金融专业英语复习1.doc

一、名词解释1、Financial system金融体系: 指一个经济体中资金流动的基本框架，它是资金流动的工具（金融资产）、市场参与者（中介机构）和交易方式（市场）等各金融要素构成的综合体。P42、Treasury bill国库券:a short-term obligation that is not interest-bearingP24 3、fiat money不可兑现货币：指由政府发行的不能兑换成黄金或白银的货币，其购买力完全来自政府的权威和信誉 money that the government declares to be legal tender although it cannot be converted into standard specie.P234、Monetary policy货币政策： the process by which the government,central bank,or monetary authority of a country controls the supply of money,availability of money, and interest rate ,in order to keep growth and stability of the economy. P375、discount loan贴息贷款:A loan on which the interest and financing charges are deducted from the face amount when the loan is issued P376、Chinese Banking Regulatory Commission:the watchdog for banks in china,responsible for making the rules and regulations for the financial and banking institutions it supervises. P507、consolidation合并：the merger or acquisition of many smaller companies into much larger ones P508、P/B ratio市净率:a ratio used to compare a stocks market value to its book value. P66 9、H-shares:shares of companies in chinas mainland that are listed on Hong Kong Stock Exchange. P6610、Risk management:the process of identification,analysis and either acceptance or mitigation of uncertainty in investment decision-making. 11、trust fund:property,especially money and securities,held or settled in trust. P7812、Quota配额:in international trade,a government-imposed limit on the quantity of goods and services that may be exported over a specified period of time.(不确定P90) 13、Balance of payments: 14、Eurodollar欧洲美元:the dollar-denominated deposit in foreign banks outside the United States banks. P105 15、Time deposit定期存款:the fixed-maturity account that cannot be withdrawn without advance notice. P10516、Floating exchange rate浮动汇率:a type of exchange rate regime wherein a currencys value is allowed to fluctuate according to the foreign exchange market. P11417、Draft汇票：a written order from one person (the payer)to another,signed by the person giving it,requiring the person to whom it is addressed to pay on demand or at some fixed future date ,a certain sum of money,to either the person identified as payee or to any person presenting the bill. P14018、Secondary market: a financial market in which securities that have been previously issued can be resold. P15219、Security证券，抵押品：an investment instrument issued by a corporation,government,or other organization which offers evidence of debt or equity. P152 20、common stock普通股:a share of ownership in a corporation carrying voting rights that can be exercised in corporate decisions. P163 21、Futures期货:a standardized contract,traded on a futures exchange,to buy or sell a certain underlying instrument at a certain date in the future,at a specified price. 22、Option期权:a privilege sold by one party to another that offers the buyer the right,but not the obligation,to buy or sell a security at an agreed-upon price during a certain period of time or on a specific date.二、课后翻译题：1、共同基金是向大众出售股票的机构，并用由此所得的收益选择购买各种类型的股票或者债券，或者投资组合，或者同时购买股票和债券的投资组合。共同基金的股东接受与投资组合相关的所有风险和收益。并且如果投资组合价值升高，股东收益也随之增长；如果投资组合价值降低，股东就会遭受损失 P7A mutual fund is an institution that sells shares to the public and uses the proceeds to buy a selection,or portfolio,of various types of stocks,bonds,or both stocks and bonds.The shareholder of the matual fund accepts all the risks and returns associated with the portfolio.If the value of the portfolio rises,the shareholder benefits；if the value of the portfolio falls,the shareholder suffers the loss.2. 中央银行执行国家所选择的货币政策。其中最基础的就是要确定一国的货币形态，即法定货币，与黄金挂钩的货币（国际货币基金组织成员不允许使用这种货币），货币局或是货币联盟。当一国货币确定之后，就涉及到某种形式的标准化货币的发行。标准化货币本质上是一种本票，在一定条件下用票据交换货币的承诺。Central banks implement a countys chosen monetary policy.At the most basic level,this involves establishing what form of currency the country may have,whether a fiat currency,gold-backed currency(disallowed for countries with membership of the IMF),currency board or a currency union.when the country has its own national currency,which is essentially a form of promissory note：a promise to exchange the vote for “money” under certain circumstances. 3、对于中央银行应该是私有银行还是政府机构这一问题存在严重的分歧。在这些问题上的激烈争论最后导致了一个妥协方案的产生。按照美国传统，美国国会将相互制衡的系统进行了详细阐述，并写进1913年的联邦储备法，建立了拥有12个地区储备银行的联邦储备系统。Serious disagreements existed over whether the central bank should be a private bank or a government institution.Because of the heated debates on these issues,a compromise was struck.In American tradition,Congress wrote an elaborate system of checks and balances into the Federal Reserve Act of 1913,which created the Federal Reserve System with its 12 regional Federal Reserve Banks. 4、面对国内外复杂严峻的经济形势，中国人民银行在中共中央、国务院的正确领导下，深入学习、实践科学发展观，切实履行中央银行职责，妥善应付国际金融危机的强烈冲击，积极推进金融监管协调机制建设，着力加强金融风险监测和评估工作，加快推进存款保险制度设计工作，强化中央银行资产管理，推动理财产品健康发展，有力地保障了国家金融体系的稳定和安全。Faced with the complicated and severe economic situation both at home and abroad,in line with the changing situation,the PBC,under the leadership of the CPC Central Committee and the State Council,resolutely studied and implemented the scientific development approach,earnestly fulfilled its responsibilities as the central bank,responded promptly to the intense impact of the international financial crisis,pressed ahead with developing the coordination mechanism for financial regulation,strengthened the monitoring and assessment of financial risks,speeded up the designing of the deposit insurance system,enhanced the central bank asset management,promoted healthy development of wealth management products,and effectively maintained financial stability and safety. 5、通过公开发行上市，上述四家银行建立了以市场为导向的资本供给机制，规范了信息披露，加强了对高层管理人员的绩效监测。因此资本市场在建立高效的现代金融企业运行机制中发挥着越来越突出的作用。此外，中国银行和中国工商银行在A股市场的相继上市也增强了市场的整体投资价值。Through public listing,the aforementioned four banks have established market-oriented capital supply mechanism,standardized information disclosure,and strengthened restrictions on the performance of senior management.So,the capital market played an increasingly prominent role in establishing efficient operation mechanism of modern financial enterprises.In addition,the consecutive listing of BOC and ICBC on the A share market also enhanced the overall investment value on the market.6、 更概括地讲，国际货币基金组织的任务是确保国际货币金融体系的稳定，即能够促进国家之间国际收支和货币汇率制度的稳定。基金组织旨在促进经济稳定，防止危机发生；危机发生时帮助解决危机；推动经济增长，减少贫困。为了达到这些目标，基金组织行使三项主要职能监督，技术支持和借款。More generally,the IMF is responsible for ensuring the stability of the international monetary and financial systemthe system of international payments and exchange rates among national currencies that enables trade to take place between countries.The Fund seeks to occur,and to promote growth and alleviate poverty.It employs three main functionssurveillance,technical assistance,and lendingto meet these objectives.7、 回购协议，金融机构或大公司从银行购买国库券，并同意在将来某个时间以约定的价格，包括利息，再卖回给银行。Repurchase agreements (repos) that are loans in which a financial institution or large corporation purchase a Treasury Bill from a bank and agrees to sell it back at a future date at the agreed price,which includes the interest.8、 在使用直接标价法的情况下，如果一个国家的货币走强，越来越有价值，那么汇率就降低，这说明该国货币升值了；相反，如果外币走强，汇率增大，则说明该国货币贬值了。If the home currency becomes strong and become more valuable using direct quotation,the exchange rate number decreases,which indicates that the home currency is appreciating.Conversely,if the foreign currency becomes strong,the exchange rate number increases,which indicates that the home currency is depreciating.9、 从出口商的利益考虑，即期付款交单比见票后付款交单更有利，而付款交单比承兑交单更有利。在实际贸易中，选择托收付款应慎重。通常在进口商财力雄厚的情况下，或是出口商为了在国外市场上进行促销，再或者是交易额很小的情况下才使用托收。除此之外，一般应选择信用证。As far as the exporters interest is concerned,D/P at sight is more favorable than D/P after sight,and D/P is more favorable than D/A.In actual trade,payment by collection should be accepted with discretion.It is usually used when the financial standing of the importer is sound,or when the exporter wishes to push the sale of his goods,or when the transaction involves only a small quantity.Otherwise,the letter of credit is generally preferred. 10、 货币市场交易没有特定的特点。相反，交易商们通常会通过电话安排买卖活动，因此交易过程实现了电子化。正是因为这一特点，货币市场证券通常有一个非常灵活的二级市场。活跃的二级市场使货币市场上的交易证券成为了一种非常灵活的金融工具，可以满足短期融资的需求。Money market transactions do not take place in any one particular location or building.Instead, traders usually arrange purchases and sales between participants over the phone and complete them electronically.Because of this characteristic, money market securities usually have an active secondary market.An active secondary market makes money market securities very flexible instruments to use to fill short-term financial needs.11、 场外交易衍生产品是买卖双方之间直接私下协商和买卖的衍生产品合约，不通过交易所或者其他金融中介。诸如掉期合约，远期利率合约，奇异期权合约几乎都是以这种方式交易的。场外交易数量巨大。根据国际清算银行的统计，美国2005年全国未清偿交易总量达到298万亿美元。Over-the-counter(OTC)derivatives are contracts that are traded(and privately negotiated )directly between two parties,without going through an exchange or other intermediary.Products such as swaps,forward rate agreements,and exotic option are almost always traded in this way.The OTC derivatives market is huge.According to the Bank for International Settlements(BIS),the total outstanding national amount is USD 298 trillion(as of 2005). 12、 保险的运作机制是保险人可以向处于相同情况下的一组投保人收取保险费，而在任何一年内，并非所有的投保人都会遭受损失。保险人会将这些保险费聚集起来，用来赔偿投保人的损失。这样一来，损失就由所有投保人共同承担，而非仅仅落在个别不幸的投保人身上。Insurance works because the insurer can collect premiums from a group of people in similar circumstances,not all of whom will suffer losses in any one year.These premium are then pooled together,and used by the insurer to pay losses.Losses are thus shared out among all the policyholders rather than borne solely by the unlucky few.三、计算题：1、考察公司绩效测评指标，譬如ROCE,EPS,P/E的计算以及股价估值模型；ROCE已占用资本回报率=PBIT税前利润/capital employed已占用（动用）资本EPS（earnings per share）=profit after tax and preference divided/number of equity shares in issue发行在外的普通股股数Example: EPSHere is an extract from M plcs income statement for 20X9. 注: extract vt. 提取；取出；摘录；榨取 n. 汁；摘录；榨出物；The company has 80,000 ordinary shares and 20,000 preference shares. Calculate earnings per share in 20X9.Be aware that the EPS ratio is also used in another ratio which can be used to assess the performance of a company the P/E ratio.P/E市盈率=Market price per share/earnings per shareA high P/E number indicates that investors are content with a relatively low current return from the share.A high P/E ratio shows that the market is confident about the future prospects of the company. 2、购买力平价理论与利率平价理论？3、货币的时间价值Free cash flow valuationThe valuations based on discounting forecast free cash flows also relate the cost of equity to market share price. DiscountingThe time value of money means that $100 income received in one years time is worth less in real terms to an investor than $100 received now. They can do this by discounting future income streams to convert them to their net present value.The discount rate (or discount factor) is calculated as:The appropriate discount rate to use will depend on the specific circumstances of a calculation, but it is likely to be the interest rate or the cost of capital. When a discount rate has been applied to a stream of future earnings, the adjusted cash flows are known as the discounted cash flow (DCF). Exampleif $1,000 is to be received for each of the next three years, and the discount rate is 10%, the calculation of the discounted cash flow will The present value of the earnings that an investment project is expected to generate can be compared to the cost of the investment to see the overall net present value (NPV) of the project. be as follows.The discounted cash flows for the three years are $909, $826 and $751 respectively. The present value of the earnings is then obtained by adding together all the discounted cash flows. In this case the PV would be $2,486. The present value of the earnings that an investment project is expected to generate can be compared to the cost of the investment to see the overall net present value (NPV) of the project. If the NPV is positive the project should be regarded as cash generating and allowed to proceed.So, for example, lets say an investment of $2,000 was required to generate these discounted cash flows of $2,486, the net present value of the project would be $2,486 $2,000 = $486 positive.The free cash flow to the firm (FCFF) is the after tax cash generated by the business and available for distribution to the equity holders and debt holders of the company. It is calculated in its simplest form from the Profit before interest and tax (PBIT) by adding back non-cash items such as depreciation and subtracting taxes and capital expenditure FCFF = PBIT + DEPRECIATION TAX CAPITAL EXPENDITURE.The free cash flow to equity (FCFE) represents the potential income that could be distributed to the equity holders of a company, as opposed to dividends which measures the actual cash disbursements to shareholders.The free cash flow to equity (FCFE) is calculated in the same way as free cash flow to the firm (FCFF) except that interest payments due to debt holders have to be deducted as FCFE = FCFF INTEREST PAYMENTS TO DEBT HOLDERS.Exercise 1The following information is available on a company. PBIT 5,000,000, Interest Expenses 500,000 Taxes 1,000,000, Capital Expenditure 300,000 FCFF is ? FCFE is ?Exercise 2 Flo plcs directors have forecast the companys expected levels of earnings in their medium term strategic plan. The earnings figures for the next three years are given below. The company has 2,400,000 ordinary shares in issue. The equity shareholders require a rate of return on their investment of 17%. What should the companys current market value and ordinary share price be?4、根据即期汇率，及贴水，升水，计算远期汇率。Forward rates are not always quoted in full, but may be quoted at a discount or premium to the spot rates.Direct Quotation:forward rate =spot rate +premium (- discount)Indirect Quotation :forward rate =spot rate -premium (+ discount)Example1: Discounts and premiums The $/ spot rate is currently quoted at 1.5900 1.6100 and the 1 month forward rate at 0.0006 0.0010 discount. Required Calculate the actual f