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高盛高华财经词典 ─ 汉英对照

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中文词句
English Terms
English Definitions
发行备忘录 Offering Memorandum A legal document stating the objectives, risks, and terms of investment involved with a private placement.
发行成本 Flotation Cost The costs associated with the issuance of new securities.
发行人 Issuer The entity, such as a corporation or municipality, that offers (or proposes to offer) its securities for sale.
发行、上市 Flotation The process of changing a private company into a public company by issuing shares and soliciting the public to purchase them.
发行说明书 Offering Circular An abbreviated prospectus for a new security listing. Delivered to individuals and brokerage houses, these documents are issued to arouse interest in the new issue.
发展阶段 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.
法定人数 Quorum The minimum acceptable level of individuals with a vested interest in a company needed to make the proceedings of a meeting valid under the corporate charter.
反垄断法 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.
反收购措施 Anti-takeover Measure Measures taken on a continual or sporadic basis by a firm's management in order to prevent or deter unwanted takeovers.
反收购法规 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.
反摊薄条款 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.
反通货膨胀 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 company.
范畴经济 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.
防御性投资 Defensive Buy An investment that is an attractive buy because it is low risk, not because of its return potential.
防御性投资策略 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.
房地产 Real Estate Real estate that generates income.
房地产代理 Real Estate Agent A person with a state/provincial license to represent a buyer or a seller in a real estate transaction in exchange for a commission. Most agents work for real estate brokers or realtors.
房地产抵押 Mortgage A loan, secured by the collateral of some specified real estate property, in which the borrower is obligated to make a predetermined set of payments to repay the loan.
房地产抵押银行家 Mortgage Banker The lender in a mortgage contract, or the one making the loan directly
房地产投资信托 REIT A security that sells like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages.
REITs receive special tax considerations, and typically offer investors high yields as well as a highly liquid method of investing in real estate.
房地产投资信托 Real Estate Investment Trust (REIT) A security that sells like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages.
REITs receive special tax considerations, and typically offer investors high yields as well as a highly liquid method
放宽管制 Deregulation The reduction or elimination of government power within a particular industry. Deregulation is usually enacted to create more competition within an industry.
非经常项目 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.'
非经常开支 Nonrecurring Charge An expense occurring only once on a company's financial statement.
非劳动收入 Unearned Income Any income that comes from investments and other sources unrelated to employment services.
非牟利机构 Non-Profit Organization An association that is given tax free status. Donations to a non-profit organization are often tax deductible as well.
非强制买回保障 Soft Call Protection A feature added to convertible fixed-income and debt securities. The provision dictates that a premium will be paid by the issuer if early redemption occurs.
非营运资产 Non-Operating Asset Assets that are unnecessary to the ongoing operations of a business.
非营运现金流 Non-Operating Cash Flows Cash inflows and outflows related to non-current investments, financing, and dividends.
分拆上市 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 Demerger A corporate strategy to sell off subsidiaries or divisions of a company.
分拆、出售资产 Divestiture Refers to the sale of a subsidiary company, also called "spin-off."
分拆 Spinoff A new, independent company created through selling or distributing new shares for an existing part of another company.
分拆收购 Unbundling Taking over a large company with several different lines of business and retaining the core business while selling off the subsidiaries to help fund the takeover.
分股 Stock Split The division of a company's existing stock into more shares. In a 2-for-1 split, each stockholder would receive an additional share for each share formerly held.
分级股票 Classified Shares The separation of company equity into more than one class of common shares, usually called "Class A" and "Class B."
分期偿还债务 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.
分析员 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.
风险 Risk The chance that an investment's actual return will be different than expected. This includes the possibility of losing some or all of the original investment. It is usually measured using the historical returns or average returns for a specific investment.
风险价值 Value at Risk (VAR) A technique for estimating the probability of portfolio losses exceeding some specified price.
风险容忍度 Risk Tolerance The degree of uncertainty that an investor can handle in regards to a negative change in the value of their portfolio.
风险调整贴现率 Risk Adjusted Discount 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 Adjusted Return 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 Adjusted Return 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.
风险资本要求 Risk Based Capital Requirement A stated requirement of liquid reserves placed upon banks and institutions that deal in risky ventures.
风险资本 Risk Capital The money that a person allocates to investments in high risk securities
浮息票据 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.
付款交割 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.
负抵押条款 Negative Pledge Clause A negative covenant in an indenture, it states that the corporation will not pledge any of its assets if doing so would give the lenders less security.
负面发展的可能性 Downside The potential dollar amount by which the market or a stock could fall.
负面风险 Downside Risk An estimation of a security's potential to suffer a decline in price if the market conditions turn bad.
负面契约 Negative Covenant A bond covenant that prevents certain activities, unless agreed to by the bondholders.
负商誉 Negative Goodwill A gain occurring when the price paid for an acquisition is less than the fair value of its net assets.
负所得税 Negative Income Tax A taxation system where income subsidies are given to persons or families that are below the poverty line.
负盈利 Negative Carry A transaction where the cost of financing exceeds the yield earned in a securities or financial futures position.
负债比率 Debt Ratio A ratio calculated by taking total debts and dividing by total assets.
负债比率 Gearing Ratio A general term given to leverage ratios that express the capital for a firm.
负债收购 LBO A strategy involving the acquisition of another company using borrowed money (bonds or loans). The acquiring company uses its own assets as collateral for the loan in hopes that the future cash flows will cover the loan payments.
负债收购 Leveraged Buyout (LBO) A strategy involving the acquisition of another company using borrowed money (bonds or loans). The acquiring company uses its own assets as collateral for the loan in hopes that the future cash flows will cover the loan payments.
负债 Liability A legal debt or obligation estimated via accrual accounting. Recorded on the balance sheet, current liabilities are debts payable within one year, while long-term liabilities are debts payable over a longer period.
附股息 Cum Dividend When a buyer of a security is entitled to receive a dividend that has been declared, but not paid.
附加费 Surcharge An added charge, cost, or tax.
复合年均增长率 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.


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