|
中文术语 |
英文术语 |
英文解释 |
| 机构基金 |
Institutional Fund |
A mutual fund targeting high value investors with low fees, but high minimum requirements. |
| 机构经纪人预测系统 |
IBES |
A system that gathers and compiles the different estimates made by stock analysts on the future earnings for the majority of U.S. publicly traded companies. |
| 机构经纪人预测系统 |
Institutional Brokers' Estimate System (IBES) |
A system that gathers and compiles the different estimates made by stock analysts on the future earnings for the majority of U.S. publicly traded companies. |
| 机构投资者 |
Institutional Investor |
A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. Institutional investors face less protective regulations because it is assumed that they are more knowledgeable and better able to protect themselves |
| 机构债券 |
Agency Bonds |
A bond issued by a government agency. |
| 机构证券 |
Agency Securities |
Low risk debt obligations issued by enterprises that the U.S. Government sponsors. |
| 机会成本 |
Opportunity Cost |
The difference in return between a chosen investment and one that is passed up. |
| 机械化投资 |
Mechanical Investing |
Buying and selling stocks based on criteria that meets the predetermined mechanical investing screen. This screen usually ranks stocks using the central element of relative strength or momentum, but other indicators can also be used. Investors buy the top 5-10 stocks according to this type of screening process. |
| 积极管理 |
Active Management |
An investing strategy that seeks returns in excess of a specified benchmark. |
| 积极投资 |
Active Investing |
An investment strategy involving ongoing buying and selling actions of the investor. Active investors will purchase investments and continuously monitor their activity in order to exploit profitable conditions. |
| 基本面分析 |
Fundamental Analysis |
A method of evaluating securities by attempting to measure the intrinsic value of a particular stock. Fundamental analysts study everything from the overall economy and industry conditions, to the financial condition and management of companies. |
| 基本时期 |
Base Period |
A particular time period used for comparative purposes when measuring economic data. |
| 基础设施 |
Infrastructure |
The basic physical systems of a nation. |
| 基点 |
Basis Point (BP) |
A measure of a bond's yield, equal to 1/100th of 1% of yield. A bond whose yield increases from 5.0% to 5.5% is said to increase by 50 basis points. |
| 基金经理 |
Fund Manager |
The person responsible for investing of a mutual fund's assets, implementing its investment strategy, and managing in day-to-day portfolio trading. |
| 基金中的基金 |
Funds of Funds |
A mutual fund which invests in other mutual funds. |
| 基于财务表现额外对价条款 |
Earnout |
A contractual provision where the seller of a business obtains additional consideration based on the business achieving certain financial goals in the future. These goals are usually stated as a percentage of gross sales or earnings. |
| 基准 |
Benchmark |
Anything that serves as a standard for something's performance to be measured against. |
| 基准债券 |
Benchmark Bond |
A bond that provides a standard for comparing the performance of other bonds. Government bonds are almost always used as benchmark bonds. |
| 激进会计法 |
Aggressive Accounting |
The practice of inappropriately misconstruing income statements for the purpose of pleasing investors and inflating stock prices. |
| 及时生产 |
Just In Time |
A production strategy companies employ to increase efficiency and decrease waste by producing goods only as they are ordered or needed. |
| 即付年金 |
Annuity Due |
An annuity whose payment is to be made immediately, rather than at the end of the period. |
| 即期交易 |
Spot Trade |
The purchase and sale of a foreign currency or commodity for immediate delivery. |
| 即期票据 |
Demand Note |
A loan with no fixed term or set duration of repayment. It can be recalled upon the lenders request, assuming the notice required by the provisions of the loan are met. |
| 积压待发股票、悬货 |
Overhang |
Calculated as stock options granted, plus the remaining options to still be granted, and then divided by the total shares outstanding. |
| 集体基金 |
Collective Fund |
An investment vehicle that combines tax exempt assets of various individuals and organizations in order to create a well diversified portfolio. |
| 挤油交易、反复买卖 |
Churning |
An unethical practice employed by some brokers to increase their commissions by excessively trading in a client's account |
| 计量经济学 |
Econometrics |
The application of statistical theories to economic ones for the purpose of forecasting future trends. |
| 记录日 |
Record Date |
The date established by an issuer of a security for the purpose of determining the holders who are entitled to receive a dividend or distribution |
| 技术分析 |
Technical Analysis |
A method of evaluating securities by analyzing statistics generated by market activity, such as past prices and volume. Technical analysts do not attempt to measure a security's intrinsic value. Technical analysts often use charts to identify patterns that can suggest future activity. |
| 季度（第一季度、第二季度、第三季度、第四季度） |
Q1, Q2, Q3, Q4 |
A three-month period on a financial calendar that acts as a basis for the reporting of earnings and the paying of dividends. |
| 季度（第一季度、第二季度、第三季度、第四季度） |
Quarter (Q1, Q2, Q3, Q4) |
A three-month period on a financial calendar that acts as a basis for the reporting of earnings and the paying of dividends. |
| 加快折旧 |
Accelerated Depreciation |
Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years of the life of an asset. |
| 加强信贷措施 |
Credit Enhancement |
A method whereby a company attempts to improve its debt or credit worthiness. |
| 加权平均资本成本 |
WACC |
A calculation of a firm's cost of capital that weights each category of capital proportionately. Included in the WACC calculation are all capital sources including: common stock, preferred stock, bonds, and any other long term debt.
WACC is calculated by multiplying the cost of each capital component by its proportional weighting and then summing:
Where:
Re = cost of equity
Rd = cost of debt
E = the market value of the firm's equity
D = the market value of the firm's debt
V = E + D
E/V = percentage of financing that is equity
D/V = percentage of financing that is debt
Tc = the corporate tax rate |
| 加权平均资本成本 |
Weighted Average Cost of Capital (WACC) |
A calculation of a firm's cost of capital that weights each category of capital proportionately. Included in the WACC calculation are all capital sources including: common stock, preferred stock, bonds, and any other long term debt.
WACC is calculated by multiplying the cost of each capital component by its proportional weighting and then summing:
Where:
Re = cost of equity
Rd = cost of debt
E = the market value of the firm's equity
D = the market value of the firm's debt
V = E + D
E/V = percentage of financing that is equity
D/V = percentage of financing that is debt
Tc = the corporate tax rate |
| 加权平均总市值 |
Weighted Average Market Capitalization |
A stock market index weighted by the value of all shares outstanding for each stock. |
| 家庭成员 |
Member of Household |
A person who has lived in the taxpayer's home for the entire tax year. |
| 家庭开支 |
Household Expenses |
A per person breakdown of general living expenses. It includes the amount paid for lodging, food consumed within the home, utilities paid, and other expenses. The sum of all the expenses is then divided by the number of family members residing in the house in order to find each member's part of the total expense. |
| 夹层融资 |
Mezzanine Financing |
- A type of equity financing used in takeovers. It uses preferred shares and convertible securities to make a target firm larger.
- Financing that combines debt and equity.
|
| 价差、息差 |
Spread |
- The difference between the bid and the ask prices of a security or asset.
- An options position established by purchasing one option and selling another option of the same class, but of a different series.
|
| 价格波幅 |
Range |
A stocks low price and high price for a particular trading period, such as the close of a day's trading, the opening of a day's trading, a day, a month, or a year. |
| 价格发现 |
Price Discovery |
A method of determining the price for a specific commodity through basic supply and demand factors related to the market |
| 价格风险 |
Price Risk |
The risk that the value of a security or portfolio of securities will decline in the future. |
| 价格回升 |
Rally |
A rise in the prices of individual securities, bonds, or indexes, following a period of flat or declining prices. |
| 价格目标 |
Price Target |
The projected price level as stated by an investment analyst or advisor. |
| 价值股票 |
Value Stock |
A stock that is considered undervalued by a value investor. Common characteristics of such stocks include a high dividend yield and low price-to-book ratio. |
| 价值链 |
Value Chain |
A high-level model of how businesses receive raw materials as input, add value to the raw materials through various processes, and sell finished products to customers |
| 价值评估 |
Appraisal |
An opinion of value for a property or business. |
| 价值投资 |
Value Investing |
The process of selecting stocks that trade for less than their intrinsic value. A value investor typically selects stocks with lower than average price-to-book or price-to-earning ratios. |
| 坚定承诺 |
Firm commitment |
- A lending institution's promise to enter into a loan agreement with a specific entity, within a certain period of time.
- An underwriter's agreement to assume all inventory risk and purchase all securities directly from the issuer for sale to the public at the price specified.
|
| 减记 |
Write-Down |
Reducing the book value of an asset because it is overvalued compared to market values. |
| 减价、调低标价 |
Markdown |
The difference between the highest current bid price among broker-dealers in the market and the lower price that a dealer charges a customer. |
| 减损盈利的收购项目 |
Dilutive Acquisition |
An acquisition that will decrease the acquiring company's EPS. |
| 减债 |
Deleverage |
The reduction of financial instruments or borrowed capital previously used to increase the potential return of an investment. It is the opposite of leverage. |
| 间接成本 |
Overhead |
A reference in accounting to all costs not including or related to direct labor, materials, or administration costs |
| 交叉持股 |
Cross Holding |
When listed corporations own securities issued by other listed corporations. |
| 交叉代理人 |
Agency Cross |
A trade that has only one agent acting for the buyer and seller. Also known as Dual Agency. |
| 交叉对冲 |
Cross Hedge |
The act of hedging ones position by taking an offsetting position in another good with similar price movements. |
| 交叉基金 |
Crossover Fund |
An investment fund that invests in both public and private equity. |
| 交叉交易 |
Cross |
When a broker receives a buy and sell order for the same stock at the same price, and subsequently makes a simultaneous trade between two separate customers. |
| 交割价格 |
Delivery Price |
A price for the delivery of underlying commodities upon the expiration of futures contracts. This price is fixed by clearing houses. |
| 交割、交货 |
Delivery |
The act whereby an underlying commodity, security, cash value, or delivery instrument covering the commodity is tendered and received by the contract holder. |
| 交割日期 |
Delivery Date |
- The final date by which the underlying commodity for a futures contract must be delivered in order for the terms of the contract to be fulfilled.
- The maturity date of a currency forward contract.
|
| 交割文件 |
Delivery Instrument |
A document that stands in lieu of the physical underlying during the delivery of the futures contract. |
| 交割月份 |
Delivery Month |
The month in which a contract expires and delivery of the underlying or cash is required for fulfillment. |
| 交易单位、批 |
Lot |
In general, any group of goods or services making up a transaction. |
| 交易对手风险 |
Counterparty Risk |
The risk to each party of a contract that the counterparty will not live up to their contractual obligations. |
| 交易后估值 |
Post-Money Valuation |
The value of a company after external financing alternatives are added to its balance sheet. |
| 交易控制 |
Curb |
A temporary restriction on program trading in a particular security or market, usually to reduce dramatic price movements. |
| 交易量、成交量 |
Volume Of Trade |
The number of shares or contracts traded in a security or an entire market during a given period. |
| 交易前估值 |
Pre-Money Valuation |
The value of a company before external financing alternatives are added to its balance sheet. |
| 交易所分销 |
Exchange Distribution |
A trade made on the floor of a securities exchange, where a large block of shares traded actually represent many buy and sell orders that have been pooled and executed as one transaction. |
| 交易所指数基金 |
Exchange Traded Fund |
A security that tracks an index but has the flexibility of trading like a stock. Just like an index fund, an ETF represents a basket of stocks that reflect an index. The difference is that an ETF isn't a mutual fund - it trades just like any other company on a stock exchange. Unlike a mutual fund, which have their net asset value (NAV) calculated at the end of each trading day, an ETF's price changes throughout the day from buying and selling. |
| 结构性票据 |
Structured Note |
- A synthetic medium-term debt obligation with embedded components and characteristics that adjust the risk/return profile of the security.
- An instrument whose value is determined by the price movement of the asset underlying the note. It allows investors to realize a profit from favorable price movements.
|
| 结构性融资 |
Structured Finance |
A service offered by many large financial institutions for companies with very unique financing needs. These financing needs usually don't match conventional financial products such as a loan. Structured finance generally involves highly complex financial transactions. |
| 结构性失业 |
Structural Unemployment |
Unemployment resulting from changes in the basic composition of the economy. These changes simultaneously open new positions for trained workers. |
| 结晶交易 |
Crystallization |
The act of selling and buying stocks almost instantaneously in order to increase or decrease book value. |
| 结算 |
Clearing |
The procedure by which an organization acts as an intermediary and assumes the role of a buyer and seller for transactions in order to reconcile orders between transacting parties. |
| 结算费用 |
Clearing Fee |
A fee charged by clearing corporations for their services provided to investment firms. |
| 结算行 |
Clearing House |
This is a firm that guarantees the obligations of the parties in an exchange traded security or derivative transaction. |
| 结算价格 |
Settlement Price |
The average price that a contract trades at, calculated for both the open and the close of each trading day. |
| 结算日期 |
Settlement Date |
- The date by which an executed security trade must be settled. That is, the date by which a buyer must pay for the securities delivered by the seller.
- The payment date of benefits from a life insurance policy.
|
| 借项、借方 |
Debit |
An accounting entry which results in either an increase in assets or a decrease in liabilities or in your bank account. |
| 今天最低 |
Today's Low |
The intra-day low trading price. |
| 今天最高 |
Today's High |
The intra-day high trading price. |
| 金钱、货币 |
Money |
- A commodity or asset, such as gold, an officially issued currency, coin, or paper note, that can be legally exchanged for something equivalent, such as goods or services.
- D1083As defined by common law: a medium of exchange authorized or adopted by a domestic or foreign government and includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more nations.
|
| 金融超级市场 |
Financial Supermarket |
A financial company that offers a wide range of services to its clients. |
| 金融时报股票交易所指数 |
FTSE |
A company that specializes in index calculation. Although not part of a stock exchange, co-owners include the London Stock Exchange and the Financial Times. |
| 金融中介机构 |
Financial Intermediary |
An institution that acts as the middleman between investors and firms raising funds. Often referred to as financial institutions. |
| 金融资产 |
Financial Asset |
An asset that derives value because of a contractual claim. Examples are stocks, bonds, or bank deposits. |
| 金融资产重整 |
Financial Engineering |
The creation of new and improved financial products through innovative design or repackaging of existing financial instruments. |
| 金手铐 |
Golden Handcuffs |
An incentive given to existing employees in hopes that they will decide to stay with the company. |
| 紧缩 |
Squeeze |
- In financial terms, a period of time when borrowing is difficult.
- In general business terms, times when increasing costs cannot be passed onto consumers. The decrease in profits is said to be caused by a squeeze on profit margins.
|
| 紧缩信贷 |
Credit Crunch |
An economic condition whereby investment capital is difficult to obtain. Banks and investors become weary of lending funds to corporations thereby driving up the price of debt products for borrowers. |
| 尽力推销 |
Best Efforts |
An underwriter's agreement to act as an agent between an issuing company and investors. |
| 尽职调查 |
Due Diligence |
- An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to a sale.
- Generally, due diligence refers to the care a reasonable person should take before entering in an agreement or transaction with another party.
|
| 进口 |
Import |
In reference to international trade, these are goods brought into one country from another. |
| 进取投资策略 |
Aggressive Investment Strategy |
A method of portfolio management that attempts to achieve maximum return. Aggressive investors place a higher percentage of their assets in equities than they do in safer debt securities. |
| 经常帐户 |
Current Account |
The difference between a nation's total exports of goods, services, and transfers, and its total imports of them. Current account balance calculations exclude transactions in financial assets and liabilities. |
| 经磋商协议的承销费用 |
Negotiated Underwriting |
When the purchase price and commission for underwriting a new issue are negotiated, as opposed to using the competitive bid process. |
| 经纪公司催缴通知 |
House Call |
Notification from a broker that a customer's equity in a margin account is below the required maintenance level. The customer must provide more cash or securities to meet a house call. |
| 经济合作及发展组织 |
OECD |
The OECD is a group of 30 member countries who discuss and develop economic and social policy. |
| 经济衰退 |
Recession |
A significant decline in activity spread across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income, and wholesale-retail trade. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country's GDP. |
| 经济体系 |
Economy |
A set of interrelated economic production and consumption activities. |
| 经济萧条 |
Depression |
A severe and prolonged recession characterized by inefficient economic productivity, high unemployment, and falling price levels. |
| 经济学 |
Economics |
The study of how people use their limited resources in an attempt to satisfy unlimited wants. |
| 经济增值 |
EVA |
A measure of a company's financial performance coined by Stern Stewart & Co. EVA measures the residual wealth of a company when its cost of capital is deducted from its operating profit (adjusted for taxes on a cash basis).
EVA is calculated as:
Net Operating profit After taxes (NOPAT) - (Capital * Cost of Capital) |
| 经济增值 |
Economic Value Added (EVA) |
A measure of a company's financial performance coined by Stern Stewart & Co. EVA measures the residual wealth of a company when its cost of capital is deducted from its operating profit (adjusted for taxes on a cash basis).
EVA is calculated as:
Net Operating profit After taxes (NOPAT) - (Capital * Cost of Capital) |
| 精算 |
Actuary |
A professional working for an insurance company. They evaluate your application and medical records to project how long you will live. |
| 净出口值 |
Net Exports |
The value of total exports minus the value of total imports. |
| 净亏损、净损失 |
Net Loss |
When a person or company's expenses exceeds the income produced. |
| 净收入 |
NI |
An individual or company's total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes, and other expenses. |
| 净收入 |
Net Income (NI) |
An individual or company's total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes, and other expenses. |
| 净收益 |
Net Proceeds |
The amount received after all the costs are deducted from the sale of property, a loan, or the sale of some type of security. |
| 净投资收入 |
Net Investment Income |
The profit resulting from an investment minus any direct expenses. |
| 净息差 |
Net Interest Margin |
The difference between interest income and interest expenses, divided by average earning assets. |
| 净现值 |
NPV |
An approach used in capital budgeting where the present value of cash inflow is subtracted from the present value of cash outflows. |
| 净现值 |
Net Present Value (NPV) |
An approach used in capital budgeting where the present value of cash inflow is subtracted from the present value of cash outflows. |
| 净销售额 |
Net Sales |
The amount a seller receives from the buyer after costs associated with the sale are deducted. |
| 净债务 |
Net Debt |
Calculated as short and long term interest bearing debt minus cash (and equivalents). |
| 净值 |
Net Worth |
The amount by which a person's assets exceed their liabilities. |
| 净资产回报率 |
Return On Net Assets (RONA) |
A measure of a corporation's profitability, calculated as:
Net Income
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Shareholder's Equity |
| 竞标 |
Competitive Bid |
A process whereby an underwriter submits a sealed bid to the issuer. The issuer awards the contract to the underwriter with the best price and contract terms. |
| 静止期 |
Quiet Period |
In terms of an IPO, the period where an issuer is subject to a SEC ban on promotional publicity. The quiet period usually lasts either 40 or 90 days from the IPO. |
| 境外 |
Offshore |
A term describing entities located or based outside of one's national boundaries. |
| 镜子基金 |
Mirror Fund |
A type of mutual fund, typically run by a life insurance company, that enables an investor to access another company's mutual fund through their life insurance policies. |
| 具增值作用的收购项目 |
Accretive Acquisition |
An acquisition that will increase the acquiring company's EPS. |
| 捐赠 |
Endowment |
Assets, funds, or property that is donated to an institution, an individual, or a group as a source of income. |
| 均衡 |
Equilibrium |
The state where market supply and demand balance each other and, therefore, prices are stable. |
