市场金融管理词汇(中英版)

金融词汇之一Abandonment(弃权) Controlling party giving up rights to property voluntarily. Abandonment option(清算期权) The option of terminating an investment earlier than originally planned. Abandonment value（清算价值） The value of a project if the projects assets were sold externally ;or alternatively. its opportunity value if the assets were employed elsewhere in the firm. ABC agreement A contract between an employee and a brokerage firm outlining the rights of the firm purchasing an NYSE membership for that employee. ABC method of inventory control（存货控制的ABC方法） Method which controls expensive inventory items more closely than less expensive items. Ability to pay（偿债能力） Refers to the borrowers ability to make interest and principal payments on debts. Abnormal return（超常回报） The component of the return that is not due to systematic influences (market-wide influences). In other words, abnormal returns are above those predicted by the market movement alone. Absolute-priority rule（绝对优先权准则） The rule in bankruptcy or reorganization that claims of a set of claim holders must be paid, in full before the next. junior. set of claim holders may be paid anything. Absorbed Used in context of general equities. Securities are absorbed as long as there are corresponding orders to buy and sell. The market has reached the absorption point when further assimilation is impossible without an adjustment in price. Accelerated depreciation（加速折旧） Methods of depreciation that write off the cost of a capital asset faster than under straight-line depreciation. Acceptance（汇票） Contractual agreement instigated when the drawee of a time draft accepts the draft by writing the word accepted thereon. The drawee assumes responsibility as the acceptor and for payment at maturity. Accommodative monetary policy(适应性货币政策) Federal Reserve System policy to increase the amount of money available to banks for lending. Accounts Payable （应付账款 ） Amounts of money owed to other firm because buying goods or services on credit from the firm. A current liability, the accounts payable is also called payables. Accounts receivable（应收账款） Amounts of money owed to a firm by customers who have bought goods or services on credit. A current asset, the accounts receivable account is also called receivables. Accounts receivable turnover (应收账款周转率) The ratio of net credit sales to average accounts receivable, which is a measure of how quickly customers pay their bills. Account statement(账户表) In the context of banking, refers to a summary of all balances. In the context of securities, a summary of all transactions and positions (long and short) between a broker/dealer and a client. Accounting earnings (会计利润) Earnings of a firm as reported on its income statement. Accounting insolvency(资不抵债) Total liabilities exceed total assets. A firm with a negative net worth is insolvent on the books. Accretion (of a discount) (增值) In portfolio accounting, a straight-line accumulation of capital gains on a discount bond in anticipation of receipt of par at maturity. Accrual basis(应收应付制) In the context of accounting, practice in which expenses and income are accounted for as if they are earned or incurred, whether or not they have been received or paid. Antithesis of cash basis accounting. Accrual bond(一次还本付息债券) A bond on which interest accrues but is not paid to the investor during the time of accrual. The amount of accrued interest is added to the remaining principal of the bond and is paid at maturity. Accrued expenses(累积费用，应计费用) Amounts owed but not yet paid for wages. taxes, interest, and dividends. The accrued expenses account is a short-term liability. Accrued interest (应计利息) Applies mainly to convertible securities. Interest that has accumulated between the most recent payment and the sale of a bond or other fixed-income security. At the time of sale, the buyer pays the seller the bonds price plus accrued interest, calculated by multiplying the coupon rate by the fraction of the coupon period that has elapsed since the last payment. Accumulated dividend(累积股利) A dividend that has reached its due date, but is not paid out. Acid-test (quick) ratio(速动比例，酸性测试比例 ) Current assets less inventories divided by current liabilities. It shows a firms ability to meet current liabilities with its most liquid (quick) assets. Acquisition (收购) When a firm buys another firm. Acquisition cost(收购成本) Refers to the price (including the closing costs) to purchase another company or property. In the context of investments, refers to price plus brokerage commissions, of a security, or the sales charge applied to load funds. Across the board （全盘） Movement or trend in the stock market that affects almost all stocks in all sectors to move in the same direction. Activity ratios(周转率) Ratios that measure how effectively the firm is using its assets. Active portfolio strategy (积极投资组合策略) A strategy that uses available information and forecasting techniques to seek better performance than a buy and hold portfolio. Actuals (实货) The physical commodities underlying a futures contract. Cash commodity, physical asset. Additional paid-in capital Funds received by a company in a sale of common stock that are in excess of the par or stated value of the stock. Adjusted present value (APV)(调整净现值） The sum of the discounted value of a projects operating cash flows (assuming equity financing) plus the value of any tax-shield benefits of interest associated with the projects financing minus any flotation costs. Adjustable-rate preferred stock (ARPs)（浮动股利优先股） An ARPs provides the holder with dividend rates that are tied to some interest rate ,such as a short-term Treasure Bill. These issue thus provide the opportunity for increase in dividend payments. Adverse Selection Problem（逆选择问题） Refers to a situation in which sellers have relevant information that buyers lack (or vice versa) about some aspect of product quality. After-hours dealing or trading(闭市后交易) Securities trading after regular trading hours on organized exchanges. Agency costs（代理成本） Costs associated with monitoring management to ensure that it behaves in ways consistent with the firms contractual agreements with creditors and shareholders. Agency (theory)（代理理论） A branch of economics relating to the behavior of principals (such as owners) and their agents (such as managers). Agency bonds(机构债券） Bonds issued by some federal agencies and federal sponsored agencies .These agencies borrow funds and use the proceeds to make loans to specific types of borrowers . Agent (s)（代理人） Individual (s) authorized by another person. called the principal, to act in the latters behalf. Aging accounts receivable（应收账款账龄分析） The process of classifying accounts receivable by their age outstanding as of a given date. Aggressive growth funds（急速增长型基金） A kind of mutual funds which seeks maximum capital gains as their investment objectives. Current income is not a significant factor. All or none agreement(全部卖出或取消协议) In all-or-none arrangement, the agreement calls for the underwriter to sell the entire issue during a defined period at a specified price. During the selling period ,buyers checks are deposited in an escrow(第三方托管的）account until the issue is fully subscribed. If sufficient shares are not sold the issue is canceled and the buyers checks are returned. All or none order An all-or -none order is attached to a multiple-unit trade (more than 100 shares) and instructs the broker to obtain the total number of shares requested when the order is taken to the floor. If that is not possible, the order is canceled. Alligator spread(鳄鱼价差) The term used to describe a spread in the options market that generates such a large commission that the client is unlikely to make a profit even if the markets move as the investor anticipated. Allotment(分配) The number of securities assigned to each of the participants in an underwriting syndicate. Alternative minimum tax (AMT) An alternative, separate tax calculation based on the taxpayers regular taxable income. increased by certain tax benefits. collectively referred to as tax preference items. The taxpayer pays the larger of the regularly determined tax or the AMT. American Depository Receipts (ADRs)(美国股票存托凭证） An ADRs is a domestic traded security that represents a claim to shares of foreign stocks. It is like a stock certificate and held in the vault of a US bank. With an ADRs the investor is entitled to all dividends and capital gains associated with the stock. American Stock Exchange (AMEX)（美国股票交易所） Stock exchange with the third highest volume of trading in the U.S. Located at 86 Trinity Place in downtown Manhattan. The bulk of trading on AMEX consists of index options (computer technology index, institutional index, major market index) and shares of small to medium-sized companies are predominant. Recently merged with Nasdaq American options(美式期权） If a put or call option can be exercised at any time before expiration, it is termed an American option. Amman Financial Market (AFM) (阿曼金融市场) Established in 1976, the AFM is the only stock exchange in Jordan. Amortization schedule（分期付款偿还表） A table showing the repayment schedule of interest and principal necessary to pay off a loan by maturity. Annuity（年金） A series of equal payment or receipts occurring over a specified number of periods. In an ordinary annuity, payments or receipts occur at the end of each period; while in an annuity due, payments or receipts occur at the beginning of each period. Announcement date (宣告日) Date on which particular news concerning a given company is announced to the public. Annual percentage rate (APR)(简单年利率) The periodic rate times the number of periods in a year. For example, a 5% quarterly return has an A.P.R. of 20%. Antitrust Laws （反托拉斯法 ） Legislation established by the federal government to prevent the formation of monopolies and to regulate trade. Arbitrage（套利） Finding two assets that are essentially the same and buying the cheaper and selling the more expensive. Arbitrage pricing theory (APT)（套利定价模型） A theory where the price of an asset depends on multiple factors and arbitrage efficiency prevails. Arms-length Price （正常交易价格 ） The price at which a willing buyer and a willing unrelated seller would freely agree to transact. Arrearage（递延款项） A late or overdue payment, which may be cumulative. Arithmetic mean return（算术平均报酬） An average of the subperiod returns, calculated by summing the subperiod returns and dividing by the number of subperiods. Asian option （亚洲期权） Option based on the average price of the underlying assets during the life of the option. Asked price(要价或卖方报价) In context of general equities, price at which a security or commodity is offered for sale on an exchange or in the OTC Market. Assigned (or stated) value（名义价值） A nominal value assigned to a share of no-par common stock that is usually far below the actual issuing price. Asset allocation decision (资产分配决策) The decision regarding how an institutions funds should be distributed among the major classes of assets in which it may invest. Asset-based borrowing（资产抵押贷款） A loan mortagaged by tangible assets. Asset turnover rate（资产周转率） This rate equates sales amount divided by assets ,means how many sales amount can one dollar asset bring in. Assimilation The public absorption of a new issue of stocks once the stock has been completely sold by underwriter. Asymmetric Information（信息不对称） Usually compared to the firms management ,the majority of stockholders in publicly traded firms are relatively uninformed about the firms earnings prospect ,because management has more information than anyone else .The situation is referred to as Asymmetric Information. At the Money Option （平价期权 ） An option is at the money if the strike price of the option is equal to the market price of the underlying security. Auction market(拍卖市场) Such markets as the NYSE and the AMEX are called “Auction markets ”，In these markets all the traders assembled in one place to buy or sell a kind of assets. Auction rate preferred stock (ARPS) (拍卖利率优先债券（英国）) Floating-rate preferred stock, whose dividend is adjusted every seven weeks through a Dutch auction. Authorized shares （核定股本） Number of shares authorized for issuance by a firms corporate charter. Autocorrelation (自相关) The correlation of a variable with itself over successive time intervals. Sometimes called serial correlation. Automated trading system（自动交易系统） Automated clearinghouse (ACH) electronic transfer （电子传输自动结算所） This is essentially an electronic version of the depository transfer check. Average accounting return （平均会计报酬） The average project earnings after taxes and depreciation divided by the average book value of the investment during its life. Average collection period, or days receivable (应收账款平均回收期) This rate equates accounts receivable divided by sales amount.金融词汇之二Back months （后到期月份） In the context of futures and options trading, refers to the months of contracts with expiration dates farthest away. Back-to-back loan （背靠背借款） A loan in which two companies in separate countries borrow each others currency for a specific time period and repay the others currency at an agreed-upon maturity. Backwardation（期货负价） A market condition in which futures prices are lower in the distant delivery months than in the nearest delivery month. This may occur when the costs of storing the product until eventual delivery are effectively subtracted from the price today. Bad debt （坏账） A debt that is written off and deemed uncollectible. Balanced funds(平衡型基金) Balanced funds have a portfolio mix of bonds, preferred stocks and common stocks. They generally have a three-part investment objective: to conserve the investors initial principal ,to pay current income and to promote long-term growth of both this principal and income. Balance sheet(资产负债表) A summary of a firms financial position on a given date that shows total assets = total liabilities + owners equity. Balance of payments manual(国际收支手册) Balance of payments(国际收支) A statistical compilation formulated by a sovereign nation of all economic transactions between residents of that nation and residents of all other nations during a stipulated period of time, usually a calendar year. Balance of payment presentation(国际收支平衡表) Balloon payment(气球尾款，分期付款中最后一笔较大金额的付款) A payment on debt that is much larger than other payments. The ultimate balloon payment is the entire principal at maturity. Bandwagon Effect ( 攀比效应) Bank collection float （银行浮账量） The time that elapses between when a check is deposited into a bank account and when the funds are available to the depositor, during which period the bank is collecting payment from the payers bank. Bank Discount Basis( 银行贴现基准) A convention used for quoting bids and offers for Treasury bills in terms of annualized yield, based on a 360-day year. Bank Insurance Fund (BIF) (银行保险基金) A unit of the Federal Deposit Insurance Corporation (FDIC) that provides deposit insurance for banks excluding thrifts. Bankers acceptances (BAs)(银行承兑汇票) Short-term promissory trade notes for which a bank (by having accepted them) promises to pay the holder the face amount at maturity. Banknotes( 银行汇票) Bank holding company （银行控股公司） A company that owns or has controlling interest in two or more banks and/or other bank holding companies. Bank for International Settlements (BIS) （国际清算银行） An international bank headquartered in Basel, Switzerland, which serves as a forum for monetary cooperation among several European central banks, the Bank of Japan, and the U.S. Federal Reserve System. Founded in 1930 to handle the German payment of World War I reparations, it now monitors and collects data on international banking activity and promulgates rules concerning international bank regulation. Bankruptcy（破产） Inability to pay debts. In bankruptcy of a publicly owned entity, the ownership of the firms assets is transferred from the stockholders to the bondholders. Barrier options（障碍期权） Option contracts with trigger points that, when crossed, automatically generate buying or selling of other options. These are exotic options. Barrier to Entry (进入壁垒) Base period （基期） A particular period of time used for comparative purposes when measuring economic data. Basic rate(基本汇率) Basis(基差) The basis is the difference between the current cash price of a commodity and the futures price of a particular contract on the commodity. Basis point （基点） In the bond market, the smallest measure used for quoting yields is a basis point. Each percentage point of yield in bonds equals 100 basis points. Basis points also are used for interest rates. An interest rate of 5% is 50 basis points higher than an interest rate of 4.5%. Basis risk(基差风险) Risk resulting from the uncertainty of the difference between the the current cash price of a commodity and the futures price of a particular contract on the commodity. Basket （一揽子，一篮子） Applies to derivative products. Group of stocks that is formed with the intention of either being bought or sold all at once, usually to perform index arbitrage or a hedging program. Basket options（一揽子期权） Packages that involve the exchange of more than two currencies against a base currency at expiration. The basket option buyer purchases the right, but not the obligation, to receive designated currencies in exchange for a base currency, either at the prevailing foreign exchange market rate or at a prearranged rate of exchange. Multinational corporations with multicurrency cash flows frequently use basket options because it is generally cheaper to buy an option on a basket of currencies than to buy