财经范文翻译高盛财经词典英汉对照大全

AAccelerated 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. 　　加快折旧 　　任何基于会计或税务原因促使一项资产在较早期以较大金额折旧的折旧原则 Accident and Health Benefits 　　Fringe benefits provided by for employees for sickness, accidental injury, or accidental death. These benefits include payment of hospital and medical expenses as well as income payments. 　　意外与健康福利 　　为员工提供有关疾病、意外受伤或意外死亡的福利。这些福利包括支付医院及医疗开支以及有关时期的收入。 Accounts Receivable (AR) 　　Money that is owed by customers.Having receivables means that the company has made the sale but has yet to collect the money 　　应收账款 　　客户应付的金额。拥有应收账款指公司已经出售产品或服务但仍未收取款项 Accretive Acquisition 　　An acquisition that will increase the acquiring company's EPS. 　　具增值作用的收购项目 　　能提高进行收购公司每股盈利的收购项目 Acid Test 　　A stringent test that indicates if a firm has enough short-term assets to cover its immediate liabilities, without selling inventory. (Cash+Accounts Receivable+Short-term Investments) /Current Liabilities 　　酸性测试比率 　　一项严谨的测试，用以衡量一家公司是否拥有足够的短期资产，在无需出售库存的情况下解决其短期负债。计算方法：(现金 + 应收账款 +短期投资)/流动负债 Acquisition 　　When one company purchases a majority interest in the acquired. 　　收购 　　一家公司收购另一家公司的多数股权 Acquisition Premium 　　The difference between the actual cost for acquiring a target firm versus the estimate made of its value before the acquisition. 　　收购溢价 　　收购一家公司的实际成本与该公司收购前估值之间的差额 Act of God Bond 　　A bond issued by an insurance company, linking principal and interest to the company's losses due to natural disasters. 　　天灾债券 　　保险公司发行的债券，旨在将债券的本金及利息与天然灾害造成的公司损失联系起来 Active Bond Crowd 　　A term used to describe fixed-income securities that trade frequently on the floor of the NYSE. 　　活跃债券投资者 　　在纽约股票交易所内买卖活跃的定息证券 Active Income 　　Income for which services have been performed. This includes wages, tips, salaries, commissions, and income from businesses in which there is material participation 　　活动收入 　　来自提供服务所得的收入，包括工资、薪酬、奖金、佣金，以及来自实际参与业务的收入 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. 　　积极投资 　　包含持续买卖行为的投资策略。主动投资者买入投资，并密切注意其走势，以期把握盈利机会 Active Management 　　An investing strategy that seeks returns in excess of a specified benchmark. 　　积极管理 　　寻求投资回报高于既定基准的投资策略 Activity Based Budgeting 　　Method of budgeting in which activities that incur costs in each function of an organization are established and relationships are defined between activities. This information is then used to decide how much resource should be allocated to each activity. 　　以活动为基础的预算案 　　一种制定预算的方法，过程为列举机构内每个部门所有牵涉成本的活动，并确立各种活动之间的关系，然后根据此资料决定对各项活动投入的资源 Activity Based Management 　　Using an activity-based costing system to improve the operations of an organization. 　　以活动为基础的管理 　　利用以活动为基础的成本计算制度改善一家公司的运营 Activity Ratio 　　Accounting ratios that measure a firm's ability to convert different accounts within their balance sheets into cash or sales. 　　活动比率 　　一项用以衡量一家公司将其资产负债表内账项转为现金或营业额的能力的会计比率 Actual Return 　　The actual gain or loss of an investor. This can be expressed in the following formula: expected return (ex-ante) plus the effect of firm-specific and economy-wide news. 　　实际回报 　　一名投资者的实际收益或损失，可用以下公式表示：预期回报加上公司特殊消息及总体经济消息 Actuary 　　A professional working for an insurance company. They evaluate your application and medical records to project how long you will live. 　　精算 　　保险公司的专业人员，负责评估申请人及其医疗纪录，以预测申请人的寿命 Affiliated Companies 　　A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. 　　联营公司 　　一家公司拥有另一家公司少数权益（低于50%）的情况，或指两家公司之间存在某些关联 Affiliated Person 　　An individual who is in a position to influence the actions of a corporation. This includes people such as directors, executives, and owners. 　　关联人士 　　能影响一家企业活动的人士，包括董事、行政人员及股东等 After Hours Trading 　　Trading after regular trading hours on the major exchanges. 　　收盘后交易 　　主要大型交易所正常交易时间以外进行的买卖交易 After Tax Operating Income - ATOI 　　A company's total operating income after taxes. Calculated by deducting taxes from total operating income. 　　税后营运收入 　　一家公司除税后的总营运收入。计算方法为将总营运收入减税项 After Tax Profit Margin 　　The ratio calculated by taking net income after taxes and dividing it by net sales. 　　税后利润率 　　一种财务比率，计算方法为税后净利润除以净销售额 After The Bell 　　After the close of the stock market. 　　收盘铃后 　　股票市场收盘后 Agency Bonds 　　A bond issued by a government agency. 　　机构债券 　　由政府机构发行的债券 Agency Cross 　　A trade that has only one agent acting for the buyer and seller. Also known as "Dual Agency." 　　交叉代理人 　　一项由一名代理人同时代表买方与卖方的交易，也称为“Dual Agency”。 Agency Problem 　　When conflicts of interest rise between creditors, shareholders, and management, because of differing goals. 　　代理问题 　　债券人、股东及管理人员因目标不同而产生的利益冲突 Agency Securities 　　Low risk debt obligations issued by enterprises that the U.S. Government sponsors. 　　机构证券 　　由美国政府支持的企业发行的低风险债务 Agent 　　1. An individual or firm that places securities transactions for clients. 2. A person licensed by a state to sell insurance. 3. A securities salesperson who represents a broker-dealer or issuer when selling or trying to sell securities to the investing public. 　　代理人 　　1. 为客户进行证券买卖的人士或机构2. 持有销售保险许可证的人士3. 代表证券经纪行或发行人向公众出售或尝试出售证券的证券销售人员 Aggregate Exercise Price 　　The strike price of a put or call option multiplied by its contract size. 　　总行使价格 　　出售或买入期权的行使价格乘以合约金额 Aggressive Accounting 　　The practice of inappropriately misconstruing income statements for the purpose of pleasing investors and inflating stock prices. 　　激进会计法 　　不当地编制损益表以取悦投资者及提高股价 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. 　　进取投资策略 　　投资组合经理尝试争取最高的回报。进取的投资者把较高比重的资产投入股票，比重较其他风险较低的债务证券要高 Alan Greenspan 　　Dr. Greenspan is Chairman of the Board of Governors of the Federal Reserve System. He is serving his fourth four-year term ending June 20, 2004. Dr. Greenspan also serves as Chairman of the Federal Open Market Committee (FOMC), the Fed's principal monetary policymaking body. 　　格林斯潘 　　格林斯潘博士是美国联邦储备局监理会的主席。他将于2004年6月20日完成第四个四年任期。格林斯潘博士也联邦储备局主要货币政策制定组织联邦公开市场委员会的主席 Allotment 　　During an IPO, this is the number of shares granted to each participating underwriting firm that they are permitted to sell. Remaining surpluses are then given to other firms which have won the bid for the right to sell the IPO. 　　配股 　　首次公开上市中向各承销机构分配，容许其出售的股份。其余股份会分给其他取得上市股份出售权的证券公司 Allowance For Doubtful Accounts 　　An estimation made by companies and documented on their balance sheet for receivables that might go uncollected. 　　呆账准备金 　　公司对可能不能收到的应收账款的预测，这项数据将纪录在公司的资产负债表上 American Depository Receipt (ADR) 　　A stock representing a specified number of shares in a foreign corporation. ADRs are bought and sold in the American markets just like regular stocks. An ADR is issued by a U.S. Bank, consisting of a bundle of shares of a foreign corporation that are being held in custody overseas. The foreign entity must provide financial information to the sponsor bank. ADRs do not eliminate the currency and economic risks for the underlying shares in another country. ADRs are listed on either the NYSE, AMEX, or Nasdaq. 　　美国存托凭证 　　一份美国存托凭证代表美国以外国家一家企业的若干股份。美国存托凭证在美国市场进行买卖，交易程序与普通美国股票相同。美国存托凭证由美国银行发行，每份包含美国以外国家一家企业交由国外托管人托管的若干股份。该企业必须向代为发行的银行提供财务资料。美国存托凭证不能消除相关企业股票的货币及经济风险。美国存托凭证可在纽约股票交易所、美国股票交易所或纳斯达克交易所挂牌上市 American Depository Share (ADS) 　　A share issued under deposit agreement that represents an underlying security in the issuer's home country. 　　美国存托股份 　　根据存托协议发行的股份，代表发行企业在本土上市的股票 American Option 　　An option that can be exercised anytime during its life. 　　美式期权 　　可在有效期间随时行使的期权 American Stock Exchange 　　The third largest stock exchange in the United States. The AMEX is located in New York and handles approximately 10% of all securities traded in the States. 　　美国股票交易所 　　美国第三大股票交易所，位于纽约，处理美国交易证券总额的10% Amortization 　　The paying off of debt in regular installments over a period of time. The deduction of capital expenses over a specific period of time. Similar to depreciation, it is a method of measuring the "consumption" of the value of long-term assets like equipment or buildings. 　　摊销 　　在一段期间分期偿还债务在一个特定时期资本开支的减少。与类似相似，是一种衡量长期资产，例如设备或建筑物在特定期间价值的消耗 Analyst 　　A financial professional that has expertise in evaluating investments. They are typically employed by brokerage firms, investment advisors, or mutual funds. Analysts put together buy, sell, and hold recommendations on securities. Analysts usually specialize in specific industries or sectors to allow for comprehensive research. 　　分析员 　　具备评估投资专长的金融专业人员，一般受聘于证券行、投资顾问机构或共同基金。分析员对不同的证券作出买入、卖出或持有的建议。为了提供全面的研究分析，分析员一般会专注于不同的行业或经济板块 Angel Investor 　　A financial backer providing venture capital funds for small startups or entrepreneurs. 　　天使投资者 　　向小型初始企业或创业者提供创业资金的财务投资者 Annual General Meeting (AGM) 　　A mandatory yearly meeting of shareholders that allows stakeholders to stay informed and involved with company decisions and workings. 　　年度股东大会 　　必须每年举行一次的股东会议，指在向股东通报公司的决策与工作 Annual Report 　　A corporation's annual statement of financial operations. Annual reports include a balance sheet, income statement, auditor's report, and a description of the company's operations. 　　年报 　　一家公司每年一度的财务营运报告。年报的内容包括资产负债表、损益表、审计师报告以及公司业务的概要 Annualize 　　1. Converting the rate of return from a period of less than one year to an annual (yearly) basis. 2. Converting the taxation period from less than one year to an annual (yearly) basis. 　　年度化 　　1. 将不足一年的回报率转为全年回报率2. 将不足一年的税务期转为每年一度 Annuity 　　A series of fixed-amount payments paid at regular intervals over the specified period of the annuity. 　　年金 　　在特定期间定期定额支付的款项 Annuity Due 　　An annuity whose payment is to be made immediately, rather than at the end of the period. 　　即付年金 　　需要即时支付， 而不是在期末支付的年金 Anti-dilution Provision 　　A provision in an option or a convertible security. It protects an investor from dilution resulting from later issues of stock at a lower price than the investor originally paid. 　　反摊薄条款 　　期权或可转换证券的一项条款，用以保障投资者，不会由于未来公司以较低价格（低于有关投资者支付的价格）发行股份而被摊薄 Anti-takeover Measure 　　Measures taken on a continual or sporadic basis by a firm's management in order to prevent or deter unwanted takeovers. 　　反收购措施 　　企业管理人员长期或不时采取，防止或延迟被恶意收购的措施 Anti-takeover Statute 　　A set of state regulations that prevent or deter companies from attempting hostile takeovers. These regulations vary across state lines and typically affect only the companies incorporated within the state. 　　反收购法规 　　旨在防止或延迟恶意收购的一套美国法规。每一州的法规细则有所不同，一般只适用于在州内注册成立的公司 Anti-trust 　　The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. Examples of illegal practices are price-fixing conspiracies, corporate mergers likely to reduce the competitive vigor of particular markets, and predatory acts designed to achieve or maintain monopoly power. 　　反垄断法 　　美国的反垄断法适用于所有行业及所有层面的业务，包括制造、交通、分销及促销。法律禁止多种对交易造成妨碍或限制的行为。非法行为包括联合控制价格、可能减弱个别市场竞争动力的企业合并、意图实现或维持垄断势力的掠夺性行为 Any and All Bid 　　A bid made to purchase all stock being offered at a specific price. 　　所有出价 　　投标买入在特定价格出售的所有股份 APICS Business Outlook Index 　　A national manufacturing index that surveys several manufacturing firms on a monthly basis. If the index is above 50 it signals expansion, if it dips below 50 it indicates contraction. 　　APICS（美国生产及库存控制协议）商业前景指数 　　美国全国性制造业指数，每月对多家制造业企业进行调查。若指数高于50，表示行业正在扩展，若低于50，则表示行业正在萎缩 Appraisal 　　An opinion of value for a property or business. 　　价值评估 　　对一项物业或业务价值的意见 Appreciation 　　The increase in value of an asset. 　　升值 　　资产价值上升 Arbitrage 　　The simultaneous purchase and selling of a security in order to profit from a differential in the price. This usually takes place on different exchanges or marketplaces. 　　套汇 　　同时买入及卖出证券，意图从差价中获利，在一般于不同的交易所或市场进行买卖 Arbitrage Bond 　　A lower-rate debt security issued by a municipality prior to the call date of the municipality's existing higher-rate security. 　　套汇债券 　　市政府在市政府现有高评级证券买回日期前发行的低评级债务证券 Arbitrage Pricing Theory (APT) 　　An alternative to the CAPM, APT differs in its assumptions and explanation of risk factors associated with the risk of an asset. 　　套汇定价理论 　　是资本资产定价模式以外的另一个选择，主要分别在于其假设及对资产相关风险因素的诠释 Arbitrage Trading Program (ATP) 　　A program used to simultaneously place orders for stock index futures and the underlying stocks. The ATP attempts to exploit price variations (Market Arbitrage). 　　套汇交易理论 　　同时买入股票指数期货及相关股份的交易计划，旨在从差价中获利（市场套汇） Arbitration 　　An informal hearing held regarding a dispute. The dispute is judged by a group of people (generally three) who have been selected by an impartial panel. Once a decision has been reached, there is no further appeal process. 　　仲裁 　　对争议的非正式听证，其间一组由公正委员会选出的人士（一般为三名）对争议作出裁判。在做出判决会，不设进一步上诉的机制 Arms Length Transaction 　　When the buyers and sellers of a product act independently of each other and have no relationship to each other. 　　公平交易 　　一项产品的买方与卖方独立进行交易，互相之间并无任何关系 Asian Option 　　An option whose payoff depends on the average price of the underlying asset over a certain period of time. 　　亚洲式期权 　　回报根据相关证券在特定期间的平均价格而定的期权 Ask (Price) 　　The price a seller is willing to accept for a security, also known as the offer price. 　　买方叫价 　　卖方愿意接受的证券价格，也称为要约价格 Assessed Value 　　The estimated value of real estate that is used for tax purposes. 　　评估后价值 　　一项房地产在税务上的预测价值 Assessor 　　A local government official who determines the value of a property for taxation purposes. 　　估价人 　　决定一项房地产在税务上价值的地方政府官员 Asset 　　Anything that an individual or a corporation owns that has economic value to its owner. Asset is also a balance sheet item showing what a firm owns. Assets are bought to increase the value of a firm or benefit the firms operations. 　　资产 　　个人或一家企业拥有、具有经济价值的任何物品。资产也是资产负债表上的一个重要项目，显示公司拥有的价值企业买入资产以提高公司的价值或促进业务 Asset Allocation 　　The process of dividing a portfolio among major asset categories, such as bonds, stocks, or cash. The purpose of asset allocation is to reduce risk by diversifying the portfolio. 　　资产分配 　　将一个投资组合分为不同资产种类的过程，主要资产种类包括债券、股票或现金。资产分配的目的在于通过分散投资减低风险 Asset Allocation Fund 　　type of mutual fund that splits investment assets among bonds, stocks, and other securities. The goal is to maximize return while minimizing risk. 　　资产分配基金 　　一种将投资资产分为债券、股票及其他证券的共同基金，目的在于回报最大化及风险最小化 Asset Coverage Ratio 　　A test that determines a company's ability to cover debt obligations with their assets after all liabilities have been satisfied. It is calculated as the following (Book or liquidation value of total assets - intangible assets - (current liabilities - short term debt obligations)) /Total debt outstanding 　　资产偿付比率 　　评估一家企业在扣除所有负债后以资产偿付债务的能力，计算方法为：[总资产账面值-无形资产 -（流动负债-短期债务）]/未偿还债务总额 Asset Management 　　1. The management of the financial assets of a company in order to maximize return. 2. An account at a financial institution that includes checking services, credit cards, debit cards, margin loans, the automatic sweep of cash balances into a money market fund, as well as brokerage services. 　　资产管理 　　1. 企业管理其财务资产，以实现最高的回报2. 在一家金融机构开设户口，以享有支票服务、信用卡、记账卡、保证金贷款、自动将现金结余投入货币市场基金以及证券经纪服务 Asset Play 　　An incorrectly valued stock that is attractive because its combined asset value greater than its market capitalization. 　　资产隙 　　估值不当的股票，其合并资产价值高于总市值，以而具有吸引力 Asset Redeployment 　　The strategic relocation of company assets in order to increase profitability. 　　资产重新配置 　　将公司的资产重新进行策略分配，以提高盈利能力 Asset Swap 　　Similar in structure to a plain vanilla swap, the key difference is the underlying of the swap contract. Rather than regular fixed and floating loan interest rates being swapped, fixed and floating investments are being exchanged. 　　资产互换 　　与单纯掉期结构相似，主要分别在于潜在的掉期合约。互换的是固定及浮动投资，而不是一般的固定或浮动贷款利率 Asset Turnover 　　The amount of sales generated for every dollar's worth of assets. It is calculated by dividing sales in dollars by assets in dollars. Revenue / Total Assets 　　资产周转率 　　每一单位金额资产产生的营业额。计算方法为：总营业额/总资产值 Asset Valuation 　　The process of determining the current worth of a portfolio, company, investment, or balance sheet item. 　　资产估值 　　评估一个投资组合、一家企业、一项投资或资产负债表项目当时价值的过程 Asset-Backed Security 　　A security backed by notes or receivables against assets other than real estate. 　　资产抵押证券 　　由资产相关票据或应收账款，而不是房地产为担保的证券 Asset-Liability Management 　　A technique employed by companies in coordinating the management of assets and liabilities so that an adequate return may be earned. 　　资产负债管理 　　企业协调资产及负债管理的措施，以赚取适当的回报 Assets Under Management 　　In general, the market value of assets an investment company manages on behalf of investors. 　　管理资产额 　　一般为一家投资公司代表投资者管理资产的市场价值 Assignment 　　The transfer of an individual's rights or property to another person or business. 　　转让 　　将要一项权益或物业转给另一名人士或另一项业务 At the Money 　　An option is at-the-money if the strike price of the option equals the market price of the underlying security. 　　到价 　　一项期权到价指该期权的行使价格相等于相关证券的市场价值 ATP 　　A program used to simultaneously place orders for stock index futures and the underlying stocks. The ATP attempts to exploit price variations (Market Arbitrage). 　　套汇交易理论 　　同时买入股票指数期货及相关股份的交易计划，旨在从差价中获利（市场套汇） Auction Market 　　A market in which buyers enter competitive bids and sellers enter competitive offers at the same time. 　　拍卖市场 　　买方与卖方同时进行竞争性叫价及出价的市场 Audit 　　1. An unbiased examination and evaluation of the financial statements of an organization. It can be done internally (by employees of the organization) or externally (by an outside firm). 　　审计 　　对一家机构财务报表的公正验证及评价，可以是机构内部的程序（由机构员工进行）或外部程序（由外部机构进行） Auditor's Report 　　Recorded in the annual report, it tests to see that corporation's financial statements comply with GAAP. 　　审计师报告 　　是公司年报的一部分，旨在确证公司财务报告符合适当的通用会计原则 Authorized Stock 　　The maximum number of shares that a corporation is legally permitted to issue under its articles of incorporation. This figure is usually listed in the capital accounts section of the balance sheet. 　　授权股份 　　企业公司章程容许发行的最高股份数量。这个数字一般列在资产负债表的资本账目部分 Auto Sales 　　The major producers of domestic automobiles report sales monthly. These numbers are seasonally adjusted by the U.S. Department of Commerce and are available to the public one to five business days after the end of each month. 　　汽车销售额 　　美国国内主要汽车制造商每月报告销售金额。美国商务部每季度作出调整，并于每月结束前一至五天向公众公布 Automated Bond System (ABS) 　　The electronic system on the NYSE that records bids and offers for inactively traded bonds. The system continues to monitor until the bonds are cancelled or executed. 　　自动债券系统 　　纽约交易所的电子系统，纪录被动交易债券的叫价及出价。系统不断对债券进行监察，直至债券被注销 Automated Confirmation Transaction Service (ACT) 　　An automated system designed to document and report the clearing of trades in the Nasdaq market. 　　自动确认交易系统 　　纪录及结算纳斯达克市场交易的自动系统 Average Annual Growth Rate 　　The average increase in the value of a portfolio over the period of a year. 　　平均年度增长率 　　一个投资组合在一年内价值的平均升幅 Average Annual Return 　　A figure used when reporting the historical return of a mutual fund. The AAR is stated after expenses have been tallied, including administration fees, 12b-1 fees, and others. 　　平均年度回报率 　　用以报告共同基金历史回报表现的数据。平均年度回报率扣除了开支，包括行政费用、12b-1费用以及其他开支 Average Life 　　An estimate of the number of terms to maturity, taking the possibility of early payments into account. Average life is calculated using the weighted average time to the receipt of all future cash flows. 　　平均时期 　　对到期时期的预测，其中考虑了提早偿付的可能性。平均时期的计算根据收取所有未来现金流的加权平均时间 Average Price 　　Sometimes used in determining a bond's yield to maturity. A bond's average price is calculated by adding its face value to the price paid for it and dividing the sum by two. Average price is also sometimes known as Net Asset Value (NAV) for mutual funds. 　　平均价格 　　在某些情况用作评估债券的到期时收益率。债券平均价格的计算方法为债券面值加支付价格，然后把总和除二对共同基金而言，平均价格也称为净资产值 Average Price Call 　　A type of option where the payoff is either zero or the amount by which the average price of the asset exceeds the strike. 　　平均价格买入期权权 　　一种期权，其收益为零或相等于资产平均价格高于行使价格的金额 Average Price Put 　　A type of option where the payoff is either zero or the amount by which the strike price exceeds the average price of the asset. 　　平均价格出售期权 　　一种期权，其收益为零或相等于行使价格高于资产平均价格的金额 Average Up 　　The process of buying additional shares in a company at higher prices than you originally purchased. This brings the average price you've paid for all your shares up. 　　提高平均价格 　　以比原先买入价格高的价格买入更多股票，从而提高所有股票的平均价格 　　huiyong 2007-07-17 15:08 　　Back Door Listing 　　A strategy of going public used by a company that fails to meet the criteria for listing on a stock exchange. To get onto the exchange, the company desiring to go public acquires an already-listed company. 　　后门上市/借壳上市 　　未能符合股票交易所上市要求的企业采用的一种上市策略，公司通过收购一家已经上市的公司而达到上市的目的 Back Office 　　Administration and support personnel in a financial services company. They carry out functions like: settlements, clearances, record maintenance, regulatory compliance, accounting, etc. 　　后线 　　金融服务公司的行政及支援人员，主要职能包括交易结算、清理、记录、合规监察、会计等 Back Pricing 　　A method used in specific futures contracts whereby the price of the commodity to be delivered is priced by the purchaser at some future date after entering into the position. 　　往后定价 　　某些期货合约采用的方法，期货商品的价格由买方在签署合约后特定日期决定 Backlog 　　The total value of sales orders waiting to be fulfilled. 　　订单积压 　　等候完成的出售指示 Backstop 　　To provide last-resort support or security in a securities offering. 　　最后担保 　　为一项证券发行提供最终的保证或担保 Back-to-Back Loan 　　A loan where two companies in different countries borrow offsetting amounts in each other's currency. The purpose of this transaction is to hedge against currency fluctuations. 　　背对背贷款 　　两家位于不同国家的公司向对方借贷相同金额的对方国家货币贷款，目的在于对冲货币波动的风险 Bad Debt 　　A debt which is not collectable and therefore worthless to the creditor. 　　不良贷款 　　不能回收的债务，因此对债权人没有价值 Balance Of Payments (BOP) 　　A record of all transactions made by one particular country during a certain period of time. It compares the amount of economic activity between a country and all other countries. 　　国际收支差额 　　一个国家在特定期间进行的所有交易的纪录，可用作比较一个国家与其他国家的经济活动量 Balance Of Trade (BOT) 　　The largest component of a country's balance of payments. It is the difference between exports and imports. Debit items include imports, foreign aid, domestic spending abroad and domestic investments abroad. Credit items include exports, foreign spending in the domestic economy, and foreign investments in the domestic economy. 　　国际贸易差额 　　一个国家收支差额的最大组成项目。指出口及进口的差额。减项包括进口、外国援助、国民在国外的开支及国民在国外的投资。加项包括出口、外国国民在国内的开支以及外国国民在国内的投资 Balance Sheet 　　A company's financial statement. It reports the company's assets, liabilities, and net worth at a specific time. 　　资产负债表 　　一家企业的财务报表，报告公司在一个特定时间的资产、负债及净值 Balanced Fund 　　A mutual fund that invests its assets in the money market, bonds, preferred stock, and common stock in an attempt to provide both growth and income. 　　平衡基金 　　将资产投资于货币市场、债券、优先股及普通股的共同基金，目的在于同时实现增长及收益 Balanced Investment Strategy 　　A portfolio allocation and management method aimed at balancing risk and return. 　　平衡投资策略 　　旨在平衡风险及回报的投资组合分配及管理方法 Balloon Maturity 　　1. A repayment schedule for a bond issue where a large number of the bonds come due at a one time (normally at the final maturity date).2. A final loan payment that is considerably higher than prior payments. 　　气球型期限 　　1. 在一次债券发行中，在某一时间（一般于最终到期日）有大量债券到期的还款安排2. 贷款最后一次的偿还金额远高于之前偿还金额 Balloon Option 　　An option for which the notional payments increase significantly after a set threshold is broken. 　　气球型期权 　　名义付款额在达到若干标准后提高的期权 Bancassurance 　　A French term referring to the selling of insurance through a bank's established distribution channels. 　　银行出售保险 　　法文词汇，指通过银行既有的分销渠道销售保险 Bank for International Settlements (BIS) 　　The BIS is an international organization fostering the cooperation of central banks and international financial institutions. 　　国际结算银行 　　旨在加强各国中央银行及国际金融机构合作的国际组织 Bank Guarantee 　　A guarantee from a lending institution that the liabilities of a debtor will be met. In other words, if the debtor fails to settle a debt, the bank will cover it. 　　银行担保 　　放贷机构发出的担保，证明债务人的负债可获偿还。换言之，若债务人不能偿还债务，银行将承担责任 Bank Insurance 　　A public or private corporation that guarantees deposits up to a specified amount if the bank goes bankrupt. 　　银行保险 　　一家公营或私营机构发出的担保，保证若银行破产，将承担特定金额以内的银行存款 Bank Investment Contract (BIC) 　　A security with an interest rate guaranteed by a bank. It provides a specific yield on a portfolio over a specified period. 　　银行投资合约 　　附有银行发出的利率保证的证券，可在特定时期内带来固定的收益率 Bank Rate 　　The rate at which central banks lend funds to national banks. 　　银行利率 　　中央银行向国内银行借贷的利率 Bank run 　　When numerous bank customers try to withdrawal their bank deposits simultaneously and the bank's reserves are not sufficient to cover the withdrawals. 　　银行挤兑 　　大量银行客户在同一时间要求提取银行存款，而银行的储备不足以应付提款 Bankruptcy 　　When a person or firm is unable to repay debts. Thus, the ownership of the firm's assets are transferred from the stockholders to the bondholders. 　　破产 　　由于一名人士或一家公司未能偿还债务。对公司而言，破产意味着需要将公司的资产从股东名下转移到债券持有人名下。 Bankruptcy Risk 　　The ever present risk that a firm will be unable to meet its debt obligations. Often referred to as default or insolvency risk. 　　破产风险 　　公司不能偿还债务的风险，是一种永恒存在的风险，一般指违约或资不抵债风险 Barrel's per Day 　　A statistic often used to determine output for oil production. 　　每日产量（桶） 　　评估石油产量的常用统计单位 Barter 　　The process of trading goods and services without the use of money. 　　以物易物 　　不牵涉金钱的货品或服务交易 Base Period 　　A particular time period used for comparative purposes when measuring economic data. 　　基本时期 　　在分析经济数据时作为比较基础的时期 Basing 　　A period in which a stock price has very little or no trend resulting in a flat price pattern. 　　平稳期 　　股价变化极少甚至没有变动，造成股价持平的时期 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. 　　基点 　　债券收益率单位，相等于1%的百分之一。债券收益率从5.0%上升至5.5%即相等于上升50基点 Bear Market 　　A market in which prices of a certain group of securities are falling or are expected to fall. Although figures can vary, a downturn of 15%-20% or more in multiple indexes (Dow or S&P 500) is considered a bear market. 　　熊市 　　一组证券的价格下跌或预期会下跌的市场状况。虽然数据可能视乎情况而有所不同，但一般来说，指多个重要指数（例如道琼斯或标准普尔500）下跌15-20%或以上 Bear Raid 　　An illegal practice whereby investors attempt to push the price of a stock lower by taking large short positions and spreading unfavorable rumors about the target firm. 　　空头猛跌，大量抛空以使价格下跌 　　一种非法投资手段，指投资者通过大量卖空目标公司的股票，并散播有关这家公司的不利谣言，推低股价 Bearer Form 　　A security not registered in the issuing corporation's books but is payable to its bearer (the person possessing it). 　　凭票即付形式，无记名形式 　　并无登记在发行公司的账目上，但会向持票人支付的票据 Beginning Inventory 　　The book value of goods, inputs, or materials available for use or sale at the beginning of an inventory accounting period. 　　期初库存 　　在一个库存会计时期开始时可供使用或出售的货品、物资或原料的账面价值 Behavioral Economics 　　A field of economics that studies how the actual decision-making process influences the decisions that are reached. 　　行为经济学 　　经济学的一个范畴，研究实际决策程序对最后作出决策的影响 Behavioral Finance 　　A field of finance that proposes psychology-based theories to explain stock market anomalies. Within behavioral finance it is assumed that the information structure and the characteristics of market participants systematically influence their investment decisions as well as market outcomes. 　　行为金融学 　　金融学的一个范畴，主张以心理理论解释股票市场的不正常情况。行为金融学假设市场参与者的信息结构及特点有系统地影响其投资决策及市场结果 Benchmark 　　Anything that serves as a standard for something's performance to be measured against. 　　基准 　　用作衡量任何形式表现的任何比较标准 Benchmark Bond 　　A bond that provides a standard for comparing the performance of other bonds. Government bonds are almost always used as benchmark bonds. 　　基准债券 　　用作比较其他债券表现的标准。美国国库券几乎是所有债券的基准债券 Beneficial Owner 　　A person or firm that benefits from owning an asset even though they are not registered as a shareholder. 　　受益者 　　一名人士或一家机构拥有某资产的利益但并无登记为股东 Beneficiary 　　A person or entity named in a will or financial contract to be an inheritor of someone's property when the property owner dies. 　　受益方 　　遗嘱或财务合约中订明有权在资产拥有者过世后承继有关资产的人士或机构 Benefit Cost Ratio - (BCR) 　　A ratio attempting to clearly identify the relationship between the cost and benefits of a proposed project. 　　效益成本比率 　　旨在清楚确立拟定项目成本与效益之间关系的比率 Bequest 　　The process of giving stocks, bonds, or any other assets to the beneficiary of a will. 　　遗赠，遗产 　　将股票、债券或任何其他资产转给遗嘱订明受益方的过程 Best Ask 　　The lowest quoted offer for a particular stock among all competing market makers. 　　最低叫价 　　所有竞争性作市商对一种股票的最低叫价 Best Bid 　　The highest quoted bid for a particular stock among all competing market makers. 　　最高出价 　　所有竞争性作市商对一种股票的最高出价 Best Efforts 　　An underwriter's agreement to act as an agent between an issuing company and investors. 　　尽力推销 　　承销商就担任发行公司及投资者之间代理人的承销协议 Best Execution 　　The responsibility of brokers to provide the most advantageous execution of an order. 　　最佳执行 　　证券经纪商对一项订单进行最有利执行的责任 Best Practice 　　最佳做法/最佳惯例 Best Price Rule 　　An SEC regulation that requires shares tendered for an offer to be paid equally and maintain the same consideration. 　　最佳价格规则 　　一项美国证监会的规则，规定要约出售股票收取的款项必须相等及维持相同的对价 Beta (Coefficient) 　　The measure of systematic risk of a security. Beta (or beta coefficient) is a means of measuring the volatility of a security or portfolio of securities in comparison with the market as a whole.Beta is calculated using regression analysis. A beta of 1 indicates that the security's price will move with the market. A beta greater than 1 indicates that the security's price will be more volatile than the market. A beta less than 1 means that it will be less volatile than the market. 　　贝塔系数 　　评估一种证券系统性风险的工具，用以量度一种证券或一个投资证券组合相对总体市场的波动性贝塔系数利用回归的方法计算。贝塔系数1即证券的价格与市场一同变动。贝塔系数高于1即证券价格比总体市场更波动。贝塔系数低于1即证券价格的波动性比市场为低 Bid 　　1. An offer by an investor, trader, or dealer to buy a security. 2. The price at which a market maker is willing to buy a security. 　　买方出价 　　1. 投资者、交易商、经纪商出价购买一种证券2. 作市商愿意买入一种证券的价格 Bid Price 　　The price a buyer is willing to pay for a security. 　　买方出价 　　买方愿意买入一种证券的价格 Bid-Ask Spread 　　The amount that the ask price exceeds the bid. 　　买卖差价 　　叫价高于出价的金额 Black Knight 　　A company that makes a hostile takeover offer on a target company. 　　黑武士 　　对目标公司提出恶意收购的公司 Black Monday 　　The most notorious day in financial history (October 19, 1987). The DJIA fell 508 points, almost 22%. This stands as the largest one-day drop in NYSE history. 　　黑色星期一 　　金融历史上黑暗的一天（1987年10月19日）。道琼斯指数下跌508点，相等于接近22%，是纽约股票交易所史上单日跌幅最大的一天 Black Thursday 　　The colloquial name given to Thursday, October 24th, 1929 when the New York Stock Exchange plummeted leading to the great depression of the 1930's. 　　黑色星期四 　　指1929年10月24日星期四，纽约股票交易所当天大幅下挫，触发1930年代的大衰退 Block Trade 　　The sale or purchase of a large quantity of securities. 　　大宗交易 　　出售或买入大量证券 Blue Chip 　　A security from a well-established, financially-sound, and stable company that has demonstrated its ability to pay dividends in both good and bad times. 　　蓝筹 　　知名、财务稳健、证实不论市场好坏，仍有能力支付股息的公司发行的证券 Board Lot 　　A term used when describing a standard number of shares in trading stocks, usually 100. 　　单位数量，整份股 　　交易股票的标准数量，一般为100股 Board Of Directors 　　Individuals elected by stockholders to establish corporate management policies. A board of directors makes decisions on major company issues and controls when dividends will be paid to stockholders. 　　董事会 　　股东选出负责制定企业管理政策的人士。董事会负责对主要公司事宜作出决策，并控制向股东派发股息的时间 Bond 　　A bond is a debt investment whereby the investor loans money to an entity (company or government) that needs funds for a defined period of time at a specified interest rate. In exchange for your money, the entity will issue you a certificate, or bond, that states the interest rate (coupon rate) you are to be paid and when your loaned funds are to be returned (maturity date). Interest on bonds is usually paid every six months (semiannually). Corporate bond: A bond issued by a corporation. Municipal bond: A bond issued by a municipality. These are generally tax free, so you pay no taxes on the interest you earn, but the interest rate is usually lower than for a taxable bond. Treasury bond: A bond issued by the U.S. Government. These are considered safe investments because they are backed by the taxing authority of the U.S. government, and the interest on Treasury bonds is not subject to state income tax. T-bonds have maturities greater than ten years, while notes and bills have lower maturities. Treasury note: The only difference between a Treasury note and a Treasury bond is that a Treasury note is issued for a shorter time, usually two to five years. Treasury bill: This is held for a shorter time than either a Treasury bond or a Treasury note--usually three, six, or nine months to two years. Interest on T-bills is paid at the time the bill matures, and the bills are priced accordingly. Zero-coupon bonds: A bond that generates no periodic interest payments but is issued at a discount from face value. The return is realized at maturity. 　　债券 　　债券是一种债务投资，投资者以特定的利率及时期向需要资金的实体（公司或政府）借贷，投资者可获得一份证书，即债券，其中列明投资者可获得的利率（息票）及偿还资金的日期（到期日）。债券的利息一般每六个月（半年）支付一次　企业债券：一家企业发行的债券　市政债券：市政府发行的债券，一般属于免税债券，即投资者无需就收取的利息支付税项，但利率一般较需缴税债券低　美国国库券/政府债券：美国政府发行的债券，被认为是安全的投资，因为债券获得美国税务局担保。美国国库券的利息无需缴付所得税。国库券的年期一般为10年以上，而美国政府票据的年期较短　美国政府票据：政府票据与国库券的唯一分别在于时期，政府票据的年期一般为2至5年　美国短期国库券：时期比国库券及政府票据短，一般为3、6或9个月至2年。短期国库券的利息在到期时支付，价格而根据利息而定　零息票债券：无定期利息的债券，但发行价格相对面值有折让，在到期时才可实现回报 Bond Anticipation Note (BAN) 　　Short term interest bearing securities issued in the anticipation of larger approaching bond issues. 　　预期债券票据 　　在预期将执行较大型债券发行的情况发行的短期附利息证券 Bond Equivalent Yield (BEY) 　　A calculation for restating semi-annual, quarterly, or monthly discount-bond or note yields into an annual yield. For a fixed income security with a par value of $1000, the calculation is as follows: 1000-Purchase Price Purchase Price 　　债券等值收益 　　计算每半年、每季度、每月支付利息的折让债券的年度收益率。面值1000元的定息证券的计算方法如下：1000-购买价格￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣￣购买价格 Bond Fund 　　A mutual fund whose investment objective is to provide stable income with a minimal risk. It invests in income-producing instruments, which may include corporate, government, or municipal bonds. 　　债券基金 　　以稳定收入及风险最小化为投资目标的共同基金，主要投资有收入的金融工具，包括企业、政府或市政债券 Bond Option 　　The same as a stock option except the underlying asset is a bond. 　　债券期权 　　与股票期权相同，唯一分别在于相关资产为债券而不是股票 Bond Rating 　　An evaluation of the possibility of default by a bond issuer. It is based on an analysis of the issuer's financial condition and profit potential. Bond rating services are provided by, among others, Standard & Poor's, Moody's Investors Service, and Fitch Investors Service. 　　债券评级 　　对债券发行人违约可能性的评估。评估根据发行人的财务状况及利润潜力。提供债券评级服务的机构包括标准普尔(Standard & Poor's)、穆迪投资者服务(Moody's Investors Service) 以及Fitch投资者服务 (Fitch Investors Service) Bond Swap 　　A strategy whereby an investor sells a bond and at the same time purchases a different bond with the proceeds from the sale. 　　债券互换 　　一种投资策略，投资者出售一种债券，同时利用出售的收益买入另一种债券 Book Building 　　The process by which the offer price of an IPO is based on actual demand from institutional investors. 　　需求建档 　　根据机构投资者对首次公开上市的实际需求制定发行价格的过程 Book Runner 　　The managing or lead underwriter who maintains the books of securities sold for a new issue. 　　账簿管理人 　　管理一项新发行出售证券帐簿的主承销商 Book Value 　　1. The value at which an asset is carried on a balance sheet. In other words, the cost of an asset minus accumulated depreciation. 2. The net asset value of a company. Calculated by total assets minus intangible assets (patents, goodwill) and liabilities. 账面价值 　　1. 资产在资产负债表上的价值，换言之，相等于资产的成本减累计折旧2. 公司的净资产值，相等于总资产减无形资产（专利、商誉等）及负债 Book Value Per Common 　　A measure used by owners of common shares within a firm to determine the level of safety associated with each individual share after all debts are paid accordingly. 　　每普通股账面价值 　　一家企业的普通股股东用来评估在偿还所有债务后股票安全度的标准 Break Even Point (BEP) 　　The point at which gains equal losses. Or, the market price that a stock must reach for option buyers to avoid a loss if they exercise. For a call, it is the strike price plus the premium paid. For a put, it is the strike price minus the premium paid. 　　收支平衡点 　　收益相等于损失的一点或，期权买方要在无损失的情况下行使期权股价必须达到的水平。对于买入期权而言，相等于行使价格+已付溢价。对于出售期权，相等于行使价格 - 已付溢价 Bridge financing 　　method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations. 　　过渡融资 　　企业在进行首次公开上市前采用的一种融资方法，以取得足够的资金，维持营运 Bridge loan 　　A short-term loan that is used until a person or company can secure permanent financing. 　　过渡贷款 　　一名人士或一家公司在获得永久融资前采用的短期贷款 Broad-Base Index 　　An index designed to reflect the movement of the entire market. 　　广泛基础指数 　　用以反映总体市场活动的指数 Broad-Based Weighted Average 　　An anti-dilution provision used for the benefit of existing preferred shareholders when additional offerings are made by the corporation. The broad-based weighted average accounts for all equity previously issued and currently undergoing issue. 　　广泛基础加权平均 　　一种在企业进行后续发行时保护现有优先股股东的反摊薄条款。广泛基础加权平均条款适用于所有以往发行的股票及当时进行的发行 Bubble 　　A speculative market or stock in which the values rise very rapidly and then fall sharply. 　　市场泡沫 　　价格升跌急剧的投机性市场或股票 Budget 　　An estimation of an organization's revenue and expenses over a specified period of time. 　　预算案 　　对机构在特定时期内收入及开支的预测 BUGS Index 　　Short for "basket of un-hedged gold stocks," the BUGS index is the AMEX's index measuring gold companies that do not hedge their gold production beyond a year and a half. 　　无对冲黄金股票指数 　　是美国股票交易所的一个指数，包含没有对一年半后黄金产量进行对冲的黄金公司 Bulge Bracket 　　The group of firms in an underwriting syndicate who sold the largest amount of the issue. 　　表现最佳承销商 　　在承销团中出售最多股票的机构 Bull 　　An investor who thinks the market, a specific security, or an industry will rise. 　　乐观投资者 　　认为总体市场或个别证券或行业股票的股价将上升的投资者 Bull Market 　　A market in which prices of a certain group of securities are rising or are expected to rise. 　　牛市 　　一组证券的价格上升或预期会上升的市场状况 Bull Spread 　　An option strategy in which maximum profit is attained if the underlying security rises in price. Either calls or puts can be used. The lower strike price is purchased and the higher strike price is sold. The options have the same expiration date. 　　看涨的多空套做 　　一种在相关证券价格上升时可获得最大利润的期权策略。买入或出售期权都可以采用这个策略。方法为买入行使价格较低的期权，卖出行使价格较高的期权，两者的到期日一样。 Bull Vertical Spread 　　An optimistic strategy used by investors who feel that the market price of a commodity will appreciate, but wish to limit the downside potential associated with an incorrect prediction. 　　看涨的纵向多空套做 　　看涨投资者的投资策略，投资者认为某商品的市价将上升，但希望控制预测错误造成损失的可能性 Bulldog Bond 　　A sterling denominated bond that is issued in London by a company that is not British. 　　猛犬债券 　　由非英国企业在伦敦发行的英镑债券 Bullet Bond 　　A regular coupon paying debt instrument with a single repayment of principal on the maturity date. 　　期末一次性偿还债券 　　定期支付息票的债务工具，在到期日一次性偿还本金 Bullet Loan 　　Any loan that requires a balloon payment at the end of the term and anticipates that the loan will be refinanced in order to meet the balloon payment obligation. 　　期末一次性偿还贷款 　　在期末一次性偿还的贷款，预期贷款需要进行再融资以应付一次性偿还 Bullet Repayment 　　A single payment for an entire loan amount that is paid at maturity. 　　一次性偿还 　　在到期时偿还全数贷款的一次性付款 Bullet Trade 　　The act of purchasing an "in the money" put option so that the buyer can capitalize on a bear market by effectively shorting a stock without waiting for an uptick. 　　子弹式交易 　　买入摰郊蹟出售期权，买方因此可卖空相关股份，从而可以在熊市里无需等待股价回升而获利 Burn Rate 　　The rate at which a new company uses up its venture capital to finance overhead before generating positive cash flow from operations. In other words, it's a measure of negative cash flow. 　　资金消耗率 　　一家新公司在赚取营运现金流前消耗创业资金支付日常开支的比率。换言之，是量度负现金流的指标 Business to Business (B2B) 　　Business conducted between companies, rather than between a company and individual consumers. 　　商业对商业（B2B) 　　两家公司进行的交易，而不是一家公司与个别消费者之间的交易 Buy 　　A recommendation to purchase a specific security. 　　买入 　　建议买入个别证券 Buy And Hold 　　An investing strategy where stocks are bought and held for a long period regardless of fluctuations in the market. 　　买入并持有 　　买入及长期持有证券的投资策略，其间不论市场如何波动仍继续持有 Buy Back 　　1. The buying back of shares by a corporation in order to reduce the number of shares on the market. 2. The purchasing of shares previously sold short so the open position is closed. 　　回购 　　1. 企业买回自身的股票以减少市场上股票的数量2. 买入之前卖空的股票以平仓 Buyer's Market 　　A market condition characterized by an abundance of goods available for sale. 　　买方市场 　　市场供应庞大的市场状况 Buy-In 　　When an investor is forced to repurchase shares because the seller did not deliver the securities in a timely fashion, or did not deliver them at all. 　　补偿买进 　　投资者需要重新购买股票，因为卖方不能准时送交证券，甚至完全没有送交证券 Buying Hedge 　　A transaction that commodities investors undertake to hedge against possible increases in the prices of the actuals underlying the futures contracts. 　　买入对冲 　　商品投资者就期货合约牵涉商品价格上升进行对冲的交易 Buying Power 　　The money an investor has available to buy securities. In a margin account, the buying power is the total cash held in the brokerage account plus maximum margin available. 　　购买力 　　投资者持有可以用作购买证券的资金。对于保证金帐户，购买力相等于证券帐户内的现金+最高保证金 Buyout 　　The purchase of a company or a controlling interest of a corporation's shares. A leveraged buyout is accomplished with borrowed money or by issuing more stock. 　　收购 　　入一家公司或一家公司的控股股权。负债收购指通过借贷或发行更多股票完成收购 Buy-Side 　　The investing institutions such as mutual funds, pension funds, and insurance firms that tend to buy large portions of securities. 　　买方 　　共同基金、养老基金、保险公司等可能买入大量证券的投资机构 Buyer's Market 　　A market condition characterized by an abundance of goods available for sale. 　　买方市场 　　市场供应庞大的市场状况 Buying Hedge 　　A transaction that commodities investors undertake to hedge against possible increases in the prices of the actuals underlying the futures contracts. 　　买入对冲 　　商品投资者就期货合约牵涉商品价格上升进行对冲的交易 　　huiyong 2007-07-17 15:09 　　Calendar Year 　　The year that begins January 1 and ends December 31 　　日历年 　　1月1日开始12月31日结束的一年 Call 　　An option contract giving the owner the right (but not the obligation) to buy a specified amount of an underlying security at a specified price within a specified time. 　　买入期权 　　一种期权合约，给与持有人以特定的价格在特定的时间内购买特定数量相关证券的权力（但并非义务） Call Date 　　The date on which a bond can be redeemed before maturity. If the issuer feels there is a benefit to refinancing the issue, the bond may be redeemed on the call date at par or at a small premium to par. 　　买回日期 　　债券可在到期前赎回的日期。若发行人认为进行再融资是有利的做法，可在这天以债券的面值或以相对面值有轻微溢价的价值赎回债券 Call Loan 　　A loan provided to a brokerage firm and used to finance margin accounts. The interest rate on a call loan is calculated daily. The resulting interest rate is referred to as the call loan rate. 　　短期同业拆借，通知贷款 　　向证券经纪行借出贷款，用来作为保证金帐户的资金。同业拆借的利率每日计算，最终利率成为同业拆借利率 Call Loan Rate 　　The short term interest rate charged on a secured call loan, usually in margin accounts. 　　短期同业拆借利率，通知贷款利率 　　有担保同业拆借的短期利率，一般适用于保证金帐户 Call Option 　　An agreement that gives an investor the right (but not the obligation) to buy a stock, bond, commodity, or other instrument at a specified price within a specific time period. 　　买入期权 　　一种协议，给与投资者以特定的价格在特定的时间内购买一种股票、债券、商品或其他金融工具的权力（但并非义务） Call Premium 　　1. The dollar amount over the par value of a convertible fixed income and debt security. This amount is given to holders when the security is called by the issuer due to the soft call provision. 2. The amount the purchaser of a call option must pay to the writer. 　　买回溢价 　　1. 高于可转换债券及债券面值的金额。在发行人根据非强制性买回条款买回证券时向持有人支付2. 买入期权买方必须向卖方支付的金额 Call Warrant 　　A warrant that gives the holder the right to buy the underlying share for an agreed price, on or before a specified date. 　　买入认股权证 　　给与持有人以协议价格在特定日期或在特定日期前买入相关股份的认股权证 Callable Bond 　　A bond that can be redeemed by the issuer prior to its maturity. Usually a premium is paid to the bond owner when the bond is called. 　　可买回债券 　　发行人可在到期前赎回的债券。一般在赎回时需要向债券持有人支付溢价 Callable Preferred Stock 　　A type of preferred stock that carries the provision that the issuer has the right to call in the stock at a certain price and retire it. 　　可买回优先股 　　一种优先股，给与发行人以特定价格买回并赎回优先股的权力 CAMELS Rating System 　　An international bank-rating system with which bank supervisory authorities rate institutions according to six factors. The six areas examined are represented by the acronym "CAMELS." 　　CAMELS评级制度 　　国际通用银行评级制度，银行监察机构根据六个因素评定金融机构的登记。CAMELS代表六个评级因素，包括资本充足 (capital adequacy)、资产质量 (asset quality)、管理质素 (management quality)、盈利(earnings)、流动资金(liquidity)、对市场风险的敏感度(sensitivity to market risk) Capital 　　1. Financial assets or the financial value of assets such as cash. 2. The factories, machinery, and equipment owned by a business. 　　资本/资本金 　　1. 财务资产或现金等资产的财务价值2. 企业拥有的厂房、机械及设备 Capital Account 　　The net result of public and private international investment flowing in and out of a country. 　　资本帐户 　　流入及流出一个国家公共及私人国际性投资的净额 Capital Adequacy Ratio (CAR) 　　A measure of a bank's capital. It is expressed as a percentage of a bank's risk weighted credit exposures. 　　资本充足率 　　评估银行资本的标准，以银行的风险调整信贷风险的百分比表达 Capital Appreciation 　　A rise in the market price of an asset. 　　资本升值 　　资产市值上升 Capital Asset 　　A long-term asset that is not bought or sold in the regular course of business. 　　资本资产 　　并非在正常业务过程中买入或出售的长期资产 Capital Asset Pricing Model (CAPM) 　　A model describing the relationship between risk and expected return. It serves as a model for the pricing of risky securities. CAPM says that the expected return of a security or a portfolio equals the rate on a risk-free security plus a risk premium. If this expected return does not meet or beat the required return then the investment should not be undertaken. 　　资本资产计价模型 　　用以说明风险与预期回报之间关系的模型， 可用作为有风险证券定价。资本资产定价模型的理论为证券或投资组合的预期回报相等于无风险证券的回报率+风险溢价。若预期回报不能达到或超越要求回报，则不应进行这项投资计算方法： Capital Base 　　1. The capital acquired during an IPO, or the additional offerings of a company, plus any retained earnings. 2. An initial investment plus subsequent investments made by an investor into their portfolio. 　　资本金基础 　　1. 公司首次公开上市或后续股票发行获取的资金，加上保留盈利2. 投资者对投资组合投入的初步投资以及后续投资 Capital Budgeting 　　The process of determining whether or not projects such as building a new plant or investing in a long-term venture are worthwhile. 　　资本预算 　　决定一个项目，例如建设新厂房或进行长期投资是否有利的程序 Capital Employed 　　1. The total amount of capital used for the acquisition of profits. 2. The value of all the assets employed in a business. 3. Fixed assets plus working capital. 4. Total assets less current liabilities. 　　运用资本 　　1. 实现利润运用的资金总额2. 业务运用的所有资产的价值3. 固定资产+周转资金4. 总资产-流动负债 Capital Expenditure 　　Funds used by a company to acquire or upgrade physical assets such as property, industrial buildings, or equipment. 　　资本开支 　　公司用以买入或升级实物资产，例如物业、厂房或设备等的资金 Capital Gain 　　An increase in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A capital gain may be short-term (one year or less) or long-term (more than one year), and must be claimed on income taxes. 　　资本收益 　　资本资产（投资或房地产）价值的上升，令其价值高于买入价格。这项收益在出售有关资产时才能实现。资本收益可能是短期的（一年或以下）或长期（一年以上），并且必须支付所得税 Capital Goods 　　Any goods used by an organization to produce other goods. 　　资本财货 　　企业用来生产产品的任何货品 Capital Guarantee Fund 　　An investment vehicle, offered by certain institutions, that guarantees the investor's initial capital investment from any losses. 　　资本保证基金 　　金融机构提供的投资工具，保证投资者的初步资本投资不会有损失 Capital Intensive 　　A process or industry that requires large sums of financial resources to produce a particular good. 　　资本密集 　　需要大量财务资源生产个别货品的生产过程或行业 Capital Lease 　　A lease considered to have the economic characteristic of asset ownership. 　　资本化租赁 　　具备资产拥有权经济特点的租赁安排 Capital Loss 　　The loss incurred when a capital asset (investment or real estate) decreases in value. The loss is not realized until the asset is sold for a lower price than the purchase price. 　　资本损失 　　资本资产（投资或房地产）价值下跌造成的损失。这项损失在出售有关资产，而资产的价值低于购买价格时才会实现 Capital Markets 　　The market where capital, such as stocks and bonds, are traded. 　　资本市场 　　股票或债券等资本进行交易的市场 Capital Note 　　Fixed income products issued by companies as a source of short term debt. 　　资本票据 　　企业发行作为短期债务来源的定息工具 Capitalism 　　An economic system that encourages private investment and business, rather than a government controlled economy. 　　资本主义 　　鼓励私人投资及业务，而不是由政府控制经济的经济体系 Capitalization 　　1. The sum of a corporation's stock, long-term debt, and retained earnings. 2. A company's outstanding shares multiplied by its share price, better known as market capitalization. 　　总资本，总市值 　　1. 一家企业的股票、长期债务及保留盈利的总和2. 一家企业的已发行股票乘以股价，一般称为总市值 Capitalize 　　An accounting method used to delay the recognition of expenses by recording the expense as a long term asset. 　　资本化 　　通过将开支纪入长期资产项下延迟开支入账的会计方法 Capped Option 　　An option with a pre-established profit cap. A capped option is automatically exercised when the underlying security closes at or above (for a call) or at or below (for a put) the Option's cap price. 　　有上限期权 　　设有预定利润上限的期权。有上限期权在相关证券的价格相等于或高于（对买入期权而言）或相等于或低于（出售期权）期权上限价格时即会自动被行使 Captive Fund 　　A fund that provides investment services solely to the one firm holding ownership. 　　专属基金 　　只向持股机构提供投资服务的基金 Carrying Cost Of Inventory 　　The cost of maintaining inventory in a company's warehouse. 　　库存置存成本 　　公司在仓库维持库存的成本 Carrying Value 　　Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. 　　账面现行价值 　　也称为撜嗣婕壑禂，相等于总资产 - 无形资产及负债（例如债务） Carveout 　　1. Sometimes known as a partial spinoff, a carve out occurs when a parent company sells a minority (usually 20% or less) stake in a subsidiary for an IPO or rights offering.2. Where an established brick-and-mortar company hooks up with venture investors and a new management team to launch an Internet spinoff. 　　分拆上市 　　1. 即一家母公司出售一家子公司的少数权益（一般为20%或以下），以进行子公司的首次公开上市或供股发行2. 一家非网络实业公司与创业投资者与新的管理队伍联合实行互联网业务分拆上市 Cash 　　Legal tender or coins that can be used in exchange goods, debt, or services. Sometimes also including the value of assets that can be converted into cash immediately, as reported by a company. 　　现金 　　可用作交换货品、债权或服务的纸币或硬币。有时包括公司报称可即时转换成为现金的资产 Cash And Cash Equivalents 　　An element recorded on the balance sheet, it reports the value of cash and its equivalents. These are assets that are cash or can be converted into cash immediately. 　　现金及现金等价物 　　资产负债表上的一项，指出公司现金及现金等价物的价值。这些资产属于现金或可即时转换成为现金的资产 Cash Balance Pension Plan 　　An employee pension plan whereby an employer will credit the participant's account with a set percentage of their yearly compensation plus interest charges. 　　现金余额养老金计划 　　员工养老计划的一种。雇主将员工每年新酬的一个既定百分比加利息开支存入参与计划员工的帐户 Cash Budget 　　An estimation of the cash inflows and outflows for a business. 　　现金预算 　　一项业务现金流入及流出的预测 Cash Commodity 　　The term used to refer to the actual or physical commodity underlying a futures contract. 　　现货 　　指期货合约内包含的实际或实物商品 Cash Conversion Cycle 　　The duration between the sale of a firm's inventory and the collection of accounts receivable for the sale of that inventory. 　　资金周转周期 　　公司出售库存及收到出售这项库存应收账款所需的时间 Cash Dividend 　　Money paid to stockholders, normally out of the corporation's current earnings or accumulated profits. All dividends must be declared by the board of directors, and are taxable income to the recipients. 　　现金股息 　　企业向股东支付的现金，一般来自企业的当期盈利或累计利润。所有股息都必须由董事会公布，收取股息者需要缴付税项 Cash EPS 　　A ratio derived from operating cash flow divided by diluted shares outstanding. 　　现金每股盈利 　　营运现金流除以摊薄后已发行股份 Cash Flow 　　The amount of cash a company generates and uses during a period, calculated by adding noncash charges (such as depreciation) to the net income after taxes. Cash Flow can be used as an indication of a company's financial strength. It is also sometimes referred to as the "money value" of trades in a stock during a trading day 　　现金流 　　公司在一个时期内产生及使用的现金额，计算方法为将非现金开支（例如折旧）加回税后净利润。现金流可用作公司财务实力的指标有时也指一个交易日内股票交易的撓纸鸺壑禂 Cash Flow After Taxes 　　A company's cash flow after taxes is derived by taking the net income and removing charges for taxes and depreciation. 　　税后现金流 　　公司除税后的现金流，计算方法为在净收入上加回 税款及折旧 Cash Flow Per Share 　　Cash flow from operations minus preferred stock dividends, divided by the number of common shares outstanding. This measures a firm's financial strength.? 　　每股现金流 　　营运现金流 - 优先股股息/已发行普通股数量。是公司财务实力的另一个指标 Cash Flow Return on Investment (CFROI) 　　A valuation model that assumes the stock market sets prices based on cash flow, not on corporate performance and earnings. Cash Flow/Market Value of Capital Employed 　　投资的现金流回报 　　估值模型，假设股票市场根据现金流，而不是企业表现及盈利设定价格现金流/运用资本的市场价值 Cash Investment 　　Short-term obligations, usually ninety days or less, that provide a return in the form of interest payments. 　　现金投资 　　短期投资，一般少于90天，可带来利息形式的回报 Cash Market 　　The market for a cash commodity or actual, as opposed to its futures contract. 　　现货市场 　　现货商品市场，与期货合约市场相反 Cash on Cash Return 　　A rate of return often used in real estate transactions. The calculation determines "cash income" on "cash invested." Annual Dollar Income /Total Dollar Investment 　　现金的现金回报率 　　一般运用在房地产交易的回报率，可指出现金投资的现金收入年度现金收入/总现金投资 Cash Price 　　The price of the purchase and delivery of cash commodities. 　　现金价格 　　购买及送交现货商品的价格 Cash Return on Gross Investment - (CROGI) 　　A measure of financial performance calculated as gross cash flow after taxes divided by gross investment. 　　总投资现金回报率 　　一种衡量财务表现的指标，计算方法为税后总现金流除以总投资额 Catastrophe Bond 　　A high-yield debt instrument that is usually insurance linked and meant to raise money in case of a catastrophe such as a hurricane or earthquake. It has a special condition that states that if the issuer (insurance or reinsurance company) suffers a loss from a particular predefined catastrophe, then the issuer's obligation to pay interest and/or repay the principal is either deferred or completely forgiven. 　　灾难债券 　　高收益债务工具，一般与保险相关，旨在应付出现天然灾害，例如飓风或地震的资金需要。设有特殊条款，若发行人由于既定天然灾害而蒙受损失，则其还本付息的责任可获延迟，甚至被完全豁免 CD 　　A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified interest rate, and can be issued in any denomination. CDs are generally issued by commercial banks. 　　存款证 　　持有人可收取利息的存款证书。存款证设有到期日、固定利率，并可以用任何货币计价。存款证一般由商业银行发行 CEDEL 　　One of two principal clearing houses for Euromarket securities. Notice that the formula may also be written as: accounts payable / (cost of sales/number of days). Notice that the formula may also be written as: accounts receivable / (credit sales/number of days). Net Operating Income Total Debt Service Net Income Shareholder's Equity The ROE is useful in comparing the profitability of a company to other firms in the same industry. Calculated as total tax paid divided by taxable income. 2. In the case of fixed income, a bond with a rating of BBB or higher. Operating cash flow is calculated through a series of adjustments to net income. It can be found on the statement of cash flows. ? 2. The difference between the swap rate and the lending rate offered through other investment vehicles with comparable characteristics. 　　CEDEL 　　欧洲市场证券两家结算行之一 Central Bank 　　A bank providing services for a country's government and major commercial banks. 　　中央银行 　　为国家政府及主要商业银行提供服务的银行 CEO 　　This is the senior manager who is responsible for overseeing the activities of an entire company. 　　首席行政官 　　负责管理整家公司活动的高级管理人员 Certificate 　　Another name for stock, certificate actually refers to the physical piece of paper representing ownership in a company. 　　证书 　　股票的另一个名称，证书其实指代表公司权益的一张文件 Certificate Of Deposit (CD) 　　A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified interest rate, and can be issued in any denomination. CDs are generally issued by commercial banks. 　　存款证 　　持有人可收取利息的存款证书。存款证设有到期日、固定利率，并可以用任何货币计价。存款证一般由商业银行发行 Certified Public Accountant 　　A designation by the American Institute of Certified Public Accountants for those who pass an exam and meet work-experience requirements. 　　注册公共会计师 　　美国注册公开会计师协会（American Institute of Certified Public Accountants) 颁发的专业称号，应考生必须通过一次考试，并符合工作经验要求 CFA 　　A professional designation given by the Association for Investment Management and Research (AIMR) that measures the competence and integrity of financial analysts. Candidates are required to pass three levels of exams covering areas such as accounting, economics, ethics, money management, and security analysis. 　　注册财务分析师 　　投资管理及研究协会（Assoication for Investment Management and Research) 颁发的专业称号，用以证实财务分析员的实力及诚信。应考生必须通过三级考试，考核的范围包括会计、经济学、道德、货币管理及证券分析 CFO 　　This is the senior manager who is responsible for overseeing the financial activities of an entire company. This includes signing checks, monitoring cash flow, and financial planning. 　　首席财务官 　　负责管理整家公司财务活动的高级管理人员，职责包括签署支票、监督现金流及财务规划 Charge Off 　　1. A debt that is deemed uncollectable and written off. Also known as a bad debt. 2. A one time expense incurred by a company that negatively affects earnings. 　　出账、销账 　　1. 被认为不能收回的债务，也称为坏账2. 减低公司盈利的一次性开支 Chartered Financial Analyst (CFA) 　　A professional designation given by the Association for Investment Management and Research (AIMR) that measures the competence and integrity of financial analysts. Candidates are required to pass three levels of exams covering areas such as accounting, economics, ethics, money management, and security analysis. 　　注册财务分析师 　　投资管理及研究协会（Assoication for Investment Management and Research) 颁发的专业称号，用以证实财务分析员的实力及诚信。应考生必须通过三级考试，考核的范围包括会计、经济学、道德、货币管理及证券分析 Cherry Picking 　　1. The act of investors choosing investments that have performed well within another portfolio in anticipation that the trend will continue. 2. Relating to bankruptcy proceedings whereby the courts uphold contracts favorable to bankrupt companies, but annul those that are unfavorable. 　　选出最有利的（投资等） 　　1. 投资者挑选其他投资组合中表现良好、并预期会继续表现良好的投资2. 有关破产诉讼，法庭承认对破产公司有利的合约，宣告不利的合约无效 Chief Executive Officer 　　This is the senior manager who is responsible for overseeing the activities of an entire company. 　　首席行政官 　　负责管理整家公司活动的高级管理人员 Chief Financial Officer 　　This is the senior manager who is responsible for overseeing the financial activities of an entire company. This includes signing checks, monitoring cash flow, and financial planning. 　　首席财务官 　　负责管理整家公司财务活动的高级管理人员，职责包括签署支票、监督现金流及财务规划 Chief Operating Officer 　　This is the senior manager whose responsibility it is to manage the day-to-day operations of the company and then report this to the CEO. 　　首席营运官 　　公司的高级管理人员，直接隶属首席执行官，负责管理公司的日常运作 Chinese Wall 　　A slang term for the division within a brokerage firm that prevents insider information from being handed out by corporate advisers to investment traders. 　　长城 　　指证券行各部门严格分工保密，防止企业顾问部门取得的内幕资料涉漏到投资交易部门 Churning 　　An unethical practice employed by some brokers to increase their commissions by excessively trading in a client's account 　　挤油交易、反复买卖 　　证券经纪通过为客户进行过多买卖而增加佣金的不道德行为 Class Action 　　An action where an individual represents a group in a court claim. The judgment from the suit is for all the members of the group (class). 　　同级诉讼 　　指一名人士代表一组人士出庭。有关诉讼的判决适用于同组（同级）的所有人士 Classical Economics 　　Classical Economics refers to work done by a group of economists in the 18th and 19th centuries. They developed theories about the way markets and market economies work. The study was primarily concerned with the dynamics of economic growth. It stressed economic freedom and promoted ideas such as laissez-faire and free competition. 　　古典经济学 　　古典经济学指18及19世纪一批经济学家的研究工作。他们发表了有关市场及市场经济运作的理论，研究主要围绕经济增长的动态。古典经济学强调经济自由，并主张自由贸易及自由竞争等概念 Classified Shares 　　The separation of company equity into more than one class of common shares, usually called "Class A" and "Class B." 　　分级股票 　　将公司的股本分为多个等级的普通股，一般称为A股及B股 Clawback 　　1. Previously given monies or benefits that are taken back due to specially arising circumstances. 2. A retraction of stock prices or of the market in general. 　　追回利益、市场回落 　　1. 在特殊情况下追回以往给与的金钱或利益2. 总体市场或股价回落 Clean Balance Sheet 　　Referring to a company whose balance sheet has very little or no debt. 　　低负债资产负债表 　　指一家公司的资产负债表内的债务很低，甚至无债务 Clean Price 　　The price quoted for a bond excluding accrued interest. 　　纯价格 　　不含应计利息的债券报价 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 　　一家机构担任中介机构，核对买方和卖方指示的过程 Clearing Fee 　　A fee charged by clearing corporations for their services provided to investment firms. 　　结算费用 　　结算机构就向投资公司提供的服务收取的费用 Clearing House 　　This is a firm that guarantees the obligations of the parties in an exchange traded security or derivative transaction. 　　结算行 　　对证券或衍生工具交易各方履行责任的公司 Close Position 　　Getting out of a position in a particular stock or security. 　　平仓 　　对消原有的多头或空头 Closed-End Investment 　　When an investment company issues a fixed number of shares in an actively managed portfolio of securities. The shares are traded in the market just like common stock. 　　定额投资 　　投资公司发售一个主动管理证券投资组合的固定数量股份。这些股份与普通股一样在市场进行买卖 Closing 　　1. The end of a trading session. The closing price is what's quoted in the newspaper. 2. The final procedure in a home sale, documents are signed and recorded. This is the time when the property ownership is transferred. 　　收盘、交易结束 　　1. 交易时段结束。报章报道的是收盘价2. 交易的最后程序，文件已经签署及登记，是转移拥有权的时候 Closing Bell 　　A bell that rings to signify the end of a trading session. 　　收盘铃 　　标志交易时段结束的铃声 COGS 　　An expense that reflects the cost of the product or good that generates revenue for a company. Sometimes referred to as "Cost of Sales." 　　已售商品成本 　　一家公司赚取收入的产品或货品的成本。有时称为销售成本 Collateral 　　Properties or assets that are offered to secure a loan or other credit. Collateral becomes subject to seizure on default. 　　抵押品 　　作为贷款或其他信贷抵押的物业或资产。抵押品在违约时可被没收 　　seclusive 2007-08-03 13:11 　　Collective Fund 　　An investment vehicle that combines tax exempt assets of various individuals and organizations in order to create a well diversified portfolio. 　　集体基金 　　结合多名人士及机构的免税资产，组成多元化投资组合的投资工具 Commercial 　　A term used to refer to any party or organization involved in producing, transporting, or merchandising a commodity. 　　商业 　　指任何参与生产、运送或销售商品的参与方或机构 Commercial Bank 　　A financial institution that provides services such as a accepting deposits and giving business loans. 　　商业银行 　　提供存款及贷款服务的金融机构 Commercial Mortgage Backed Security (CMBS) 　　Similar to a Mortgage Backed Security, but secured by loans with commercial instead of residential property. 　　商业抵押作担保的证券　 　　与抵押担保证券相似，但以商业房地产抵押贷款，而不是住宅房地产抵押贷款为担保 Commercial Paper 　　An unsecured, short-term loan issued by a corporation, typically for financing accounts receivable and inventories. It is usually issued at a discount reflecting prevailing market interest rates. 　　商业票据 　　企业发行的无抵押、短期债务，经常用来筹集应收账款及库存的资金，利率一般低于当时市场利率 Commission 　　A service charge assessed by an agent in return for arranging the purchase or sale of a security or real estate. The commission must be fair and reasonable, considering all the relevant factors of the transaction. Commissions vary widely from broker to broker. 　　佣金 　　代理人就安排购买或出售证券或房地产而收取的费用。佣金必须公平及合理，考虑到交易的所有因素。不同经纪行收取的佣金存在很大的差异 Commission House 　　A brokerage or merchant firm which buys and sells futures contracts for customer accounts. 　　佣金行 　　为客户买入及卖出期货合约的经纪行 Commodity 　　Any bulk good traded on an exchange or in the cash market. 　　商品 　　任何在交易所或现货市场交易的重要货品 Commodity Futures Trading Commission (CFTC) 　　A U.S. federal agency established by the Commodity Futures Trading Commission Act of 1974. It ensures the open and efficient operation of the futures markets. There are five futures markets commissioners who are appointed by the president (subject to Senate approval). 　　商品期货交易委员会 　　根据美国1974年商品期货交易委员会法成立的美国联邦机构，旨在确保期货市场的公开及高效运作。委员会共有五名由总统委任的期货市场委员，并须获得参议院的批准 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. 　　竞标 　　承销商向发行人提交保密标书，发行人委聘价格及合约条款最吸引的承销商 Compound Annual Growth Rate (CAGR) 　　The year over year growth rate of an investment over a specified period of time. Calculated by taking the nth root of the total percentage growth rate where n is the number of years in the period being considered. This can be written as: (Current Value/Base Value)^(1/# of years) - 1. 　　复合年均增长率 　　一项投资在特定时期内的年度增长率计算方法为总增长率百分比的n方根，n相等于有关时期内的年数公式为：(现有价值/基础价值)^(1/年数) - 1. Concession 　　A selling group's compensation in an underwriting (on a per-share or per-bond basis). 　　销售报酬 　　销售团就承销证券收取的报酬（以每股或每债券计算） Concession Agreement 　　A right granted by a government to a corporation. It specifies rules under which the company can operate locally. 　　特许协议 　　政府给与一家企业的权力，协议中列明公司在当地运作需要遵守的规则 Conglomerate 　　A company that consists of a grouping of businesses from unrelated streams. 　　综合企业 　　集合多个独立业务线的企业 Consumer Confidence Index (CCI) 　　A survey of consumer confidence by the Conference Board. It measures how optimistic or pessimistic consumers are with respect to the economy in the near future. 　　消费者信心指数 　　美国会议委员会（Conference Board）进行的消费者信息调查，评估消费者对近期经济的乐观及悲观水平 Consumer Credit 　　A debt that someone incurs for the purpose of purchasing a good or service. 　　消费信贷 　　一名人士因购买货品或服务而引起的债务 Consumer Price Index (CPI) 　　A measure of price changes in consumer goods and services such as gasoline, food, and automobiles 　　消费物价指数 　　衡量消费货品及服务的价格变动，例如汽油、食品、汽车等 Contingency 　　An economic event, usually negative, that is in the process of occurring and, therefore, has not yet been resolved. 　　偶然事故 　　正在发生、仍未解决的经济事故（一般为负面事件） Conversion 　　1. The translation of a convertible security into a predetermined number of shares. 2. A strategy used by future traders whereby they mix the purchase of option and futures contracts. 　　转换 　　1. 将可转换证券转换成为预定数量的股票2. 期货交易商混合买入期权及期货合约的策略 Conversion Premium 　　The amount by which the price of a convertible security exceeds the current market value of the common stock into which it may be converted. 　　转换溢价 　　可转换证券的价格高于可转换成股票当时市场价格的金额 Conversion Price 　　The price per share at which a convertible security can be converted into common stock. 　　转换价格 　　可转换证券可转换成为普通股的每股价格 Convertible Bond 　　bond that can be converted into a predetermined amount of the company's equity at certain times during its life. Convertibles are sometimes called CVs. 　　可转换债券 　　在有效期内特定时间可转换成为预定数量公司股票的债券 Convertible Debenture 　　Any type of debenture that can be converted into some other security. 　　可转换公司信用债券 　　可转换成为其他证券的公司信用债券 Convertible Preferred Stock 　　Preferred stock that can be converted into common stock at the option of the holder. 　　可转换优先股 　　持有人有权选择转换成为普通股的优先股 Convertible Subordinated Note 　　A short-term debt security (note), that can be changed into common stock (convertible) and ranks below other loans (subordinate). 　　可转换次级票据 　　可转换成为普通股（可转换），等级低于其他贷款（次级）的短期债务证券（票据） Convertibles 　　Securities, usually bonds or preferred shares, that can be converted into common stock. ? 　　可转换证券 　　可转换成为普通股的证券，一般为债券或优先股 Conveyance 　　A written instrument, such as a deed or lease, that transfers some ownership interest in real property from one person to another. 　　地产让与证书 　　将房地产的权益从一方转与另一方的书面文件，例如契据或租约等 COO 　　This is the senior manager whose responsibility it is to manage the day-to-day operations of the company and then report this to the CEO. 　　首席营运官 　　公司的高级管理人员，直接隶属首席执行官，负责管理公司的日常运作 Corporate Bond 　　A debt security issued by a corporation. 　　企业债券 　　由一家企业发行的债务证券 Corporate Cannibalism 　　An act of self-infringement upon market share by corporations through the issuance of new products. Also known as "market cannibalization." 　　企业自我竞争 　　企业的新产品造成自我竞争，损害自身的市场份额 Corporate Finance 　　Any financial or monetary activity that deals with a company and its money. 　　企业融资 　　与企业及其资金有关的任何金融或货币活动 Corporate Governance 　　The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. 　　企业治理 　　一家企业所有权益方之间的关系，包括股东、董事及管理层等，原则根据企业章程、附则、正式政策及法规 Corporate Tax 　　A levy placed on the profit of a firm; different rates are used for different levels of profits. 　　公司税 　　因应公司利润征收的税项，不同水平利润采用不同的税率 Corporation 　　The most common form of business organization. The total worth of the organization is divided into shares of stock, each representing a unit of ownership. A corporation is ongoing and the owners face only limited liability. 　　公司、企业 　　最常见的商业机构形式。机构的总值分为一定数量的股票，每份股票代表一个单位的拥有权。公司是持续存在的实体，拥有者只需承担有限的责任 Cost Basis 　　The purchase price after commissions or other expenses. Cost basis is used to calculate capital gains or losses when the security is eventually sold. 　　成本基础 　　扣除佣金或其他开支后的购买价格。成本基础可在出售证券时用作计算资本收益或损失 Cost of Capital 　　The required return necessary to make a capital budgeting project worthwhile. Cost of capital would include the cost of debt and the cost of equity. 　　资本成本 　　一项资本预算计划要求的最低回报率。资本成本可包括债务成本及股本成本 Cost of Equity 　　The return that stockholders require for a company. The traditional formula is the dividend capitalization model: 　　股本成本 　　公司权益方要求的回报率，传统上采用股息资本模型计算： Cost of Funds 　　The interest rate paid on a loan. 　　资金成本 　　贷款的利率 Cost of Goods Sold (COGS) 　　An expense that reflects the cost of the product or good that generates revenue for a company. Sometimes referred to as "Cost of Sales." 　　已售商品成本 　　一家公司赚取收入的产品或货品的成本。有时称为销售成本 Cost Synergy 　　In the context of mergers, cost synergy is the savings in operating costs expected after two companies, who compliment each other's strengths, join. 　　成本协同效益 　　在合并的情况下，成本协同效益指两家公司在联合后，通过互补长短而能节省的营运开支 Counterparty Risk 　　The risk to each party of a contract that the counterparty will not live up to their contractual obligations. 　　交易对手风险 　　合约对方不履行合约责任的风险 Country Risk 　　The risk that a country will not be able to honor its financial commitments. 　　国家风险 　　一个国家不能履行财务承诺的风险 Coupon 　　The interest rate stated on a bond when it's issued. The coupon is typically paid semiannually. 　　息票 　　债券在发行时确定的利率，息票一般每半年支付一次 Coupon Bond 　　A debt obligation with coupons attached that represent semiannual interest payments. 　　有息票债券 　　附有息票的债务，每半年支付利息一次 Covenant 　　A promise in an indenture, or any other formal debt agreement, that certain activities will or will not be carried out. 　　契约 　　正式债券协议中的条文，承诺将会或不会进行某些行动 Coverage Initiated 　　When a brokerage or analyst issues his/her first rating on a particular stock. 　　纳入研究范围 　　证券行或研究分析员发表对一种股票的首次研究分析 CPA 　　A designation by the American Institute of Certified Public Accountants for those who pass an exam and meet work-experience requirements. 　　注册公共会计师 　　美国注册公开会计师协会（American Institute of Certified Public Accountants) 颁发的专业称号，应考生必须通过一次考试，并符合工作经验要求 CPI 　　A measure of price changes in consumer goods and services such as gasoline, food, and automobiles 　　消费物价指数 　　衡量消费货品及服务的价格变动，例如汽油、食品、汽车等 Credit 　　1. A contractual agreement in which a borrower receives something of value now, with the agreement to repay the lender at some date in the future. Also, the borrowing capacity of an individual or company. 2. An accounting entry system that either decreases assets or increases liabilities. 　　信贷、信用、贷项 　　1. 合约性协议，载明借方即时收取某些有价值的事物，承诺在未来特定日期偿还贷方。此外，也指一名人士或一家公司的借贷能力2. 减低资产或提高负债的会计入项 Credit Card 　　A card allowing someone to make a purchase on borrowed money. Credit cards are one of the most popular forms of payment for consumer goods and services in the United States. 　　信用卡 　　让使用者可通过借贷购买货品的工具。信用卡是美国消费者购买消费品及服务最普遍的方法之一 Credit Cliff 　　A slang term meaning that credit deterioration could be compounded by provisions such as rating triggers or financial covenants. These can put pressure on the company's liquidity or its business to a material extent. 　　信用悬崖 　　行业俚语，指评级触发事件或财务契约等条款可能加剧公司信用恶化的情况，这可能对公司的流动现金或业务造成重大压力 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. 　　紧缩信贷 　　难以取得投资资金的经济环境。银行及投资者对向企业借贷有所顾虑，因而推高债务产品的价格 Credit Default Swap 　　A swap designed to transfer the credit exposure of fixed income products between parties. 　　信贷违约掉期 　　一种转移交易方定息产品信贷风险的掉期安排 Credit Derivative 　　Privately held negotiable bilateral contracts that allow users to manage their exposure to credit risk. Credit Derivatives are financial assets like forward contracts, swaps, and options for which the price is driven by the credit risk of economic agents (private investors or governments). 　　信贷衍生工具 　　通过非公开磋商达成的双边合约，用以控制信贷风险。信贷衍生工具包括远期合约、掉期、期权等价格取决于经济代理人（私人投资者或政府）信贷风险的金融资产 Credit Enhancement 　　A method whereby a company attempts to improve its debt or credit worthiness. 　　加强信贷措施 　　公司尝试改善债务或信用质量的措施 Credit Rating 　　An assessment of the credit worthiness of individuals and corporations. It is based upon the history of borrowing and repayment, as well as the availability of assets and extent of liabilities. 　　信用评级 　　对个人及企业信用质量的评估。评估根据借贷及偿还纪录，以及资产实力及负债状况 Credit Risk 　　The possibility of a loss occurring due to the financial failure to meet contractual debt obligations. 　　信贷风险 　　由于财务困难未能履行债务责任而造成损失的可能性 Credit Spread 　　1. The spread between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating. 2. An options strategy where a high premium option is sold and a low premium option is bought on the same underlying security. 　　信贷息差 　　1. 国库券与除信用评级外所有条款相同的非国库券之间的息差2. 卖出溢价高期权及买入同一相关证券但溢价低期权的期权投资策略 Credit Union 　　Member-owned financial co-operative. These institutions are created and operated by its members and profits are shared amongst the owners. 　　信用合作社 　　由会员拥有的财务合作社。这些机构由其会员成立及营运，利润也由会员分享 Creditor 　　One who extends credit by giving a person or organization permission to borrow money if they promise to pay it back at a later date. 　　债权人 　　借贷给一名人士或一家机构，换取他们承诺在未来特定日期偿还 Critical Mass 　　A very important or crucial stage in a company's development. 　　关键规模 　　一家公司发展非常重要或关键的阶段 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. 　　交叉交易 　　一名经纪收到对同一股票、价格一样的买入及卖出指示，然后促成两名独立客户之间的交易 Cross Default 　　A provisions in a bond indenture or loan agreement that puts the borrower in default if the borrower defaults on another obligation. 　　连带违约 　　债券或贷款协议条款，规定若借方对另一项债务责任违约即会被视为对协议中的债务责任违约 Cross Hedge 　　The act of hedging ones position by taking an offsetting position in another good with similar price movements. 　　交叉对冲 　　投资对冲策略，指对价格动向相似的另一种货品进行抵消性的投资 Cross Holding 　　When listed corporations own securities issued by other listed corporations. 　　交叉持股 　　上市公司持有其他上市公司发行的证券 Crossover Fund 　　An investment fund that invests in both public and private equity. 　　交叉基金 　　同时投资上市及非上市股票的投资基金 Crown Corporation 　　Any corporation that is established and regulated by a country's government. 　　国家企业 　　由国家政府成立及监管的企业 Crown Jewels 　　The most valuable unit of a corporation because of profitability, asset value, future prospects, etc. 　　顶尖业务 　　一家企业最有价值的业务单位，因为盈利能力、资产价值、未来前景等各方面都最优秀 Crystallization 　　The act of selling and buying stocks almost instantaneously in order to increase or decrease book value. 　　结晶交易 　　几乎同时出售及买入股票以提高或减低账面价值的行为 Cum Dividend 　　When a buyer of a security is entitled to receive a dividend that has been declared, but not paid. 　　附股息 　　买家买入的证券有权收取已经公布但未派发的股息 Cumulative Dividend 　　A limitation placed upon corporations ensuring the payment of preferred dividends before making distributions to common shareholders. 　　累积股息 　　对企业的限制，旨在确保公司在向普通股股东派息前支付优先股息 Cumulative Voting 　　The procedure of voting for a company's directors, where each shareholder is entitled one vote per share times the number of directors to be elected. This is sometimes known as proportional voting. 　　累计投票 　　公司董事投票的程序，每名股东的投票权相等于每股一票乘以需要选出董事的数目。这个方法有时也称为按比例投票 Curb 　　A temporary restriction on program trading in a particular security or market, usually to reduce dramatic price movements. 　　交易控制 　　限制特定证券或市场交易的暂时措施，一般指在舒缓激烈的价格变动 Curb Trading 　　Trading that occurs outside of general market regulations, commonly through computers or telephones after the official exchanges have closed. 　　场外交易 　　一般市场以外的交易，最常见是通过电脑或电话在正式交易所收市后进行 Currency 　　Money circulated within an economy, including coins and paper notes. 　　货币 　　在一个经济体系内流通的金钱，包括硬币与纸币 Currency Forward 　　A forward contract that locks-in the price an entity can buy or sell currency on a future date. 　　货币远期 　　远期合约锁定一家机构在未来日期买入或出售货币的价格 Currency Futures 　　A transferable futures contract that specifies the price at which a specified currency can be bought or sold at a future date. 　　货币期货 　　可转让期货合约，其中定明持有人可在未来日期以特定价格买入或卖出特定货币 Currency Option 　　A contract that grants the holder the right, but not the obligation, to buy or sell currency at a specified price during a specified period of time. 　　货币期权 　　给与持有人在未来日期以特定价格买入或卖出货币权力（但非义务）的合约 Currency Overlay 　　The outsourcing of currency risk management to a specialist firm, known as the overlay manager. This is used in international investment portfolios to separate the management of currency risk from the asset allocation and security selection decisions of the investor's money managers. 　　货币管理外包 　　将货币风险管理工作外包给专业机构。国际投资组合藉此分割投资经理做出资产分配及证券决策的风险与货币风险 Currency Swap 　　A swap that involves the exchange of principal and interest in one currency for the same in another currency. 　　货币掉期 　　将一种货币的本金及利息交换成为另一种货币本金或利息的掉期安排 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. 　　经常帐户 　　一个国家货品及服务出口及转口总值与进口总值的差额。经常帐户差额的计算不包括金融资产及负债的交易 Current Assets 　　Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. 　　流动资产 　　资产负债表的一项，包括现金、应收账款、库存、可交易证券、预付开支及其他可在1年内转为现金的资产 Current Liabilities 　　Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. 　　流动负债 　　资产负债表的一项，包括应付账款、短期贷款、已引起但未付开支预计其他在1年内到期的债务 Current Maturity 　　The interval between the present date and the maturity date of a bond. 　　现时年期 　　现时与债券到期日之间的距离 Current Price 　　The "real time" price of a security trading on an exchange. 　　现时价格 　　交易所内证券的实时价格 Current Ratio 　　Indicator of company's ability to pay short-term obligations; calculated by dividing current assets by current liabilities. 　　流动比率 　　企业履行短期债务责任能力的指标，计算方法为流动资产除以流动负债 Current Yield 　　Annual income (interest or dividends) divided by the current price of the security. 　　现时收益率 　　证券年收益（利息或股息）除以证券显示价格 Cushion Bond 　　A type of callable bond that sells at a premium because the issued coupon payments are above market interest rates 　　保收债券 　　一种息票高于市场利率，因而售价较高的可买回债券 CUSIP Number 　　A number identifying all stocks and registered bonds. The Committee on Uniform Securities Identification Procedures (CUSIP) oversees the entire CUSIP system. 　　美国证券库斯普号码 　　辨认所有美国股票及注册债券的编号，CUSIP系统由美国统一证券辨认委员会(Committee on Uniform Securities Identification Procedures (CUSIP))管理 Custodial Account 　　1. An account created at a bank, brokerage firm or mutual fund company that is managed by an adult for a minor that is under the age of 18 to 21 (depending on state legislation). 2. A retirement account managed for eligible employees by a custodian. 　　保管帐户 　　1. 在一家银行、证券行或共同基金开设的户口，由一名成人为一名18或21岁（视乎当地法律）以下的儿童管理2. 一名保管人为合资格员工管理的养老金户口 Custodian 　　A financial institution that has the legal responsibility for a customer's securities. This implies management as well as safekeeping. 　　保管人 　　需要对于客户证券负法律责任的金融机构。这包括管理及安全保管 Cyclical Industry 　　A term describing an industry that is sensitive to the business cycle and price changes. Many cyclical industries produce durable goods such as raw materials and heavy equipment. 　　周期性行业 　　指对业务周期及价格变动敏感的行业。许多周期性行业生产耐用品，例如原材料及重型设备 Cyclical Stock 　　Used to describe a stock that rises quickly when economic growth is strong, and falls rapidly when growth is slowing down. 　　周期性股票 　　指在经济环境强劲时股价上升迅速，在经济放缓时股价急剧下跌的股票 Cyclical Unemployment 　　Unemployment resulting from changes in the business cycle. 　　周期性失业 　　业务周期转变造成的失业 　　seclusive 2007-08-03 13:19 　　Data Mining 　　A type of database application that looks for hidden patterns in large groups of data. 　　数据探索 　　一种数据库应用，旨在探索大量数据之中存在的潜在模式 Days Payable Outstanding (DPO) 　　A company's average payable period. Calculated as: 　　应付账款天数 　　公司付款的平均天数，计算方法为：备注：公式也可以作：应收账款/（信用成本/天数） Days Sales Outstanding (DSO) 　　A company's average collection period. Calculated as: 　　应收账款天数 　　公司收款的平均天数，计算方法为：备注：公式也可以作：应收账款/（信用销售额/天数） Debenture 　　An unsecured debt backed only by the credit worthiness of the borrower. There is no collateral, and the agreement is documented by an indenture. 　　公司债券 　　无抵押债务，只依赖借方信用质量作为支持，并无抵押品，协议属于契约形式 Debit 　　An accounting entry which results in either an increase in assets or a decrease in liabilities or in your bank account. 　　借项、借方 　　增加资产或减低负债的会计入项 Debt 　　An amount of money owed from one person or firm to another. 　　债务 　　一名人士或一家公司亏欠其他人士或公司的金钱 Debt Equity Ratio 　　A measure of a company's financial leverage calculated by dividing long term debt by shareholders equity. It indicates what proportion of equity and debt the company is using to finance its assets. Note: Sometimes investors only use interest bearing long term debt instead of total liabilities. Total Liabilities/Shareholders Equity 　　债务股本比 　　衡量公司财务贡杆的指标，计算方法为将公司的长期债务除以股东权益，显示公司建立资产的资金来源中股本与债务的比例备注：部分投资者在计算时只采用需要支付利息的长期债务，而不采用总负债总负债/股东权益 Debt Equity Swap 　　A refinancing deal where a debt holder gets an equity position in exchange for cancellation of the debt. 　　债换股交易 　　一种再融资安排，债权人获得公司的股权，因而注销该公司亏欠的债项 Debt Financing 　　When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay principal and interest on the debt. 　　债务融资 　　一家公司通过向个人及/或机构投资者出售债券、票据筹集营运资金或资本开支。个人或机构投资者借出资金，成为公司的债权人，并获得该公司还本付息的承诺 Debt Overhang 　　A situation where the debt stock of a country exceeds the country's future capacity to repay. 　　债务积压 　　国家的债务超越国家未来偿还能力的情况 Debt Ratio 　　A ratio calculated by taking total debts and dividing by total assets. 　　负债比率 　　财务比率的一种，计算方法为总债务除以总资产 Debt Restructuring 　　A method whereby companies with outstanding debt obligations alter the terms of the debt agreements in order to achieve some advantage. 　　债务重组 　　有未偿还债务的企业修改债务协议，以争取更有利条款的行为 Debt Security 　　A security representing a loan by an investor to an issuer. In return for the loan, the issuer promises to repay the debt on a specified date and to pay interest. 　　债务证券 　　证明投资者向发行人借出资金的证券。接受贷款的发行人承诺在特定日期偿还债务，并在期内支付利息 Debt Service 　　Cash required in a given period for the repayment of interest and principal of a debt. 　　还本付息 　　在既定时期内还本付息所需的现金 Debt Service Coverage Ratio 　　A ratio often used by bank loan officers when making loans to perspective income property loans. 　　债务偿付比率 　　银行贷款人员考虑发出贷款时经常考虑的比率净营运收入/还本付息总额 Debtor 　　A company or individual that owes money. 　　债务人 　　欠债的公司或个人 Declaration Date 　　The date and amount of the next dividend payment as set by the board of directors. 　　股息宣告日 　　董事会决定下一次派息的日期及金额 Deep Discount Bond 　　1. A bond that sells at a significant discount from par value. 2. A bond that has a coupon rate significantly less than the prevailing rates of fixed-income securities with similar risk profiles and is selling at a discount from par value. 　　高折扣债券 　　1. 出售价格相对面值有重大折扣的债券2. 息票率远低于风险水平相近的定息证券当时利率，出售价格相对面值有重大折扣的债券 Default 　　1. The failure to promptly pay interest or principal when due. 2. The failure to perform on a futures contract as required by an exchange. 　　违约，未能履行合约 　　1. 未能在到期时准时还本付息2. 未能根据交易所要求履行期货合约 Default Risk 　　The risk that a company or individual will be unable to pay the contractual interest or principal on its debt obligations. 　　违约风险 　　一家公司或一名人士未能根据合约偿还债务本金与利息的风险 Defeasance 　　A provision that voids a bond or loan when the borrower sets aside cash or bonds sufficient enough to service the borrower's debt. 　　宣告（合约）无效、废止契约 　　若借方预留足以还本付息的现金或债券，可注销债券或贷款的条款 Defensive Buy 　　An investment that is an attractive buy because it is low risk, not because of its return potential. 　　防御性投资 　　一项吸引力在于低风险，而不是回报潜力的投资 Defensive Investment Strategy 　　A method of portfolio allocation and management aimed at minimizing the risk of losing principal. Defensive investors place a high percentage of their investable assets in bonds, cash equivalents, and stocks that are less volatile than average. 　　防御性投资策略 　　一种确保本金损失风险最低的投资组合分配及管理策略。防御性投资者将大比重的投资资产投入债券、现金等值资产及波动性低于平均的股票 Deferred Account 　　An account that postpones tax liabilities until a later date. Deferred accounts are usually retirement accounts. 　　递延帐户 　　延迟税务负债的帐户，一般属于养老金帐户 Deferred Annuity 　　An annuity contract that delays payments of income, installments, or a lump sum until the investor elects to receive them. 　　递延年金 　　延迟支付收入、分期付款或整笔付款，直至投资者选择收取的年金合约 Deferred Income Tax 　　A liability that results from income already earned and recognized for accounting purposes, but not for tax purposes, that is recorded on the balance sheet. 　　递延所得税 　　一项在会计上已经入账但在税务上仍未入帐的收入引起的负债，这项负债记入资产负债表 Deferred Interest Bond 　　A debt instrument that pays no interest until a date specified in the future. 　　递延利息债券 　　在未来特定日期才支付利息的债务工具 Deferred Revenue 　　A liability account used for deposits and other cash receipts prior to the completion of the sale. 　　递延收入 　　在完成销售前收取按金或其他现金的负债账目 Defined Benefit Pension Plan 　　An employer-sponsored retirement plan for which retirement benefits are based on a formula indicating the exact benefit that one can expect upon retiring. Investment risk and portfolio management are entirely under the control of the company. There are restrictions on when and how you can withdraw these funds without penalties. 　　养老金固定收益计划 　　雇主支持的养老金计划，退休福利根据一条计算每名员工在退休时可获福利准确金额的公式而决定。投资风险及投资组合管理全部由公司负责。但对员工无需支付罚款提取资金的时间及形式有限制 Defined Contribution Plan 　　A retirement plan wherein a certain amount or percentage of money is set aside each year for the benefit of the employee. There are restrictions as to when and how you can withdraw these funds without penalties. 　　养老金固定缴款计划 　　一种养老金计划，每年为员工预留若干金额或若干百分比的资金，以支付有关养老福利。但对员工无需支付罚款提取资金的时间及形式有限制 Deflation 　　The rate at which the general level of prices for goods and services is falling. The opposite of inflation. 　　通货萎缩 　　货品及服务总体价格水平下跌的百分比，是通货膨胀的相反词 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. 　　减债 　　减低以往用来提高投资潜在回报率的金融工具及借贷资金，是举债的相反 Delinquent 　　A term describing the failure to meet required obligations according to schedule. 　　拖欠债务 　　指未能按偿付时间表还本付息 Delisting 　　When the stock of a company is removed from a stock exchange. Reasons for delisting include violating regulations and failure to meet financial specifications set out by the stock exchange. 　　摘牌、停止上市 　　指一家公司的股票被取消在股票交易所的上市地位。摘牌的原因包括违反法规、未能符合股票交易所制定的财务要求 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、交货 　　将合约牵涉的商品、证券、现金价值或交割文件送交给合约持有人，并由合约持有人收妥 Delivery Date 　　1. 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. 2. The maturity date of a currency forward contract. 　　交割日期 　　1. 履行期货合约条款，送交合约牵涉商品的最后限期2. 货币远期合约的到期日 Delivery Instrument 　　A document that stands in lieu of the physical underlying during the delivery of the futures contract. 　　交割文件 　　在交割期货合约时代替实质商品的文件 Delivery Month 　　The month in which a contract expires and delivery of the underlying or cash is required for fulfillment. 　　交割月份 　　合约到期，必须送交相关商品或现金的月份 Delivery Price 　　A price for the delivery of underlying commodities upon the expiration of futures contracts. This price is fixed by clearing houses. 　　交割价格 　　在期货合约到期时交割相关商品的价格。此价格由结算行制定 Delivery Versus Payment 　　A securities industry procedure in which the buyer's payment for securities is due at the time of delivery. Security delivery and payment are simultaneous. 　　付款交割 　　指买方需要在交付证券当时支付有关款项。证券的交付及付款必须同时进行 Demand 　　A consumer's desire and willingness to pay for a good or service. 　　需求 　　消费者对一种货品或服务的需要及对有关货品或服务支付相关费用的意欲 Demand Deposit 　　An account where deposited funds can be withdrawn at any time. 　　活期存款 　　可以随时提款的储蓄户口 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. 　　即期票据 　　一项并无固定时期或偿还时间表的贷款。若符合贷款的通知偿还条款，贷方可随时要求偿还 Demerger 　　A corporate strategy to sell off subsidiaries or divisions of a company. 　　分拆 　　指出售子公司或部门的企业策略 Demutualization 　　The process of changing corporate structure from a mutual fund company to some other form, such as a limited liability or corporation. 　　公司化、非共同化 　　共同基金公司将企业结构改变成为其他形式，例如有限责任公司、商业企业等 Denomination 　　The stated value found on financial instruments. 　　票面金额 　　金融工具上列明的价值 Dependency Ratio 　　A ratio indicating the number of dependents (aged 0-14 and over the age of 65) to the total population (aged 15-64). The total dependency ratio is calculated by the (number of dependents/population aged 15-64) x 100%. 　　瞻养比率 　　显示受瞻养人口（0-14岁及65岁以上）相对总人口（15-64岁）的比率。计算方法为（受瞻养人口/15-64岁人口）X 100% Dependent 　　A person who relies on someone else for financial support. The taxpayer supporting the dependent is allowed to claim dependency exemptions. 　　受扶养人士 　　需要依赖其他人财务支持的人士。需要负担扶养人士的纳税人可以申请税务宽免 Deposit 　　1. A transaction involving a transfer of funds to another party for safekeeping. 2. A portion of funds that is used as security or collateral for the delivery of a good. 　　存款、按金 　　1. 一方将资金转往另一方保存的交易2. 作为交付货品担保或抵押的部分资金 Depository Receipt 　　A negotiable financial instrument issued by a bank to represents a foreign company's publicly traded securities. The depository receipt trades on a local stock exchange. 　　存托凭证 　　银行发行的金融工具，代表一家国外公司的公开上市证券。存托凭证在本地股票交易所进行买卖 Depository Trust and Clearing Corporation (DTCC) 　　Established in 1999, the DTCC is a holding company consisting of 5 clearing corporations and 1 depository, making it the world's largest financial services corporation dealing in post trade transactions. 　　存托及结算机构 　　存款信托及结算机构于1999年成立，是一家旗下有5家结算公司及1家保管公司的控股公司，使之成为全球处理买卖后程序最大的金融服务公司 Depository Trust Company (DTC) 　　One of the world's largest securities depositories, it holds in excess of $10 trillion worth of securities in custody. The DTC acts like a clearing house to settle trades in corporate and municipal securities. 　　存托公司 　　全球最大证券存托人之一，受托保管的证券总值达到10万亿美元以上。存托公司在结算企业及政府证券交易方面的功能与结算行相似 Depreciated Cost 　　Calculated by subtracting the amount of depreciation claimed from the original cost of an asset. 　　折余成本、已折旧成本 　　计算方法为从资产原来成本中扣除折旧额 Depreciation 　　1. An expense recorded to reduce the value of a long-term tangible asset. Since it is a non-cash expense, it increases free cash flow while decreasing the amount of a company's reported earnings. 2. A decrease in the value of a particular currency relative to other currencies. 　　折旧、贬值 　　1. 减低长期有形资产价值的开支账项。由于属于非现金开支，折旧提高自由现金流，同时减低公司的公布盈利2. 一种货币相对其它货币的价值减低 Depression 　　A severe and prolonged recession characterized by inefficient economic productivity, high unemployment, and falling price levels. 　　经济萧条 　　长期持续的严重经济衰退情况，特点包括经济生产力低、失业率高及价格下跌 Deregulation 　　The reduction or elimination of government power within a particular industry. Deregulation is usually enacted to create more competition within an industry. 　　放宽管制 　　政府对个别行业的控制减弱或消失。放宽管制一般旨在引入更大的竞争 Derivative 　　A security, such as an option or futures contract, whose value depends on the performance of an underlying security. 　　衍生工具 　　价值取决于相关证券表现的证券，例如期权或期货合约等 Devaluation 　　Lowering the value of a country's currency compared to the value of a commodity or to the value of another country's currency. 　　贬值 　　一个国家货币的价值相对商品价值或其他国家货币价值不断减低 Development Stage 　　A company that is focusing a majority of its attention on research & development. Because attention is focused on research, earnings are usually very small or nothing. 　　发展阶段 　　将注意力集中在研究开发的公司。由于集中力度进行研发，这些公司的盈利一般很低，甚至没有盈利 Diluted Earnings Per Share 　　The earnings per share (EPS) if all convertible securities were exercised. 　　摊薄后每股盈利 　　假设所有可转换证券被行使后的每股盈利 Dilution 　　A reduction in earnings per share of common stock. Dilution occurs through the issuance of additional shares of common stock or the conversion of convertible securities. 　　摊薄、减损 　　每股普通股盈利的减少。发行更多普通股或可转换证券被转换都会造成摊薄或减损 Dilutive Acquisition 　　An acquisition that will decrease the acquiring company's EPS. 　　减损盈利的收购项目 　　会减低公司每股盈利的收购项目 Discharge in Bankruptcy 　　When a bankrupt person or company is legally free and clear of any obligation to repay certain debts. 　　已解除债务的破产人 　　指破产的人士或公司在法律上已经自由，并且清偿所有债务 Discount 　　The difference between the lower price paid for a security and the security's face amount at issue. 　　折扣、贴现 　　对一种证券支付的价格低于证券发行时面值的差额 Discount Bond 　　A bond that is valued at less than its face amount. 　　贴现债券、折扣债券 　　估值低于面值的债券 Discount Broker 　　A stockbroker who charges a reduced commission, but provides no investment advice. 　　折扣经纪人 　　收取较低佣金，但不提供投资顾问的股票经纪人 Discount Note 　　An unsecured corporate debt that is issued at a discount and matures at par. It is similar to a zero coupon bond or T-bill. Discount notes give institutional and retail investors convenient choices with respect to the investment size and maturity date for a short-term investment. 　　贴现票据、折扣票据 　　发行价格相对面值有折扣，到期时价格相等于面值的无抵押企业债务，与零息票债券或短期无息国库券相似，为机构及散户投资者提供便捷的短期投资机会，可灵活选择投资规模及到期日 Discount Rate 　　1. The interest rate that an eligible depository institution is charged to borrow short term funds directly from a Federal Reserve Bank. 2. The interest rate used in determining the present value of future cash flows. 　　贴现率、折让率 　　1. 合资格存托机构直接向美国联邦储备银行借贷短期资金的利率2. 计算未来现金流现值的利率 Discount Window 　　The location at the Federal Reserve where financial institutions go to borrow money at the discount rate. 　　贴现窗 　　金融机构以贴现率向联邦储备银行借贷的地点 Discounted Cash Flow (DCF) 　　A method used to estimate the attractiveness of an investment opportunity. 　　贴现现金流 　　用来评估一个投资机会的吸引力的方法 Discretionary Account 　　An account that allows a broker to buy and sell securities without the client's consent. 　　委托帐户、全权管理帐户 　　容许经纪人在无需客户同意的情况下买卖证券的帐户 Discretionary Income 　　The amount of an individual's income available for spending after the essentials have been taken care of. 　　可自由支配收入 　　个人在应付必要事项后可供消费的收入 Discretionary Order 　　An order giving a broker the ability to decide when to buy/sell securities at the best possible price for the customer. Some discretionary orders place restrictive terms to limit the amount of discretion the broker has. 　　全权委托指令 　　给与经纪人决策权，以最佳的价格为客户买卖证券的指令。部分全权委托指令限制经纪人可自由进行交易的金额 Diseconomies of Scale 　　An economic theory that describes a situation in which economies of scale no longer function for a firm. Rather than experiencing continued decreasing costs per increase in output, firms see an increase in marginal cost when output is increased. 　　规模不经济 　　指在一家公司，规模经济不再存在，每增加一个单位生产的成本不再继续减低，边际成本更趋向增加 Disinflation 　　A slowing of the rate at which prices increase. Typically, this occurs during a recession as sales drop and retailers are not able to pass on higher prices to customers. 　　反通货膨胀 　　价格上升的速率放慢。这一般发生在经济衰退时，销售额减低而零售商不能将提高价格 Disintermediation 　　1. In finance, withdrawal of funds from intermediary financial institutions, such as banks and savings and loan associations, in order to invest them directly. 2. Generally, removing the middleman or intermediary. 　　非中介化 　　1. 在财务上，从中介金融机构，例如银行及存款放款公司等提取资金，进行直接投资2. 在一般的情况下，指消除中间人或中介机构 Disinvestment 　　1. Refers to the sale or liquidation of an asset or subsidiary of an organization or government. Also known as divestiture. 2. A reduction in capital expenditure, or when a company decides to not replace depleted capital goods. 　　投资缩减 　　1. 指出售或清理公司或政府的资产或子公司2. 资本开支减少，或一家公司决定不替换已减耗的资本财货 Disposable Income 　　The amount of after-tax income that is available to divide between spending and personal savings. 　　可支配收入 　　可用作消费及个人存款的税后收入 Disposition 　　Getting rid of an asset or security through a direct sale or some other method. 　　财产转让 　　通过直接销售或其他方法处置一项资产或证券 Distressed Sale 　　An urgent sale of assets because of negative conditions. 　　廉价急售 　　由于环境欠佳而急切进行的资产销售 Distressed Securities 　　When a company is going through hard times and, as a result, the market value of its securities or assets fall substantially in value. 　　证券减值 　　在一家公司处于困难的时期，其证券或资产的价值都会大幅下跌 Distribution 　　A company's payment of cash, stock, or physical products to their shareholders. 　　派发、分配 　　公司向股东支付现金、股票或实物产品 Distribution in Kind 　　A distribution made in the form of stock rather than cash. 　　派发实物 　　派发股票，而不是现金 Divergence 　　Occurs when the trend of a security's price does not correspond with the trend of an indicator. 　　偏离 　　证券价格的趋势与指标的趋势不同 Diversification 　　A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. 　　多元化 　　风险管理技巧，在投资组合中混合范围广泛的投资 Diversified Common Stock Fund 　　A mutual fund that invests its assets in a wide range of common stocks. The fund's objectives can be growth, income, or a combination of both. 　　多元化普通股资金 　　投资于范围广泛普通股的共同基金。基金的目的在于增长、收入或两者兼顾 Divestiture 　　Refers to the sale of a subsidiary company, also called "spin-off." 　　分拆、出售资产 　　指出售子公司 Dividend 　　A cash payment, using profits, announced by a company's board of directors and distributed among stockholders. Dividends may be in the form of cash, stock, or property. All dividends must be declared by the board of directors. 　　股息 　　公司董事会决议向股东分发的现金付款，资金来自公司的利润。股息可以是现金、股票或物业形式。所有股息都必须由董事会宣布分发 Dividend Discount Model (DDM) 　　A procedure for valuing the price of a stock by using predicted dividends and discounting them back to present value. The idea is that if the value obtained from the DDM is higher than what the shares are currently trading at, then the stock is undervalued. Dividend per share /Discount Rate - Dividend growth rate 　　股息贴现模型 　　运用适当的贴现率，计算股票预测股息的现值，从而评估股票的价值。理论是如果股息贴现模型计算出的价值高于股票当时的交易价格，就是说这种股票的价值被市场低估每股股息/折让率 - 股息增长率 Dividend Payout Ratio 　　The percentage of earnings paid to shareholders in dividends. Yearly Dividend per Share /Earnings per Share or equivalently: Dividends /Net Income 　　股息支付率 　　向股东分派的股息占公司盈利的百分比每股年度股息/每股盈利或相等于：股息/净利润 Dividend Policy 　　The policy a company uses to decide how much it will pay out to shareholders in dividends. 　　股息政策 　　公司向股东分派股息金额的政策 Dividend Reinvestment Plan 　　A plan offered by a corporation giving investors the option of reinvesting their cash dividends by purchasing additional shares or fractional shares on the dividend payment date. 　　股息再投资计划 　　公司给与股东的选择，股东可以选择将现金股息进行再投资，于派息当日买入公司的股份 Dividend Yield 　　An indication of the income generated by a share of stock. Dividend yield is calculated by taking annual dividends per share and dividing by price per share. 　　股息收益率 　　来自拥有股份收入的指标，计算方法为每股年度股息除以每股股价 DJIA 　　The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq. The DJIA was invented by Charles Dow back in 1896. 　　道琼斯工业平均指数 　　道琼斯工业平均指数是30种在纽约股票交易所及纳斯达克交易所买卖的重要股票的股价加权平均。道琼斯工业平均指数于1896年由Charles Dow 始创 DJTA 　　The Dow Jones Transportation Average is a price-weighted average of 20 transportation stocks traded in the United States. The average was started back in 1884. 　　道琼斯交通平均指数 　　道琼斯交通平均指数是20种在美国买卖的交通业股票的股价加权平均。道琼斯工业平均指数于1884年始创 DJUA 　　The Dow Jones Utility Average is a price-weighted average of 15 utility stocks traded in the United States. The DJUA was started back in 1929. 　　道琼斯公用事业平均指数 　　道琼斯公用事业平均指数是15种在美国买卖的公用事业股票的股价加权平均。道琼斯工业平均指数于1929年始创 Double Dip Recession 　　When the gross domestic product (GDP) growth slides back to negative after a quarter or two of brief positive growth. In other words, a recession followed by a short-lived recovery, followed by another recession. 　　双谷经济衰退 　　指国内生产总值经过一或两个季度的增长后再度出现负增长。换言之，首次经济衰退后出现一次短暂的复苏，然后再度出现衰退 Double Dipping 　　For brokerage firms, when a broker puts commissioned products into a fee-based account. The broker makes money from both the client and the commission. 　　双重收费 　　对于证券行而言，一名经纪人将可收取佣金的产品放入可收取费用的户口，因而可从获得双重收入 Double Taxing 　　A tax law that results in the same earnings being subjected to taxation twice. A company's income is taxed initially and then the shareholders and investors are taxed on the distributions they receive from the company. 　　双重征税 　　导致同一项盈利被征收两次税项的税务法律。公司因盈利被征税，然后股东及投资者又因获分派的收入被征税 Dow Jones Industrial Average (DJIA) 　　The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq. The DJIA was invented by Charles Dow back in 1896. 　　道琼斯工业平均指数 　　道琼斯工业平均指数是30种在纽约股票交易所及纳斯达克交易所买卖的重要股票的股价加权平均。道琼斯工业平均指数于1896年由Charles Dow 始创 Dow Jones Transportation Average (DJTA) 　　The Dow Jones Transportation Average is a price-weighted average of 20 transportation stocks traded in the United States. The average was started back in 1884. 　　道琼斯交通平均指数 　　道琼斯交通平均指数是20种在美国买卖的交通业股票的股价加权平均。道琼斯工业平均指数于1884年始创 Dow Jones Utility Average (DJUA) 　　The Dow Jones Utility Average is a price-weighted average of 15 utility stocks traded in the United States. The DJUA was started back in 1929. 　　道琼斯公用事业平均指数 　　道琼斯公用事业平均指数是15种在美国买卖的公用事业股票的股价加权平均。道琼斯工业平均指数于1929年始创 Dow Theory 　　A theory which says the market is in an upward trend if one of its averages (industrial or transportation) advances above a previous important high, it is accompanied or followed by a similar advance in the other. 　　道氏理论 　　道氏理论认为若市场其中一个平均指数（工业或交通）上升至高于之前一个高点的水平，而其他指数的升幅较小，即代表总体市场处于上升趋势 Down Round 　　A round of financing where investors purchase stock from a company at a lower valuation than the valuation placed upon the company by earlier investors. 　　估值较低的一次融资 　　投资者在一轮融资中购买同一家公司股票的价格低于对上一次融资投资者支付的价格 Down-and-In Option 　　An option that comes into existence when the price of an underlying security sinks to a specified level. 　　股价下跌生效的期权 　　在相关证券价格下跌至一个特定水平时生效的期权 Down-and-Out Option 　　An option that ceases to exist when the price of an underlying security sinks to a specified level. 　　股价下跌失效的期权 　　在相关证券价格下跌至一个特定水平时失效的期权 Downgrade 　　A negative change in the rating of a security. 　　下调评级 　　一种证券评级的负面变动 Downside 　　The potential dollar amount by which the market or a stock could fall. 　　负面发展的可能性 　　总体市场或个别股票可能下跌的幅度 Downside Risk 　　An estimation of a security's potential to suffer a decline in price if the market conditions turn bad. 　　负面风险 　　对个别证券在市场环境转坏的情况下价格可能下跌幅度的预测 Downsize 　　Reducing the size of a company by eliminating workers and/or divisions within the company. 　　缩小规模 　　通过裁减员工及/或部门缩小公司的规模 Downstream 　　Refers to oil and gas operations after the production phase and through to the point of sale. 　　下游 　　指石油天然气在生产阶段后直至销售点之间的过程 Downtick 　　A transaction on an exchange occurring at a price below the previous transaction. 　　低价交易 　　在证券交易所进行，价格低于之前交易的交易 Downtick Volume 　　The share volume of a security that trades at a price lower than its previous price. 　　低价交易量 　　价格低于之前交易的交易量 Drag Along Rights 　　A right that enables a majority shareholder to force a minority shareholder to join in the sale of a company. The majority owner doing the dragging must give the minority share holder the same price, terms, and conditions as any other seller. 　　带领权 　　多数股东强迫少数股东加入出售公司交易的权力。带领的多数股东必须给与小数股东与其他卖方相同的价格、条款及条件 Dragon Bond 　　A bond that is issued in Asia, but the denomination of the bond is in U.S. dollars. 　　龙债券 　　在亚洲发行但以美元作为票面金额单位的债券 Du Pont Analysis 　　A method of performance measurement that was started by the DuPont Corporation in the 1920s, and has been used by them ever since. With this method, assets are measured at their gross book value rather than at net book value in order to produce a higher ROI. 　　杜邦分析 　　1920年代杜邦公司首先采用的表现衡量标准，一直沿用至今。在这个标准下，资产根据其账面总值，而不是账面净值做评估，以带来更高的投资回报率 Du Pont Identity 　　An expression breaking down return on equity (ROE) into three parts: profit margin, total asset turnover, and financial leverage. The Du Pont identity tells us that ROE is affected by 3 things: 　 Operating efficiency (as measured by profit margin) Asset use efficiency (as measured by total asset turnover) Financial leverage (as measured by the equity multiplier) 　 　　杜邦特性理论 　　认为股本回报率可分为三个部分：利润率、总资产周转率及财务贡杆杜邦特性理论指出股本回报率受到三个因素所影响：1. 营运效率（以利润率为标准）2. 资产使用效率 （以总资产周转率为标准）3. 财务贡杆 （以股票倍数为标准） Dual Listing 　　The listing of a company's shares on more than one stock exchange. 　　两地上市 　　指一家公司的股票在一个以上股票交易所上市买卖 Due Diligence 　　1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to a sale. 2. Generally, due diligence refers to the care a reasonable person should take before entering in an agreement or transaction with another party. 　　尽职调查 　　1. 对可能进行投资的调查或审核。尽职调查旨在确证销售项目牵涉的所有重要事实2. 一般而言，尽职调查指一名合理的人士在签订协议或与另一方进行交易前应该采取的调查行动 Dummy Director 　　A person on a company's board of directors who votes and acts on the wishes of a non board member. 　　挂名董事、名义董事 　　代表一名非董事的意愿进行投票的公司董事会成员 Dummy Shareholder 　　A person who holds shares in his or her name, but the shares are really owned by someone else. 　　名义股东 　　指股份在其名下持有，但股份其实属于其他人的股东 Dumping 　　1. In international trade, this occurs when one country exports a significant amount of goods to another country at prices much lower than in the domestic market. 2. A slang term for selling a stock with little regard for price. 　　[廉价]倾销 　　1. 对于国际贸易而言，指一个国家以远低于当地市场的价格出口大量产品到另一个国家2. 市场俚语，指不顾价格出售股票 Duopoly 　　A situation in which two companies own all or nearly all of the market for a given type of product or service. 　　双头垄断 　　指两家公司拥有一种产品或服务所有或接近所有市场份额的状况 Durables 　　A category of consumer goods, durables are products which do not have to be purchased frequently. This includes appliances, home and office furnishings, lawn and garden equipment, consumer electronics, toy makers, small tool manufacturers, sporting goods, photographic equipment, and jewelry. 　　耐用品 　　消费品的一种，耐用品指无需经常购买的产品。这包括电器用品、家居及办公室装饰、草地及花园设备、消费者电子用品、玩具制造商、小型工具制造商、运动用品、摄影器材及珠宝 Duration 　　The measure of the price sensitivity of a fixed-income security to an interest rate change of 100 basis points. Calculation is based on the weighted average of the present values for all cash flows. 　　期限 　　衡量一种定息证券的价格对利率变动100基点的敏感度。计算是基于所有现金流现值的加权平均 Dutch Auction 　　An auction where the price on an item is lowered until it gets its first bid, and then the item is sold at that price. 　　荷兰拍卖 　　一种拍卖方法，在过程中不断减低价格，直至获得第一个出价，然后以该价格出售拍卖的货品 　　seclusive 2007-08-03 13:31 　　Earning Assets 　　Any income earning asset owned by a company. 　　盈利资产 　　公司拥有能赚取盈利的所有资产 Earnings 　　The net income of a company during a specific period. Generally, but not necessarily, referring to after-tax income. 　　盈利 　　在特定时期内一家公司的净利润。一般来说（但不一定）指税后收入 Earnings Estimate 　　An analyst's estimate for a company's future quarterly or annual earnings 　　盈利预测 　　研究分析员对公司未来季度或年度盈利的预测 Earnings Multiplier 　　The estimated price-earnings ratio adjusted for the current level of interest rates. 　　盈利倍数 　　根据当时利率作调整的预测价格-盈利比率 Earnings Per Share (EPS) 　　The portion of a company's profit allocated to each outstanding share of common stock. Calculated as: Net Income - Dividends on Preferred Stock / Average Outstanding Shares 　 Companies usually use a weighted average number of shares outstanding over the reporting term. 　　每股盈利 　　分配给已发行普通股的公司盈利部分，计算方法为：净利润 - 优先股股息/平均已发行股票数量　公司在计算每股盈利时一般采用有关时期的加权平均已发行股票数量 Earnings Surprises 　　When the earnings reported in a company's quarterly or annual report are above or below analysts' earnings estimates. 　　盈利不符预测 　　公司在季度或年度报告中公布的盈利高于或低于研究分析员的盈利预测 Earnings Yield 　　The earnings per share for the most recent 12 months divided by market price per share. 　　盈利收益 　　最近12个月的每股盈利除以每股市场价格 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. 　　基于财务表现额外对价条款 　　合约条款，规定如果业务未来达到一定的财务目标，业务的卖方可获得额外的对价。这些目标一般以总营业额或净利润的一个百分比为标准 EBIT 　　An indicator of a company's financial performance calculated as: Revenue - Expenses (excluding tax and interest) 　　扣除利息及税项前盈利 　　公司财务表现标准，计算方法为：总收入 - 开支（税项及利息除外） EBITD 　　An indicator of a company's financial performance calculated as: Revenue - Expenses (excluding tax, interest, and depreciation) 　　扣除利息、税项及折旧前盈利 　　公司财务表现标准，计算方法为：总收入 - 开支（税项、利息及折旧除外） EBITDA 　　An indicator of a company's financial performance calculated as: Revenue - Expenses (excluding tax, interest, depreciation, and amortization) 　　扣除利息、税项、折旧及摊销前盈利 　　公司财务表现标准，计算方法为：总收入 - 开支（税项、利息、折旧及摊销除外） EBITDAR 　　An indicator of a company's financial performance calculated as: Revenue - Expenses (excluding tax, interest, depreciation, amortization, and restructuring costs) 　　扣除利息、税项、折旧、摊销及重组成本前盈利 　　公司财务表现标准，计算方法为：总收入 - 开支（税项、利息、折旧、摊销及重组成本除外） EBT 　　An indicator of a company's financial performance calculated as: Revenue - Expenses (excluding tax) 　　税前盈利 　　公司财务表现标准，计算方法为：总收入 - 开支（税项除外） Ecommerce 　　When a person or business uses the Internet as part of their business model. 　　电子商贸 　　一名人士或一种业务采用互联网作为业务模型的一部分 Econometrics 　　The application of statistical theories to economic ones for the purpose of forecasting future trends. 　　计量经济学 　　将统计理论运用在经济上，目的在于预测未来趋势 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) 　　经济增值 　　Stern Stewart & Co.始创的公司财务表现标准。经济增值分析评估公司在从营运利润中减除资本成本情况下的剩余价值 （根据现金税项作调整）经济增值的计算方法为：税后营运净利润 - （资本*资本成本） Economics 　　The study of how people use their limited resources in an attempt to satisfy unlimited wants. 　　经济学 　　研究人类如何利用有限的资源尝试满足无穷欲望的学说 Economies of Scale 　　An economic theory stating that a plant's marginal cost of production decrease as the plant's operation increases. 　　规模经济 　　认为生产边际成本随着规模扩大而减低的经济理论 Economies of Scope 　　An economic theory stating that the average total cost of production decreases as a result of increasing the number of different goods produced. 　　范畴经济 　　认为生产货品种类越多，平均生产成本越低的经济理论 Economy 　　A set of interrelated economic production and consumption activities. 　　经济体系 　　一系列相关的经济生产及消费活动 Effective Duration 　　A duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change. 　　有效期限 　　计算含期权债券期限的方法。有效期限考虑到预测现金流将随着利率变动而波动 Effective Tax Rate 　　The rate a taxpayer would be taxed at if taxing was done at a constant rate, instead of progressively. 　　有效税率 　　假设税率为固定税率，而不是累进税率，纳税人支付税款的税率计算方法为已付总税款除以应课税收入 Effective Yield 　　A bond's yield assuming that you reinvest the coupon (interest payments) once you've received payment. 　　有效收益率 　　假设债券投资者在收取息票后将款项进行再投资的收益率 Efficiency Ratio 　　A ratio used to calculate a bank's efficiency. Not all banks calculate the efficiency ratio the same way. We've seen the ratio calculated as all of the following: 1. non-interest expense divided by total revenue less interest expense 2. non-interest expense divided by net interest income before provision for loan losses 3. non-interest expense divided into revenue 4. operating expenses divided by fee income plus tax equivalent net interest income For all versions of the ratio, an increase means the company is losing a larger percentage of its income to expenses. If it is getting lower, it is good for the bank and its shareholders. 　　效益比例 　　用以计算银行效益的比率。不同银行计算效益比率的方法可能不同，常见方法包括：1. 非利息开支除以总收入减利息开支2. 非利息开支除以扣除贷款损失准备金前净利息收入3. 非利息开支除以总收入4. 营运开支除以费用收入加相等于税项的净利息收入对以上所有比率而言，上升表示公司开支相对收入的比率增加，比率减低对银行及其股东有利 Elasticity 　　A measure of sensitivity of one variable to another. More specifically, the degree to which consumers respond to price changes. % Change in Quantity /% Change in Price 　　弹性 　　一个可变因素对另一个可变因素的敏感度。更具体来说，是指消费者对价格变动的反应。计算方法为：需求量变动%/价格变动% Embedded Option 　　An option that is an inseparable part of another instrument. Compare this to a normal (or bare) option, which trades separately from the underlying security. 　　隐含期权 　　为其他金融工具不可分割部分的期权安排，与此相反的是与相关证券分开买卖的一般（或单纯）期权 Embedded Value 　　A common valuation method outside North America. It is based on the sum of tangible book value plus the (present) value of the in-force block. 　　隐含价值 　　北美以外常用的估值方法，根据有形账面价值的总和+有效业务价值（现值） Emerging Market Fund 　　A mutual fund investing a majority of its assets in the financial markets of a developing country, typically a small market with a short operating history. 　　新兴市场基金 　　将大部分资金投资于发展中国家金融市场的共同基金，一般为运作历史较短的小型市场 Employee Contribution Plan 　　A company sponsored retirement plan where employees make deposits (contributions) to an account. Contributions are deducted from employee's pay, and some companies match payments. 　　员工供款计划 　　公司支持的养老计划，员工存款入账户（供款）。供款从员工的薪酬中扣除，部分公司会同时作出供款 Ending Inventory 　　A book value of goods, inputs, or materials available for use or sale at the end of an inventory accounting period. 　　期末库存 　　在一个库存会计时期结束时可供使用或出售的货品、物资或原料的账面价值 Endowment 　　Assets, funds, or property that is donated to an institution, an individual, or a group as a source of income. 　　捐赠 　　捐赠给机构、个人或团体，作为收入来源的资产、资金或物业 Enterprise Multiple 　　A ratio used to determine the value of a company. The enterprise-multiple looks at a firm as a potential acquirer would, because it takes debt into account - an item which other multiples like the P/E ratio do not include. Enterprise Value /EBITDA 　　企业倍数 　　评估公司价值的指标。企业倍数估值包含债务，从潜在收购方的角度评估公司的价值，而其他估值倍数，例如市盈率则没有包含这方面的考虑。计算方法为：企业价值/EBITDA Enterprise Value 　　A measure of a company's value. Calculated as market capitalization plus debt & preferred shares, minus cash & cash equivalents. 　　企业价值 　　评估公司价值的指标。计算方法为总市值 + 债务及优先股 - 现金及现金等值 EPS 　　The portion of a company's profit allocated to each outstanding share of common stock. Calculated as: Net Income - Dividends on Preferred Stock / Average Outstanding Shares 　 Companies usually use a weighted average number of shares outstanding over the reporting term. 　　每股盈利 　　分配给已发行普通股的公司盈利部分，计算方法为：净利润 - 优先股股息/平均已发行股票数量　公司在计算每股盈利时一般采用有关时期的加权平均已发行股票数量 Equilibrium 　　The state where market supply and demand balance each other and, therefore, prices are stable. 　　均衡 　　市场供应与需求平衡，因此价格稳定的状态 Equity 　　1. A term describing stock, or any security, representing an ownership interest. 2. On the balance sheet, equity refers to the value of the funds contributed by the owners (the stockholders) plus the retained earnings (or losses). 　　股票、股本 　　1. 指代表拥有权的股票及任何证券2. 在资产负债表，股本指拥有方（股东）投入的资金+保留盈利（或损失） Equity Accounting 　　A method of accounting whereby a corporation will document a portion of the undistributed profits for an affiliated company that they own a position in. 　　权益会计法 　　一种会计方法，一家企业将其拥有权益的联营公司的利润的一部分记入自身的帐目 Equity Carve-out 　　1. Sometimes known as a partial spinoff, a carve out occurs when a parent company sells a minority (usually 20% or less) stake in a subsidiary for an IPO or rights offering. 2. Where an established brick-and-mortar company hooks up with venture investors and a new management team to launch an Internet spinoff. 　　股票分拆上市 　　1. 即一家母公司出售一家子公司的少数权益（一般为20%或以下），以进行子公司的首次公开上市或供股发行2. 一家非网络实业公司与创业投资者与新的管理队伍联合实行互联网业务分拆上市 Equity Financing 　　Raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. 　　股票融资 　　通过向个人或机构投资者出售普通或优先股筹集公司活动的资金。投入资金的股东可获得公司的股权 Equity Fund 　　A mutual fund that invests in a broad, well diversified group of stocks. 　　股票资金 　　投资于范围广泛、多元化股票的共同基金 Equity Multiplier 　　Total assets divided by total common stockholders' equity. 　　股票倍数 　　总资产除以普通股总股本 Equity Risk Premium 　　The extra return that the stock market provides over the risk free rate to compensate for market risk. 　　股票风险溢价 　　股票市场为弥补市场风险，相对无风险率的额外回报 Equity Unit Investment Trust 　　A registered trust in which investors purchase units from a fixed portfolio of equities are chosen and passively managed by a professional money manager. 　　股票单位信托 　　注册信托，投资者买入由专业资金经理选择及管理的固定股票投资组合的单位 Equity-Linked Note 　　An instrument whose return is determined by the performance of a single equity security, a basket of equity securities, or an equity index. 　　股票关联票据 　　回报率取决于一种证券、一组证券或一个股票指数表现的投资工具 Escrow 　　A financial instrument held by a third party on behalf of others until their written or oral instructions or obligations have been fulfilled. 　　第三方保管契约 　　由第三方代表持有的金融工具，直至收到书面或口头指示，或完成条件 Escrow Agreement 　　A certificate provided by an approved bank that guarantees the indicated securities are deposited at that particular bank. 　　第三方保管协议 　　由认可银行发出的证书，保证指定的证券已经存入该银行 Eurobank 　　A financial institution that readily accepts foreign currency denominated deposits and makes foreign currency loans. 　　欧洲银行 　　可接受外币存款及借出外币贷款的金融机构 Eurobond 　　A bond that is denominated in a currency other than that of the country in which it is issued. 　　欧洲债券 　　票面金额货币并非发行国家当地货币的债券 Euroclear 　　One of two principal clearing houses for securities traded in the Euromarkets. 　　欧洲债券结算系统 　　在欧洲市场交易证券的两家主要结算行之一 Eurodollar 　　U.S. dollar-denominated deposits at foreign banks or foreign branches of American banks. By locating outside of the United States, Eurodollars escape regulation by the Federal Reserve Board. 　　欧洲美元 　　存在美国以外或美国银行国外分行的美元存款。由于存在美国以外，欧洲美元可以逃避美国联储局的监管 European Option 　　An option that can only be exercised at the end of its life. 　　欧洲式期权 　　可在期限结束时行使的期权 EV 　　A measure of a company's value. Calculated as market capitalization plus debt & preferred shares, minus cash & cash equivalents. 　　企业价值 　　评估公司价值的指标。计算方法为总市值 + 债务及优先股 - 现金及现金等值 EV/EBITDA 　　A ratio used to determine the value of a company. The enterprise-multiple looks at a firm as a potential acquirer would, because it takes debt into account - an item which other multiples like the P/E ratio do not include. Enterprise Value /EBITDA 　　企业价值/EBITDA（企业倍数） 　　评估公司价值的指标。企业倍数估值包含债务，从潜在收购方的角度评估公司的价值，而其他估值倍数，例如市盈率则没有包含这方面的考虑。计算方法为：企业价值/EBITDA 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 　　Stern Stewart & Co.始创的公司财务表现标准。经济增值分析评估公司在从营运利润中减除资本成本情况下的剩余价值 （根据现金税项作调整）经济增值的计算方法为：税后营运净利润 - （资本*资本成本） Even Lot 　　Quantities established by futures exchanges as benchmarks for quoting commodity prices. 　　整批［证券］ 　　期货交易所设定的商品报价基准数量 Exceptional Item 　　Charges incurred that must be noted upon a company's balance sheet according to GAAP principles. Even though these are considered to be a part of ordinary business charges, due to their sheer size or frequency, they must be accordingly disclosed. 　　特殊项目 　　根据通用会计制度必须在公司资产负债表列出的开支项。虽然这些开支属于正常业务开支的一部分，但由于金额庞大及频密度特殊，必须作出披露 Excess Return 　　Returns in excess of the risk-free rate or in excess of a market measure (such as an index fund). 　　额外回报 　　高于无风险率或市场标准（例如指数基金）的额外回报 Exchange 　　An exchange is a market where securities, commodities, options, and futures are traded. 　　交易所 　　证券、商品、期权及期货交易的市场 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. 　　交易所分销 　　在证券交易所内进行、包含大额股票的交易，买卖可能包含许多不同的买卖指示，这些买卖指示被集合起来并一同执行买卖 Exchange Privilege 　　When a mutual fund shareholder has the opportunity to exchange a fund for another within the same family at no additional cost. 　　转移特权 　　共同基金的股东有机会无需支付额外费用而更换基金 Exchange Rate 　　The price of one country's currency expressed in another country's currency. In other words, the rate at which one currency can be exchanged for another. 　　外汇率 　　一个国家的货币与另一个国家货币在价值上的比率。换言之，一种货币转换成为另一种货币的转换率 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. 　　交易所指数基金 　　一种追踪指数表现但可像股票一样买卖的证券。与指数基金相似，交易基金代表反映一个指数的一揽子股票，分别在于交易基金并非共同基金，共同基金每天在交易结束后计算净资产值，但交易基金的价格全天根据买卖情况而不停变动 Exchangeable Debt 　　Similar to convertibles, except this type of debt can be converted into the shares of a company other than the issuer (usually a subsidiary). 　　可交换债务 　　与可转换债券相似，分别在于可交换债券可交换成为发行人以外公司的普通股（一般为发行人的子公司） Exchangeable Security 　　A security that grants its holder the right to exchange it for the common stock of a firm other than the issuer. 　　可交换证券 　　可交换成为发行人以外公司普通股的证券 Exclusion Ratio 　　The portion of the return on investments that is income tax exempt. It represents a payback of initial investments rather than capital gains. 　　除外责任比率 　　投资回报免税的部分。这属于最初投资的回报，而不属于资本收益 Ex-Dividend 　　The trading of shares when a declared dividend belongs to the seller rather than the buyer. 　　除息、不带息 　　在股票交易中，已公布股息属于卖方而不是买方 Exercise 　　An action by a stockholder taking advantage of a privilege offered by a company or other financial institution. This includes warrants, options, and other exotic financial instruments. 　　行使、执行 　　股东行使一家企业或其他金融机构给与特权的行动。这些权力包括认股权证、期权及其他特殊金融工具 Exit Strategy 　　The method that a venture capitalist or business owner intends to use to get out of an investment that he/she has made. 　　退出投资策略 　　创业基金或业务拥有者尝试退出一项投资的方法 Expected Return 　　The average of a probability distribution of possible returns 　　预期回报率 　　可能回报的概率分布平均 Expense 　　1. Money spent by a firm to continue its ongoing operations.2. Money spent or costs incurred that are deductible and reduce your taxable income. 　　开支 　　1. 一家公司为继续营运支付的金钱2. 可减低应课税收入的费用或成本 Expense Ratio 　　The percentage of the assets that were spent to run a mutual fund. It includes things like management and advisory fees, travel costs, and 12b-1 fees. The expense ratio does not include brokerage costs for trading the portfolio. 　　开支比率 　　营运共同基金的开支占总资产的百分比，包括管理及顾问费用、公干开支、12b-1费用。开支比率不包括买卖投资组合的经纪费用 Expiration Date 　　The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. 　　到期日 　　期权或期货合约失效的一天 Export 　　In reference to international trade, these are goods shipped from one country from another. 　　出口 　　对国际贸易而言，指从一个国家输入另一个国家的货品 Ex-Rights 　　The period when a new purchaser of stock is not entitled to participate in the recently declared rights offering. 　　除权、不带新股认股权 　　股票新买家无权参与近期公布股票销售的时期 Extendable Bond 　　A bond issue with a maturity that can be extended to a longer period at the option of the issuer. 　　可延长债券 　　发行人有权延长年期的债券 Extension Risk 　　The risk of a security lengthening in duration due to the deceleration of prepayments. 　　延长风险 　　一种证券由于预付减慢而延长年期的风险 Extraordinary Item 　　Gains or losses included in a company's financial statements, which are infrequent and unusual in nature. These are usually explained further in the 'notes to the financial statements.' 　　非经常项目 　　公司财务报表包含的非经常、不常见收益或损失，一般在财务报表注释中作详细说明 Extrinsic Value 　　The difference between the option value and the intrinsic value. 　　外在价值 　　期权价值与内在价值之间的差额 Ex-Warrant 　　The trading of shares when a warrant has been declared, but not distributed. 　　除证、不带认股权证 　　已公布但未分发认股权证时期的股票交易 　　seclusive 2007-08-03 13:36 　　Face Value 　　1. The stated principal amount of a debt instrument. 2. The value printed value on a banknote or coin. 　　面值 　　1. 债券工具上列明的本金额2. 纸币或硬币上印明的价值 Facility 　　A term used to describe financial assistance programs offered by lending institutions to help companies requiring capital. 　　信贷额度、资金设施 　　放款机构为企业提供的财务支援，协助解决资金需要 Fair Value 　　1. The estimated value of all assets and liabilities of an acquired company used to consolidate the financial statements of both companies.2. In the futures market, fair value is the equilibrium price for a futures contract. This is equal to the spot price after taking into account compounded interest (and dividends lost because the investor owns the futures contract rather than the physical stocks) over a certain period of time. 　　公平价值 　　1. 被收购公司并入两家公司合并财务报表的所有资产负债的预计价值2. 对于期货市场而言，公平价值是一份期货合约的均衡价格。这相等于计入复利率后（以及股息损失，因为投资拥有期货合约，而非实际股份）在特定时期内的现货价值 Fairness Opinion 　　An opinion developed by qualified analysts or advisors with the purpose of providing key details and factual proof to the decision makers of a merger or acquisition. 　　公平意见 　　由合资格分析员或顾问出具，就一项合并或收购项目向决策人提供项目主要细节及实质证明的意见书 Fed 　　The governing body of the Federal Reserve System. The seven members of the Board of Governors are appointed by the president, subject to confirmation by the Senate. 　　联储局 　　美国联邦储备体系的监管机构。监理会的七名成员由总统委任，并须获得参议院的批准 Fed Model 　　A model thought to be used by the Federal Reserve that hypothesizes a relationship between long-term treasury notes and the market return of equities. 　　联邦储备模型 　　联邦储备局采用的模型，对长期国库券及股票市场回报的关系做出了假设 Federal Funds 　　Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. 　　联邦基金 　　商业银行向美国地方联邦储备银行存入的资金，包括高于准备金要求的金额 Federal Funds Rate 　　The interest rate at which a depository institution lends immediately available funds (balances at the Federal Reserve) to another depository institution overnight. 　　联邦基金利率 　　一家存托机构利用手上的资金向另一家存托机构借出隔夜贷款的利率 Federal Open Market Committee (FOMC) 　　The body that sets the interest rate and credit policies of the Federal Reserve System. 　　公开市场委员会 　　为美国联邦储备体系制定利率及信贷政策的机构 Federal Reserve Bank 　　The banks that carry out Fed operations, including controlling the money supply and regulating member banks. There are 12 District Feds, headquartered in Boston, New York, Philadelphia, Cleveland, St. Louis, San Francisco, Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas. 　　联邦储备银行 　　执行联邦储备体系政策的银行，包括控制货币供应及监管会员银行。联邦储备银行共分为12家地区银行，总部设于波士顿、纽约、费城、科尔夫兰、圣露而斯、三藩士、烈治文、阿特兰大、芝加哥、明尼亚波利斯、肯萨斯城、达拉斯 Federal Reserve Board (FRB) 　　The governing body of the Federal Reserve System. The seven members of the Board of Governors are appointed by the president, subject to confirmation by the Senate. 　　联邦储备委员会 　　美国联邦储备体系的监管机构。监理会的七名成员由总统委任，并须获得参议院的批准 Federal Reserve System (the Fed) 　　The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. 　　联邦储备体系 　　美国的中央银行，负责监管美国的货币及金融系统。联邦储备体系的组成部分包括位于华盛顿的中央政府机构（监理会）以及位于美国主要城市的12家地区联邦储备银行 Fiduciary 　　A person legally appointed and authorized to hold assets in trust for another person. The fiduciary manages the assets for the benefit of the other person rather than for his/her own profits. 　　受托人 　　一名人士获法律授权为另一名人士持有资产。受托人管理资产以另一名人士的利益，而不是本身的利益为前提 Final Dividend 　　The final dividend declared at a company's Annual General Meeting (AGM) for any given year. This amount is calculated after all financial statements are recorded and the directors are aware of the company's profitability and financial health. 　　最终股息 　　公司在年度股东大会公布的该一年最终股息。这个金额是在完成所有财务报表后及董事了解公司的盈利能力及财务状况的情况下计算出来的 Final Prospectus 　　A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. 　　公开说明书定稿 　　列出新发行证券的价格、交割日期及其他对投资者重要的资料的法律文件 Finance 　　The science that describes the management of money, banking, credit, investments, and assets. 　　财务 　　研究货币、银行、信贷、投资及资产管理的科学 Financial Accounting 　　Reporting of the financial position and performance of a firm through financial statements issued to external users on a periodic basis. 　　财务会计 　　公司通过定期对外发表财务报表，向公众通报公司的财务状况及表现 Financial Accounting Standards Board - (FASB) 　　Designated as the organization for establishing standards of financial accounting and reporting. FASB standards govern the preparation of financial reports and are recognized by the SEC. 　　财务会计标准委员会 　　制定财务会计及报告标准的指定机构。制定的标准控制财务报告的编制方法，并且获得美国证监会的承认 Financial Asset 　　An asset that derives value because of a contractual claim. Examples are stocks, bonds, or bank deposits. 　　金融资产 　　价值来自有合约性索偿权的资产，例如股票、债券及银行存款 Financial Engineering 　　The creation of new and improved financial products through innovative design or repackaging of existing financial instruments. 　　金融资产重整 　　通过创新的设计或重整现有的金融工具创造新的、更好的金融产品 Financial Intermediary 　　An institution that acts as the middleman between investors and firms raising funds. Often referred to as financial institutions. 　　金融中介机构 　　担任投资者与融资机构中间人的机构，也称为金融机构 Financial Performance 　　A company's ability to generate new resources, from day-to-day operations, over a given period of time. 　　财务表现 　　公司在特定时期内通过日常运作产生新资源的能力 Financial Planner 　　An investment professional who assists individuals put together a financial plan and coordinate various financial activities. 　　财务规划 　　协助客户编制财务计划及协调不同财务活动的投资专业人员 Financial Supermarket 　　A financial company that offers a wide range of services to its clients. 　　金融超级市场 　　向客户提供范围广泛服务的金融公司 Firm commitment 　　1. A lending institution's promise to enter into a loan agreement with a specific entity, within a certain period of time. 2. 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. 　　坚定承诺 　　1. 贷款公司承诺在特定时期内与特定实体签署贷款协议2. 承诺承担所有库存风险及直接向发行人以向公众售股价格买入 First In, First Out (FIFO) 　　An inventory management and valuation method where the products acquired first are the ones sold first. 　　先进先出 　　库存管理及估值方法，要点在于先出售最早买入的产品 Fiscal Agent 　　An organization, such as a bank or trust company, that takes responsibility for the fiscal duties of an unrelated party. 　　财务代理 　　承担无关联方财政责任的机构，例如银行或信托公司等 Fiscal Policy 　　Government spending policies that influence macroeconomic conditions. These policies affect tax rates, interest rates, and government spending, in an effort to control the economy. 　　财政政策 　　影响宏观经济环境的政府开支政策，通过管理税率、利率、政府开支，控制总体经济 Fiscal Year 　　Any 12-month period that a company uses for accounting purposes. 　　财务年度 　　公司作为会计年度的任何12个月 Fixed Annuity 　　An insurance contract in which the insurance company makes fixed dollar payments to the annuitant for the term of the contract, usually until the annuitant dies. The insurance company guarantees both earnings and principal. 　　固定年金 　　保险合约，保险公司在合约有效期内向受保人支付固定金额，一般直到受保人过世。盈利与本金都受到保险公司的保证 Fixed Asset 　　Tangible property, owned by a firm, that is used in the production of its income, but not expected to be consumed or converted into cash. 　　固定资产 　　一家企业拥有，用来赚取收入但预期不会消耗或转换成为现金的有形财产 Fixed Cost 　　A cost that remains constant, regardless of any change in a company's activity. 　　固定成本 　　不论公司活动出现任何变化仍然维持固定的成本 Fixed Income Security 　　An investment that provides a return in the form of fixed periodic payments and eventual return of principle at maturity. 　　固定收入证券 　　提供定期定额收益，并会在到期时获偿付本金的投资 Fixed Interest Rate (mortgage) 　　A loan or mortgage with an interest rate that will remain at a certain rate for the entire term of the loan. 　　固定利率（抵押） 　　在贷款有效期内利率保持固定的贷款或抵押 Fixed-Charge Coverage Ratio 　　The ratio of earnings before interest and taxes plus fixed charges (before tax), divided by the fixed charges plus interest. This ratio indicates a firm's ability to satisfy fixed financing expenses, such as interest and leases. 　　固定费用偿付比率 　　扣除利息及税项前盈利+固定费用（税前）除以固定费用+利率这个比率可用作评估公司应付固定融资开支，例如利息及租赁开支的能力 Flight to Quality 　　When investors move their capital to the safest possible investment vehicle. It is usually caused by uncertainty in the financial markets. 　　安全投资转移 　　投资者将资金转移到最安全的投资项目，一般出现在金融市场存在不明朗因素的情况下 Flipper 　　A short-term investor or day trader who buys pre IPO shares, swiftly spinning them out into public markets for a quick profit. 　　迅速换手投资者 　　在首次公开上市前买入股票，然后迅速在公开市场抛售，以快速获利的短线投资者 Float 　　The total number of shares publicly owned and available for trading. The float is calculated by subtracting restricted shares from outstanding shares. 　　公开流通股票 　　由公众股东持有，在公开市场流通的股票总数。计算方法为已发行股票总数 - 有限制股票 Floater 　　A bond, or some other type of debt, whose coupon rate changes with market conditions (short term interest rates). 　　无记名票据 　　息票率随着市场环境变动的债券或其他形式的债务 Floating Rate Note (FRN) 　　A note with a variable interest rate. Adjustments to the interest rate are usually made every 6 months and are tied to a certain money-market index. 　　浮息票据 　　利率可以变动的票据。利率一般与一种货币市场指标挂钩，每6个月调整一次 Floor 　　The lowest acceptable limit as restricted by controlling parties. 　　最低额 　　交易方双方接受的最低限额 Floor Trader 　　An exchange member who executes transactions from the floor of the exchange exclusively for their own account. 　　出市代表、场内交易商 　　在交易所场内专为自身客户执行交易的交易所成员 Flotation 　　The process of changing a private company into a public company by issuing shares and soliciting the public to purchase them. 　　发行、上市 　　私有公司通过发行股票，并邀请公众购买股票而成为公开公司的过程 Flotation Cost 　　The costs associated with the issuance of new securities. 　　发行成本 　　发行新证券牵涉的成本 Follow-on Offering 　　An offering of additional shares after a company has had an initial public offering. 　　后续发行 　　一家企业在首次公开上市后发行更多股票 FOMC 　　The body that sets the interest rate and credit policies of the Federal Reserve System. 　　公开市场委员会 　　为美国联邦储备体系制定利率及信贷政策的机构 Forbearance 　　A postponement of loan payments, granted by a lender or creditor, for a temporary period of time. This is done in order to give the borrower time to make up for overdue payments. 　　暂缓行使（债权人权利） 　　贷方或债权人暂缓债务人偿还贷款的责任，目的在于容许债务人偿还过期款项 Force Majeure 　　Literally translated as "great force," this clause is included in contracts to remove liability for unforeseen events restricting participants from fulfilling obligations. 　　不可抗力 　　字面意思为“巨大的力”，这项合约条款免除合约方因无可预见的事件而未能履行合约的责任 Forced Conversion 　　When the issuer of a convertible security exercises their right to call the issue. This forces the investor to convert their security into the predetermined number of shares. 　　强制转换 　　指可转换证券的发行人行使买回权，强制投资者将证券转换成为预定数目的证券 Forecasting 　　The process of analyzing historical and current data in order to determine future trends. 　　预测 　　分析历史及当时数据，以估计未来趋势的程序 Foreign Bond 　　Bonds that are issued in a domestic market by a foreign entity, in the domestic market's currency. 　　国外债券 　　国外公司在本地市场发行的本地货币债券 Foreign Currency Effects 　　The extent to which the changes in a foreign currency affects the return on a foreign investment. 　　外币效应 　　外币变动影响国外投资的幅度 Foreign Direct Investment (FDI) 　　An investment abroad, usually where the company being invested in is controlled by the foreign corporation. 　　外国直接投资 　　一国的企业投资于其他国家的企业 Forex 　　The common term for the foreign exchange market. Brokerage firms and banks are connected over an electronic network that allows them to convert the currencies of most countries. 　　外汇 　　指外汇市场。经纪行及银行利用相连的电子网络转换大部分国家的货币 Fortune 500 　　An annual list of the 500 largest companies in the United States. The list is compiled using the most recent figures for revenue. 　　财富500 　　美国每年500家最大企业的名单，名单根据最近期收入数据编制 Forward Contract 　　A cash market transaction in which delivery of the commodity is deferred until after the contract has been made. Although the delivery is made in the future, the price is determined at the initial trade date. 　　远期合约 　　一种现金市场交易，将交付商品的日期延迟到签订合约后。虽然商品在未来交付，但价格在最初交易日决定 Forward Integration 　　A form of vertical integration that involves expanding a business so it directly distributes its products. 　　前向整合 　　纵向整合的一种，公司扩展业务，使之包含生产及直接分销生产的产品 Forward Looking Earnings 　　Analyst forecasts used in the context of a P/E ratio based on forward (expected) earnings rather than on the trailing earnings (which is quoted more often). 　　预见性盈利 　　分析员在计算市盈率时采用的盈利预测，而不是当期盈利（较为常用） Forward Market 　　A term used to describe the over-the-counter trading of forward contracts. 　　远期市场 　　指远期合约的场外交易 Forward Price 　　A predetermined price that makes a forward contract worthless to both parties. 　　远期价格 　　令远期合约对交易双方都无价值的预定价格 Forward Rate 　　The amount that a currency, commodity, or some other asset will cost to deliver sometime in the future. 　　远期利率 　　一种货币、商品或其他资产在未来特定时间交付所牵涉的成本 Forward Rate Agreement (FRA) 　　A forward contract that determines an interest rate to be paid or received on an obligation beginning at a start date sometime in the future. 　　远期利率协议 　　一种远期合约，列明在未来特定生效日开始支付或收取的利率 Forward Swap 　　A swap agreement created through the synthesis of two different swaps, differing in duration, for the purpose of fulfilling the specific timeframe needs of an investor. 　　远期掉期 　　为满足投资者特殊投资期要求，而结合两项期限不同掉期的掉期协议 Free Cash Flow 　　A measure of how much cash a company has after paying its bills for ongoing activities and growth. 　　自由现金流 　　一家企业在支付持续商业活动及增长的开支后剩余的现金 Free Cash Flow for the Firm (FCFF) 　　A firm's operating income less expenses, taxes, and changes in net working capital and investments. 　　企业自由现金流 　　一家企业的营运收入减开支、税项及周转资金和投资的变动额 Free Cash Flow per Share 　　A measure of a company's financial flexibility. It is calculated as net income plus all non-cash expenses, less dividends and capital expenditures. The total is then divided by the number of shares outstanding. 　　每股自由现金流 　　评估公司财务灵活性的指标。计算方法为净利润+非现金开支-股息及资本开支，然后除以已发行股票总数 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. 　　金融时报股票交易所指数 　　专门计算指数的公司。虽然并非股票交易所的一部分，但股东包括伦敦股票交易所以及金融时报 Fully Valued 　　A stock that has reached a price that accurately reflects the strength of the company. 　　已充分反映实值 　　股价能准确反映公司实力的股份 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. 　　基金经理 　　负责投资共同基金旗下资产、执行其投资策略及处理日常投资组合交易的专业人员 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. 　　基本面分析 　　通过计算股票的内在价值评估其价值的方法。基本面分析员研究的范围从总体经济和行业环境以至公司本身的财务状况及管理 Funded Debt 　　A long term debt that matures after more than one year. 　　长期债款、融资债务 　　一年或以上后到期的长期债务 Funds From Operations (FFO) 　　Used by real estate investment trusts (REITS) to define the cash flow from their operations. It is calculated by adding depreciation and amortization expenses to earnings, and sometimes quoted on a per share basis. 　　来自营运现金流 　　房地产投资信托用来评估来自营运现金流的指标。计算方法为折旧及摊销开支加盈利，有时也会以每股形式出现 Funds of Funds 　　A mutual fund which invests in other mutual funds. 　　基金中的基金 　　投资于其他共同基金的共同基金 Fungibility 　　The interchangeability of listed options, futures contracts, and other instruments dependent upon identical terms. 　　可互换 　　上市期权、期货合约及其他金融工具根据相同条款互换的可行性 Fungibles 　　Goods, securities, or instruments that are equivalent and, therefore, are interchangeable. 　　可互换物品 　　可互换的产品、证券或金融工具 Future Rate Agreement (FRA) 　　A forward contract that determines an interest rate to be paid or received on an obligation beginning at a start date sometime in the future. 　　期货利率协议 　　一种远期合约，列明在未来特定生效日开始支付或收取的利率 Future Value 　　The value of an asset or cash at a specified date in the future that is equivalent in value to a specified sum today. There are two ways to calculate FV: 1) For an asset with simple annual interest: = Original Investment x (1+(interest rate*number of years)) 2) For an asset with interest compounded annually: = Original Investment x ((1+interest rate)^number of years) 　　未来价值 　　资产或现金在未来特定日期的价值，相等于今天价值的特定总和。计算未来价值的方法有两个：1. 每年有单利息的资产：最初投资 x (1+(利率*年数))2. 每年有复利息的资产：最初投资 x ((1+利率)^年数) Futures 　　A financial contract that encompasses the sale of financial instruments or physical commodities for future delivery, usually on a commodity exchange. Futures contracts try to "bet" what the value of an index or commodity will be at some date in the future. 　　期货 　　包含金融工具或未来交割实物商品销售（一般在商品交易所进行）的金融合约。期货合约对一种指数或商品在未来某一日期的价值“打赌” Futures Contract 　　An exchange traded agreement to buy or sell a particular type and grade of commodity for delivery at an agreed upon place and time in the future. Futures contracts are transferable between parties. 　　期货合约 　　一种在交易所买卖的协议，协议列明在议定的地点和将来时间，买入或卖出特定种类及等级的商品。期货合约可以转让 Futures Market 　　An auction market in which participants buy and sell commodity/future contracts for delivery on a specified future date. Trading is carried on through open yelling and hand signals in a trading pit. 　　期货市场 　　一种拍卖市场，参与方买入及卖出在未来日期交割的商品/期货合约。交易方在场内高声叫价及利用手势进行交易 FX 　　The common term for the foreign exchange market. Brokerage firms and banks are connected over an electronic network that allows them to convert the currencies of most countries. 　　外汇 　　指外汇市场。经纪行及银行利用相连的电子网络转换大部分国家的货币 　　seclusive 2007-08-03 13:38 　　G-5 　　Five of the world's leading countries that meet periodically to achieve a cooperative effort on international economic and monetary issues. 　　五大工业国 　　定期会面，磋商就国际经济及货币问题进行合作的五个重要国家 G-7 　　Seven of the world's leading countries that meet periodically to achieve a cooperative effort on international economic and monetary issues. 　　七大工业国 　　定期会面，磋商就国际经济及货币问题进行合作的七个重要国家 GAAP 　　The common set of accounting principles, standards, and procedures. GAAP is a combination of authoritative standards (set by policy boards) and the accepted ways of doing accounting. 　　通用会计制度 　　一套通用的会计原则、标准及程序。通用会计制度结合了权威标准（由多个政策委员会制定）以及广为接受的会计惯例 Gain 　　An increase in the value of an asset or property. The gain is measured as the amount of capital from the sale of a good realized in excess of the original purchase price. 　　收益 　　资产或财产价值的上升，相等于出售资产所得资金与原来买入价格之间的差额 GDP 　　The monetary value of all the goods and services produced by an economy over a specified period. It includes consumption, government purchases, investments, and exports minus imports 　　国内生产总值 　　一个经济体系在特定时期内生产的所有货品及服务的总值，其中包括消费、政府购买、投资及出口减进口 GDP Deflator 　　An economic metric used to account for inflation by converting output measured at current prices into constant-dollar GDP. The GDP deflator shows how much a change in the base year's GDP relies upon changes in the price level. 　　GDP平减数 　　在计算GDP时用以平衡通胀的因素，方法为将根据当时价值计算的生产额转换成固定美元的GDP。GDP平减数能显示出基准年GDP的变动受到价格变动影响的程度 GDP Gap 　　The sacrificed output within a country's economy due to the failure to create sufficient jobs for all those willing to work. GDP差距 　　一个国家的经济体系由于未能为有意就业者创造足够的职位而损失的生产值 GDR 　　1. A bank certificate issued in more than one country for shares in a foreign company. The shares are held by a foreign branch of an international branch. The shares trade as domestic shares, but are offered for sale globally through the various bank branches. 2. A financial instrument used by private markets to raise capital denominated in either U.S. dollars or Euros. 　　全球存托凭证 　　1. 在超过一个国家发行，代表一家国外公司的银行证书。这些股票由国际银行的国外分行持有。这些股票与国内股票一同交易，但通过不同银行分行作全球销售2. 非公开市场用以筹集美元或欧元资金的金融工具 Gearing 　　This is the ratio of long-term funds with fixed interest that makes up a firm's capital. 　　本债比 　　公司资本中附有固定利息的长期资金的比率 Gearing Ratio 　　A general term given to leverage ratios that express the capital for a firm. 　　负债比率 　　指公司资本中债务的比率 General Agreement of Tariffs and Trade (GATT) 　　An agreement, signed in 1947, whose purpose was to promote global trade between members through a reduction in tariffs. 　　关税及贸易总协定 　　1947年签署的协议，宗旨在于通过减低关税，促进会员国家之间的全球贸易 General Depreciation System 　　The most commonly used system for calculating depreciation. Personal property is depreciated using the declining-balance method, which involves applying the depreciation rate against the undepreciated balance. 　　一般折旧制度 　　计算折旧的最常用制度。个人财产利用下降折旧法计算折旧，指将折旧率运用在未折旧结余 General Ledger 　　A company's accounting records. It contains all of the financial accounts and statements 　　总分类账 　　一家公司的会计记录，包含所有财务帐户及报表 General Obligation Bond 　　A municipal bond backed by the credit and "taxing power" of the issuing jurisdiction, rather than the revenue from a given project. 　　一般义务债券 　　获得发行政府信贷及“征税权力”担保，而不是一个项目的收入的市政债券 Generally Accepted Accounting Principles (GAAP) 　　The common set of accounting principles, standards, and procedures. GAAP is a combination of authoritative standards (set by policy boards) and the accepted ways of doing accounting. 　　通用会计制度 　　一套通用的会计原则、标准及程序。通用会计制度结合了权威标准（由多个政策委员会制定）以及广为接受的会计惯例 Global Bond 　　Bonds that can be offered within the euromarket and several other markets simultaneously. 　　全球债券 　　同时在欧洲市场及其他多个市场发售的债券 Global Depository Receipt (GDR) 　　1. A bank certificate issued in more than one country for shares in a foreign company. The shares are held by a foreign branch of an international branch. The shares trade as domestic shares, but are offered for sale globally through the various bank branches. 2. A financial instrument used by private markets to raise capital denominated in either U.S. dollars or Euros. 　　全球存托凭证 　　1. 在超过一个国家发行，代表一家国外公司的银行证书。这些股票由国际银行的国外分行持有。这些股票与国内股票一同交易，但通过不同银行分行作全球销售2. 非公开市场用以筹集美元或欧元资金的金融工具 Global Fund 　　A mutual fund that can invest in companies located anywhere in the world, including your own country. 　　全球基金 　　可以投资全球，包括本身国家任何公司的共同基金 Global Investment Performance Standards (GIPS) 　　Ethical standards to be used by investment managers for creating performance presentations that ensure fair representation and full disclosure of investment performance results. 　　全球投资表现标准 　　投资经理采用的道德标准，通过制定表现报告确保投资表现结果获得充分的声明与披露 Global Macro Strategy 　　A hedge fund strategy that involves holding long and short positions in various equity, fixed income, currency, and futures markets. The holdings are based primarily on overall economic (and political) views of various countries (macroeconomic principles). 　　全球宏观策略 　　一种对冲基金策略，指持有不同股票、债券、货币及期货市场的卖空和买空头寸。这些投资主要根据对不同国家的总体经济（及政治）看法而做出（宏观经济原则） Global Registered Share 　　A share issued and registered in multiple markets around the world. 　　全球注册股票 　　在全球多个不同市场发行及注册的股票 Globalization 　　The tendency of world investment and business to move from national and domestic markets to a worldwide environment. 　　全球一体化 　　全球投资及业务从国家性及地区性转移向全球市场的趋势 GNP 　　An economic statistic which includes GDP plus any income earned by residents from their overseas investments, minus income earned within the domestic economy by overseas residents. 　　全民生产总值 　　一种经济统计数据，相等于国内生产总值（GDP）加国内人民来自海外投资的收入，减海外人民在国内赚取的收入 Going Concern 　　A term for a company that has the resources needed in order to continue to operate. If a company is not a going concern, it means the company has gone bankrupt. 　　持续经营 　　指一家公司拥有继续经营所需的资源。若公司不持续经营，即已经破产 Going Concern Value 　　The value of a company's ability to generate earnings from tangible and intangible assets. 　　持续经营价值 　　公司通过有形资产及无形资产产生盈利的能力 Going Public 　　The process of selling shares that were formerly privately-held to new investors for the first time. 　　公开上市 　　向新投资者发售以往由私人拥有的股份 Golden Handcuffs 　　An incentive given to existing employees in hopes that they will decide to stay with the company. 　　金手铐 　　向现有员工提供优厚的待遇，以期他们留在公司 Golden Lifejacket 　　An exceptional compensation package an acquiring company offers to the top executives of the company being acquired. The offer is meant to keep these executives attracted to holding their offices. 　　黄金救生衣 　　指收购方向被收购公司的高级行政人员提供极为优厚的待遇，吸引他们留任 Golden Parachute 　　Lucrative benefits given to top executives in the event that a company is taken over by another firm, resulting in the loss of their job. Benefits include items such as stock options, bonuses, severance pay, etc. 　　黄金降落伞 　　在公司被另一家公司收购时向高级行政人员提供的优厚补偿，以弥补收购导致他们失去工作。这些补偿包括股票期权、奖金、解雇费 Golden Share 　　A type of share that gives its shareholder veto power over changes to the company's charter. 　　黄金股 　　给与持有股东对修改公司章程行使否决权的股票 Goodwill 　　The excess of the purchase price over the fair market value of an asset. Accountants record this as a "write off" in the financial report. 　　商誉 　　资产的收购价值高于公平市场价值的金额。会计师在财务报表中将这个项目纪录为撟⑾鷶 Government Security 　　A government debt obligation (local or national) backed by the credit and taxing power of a country with very little risk of default. 　　证券担保 　　地方或国家政府的债务责任，债务由国家的信贷及征税权力作担保，违约风险极低 GPM 　　The difference between the cost of a raw commodity and the income it generates once sold as a finished product. 　　生产毛利率 　　原商品的成本与造成制成品后出售赚取的收入之间的差额 Gray Knight 　　A second, unsolicited bidder in a corporate takeover. A gray knight enters the scene in order to take advantage of any problems between the first bidder and the target company. 　　灰武士 　　一项企业收购中第二家未经要约的出价人。灰武士加入交易的目的在于把握第一出价人与收购目标之间出现问题的时机 Gray Market 　　1. An unofficial market where new issues of shares are bought and sold before they officially become available for trading on the stock exchange. 2. The sale of goods by unauthorized dealers. 　　灰市 　　1. 新发行股票在正式在股票交易所买卖前在未正式市场进行的交易2. 未经许可经销商出售的货品 Greenfield Investment 　　When a company or government invests money to construct a project in basic components. 　　全新投资项目 　　一家企业或政府投资建设新的项目 Greenshoe Option 　　An option that allows the underwriting of an IPO to sell additional shares to the public if the demand is high. 　　超额认股权 　　首次公开上市的承销商在需求高的情况下出售更多股份的权力 Greenspan Put 　　A colloquial term used to describe the Chairman of the Federal Reserve Board's actions in preventing significant and sustained market downturns. 　　格林斯潘对策 　　市场俚语，指联邦储备局主席为防止市场大幅持续下跌采取的行动 Gross Domestic Product (GDP) 　　The monetary value of all the goods and services produced by an economy over a specified period. It includes consumption, government purchases, investments, and exports minus imports 　　国内生产总值 　　一个经济体系在特定时期内生产的所有货品及服务的总值，其中包括消费、政府购买、投资及出口减进口 Gross Income 　　1. For individuals, it is your total personal income before deductions.2. For companies, it is their revenue minus cost of goods sold (also called gross margin). 　　毛收入 　　1. 对个人来说，等于所有扣减前的个人收入总额2. 对企业而言，等于总收入减已售商品成本，也称为毛利 Gross National Product (GNP) 　　An economic statistic which includes GDP plus any income earned by residents from their overseas investments, minus income earned within the domestic economy by overseas residents. 　　全民生产总值 　　一种经济统计数据，相等于国内生产总值（GDP）加国内人民来自海外投资的收入，减海外人民在国内赚取的收入 Gross Processing Margin (GPM) 　　The difference between the cost of a raw commodity and the income it generates once sold as a finished product. 　　生产毛利率 　　原商品的成本与造成制成品后出售赚取的收入之间的差额 Gross Sales 　　The overall sales which are not adjusted for discounts or returns. Gross sales is usually used for consumer retail firms. 　　总销售额 　　未计入折扣或退货的销货总额。总销售额是消费者零售机构经常采用的指标 Gross Spread 　　The difference between the underwriting price received by the issuing company and the actual offering price to the public. 　　总费率 　　发行公司收到的承销价格与公众支付的实际发行价值之间的差额 Group of Five (G-5) 　　Five of the world's leading countries that meet periodically to achieve a cooperative effort on international economic and monetary issues. 　　五大工业国 　　定期会面，磋商就国际经济及货币问题进行合作的五个重要国家 Group of Seven (G-7) 　　Seven of the world's leading countries that meet periodically to achieve a cooperative effort on international economic and monetary issues. 　　七大工业国 　　定期会面，磋商就国际经济及货币问题进行合作的七个重要国家 Growth At A Reasonable Price (GARP) GARP investing combines the two successful strategies of value and growth investing. The name really says it all, GARP investors look for a stock with growth potential, but only if it is reasonably priced. 　　以合理价格增长 　　以合理价格增长投资策略结合了价值投资及增长投资两种成功的投资策略。顾名思义，采用以合理价格增长策略的投资者寻找具有增长潜力，但价格合理的股票 Growth Fund 　　A diversified portfolio of stocks that has capital appreciation as its primary goal. It invests in companies that reinvest their earnings for expansion, acquisitions, or research and development. 　　增长基金 　　以资本增值为主要目标的多元化股票投资组合，投资于将盈利重新投资于扩展、收购或研发的公司 Growth Rates 　　The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. 　　增长率 　　公司总收入、盈利、股息及其他数据的复合年均增长率 Growth Stock 　　Shares in a company whose earnings are expected to grow at an above average rate relative to the market. 　　增长股票 　　一家盈利增长预期高于市场平均增长率的公司的股票 Guaranteed Stock 　　Common or preferred stock whose dividends are guaranteed. 　　有担保股票 　　股息受到保证的普通或优先股 Guarantor 　　A person that guarantees to pay for someone else's debt if they default on their loan obligation. 　　担保人 　　对别人债务做出担保，承诺如果债务人违约，将代为偿债 　　seclusive 2007-08-03 13:40 　　Haircut 　　1. The difference between prices at which a market maker can buy and sell a security. 2. The percentage by which an asset's market value is reduced for the purpose of calculating capital requirement, margin, and collateral levels. 　　估值折扣 　　1. 指做市商买卖证券之间的价差2. 为计算资本需求、毛利及抵押品而减低资产市值的百分比 Hang Seng Index (HSI) 　　An index of the leading stocks on the Hong Kong stock market. 　　恒生指数 　　包含香港股票市场主要股票的指数 Hard Call Protection 　　The period during the life of a callable bond where early redemption by the company is not permitted. 　　强制买回保障 　　可买回债券有效期间发行人不可提早赎回的时期 Hard Currency 　　A currency, usually from a highly industrialized country, that is widely accepted around the world. 　　硬货币 　　全球广泛接受的货币，一般是经济发达国家的货币 Hard Landing 　　A term used to describe an economy going into recession as the government attempts to slow down inflation. 　　硬着陆 　　指由于政府尝试减慢通胀而导致经济进入衰退 Hard Loan 　　A foreign loan that must be paid in the currency of a nation that has stability and a reputation abroad for economic strength (a hard currency). 　　硬通货贷款 　　必须以稳定及经济实力强大的国家的货币（硬货币）偿还的国外贷款 Hedge 　　Making an investment to reduce the risk of adverse price movements in an asset. Normally, a hedge consists of protecting a position in a related security. 　　对冲 　　可减低资产价格出现不利变化风险的投资。一般来说，对冲牵涉对相关证券的投资采取保护措施 Hedge Fund 　　An aggressively managed portfolio taking positions on safe and speculative opportunities. Most hedge funds are limited to a maximum of 100 investors. For the most part, hedge funds are unregulated because it is assumed the people investing in these are very sophisticated and wealthy. 　　对冲基金 　　进行安全及投机性高投资的积极管理投资组合。大部分对冲基金包含的投资者数目限于最多100名。对冲基金大多不受监管，因为投资对冲基金的投资者大多经验丰富，财力雄厚 Hedge Ratio 　　1. A ratio comparing the amount you are hedging with the size of the position being hedged against.2. A ratio comparing the value of futures contracts purchased or sold versus the value of the cash commodity being hedged against. 　　对冲比率 　　1. 比较对冲金额与需要对冲投资金额的比率2. 比较买入或卖出期货合约价值及需要对冲现金商品价值的比率 Heir 　　A person who inherits some or all of the estate of a recently deceased person. The legal successor is usually selected because they are related to the deceased by a direct bloodline or have been designated in a will or by a legal authority. 　　承继人 　　有权承继过世人士全部或部分财产的人士。合法承继人大多是过世人士的直系亲属，或过世人士在遗嘱中指定，或由法定机构指定 Herd Instinct 　　Characterized by a lack of individuality, herd mentality is associated with people thinking and acting like the general population. 　　羊群心理 　　羊群心理指缺乏个性，想法及行为跟随大众 Hold 　　An analyst recommendation to neither buy nor sell a security. 　　持有 　　研究分析员建议持有一种证券，不买也不卖 Holding Company 　　A parent corporation that owns enough voting stock in another corporation to control its board of directors (and, therefore, controls its policies and management). 　　控股公司 　　即母公司，指一家公司持有另一家公司的投票权，足以控制董事会（因此，可控制其政策及管理） Holding Period 　　The time (or expected time) that an asset will be held for. 　　持有期 　　持有（或预期持有）一种资产的时期 Holding Period Return/Yield 　　The total return received from holding an asset. Calculated as income plus price appreciation during a specified time period, divided by the cost of the investment. 　　持有期回报/收益率 　　持有一种资产所得的总回报。计算方法为在特定期间获得的收入加资产价格升值，除以投资成本 Horizontal Integration 　　When a company expands its business into different products that are similar to current lines. 　　横向整合 　　公司把业务扩展同类的不同产品 Horizontal Merger 　　A merger occurring between companies producing similar goods or offering similar services. 　　横向合并 　　两家生产同类产品或提供同类服务的公司合并 Horizontal Spread 　　An options strategy involving the simultaneous purchase and sale of two options of the same type, having the same strike price, but different expiration dates. 　　水平价差 　　期权策略的一种，投资者同时买入及卖出两种同类型、行使价格相同但到期日不同的期权 Hostile Takeover 　　A takeover attempt that is strongly resisted by the target firm. 　　恶意收购 　　收购对象极力抗拒的收购行动 Hot Issue 　　An issue that sells at a premium over the public offering price on the first day of trading. 　　热门发行 　　在发行后第一个交易日股价高于公开发行价格的股票 Hot Money 　　Money that flows regularly between financial markets in search for the highest short term interest rates possible. 　　热钱 　　定期流入金融市场，寻求最高短期利率的资金 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. 　　经纪公司催缴通知 　　经纪行通知客户保证金账户的资本金低于最低要求。客户必须存入更多现金或证券 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. 　　家庭开支 　　一般生活开支的人均细分，包括住房、家庭内食物、水电等公用事业及其他开支。然后将所有开支的总和除以家庭人口数目，以计算每个成员的开支 H-Shares 　　A share of a Chinese company listed on the Hong Kong Stock Exchange. 　　H股 　　在香港股票市场上市的中国公司股票 HSI 　　An index of the leading stocks on the Hong Kong stock market. 　　恒生指数 　　包含香港股票市场主要股票的指数 Hurdle Rate 　　The minimum amount of return that a person requires before they will make an investment in something. 　　最低预期回报率 　　投资者进行投资要求的最低回报率 Hybrid Security 　　A security that combines two or more different financial instruments. 　　混合证券 　　结合两种或以上金融工具的证券 Hyperinflation 　　Extremely rapid or out of control inflation. 　　恶性通货膨胀 　　异常迅速或不受控制的通货膨胀 　　seclusive 2007-08-03 13:44 　　IAS 　　A set of standards stating how particular types of transactions and other events should be reflected in financial statements. International Accounting Standards (IAS) are issued by the Board of the International Accounting Standards Committee (IASC). 　　国际会计标准 　　一套会计标准，列明将不同种类交易或其他事件纪录在财务报表的正确方法国际会计标准由国际会计标准委员会发布 IB (Investment Bank) 　　A financial intermediary that performs a variety of services. This includes underwriting, acting as an intermediary between an issuer of securities and the investing public, facilitating mergers and other corporate reorganizations, and also acting as a broker for institutional clients. 　　投资银行 　　提供多种服务的金融中介机构，包括证券承销、担任证券发行人及投资群体的中介人、促成并购及企业重组，以及担任机构客户的经纪人 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 　　搜集股票研究分析员对主要上市公司未来盈利的预测，并编制报告的系统 Idle Funds 　　Money that is not invested and, therefore, earning no income. For example, funds in a checking account. 　　游资、闲置资金 　　未作投资，因此并无收入的资金，例如在支票户口的资金 Idle Time 　　Unproductive time spent by employees due to factors beyond their control. 　　闲置时间 　　员工基于他们不能控制的因素而没有生产的时间 Illiquid 　　An asset or security that cannot be converted into cash very quickly (or near prevailing market prices). 　　不能变现 　　不能迅速转换成为现金（或接近市场价值）的资产或证券 Immunization 　　A strategy that matches the durations of assets and liabilities, thereby minimizing the impact of interest rates on the net worth. 　　利率变动风险防范 　　匹配资产与负债的期限，以减少利率对净值的影响 Impaired Asset 　　An asset with a market value that is worth less than its book value. 　　受损的资产 　　市场价值及低于账面价值的资产 Impaired Credit 　　The deterioration of a borrower's credit rating. 　　受损的信贷 　　借方的信贷评级恶化 Impairment 　　1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. 　　（资本）损耗 　　1. 公司资本的减损2. 公司的资本少于公司股本面值 Implicit Cost 　　A cost that is represented by lost opportunity in the usage of a company's own resources, excluding cash. 　　隐含成本 　　指公司损失使用自身资源（不包括现金）机会的成本 Implied Volatility (IV) 　　The estimated volatility of a stock's price. 　　隐含波动性 　　股价的预测波动性 Import 　　In reference to international trade, these are goods brought into one country from another. 　　进口 　　对国际贸易而言，指一个国家从另一个国家买入的货品 In the Money 　　For a call option, in-the-money is when the option's strike price is below the market price of the underlying stock. For a put option, in-the-money is when the strike price is above the market price of the underlying stock. 　　到价 　　对于买入期权，到价是指行使价格低于相关股票的市场价格。对于出售期权，到价指行使价格高于相关股票的市场价格 Income 　　Money received by a person or organization because of effort (work) or from return on investments. 　　收入 　　一名人士或一家公司来自业务（工作）或投资回报的金钱 Income Fund 　　A mutual fund that seeks to provide stable current income by investing in securities that pay interest or dividends. 　　收益基金 　　宗旨在于通过投资有利息或股息的证券提供稳定收入的共同基金 Income Statement 　　Part of a company's financial statements summarizing revenues and expenses during a specific period of time. Also known as the profit and loss statement. 　　损益表 　　公司财务报表的一部分，总结公司在特定时期内的收入与开支 Income Stock 　　Stocks with a history of regular dividend payments that contribute to the largest portion of the stock's overall return. 　　收益股票 　　一直定期支付股息，股息是总体回报的最大部分的股票 Income Tax 　　A tax on any money earned during a fiscal year, usually filed on a yearly basis. All businesses except partnerships must file an annual income tax return. Partnerships file an information return. 　　所得税 　　对一个财政年度收入征收的税项，一般按年申报 Indemnity 　　A contractual agreement made between different parties to compensate for any damages or losses. 　　赔偿 　　合约方协议就对方的损失或损坏作出补偿 Indenture 　　A contract between an issuer of bonds and the bondholder stating the time period for re-payment, amount of interest paid, if the bond is convertible (and if so, at what price or what ratio), and the amount of money that is to be re-paid. 　　契约 　　债券发行人与债券持有人之间的合约，列明偿还年期、支付利率、可否转换（如可转换，转换的价格及比率），以及偿还资金的金额 Independent Auditor 　　An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. 　　独立审计师 　　具备注册公开会计师资格的外部审计师，可为企业编制审计师报告 Index 　　A statistical measure of the changes in a portfolio of stocks representing a portion of the overall market. 　　指数 　　衡量总体市场中部分股票组合变动的数据指标 Index Fund 　　A portfolio of investments that are weighted the same as a stock-exchange index in order to mirror its performance. This process is also referred to as indexing. 　　指数基金 　　组合比重与一个股票交易所指数相同的投资组合，以复制该指数相同的表现 Index Futures 　　A futures contract on a stock or financial index, such as the S&P 500. Each index can have a different multiple for determining the price of the future. 　　指数期货 　　相对一种股票或金融指数，例如标准普尔500的期货合约。每个指数决定期货价值的倍数各有不同 Index Option 　　A call or put option on a financial index. 　　指数期权 　　对金融指数的买入或出售期权 Indexing 　　1. The adjustment of the weights of assets in an investment portfolio so that its performance matches that of an index. 2. Linking movements of rates to the performance of an index. 　　指数化 　　1. 根据一种指数调整投资组合中资产的比重，以复制该指数的表现2. 将利率变动与一种指数的表现联系起来 Indicator 　　Anything used to predict future financial or economic trends. 　　指标 　　可用以预测未来财务或经济趋势的任何方法 Industry 　　A category used to describe a company's primary business activity, usually determined by the largest source of a company's revenues. 　　行业 　　一家公司主要业务活动（一般指公司收入的最大来源）的类别 Inflection Point 　　An event that changes the way we think and act. -Andy Grove, Founder of Intel. 　　转捩点 　　"改变我们想法或行为的事件Andy Grove, 英特尔的创办人" Infrastructure 　　The basic physical systems of a nation. 　　基础设施 　　一个国家的基本实质系统 Initial Margin 　　The percentage of the purchase price of securities that can be purchased on margin. 　　首期保证金 　　买入证券时，保证金可覆盖的金额占证券价格的百分比 Initial Public Offering (IPO) 　　The first sale of stock by a private company to the public. IPOs are often smaller, younger companies seeking capital to expand their business. 　　首次公开上市 　　私人公司首次向公众发售股票。首次公开上市一般是较小型、较新的公司筹集资金扩展业务的途径 Insider 　　Any person who has or has access to valuable nonpublic information about a corporation. 　　内幕人士 　　拥有或可接触公司有价值的非公开信息的任何人士 Insider Information 　　Material information about a company's activities that has not been disclosed to the public. 　　内幕消息 　　未向公众披露，有关公司活动的重要信息 Insider Trading 　　The buying or selling of a security by insiders who possess material, nonpublic information about the security. The act puts insiders in breach of a fiduciary duty or other relationship of trust and confidence. 　　内幕交易 　　拥有有关一种证券的非公开重要信息的人士买卖该种证券。这个行为使该内幕人士违反信托责任或其他基于信任及诚信的关系 Insolvency 　　When a company can no longer meet its debt obligations with another firm or institution. 　　资不抵债 　　指一家公司不能履行对另一家企业或机构的债务责任 Installment Debt 　　Debt issued with the condition of regularly occurring intervals for payment by the debtor, until the principal and interest are paid in full. 　　分期偿还债务 　　债务人必须定期偿还，直至全数清偿本金与利息的债务 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. 　　机构经纪人预测系统 　　搜集股票研究分析员对主要上市公司未来盈利的预测，并编制报告的系统 Institutional Fund 　　A mutual fund targeting high value investors with low fees, but high minimum requirements. 　　机构基金 　　针对高价值投资者的共同基金，特点为收费低但最低投资要求高 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 　　机构投资者 　　买卖证券的数量或金额足以使他们享有优惠待遇或较低佣金的非银行人士或机构。由于市场假设机构投资者具备较佳的专业知识，因而可以更好地保护自己，因此需要遵守的保护性限制较少 Intangible Asset 　　An asset that is not physical in nature. E.g. goodwill 　　无形资产 　　非实质资产，例如商誉 Interest 　　1. The charge for the privilege of borrowing money, typically expressed as an annual percentage rate. 2. The amount of ownership a stockholder has in a company, usually expressed as a percentage. 　　利息、权益 　　1. 借贷的开支，一般以年利率计算2. 股东拥有公司股权的比重，一般百分比表达 Interest Rate 　　The monthly effective rate paid (or received if you are a creditor) on borrowed money. Expressed as a percentage of the sum borrowed. 　　利率 　　对贷款支付（或收取，对债权人而言）的每月有效利率。一般以贷款的一个百分比表达 Interest Rate Ceiling 　　The absolute maximum rate of interest that a financial institution can charge for an adjustable rate mortgage or loan. This is regulated by the government. 　　最高利率 　　一家金融机构对任何可调整利率的房地产抵押或贷款可收取的最高利率，最高利率受到政府监管 Interest Rate Parity 　　A theory that the interest rate differential between two countries is equal to the differential between the forward exchange rate and the spot exchange rate. 　　利率平价理论 　　认为两个国家利率的差额相等于远期兑换率及现货兑换率之间的差额 Interest Rate Swap 　　A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. 　　利率掉期 　　多家银行或公司之间的交易，借贷人将浮息贷款转换为另一个国家的定息贷款，两项贷款可以是同一货币或不同的货币 Interim Dividend 　　A dividend payment made before a company's AGM and final financial statements. This declared dividend usually accompanies the company's interim financial statements. 　　中期股息 　　公司年度股东大会举行及公布全年财务报表前支付的股息。这项股息一般与公司的中期业绩一同公布 Internal Audit 　　An audit performed by a person (or persons) employed by the firm being audited. 　　内部审计 　　一家公司的内部人士对自己公司进行的审计 Internal Growth Rate 　　The highest level of growth achievable for a business without obtaining outside financing. 　　内部增长率 　　一项业务在没有外部融资的情况下可以实现的最高增长率 Internal Rate of Return (IRR) 　　Often used in capital budgeting, it's the interest rate that makes net present value of all cash flow equal zero. 　　内部回报率 　　在资本预算过程中常用的标准，是令所有现金流的净现值等于零的利率 International Accounting Standards 　　A set of standards stating how particular types of transactions and other events should be reflected in financial statements. International Accounting Standards (IAS) are issued by the Board of the International Accounting Standards Committee (IASC). 　　国际会计标准 　　一套会计标准，列明将不同种类交易或其他事件纪录在财务报表的正确方法国际会计标准由国际会计标准委员会发布 International Bond 　　Bonds that are issued in a country by a non-domestic entity. 　　国际债券 　　指由非本土机构发行的债券 International Fund 　　A mutual fund that can invest in companies located anywhere outside of your own country. 　　国际基金 　　可以在本土国家以外任何国家投资的共同基金 Intrinsic Value 　　1. The value of a company or an asset based on an underlying perception of the value.2. For call options, this is the difference between the underlying stock's price and the strike price. For put options, it is the difference between the strike price and the underlying stock's price. In the case of both puts and calls, if the difference between the underlying stock's price and the strike price is negative, the value is given as zero. 　　内在价值 　　1. 一家公司或一种资产根据隐含价值概念评估的价值2. 对于买入期权，相等于相关股票价格与行使价格之间的差额。对于出售期权，相等于行使价格与相关股票价格之间的差额。若相关股票价格与行使价格的差额为负数，则内在价值为零，这适用于买回及出售期权 Inventory 　　Inventory can be either raw materials, finished items already available for sale, or goods in the process of being manufactured. Inventory is recorded as an asset on a company's balance sheet. 　　库存、存货 　　库存可以是原材料、可供出售制成品或制造中的半制成品。库存是公司的资产负债表中的资产项 Inventory Turnover 　　A ratio that shows how many times the inventory of a firm is sold and replaced over a specific period. Generally calculated as: Sales/ Inventory 　 However, it may also be calculated as: Cost of Goods Sold/ Average Inventory 　　库存周转率 　　一家企业在特定期间出售及置换库存的倍数计算方法为：销售额/库存额　但也可以这样计算：已售商品成本/平均库存额 Invest, Then Investigate 　　An investment strategy where investors immediately purchase a stock and then do research and due diligence afterwards. 　　先投资，后调查 　　投资者即时买入股票，然后才进行研究和尽职调查的投资策略 Investing 　　The act of committing money or capital to an endeavor (a business, project, real estate, etc.) with the expectation of obtaining an additional income or profit. 　　投资 　　对一项事业活动（包括业务、项目、房地产等）投入资金或资本，以期获取额外收入或利润 Investment 　　An asset or item with value that is purchased for income or capital appreciation. 　　投资 　　为赚取收入或资本升值而买入的资产或事物 Investment Advisor 　　1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and securities within the fund's portfolio in order to achieve the fund's objectives. 　　投资顾问 　　1. 作出投资建议，从而收取定额费用或相等于管理资产价值一个百分比的费用（即佣金）的人士2. 对于共同基金公司，指负责基金投资组合中日常投资活动及监察现金及证券状况，以实现基金目标的人士 Investment Bank 　　A financial intermediary that performs a variety of services. This includes underwriting, acting as an intermediary between an issuer of securities and the investing public, facilitating mergers and other corporate reorganizations, and also acting as a broker for institutional clients. 　　投资银行 　　提供多种服务的金融中介机构，包括证券承销、担任证券发行人及投资群体的中介人、促成并购及企业重组，以及担任机构客户的经纪人 Investment Banker 　　A person representing a financial institution that is in the business of raising capital for corporations and municipalities. 　　投资银行家 　　为企业或政府执行融资计划的金融机构的代表人 Investment Climate 　　The general economic conditions affecting the financial markets. 　　投资环境 　　影响金融市场的总体经济环境 Investment Company Act of 1940 　　Created in 1940 through an act of Congress, this piece of legislation clearly defines the responsibilities and limitations placed upon fund companies that offer investment products to the public. 　　1940年投资公司法 　　于1940年根据国会法案而制定的法律，明确界定向公众提供投资产品的基金公司的责任及需要遵守的限制 Investment Grade 　　1. In the case of a stock, a firm that has a strong balance sheet, considerable capitalization, and is recognized as a leader in its industry. 　　投资等级 　　1. 在股票市场上，指一家财政稳健、资本充沛、被誉为具备行业领导地位的公司2. 在债券市场上，指信用评级达到BBB或以上等级的债券 Investment Real Estate 　　Real estate that generates income. 　　投资性房地产 　　可赚取收入的房地产 Investment Vehicle 　　In general, any method by which to invest. 　　投资媒体 　　指投资的任何方法 Investor Relations 　　A department, present in most medium to large public companies, that provides investors with an accurate account of the affairs of the company. This helps investors to make informed buy or sell decisions. 　　投资者关系部 　　中至大型上市公司常见的的部门，负责向投资者提供有关公司的准确信息，让投资者有足够的信息作出买卖决策 Invisible Hand 　　Coined by Adam Smith in his 1776 book An Inquiry into the Nature and Causes of the Wealth of Nations. In his book he states:Essentially Smith says that individuals try to maximize their own good (and become wealthier), and by doing so, through trade and entrepreneurship, society as a whole will be better off. Furthermore, any government intervention in the economy isn't needed as the invisible hand would best guide the economy. 　　无形之手 　　亚当士密夫在1776年著作摴