Finance（国际金融）关键术语名词解释资料

Finance（国际⾦融）关键术语名词解释资料Chapter1《AmericanEconomicReview》《美国经济评论》《JournalofFinance》《⾦融学报》《TheWealthofNations》《国富论》acquisition收购adjustrisk调整风险aggressivetarget激进（性）的⽬标asset资产assetallocation资产配置bidder出价者，竞标者Black-ScholesoptionspricingformulaB-S期权定价公式businessfinance企业财务（⾦融）capitalbudgeting资本预算capitalexpenditure资本⽀出capitalstructure资本结构cashflow现⾦流chiefexecutiveofficer（CEO）⾸席执⾏官chieffinancialofficer（CFO）⾸席财务官（财务总监）claims权益（证）、索取权利classicaleconomics古典经济学commonstock普通股competitivestockmarket竞争性的股票市场conflictofinterest利益冲突consumptionandsavingdecisions消费和储蓄决策consumptionpreference消费偏好controller审计员convertiblesecurities可转换证券corporation（有限责任）公司corporationfinance公司财务（⾦融）debtoutstanding未清偿贷款（债务）derivativesecurities衍⽣证券diversifyrisk分散风险dividendandfinancialpolicies红利（股利）和财务政策economicvalue经济价值entertainmentindustry娱乐⾏业（产业）entity实体equity权益（与Liability（负债对应）evaluationofcost成本估算（评价）exclusivegoal唯⼀⽬标executivecompensationprogram管理者补偿（薪酬）计划extendedfamily⼤家庭finance⾦融,财政,⾦融学financesystem⾦融系统financialadvisoryfirm⾦融咨询公司financialcapital⾦融资本financialcontracting订⽴⾦融合约（合同）FinancialExecutiveInstitute财务执⾏官组织financing筹措资⾦（融资）financingdecision融资决策generalpartner⼀般合伙⼈goingconcern关注效应infrastructure基础设施、架构initialoutlay初始投⼊integratedfinancialprogram完整的财务计划investmentdecision投资决策ITTcorporation国际电报电话公司learningcurve学习曲线liability负债、债务、责任limitedliability有限责任limitedpartner有限责任合伙⼈long-livedasset长期资产long-rangeincentivesystem长期激励系统marketdiscipline市场规则marketinterestrate市场利率marketriskpremium市场风险价格marketvalueofshares股票市场价值（简称市值）marketing营销maximizethewealth（使）财富最⼤化merger兼并，合并mortgageloan抵押贷款multinationalconglomerate跨国企业集团mutualfund共同基⾦networth净资产operatingmargin营业利润option期权originalcorebusiness原始的核⼼业务partnership合伙企业pensionliabilities养⽼⾦负债personalinvesting个⼈投资physicalcapital实物资本pool联营；集中使⽤的（资⾦，物）portfolio投资组合portfolioofasset资产组合preferredstock优先股president总裁primarycommitment⾸要（基本）任务privatecorporation私⼈（⾮公众）公司professionalmanagers职业经理⼈profit利润profit-maximizationcriterion利润最⼤化标准proposition命题publiccorporation公众公司quantitativemodel定量模型regulatorybody监管机构resourceallocationdecision资源配置决策retailoutlet零售摊点return回报，收益risk-averse风险厌恶（规避）securityprice证券价格sharepriceappreciation股价上涨（增值）shareholder-wealth-maximization股东财富最⼤化soleproprietorship个体（业主制）企业spin-off配股spreadoutovertime跨时间分布stake资助，资⾦stockoption股票期权strategicplanning战略规划supplier供货商takeover接管theexchangeofassetsandrisks资产和风险的交换thesetofmarketsandotherinstitutions市场及其它机构的集合tradeoff权衡uncertainbenefit不确定性收益unlimited（limited）liability⽆（有）限责任vice-presidentforfinancial财务副总裁votingright（股东）投票权welfare福利well-functioningcapitalmarket⾼效的资本市场workingcapitalmanagement营运资本管理Chapter2accountingprocedure会计程序adverseselection逆向选择AmericanExpress美国运通信⽤卡arithmeticmean算术平均数asymmetry不对称averageriskpremium平均风险升⽔（溢价）BankforInternationalSettlement（BIS）国际清算银⾏bankingpanic银⾏危机bartern.易货贸易；v.讨价还价boardofdirectors董事会by-product副产品calloption买⼊期权（看涨期权）capitalgain（loss）资本收益（损失）Capitalmarket资本市场（即长期资⾦市场）cashdividend现⾦股利（红利）centralbank中央银⾏chargeprice要价clearingandsettlingpayment清算和结算⽀付closed-end封闭式的collateral担保品collateralization以…担保commercialloan商业贷款commercialloanrate商业贷款利率creditcard信⽤卡default违约、托债、弃权defaultrisk违约风险deficitunit⾚字部门defined-benefitpensionplan规定收益型养恤⾦制defined-contributionpensionplan规定缴费型养恤⾦制depositorysavingsinstitution存款储蓄机构（系统）derivative衍⽣（证券）DeutscheBank德意志银⾏dissemination推⼴、传播dividendreinvestment红利（股利）再投资dollar-denominatedasset以美元计价的资产double-entry-bookkeeping复式记账法equity权益equity-kickers权益条件expectedratesofreturn期望（预期）收益率FederalReserveSystem联邦储备系统FinanceAccountingStandardsBoard财务会计标准委员会financialinstrument⾦融⼯具financialintermediary⾦融中介financialmarketparameters⾦融市场参数financialvariable⾦融（财务）变量fixed-income-instruments固定收益证券flowoffund资⾦流flowoffund资⾦流foreignexchange外汇formationextraction信息提取forwardcontract远期合约functionalperspective（从）功能（的⾓度或观点）future期货Germanmarks德国马克gopublic上市incentiveproblem激励问题indexfund指数（化）基⾦index-linkedbonds（与物价）指数联系的债券informationservice信息咨讯（服务）insurancecompany保险公司interestrate利息率（简称利率）interestratearbitrage利率套利interestrateequalization利率平价intermediary中介InternationalBankforReconstructionandDevelopment国际复兴开发银⾏InternationalMonetaryFund（IMF）国际货币基⾦组织InternationalSwapDealersAssociation国际掉期交易商协会intertemporal跨期的（多阶段的）IOUIoweyou的简称，喻指“借条”issuingstock发⾏股票Japaneseyen⽇元lifeannuity⼈寿年⾦limitedliability有限责任liquidity流动性maturity（票据）到期⽇；期限moneymarket货币市场（即短期资⾦市场）moral-hazard道德风险mortgage抵押mortgagerate抵押利率mutualfund共同基⾦NewYorkStockExchange纽约股票交易所nominalinterestrate名义利率offset弥补、抵消open-end开放式的option期权OsakaOptionsandFuturesExchange⼤阪期货期权交易所over-the-counter-market（OTC）场外（交易）市场partiestocontract合约的参与者pooloraggregate联营；集中使⽤的（资⾦或物品）；premium升⽔、溢价priceappreciation增值principal-agentproblem委托－代理问题prorata按⽐例的putoption卖出期权（看跌期权）qusai-准、半rateofexchange汇率ratesofreturn收益（回报）率ratingagency评级机构realinterestrate实际利率realrateofreturn实际收益率redeem赎回、偿还residualclaim剩余索取（求偿）权riskaversion风险厌恶（规避）riskpremium风险升⽔（溢价）securitydealer证券交易商shedspecificrisk规避（分散）特定（或私有）风险standarddeviation标准差standardizedoptioncontract（经）标准化的期权合约surplusunit盈余部门trade-off权衡trustcompany信托公司U.STreasuryBills美国国库券underwrite认购、包销unitofaccount计值单位universalbank全能银⾏（指兼做中央银⾏和商业银⾏业务的银⾏）volatility波动性well-information信息充分的yenrateofreturn（以）⽇元（记值）的收益率yieldcurve收益（率）曲线yieldspread收益价差Chapter3accountingearnings会计收⼊accountingrule会计规则accrual应计的accrualaccounting应计制（权责发⽣制）accumulateddepreciation累计折旧amortize摊销、分期偿还apocryphal伪经的、假冒的assetturnover（ATO）资产周转率（销售收⼊/总资产）audit查账、审计balancesheet资产负债表benchmark（⽐较）基准bond-rating债券评级bookvalue账⾯价值capitalstructure资本结构capital-incentiveutility资本密集型的公⽤事业（公司）cashandequivalents现⾦及其等价物cashbudget现⾦预算cashcycletime现⾦循环周期cashinflow现⾦流⼊cashoutflow现⾦流出commonstockoutstanding流通在外的普通股contingentliability或有负债（如：可能发⽣的诉讼赔偿等）currentasset流动资产currentliability流动负债currentratio流动⽐率depreciation折旧、贬值disclose披露dividendpayoutrate股利⽀付率earningsbeforeinterestandtax（EBIT）息税前利润（=⽑利-GS&A）earningspershare每股盈余（收益）earningsretentionrate（收益）留存⽐率expirationdate到期⽇externalfinancing外部融资（⽐如，发⾏股票和债券）financialdistress财务危机（困境）financialleverage财务杠杆（率）financialratio财务⽐率financialstatement财务报表general,selling,and管理及销售费⽤administrativeexpenses（GS&A）grossmargin⽑利（润）（=销售收⼊-产品销售成本）incomestatement损益表incometax所得税intangibleasset⽆形资产inventory库存、存货inventoryturnover存货周转率liquidity流动性long-termdebt长期负债markettobook市值价值/账⾯价值markingtomarket盯住市场netincome（ornetprofit）净利润（即税后利润=EBIT-利息-所得税）networkingcapital净营运资本（=流动资产-流动负债）networth净资产（即权益，=资产-负债）off-balance-sheet表外项⽬operationincome营运收益（营业利润）opportunitycost机会成本owner’sequity所有者权益paid-incapital实收资本payable应付账款percent-of-salesmethod销售（收⼊）百分⽐法planninghorizon计划（时间）跨度pricetoearnings市盈率（价格/盈余）profitability盈利能⼒、盈利性property⼟地、地产、所有权quickratio速动⽐率receivable应收账款receivablesturnover应收账款周转率retainedearnings留存收益ROA（returnonasset）资产收益率（EBIT/资产）ROE（returnonequity）净资产收益率（即权益报酬率，=税后利润/净资产）ROS（returnonsales）销售利润率（EBIT/销售收⼊）short-termdebt短期负债specifyperformancetarget设定业绩⽬标statementsofcashflow现⾦流量表sustainablegrowthrate持续增长率taxableincome应税收益（即税前利润timesinterestearned利息保障倍数Tobin’sQ托宾Q值（=资产市值/重置成本）totalshareholderreturns总的股东收益（率）Chapter4after-taxinterestrate税后利率amortization分期偿还、摊销annualpercentagerate（APR）年度百分⽐（利率）annuity年⾦before-taxinterestrate税前利率compoundinterest复利compounding复和（与discounting相反的概念）discountrate折现率、贴现率discountedcashflow（DCF）折现现⾦流discounting折现、折扣effectiveannualrate（EFF）有效年利率exchangerate汇率futurevalue终值futurevaluefactor终值系数（即由现值计算终值的换算因⼦）growthannuity增长年⾦immediateannuity即付年⾦impliedinterestrate隐含利率installment分期付款internalrateofreturn（IRR）内部报酬率marketcapitalizationrate市场资本化利率（简称市场利率）netpresentvalue（NPV）净现值opportunitycostofcapital资本的机会成本ordinaryannuity普通年⾦（即后付年⾦）originalprincipal（初始）本⾦outstandingbalance未平头⼨paybackperiod回收期perpetualannuity（orperpetuity）永续年⾦presentvalue现值presentvaluefactor（终值）现值系数（终值系数的倒数）reinvest再投资simpleinterest单利tax-exempt免税的timevalueofmoney（TVM）货币（或资⾦）的时间价值yieldtomaturity到期收益率Chapter5bequest遗赠、遗赠物break-even得失相当的，盈亏平衡的deductible可扣除（或抵扣）的explicitcost显性成本feasibleplan可⾏（的）计划humancapital⼈⼒资本implicitcost隐性成本incremental增量的、增值的intertemporalbudgetconstraint跨期预算约束optimizationmodel优化模型permanentincome永久性收⼊provision条⽂、条款taxdeferred税收（可）延缓的taxexempt免税的trial-and-error试错Chapter6after-taxcashflow税后现⾦流all-equity-financedfirm全权益融资公司annualizedcapitalcost年⾦化资本成本appropriation拨款、占⽤break-evenpoint盈亏平衡点capitalbudgeting资本预算costofcapital资本成本couponbond息票债券cumulativepresentvalue累计现值full-fledged完备的、正式的horizontalaxis横轴（或横坐标）labor-intensive劳动密集型的liquidate清算、清偿market-relatedrisk市场相关（或者承认予以补偿）的风险，即系统风险（systematicrisk）prototype模型、原型residualvalue残值riskpremium风险溢价risk-adjusteddiscountrate（经）风险调整的折现率sensitivityanalysis敏感性分析verticalaxis纵轴（或纵坐标）zero-inflation零通涨（率）Chapter7Arbitrage套利arbitrageurs套利（交易）者beverage饮料bonafide真正的bond债券defaultrisk违约风险default-free⽆违约（风险）的earningspershare每股盈余efficientmarketshypothesis（EMH）有效市场假说fetch售得…fixed-incomesecurities固定收益证券foreignexchangemarket外汇市场fundamentalvalue基础价值informationset信息集interest-ratearbitrage利率套利intrinsicvalue内在价值laundry洗⾐店LawofOnePrice⼀价定律price/earningsmultiple市盈率（倍数）realestate房地产、不动产sibling兄弟、同胞、⽒族成员tautologically同意反复地transactioncosts交易成本triangulararbitrage三⾓套利vending售货well-informed信息充分的Chapter8abscissa横坐标askprice卖价、要价（报价）bidprice买价、出价（询价）callablebond可赎回债券convertiblebond可转换债券couponbond带息债券、息票债券currentyield即期收益（率）discountbond折价债券facevalue/parvalue⾯值maturity到期⽇ordinate纵坐标parbond平价债券premiumbond溢价债券purediscountbond纯折现债券quote牌价redeem赎回、偿还risk-freeinterestrate⽆风险利率yieldcurve收益（率）曲线yieldtomaturity到期收益（率）zero-couponbond零息（票）债券Chapter9NewYorkStockExchange纽约股票交易所cashdividend现⾦股利（或红利、分红）closingprice收盘价Constant-Growth-RateDDM不变增长率股利折现模型current/existingstockholders现有股东、⽼股东discounted-dividendmodel（DDM）股利折现模型dividendpolicy股利政策dividendyield分利收益率ex-dividendprice除息（即股息）价格expectedrateofreturn期望收益率（或报酬率）infinite⽆穷（或⽆限）的internalequityfinancing内部权益融资Investmentopportunity投资机会marketcapitalizationrate市场资本化利率oddlots零星（交易量）perse亲⾃、亲⾝perpetual永久的price/earningsratio市盈率Reinvestedearnings再投资收益requiredrateofreturn必要报酬率（或收益率）risk-adjusteddiscountrate（经）风险调整折现率roundlots整批（交易量）sharerepurchase股票回购skeptical怀疑的stockdividend股票股利stocksplits股票分割Chapter10actuary精算师caterer酒席承办⼈colossal巨⼤的、异常的confidenceintervals置信区间consortium社团、合伙continuousprobabilitydistribution连续概率分布diversification分散化（投资）diversifying分散化、多样化dunce笨蛋、书呆⼦exante事先的expost事后的expectedrateofreturn期望收益率（报酬率）flexibility灵活性、柔性forwardcontract远期合约hedger（套期）保值者、对冲者hedging保值、对冲、对两⽅下注以防⽌（赌博、冒险等）的损失insuring投保、给…保险jurisdiction司法、权⼒、权限layoff解雇、失业materialize实现mean均值normaldistribution正态分布overview概述perverse故意作对的、任性的portfolio投资组合precautionarysaving预防性储蓄probabilitydistribution概率分布quadrupleadj.四倍的；v.使…（增加）四倍recrimination反责refund退还riskassessment风险评估riskaversion风险规避riskavoidance风险避免riskexposure风险暴露riskidentification风险识别riskmanagement风险管理riskretention风险保留risktransfer风险转移sinful有罪的、过错的、不道德的speculator投机者squareroot平⽅根stakeholder利益相关者standarddeviation标准差swap互换volatility波动率Chapter11American-typeoption美式期权calloption买⼊期权（简称“买权”）cap（利率）上限condominium公寓私有的共有⽅式co-payment共同⽀付counterparty交易对⼿creditguarantee信⽤担保creditrisk信⽤风险deductible/deduction免赔额delivery交割deliverydate交割⽇derivative衍⽣⼯具diversifiablerisk可分散的风险diversificationprinciple分散化（或多元化）原则European-typeoption欧式期权exclusion除外责任expirationdate到期⽇expire到期facevalue⾯值fictitious虚构的firm-specificrisk（公司）私有（或特有）风险forwardcontract远期合约forwardprice远期价格futurecontract期货合约guarantee保证、保证⼈、担保、担保品loanguarantee债务保单longposition多头marketrisk市场风险non-diversifiablerisk不可分散的风险premium保险费、附加费、溢价proceedn.盈利putoption卖出期权（简称“卖权”）rollingover滚动（式）的shortposition空头shortfall不⾜之数、⾚字spotprice即期价格standardized（经）标准化的strikeprice/exerciseprice执⾏价格、⾏权价swapcontract互换合约、调期合约Chapter12decisionhorizon决策（修正）期限efficientportfolio有效组合efficientportfoliofrontier有效组合前沿expectedreturn期望收益率mean-variancemodel均值－⽅差模型minimum-varianceportfolio最⼩⽅差组合mutualfund共同基⾦optimalcombinationofriskyassets风险资产最优组合planninghorizon计划期、规划期pointoftangency切点portfolioselection（投资）组合选择riskpremium风险溢价risktolerance风险容忍（度）risklessasset⽆风险资产risky-assetportfolio风险资产组合setof……的集合tangencyportfolio切线组合targetexpectedreturn⽬标期望收益率trade-off权衡、平衡tradinghorizon交易（间隔）期限Chapter13activeinvestmentstrategies积极投资策略activeportfolioselectionstrategy积极的组合选择策略ArbitragePricingTheory（APT）套利（定价）理论beatthemarket打败市场benchmark基准benchmarkportfolio基准组合CapitalAssetPricingModel（CAPM）资本资产定价模型capitalmarketline（CML）资本市场线consensus⼀致、⼀致同意costofcapital资本成本covariance协⽅差equilibriumassetprice均衡（的）资产价格equilibriumexpectedreturn均衡（的）期望收益率equilibriumprice均衡价格equilibriumriskpremium均衡风险溢价indexing指数化irreducible不能减少的、难复位的marginalcontribution边际贡献marketportfolio市场组合market-relatedrisk市场相关的（或承认的）风险multifactorIntertemporalCapitalAssetPricingModel（ICAPM）多因⼦、跨期资本资产定价模型mutualfund共同基⾦non-marketrisk⾮市场风险passiveinvesting消极投资passiveportfolioselectionstrategy消极的组合选择策略pensionfund养⽼基⾦regressioncoefficient回归系数reward-to-riskratio风险补偿⽐率securitymarketline（SML）证券市场线short-sale卖空systematicrisk系统风险unsystematicrisk⾮系统风险Chapter14arbitrageur套利者bountiful慷慨的、充⾜的casino卡西诺赌场、⼩别墅closingout（one’s/a）position平仓continuouscompounding连续复利costofcarry持有成本dailymarkingtomarket逐⽇盯市（即每⽇⽆负债清算制度）delivery交割deliverydate交割⽇deliveryprice交割价格expectationshypothesis期望假说financialfuture⾦融期货（即标的物为⾦融产品的期货合约）foreign-exchangeparityrelation汇率平价关系forwardcontract远期合约forwardprice远期价格forward-spotprice-parityrelation远期-即期价格间的平价关系futurecontract期货合约futureprice期货价格futurespotprice将来的现货价格hedger套期保值者intrinsicvalue内在价值margin保证⾦openinterest未平仓合约数、头⼨开放权益数position头⼨postingofmargin（对）保证⾦（进⾏）过帐quasi-arbitrage准套利（机会）replicate复制speculator投机者spoilage损坏spotprice即期价格、现货价格spread价差、差额thewallstreetjournal《华尔街⽇报》Chapter15American-typeoption美式期权arrear应付⽋款、储备物atthemoneyoption两平期权Black-Scholesmodel布莱克-斯科尔斯期权定价模型boom繁荣的bullish乐观的call（option）买⼊期权（简称买权）、看涨期权capital-gain资本（性）收益cashsettlement现⾦结算ChicagoBoardOptionsExchange（CBOE）芝加哥期权交易所commission佣⾦ContingentClaims或有权益（简称或有权、或然权）creditguarantee信⽤保证（或承诺）defacto实际的、实际上decisiontree决策树delinquency失职、违法⾏为dividendyield股利收益率dividend-adjustedoptionformula股利调整期权（定价）公式embeddedoption嵌⼊式期权Europeanputoption欧式卖权European-typeoption欧式期权evasion逃避、躲避Exchange-tradedoption场内（即在交易所交易的）期权exerciseprice/strikeprice执⾏价格/敲定价格expirationdate/maturitydate到期⽇explicit外⽣的flexibility灵活性、柔性FutureOptions/Optionon期货期权growthoption增长期权guarantor保证⼈hedgeratio对冲⽐率、套期⽐率implicit内⽣的impliedvolatility隐含波动率inthemoneyoption虚值期权incremental增量的、增加的indexoption指数期权intrinsicvalue/tangiblevalue内在价值、执⾏价值junkbond垃圾债券litigation诉讼、争论mainline主流的、传统的naturallogarithm⾃然对数normaldistribution正态分布Option期权outofthemoneyoption实值期权Over-the-counteroption场外（交易的）期权payoffdiagrams⽀付图plaintiff起诉⼈provision条⽂、条款put（option）卖出期权（简称卖权）、看跌期权put-callparityrelation买（权）与卖（权）间的平价关系realoption实物期权recession衰退self-financinginvestmentstrategy⾃融资投资策略sequel续篇、后果shortfall不⾜之数、⾚字stochastic随机的timevalue时间价值trunc