部分金融词汇

1、部分金融词汇infusion of capitalization 资本注入融资融券 margin Trading大小非解禁 unlock the nontradable stock退市 delist股权分置改革 stock reform创业板 Growth board中小板 SME board定向增发 Private Placement帐簿管理人 （Book Runner）非公开发行股票（ Private Equity Placement）（又被称为定向增发私募 （Private Placement） 是相对于公募 （Public offering）破发 Broken IPOs跌破发行 （Br

2、eak issue） 描述新股跌破发行价的术语Quoting 股票报价一种股票在一个交易日的价格（包括叫价及出价）highest valuations最高估值题材股 theme stockTrina Solar （TSL ）, China Sunergy（CSUN ） , LDK Solar （LDK ） , Yingli Green Energy Holding（YGE ）, and JA Solar（JASO ）天合光能、中电光伏、江西赛维、英利新能源以及晶澳太阳能公司Proceeds 融资收益Companies go public to raise money. The money ra

3、ised is referred to as proceeds. In every prospectus there is a section entitled "Use of Proceeds". Investors should read this section to find out whether the company plans to use the money it raises in the IPO for capital investment （good） or to pay off insiders （bad）.Sarbanes-Oxley 萨班斯奥克

4、斯利法案Class Actions 集体诉讼案prospectus for a secondary offering二次募股招股说明书issuers 企业 , 股票发行人 moffshore listing 海外上市外管局 State Administration of Foreign Exchange, 简称：外管局GP 管理团队GP（创投管理人员） ; LP （基金投资人） ;LP 出资人两头在外 )Funding & Divestment Stay Offshore （ 引导资金 matching funds ( 引导基金 )外资 VC以“两头在外”的模式运作，即 “海外募资 投

5、资中国公司的海外控股公司 实现海外上市退出 ”。funding, investing, value add to portfolio, and divestment基金成立、基金投资、被投项目上市、上市退出赛富、德同、戈壁、智基等多家境外基金掌上灵通 LinktoneIPO 即 initial public offerings( 首次公开发行股票，或者说新股上市)外资 VC以“两头在外”的模式运作，即 “海外募资 投资中国公司的海外控股公司 实现海外上市退出 ”。上市退出 divestment母基金( Fund of Funds )有限合伙人( LP )”概念(长期投资，不参与管理，利益分成)

6、，Merrill Lynch(MER )bank reserve ratio存款准备金率发行价 (Issue Price)Proceeds 收益Insider trading 内幕交易Crossing network电子通信网络或者证券交叉网络配股( placement ).Imbalance information私募基金翻译成 private placement fund停盘 (Suspension)由于即将发布文告而暂停交易。Broker 券商Capital raising 融资bear trap 空头陷阱：当股票下跌时，引起大量抛售，然后价格又上涨。turn-keyintraday 当

7、天波动集束( volatility clustering )Connected transaction 关联交易Allotment 配股CSRC 中国证券监督管理委员会筹资创办 (Float)介绍新公共公司给股票交易，以从公众筹集资金。(IPOs Underpricing)，股票首次公目前国外股票首次公开发行 (IPOs) 的研究主要集中于三种普遍现象，即股票首次公开发行定价过低开发行后的长期弱势 (Long Run Underperformance of IPOs) 以及股票首次公开发行的热销市场 (Hot Issue Markets) 包括证券市场的运行效率 (efficiency run

8、)与证券市场的配置效率 (efficiency allocation)IPO 即 initial public offerings( 首次公开发行股票，或者说新股上市)Definition of IPO - initial public offeringInitial Public Offering or IPO is the first sale of stock by a private company to the public. IPOs are often smaller, youngercompanies seeking capital to expand their busine

9、ss.成份指数the big board大盘 the ups and downs of the stock market股市行情 blue chip 绩优股 component indexdeceptive accounting 虚假帐务earning report 业绩报表financial irregularities /improprieties 金融违规行为financial reorganization 金融重组financial statement 财务报表fund custodian bank基金托管银行fund manager基金经理 / 管理公司high-tech secto

10、r高科技板块income statement损益表industrial stock工业股票inflate profits 虚报盈利上市公司 / 被摘牌的公司listed company / delisted companyrecord high (股票指数)创历史新高red chips 红筹股return on equity 股本回报率share, equity, stock 股票、股权closed-end securities investment fund 封闭式证券投资基金open-end securities investment fund开放式证券投资基金PE”即 Private E

11、quity ，我们将其译为 “私募股权 ”。净资产收益率( Rate of Retern on Common Stockholders' Equity, 简称 ROE ) 低市值公司股 , Small-Cap stocksrisk check 风险控制粒 (Marketable Lot)溢价 (Premium)经纪费，佣金 (Brokerage)股票经纪人因其买或卖股票服务而收取的费用。股票买卖通知书 (Contract Notes)市场负债 / 权益比率 (Debt/Equity Ratio)金融杆杠或资本负债比率的指标。用于比较债权人资产与股东资产。由共同股东权益的长期负债决定。

12、折旧 (Depreciation)长期资产在使用期内注回成本。稀释 ( Dilution) 因发行新股而使收益或股息减少。折价 (Discount)挂牌股票价格低于票价值。与 “溢价 ”相反。股息 (Dividend) 董事分配给股东的公司利润部分，可以是现金也可以是股票。通常表达为相关资本名义价格的百分比。 股息收益率 ( Dividend Yield)年股息除以股价。股利保证倍数、净 利与股息比率 ( Dividend Cover) 公司净利与公司总股息的比率。每股股息 (Dividend Per Share)付给每股普通股的股息。到期日 -股票 (Due Date) 买或卖的结算日，或非

13、对敲的簿记日。目前是交易日加三个市场日。每股收益 (Earnings Per Share) 每股普通股的利润。以净收入除以普通股数量计算。股票电子支付 ( Electronic Payment for Shares (EPS)通过直接贷记银行帐户，及通过自动柜员机借记结算模式。无股息 (Ex-Dividend)资本负债比率，资本结合率 (Gearing) 借入资本与股东权益比率。可以用负债 / 权益比率衡量。增长股票 (Growth Stocks)通指每股收益和股价增长高于平均增长率的股票。套期保值 (Hedging)通过使用购买期权、卖出期权、卖空或期货合同来规避风险的一项策略。其目的是减少

14、资产组合的易变性，以及减少亏损风险。通货膨胀 ( Inflation)货物和 / 或服务的价格持续上涨。内在价值 ( Intrinsic value) 股票的内在或真实价值。在投资中，这是市场股价围绕波动的价值。不可偿还 ( Irredeemable)指发行公司在预定日期前不偿还所负的债款。发行资本 (Issued Capital)指发行的资本，通常与名义或额定资本不同。后者为已额定但未发行、印花税已交的资本。清算 ( Liquidation)公司清盘或将资产转换为现金。流动性 ( Liquidity)迅速将资产转换为现金的能力。多头，买超 ( Long Position)持有证券或商品，希望

15、其价格会上升。市场资本总额 (Market Capitalization)挂牌公司总市场价值。以每股市价乘以股数计算。 证券数量代表在新加坡证券交易所交易名义单位。零星股 ( Odd Lot)股价高于帐面价值，与 “折价 ”相反。本益比 (Price-Earnings Ratio) 股价和公司每股收益的比率。用于衡量投资者资本支出以股息形式或保留利润收回的年数。 初级市场 (Primary Market) 新发行股票的每一个买主在初级市场购买股票。接下来的股票交易在二级市场进行。 私下配售 (Private Placement) 发行公司和投资者之间的直接交易。反弹 (Rally) 股价在下跌

16、或巩固后回升。可变现 (Realizable) 指通过清理资产变成现金。已实现利润 / 亏损 (Realized Profit/Loss) 抛售证券的利润或亏损。重估 (Revaluation) 公司资产帐面价值变化反映现有市场价值。* 纵 (Rigging)通过市场活动和谣言非法 * 纵股价。附加股 (Rights Issue) 按其持有的固定比例以某一价格发行股票给现有股东。股东有权选择执行或拒绝其权利。 整粒 (Round Lot)在某一特定股市交易的基础单位。在新加坡证券交易所，为 1000 股。上涨 (Run) 市场术语用于形容股价增值。无票交易 (Scripless Trading

17、) 不须交换股票的交易。二级市场 (Secondary Markedt) 买或卖以前拥有的股票的市场，如主板和新加坡自动报价股市。证券 (Security) 一种表明所有权的票据(如股票、债券或期权)，表明债权持有人和公司或政府的关系。 卖空 (Short-sell)卖方抛售其并不据有的股票。新股套利 (Stag)投机者认购新股后马上抛售以赚取利润，与那些长期持有股票的投资者不同。股票指数 (Stock Index)衡量股市股价变化的统计组合。执行价格，履约价格 (Striking Price)期权价格。停盘 (Suspension)证券包销商 (Underwriter)保证认购所有发行的新股

18、的公司。积极成长型( Aggressive Growth Funds)：积极成长型基金以追求获取最大资本利得为目AAllocationThis is the amount of stock in an initial public offering (IPO) granted by the underwriter to an investor. For most IPOs, the allocation is significantly less than the indication of interest. The allocations are meted out based on co

19、mmission volume, trading history and type of investor.AftermarketTrading in the IPO subsequent to its offering is called the aftermarket. Trading volume in IPOs is extremely high on the first day due to flipping and aftermarket purchases. Trading volume can decline precipitously in the following day

20、s.企业第一次向公众发行股票被称为 IPO ( Initial Public Offering )。即企业通过一家股票包销商( underwriter )以特定价格在一级市 场( primary market)承销其一定数量的股票，此后，该股票可以在二级市场或店头市场 (aftermarket) 买卖。首次公开招股是指一家私人企业第一次将它的股份向公众出售。通常，上市公司的股份是根据向相应证券会出具的招股书或登记声明中 约定的条款通过经纪商或做市商进行销售。一般来说，一旦首次公开上市完成后，这家公司就可以申请到证券交易所或报价系统挂牌交 易。另外一种获得在证券交易所或报价系统挂牌交易的可行方法

21、是在招股书或登记声明中约定允许私人公司将它们的股份向公众销售。这些 股份被认为是 "自由交易 " 的，从而使得这家企业达到在证券交易所或报价系统挂牌交易的要求条件。大多数证券交易所或报价系统对上市公司在拥有最少自由交易股票数量的股东人数方面有着硬性规定。Venture CapitalVenture Capital firms invest in private companies that need capital to develop and market their products. In return for this investment, the venture

22、 capitalists exact a price - significant ownership of the company and seats on the board of directors. For the most part, venture capitalists focus on companies in the technology, medical and retail sectors.Venture capitalists raise money from institutional investors, state pension funds and high-ne

23、t worth individuals, usually in the form of partnerships. Investors should look at the venture capital firms track record and expertise when evaluating an IPO.Back-door ListingA strategy of going public used by a company that fails to meet the criteria for listing on a stock exchange. To get onto th

24、e exchange, the company desiring to go public acquires an already listed company.A plan for mid-sized brokerage Changjiang Securities to obtain a backdoor stock market listing has been approved by China's securities regulator, a company involved in the scheme said on Saturday.Shijiazhuang Petroc

25、hemical Co. said the China Securities Regulatory Commission passed its plan to merge withChangjiang by issuing new shares, in a deal which it previously estimated would value Changjiang at 10.3 billion yuan ($1.37 billion).Under the plan, Shijiazhuang will separate itself from its parent firm, oil r

26、efining giant Sinopec Corp. Sinopec will buy all of Shijiazhuang's assets by assuming debts estimated at 3.7 billion yuan.The merger, which is subject to conditions specified by the commission, will provide Changjiang with Shijiazhuang's listing on the Shenzhen Stock ExchangeCITIC Trust, a n

27、 arm of China' s largest financial conglomerate, China International Trust and Investment Corp. (CITIC),will seek a backdoor stock market listing, a Chinese company involved in the deal said yesterday.Anxin Trust & Investment Co. plans to issue up to 1.5 billion new A shares to CITIC and two

28、 other local companies,including Anxins current controlling shareholder, Anxin said in a statement.sha reholder in Anxin.As part of the deal, Anxin would obtain 100 percent ownership of CITIC Trust, while CITIC would become the controllingCITIC Trust would then be a listed company, paving the way fo

29、r the further development of itstrust business,Anxin said.s average traded stock mark et pricThe placement of Anxin shares would be priced at no less than 90 percent of Anxin in the past 20 days, subject to approval by shareholders and regulators.Anxin noted that the deal might fall apart because th

30、e firm had been under investigation by regulators since September 2005 for possible violations of securities laws.-da'y sm 2o0vingIts shares have been suspended since Nov. 22, when they closed at 4.79 yuan. Based on the stockaverage on its last trading day, the placement of Anxin shares could ra

31、ise about 5.67 billion yuan.The money would be used to shore up Anxin ' s capital base and impr ove its profitability, the company said.Many Chinese securities and other financial companies are seeking backdoor stock market listings as faster and easier alternatives to the process of conducting

32、initial public offers.Cash-Hungry Developers Try the Back Door05-08 14:36 Caijing MagazineAccessing capital markets in the face of tighter controls on IPOs is possible for Chinese real estate developers willing to try a back-door listing technique.By staff reporter Zhang YingguangPressured by China&

33、#39;s increasingly sluggish real estate market and tightening credit, Chinese real estate developers are increasingly choosing to raise funds through back-door listings as an alternative to initial public offerings.Developers hungry for financing have been turning to the capital markets with a sense

34、 of urgency for several years. But the government's recently tightened monetary policies have made it difficult to list new enterprises on the stock exchange, dampening enthusiasm for IPOs.According to domestic media, scores of developers have completed back-door listings since late 2006. Statis

35、tics show that about half of the 100 property companies listed on the Shanghai and Shenzhen exchanges came in through the back door.An investment banker told Caijing that many Chinese real estate developers prefer the alternative due to a broad range of macroeconomic controls in the property sector

36、as well as soaring land prices, which have increased the need for financing.For example Rongan Group, a private developer based in Ningbo, listed on the Shenzhen exchange April 14 through a back-door move. And reportedly, Beijing Huayuan Property Co. Ltd. will soon launch a back-door listing through

37、 the shell company Hubei Xingfu Industry Co. Ltd. (SSE: 600743).In addition Beijing Pengrun Real Estate Development Co. Ltd. - controlled by Huang Guangyu, one of China's wealthiest businessmen and founder of the country's largest home appliance retailer Gome - decided to launch a back-door

38、listing after scrapping plans for a Hong Kong IPO.Pengrun plans to transfer its assets to a publicly listed shell company called Beijing Centergate Technologies (Holding) Co. Ltd. (SZSE: 000931), which will allow Pengrun to raise funds on the market. Both are owned by the same parent, Beijing Pengta

39、i Investment Co. Ltd., which Huang controls.Centergate plans to issue up to 1.227 billion shares through a non-public offering at 14.67 yuan per share, raising about 18 billion yuan.Pengrun expects its net profits to reach 350 million yuan this year and 600 million in 2009 after the listing. Last ye

40、ar, the company reported a net profit of 35 million yuan. Pengrun has reported 3.48 billion yuan in assets and 140 million yuan worth of debt.1 yuan = 14 U.S. centsA reverse takeoveroccurs when a publicly-traded smaller company acquires ownership of a larger company. Ittypically requires reorganizat

41、ion of capitalization of the acquiring company.In the event the larger company is not publicly traded, the reverse takeover results in a privately held company becoming a publicly held company by circumventing the traditional process of filing a prospectus and undertaking an initial public offering

42、(IPO). It is accomplished by the shareholders of the private company selling their shares in the private company to the public company in exchange for shares of the public company.Because of China's stock market boom, a string of brokerages is seeking listings through initial public offers of sh

43、ares or backdoor listings, which can be quicker and cheaper than IPOs.French bank BNP Paribas previously had a partnership with Changjiang but severed ties in January, saying the two companies had different views on the development of a joint venture in China.Prev:Beijing to cut subway fares to boost public transportNext:3Com to Be Sold; Huawei to Take Stake与一般企业相比，上市公司最大的优势是能在证券市场上大规模筹集资金，以此促进公司规模的快速增长。因此，上市公司的上市资格 已成为一种 “稀有资源 ”，所谓 “壳”就是指上市公司的上市资格。由于有些上市公司机制转换不彻底，不善于经营管理，其业绩表现不尽 如人意，丧失了在证券市场进一步筹集资金的能力，要充分利用上市公司的这个 “壳”资源，就必须对其进行资产重组，买壳上市和借壳 上市就是更充分地利用上市