1、中文词句 English English Definitions144A 条例 Rule 144A An SEC rule that modified a two-year holding period requirement on privately placed securities by permitting Qualified Institutional Buyers (QIBs) to trade these positions among themselves. 18 定律 Rule of 18 A rule whereby the sum of the inflation rat
2、e and the P/E ratio of the Dow Jones Industrial Average is an indicator of the direction of the stock market. If the total is above 18, stocks are supposed to decrease. If the total is under 18, then the stock ma1940 年投资公司法 Investment Company Act of 1940Created in 1940 through an act of Congress, th
3、is 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 years required to double your money at a given interest rate, you divide the compou
4、nd return into 72. The result is the approximate number of years that it will take for your investment to double.APICS（美国生产及库存控制协议）商业前景指数 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 expan
5、sion, if it dips below 50 it indicates contraction.CAMELS 评级制度 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.“ CEDEL CEDEL One of two principal
6、 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 Share
7、holders EquityThe 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 adjust
8、ments 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. GDP 平减数 GDP Deflator An economic metric used to account for inflation by converting output me
9、asured at current prices into constant-dollar GDP. The GDP deflator shows how much a change in the base years GDP relies upon changes in the price level. GDP 差距 GDP Gap The sacrificed output within a countrys economy due to the failure to create sufficient jobs for all those willing to work. H 股 H-S
10、hares A share of a Chinese company listed on the Hong Kong Stock Exchange. 一次性偿还 Bullet Repayment A single payment for an entire loan amount that is paid at maturity. 一次总付分配 Lump Sum DistributionA one time payment for the entire amount due, rather than breaking payments into smaller installments. So
11、me 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 I capital is core capital, this includes equity capital and disclosed reserves.一般义务债券 General Obligation BondA municipal bond backed by the credit and “taxing powe
12、r“ of the issuing jurisdiction, rather than the revenue from a given project. 一般折旧制度 General Depreciation SystemThe most commonly used system for calculating depreciation. Personal property is depreciated using the declining-balance method, which involves applying the depreciation rate against the u
13、ndepreciated balance.七大工业国 Group of Seven (G-7)Seven of the worlds 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 worlds leading countries that meet periodically to achieve a cooperative effort on internat
14、ional economic and monetary issues.二级市场 Secondary Market A market in which an investor purchases an asset from another investor, rather than an issuing corporation.二级发行 Secondary Offering A sale of securities in which one or more major stockholders in a company sell all or a large portion of their h
15、oldings. The underwriting proceeds are paid to the stockholders, rather than to the corporation.人寿保险 Life Insurance A protection against the lost income that would result if the insured were to pass away. The named beneficiary receives the proceeds and is thereby safeguarded from financial impacts o
16、f the death of the insured.二级资本 Tier 2 Capital A term used to describe the capital adequacy of a bank. Tier II capital is secondary bank capital that includes items such as undisclosed reserves, general loss reserves, subordinated term debt, and more.个人收入 Personal Income An individuals total earning
17、s 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 the personal income report) put out by the Bureau of Economic Analysis of the Department of Commerce. PCE is a measure of price changes in consumer goods and services. It
18、 consists of the actual and imputed expenditures of households, and includes data pertaining to durables, non-durables, and services.个人理财 Personal Finance Financial planning for individuals. Generally, it involves analyzing their current financial position, predicting short-term and long-term needs,
19、 and recommending a financial 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 controls more than 50% of its voting stock. 上市公司 Public Company A company that has issued securities throug
20、h an offering which are now traded on the open market. 上市证券 Listed Security Securities that have been accepted for trading purposes by a recognized and regulated exchange.已充分反映实值 Fully Valued A stock that has reached a price that accurately reflects the strength of the company. 已动用资本回报率 Return On Ca
21、pital Employed (ROCE)A ratio that indicates the efficiency and profitability of a companys 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
22、of a companys 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 by investors. This includes restricted shares (shares owned by the companys
23、officers and insiders) and shares held by the public. Shares that the company has repurchased are 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-Based Weighted AverageAn anti-dilution provision used for the benefit of existing
24、 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 entire market. 下调评级 Downgrade A negative c
25、hange in the rating of a security. 子弹式交易 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.已售商品成本 COGS An expense that reflects the cost of the product or good that generates
26、 revenue for a company. Sometimes referred 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 production
27、 phase and through to the point of sale. 已解除债务的破产人 Discharge in BankruptcyWhen 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 obligations for a security has been completed. 兀鹫投资者 Vulture
28、 Capitalist 1. A slang word for a venture capitalist who deprives an inventor of control over their own innovations and most of the money they should have made from the invention. 2. A venture capitalist who invests in floundering firms in the hopes that they will turn around. 兀鹫基金 Vulture Fund A fu
29、nd that buys securities in distressed investments, such as high-yield bonds in (or near) default or equities that are in (or near) bankruptcy. 五大工业国 G-5 Five of the worlds leading countries that meet periodically to achieve a cooperative effort on international economic and monetary issues. 五大工业国 Gr
30、oup of Five (G-5) Five of the worlds leading countries that meet periodically to achieve a cooperative effort on international economic and monetary issues. 公开上市 Going Public The process of selling shares that were formerly privately-held to new investors for the first time.开支比率 Expense Ratio The pe
31、rcentage 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.公开市场委员会 Federal Open Market Committee (FOMC)The body that sets the interest ra
32、te 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 of the 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 Offering Price (POP)The price at which new issues are offered to
33、 the public by an underwriter公开说明书 Prospectus 1. A formal legal document describing details of a corporation. The prospectus is generally created for a proposed offering (usually an IPO), but they can still be obtained from existing businesses as well. The prospectus includes company facts that are
34、vitally important to potential investors. 2. In this case of mutual funds, a prospectus describes the funds objectives, history, manager background, and financial statements. 公开说明书定稿 Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts th
35、at are important for investors.公开资产 Public Assets that can be traded in a public market, such as the stock market. 无风险回报率 Risk Free Rate of ReturnThe 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)
36、are considered to be risk-free because they are backed by the U.S. government. 公开流通股票 Float The total number of shares publicly owned and available for trading. The float is calculated by subtracting restricted shares from outstanding shares.今天最低 Todays Low The intra-day low trading price. 今天最高 Toda
37、ys High The intra-day high trading price.开支 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. 公司化、非共同化 Demutualization The process of changing corporate structure from a mutual fund company to som
38、e other form, such as a limited liability or corporation.公司、企业 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. 不
39、可买回 Non-Callable Securities that cannot be called by the issuer prior to maturity.公平交易 Arms Length TransactionWhen 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 liabilities of an ac
40、quired 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
41、 contract rather than the physical stocks) over a certain period of time. 水平价差 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.无对冲黄金股票指数 BUGS Index Short for “basket of un
42、-hedged gold stocks,“ the BUGS index is the AMEXs index measuring gold companies that do not hedge their gold production beyond a year and a half.无记名票据 Floater A bond, or some other type of debt, whose coupon rate changes with market conditions (short term interest rates). 不可抗力 Force Majeure Literal
43、ly translated as “great force,“ this clause is included in contracts to remove liability for unforeseen events restricting participants from fulfilling obligations.双头垄断 Duopoly A situation in which two companies own all or nearly all of the market for a given type of product or service. 开市前交易 Pre-Ma
44、rket Trading Trading done before the regular market opens. 公司债券 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. 中央银行 Central Bank A bank providing services for a countrys government and major c
45、ommercial banks.公司税 Corporate Tax A levy placed on the profit of a firm; different rates are used for different levels of profits.公平意见 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 merge
46、r or acquisition.牛市 Bull Market A market in which prices of a certain group of securities are rising or are expected to rise.毛收入 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 marg
47、in). 内在价值 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 stocks price and the strike price. For put options, it is the difference between the strike price and the underlying stoc
48、ks price. In the case of both puts and calls, if the difference between the underlying stocks price and the strike price is negative, the value is given as zero. 反向收购 Reversed takeover 1. When a larger company is bought out by a smaller company. 2. The purchasing of a public company by a private com
49、pany. 反收购措施 Anti-takeover MeasureMeasures taken on a continual or sporadic basis by a firms management in order to prevent or deter unwanted takeovers.反收购法规 Anti-takeover StatuteA 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
