaries, commissions, and income from businesses in which there is material participation
活期存款	Demand Deposit	An account where deposited funds can be withdrawn at any time.
活跃债券投资者	Active Bond Crowd	A term used to describe fixed-income securities that trade frequently on the floor of the NYSE.
货币	Currency	Money circulated within an economy, including coins and paper notes.
货币掉期	Currency Swap	A swap that involves the exchange of principal and interest in one currency for the same in another currency.
货币管理外包	Currency Overlay	The outsourcing of currency risk management to a specialist firm, known as the overlay manager. This is used in international investment portfolios to separate the management of currency risk from the asset allocation and security selection decisions of the investor's money managers.
货币供应	Money Supply	The entire quantity of a country's bills, coins, loans, credit, and other liquid instruments in the economy. It is divided into three categories, M1, M2, and M3, according to the type and size of account the instrument is kept in.
货币供应量1	M1	The category of the money supply that includes all physical money like coins and currency. It also includes demand deposits, which are checking accounts and NOW accounts.
货币供应量2	M2	A category of the money supply that includes M1 in addition to all time-related deposits, savings deposits, and non-institutional money-market funds.
货币供应量3	M3	A category of the money supply that includes M2 in addition to all large time deposits, institutional money-market funds, short-term repurchase agreements, along with other larger liquid assets.
货币流量	Money Flow	Calculated by averaging the high, low, and closing prices, and multiplying by the daily volume. Comparing that result with the number for the previous day tells you whether money flow was positive or negative for the current day.
货币流量指数	Money Flow Index (MFI)	A momentum indicator that measures the strength of money in and out of a security. A divergence between the MFI and price trend can be interpreted as a possible trend reversal.
货币期货	Currency Futures	A transferable futures contract that specifies the price at which a specified currency can be bought or sold at a future date.
货币期权	Currency Option	A contract that grants the holder the right, but not the obligation, to buy or sell currency at a specified price during a specified period of time.
货币市场	Money Market	The securities market dealing in short-term debt and monetary instruments. Money market instruments are forms of debt that mature in less than one year and are very liquid.
货币市场基金	Money Market Fund	A mutual fund that invests in short-term debt instruments. The fund's objective is to earn interest for shareholders while maintaining a net asset value of $1.00 per share.
货币市场账户	Money Market Account	A savings account that offers the competitive rate of interest (real rate) in exchange for larger than normal deposits.
货币远期	Currency Forward	A forward contract that locks-in the price an entity can buy or sell currency on a future date.
货币政策	Monetary Policy	The actions of a central bank, currency board, or other regulatory committee, that determine the size and rate of growth of the money supply, which in turn affects interest rates.
获利抛售	Profit Taking	Occurs when traders sell stock to cash in on a sharp rise. This action pushes prices down temporarily.

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中文词句	English Terms	English Definitions
高级证券	Senior Security	A security (usually debt) that, in the event the issuer goes bankrupt, must be repaid before other creditors receive any payment.
高利贷	Loan Sharking	When a borrower is charged interest above an established legal rate. Depending on where you live, lenders typically cannot charge more than 60% interest per annum.
高流通性市场	Liquid Market	A market with many bid and ask offers. The market is characterized by high liquidity, low spreads, and low volatility.
高市值股票	Large-Cap	Companies having a market capitalization between $10 billion and $200 billion.
高折扣债券	Deep Discount Bond	A bond that sells at a significant discount from par value. A bond that has a coupon rate significantly less than the prevailing rates of fixed-income securities with similar risk profiles and is selling at a discount from par value.
告慰函、安慰函	Letter of Comfort	A letter issued to a lending institution by a parent company acknowledging the approval of a subsidiary company's attempt for financing.
GDP差距	GDP Gap	The sacrificed output within a country's economy due to the failure to create sufficient jobs for all those willing to work.
GDP平减数	GDP Deflator	An economic metric used to account for inflation by converting output measured at current prices into constant-dollar GDP. The GDP deflator shows how much a change in the base year's GDP relies upon changes in the price level.
格林斯潘	Alan Greenspan	Dr. Greenspan is Chairman of the Board of Governors of the Federal Reserve System. He is serving his fourth four-year term ending June 20, 2004. Dr. Greenspan also serves as Chairman of the Federal Open Market Committee (FOMC), the Fed's principal monetary policymaking body.
格林斯潘对策	Greenspan Put	A colloquial term used to describe the Chairman of the Federal Reserve Board's actions in preventing significant and sustained market downturns.
隔夜利率	Overnight Rate	The interest rate at which a depository institution lends immediately available funds (balances within the central bank) to another depository institution overnight.
隔夜指数掉期	Overnight Index Swap	An interest rate swap involving the overnight rate being exchanged for some fixed interest rate.
跟随权	Tag Along Rights	A procedure used to protect a minority shareholder (usually in a venture capital deal). Basically, if a majority shareholder sells their stake, then the minority shareholder has the right to join the transaction and sell their minority stake in the company.
公开市场委员会	FOMC	The body that sets the interest rate and credit policies of the Federal Reserve System.
公开市场委员会	Federal Open Market Committee (FOMC)	The body that sets the interest rate and credit policies of the Federal Reserve System.
公开说明书定稿	Final Prospectus	A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors.
公开流通股票	Float	The total number of shares publicly owned and available for trading. The float is calculated by subtracting restricted shares from outstanding shares.
公开上市	Going Public	The process of selling shares that were formerly privately-held to new investors for the first time.
公开说明书	Prospectus	A formal legal document describing details of a corporation. The prospectus is generally created for a proposed offering (usually an IPO), but they can still be obtained from existing businesses as well. The prospectus includes company facts that are vitally important to potential investors. In this case of mutual funds, a prospectus describes the fund's objectives, history, manager background, and financial statements.
公开资产	Public	Assets that can be traded in a public market, such as the stock market.
公开发行价值	Public Offering Price (POP)	The price at which new issues are offered to the public by an underwriter
公平交易	Arms Length Transaction	When the buyers and sellers of a product act independently of each other and have no relationship to each other.
公平价值	Fair Value	The estimated value of all assets and liabilities of an acquired company used to consolidate the financial statements of both companies. In the futures market, fair value is the equilibrium price for a futures contract. This is equal to the spot price after taking into account compounded interest (and dividends lost because the investor owns the futures contract rather than the physical stocks) over a certain period of time.
公平意见	Fairness Opinion	An opinion developed by qualified analysts or advisors with the purpose of providing key details and factual proof to the decision makers of a merger or acquisition.
公司税	Corporate Tax	A levy placed on the profit of a firm; different rates are used for different levels of profits.
公司、企业	Corporation	The most common form of business organization. The total worth of the organization is divided into shares of stock, each representing a unit of ownership. A corporation is ongoing and the owners face only limited liability.
公司债券	Debenture	An unsecured debt backed only by the credit worthiness of the borrower. There is no collateral, and the agreement is documented by an indenture.
公司化、非共同化	Demutuali-zation	The process of changing corporate structure from a mutual fund company to some other form, such as a limited liability or corporation.
共同基金	Mutual Fund	A security that gives small investors access to a well diversified portfolio of equities, bonds, and other securities. Each shareholder participates in the gain or loss of the fund. Shares are issued and can be redeemed as needed. The fund's net asset value (NAV) is determined each day. Each mutual fund portfolio is invested to match the objective stated in the prospectus.
共同基金流动率	Mutual Fund Liquidity Ratio	A ratio published monthly by the Investment Company Institute that compares the amount of cash to assets held by mutual fund portfolios.
共同拥有财产	Joint Owned Property	Any property held in the name of more than one person.
共同债券	Joint Bond	A type of annuity that makes payments for the lifetime of two or more beneficiaries
供应	Supply	The total amount of a good or service available for purchase by consumers.
供应方理论	Supply-Side Theory	An economic theory holding that bolstering an economy's ability to supply more goods is the most effective way to stimulate economic growth.
供应链	Supply Chain	The network created amongst different companies producing, handling, and/or distributing a specific product.
供应链管理	Supply Chain Management	The management and coordination of a product's supply chain for the purpose of increasing efficiency and profitability.
供应商融资	Vendor Financing	When a company lends money to one of its customers so that the customer can buy products from them. By doing this, the company increases their sales even though they are basically buying their own products.
购股接管	Purchase Acquisition	An accounting method used in mergers and acquisitions where the purchasing company treats the target firm as an investment, adding the company's assets to its own at fair market value.
购股权	Right	A contractual right giving investors holding restricted stock the ability to demand that the issuing company register the shares to the SEC, effectively making the stock available for sale to the public.
购股权发行	Rights Issue	The issuing of rights, to existing shareholders of a security, to buy a proportional number of additional securities at a given price (usually at a discount) within a fixed period.
购股权发行	Rights Offering	The issuing of rights, to existing shareholders of a security, to buy a proportional number of additional securities at a given price (usually at a discount) within a fixed period.
购买力	Buying Power	The money an investor has available to buy securities. In a margin account, the buying power is the total cash held in the brokerage account plus maximum margin available.
购买力	Purchasing Power	The ability to purchase goods and services, or the amount of goods and services that one unit of money can buy.
估价人	Assessor	A local government official who determines the value of a property for taxation purposes.
估值	Valuation	The process of determining the current worth of an asset.
估值不足	Undervalued	A stock or other security that is trading below its presumed value.
估值折扣	Haircut	The difference between prices at which a market maker can buy and sell a security. The percentage by which an asset's market value is reduced for the purpose of calculating capital requirement, margin, and collateral levels.
估值较低的一次融资	Down Round	A round of financing where investors purchase stock from a company at a lower valuation than the valuation placed upon the company by earlier investors.
古典经济学	Classical Economics	Classical Economics refers to work done by a group of economists in the 18th and 19th centuries. They developed theories about the way markets and market economies work. The study was primarily concerned with the dynamics of economic growth. It stressed economic freedom and promoted ideas such as laissez-faire and free competition.
股本成本	Cost of Equity	The return that stockholders require for a company. The traditional formula is the dividend capitalization model:
股本回报率	ROE	A measure of a corporation's profitability, calculated as: Net Income ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Shareholder's EquityThe ROE is useful in comparing the profitability of a company to other firms in the same industry.
股本回报率	Return On Equity (ROE)	A measure of a corporation's profitability, calculated as: Net Income ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Shareholder's EquityThe ROE is useful in comparing the profitability of a company to other firms in the same industry.
股本金	Share Capital	The portion of a corporation's equity obtained from issuing shares in return for cash or other considerations.
股东	Shareholder	Any person, company, or other institution that owns at least 1 share in a company. A shareholder may also be referred to as a stockholder.
股东价值转移	Shareholder Value Transfer (SVT)	A measurement of the amount of shareholders' equity flowing out of a company to its executives through exercised stock options.
股东权益	Shareholders Equity	A firms total assets minus its total liabilities, or equivalently, share capital plus retained earnings minus treasury shares. It is the amount of the company that is financed through common and preferred shares.
股东增值	Shareholder Value Added (SVA)	A value-based performance measure of a company's worth to shareholders. The basic calculation is net operating profit after tax (NOPAT) minus the cost of capital from the issuance of debt and equity, based on the company's weighted average cost of capital (WACC).
股东总回报	Total Shareholder Return	The total return of a stock to an investor (capital gain plus dividends). The internal rate of return of all cash flows to an investor during the holding period of an investment.
股份公司	Joint Stock Company	An organization that falls between the definitions of a partnership and corporation. This type of company issues stock and allows for secondary market trading, however, stockholders are liable for company debts.
股价下跌失效的期权	Down-and-Out Option	An option that ceases to exist when the price of an underlying security sinks to a specified level.
股价下跌生效的期权	Down-and-In Option	An option that comes into existence when the price of an underlying security sinks to a specified level.
股价与现金流比率	Price-To-Cash-Flow Ratio	A measure of the market's expectations regarding a firm's future financial health. It is calculated by dividing price per share by cash flow per share.
股价与销售额比率	Price-To-Sales Ratio	A technique for finding a stock's valuation relative to its own past performance, other companies, or the market itself. It is calculated by dividing a stock's current price by its revenue per share.
股价与账面价值比率	Price-To-Book Ratio	A ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value (Book value is simply assets minus liabilities).
股票	Share	Certificates representing ownership in a corporation.
股票报价	Stock Quote	A list of prices, both bid and ask, for a stock during a particular trading day. Stocks used to be quoted in fractions, but now most all exchanges use decimals.
股票倍数	Equity Multiplier	Total assets divided by total common stockholders' equity.
股票单位信托	Equity Unit Investment Trust	A registered trust in which investors purchase units from a fixed portfolio of equities are chosen and passively managed by a professional money manager.
股票分拆上市	Equity Carve-out	Sometimes known as a partial spinoff, a carve out occurs when a parent company sells a minority (usually 20% or less) stake in a subsidiary for an IPO or rights offering. Where an established brick-and-mortar company hooks up with venture investors and a new management team to launch an Internet spinoff.
股票风险溢价	Equity Risk Premium	The extra return that the stock market provides over the risk free rate to compensate for market risk.
股票、股本	Equity	A term describing stock, or any security, representing an ownership interest. On the balance sheet, equity refers to the value of the funds contributed by the owners (the stockholders) plus the retained earnings (or losses).
股票股息	Stock Dividend	A dividend payment made in the form of additional shares, rather than a cash payout.
股票关联票据	Equity-Linked Note	An instrument whose return is determined by the performance of a single equity security, a basket of equity securities, or an equity index.
股票纪录	Stock Record	A system that helps brokerage firms keep track of the position and physical location of the securities they are holding.
股票价值低于现金值	Trading Below Cash	When a company's total share value is less than its cash minus debts.
股票期权	Stock Option	A privilege, sold by one party to another, that gives the buyer the right, but not the obligation, to buy (call) or sell (put) a stock at an agreed-upon price during a certain period of time or on a specific date.
股票融资	Equity Financing	Raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation.
股票资金	Equity Fund	A mutual fund that invests in a broad, well diversified group of stocks.
股权收购要约	Tender Offer	An offer to purchase some or all of shareholders' shares in a corporation. The price offered is usually at a premium to the market price.
股市投资比率	Market Exposure	The amount an individual or mutual fund has invested in the stock market, usually calculated as a percentage.
股息	Dividend	A cash payment, using profits, announced by a company's board of directors and distributed among stockholders. Dividends may be in the form of cash, stock, or property. All dividends must be declared by the board of directors.
股息收益率	Dividend Yield	An indication of the income generated by a share of stock. Dividend yield is calculated by taking annual dividends per share and dividing by price per share.
股息贴现模型	Dividend Discount Model (DDM)	A procedure for valuing the price of a stock by using predicted dividends and discounting them back to present value. The idea is that if the value obtained from the DDM is higher than what the shares are currently trading at, then the stock is undervalued.
股息宣告日	Declaration Date	The date and amount of the next dividend payment as set by the board of directors.
股息再投资计划	Dividend Reinvestment Plan	A plan offered by a corporation giving investors the option of reinvesting their cash dividends by purchasing additional shares or fractional shares on the dividend payment date.
股息政策	Dividend Policy	The policy a company uses to decide how much it will pay out to shareholders in dividends.
股息支付率	Dividend Payout Ratio	The percentage of earnings paid to shareholders in dividends. Yearly Dividend per Share ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Earnings per Share or equivalently: Dividends ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Net Income
固定成本	Fixed Cost	A cost that remains constant, regardless of any change in a company's activity.
固定费用偿付比率	Fixed-Charge Coverage Ratio	The ratio of earnings before interest and taxes plus fixed charges (before tax), divided by the fixed charges plus interest. This ratio indicates a firm's ability to satisfy fixed financing expenses, such as interest and leases.
固定利率(抵押)	Fixed Interest Rate (mortgage)	A loan or mortgage with an interest rate that will remain at a certain rate for the entire term of the loan.
固定年金	Fixed Annuity	An insurance contract in which the insurance company makes fixed dollar payments to the annuitant for the term of the contract, usually until the annuitant dies. The insurance company guarantees both earnings and principal.
固定收入证券	Fixed Income Security	An investment that provides a return in the form of fixed periodic payments and eventual return of principle at maturity.
固定资产	Fixed Asset	Tangible property, owned by a firm, that is used in the production of its income, but not expected to be consumed or converted into cash.
寡头垄断	Oligopoly	When a particular market is controlled by a small group of firms.
挂名董事、名义董事	Dummy Director	A person on a company's board of directors who votes and acts on the wishes of a non board member.
关键规模	Critical Mass	A very important or crucial stage in a company's development.
关联人士	Affiliated Person	An individual who is in a position to influence the actions of a corporation. This includes people such as directors, executives, and owners.
关税	Tariffs	A taxation imposed on goods and services imported into a country. Also known as a duty tax.
关税及贸易总协定	General Agreement of Tariffs and Trade (GATT)	An agreement, signed in 1947, whose purpose was to promote global trade between members through a reduction in tariffs.
广泛基础加权平均	Broad-Based Weighted Average	An anti-dilution provision used for the benefit of existing preferred shareholders when additional offerings are made by the corporation. The broad-based weighted average accounts for all equity previously issued and currently undergoing issue.
广泛基础指数	Broad-Base Index	An index designed to reflect the movement of the entire market.
管理层收购项目	Management Buyout (MBO)	When the managers and/or executive of a company purchase controlling interest in a company.
管理费用	Management Fee	A fixed fee that a mutual fund manager charges investors for his services and work with the fund.
管理人基准比较	Manager Universe (Benchmark)	The comparison of an account's performance to the performance of a representative peer group of money managers.
管理资产额	Assets Under Management	In general, the market value of assets an investment company manages on behalf of investors.
规模不经济	Dis-economies of Scale	An economic theory that describes a situation in which economies of scale no longer function for a firm. Rather than experiencing continued decreasing costs per increase in output, firms see an increase in marginal cost when output is increased.
规模经济	Economies of Scale	An economic theory stating that a plant's marginal cost of production decrease as the plant's operation increases.
贵重金属	Precious Metal	A general term used to describe valuable metals such as gold, iridium, palladium, platinum, and silver.
国际基金	International Fund	A mutual fund that can invest in companies located anywhere outside of your own country.
国际结算银行	Bank for International Settlements (BIS)	The BIS is an international organization fostering the cooperation of central banks and international financial institutions.
国际会计标准	IAS	A set of standards stating how particular types of transactions and other events should be reflected in financial statements. International Accounting Standards (IAS) are issued by the Board of the International Accounting Standards Committee (IASC).
国际会计标准	International Accounting Standards	A set of standards stating how particular types of transactions and other events should be reflected in financial statements. International Accounting Standards (IAS) are issued by the Board of the International Accounting Standards Committee (IASC).
国际贸易差额	Balance Of Trade (BOT)	The largest component of a country's balance of payments. It is the difference between exports and imports. Debit items include imports, foreign aid, domestic spending abroad and domestic investments abroad. Credit items include exports, foreign spending in the domestic economy, and foreign investments in the domestic economy.
国际收支差额	Balance Of Payments (BOP)	A record of all transactions made by one particular country during a certain period of time. It compares the amount of economic activity between a country and all other countries.
国际债券	International Bond	Bonds that are issued in a country by a non-domestic entity.
国家风险	Country Risk	The risk that a country will not be able to honor its financial commitments.
国家企业	Crown Corporation	Any corporation that is established and regulated by a country's government.
国家证券经纪商协会	NASD	A self regulatory organization of the securities industry responsible for the operation and regulation of the Nasdaq stock market and over the counter markets. They also administrate exams for investment professionals, such as the series 7 exam.
国家主权风险	Sovereign Risk	The risk that a foreign government will default on a loan because of a change in national policy.
国库券	Treasury Bond	A marketable, fixed-interest U.S. Government debt security with a maturity over 10 years.
国内生产净值	Net Domestic Product	An annual measure of the economic output of a nation, adjusted to account for depreciation. You can calculate this by subtracting depreciation from the gross domestic product (GDP).
国内生产总值	GDP	The monetary value of all the goods and services produced by an economy over a specified period. It includes consumption, government purchases, investments, and exports minus imports
国内生产总值	Gross Domestic Product (GDP)	The monetary value of all the goods and services produced by an economy over a specified period. It includes consumption, government purchases, investments, and exports minus imports
国外债券	Foreign Bond	Bonds that are issued in a domestic market by a foreign entity, in the domestic market's currency.
过渡贷款	Bridge loan	A short-term loan that is used until a person or company can secure permanent financing.
过渡融资	Bridge financing	method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations.
过去12个月	LTM	A term used to describe financial results during the period of the last 12 months.
过去12个月	Last Twelve Months	A term used to describe financial results during the period of the last 12 months.

TheMBAGlover

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中文词句	English Terms	English Definitions
发行备忘录	Offering Memorandum	A legal document stating the objectives, risks, and terms of investment involved with a private placement.
发行成本	Flotation Cost	The costs associated with the issuance of new securities.
发行人	Issuer	The entity, such as a corporation or municipality, that offers (or proposes to offer) its securities for sale.
发行、上市	Flotation	The process of changing a private company into a public company by issuing shares and soliciting the public to purchase them.
发行说明书	Offering Circular	An abbreviated prospectus for a new security listing. Delivered to individuals and brokerage houses, these documents are issued to arouse interest in the new issue.
发展阶段	Development Stage	A company that is focusing a majority of its attention on research & development. Because attention is focused on research, earnings are usually very small or nothing.
法定人数	Quorum	The minimum acceptable level of individuals with a vested interest in a company needed to make the proceedings of a meeting valid under the corporate charter.
反垄断法	Anti-trust	The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. Examples of illegal practices are price-fixing conspiracies, corporate mergers likely to reduce the competitive vigor of particular markets, and predatory acts designed to achieve or maintain monopoly power.
反收购措施	Anti-takeover Measure	Measures taken on a continual or sporadic basis by a firm's management in order to prevent or deter unwanted takeovers.
反收购法规	Anti-takeover Statute	A set of state regulations that prevent or deter companies from attempting hostile takeovers. These regulations vary across state lines and typically affect only the companies incorporated within the state.
反摊薄条款	Anti-dilution Provision	A provision in an option or a convertible security. It protects an investor from dilution resulting from later issues of stock at a lower price than the investor originally paid.
反通货膨胀	Disinflation	A slowing of the rate at which prices increase. Typically, this occurs during a recession as sales drop and retailers are not able to pass on higher prices to customers.
反向收购	Reversed takeover	When a larger company is bought out by a smaller company. The purchasing of a public company by a private company.
范畴经济	Economies of Scope	An economic theory stating that the average total cost of production decreases as a result of increasing the number of different goods produced.
防御性投资	Defensive Buy	An investment that is an attractive buy because it is low risk, not because of its return potential.
防御性投资策略	Defensive Investment Strategy	A method of portfolio allocation and management aimed at minimizing the risk of losing principal. Defensive investors place a high percentage of their investable assets in bonds, cash equivalents, and stocks that are less volatile than average.
房地产	Real Estate	Real estate that generates income.
房地产代理	Real Estate Agent	A person with a state/provincial license to represent a buyer or a seller in a real estate transaction in exchange for a commission. Most agents work for real estate brokers or realtors.
房地产抵押	Mortgage	A loan, secured by the collateral of some specified real estate property, in which the borrower is obligated to make a predetermined set of payments to repay the loan.
房地产抵押银行家	Mortgage Banker	The lender in a mortgage contract, or the one making the loan directly
房地产投资信托	REIT	A security that sells like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages. REITs receive special tax considerations, and typically offer investors high yields as well as a highly liquid method of investing in real estate.
房地产投资信托	Real Estate Investment Trust (REIT)	A security that sells like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages. REITs receive special tax considerations, and typically offer investors high yields as well as a highly liquid method
放宽管制	Deregulation	The reduction or elimination of government power within a particular industry. Deregulation is usually enacted to create more competition within an industry.
非经常项目	Extraordinary Item	Gains or losses included in a company's financial statements, which are infrequent and unusual in nature. These are usually explained further in the 'notes to the financial statements.'
非经常开支	Nonrecurring Charge	An expense occurring only once on a company's financial statement.
非劳动收入	Unearned Income	Any income that comes from investments and other sources unrelated to employment services.
非牟利机构	Non-Profit Organization	An association that is given tax free status. Donations to a non-profit organization are often tax deductible as well.
非强制买回保障	Soft Call Protection	A feature added to convertible fixed-income and debt securities. The provision dictates that a premium will be paid by the issuer if early redemption occurs.
非营运资产	Non-Operating Asset	Assets that are unnecessary to the ongoing operations of a business.
非营运现金流	Non-Operating Cash Flows	Cash inflows and outflows related to non-current investments, financing, and dividends.
分拆上市	Carveout	Sometimes known as a partial spinoff, a carve out occurs when a parent company sells a minority (usually 20% or less) stake in a subsidiary for an IPO or rights offering. Where an established brick-and-mortar company hooks up with venture investors and a new management team to launch an Internet spinoff.
分拆	Demerger	A corporate strategy to sell off subsidiaries or divisions of a company.
分拆、出售资产	Divestiture	Refers to the sale of a subsidiary company, also called "spin-off."
分拆	Spinoff	A new, independent company created through selling or distributing new shares for an existing part of another company.
分拆收购	Unbundling	Taking over a large company with several different lines of business and retaining the core business while selling off the subsidiaries to help fund the takeover.
分股	Stock Split	The division of a company's existing stock into more shares. In a 2-for-1 split, each stockholder would receive an additional share for each share formerly held.
分级股票	Classified Shares	The separation of company equity into more than one class of common shares, usually called "Class A" and "Class B."
分期偿还债务	Installment Debt	Debt issued with the condition of regularly occurring intervals for payment by the debtor, until the principal and interest are paid in full.
分析员	Analyst	A financial professional that has expertise in evaluating investments. They are typically employed by brokerage firms, investment advisors, or mutual funds. Analysts put together buy, sell, and hold recommendations on securities. Analysts usually specialize in specific industries or sectors to allow for comprehensive research.
风险	Risk	The chance that an investment's actual return will be different than expected. This includes the possibility of losing some or all of the original investment. It is usually measured using the historical returns or average returns for a specific investment.
风险价值	Value at Risk (VAR)	A technique for estimating the probability of portfolio losses exceeding some specified price.
风险容忍度	Risk Tolerance	The degree of uncertainty that an investor can handle in regards to a negative change in the value of their portfolio.
风险调整贴现率	Risk Adjusted Discount Rate	In portfolio theory and capital budget analysis, the rate necessary to determine the present value of an uncertain or risky stream of income; it is the risk-free rate (generally the return on short-term U.S. Treasury securities)plus a risk premium that is based on an analysis of the risk characteristics of the particular investment or project
风险调整回报率	Risk Adjusted Return	A measure of how much risk a fund or portfolio assumed to earn its returns. This is usually expressed as a number or a rating.
风险调整资本回报率	Risk Adjusted Return on Capital (RAROC)	In financial analysis, riskier projects and investments must be evaluated differently from their riskless counterparts. By discounting risky cashflows against less risky cashflows RAROC accounts for changes in the profile of the investment.
风险资本要求	Risk Based Capital Requirement	A stated requirement of liquid reserves placed upon banks and institutions that deal in risky ventures.
风险资本	Risk Capital	The money that a person allocates to investments in high risk securities
浮息票据	Floating Rate Note (FRN)	A note with a variable interest rate. Adjustments to the interest rate are usually made every 6 months and are tied to a certain money-market index.
付款交割	Delivery Versus Payment	A securities industry procedure in which the buyer's payment for securities is due at the time of delivery. Security delivery and payment are simultaneous.
负抵押条款	Negative Pledge Clause	A negative covenant in an indenture, it states that the corporation will not pledge any of its assets if doing so would give the lenders less security.
负面发展的可能性	Downside	The potential dollar amount by which the market or a stock could fall.
负面风险	Downside Risk	An estimation of a security's potential to suffer a decline in price if the market conditions turn bad.
负面契约	Negative Covenant	A bond covenant that prevents certain activities, unless agreed to by the bondholders.
负商誉	Negative Goodwill	A gain occurring when the price paid for an acquisition is less than the fair value of its net assets.
负所得税	Negative Income Tax	A taxation system where income subsidies are given to persons or families that are below the poverty line.
负盈利	Negative Carry	A transaction where the cost of financing exceeds the yield earned in a securities or financial futures position.
负债比率	Debt Ratio	A ratio calculated by taking total debts and dividing by total assets.
负债比率	Gearing Ratio	A general term given to leverage ratios that express the capital for a firm.
负债收购	LBO	A strategy involving the acquisition of another company using borrowed money (bonds or loans). The acquiring company uses its own assets as collateral for the loan in hopes that the future cash flows will cover the loan payments.
负债收购	Leveraged Buyout (LBO)	A strategy involving the acquisition of another company using borrowed money (bonds or loans). The acquiring company uses its own assets as collateral for the loan in hopes that the future cash flows will cover the loan payments.
负债	Liability	A legal debt or obligation estimated via accrual accounting. Recorded on the balance sheet, current liabilities are debts payable within one year, while long-term liabilities are debts payable over a longer period.
附股息	Cum Dividend	When a buyer of a security is entitled to receive a dividend that has been declared, but not paid.
附加费	Surcharge	An added charge, cost, or tax.
复合年均增长率	Compound Annual Growth Rate (CAGR)	The year over year growth rate of an investment over a specified period of time. Calculated by taking the nth root of the total percentage growth rate where n is the number of years in the period being considered. This can be written as: (Current Value/Base Value)^(1/# of years) - 1.

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中文词句	English Terms	English Definitions
额外回报	Excess Return	Returns in excess of the risk-free rate or in excess of a market measure (such as an index fund).
恶性通货膨胀	Hyperinflation	Extremely rapid or out of control inflation.
恶意收购	Hostile Takeover	A takeover attempt that is strongly resisted by the target firm.
二级发行	Secondary Offering	A sale of securities in which one or more major stockholders in a company sell all or a large portion of their holdings. The underwriting proceeds are paid to the stockholders, rather than to the corporation.
二级市场	Secondary Market	A market in which an investor purchases an asset from another investor, rather than an issuing corporation.
二级资本	Tier 2 Capital	A term used to describe the capital adequacy of a bank. Tier II capital is secondary bank capital that includes items such as undisclosed reserves, general loss reserves, subordinated term debt, and more.