高盛财经词典 - 汉英对比0-9中文词句English English Definitions144A 条例Rule 144A An SEC rule that modified a two-year holding periodrequirement on privately placed securities by permittingQualified Institutional Buyers (QIBs) to trade thesepositions among themselves.18定律Rule of 18 A rule whereby the sum of the inflation rate and the P/Eratio of the Dow Jones Industrial Average is an indicatorof the direction of the stock market. If the total is above18, stocks are supposed to decrease. If the total is under18, then the stock ma1940年投资公司法InvestmentCompany Act of1940 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.72定律Rule of 72 A rule stating that in order to find the number of yearsrequired to double your money at a given interest rate,you divide the compound return into 72. The result is theapproximate number of years that it will take for yourinvestment to double.A-Z中文词句English English DefinitionsAPICS（美国生产及库存操纵协议）商业前景指数APICS BusinessOutlook IndexA national manufacturing index that surveys severalmanufacturing firms on a monthly basis. If the index isabove 50 it signals expansion, if it dips below 50 itindicates contraction.CAMELS评级制度CAMELS RatingSystem 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."CEDEL CEDEL One of two principal clearing houses for Euromarketsecurities.Notice that the formula may also be written as: accountspayable / (cost of sales/number of days).Notice that the formula may also be written as: accountsreceivable / (credit sales/number of days).Net Operating Income‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Total Debt ServiceNet Income‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾Shareholder's EquityThe ROE is useful in comparing the profitability of acompany 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 ofBBB or higher.Operating cash flow is calculated through a series ofadjustments to net income. It can be found on thestatement of cash flows. ?2. The difference between the swap rate and the lendingrate offered through other investment vehicles withcomparable characteristics.GDP平减数GDP Deflator An economic metric used to account for inflation byconverting output measured at current prices intoconstant-dollar GDP. The GDP deflator shows how mucha change in the base year's GDP relies upon changes inthe price level.GDP差距GDP Gap The sacrificed output within a country's economy due tothe failure to create sufficient jobs for all those willing towork.H股H-Shares A share of a Chinese company listed on the Hong KongStock Exchange.一划中文词句English English Definitions一次性偿还Bullet Repayment A single payment for an entire loan amount that is paid atmaturity.一次总付分配Lump SumDistribution A one time payment for the entire amount due, rather than breaking payments into smaller installments. Some lump-sum distributions receive special tax treatment.一级资本Tier 1 Capital A term used to describe the capital adequacy of a bank. Tier Icapital is core capital, this includes equity capital anddisclosed reserves.一般义务债券General ObligationBond A municipal bond backed by the credit and "taxing power" of the issuing jurisdiction, rather than the revenue from a given project.一般折旧制度GeneralDepreciationSystem 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.二划中文词句English English Definitions七大工业国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G-7 Seven of the world's leading countries that meet periodically toachieve a cooperative effort on international economic andmonetary issues.二级市场Secondary Market A market in which an investor purchases an asset fromanother investor, rather than an issuing corporation.二级发行Secondary Offering A sale of securities in which one or more major stockholders ina company sell all or a large portion of their holdings. Theunderwriting proceeds are paid to the stockholders, ratherthan to the corporation.人寿保险Life Insurance A protection against the lost income that would result if theinsured were to pass away. The named beneficiary receivesthe proceeds and is thereby safeguarded from financialimpacts of the death of the insured.二级资本Tier 2 Capital A term used to describe the capital adequacy of a bank. Tier IIcapital is secondary bank capital that includes items such asundisclosed reserves, general loss reserves, subordinatedterm debt, and more.三划中文词句English English Definitions个人收入Personal Income An individual's total earnings coming from wages,business enterprises, and various investments.个人消费开支PCE Similar to CPI, PCE is a report (actually a part of thepersonal income report) put out by the Bureau ofEconomic Analysis of the Department of Commerce.PCE is a measure of price changes in consumer goodsand services. It consists of the actual and imputedexpenditures of households, and includes data pertainingto durables, non-durables, and services.个人理财Personal Finance Financial planning for individuals. Generally, it involvesanalyzing their current financial position, predictingshort-term and long-term needs, and recommending afinancial strategy. This may involve advice on pensions,school fees, mortgages, life insurance, and investments. 子公司、附属公司Subsidiary A company owned by another company that controlsmore than 50% of its voting stock.上市公司Public Company A company that has issued securities through an offeringwhich are now traded on the open market.上市证券Listed Security Securities that have been accepted for trading purposesby a recognized and regulated exchange.已充分反映实值Fully Valued A stock that has reached a price that accurately reflectsthe strength of the company.已动用资本回报率Return On CapitalEmployed (ROCE) A ratio that indicates the efficiency and profitability of a company's capital investments.Calculated as:Earnings before interest and tax (EBIT) ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾(Capital employed + Short term borrowings -Intangible assets)已动用资本回报率ROCE A ratio that indicates the efficiency and profitability of acompany's capital investments.Calculated as:Earnings before interest and tax (EBIT)‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾(Capital employed + Short term borrowings -Intangible assets)已发行股票Shares Outstanding The number of shares that are currently owned byinvestors. This includes restricted shares (shares ownedby the company's officers and insiders) and shares heldby the public. Shares that the company has repurchasedare not considered outstanding stock.大宗交易Block Trade The sale or purchase of a large quantity of securities.广泛基础加权平均Broad-BasedWeighted 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.广泛基础指数Broad-Base Index An index designed to reflect the movement of the entiremarket.下调评级Downgrade A negative change in the rating of a security.子弹式交易Bullet Trade The act of purchasing an "in the money" put option sothat the buyer can capitalize on a bear market byeffectively shorting a stock without waiting for an uptick. 已售商品成本COGS An expense that reflects the cost of the product or goodthat generates revenue for a company. Sometimesreferred to as "Cost of Sales."已售商品成本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."下游Downstream Refers to oil and gas operations after the productionphase and through to the point of sale.已解除债务的破产人Discharge inBankruptcy When a bankrupt person or company is legally free and clear of any obligation to repay certain debts.已缴资本Paid-Up Capital The state of a settlement when all payment obligationsfor a security has been completed.兀鹫投资者Vulture Capitalist 1. A slang word for a venture capitalist whodeprives an inventor of control over their owninnovations and most of the money they shouldhave made from the invention.2. A venture capitalist who invests in flounderingfirms in the hopes that they will turn around.兀鹫基金Vulture Fund A fund that buys securities in distressed investments,such as high-yield bonds in (or near) default or equitiesthat are in (or near) bankruptcy.四划中文词句English English Definitions五大工业国G-5 Five of the world's leading countries that meetperiodically to achieve a cooperative effort oninternational economic and monetary issues.五大工业国Group of Five (G-5) Five of the world's leading countries that meetperiodically to achieve a cooperative effort oninternational economic and monetary issues.公开上市Going Public The process of selling shares that were formerlyprivately-held to new investors for the first time.开支比率Expense Ratio The percentage of the assets that were spent to run amutual fund. It includes things like management andadvisory fees, travel costs, and 12b-1 fees. The expenseratio does not include brokerage costs for trading theportfolio.公开市场委员会Federal OpenMarket Committee(FOMC) The body that sets the interest rate and credit policies of the Federal Reserve System.公开市场委员会FOMC The body that sets the interest rate and credit policies ofthe Federal Reserve System.日历年Calendar Year The year that begins January 1 and ends December 31公开发行价值Public OfferingPrice (POP) The price at which new issues are offered to the public by an underwriter公开讲明书Prospectus 1. A formal legal document describing details of acorporation. The prospectus is generally createdfor a proposed offering (usually an IPO), but theycan still be obtained from existing businesses aswell. The prospectus includes company facts thatare vitally important to potential investors.2. In this case of mutual funds, a prospectusdescribes the fund's objectives, history, managerbackground, and financial statements.公开讲明书定稿Final Prospectus A legal document stating the price of a newly issuedsecurity, the delivery date, and other facts that areimportant for investors.公开资产Public Assets that can be traded in a public market, such as thestock market.无风险回报率Risk Free Rate ofReturnThe quoted rate on an asset that has virtually no risk.无风险资产Risk-Free Asset An asset which has a certain future return. Treasuries(especially T-bills) are considered to be risk-free becausethey are backed by the U.S. government.公开流通股票Float The total number of shares publicly owned and availablefor trading. The float is calculated by subtractingrestricted shares from outstanding shares.今天最低Today's Low The intra-day low trading price.今天最高Today's High The intra-day high trading price.开支Expense 1. Money spent by a firm to continue its ongoingoperations.2. Money spent or costs incurred that aredeductible and reduce your taxable income.公司化、非共同化Demutualization The process of changing corporate structure from amutual fund company to some other form, such as alimited liability or corporation.公司、企业Corporation The most common form of business organization. Thetotal worth of the organization is divided into shares ofstock, each representing a unit of ownership. Acorporation is ongoing and the owners face only limitedliability.不可买回Non-Callable Securities that cannot be called by the issuer prior tomaturity.公平交易Arms LengthTransaction When the buyers and sellers of a product act independently of each other and have no relationship to each other.公平价值Fair Value 1. The estimated value of all assets and liabilitiesof an acquired company used to consolidate thefinancial statements of both companies.2. In the futures market, fair value is the equilibriumprice for a futures contract. This is equal to the spotprice after taking into account compounded interest(and dividends lost because the investor owns thefutures contract rather than the physical stocks)over a certain period of time.水平价差Horizontal Spread An options strategy involving the simultaneous purchaseand sale of two options of the same type, having thesame strike price, but different expiration dates.无对冲黄金股票指数BUGS Index Short for "basket of un-hedged gold stocks," the BUGSindex is the AMEX's index measuring gold companiesthat do not hedge their gold production beyond a yearand a half.无记名票据Floater A bond, or some other type of debt, whose coupon ratechanges with market conditions (short term interestrates).不可抗力Force Majeure Literally translated as "great force," this clause isincluded in contracts to remove liability for unforeseenevents restricting participants from fulfilling obligations. 双头垄断Duopoly A situation in which two companies own all or nearly all ofthe market for a given type of product or service.开市前交易Pre-Market Trading Trading done before the regular market opens.公司债券Debenture An unsecured debt backed only by the credit worthinessof the borrower. There is no collateral, and theagreement is documented by an indenture.中央银行Central Bank A bank providing services for a country's government andmajor commercial banks.公司税Corporate Tax A levy placed on the profit of a firm; different rates areused for different levels of profits.公平意见Fairness Opinion An opinion developed by qualified analysts or advisorswith the purpose of providing key details and factualproof to the decision makers of a merger or acquisition. 牛市Bull Market A market in which prices of a certain group of securitiesare rising or are expected to rise.毛收入Gross Income 1. For individuals, it is your total personal incomebefore deductions.2. For companies, it is their revenue minus cost ofgoods sold (also called gross margin).内在价值Intrinsic Value 1. The value of a company or an asset based on anunderlying perception of the value.2. For call options, this is the difference betweenthe underlying stock's price and the strike price.For put options, it is the difference between thestrike price and the underlying stock's price. In thecase of both puts and calls, if the differencebetween the underlying stock's price and the strikeprice is negative, the value is given as zero.反向收购Reversed takeover 1. When a larger company is bought out by asmaller company.2. The purchasing of a public company by a privatecompany.反收购措施Anti-takeoverMeasure Measures taken on a continual or sporadic basis by a firm's management in order to prevent or deter unwanted takeovers.反收购法规Anti-takeoverStatute 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.无形之手Invisible Hand Coined by Adam Smith in his 1776 book An Inquiry intothe Nature and Causes of the Wealth of Nations. In hisbook he states:Essentially Smith says that individuals try to maximizetheir own good (and become wealthier), and by doing so,through trade and entrepreneurship, society as a wholewill be better off. Furthermore, any governmentintervention in the economy isn't needed as the invisiblehand would best guide the economy.及时生产Just In Time A production strategy companies employ to increaseefficiency and decrease waste by producing goods onlyas they are ordered or needed.专利权Patent A government license that allows one exclusive rights toa process, design, or new invention.双谷经济衰退Double Dip When the gross domestic product (GDP) growth slidesRecession back to negative after a quarter or two of brief positivegrowth. In other words, a recession followed by ashort-lived recovery, followed by another recession.分级股票Classified Shares The separation of company equity into more than oneclass of common shares, usually called "Class A" and"Class B."不良贷款Bad Debt A debt which is not collectable and therefore worthless tothe creditor.不良贷款NPL Loans that are in default or close to being in default.Loans that are in default or close to being in default.不良贷款Non-PerformingLoan无形资产Intangible Asset An asset that is not physical in nature. E.g. goodwillAny asset that is not effectively producing income.不良资产Non-PerformingAsset天灾债券Act of God Bond A bond issued by an insurance company, linking principaland interest to the company's losses due to naturaldisasters.分拆上市Carveout 1. Sometimes known as a partial spinoff, a carveout occurs when a parent company sells a minority(usually 20% or less) stake in a subsidiary for anIPO or rights offering.2. Where an established brick-and-mortarcompany hooks up with venture investors and anew management team to launch an Internetspinoff.认购不足Undersubscribed When the demand for a new issue of securities (IPO) isless than the number of shares issued. This is sometimesreferred to as an underbooking.分拆、出售资产Divestiture Refers to the sale of a subsidiary company, also called"spin-off."认股权证Warrant A derivative security that gives the holder the right topurchase securities (usually equity) from the issuer at aspecific price within a certain time frame.认股权证比重Warrant Coverage An agreement between a company and its shareholderswhereby the company issues warrants equal to somepercentage of the dollar amount of the shareholder'sinvestment.认股权证溢价Warrant Premium The premium paid for the rights associated with awarrant.分拆收购Unbundling Taking over a large company with several different linesof business and retaining the core business while sellingoff the subsidiaries to help fund the takeover.分析员Analyst A financial professional that has expertise in evaluatinginvestments. They are typically employed by brokeragefirms, investment advisors, or mutual funds. Analysts puttogether buy, sell, and hold recommendations onsecurities. Analysts usually specialize in specificindustries or sectors to allow for comprehensiveresearch.天使投资者Angel Investor A financial backer providing venture capital funds forsmall startups or entrepreneurs.开放性信贷Open End Credit A pre-approved loan that may be used repeatedly up to acertain limit.无抵押贷款Unsecured Loan A bank loan that is issued and supported only by theborrowers creditworthiness, rather than by some sort ofcollateral.无抵押债权人Unsecured Creditor A person or institution that lends money to a company orindividual without holding collateral on the property forsecurity. This puts the creditor in a higher risk situation 开放性基金Open-End Fund A mutual fund that continues to sell shares to investors,and will buy back shares when investors wish to sell日经指数Nikkei The leading and most respected index of Japanesestocks.订单积压Backlog The total value of sales orders waiting to be fulfilled.反垄断法Anti-trust The antitrust laws apply to virtually all industries and toevery level of business, including manufacturing,transportation, distribution, and marketing. They prohibita variety of practices that restrain trade. Examples ofillegal practices are price-fixing conspiracies, corporatemergers likely to reduce the competitive vigor ofparticular markets, and predatory acts designed toachieve or maintain monopoly power.比例税Proportional Tax An income tax that takes the same percentage of incomefrom everyone regardless of how much (or little) anindividual earns.石油输出国组织、欧佩克Organization ofPetroleum An intergovernmental organization dedicated to the stability and prosperity of the petroleum market. OPECExporting Countries (OPEC) membership is open to any country that is a substantial exporter of oil and shares the ideals of the organization.分拆Demerger A corporate strategy to sell off subsidiaries or divisions ofa company.分拆Spinoff A new, independent company created through selling ordistributing new shares for an existing part of anothercompany.分股Stock Split The division of a company's existing stock into moreshares. In a 2-for-1 split, each stockholder would receivean additional share for each share formerly held.以活动为基础的预算案Activity BasedBudgeting 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.以活动为基础的治理Activity BasedManagement Using an activity-based costing system to improve the operations of an organization.互相争夺市场MarketCannibilization The negative impact a new product has on the sales performance of a company's existing, related products.双重收费Double Dipping For brokerage firms, when a broker puts commissionedproducts into a fee-based account. The broker makesmoney from both the client and the commission.双重征税Double Taxing A tax law that results in the same earnings beingsubjected to taxation twice. A company's income is taxedinitially and then the shareholders and investors aretaxed on the distributions they receive from the company. 长城Chinese Wall A slang term for the division within a brokerage firm thatprevents insider information from being handed out bycorporate advisers to investment traders.风险价值Value at Risk (VAR) A technique for estimating the probability of portfoliolosses exceeding some specified price.不能变现Illiquid An asset or security that cannot be converted into cashvery quickly (or near prevailing market prices).升值Appreciation The increase in value of an asset.风险Risk The chance that an investment's actual return will bedifferent than expected. This includes the possibility oflosing some or all of the original investment. It is usuallymeasured using the historical returns or average returnsfor a specific investment.风险资本Risk Capital The money that a person allocates to investments in highrisk securities风险资本要求Risk Based CapitalRequirement A stated requirement of liquid reserves placed upon banks and institutions that deal in risky ventures.无追索权债务Non-Recourse Debt A loan that is secured by some sort of collateral, usuallyproperty. The issuer can seize the collateral if theborrower defaults.无追索权融资Non-RecourseFinance A loan where the lending bank is only entitled to repayment from the profits of the project the loan is funding, not from other assets of the borrower.风险容忍度Risk Tolerance The degree of uncertainty that an investor can handle inregards to a negative change in the value of theirportfolio.风险调整贴现率Risk AdjustedDiscount Rate In portfolio theory and capital budget analysis, the rate necessary to determine the present value of an uncertain or risky stream of income; it is the risk-free rate (generally the return on short-term U.S. Treasury securities）plus a risk premium that is based on an analysis of the risk characteristics of the particular investment or project风险调整回报率Risk AdjustedReturn A measure of how much risk a fund or portfolio assumed to earn its returns. This is usually expressed as a number or a rating.风险调整资本回报率Risk AdjustedReturn on Capital(RAROC) In financial analysis, riskier projects and investments must be evaluated differently from their riskless counterparts. By discounting risky cashflows against less risky cashflows RAROC accounts for changes in the profile of the investment.内部回报率IRR Often used in capital budgeting, it's the interest rate thatmakes net present value of all cash flow equal zero.内部回报率Internal Rate ofReturn (IRR) Often used in capital budgeting, it's the interest rate that makes net present value of all cash flow equal zero.内部审计Internal Audit An audit performed by a person (or persons) employedby the firm being audited.专营经纪人Specialist A person on the trading floor of certain exchanges whoholds an inventory of particular stocks. The specialist isresponsible for managing limit trades, but does not makeinformation on outstanding limit orders available to othertraders.反通货膨胀Disinflation A slowing of the rate at which prices increase. Typically,this occurs during a recession as sales drop and retailersare not able to pass on higher prices to customers.气球型期权Balloon Option An option for which the notional payments increasesignificantly after a set threshold is broken.气球型期限Balloon Maturity 1. A repayment schedule for a bond issue where alarge number of the bonds come due at a one time(normally at the final maturity date).2. A final loan payment that is considerably higherthan prior payments.内部增长Organic Growth The growth rate of a company, excluding any growthfrom takeovers, acquisitions, or mergers.内部增长率Internal GrowthRate The highest level of growth achievable for a business without obtaining outside financing.中等市值股票Mid Cap Stock Short for "Middle Cap," mid cap refers to stocks with amarket capitalization of between $2 billion to $10 billion.? 贝塔系数Beta (Coefficient) The measure of systematic risk of a security. Beta (orbeta coefficient) is a means of measuring the volatility ofa security or portfolio of securities in comparison with themarket as a whole.Beta is calculated using regression analysis. A beta of 1indicates that the security's price will move with themarket. A beta greater than 1 indicates that the security'sprice will be more volatile than the market. A beta lessthan 1 means that it will be less volatile than the market. 计量经济学Econometrics The application of statistical theories to economic onesfor the purpose of forecasting future trends.中期股息Interim Dividend A dividend payment made before a company's AGM andfinal financial statements. This declared dividend usuallyaccompanies the company's interim financial statements. 长期债券Long Bond A bond that matures in more than 10 years. When peoplerefer to "the long bond," this typically is the 30-year U.S.treasury.从属债务Subordinated Debt A loan (or security) that ranks below other loans (orsecurities) with regard to claims on assets or earnings.长期债务/总资本比率Long TermDebt/Capitalization A ratio indicating the financial leverage of a firm. It is calculated by taking a company's long term debt and dividing by the capital available (the sum of long term debt, preferred stock, and stockholders' equity).。