高盛财经词典 - 汉英对照P-S - 钱钱课堂间

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高盛财经词典 - 汉英对照P-S

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拍卖市场	Auction Market	A market in which buyers enter competitive bids and sellers enter competitive offers at the same time.
派发、分配	Distribution	A company's payment of cash, stock, or physical products to their shareholders.
派发实物	Distribution in Kind	A distribution made in the form of stock rather than cash.
派息比率	Payout Ratio	The percentage of earnings paid out in dividends. It is calculated by dividing dividends per share by earnings per share.
抛售	Sell-Off	The rapid selling of securities, such as stocks, bonds, and commodities
赔偿	Indemnity	A contractual agreement made between different parties to compensate for any damages or losses.
赔偿保证书	Letter of Indemnity	A letter guaranteeing that contractual provisions will be met, otherwise financial reparations will be made.
配额、限额	Quota	In the context of international trade, this is a limit put on the amount of a specific good that can be imported.
配股	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.
批发银行	Wholesale Banking	Banking services between merchant banks and other financial institutions.
偏离	Divergence	Occurs when the trend of a security's price does not correspond with the trend of an indicator.
票据	Note	A debt security, usually maturing in one to ten years.
票面金额	Denomination	The stated value found on financial instruments.
票面值	Par Value	The face value of a bond.
平仓	Close Position	Getting out of a position in a particular stock or security.
平衡基金	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.
平衡投资策略	Balanced Investment Strategy	A portfolio allocation and management method aimed at balancing risk and return.
平价	Parity	A situation in an exchange market where all brokers bidding for the same security have equal standing due to identical bids.
平均价格	Average Price	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.
平均价格出售期权	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.
平均价格买入期权权	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.
平均年度回报率	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.
平均年度增长率	Average Annual Growth Rate	The average increase in the value of a portfolio over the period of a year.
平均时期	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.
平均值	Mean	The simple mathematical average of a two or more numbers.
平稳期	Basing	A period in which a stock price has very little or no trend resulting in a flat price pattern.
评估后价值	Assessed Value	The estimated value of real estate that is used for tax purposes.
评级	Rating	An evaluation of a corporate or municipal bond's relative safety from an investment standpoint. Basically, it scrutinizes the issuer's ability to repay principal and make interest payments. An analyst's recommendation on whether to buy, sell, or hold a specific stock.
评级机构	Rating Agency	A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends
凭票即付形式，无记名形式	Bearer Form	A security not registered in the issuing corporation's books but is payable to its bearer (the person possessing it).
破产	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.
破产风险	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.

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 compound return into 72. The result is the approximate number of years that it will take for your investment to double.
七大工业国	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	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.
期初库存	Beginning Inventory	The book value of goods, inputs, or materials available for use or sale at the beginning of an inventory accounting period.
期货	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.
期货合约	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.
期货利率协议	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.
期货市场	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.
期末库存	Ending Inventory	A book value of goods, inputs, or materials available for use or sale at the end of an inventory accounting period.
期末一次性偿还贷款	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.
期末一次性偿还债券	Bullet Bond	A regular coupon paying debt instrument with a single repayment of principal on the maturity date.
期权	Option	A privilege sold by one party to another that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security at an agreed-upon price during a certain period of time or on a specific date.
期限	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	Maturity	The length of time until the principal amount of a bond must be repaid. The end of the life of a security.
期限	Tenor	The term or life of a contract.
其他长期负债	Other Long Term Liabilities	A balance sheet item that would include items such as remaining leases, future employee benefits, deferred taxes, and other obligations that do not currently require interest payments.
其他流动负债	Other Current Liabilities	A balance sheet entry used by companies to group together current liabilities that are not assigned to common liabilities such as debt obligations or accounts payable.
其他流动资产	Other Current Assets	A balance sheet item that includes the value of non-cash assets like prepaid expenses and accounts receivable due within one year.
企业倍数	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
企业重组	Reorganization	A process designed to revive a financially troubled or bankrupt firm. A reorganization involves the restatement of assets and liabilities, and communication with creditors in order to make arrangements for maintaining repayment.
企业价值	EV	A measure of a company's value. Calculated as market capitalization plus debt & preferred shares, minus cash & cash equivalents.
企业价值	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/EBITDA（企业倍数	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
企业融资	Corporate Finance	Any financial or monetary activity that deals with a company and its money.
企业债券	Corporate Bond	A debt security issued by a corporation.
企业治理	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.
企业自我竞争	Corporate Cannibalism	An act of self-infringement upon market share by corporations through the issuance of new products. Also known as "market cannibalization."
企业自由现金流	Free Cash Flow for the Firm (FCFF)	A firm's operating income less expenses, taxes, and changes in net working capital and investments.
气球型期权	Balloon Option	An option for which the notional payments increase significantly after a set threshold is broken.
气球型期限	Balloon Maturity	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). A final loan payment that is considerably higher than prior payments.
汽车销售额	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.
契约	Covenant	A promise in an indenture, or any other formal debt agreement, that certain activities will or will not be carried out.
契约	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.
前向整合	Forward Integration	A form of vertical integration that involves expanding a business so it directly distributes its products.
强制买回保障	Hard Call Protection	The period during the life of a callable bond where early redemption by the company is not permitted.
强制转换	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.
清算、清理	Liquidation	When a business or firm is terminated or bankrupt, its assets are sold and the proceeds pay creditors. Any leftovers are distributed to shareholders.
全民生产总值	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	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.
全球存托凭证	GDR	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. A financial instrument used by private markets to raise capital denominated in either U.S. dollars or Euros.
全球存托凭证	Global Depository Receipt (GDR)	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. A financial instrument used by private markets to raise capital denominated in either U.S. dollars or Euros.
全球宏观策略	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).
全球基金	Global Fund	A mutual fund that can invest in companies located anywhere in the world, including your own country.
全球投资表现标准	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.
全球一体化	Globalization	The tendency of world investment and business to move from national and domestic markets to a worldwide environment.
全球债券	Global Bond	Bonds that can be offered within the euromarket and several other markets simultaneously.
全球注册股票	Global Registered Share	A share issued and registered in multiple markets around the world.
全权委托指令	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.
全新投资项目	Greenfield Investment	When a company or government invests money to construct a project in basic components.
权益方	Stakeholder	One who has a share or an interest, as in an enterprise.
权益会计法	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.
全资拥有子公司	Wholly Owned Subsidiary	A subsidiary whose parent company owns 100% of its common stock.

热门发行	Hot Issue	An issue that sells at a premium over the public offering price on the first day of trading.
热钱	Hot Money	Money that flows regularly between financial markets in search for the highest short term interest rates possible.
认购不足	Undersubscribed	When the demand for a new issue of securities (IPO) is less than the number of shares issued. This is sometimes referred to as an underbooking.
认股权证	Warrant	A derivative security that gives the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame.
认股权证比重	Warrant Coverage	An agreement between a company and its shareholders whereby the company issues warrants equal to some percentage of the dollar amount of the shareholder's investment.
认股权证溢价	Warrant Premium	The premium paid for the rights associated with a warrant.
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 of the death of the insured.
日经指数	Nikkei	The leading and most respected index of Japanese stocks.
日历年	Calendar Year	The year that begins January 1 and ends December 31
融资资本充实	Leveraged Recapitalization	A strategy where a company takes on significant additional debt with the purpose of either paying a large dividend or repurchasing shares. The result is a far more financially leveraged company.
融资租赁	Leveraged Lease	A lease agreement wherein the lessor, by borrowing funds from a lending institution, finances the purchase of the asset being leased.
软货币	Soft Currency	Another name for "weak currency," there is very little demand for this type of currency and values often fluctuate.
软贷款	Soft Loan	A loan with a below-market rate of interest. Loans made by multinational development banks and the World Bank to developing countries. Typically, soft loans have extended grace periods in which only interest or service charges are due, in addition to offering longer amortization schedules and lower interest rates than conventional bank loans.
软商品	Soft Commodity	Used to describe commodities such as coffee, cocoa, sugar and fruit. This term generally refers to commodities that are grown, rather than mined.
软通货、纸币	Soft Money	Government and organizations refer to this as 'one time' funding for a project or special purpose. Describes paper currency, as opposed to gold, silver, or some other coined metal.
软着陆	Soft Landing	A term used to describe a rate of economic growth high enough to avoid recession, but slow enough to avoid high inflation.
Russell 2000指数	Russell 2000 Index	An index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 2000 serves as a benchmark for small-cap stocks.

鲨变监察者

Shark Watcher

A firm specializing in the early detection of takeovers. The firm's primary business is usually the solicitation of proxies for client corporations.

瞻养比率

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

Total Dependency Ratio

商业对商业（B2B)

Business to Business (B2B)

Business conducted between companies, rather than between a company and individual consumers.

商业

Commercial

A term used to refer to any party or organization involved in producing, transporting, or merchandising a commodity.

商业银行

Commercial Bank

A financial institution that provides services such as a accepting deposits and giving business loans.

商业抵押作担保的证券　

Commercial Mortgage Backed Security (CMBS)

Similar to a Mortgage Backed Security, but secured by loans with commercial instead of residential property.

商业票据

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.

商品

Commodity

Any bulk good traded on an exchange or in the cash market.

商品期货交易委员会

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).

商誉

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.

商人银行

Merchant Bank

A bank which deals mostly in (but is not limited to) international finance, long term loans to companies, and underwriting. Merchant banks do not provide normal banking services to the general public.

上市证券

Listed Security

Securities that have been accepted for trading purposes by a recognized and regulated exchange.

上市公司

Public Company

A company that has issued securities through an offering which are now traded on the open market.

少数权益

Minority Interest

A significant, but non-controlling, outside ownership interest in a company/subsidiary that is consolidated with the parent for financial reporting purposes

涉漏消息

Leakage

A release of information to certain people before the official public announcement.

申报不足

Under Reporting

An illegal practice where a person under states their taxable income.

审计

Audit

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).

审计师报告

Auditor's Report

Recorded in the annual report, it tests to see that corporation's financial statements comply with GAAP.

升值

Appreciation

The increase in value of an asset.

生产毛利率

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

Gross Processing Margin (GPM)

The difference between the cost of a raw commodity and the income it generates once sold as a finished product.

生产价格指数

Producer Price Index (PPI)

A family of indexes that measures the average change over time in selling prices received by domestic producers of goods and services. PPIs measure price change from the perspective of the seller.

生产力

Productivity

A measure of the amount of output per unit of input.

石油输出国组织、欧佩克

OPEC

An intergovernmental organization dedicated to the stability and prosperity of the petroleum market. OPEC membership is open to any country that is a substantial exporter of oil and shares the ideals of the organization.

石油输出国组织、欧佩克

Organization of Petroleum Exporting Countries (OPEC)

时间加权回报率

Time-Weighted Rate of Return

A measure of the compound rate of growth in a portfolio. Because this method eliminates the distorting effects created by inflows of new money, it is used to compare the returns of investment managers.
When calculating, the effect of varying cash inflows is eliminated by assuming a single investment at the beginning of a period and measuring the growth or loss of market value to the end of that period.

实际回报

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.

实付开支

Out of Pocket Expenses

An expense that an individual incurs for either business or personal usage. These expenses are tax deductible.

实物支付债券

Payment in Kind Bond (PIK)

A type of bond that pays interest in additional bonds, as opposed to cash payouts.

实际资产

Real Asset

Physical or identifiable assets such as gold, land, equipment, patents, etc. They are the opposite of a financial asset.

实际利率

Real Interest Rate

The excess of the interest rate over the inflation rate. The real rate of interest is approximately calculated by taking the nominal interest rate and subtracting inflation.

实际回报率

Real Rate of Return

The annual percentage return realized on an investment adjusted for changes in the price level due to inflation or deflation.

实现损失

Realized Loss

A loss recognized when assets are sold for a price lower than the original purchase price

实现利润

Realized Profit

A gain realized upon liquidation of assets that results from receiving a price higher than the original purchase price.

18定律

Rule of 18

A rule whereby the sum of the inflation rate 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 market is expected to increase.

使用权税、专利权税

Royalty

A payment to an owner for the use of property, especially patents, copyrighted works, franchises, or natural resources.

世界贸易组织

WTO

An international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably, and freely as possible.

世界贸易组织

World Trade Organization (WTO)

An international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably, and freely as possible.

市场泡沫

Bubble

A speculative market or stock in which the values rise very rapidly and then fall sharply.

市场

Market

Typically refers to the equity market where stocks are traded, but can also refer to the bond, options, or commodity market.
People with the desire and ability to buy a specific product.

市场套利

Market Arbitrage

Purchasing and selling the same security at the same time in different markets to take advantage of a price difference between the two separate markets.

市价订单

Market Order

An order to buy or sell a stock immediately at the best available current price. A market order guarantees execution.

市场风险

Market Risk

The day to day potential for an investor to experience losses from fluctuations in securities prices.

市场风险溢价

Market Risk Premium

The difference between the expected return on a market portfolio and the risk-free rate.

市场细分

Market Segmentation

A marketing term describing the aggregating of prospective buyers into groups (segments) that have common needs and will respond similarly to a marketing action

市场情绪

Market Sentiment

The feeling or tone of a market. It is shown by the activity and price movement of the securities.

市场价值

Market Value

The current quoted price at which investors buy or sell a share of common stock or a bond at a given time.
Sometimes referred to as total market value, the market capitalization plus the market value of debt.

市场增值

Market Value Added (MVA)

The difference between the market value of a company (both equity and debt) and the capital contributed by investors.

市政债券

Municipal Bond

A debt security issued by a state, municipality, or county, in order to finance its capital expenditures. Municipal bonds are exempt from federal taxes and from most state and local taxes, especially if you live in the state the bond is issued.

市政债券基金

Municipal Bond Fund

A mutual fund that invests in municipal bonds, operating either as an investment trust or as an open-end fund.

市政可转换证券

Municipal Convertible

A zero-coupon municipal bond that can be converted into an interest-bearing bond under certain circumstances.

市盈率

P/E Ratio

valuation ratio of a company's current share price compared to its per-share earnings.
Calculated as:
Market Value per Share
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Earnings per Share (EPS)
EPS is usually from the last four quarters (trailing P/E), but sometimes can be taken from the estimates of earnings expected in the next four quarters (projected or forward P/E). A third variation is the sum of the last two actual quarters and the estimates of the next two quarters. '

市盈率与增长比率

PEG Ratio

A ratio used to determine a stock's value while taking into account earnings growth. The calculation is as follows:
Price/Earnings Ratio
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
Annual EPS Growth

市盈率

Price-Earnings Ratio

市盈率与增长比率

PEG Ratio

市盈率与增长及股息比率

PEGY Ratio

A variation of the PEG ratio where a stock's P/E ratio is divided by its projected earnings growth rate and dividend yield.

收购

Acquisition

When one company purchases a majority interest in the acquired.

收购溢价

Acquisition Premium

The difference between the actual cost for acquiring a target firm versus the estimate made of its value before the acquisition.

收盘后交易

After Hours Trading

Trading after regular trading hours on the major exchanges.

收盘铃后

After The Bell

After the close of the stock market.

收支平衡点

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.

收购

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.

收盘、交易结束

Closing

The end of a trading session. The closing price is what's quoted in the newspaper.
The final procedure in a home sale, documents are signed and recorded. This is the time when the property ownership is transferred.

收盘铃

Closing Bell

A bell that rings to signify the end of a trading session.

收益

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.

收入

Income

Money received by a person or organization because of effort (work) or from return on investments.

收益基金

Income Fund

A mutual fund that seeks to provide stable current income by investing in securities that pay interest or dividends.

收益股票

Income Stock

Stocks with a history of regular dividend payments that contribute to the largest portion of the stock's overall return.

收入回报率

Return On Revenue (ROR)

A measure of a corporation's profitability, calculated as net income divided by revenue.
Net Income
_{‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾}
Revenue

收购

Takeover

When an acquiring company makes a bid for an acquiree. If the target company is publicly traded, the acquiring company will make an offer for the outstanding shares.

收益率

Yield

A measure of the income generated by a bond, it is calculated as the amount of interest paid on a bond divided by the price.
The rate of return on an investment, usually expressed as an annual percentage rate.

首席行政官

CEO

This is the senior manager who is responsible for overseeing the activities of an entire company.

首席财务官

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.

首席营运官

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.

首席行政官

Chief Executive Officer

This is the senior manager who is responsible for overseeing the activities of an entire company.

首席财务官

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.

首席营运官

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.

首次公开上市

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.

首期保证金

Initial Margin

The percentage of the purchase price of securities that can be purchased on margin.

首次公开上市

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.

首次公开上市锁定期、禁售期

IPO Lock-up

A legally binding contract between the underwriters and insiders of the company undergoing an initial public offering (IPO). The contract prevents them from selling any shares of stock for a specified period of time.

寿司债券

Sushi Bond

A Eurobond that is issued by a Japanese issuer and does not count against a Japanese institution's limits on the holdings of foreign securities.

受扶养人士

Dependent

A person who relies on someone else for financial support. The taxpayer supporting the dependent is allowed to claim dependency exemptions.

售出清理

Sell-Out

When a broker or investor buying stocks has failed to settle the trade in a timely matter and, consequently, the broker can forcibly sell the securities on the investors behalf.

授权股份

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.

受益者

Beneficial Owner

A person or firm that benefits from owning an asset even though they are not registered as a shareholder.

受益方

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.

受托人

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.

受损的资产

Impaired Asset

An asset with a market value that is worth less than its book value.

受损的信贷

Impaired Credit

The deterioration of a borrower's credit rating.

授权书

Power of Attorney

Giving someone the ability to act on your behalf in specific instances

受监管投资公司

Regulated Investment Company (RIC)

A mutual fund or real estate investment trust that is eligible to pass the taxes on capital gains, dividends, or interest payments onto the clients or individual investors.

受托人

Trustee

An individual who holds or manages assets for the benefit of another.

赎回

Redemption

The return of an investor's principal in a security, such as a stock, bond, or mutual fund.

数据探索

Data Mining

A type of database application that looks for hidden patterns in large groups of data.

双重收费

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.

双谷经济衰退

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.

双重征税

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.

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.

税后营运收入

After Tax Operating Income - ATOI

A company's total operating income after taxes. Calculated by deducting taxes from total operating income.

税后利润率

After Tax Profit Margin

The ratio calculated by taking net income after taxes and dividing it by net sales.

税后现金流

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.

税前盈利

EBT

An indicator of a company's financial performance calculated as:
Revenue - Expenses (excluding tax)

税后净营运利润

Net Operating Profit After Tax (NOPAT)

A company's potential cash earnings if its capitalization was unleveraged (that is, if it had no debt). NOPAT is frequently used in economic value added (EVA) calculations.
Calculated as:
NOPAT = operating income x (1 - Tax rate)

税务调整净营运利润

Net Operating Profit Less Adjusted Taxes (NOPLAT)

Total operating profits for a firm with adjustments made for taxes.

税盾

Tax Shield

The reduction in income taxes that results from taking an allowable deduction from taxable income.

私人银行

Private Banking

Beyond just providing credit or managing investments, private banking addresses your entire financial situation. Services include everything from protecting and growing your assets in the present, to planning retirement and passing wealth on to future generations.

私人公司

Private Company

A company whose ownership is private and, thus, do not need to meet the strict SEC filing requirements of public companies.

私人股本

Private Equity

When equity capital is made available to companies or investors, but not quoted on a stock market. The funds raised through private equity can be used to develop new products and technologies, to expand working capital, to make acquisitions, or to strengthen a company抯 balance sheet.

私人投资公开股票　

Private Investment, Public Equity (PIPE)

This is when a private investment or mutual fund buys common stock for a company at a discount to the current market value per share.

私募

Private Placement

Raising of capital via private rather than public placement. The result is the sale of securities to a relatively small number of investors.

速动资产

Quick Assets

Assets that can be easily be converted into cash or are already in cash form. It is calculated as current assets minus inventories.

速动比率

Quick Ratio

An indicator of a company's financial strength. It is calculated by subtracting inventories from current assets, then dividing by current liabilities. This is also known as the Acid Test.

酸性测试比率

Acid Test

A stringent test tha