Finance(国际金融)关键术语名词解释

Chapter1《AmericanEconomicReview》《美国经济评论》《JournalofFinance》《TheWealthofNations》《金融学报》《国富论》acquisition收购adjustrisk调整风险aggressivetargetasset激进（性）的目标资产assetallocation资产配置bidderBlack-Scholesoptionspricingformula出价者，竞标者B-S期权定价公式businessfinancecapitalbudgetingcapitalexpenditurecapitalstructure企业财务（金融）资本预算资本支出资本结构cashflow现金流chiefexecutiveofficer（CEO）首席执行官chieffinancialofficer首席财务官（财务总（CFO）监）权益（证）、索取权claims利classicaleconomicscommonstock古典经济学普通股competitivestockmarket竞争性的股票市场conflictofinterestconsumptionandsavingdecisions利益冲突消费和储蓄决策consumptionpreferencecontroller消费偏好审计员convertiblesecuritiescorporation可转换证券（有限责任）公司公司财务（金融）未清偿贷款（债务）衍生证券corporationfinancedebtoutstandingderivativesecuritiesdiversifyrisk分散风险红利（股利）和财务政策dividendandfinancialpolicieseconomicvalueentertainmentindustryentity经济价值娱乐行业（产业）实体权益（与Liability（负债对应）成本估算（评价）equityevaluationofcostexclusivegoal唯一目标管理者补偿（薪酬）计划executivecompensationprogramfinance金融,财政,金融学金融系统金融咨询公司金融资本financesystemfinancialadvisoryfirmfinancialcapital订立金融合约（合同）财务执行官组织financialcontractingFinancialExecutiveInstitutefinancing筹措资金（融资）融资决策一般合伙人关注效应基础设施、架构初始投入financingdecisiongeneralpartnergoingconcerninfrastructureinitialoutlayintegratedfinancialprogram完整的财务计划investmentdecisionITTcorporationlearningcurveliability投资决策国际电报电话公司学习曲线负债、债务、责任有限责任有限责任合伙人长期资产limitedliabilitylimitedpartnerlong-livedassetlong-rangeincentivesystem长期激励系统marketdiscipline市场规则marketinterestratemarketriskpremium市场利率市场风险价格股票市场价值（简称市值）marketvalueofsharesmarketing营销maximizethewealthmerger（使）财富最大化兼并，合并抵押贷款mortgageloanmultinationalconglomerate跨国企业集团mutualfund共同基金净资产networthoperatingmarginoption营业利润期权originalcorebusinesspartnership原始的核心业务合伙企业养老金负债个人投资pensionliabilitiespersonalinvestingphysicalcapitalpool实物资本联营；集中使用的（资金，物）portfolio投资组合portfolioofassetpreferredstockpresident资产组合优先股总裁primarycommitmentprivatecorporationprofessionalmanagers首要（基本）任务私人（非公众）公司职业经理人利润profitprofit-maximizationcriterion利润最大化标准proposition命题publiccorporationquantitativemodel公众公司定量模型监管机构资源配置决策regulatorybodyresourceallocationdecisionretailoutletreturn零售摊点回报，收益risk-aversesecurityprice风险厌恶（规避）证券价格sharepriceappreciationshareholder-wealth-maximization股价上涨（增值）股东财富最大化soleproprietorshipspin-off个体（业主制）企业配股spreadoutovertimestake跨时间分布资助，资金股票期权战略规划供货商stockoptionstrategicplanningsuppliertakeover接管theexchangeofassetsandrisks资产和风险的交换市场及其它机构的集合thesetofmarketsandotherinstitutionstradeoff权衡uncertainbenefitunlimited（limited）liability不确定性收益无（有）限责任vice-presidentforfinancial财务副总裁votingright（股东）投票权福利welfarewell-functioningcapital高效的资本市场marketworkingcapitalmanagement营运资本管理Chapter2accountingprocedure会计程序adverseselectionAmericanExpressarithmeticmeanasymmetry逆向选择美国运通信用卡算术平均数不对称平均风险升水（溢价）国际清算银行averageriskpremiumBankforInternationalSettlement（BIS）bankingpanic银行危机n.易货贸易；v.讨价还价barterboardofdirectorsby-product董事会副产品买入期权（看涨期权）calloptioncapitalgain（loss）资本收益（损失）资本市场（即长期资金市场）现金股利（红利）中央银行Capitalmarketcashdividendcentralbankchargeprice要价clearingandsettlingpayment清算和结算支付closed-endcollateral封闭式的担保品collateralizationcommercialloancommercialloanratecreditcard以…担保商业贷款商业贷款利率信用卡default违约、托债、弃权违约风险defaultriskdeficitunit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存款储蓄机构（系统）depositorysavingsinstitutionderivative衍生（证券）德意志银行推广、传播DeutscheBankdisseminationdividendreinvestment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FinanceAccountingStandardsBoard财务会计标准委员会financialinstrument金融工具financialintermediaryfinancialmarketparameters金融中介金融市场参数financialvariable金融（财务）变量fixed-income-instruments固定收益证券flowoffund资金流flowoffund资金流foreignexchangeformationextractionforwardcontract外汇信息提取远期合约（从）功能（的角度或观点）期货functionalperspectivefutureGermanmarksgopublic德国马克上市incentiveproblemindexfund激励问题指数（化）基金（与物价）指数联系的债券信息咨讯（服务）保险公司index-linkedbondsinformationserviceinsurancecompanyinterestrate利息率（简称利率）利率套利利率平价interestratearbitrageinterestrateequalizationintermediary中介InternationalBankforReconstructionandDevelopment国际复兴开发银行InternationalMonetaryFund（IMF）国际货币基金组织InternationalSwapDealers国际掉期交易商协会Associationintertemporal跨期的（多阶段的）Ioweyou的简称，喻指“借条”IOUissuingstockJapaneseyenlifeannuitylimitedliability发行股票日元人寿年金有限责任liquiditymaturity流动性（票据）到期日；期限货币市场（即短期资金市场）道德风险抵押moneymarketmoral-hazardmortgagemortgagerate抵押利率NewYorkStockExchange纽约股票交易所nominalinterestrateoffset名义利率弥补、抵消开放式的期权open-endoptionOsakaOptionsandFutures大阪期货期权交易所Exchangeover-the-counter-market（OTC）场外（交易）市场partiestocontract合约的参与者联营；集中使用的（资金或物品）；升水、溢价增值pooloraggregatepremiumpriceappreciationprincipal-agentproblemprorata委托－代理问题按比例的卖出期权（看跌期权）putoptionqusai-准、半rateofexchangeratesofreturnratingagencyrealinterestraterealrateofreturn汇率收益（回报）率评级机构实际利率实际收益率redeem赎回、偿还residualclaimriskaversionriskpremiumsecuritydealer剩余索取（求偿）权风险厌恶（规避）风险升水（溢价）证券交易商规避（分散）特定（或私有）风险标准差shedspecificriskstandarddeviation（经）标准化的期权合约standardizedoptioncontractsurplusunit盈余部门trade-off权衡trustcompanyU.STreasuryBillsunderwrite信托公司美国国库券认购、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（以）日元（记值）的收益率收益（率）曲线收益价差yenrateofreturnyieldcurveyieldspreadChapter3accountingearningsaccountingruleaccrual会计收入会计规则应计的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、审计资产负债表（比较）基准债券评级balancesheetbenchmarkbond-ratingbookvalue账面价值capitalstructurecapital-incentiveutility资本结构资本密集型的公用事业（公司）现金及其等价物现金预算cashandequivalentscashbudgetcashcycletimecashinflow现金循环周期现金流入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）currentassetcurrentliabilitycurrentratio流动资产流动负债流动比率depreciationdisclose折旧、贬值披露dividendpayoutrate股利支付率earningsbeforeinterest息税前利润（=毛andtax（EBIT）earningspershareearningsretentionrate利-GS&A每股盈余（收益）（收益）留存比率）expirationdate到期日externalfinancing外部融资（比如，发行股票和债券）财务危机（困境）财务杠杆（率）财务比率financialdistressfinancialleveragefinancialratiofinancialstatement财务报表general,selling,andadministrativeexpenses管理及销售费用（GS&A）goodwill商誉grossmargin毛利（润）（=销售收入-产品销售成本）incomestatementincometax损益表所得税intangibleassetinventory无形资产库存、存货存货周转率流动性inventoryturnoverliquiditylong-termdebtmarkettobookmarkingtomarket长期负债市值价值/账面价值盯住市场netincome（ornetprofit）净利润（即税后利润=EBIT-利息-所得税）networkingcapitalnetworth净营运资本（=流动资产-流动负债）净资产（即权益，=资产-负债）表外项目off-balance-sheetoperationincome营运收益（营业利润）opportunitycostowner’sequitypaid-incapitalpayable机会成本所有者权益实收资本应付账款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）profitabilityproperty盈利能力、盈利性土地、地产、所有权quickratioreceivable速动比率应收账款receivablesturnoverretainedearnings应收账款周转率留存收益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sustainablegrowthratetaxableincome持续增长率应税收益（即税前利润=EBIT-利息）利息保障倍数托宾Q值（=资产市值/重置成本）timesinterestearnedTobin’sQtotalshareholderreturns总的股东收益Chapter4after-taxinterestrate税后利率amortization分期偿还、摊销annualpercentagerate年度百分比（利率）（APR）annuity年金before-taxinterestrate税前利率compoundinterest复利compounding复和（与discounting相反的概念）折现率、贴现率discountratediscountedcashflow折现现金流（DCF）discounting折现、折扣effectiveannualrate有效年利率（EFF）exchangeratefuturevalue汇率终值futurevaluefactor终值系数（即由现值计算终值的换算因子）growthannuityimmediateannuityimpliedinterestrateinstallment增长年金即付年金隐含利率分期付款internalrateofreturn内部报酬率（IRR）marketcapitalization市场资本化利率（简rate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（or永续年金perpetuity）presentvalue现值presentvaluefactor（终值）现值系数（终值系数的倒数）再投资reinvestsimpleinteresttax-exempt单利免税的timevalueofmoney货币（或资金）的时（TVM）间价值yieldtomaturity到期收益率Chapter5bequest遗赠、遗赠物得失相当的，盈亏平衡的break-evendeductible可扣除（或抵扣）的explicitcostfeasibleplanhumancapitalimplicitcostincremental显性成本可行（的）计划人力资本隐性成本增量的、增值的intertemporalbudget跨期预算约束constraintoptimizationmodel优化模型permanentincome永久性收入条文、条款税收（可）延缓的provisiontaxdeferredtaxexempt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、占用盈亏平衡点break-evenpointcapitalbudgetingcostofcapitalcouponbond资本预算资本成本息票债券累计现值cumulativepresentvaluefull-fledged完备的、正式的横轴（或横坐标）劳动密集型的清算、清偿horizontalaxislabor-intensiveliquidatemarket-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residualvalueriskpremium残值风险溢价risk-adjusteddiscount（经）风险调整的折rate现率sensitivityanalysis敏感性分析zero-inflation零通涨（率）Chapter7Arbitrage套利arbitrageursbeverage套利（交易）者饮料bonafide真正的bond债券defaultriskdefault-freeearningspershare违约风险无违约（风险）的每股盈余有效市场假说efficientmarketshypothesis（EMH）fetch售得…fixed-incomesecurities固定收益证券foreignexchangemarket外汇市场fundamentalvalue基础价值信息集informationsetinterest-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tautologicallytransactioncoststriangulararbitragevending同意反复地交易成本三角套利售货Chapter8abscissa横坐标askprice卖价、要价（报价）买价、出价（询价）可赎回债券bidpricecallablebondconvertiblebondcouponbondcurrentyielddiscountbond可转换债券带息债券、息票债券即期收益（率）折价债券facevalue/parvalue面值maturity到期日ordinate纵坐标parbond平价债券溢价债券纯折现债券牌价premiumbondpurediscountbondquoteredeem赎回、偿还risk-freeinterestrate无风险利率yieldcurve收益（率）曲线yieldtomaturityzero-couponbond到期收益（率）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-Rate不变增长率股利折现模DDM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marketcapitalization市场资本化利率rateoddlots零星（交易量）亲自、亲身永久的perseperpetualprice/earningsratioReinvestedearnings市盈率再投资收益requiredrateofreturn必要报酬率（或收益率）risk-adjusteddiscount（经）风险调整折现率rateroundlots整批（交易量）股票回购怀疑的sharerepurchaseskepticalstockdividendstocksplits股票股利股票分割Chapter10actuarycaterercolossal精算师酒席承办人巨大的、异常的confidenceintervals置信区间consortium社团、合伙continuousprobabilitydistributiondiversification连续概率分布分散化（投资）分散化、多样化笨蛋、书呆子事先的diversifyingdunceexanteexpost事后的expectedrateofreturn期望收益率（报酬率）flexibility灵活性、柔性远期合约（套期）保值者、对冲者forwardcontracthedgerhedging保值、对冲、对两方下注以防止（赌博、冒险等）的损失insuring投保、给…保险司法、权力、权限解雇、失业jurisdictionlayoffmaterialize实现mean均值normaldistributionoverview正态分布概述perverse故意作对的、任性的portfolio投资组合precautionarysaving预防性储蓄probabilitydistributionquadruple概率分布adj.四倍的；v.使…（增加）四倍反责recriminationrefund退还riskassessmentriskaversionriskavoidanceriskexposureriskidentificationriskmanagementriskretentionrisktransfersinful风险评估风险规避风险避免风险暴露风险识别风险管理风险保留风险转移有罪的、过错的、不道德的speculator投机者squarerootstakeholderstandarddeviationswap平方根利益相关者标准差互换volatility波动率Chapter11American-typeoption美式期权calloption买入期权（简称“买权”）cap（利率）上限公寓私有的共有方式共同支付交易对手信用担保condominiumco-paymentcounterpartycreditguaranteecreditrisk信用风险deductible/deduction免赔额delivery交割deliverydatederivative交割日衍生工具可分散的风险分散化（或多元化）原则diversifiableriskdiversificationprincipleEuropean-typeoption欧式期权exclusionexpirationdateexpire除外责任到期日到期facevaluefictitious面值虚构的firm-specificrisk（公司）私有（或特有）风险forwardcontractforwardpricefuturecontractguarantee远期合约远期价格期货合约保证、保证人、担保、担保品债务保单多头市场风险loanguaranteelongpositionmarketrisknon-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”）rollingovershortpositionshortfall滚动（式）的空头不足之数、赤字即期价格spotpricestandardized（经）标准化的strikeprice/exercise执行价格、行权价priceswapcontract互换合约、调期合约Chapter12decisionhorizonefficientportfolio决策（修正）期限有效组合efficientportfoliofrontier有效组合前沿expectedreturn期望收益率mean-variancemodel均值－方差模型最小方差组合minimum-varianceportfoliomutualfund共同基金optimalcombinationof风险资产最优组riskyassets合planninghorizonpointoftangencyportfolioselection计划期、规划期切点（投资）组合选择riskpremiumrisktolerancerisklessasset风险溢价风险容忍（度）无风险资产风险资产组合…的集合risky-assetportfoliosetof…tangencyportfoliotargetexpectedreturntrade-off切线组合目标期望收益率权衡、平衡tradinghorizon交易（间隔）期限Chapter13activeinvestmentstrategies积极投资策略activeportfolioselection积极的组合选择策strategy略ArbitragePricingTheory套利（定价）理论（APT）beatthemarketbenchmark打败市场基准benchmarkportfolio基准组合CapitalAssetPricingModel（CAPM）capitalmarketline（CML）资本资产定价模型资本市场线consensus一致、一致同意资本成本协方差costofcapitalcovarianceequilibriumassetprice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marginalcontributionmarketportfolio边际贡献市场组合market-relatedrisk市场相关的（或承认的）风险multifactorIntertemporalCapitalAssetPricingModel多因子、跨期资本资产定价模型（ICAPM）mutualfund共同基金non-marketriskpassiveinvesting非市场风险消极投资passiveportfolioselectionstrategy消极的组合选择策略pensionfund养老基金regressioncoefficientreward-to-riskratiosecuritymarketline（SML）回归系数风险补偿比率证券市场线short-sale卖空systematicriskunsystematicrisk系统风险非系统风险Chapter14arbitrageurbountiful套利者慷慨的、充足的casino卡西诺赌场、小别墅平仓closingout（one’s/a）positioncontinuous连续复利compoundingcostofcarry持有成本dailymarkingtomarket逐日盯市（即每日无负债清算制度）交割deliverydeliverydatedeliveryprice交割日交割价格expectationshypothesis期望假说financialfuture金融期货（即标的物为金融产品的期货合约）汇率平价关系foreign-exchangeparityrelationforwardcontract远期合约远期价格forwardpriceforward-spotprice-远期-即期价格间的平parityrelation价关系futurecontractfuturepricefuturespotpricehedger期货合约期货价格将来的现货价格套期保值者intrinsicvaluemargin内在价值保证金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-arbitragereplicate准套利（机会）复制speculatorspoilage投机者损坏spotpricespread即期价格、现货价格价差、差额《华尔街日报》thewallstreetjournalChapter15American-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）、看涨期权资本（性）收益现金结算capital-gaincashsettlementChicagoBoardOptionsExchange芝加哥期权交易所（CBOE）commission佣金ContingentClaims或有权益（简称或有权、或然权）creditguaranteedefacto信用保证（或承诺）实际的、实际上决策树失职、违法行为股利收益率decisiontreedelinquencydividendyielddividend-adjusted股利调整期权（定价）optionformula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/strike执行价格/敲定价格priceexpirationdate/maturitydate到期日explicit外生的flexibility灵活性、柔性期货期权FutureOptions/OptiononFuturesgrowthoption增长期权guarantor保证人hedgeratioimplicit对冲比率、套期比率内生的impliedvolatility隐含波动率inthemoneyoption虚值期权incrementalindexoptionintrinsic增量的、增加的指数期权内在价值、执行价值value/tangiblevaluejunkbond垃圾债券litigation诉讼、争论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、条款卖出期权（简称卖权）、看跌期权买（权）与卖（权）间的平价关系实物期权put（option）put-callparityrelationrealoptionrecession衰退self-financinginvestmentstrategysequel自融资投资策略续篇、后果不足之数、赤字随机的shortfallstochasticswap互换timevaluetruncatetwo-state（binomial）option