金融英语句子翻译.pdf

金融英语句子翻译 第一章第一章 1、global competition has forced government to deregulate various aspects of their financial markets so that their financial enterprises can compete effectively around the world. 全球竞争迫使政府在其金融市场的不同方面放松监管，使其金融市 场在全球更具竞争力。 2、unlike retail investors, institutional investors have been more willing to transfer funds across national borders to improve portfolio diversification and exploit perceived mispricing of financial assets in foreign countries. 机构投资者与个人投资者不一样，他们更愿意在不同国家间转移资 金来改善其组合的多元化，或者说利用其所觉察到的国外金融资产 定价失误来谋利。 3、in some countries, large corporations seeking to raise a substantial amount of funds may have no choice in its domestic market but to obtain financing in either the foreign market sector of another country or the euromarket. 在一些国家里，有些大公司对资金的需求太大，国内市场无法提 供，不得不向另外一些国家的外国市场或欧洲市场寻求融资。 4、financial assets and tangible assets are linked. ownership of tangible assets is financed by the issuance of some type of financial asseteither debt instruments or equity instruments. for example, a u.s. airline purchases a fleet of aircraft for $250 million, suppose that a debt instrument is issued to raise the $250 million. the cash flow from the passenger travel will be used to service the payments on the debt instrument. ultimately, therefore, the cash flow for a financial asset is generated by some tangible asset. 金融资产和有形资产是相关的。一些类型的金融资产为有形资 产的所有权提供融资，这些金融资产可以是债务工具也可以是权益 工具。例如,美国航空公司购买一批飞机为 2.5 亿美元,可以认为，发 行一个债务工具筹集了 2.5 亿美元。乘客旅行的现金流将用于服务 债务工具的支付。因此，最终,一些有形资产产生了金融资产的现金 流。 5、with increased volatility(波动) of interest rates, inflation, equity prices, and exchange rates comes the need for certain market participants to protect themselves against unfavorable consequences. this means new or more efficient ways of risk sharing in the financial market are needed. 增加利率、通货膨胀、权益价格以及汇率的波动性是使得市场参与 者要保护自己，防止出现不利的后果。这就意味着金融市场当中需 要新的、更为有效的方法来分散风险。 6、because of the globalization of financial markets throughout the world, entities in any country seeking to raise funds need not be limited to their domestic financial market. nor are investors in a country limited to the financial assets issued in their domestic market. globalization means the integration of financial markets throughout the world into an international financial market. there is a trend toward integration of financial markets throughout much of the world 由于金融市场的全球化，任何国家的实体企业要想提高其筹资数 量，就没有必要局限在国内金融市场，同时，投资者也没有必要经 济购买北国金融市场发行的金融资产。金融市场全球化意味着全世 界金融市场一体化，也就是说集成为一个世界性的金融市场。金融 市场一体化的趋势遍及世界大部分地区。 7 、 technological advances have increased the integration of and efficiency of the global financial market. advances in computer technology, coupled with advanced telecommunication systems, allow the transmission of real-time information on security prices and other key information to many participants in many places. therefore, many investors can monitor global markets and simultaneously assess how this information will impact the risk/return profile of their portfolios. 技术进步提高了全球金融市场的效率和一体化进程。计算机技术与 通信体系的先进性使得有关证券价格的实时信息、关键信息能够自 由地在不同市场的许多市场参与者之间传播。因此，许多投资者能 够监视全球市场，同时评估这些信息对其投资组合的风险与收益所 产生的影响。 8 、 significantly improved computing power allows the instant manipulation of real-time market information so that arbitrage opportunities can be identified. once these opportunities are identified, telecommunication systems permit the rapid execution of orders to capture them. 计算能力的有效提升，可以让投资者即时处理实时的市场信息确定 套利机会。一旦确定套利机会，发达的通信系统会立即帮助投资者 执行指令捕获这些机会。 9 、 our current regulatory structure was not built to address the modern financial system with its diversity of market participants, innovation, complexity of financial instruments, convergence of financial intermediaries and trading platforms, global integration and interconnectednessamongfinancialinstitutions,investorsand markets. moreover, our financial services companies are becoming larger, more complex and more difficult to manage. 当前，我们的金融结构不能应对现代金融体系，现代金融体系具有 多元化的市场参与者、具有创新、复杂的金融工具、收敛性的金融 中介机构与交易平台、全球一体化以及相互关联的金融机构、投资 者与市场。然而，我们的金融服务公司越来越大、越来越复杂、越 来越难管理。我们现在的监管体系是大萧条之后发展起来的，它的 发展是一种反应模式，即当市场存在压力或创新时，新的监管会被 创造出来。 10、much of our current regulatory system was developed after the great depression and it has developed through reactiona pattern of creating regulators as a response to market innovations or to market stress。henry m. paulson, jr. march 31, 2008 我们当前的许多监管体系是在大萧条后发展起来的，它已经通 过创建监管机构来应对市场创新或市场压力的一个模式发展起来 了。 亨利保尔森 2008 年 3 月 31 日 第二章第二章 1、debit cards are offered by various financial intermediaries. a debit card differs from a credit card in that, in the latter case, a bill is sent to the credit card holder periodically (usually once a month) requesting payment for transactions made in the past. in the case of a debit card, funds are immediately withdrawn (that is, debited) from the purchasers account at the time the transaction takes place. 许多金融中介都可以提供借记卡，它与信用卡的区别在于信用 卡持有者会定期（通常为每月一次）收到一份账单要求其在对过去 时期内的交易行为付账，而借记卡的持有者在购买的同时，其账户 上相应的资金就被划走了。 2、the investment company invests the funds received in the stock of a large number of companies. by doing so, the investment company has diversified and reduced its risk. investors who have a small sum to invest would find it difficult to achieve the same degree of diversification because they do not have sufficient funds to buy shares of a large number of companies. yet ,by investing in the investment company for the same sum of money, investors can accomplish this diversification, thereby reducing risk. 投资公司将所筹集资金投资于许多公司的股票，通过这样的操 作，投资公司就达到了分散投资与降低风险的目的。而资金量较少 的投资者则很难达到这种分散化投资的效果，因为他们没有足够的 资金来购买这些公司的股票。但是，如果将这笔钱投资于投资公 司，投资者就可以实现分散化投资，从而降低风险。 3、the nature of the liabilities dictates the investment strategy a financial institution will pursue. for example, depository institutions seek to generate income by the spread between the return that they earn on assets and the cost of their funds. that is, they buy money and sell money. they buy money by borrowing 借入 from depositors or other sources of funds. they sell money when they lend 提供 it to businesses or individuals. in essence, they are spread businesses. their objective is to sell money for more than it costs to buy money. 负债的性质决定了金融机构的投资策略。例如，存款机构的收入来 源于筹资成本和投资收益的利差.也就是它们买入货币再卖出货币。 他们向存款机构或者其他资金来源借入资金来买入货币.通过向企业 或消费者发放贷款来卖出货币。本质上,他们就是追求利差。它们的 目标就是以比买入货币成本更高的价格卖出货币。 4、in addition to uncertainty about the timing and amount of the cash outlays, and the potential for the depositor 存 款 人 or policyholder 保单持有者 to withdraw cash early or borrow against a policy, a financial institution has to be concerned with possible reduction in cash inflows. in the case of a depository institution, this means the inability to obtain deposits. for insurance companies, it means reduced premiums because of the cancellation 取消，删除 of policies 保单. for certain types of investment companies, it means not being able to find new buyers for shares. 除了现金支付数额和时间的不确定性，以及存款人提前提取现 金或保单持有者退保等可能性之外，金融机构还必须关心可能存在 的现金流下降的情况。对存款机构而言，这意味着无力吸收存款； 对保险公司而言，这意味着由于退保造成的保费的减少；对一些投 资公司而言，这意味着无法找到新的投资者来购买公司股票。 5、several reports by regulators have recommended guidelines for controlling the operational risk of financial institutions. one key report is the “derivatives: practices and principles” prepared by the group of 30 in 1993. derivatives are used to control risks. their use by end-users such as financial institutions and by dealers that are the counterparty for many types of derivatives is of great concern to regulators. as indicated by its title, the focus of the group of 30 report is on derivatives. the report provides guidelines to help financial institutions and dealers in derivatives to manage derivatives activity in order to benefit from the use of these derivatives. 监管者制定了许多文件来规范和指引金融机构控制的操作风 险。其中一个重要的就是 g30 在 1993 年制定“衍生工具：实践和原 则”。衍生工具被用来控制风险。监管者对终端用户即金融机构和交 易商使用衍生工具非常关注。顾名思义，g30 制定的文件主要是针 对衍生工具，为金融机构和交易商提供一个准则来帮助他们管理好 衍生工具的交易活动，从而更好地从中获得利益。 6 、 larger institutional clients seeking the services of an asset management firm typically do not allocate all of their assets to one asset management firm. instead, they typically diversify amongst several asset management firms, as well as possibly managing some portion of their funds internally. one reason for using several asset management firms is that firms differ in their expertise with respect to asset classes. 大型的机构客户在寻找资金管理公司为他们服务时，通常不会将他 们所有的资产交给一个资产管理公司.而是会分散到多家资产管理公 司，同时也有可能自己管理一些资金。这样做的原因在于不同的资 产管理公司有其擅长的投资领域和管理资产的类型。 7、there are many types of performance-fee structures in the asset managementindustry.therecanbeafeebasedsolelyon performance or a combination of a fixed fee based on assets managed plus a performance-based fee. 资产管理行业存在许多不同类型的业绩激励费用机构.有完全按 照业绩提取管理费的，也有按照管理资产总值和业绩综合考虑提取 管理费的。 8、hedge funds engage in a variety of investment activities. they cater to sophisticated investors and are not subject to the regulations that apply to mutual funds geared toward the general public. fund managers are compensated on the basis of performance rather than as a fixed percentage of assets. “performance funds” would be a more accurate description.george soros 对冲基金参与到许多投资活动中，其主要的资金募集者都是老道的 投资者，而且不受监管互助基金的各种规则约束。基金管理者的报 酬是以基金的业绩而不是以管理资产的多少为基础。“业绩基金”或 许是一个更好的描述 9、there is concern that the risk of a severe financial crisis due to the activities and investment strategies of hedge funds, most notably the employment of excess leverage. the best known example is the collapse of long-term capital management (ltcm) in september 1998. most recently, in june 2007, there was the collapse of two hedge funds sponsored by the investment banking firm bear stearns. as a result of the ltcm failure, the presidents working group on financial markets made several recommendations for improving the functioning of hedge funds in financial markets. the major recommendation was that commercial banks and investment banks that lend to hedge funds improve their credit risk management practices. 人们关心的是对冲基金的行为和投资策略，特别是对于杠杆的过度 使用，会加剧金融危机的风险。最著名的例子是 1998 年 9 月长期资 产管理公司的破产。最近，2007 年六月投资银行公司贝尔斯登旗下 的两个对冲基金倒闭。由于长期资产管理公司的失败，总统金融市 场顾问团对提高了对从基金在金融市场中的作用提出了许多建议。 最主要的建议是要求那些借款给对冲基金的商业银行和投资银行加 强信用风险管理。 第三章第三章 1 、 depository institutions are highly regulated because of the important role that they play in the countrys financial system. demand deposit accounts are the principal means that individuals and business entities use for making payments, and government monetary policy is implemented through the banking system. because of their important role, depository institutions are afforded special privileges such as access to federal deposit insurance and access to a government entity that provides funds for liquidity or emergency needs. 由于存款机构在国家金融体系中起着至关重要的作用，对其监管也 是非常严格。活期存款账户是个人和企业主要的支付工具，且政府 货币政策也是通过银行系统来实施的。由于其重要作用，存款机构 被赋予许多特权，如可以加入联邦存款保险，或是在流动性需求和 紧急情况下求助于政府机构提供现金。 2、all depository institutions face interest rate risk. managers of a depository institution who have particular expectations about the future direction of interest rates will seek to benefit from these expectations. those who expect interest rates to rise may pursue a policy to borrow funds for a long time horizon 范围，界限 and lend funds for a short time horizon. if interest rates are expected to drop, managers may elect to borrow short and lend long. 所有的存款机构都面临着利率风险。对利率的未来变动方向有特别 预期的存款机构的管理者则希望从其预期中获利。预期利率上升， 存款机构会选择长借短贷的策略。如果预期利率下降，则会选择短 借长贷的策略。 3 、 the percentage of a depository institutions assets held as secondary reserves will depend both on the institutions ability to raise funds from the other sources and on its managements risk preference for liquidity versus yield. 存款机构持有次级储备的比例取决于他从其他渠道筹集资金的能力 以及管理者对流动性和收益的风险偏好。 4、realizing the need for banks to obtain liquidity during periods of economic stress, the federal government wanted to establish a banking system that would have an entity that banks could borrow from, sort of a “lender of last resort”. the u.s. congress accomplished this with the passage of the federal reserve act of 1913. this legislation established the federal reserve system (frs) as the central banking system. banks that were members of the frs were entitled to all the services that the frs was empowered 授 权 to provide by the legislation. 意识到银行在经济紧缩期需要保持流动性后，联邦政府希望能够建 立一个银行体系，其中有一个可以向其他银行借款以充当“最终借 款人”角色的机构。1913 年，美国国会通过了联邦储备法案， 建立了联邦储备体系作为中央银行体系。加入联邦储备体系的商业 银行可以获得美联储提供的所有法定服务。 5、today, banks are regulated and supervised by several federal and state government entities. at the federal level, supervision is undertaken by the federal reserve board, the office of the comptroller of the currency, and the federal deposit insurance corporation. the assets of a bank are insured by the federal deposit insurance corporation. 现在，美联储和州政府机构共同对商业银行进行监管。在联邦层 面，实施监管的机构包括：联邦储备委员会、货币监理署和联邦存 款保险公司。银行的资产由联邦存款保险公司投保。 6、at one time, some of the bank activities were restricted by federal legislation. more specifically, the banking act of 1933 contained four sections barring commercial banks from certain investment banking activities. these four sections are popularly referred to as the glass- steagall act. after decades of debate regarding the need for such restrictions, the glass-steagall act was repealed with the enactment of the gramm-leach-bliley act in november 1999, which expanded the permissible activities for banks and bank holding companies. 在 过去，某些业务受到联邦法律的严格限制，特别是1933 年的银 行法案中包含 4 部分法案，将商业银行和投资银行业务严格分割 开来。这 4 部分法案一般被称为格拉斯斯蒂格尔法案，在对 这种限制进行了几十年的争论后，1999 年 11 月通过的格雷姆里 奇比利雷法案取代了格拉斯斯蒂格尔法案，这一法案扩 大了银行和银行控股公司的业务范围。 7 、 because reserves are placed in non-interest-bearing accounts, there is an opportunity cost associated with excess reserves. at the same time, there are penalties imposed on banks that do not satisfy the reserve requirements. thus, banks have an incentive to manage their reserves so as to satisfy reserve requirements as precisely as possible. 由于准备金存于无息账户中，存在超额准备金会带来机会成本。同 时，如果未达到法定存款准备金要求，银行将会受到处罚。因此， 银行有动机来管理其准备金，以尽可能准确地满足准备金要求。 8、bank borrowing at the fed to meet required reserves is quite limited in amount, despite the fact that the discount rate generally is set below the cost of other sources of short-term funding available to a bank. this is because the fed views borrowing at the discount window as a privilege to be used to meet short-term liquidity needs, and not a device to increase earnings. 虽然事实上贴现率一般要低于银行从其他渠道获得的短期资金成 本，但银行从美联储借入用于满足法定存款准备金的资金数额是很 有限的，这是因为美联储贴现借款是用来满足短期流动性的，而非 用于增加收入。 9、with the high volatility of interest rates in the 1970s, followed by the historically high level of interest rates in the early 1980s, all depository institutions began to loss funds to competitors exempt from ceilings, such as the newly formed money market funds; this development forced some increase in ceilings. the ceilings in place since the middle of the 1960s did not protect the s the institutions began to suffer from diminished profits, and increasingly from operating losses. a large fraction of s closed-end funds cannot issue more shares. in fact, many closed-end funds become leveraged to raise more funds without issuing more shares. 根据1940 年的投资公司法案，封闭式基金只能进行一次资 金募集活动。封闭式基金进行 ipo 之后，在二级市场中与股票一样 进行交易。基金份额总数在 ipo 时已经确定，封闭式基金不能再发 行新的基金份额。事实上，许多封闭式基金由于不能发行新的份 额，在筹集资金时只能提高自身杠杆。 3、a decade ago, many observers speculated 推断 that load funds would become obsolete 过时的 and no-load funds would dominate because of the investors aversion 背离，反感 to a sales charge. increasingly financially sophisticated 精明的 individuals, the reasoning went, would make their own investment decisions and not need to compensate 补偿 agents for their advice and service. 10 年前，许多市场观察者都认为收费基金将逐渐过时，无销售 费用基金由于不能收费而受投资者欢迎并占领市场。随着金融资深 个人投资者的增加，人们逐渐认为个人投资者将自己决策而无需支 付费用补偿代理人提供的投资建议和服务。 4 、 but, the actual trend has been quite different. there are two reasons. first, many investors have remained dependent on the investment counsel and service, and, perhaps more importantly, the initiative of the sales agent. second, sales force distributed funds have shown considerable ingenuity and flexibility in imposing sales charges, which both compensate the distributors and appear attractive to the clients. 但是，实际趋势却截然不同。有两个原因：第一，许多投资者仍然 依赖于投资建议和服务，更重要的是依赖销售代理人的主动性；第 二，批发销售的基金在收取销售费用方面有很大的独创性和灵活 性，不仅补偿了销售商，对客户来说也具有吸引力。 5、many fund management companies offer investors a choice of numerous funds with different investment objectives 投资目标 in the same fund family 基金族. in many cases, investors may move their assets from one fund to another within the family at little or no cost. large fund families usually include money market funds, u.s. bond funds of several types, global stock and bond funds, broadly diversified u.s. stock funds, u.s. stock funds that specialize by market capitalization 资本化 and style, and stock funds devoted to particular sectors such as health care, technology, or gold companies. 许多基金管理公司给投资者提供选择具有不同投资目标的同一基金族的机会。在很多情况下投资者只需要 花费很小的成本甚至零成本就可将资产从一个基金转换到基金族的另一个基金里。规模较大的基金族通常 包括货币市场基金、不同类别的美国债券基金、全球股票和债券基金、分散化的美国股票基金、市值与风 格不同的美国股票基金。专注于某一行业的股票型基金，如保健、科技或黄金。 许多基金管理公司给投资者提供选择具有不同投资目标的同一 基金族的机会。在很多情况下，投资者只需花很小的成本甚至零成 本就可将资产从一个基金转换到基金族里的另一个基金里。规模较 大的基金族通常包括货币市场基金、不同类型的美国债券基金、全 球股票和债券基金、分散化的美国股票基金、市值和风格不同的美 国股票基金、专注于某一行业的股票型基金（如保健、科技或黄 金） 6、mutual funds must distribute at least 90% of their net investment income earned exclusive of realized capital gains or losses to shareholders to be considered a regulated investment company (ric). if so, the fund is not required to pay taxes at the fund level prior to distribution of the returns to shareholders. consequently, in practice funds always make these 90% distributions. taxes are then paid on distributions only at the investor level, not the fund level. 如果共同基金把至少 90%的净投资收益进行分配，不包含股东 已实现的资本收益或损失，这类公司被看做受管制的投资公司。如 果这样，在分配收益之前，基金公司就会免交基金层面的税收。因 此，现实中基金总是把 90%的收益进行分配，那么分配的收益只收 取投资者的所得税，而免收了基金层面的税。 7 、 all investment companies with 100 or more shareholders must register with the sec according to the investment company act of 1940. the primary purposes of the 40 act are to reduce investment company selling abuses 滥用 and to ensure that investors receive sufficient and accurate information. investment companies must provide pe