路透金融词典.doc

A值Alpha在股票收益方面，值衡量某种证券或基金经风险调整后的回报。值是代表证券收益率超出风险/收益模型所预测水平的超额收益。参见CAPM（资本资产定价模型）。In the context of stock returns, alpha measures the risk-adjusted performance of a security or fund. It is the return on a security in excess of what would be predicted by a risk/return model. See also: CAPMCategory: 股票*艾略特波浪理论Elliott Wave Theory技术分析的一种理论，认为市场走势不断重复一种模式，每一周期由5个上升浪和3个下跌浪组成。艾略特波浪理论将不同规模的趋势分成九大类，最长的超大循环波(grand supercycle) 是横跨200年的超大型周期，而次微波(subminuette)则只覆盖数小时之内的走势。但无论趋势的规模如何，每一周期由8个波浪构成这一点是不变的。参见Technical Analysis（技术分析）。Category: 技术分析A technical analysis theory which states that the market follows a repetitive pattern, with each cycle made up of a five-wave rise followed by a three-wave fall. There are many different degrees of trend, but the Elliott Wave theory categorizes nine different trends (or magnitudes) ranging from a grand supercycle covering 200 years to a subminuette of only a couple of hours. The eight-wave cycle is constant, regardless of what degree of trend is being considered. See also: Technical AnalysisCategory: 技术分析*阿拉伯石油输出国组织OAPEC英文Organization of Arab Petroleum Exporting Countries的缩写。该组织的宗旨是促进阿拉伯产油国之间的合作，支持阿拉伯石油业的发展。成员国包括阿尔及利亚、巴林、埃及、伊拉克、科威特、利比亚、卡塔尔、沙特阿拉伯、叙利亚和阿联酋。该组织不就石油产量或价格作决定。Synonym: Organization of Arab Petroleum Exporting CountriesOAPEC aims to improve economic co-operation in the petroleum industry. Its members are Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria and the United Arab Emirates. The group does not make decisions on oil output or pricing期货期权 | 缩略语*阿历山大过滤器Alexanders Filter指技术分析的一种方法，以涨跌百分比来衡量特定时间内价格上涨或下跌的速度。升速很快为买进讯号，反之则为卖出讯号。参见Technical Analysis（技术分析）。Category: 金融*阿姆斯特丹ARA英文Amsterdam/Rotterdam/Antwerp 的缩写。石油货品若称cost and freight ARA，是指可将阿姆斯特丹/鹿特丹/安特卫普地区内的港口作为交货地点。参见C and F（成本与运费）Synonym: Amsterdam/Rotterdam/Antwerp area An oil cargo offered with cost and freight ARA means that ports within this area (Amsterdam/Rotterdam/Antwerp area) can be considered for delivery.Category: 缩略语*按比例偿债基金Pro Rata Sinking Fund偿债基金是在债券到期前提前偿还部分债务的一种安排。债券发行时若附设偿债基金条款，发债人必须定期将一定数额的资金投入偿债基金帐户，作为提前赎回部分债券的资金。按比例偿债基金规定，在发债人动用偿债基金回购债券时，所有债券投资者均须接受相同比例的债券赎回参见Purchase Fund（购买基金），Sinking Fund（偿债基金）。A sinking fund is a special account that finances the compulsory early repayment by a borrower of a certain amount of a bond issue, usually at par value, regardless of the current value of the bonds in the secondary market. A pro rata sinking fund forces each investor to give up an equal percentage of his or her bond holdings when the issuer calls for sinking fund retirements of the bonds. Typically only applied to registered securities.See also: Fund*按面值 参见:平价At Par指证券的售价与其面值相等。When a security is selling at a price that is equal to face value.期货期权 | 金融 | 外汇 | 债券 | 股票*按市价调整Mark to Market指根据当天的收盘价重新评估头寸或资产组合的价值,藉此可算出尚未实现的盈利或亏损. 在保证金交易上,藉此可算出是否需要追加保证金.参见Margin Trading(保证金交易)以及Maintenance Margin(维持保证金).The process by which a position or portfolio is revalued based on the current days closing price. Instead of being valued at the original purchase price the portfolio is valued at its current worth, reflecting any profit or loss which is not yet realized but which would be taken into account if the position were sold immediately.期货期权 | 金融 | 股票*肮脏浮动汇率制Dirty Float指一种官方不公开汇率目标的汇率制度。中央银行或货币当局通过干预外汇市场以使汇率维持在其不公开的目标水平，而目标水平可能会随环境的变化而改变。英文亦称managed float(有管理的浮动汇率制)。A system where no official parities for currencies are declared or maintained. The central bank or national monetary authority does not publish details of a fixed target, e.g. four francs to the dollar. Instead it intervenes in foreign exchange markets to achieve an undisclosed target exchange rate. The target may be changed according to circumstances. Also known as a managed float.Category: 外汇*按揭证券MBS英文Mortgage-backed Security的缩写,由一篮子住房抵押贷款提供担保的证券,该抵押贷款组合每月收到的还本付息款项会转交按揭证券的持有人.参见Securitization（证券化）。Synonym: Mortgage-backed SecurityA security backed by, or secured by, a pool or package of mortgage loans. Monthly payments of principal and interest from the underlying pool of mortgages are passed along to the holder of the security. See also: Securitization缩略语 | 债券*安特卫普地区 参见: 阿姆斯特丹*澳大利亚普通股价指数All Ordinaries澳大利亚股票市场股票价格的基准指数。该指数由300多只股票构成，以股票的市值加权。 网址：参见Capitalization-weighted Index（市值加权指数）。The All Ordinaries Share Price Index or All Ords is the benchmark index for the Australian stock market. It is a capitalization-weighted index consisting of over 300 stocks. See also: Capitalization-Weighted IndexCategory: 股票*阿尔法系数 参见: 值*B*八国集团G8指七国集团加上俄罗斯。The G7 countries plus RussiaCategory: 金融*摆动指标Oscillator一种技术分析工具，有多种不同的计算方式，比如计算证券价格的短期与长期简单移动均值的差值。摆动指标在某一上限与下限值之间波动，分析师试图从其形态中找出买入或卖出的讯号。参见Moving Average（移动平均数），Technical Analysis（技术分析）。Used in technical analysis, the oscillator is an indicator which moves back and forth between an upper and lower boundary. The oscillator attempts to indicate buy and sell signals by graphing the difference between a short- and long-term simple moving average. See also: AnalysisCategory: 技术分析*白武士 参见: 白衣骑士*白衣骑士White Knight当一家公司成为敌意收购的目标时，可邀请另一家公司提出善意的收购，以化解敌意收购的威胁，应邀出手对抗敌意收购的公司被称为“白衣骑士(白武士)”。参见Poison Pill（毒丸行动/反收购行动）。A potential friendly acquirer sought out by a company to protect it from a hostile takeover. See also: Pill金融 | 风险投资和新股发行*巴黎俱乐部Paris Club指西方债权国政府所组织的不定期论坛，讨论债务重组或减免问题。巴黎俱乐部由政府组成，而伦敦俱乐部则由商业银行组成。参见London Club（伦敦俱乐部）。An ad hoc forum for Western creditor governments to discuss the renegotiation of debt owed to them, or guaranteed by them. The Paris Club groups government creditors while the London Club groups commercial creditors. See also: Club金融 | 债券*巴黎期权交易市场MONEP法文March des Options Nociables de Paris的缩写，指巴黎专门从事股票和指数期权交易的期权市场，于1999年6月并入巴黎交易所,后者于2000年9月并入Euronext。参见Euronext(泛欧交易所).Synonym: March des Options Ngociables de ParisThe Paris traded options market specializing in stock and index options. 期货期权 | 缩略语*巴黎银行同业拆借利率Pibor英文Paris Interbank Offered Rate的缩写。指巴黎的银行同业市场拆借短期资金的利率，已为欧元银行同业拆借利率(Euribor)所取代。参见Libor（伦敦银行同业拆借利率），Euribor(欧元银行同业拆借利率)。Paris Interbank Offered Rate. The rate at which banks in Paris are prepared to lend money market funds to each other.See also: Libor, Euribor金融 | 债券*巴黎证券交易所业务委员会COB法文Commission des Oprations de Bourse的缩写。COB是法国证券市场的监管机构。Synonym: Commission des Oprations de BourseCommission des Oprations de Bourse. French stock market regulator.Category: 缩略语*保本点 参见: 盈亏临界点*保本型基金Principal Guaranteed Fund英文亦称为capital guaranteed fund，是指基金公司保证投资人可以取回本金的基金。*保管参见: 托管*保管人参见: 受托人*保护主义Protectionism保护主义主张政府以各种措施保护国内产业免受全球化竞争的冲击，常用手段包括以关税、进口配额或严格的卫生及环保规范阻挡廉价进口商品的涌入，以及透过出口或生产补贴协助本国产品开拓国际市场。Protection of a domestic industry from cheaper competitive imports by such means as import duties, import quotas, export subsidies, health and environmental regulations.Category: 金融*报价驱动Quote Driven就证券交易方式而言，报价驱动是指依赖做市商(market makers)来完成买卖。做市商会报出一个买卖双向报价，表示愿意并有能力按此报价进行交易。英文亦作Price Driven。参见Market Maker(做市商/庄家)及Order Driven（指令驱动）。A market is described as being quote driven when registered market makers are required to display bid and offer prices, and in some cases the maximum bargain size to which these prices relate. The London SEAQ system and NASDAQ are examples of quote driven markets. The alternative trading system, such as used on the New York Stock Exchange, is an order driven one where market prices are set by the balance of supply and demand in a continuous auction. See also: Driven, SEAQ金融 | 股票*报价Quotation英文亦作Quote。报价是指某一时点的最高买方出价(bid)与最低卖方报价(ask)，前者是当下卖出所能拿到的价格，后者是当下买入所能取得的价格。参见Bid-Ask Quote(买卖方报价)。The current price or rate given in the market or on an exchange. Not necessarily the price at which a trade will be made.Category: 金融*保荐人Sponsor指为公司如何发行新股票或债券而提供咨询的投资银行或商人银行。因此这种银行要寻找对这些新股票或债券的潜在需求水平，为其定价并向市场销售。参见Investment Bank（投资银行）。Term used for the investment bank, or the merchant bank, which advises a company on how to issue new shares or bonds. It then finds out the level of potential demand for the new shares or bonds, prices them and sells them in the market. See also: Bank金融 | 风险投资和新股发行 | 股票*保留意见账目Qualified Accounts指遭审计师发表保留意见(qualified opinion)的财务报表。审计师若认为公司的财务报表存在重大问题，以致未能公允反映公司经营实况，就会在审计报告中表达保留意见。无保留意见(unqualified opinion)具是指审计师认为财务报表公允反映了公司的经营实况。The published balance sheet and accounts of a company, in which the auditors report expresses reservations as to whether a true and fair view of the companys activities has been presented.*保险精算师 参见: 精算师*包销Underwriting指发行人向承销商付出一定的费用，换取承销商承诺在市场需求不足时，按发行价买下约定数量的新发行证券。包销安排带有保险的性质。A form of insurance whereby, an underwriter agrees for a fee to take up a specific quantity of a new issue at the issue price if there is insufficient demand.金融 | 债券 | 风险投资和新股发行 | 股票*保证金交易Margin Trading投资者透过保证金交易买进资产时,只需支付部分现金,其余资金向经纪商借入,按融资利率支付利息. 保证金交易让投资者以自身较少的资金,结合借入的资金进行较大规模的交易,放大了投资盈亏,风险较高.参见Margin（保证金）。An investor pays a certain amount of cash to fund a transaction and borrows the remainder from a broker at a rate of interest. Margin trading provides gearing to investors since their small amount of funds goes a lot further when combined with additional borrowed funds. But added gearing means increased risk if the market moves against the investor.期货期权 | 金融 | 外汇 | 股票*保证金账户Margin Account指让投资者无需拿出十足资金即可进行交易的账户。参见Margin（保证金），Margin Trading（保证金交易）。An account enabling an investor to trade without having the full amount of funds available. See also: Trading期货期权 | 金融 | 外汇 | 股票*保证金Margin保证金交易模式让投资者无需拿出十足资金即可进行买卖. 这种交易方式可放大盈亏,风险较大. 期货市场的结算所为确保买卖双方有能力履行各自的合约义务，会要求他们交存初始保证金。而为了使保证金额度能赶上其后的市场变动，还可能要求投资者缴交变动保证金。需交存的保证金是通过参照每天的收盘价，重新对所有头寸进行估值而计算得出的。参见Initial Margin（初始保证金），Mark to Market（按市价调整），Margin Trading（保证金交易/信用交易），Variation Margin（变动保证金）。Margin allows trading without having the full amount of funds available. It is a part-payment of collateral to cover contractual obligations and to insure against potential unlimited loss. Clearing houses in futures markets demand an initial margin from both the buyer and the seller of a futures contract to ensure they will be able to meet their contractual obligations. To ensure that margin requirements keep pace with subsequent market movements, variation margin is also called for. This is calculated by revaluing all positions with reference to the closing prices each day.See also: Margin期货期权 | 金融 | 外汇 | 股票*巴塞尔委员会Basel Committee国际清算银行下属的一个委员会， 旨在促进国际间在银行监管事务上的合作，制定并提倡良好的银行监管准则。奠定银行最低资本国际标准的巴塞尔资本协议即为该委员会所制定。参见BIS（国际清算银行）。A committee of the Bank for International settlements that formulates broad supervisory standards for best banking practice and supervision, including setting the minimum capital standards for banks.See also: BISCategory: 金融*巴塞尔资本协议Basel Rules or Basel Accord国际清算银行下属的巴塞尔委员会就银行最低资本要求及其他经营问题所制定的准则。巴塞尔资本协议(Basel Capital Accord)于1988年推出，资本充足率(Capital Adequacy Ratio)不得低于8%是该协议的核心要求，成为广受国际接受的标准。根据协议的要求，贷款的风险越高，银行必须具备越雄厚的资本。因为适应银行业日趋复杂的发展，巴塞尔委员会于2004年6月26日正式推出巴塞尔新资本协议(Basel II)，主要金融中心将于2006年底开始实施。参见BIS（国际清算银行），Category: 金融* 被冻结的资产Frozen Assets指因战争、政权交替或法律诉讼等原因而遭暂时冻结、不许转移的资产。Assets, balances or credits temporarily blocked or immobilized due to political circumstances such as war or legal action.Category: 金融*被动式管理Passive Management一种投资策略，追求与市场指标一致的回报，其资产配置反映了所追踪的指标的构成，亦称为被动型投资策略(passive portfolio strategy)参见Active Fund Management（积极型基金管理）及Index fund(指数基金)。An investment strategy that focuses on mirroring the composition of a given market or sector to match its return and risk characteristics.See also: ManagementCategory: 基金*备兑认股权证Covered Warrant银行发行的一种认股权证，给予持有人在未来某一时间以通常高于当前市价的价格买入某一公司股票的权利，是一种交易工具。 备兑(covered)是指发行银行至少持有部分标的股票以备认购。例如，美林证券可能持有一些通用汽车的股票，可据此发行通用汽车的备兑认股证。备兑认股证是一种高杠杆投资工具，主要以希望押注某一个股、一篮子股票或者某一股价指数的国际投资者为目标客户。参见Share(股票)，Stock(股票)，Warrant(认股权证)。A warrant issued by a bank that enables the holder to buy shares in another company at a future date, for a price that is generally above the current market price of the share. Used as a trading instrument. For example, Merrill Lynch might issue covered warrants on shares of General Motors. They are covered because the issuer will hold at least some of the underlying stock into which the warrants may be exercised. Covered warrants are aimed principally at international investors looking for geared exposure to a specific stock, basket of stocks or even an entire index.See also: Share, Stock, WarrantCategory: 股票*背对背贷款Back-to-back Loans不同国家的两家公司各自以本国货币向对方贷出一笔等值的贷款，借此规避外汇风险或外汇管制。例如，一家美国公司向一家英国公司贷出100万美元，而此英国公司则向该美国公司贷出等值的英镑(以美元兑英镑当时的汇率计算)，借此安排，两家公司不需兑换即可取得所需的货币。亦称为“平行贷款”（parallel loans）。Synonym: Parallel LoanArrangement whereby a loan in one currency is set against a loan in another currency. It can be used to avoid or overcome exchange risks and exchange controls. Also known as parallel loans.Category: 外汇*北美自由贸易协定NAFTA英文North American Free Trade Agreement的缩写，是由美国、加拿大和墨西哥三国组成的自由贸易区。Synonym: North American Free Trade AgreementA three-member free trade zone between the US, Canada and Mexico. 金融 | 缩略语*倍数Multiples通常是指盈利倍数(earnings multiple),也就是市盈率,等于公司的股价除以年度每股盈余.参见P/E Ratio（市盈率）。金融 | 股票*贝塔系数 参见: 值*值Beta贝塔系数是量度股票投资系统风险的指标。所谓系统风险是指股票投资中没有办法通过分散投资来减低的风险，即是由整体经济状况和整体市场因素所造成的风险(如利率变动)，与个别公司没有直接的关系。与其相对的是非系统风险，即由个股的个别因素(如会计丑闻)所造成的风险，是可以通过分散投资来消弭掉的。金融学运用了贝塔系数来计算在一只股票上投资者可期望的合理风险回报率：个股合理回报率 = 无风险回报率*+(整体股市回报率-无风险回报率)*可用基准债券的收益率代表贝塔系数=1，代表该个股的系统风险等同大盘整体系统风险，即受整体经济因素影响的程度跟大盘一样; 贝塔系数1则代表该个股的系统风险高于大盘，即受整体经济因素影响的程度甚于大盘。贝塔系数越高，投资该股的系统风险越高，投资者所要求的回报率也就越高。高贝塔的股票通常属于景气循环股(cyclicals)，如地产股和耐用消费品股；低贝塔的股票亦称防御类股(defensive stocks)，其表现与经济景气的关联度较低，如食品零售业和公用事业股。个股的贝塔系数可能会随着大盘的升或跌而变动，有些股票在跌市中可能会较在升市具更高风险。Beta records how volatile and risky investing in an individual stock is compared with the risk of the equity market as a whole. Beta measures how much the individual stocks excess return (the amount it earns in dividends and capital gains compared with a short-term money market rate) varies in comparison with movement in the excess return of the market as a whole (usually represented by the markets benchmark index). Beta compares excess return with short-term government paper because the latter investment is regarded as risk free. If the markets excess return rises by one percent and the stocks excess return rises during the same period by the same one percent then the stocks beta is one. The higher the beta the riskier the stock, reflected in its greater required return. A stock with a beta of more than one tends to be riskier than the market. A stock with a beta of less than one is less risky. High beta stocks tend to be in cyclical sectors such as property and consumer durables. Low beta stocks, also known as defensive stocks, tend to be in non-cyclical sectors such as food retailing and public utilities. Betas for individual stocks can vary according to whether the overall market direction is upwards or downwards. A stock may be riskier in a falling market than a rising market.风险投资和新股发行 | 股票*备用信贷Back-up Facility通常指银行为商业票据发行人提供的备用信贷，以便发行人在无力赎回票据时获得短期融资。Typically, a bank line of credit used to provide back-up liquidity should an issuer be unable to fund the outstanding commercial paper.金融 | 债券 | 风险投资和新股发行 | 股票*本地生产总值参见: 国内生产总值*崩盘Crash指经济形势急剧恶化或资产价格暴跌，崩盘会严重打击投资和消费信心，并可能会演变成经济或金融危机，例如1929年的华尔街股灾以及19971998年的亚洲金融风暴。发生这种状况时，企业和个人会减少投资和消费，以勉力偿还债务。这些债务很可能是以购入的资产(如房屋)作为抵押的，而这些资产的价值已暴跌。信贷需求会因而进一步下降，进而威胁总体经济增长。A dangerously steep fall in economic conditions or asset prices, such as the Wall Street Crash of 1929. A crash leads to a sudden fall in confidence in investment and the economy. Companies and individuals reduce consumption and investment as they try to repay debt borrowed to buy assets which have fallen steeply in value. That leads to further drops in demand for credit and threatens the overall level of economic activity.金融 | 外汇 | 债券 | 股票*本国收益率Native Yield指某一国家或市场计算债券到期收益率所遵循的惯例。国际证券市场协会（ISMA）的到期收益率计算法为市场广泛使用，按该计算方法，债券未来的所有现金流以到期收益率折现，等于债券价格加应计利息。参见YTM(到期收益率)。The convention used in a particular country or market for the calculation of a bonds yield if it is held to maturity. A widely used convention is the ISMA (International Securities Market Association) yield to maturity which makes all future cash flows equal to the price of the bond plus accrued interest.Category: 债券*本金Principal1. 就借贷而言，本金是指不含利息在内的借贷金额，即未计应付利息借款人欠放款人的金额。就债券而言，本金通常是指债券的面额。就投资而言，本金是指股东投入的金额，不含投资收益。2. 在一宗交易中，当事人(principal)是相对于代理人(agent)而言的;当事人是最主要的利益攸关者，代理人只是受当事人委托、代为处理相关事宜。在金融市场，principal指以自己的资金进行买卖的人士。The total amount borrowed or invested, e.g. the face amount of a bond bought by an investor. Also, the originator or prime mover in a financial deal, on whose behalf brokers act as agents.See also: BrokerCategory: 金融*本票 参见: 期票*变动保证金Variation Margin因市场出现不利的波动，导致账户的保证金不足而须增缴的保证金，与头寸的亏损程度成正比。变动保证金由清算行或经纪商每日收取，按当日收盘价计算头寸的损益情况得出。参见Margin（保证金），Mark to Market（按市价调整）。Variation margin is collected on a daily basis by clearing houses or brokers to ensure margin requirements on a particular transaction keep pace with subsequent market movements. It represents a running profit or loss on a contract. It is calculated by revaluing all positions with reference to the closing prices each day.See also: Margin, Mark to Market期货期权 | 金融 | 股票*变动速度 参见: 变动率*变动率ROC英文Rate of Change的缩写。在技术分析中，变动率变动速度是衡量最新的收盘价与先前某特定时间价格的比例的指标。例如，编制一个5天变动速度是指将最新的收盘价除以5天前的价格，然后乘以100而得。100为中点或零点线。参见Oscillator（摆动指标），Technical Analysis（技术分析）。Synonym: Rate of ChangeIn technical analysis, the ROC is an indicator that measures the ratio of the most recent closing price to a price in a previous set period. Thus, a five-day rate of change oscillator is constructed by dividing the latest closing price by th