公司理财BondMarketandAlternativeInvestmentRules.ppt
证券行业英语词汇
股票与证券行业英语词汇share, equity, stock 股票、股权bond, debenture, debts 债券negotiable share 可流通股份convertible bond 可转换债券treasury/government bond 国库券/政府债券corporate bond 企业债券closed-end securities investment fund 封闭式证券投资基金open-end securities investment fund 开放式证券投资基金fund manager 基金经理/管理公司fund custodian bank 基金托管银行market capitalization 市值p/e ratio 市盈率(price/earning)mark-to-market 逐日盯市payment versus delivery 银券交付clearing and settlement 清算/结算commodity/financial derivatives 商品/金融衍生产品put / call option 看跌/看涨期权margins, collateral 保证金rights issue/offering 配股bonus share 红股dividend 红利/股息ADR 美国存托凭证/存股证(American Depository Receipt) GDR 全球存托凭证/存股证(Global Depository Receipt) retail/private investor 个人投资者/散户institutional investor 机构投资者broker/dealer 券商proprietary trading 自营insider trading/dealing 内幕交易market manipulation 市场操纵prospectus 招股说明书IPO 新股/初始公开发行(Initial Public Offering) merger and acquisition 收购兼并All Ordinaries Index （澳大利亚）股市指数Amex(American Stock Exchange) 美国股票交易所amortize 摊提，分期偿还债务annuity 年金享受权asking price 卖主的开叫价assess 对（财产等）进行估价，确定（款项）的金额back 拖欠的bad loan 呆账，坏账bailout 帮助……摆脱困境balloon （分期付款中）最后数目特大的一笔barometer 晴雨表，[喻]标记，指标basis point 基点（一个百分点的百分之一）bear markets 熊市blue-chip （股票等）热门的，（在同行中）最赚钱的forex foreign exchangebond 债券，公债bourse 交易所，证券交易所bull markets 牛市bullish 牛市的bunji-change 快速的大幅度变化CAC-40 Index （法国）股市指数CD(certificate-of-deposit) 大额存款单Chicago Mercantile Exchange 芝加哥商业交易所Consumer Price Index 消费者价格指数contagion 蔓延correction 调整coupon rate 券根利率CTA(Commodities Trading Advisor) 农矿产品交易顾问Currency board 货币委员会DAX index （法兰克福）德国股市指数dead loan 死帐delist 从上市证券表中除名derivatives 衍生金融商品（由利率或债券、外汇或汇率以及股票或股价指数等现货市场衍生出来，主要有期货futures、期权option trading 与掉期swap三种类型，品种多达100余种。
基金英语词汇
主动式管理Active ManagementCalmar 比率Calmar RatioSharpe比率Sharpe RatioSortino比率Sortino Ratio入息基金Income Fund子基金Baby Funds/Underlying Funds已调整风险回报Risk-adjusted Return互惠基金Mutual Fund公积金计划Pension Plan分散投资Diversification主要经纪Prime Broker可换股债券套戥Convertible Bond Arbitrage 另类投资Alternative Investment市场中立Market Neutral平均成本效益Dollor-cost Averaging再投资Reinvestment合并套戥Merger Arbitrage地区基金Regional Fund如计划为伞子基金Umbrella Fund有限责任Limited Liability自愿性供款Voluntary Contributions行业/主题基金Sector/Theme Fund价值型管理value均衡基金Balanced Funds投资年期Time Horizon投资组合Portfolio投资顾问Investment Adviser杠杆Leverage/Gearing杠杆借贷比率Leverage Ratio每日估值Daily Valuation每年回报Annual Return供款Contribution受压/ 濒临破产的证券Distressed Securities 定息工具套戥Fixed Income Arbitrage定息基金Fixed-income Fund承受风险能力Risk Tolerance注册地Domicile沽空Short Selling波幅Volatility股份Share股息分派Dividened Distributions股票基金Equity Fund表现费Performance Fees阿尔法系数Alpha 非认可基金Unauthorised Fund信托人Trustee保本对冲基金Capital Guaranteed Hedge Funds 封闭式基金Closed-end Fund界定利益计划Defined Benefit Plan界定供款计划Defined Contribution Plan相关系数Correlation重大事件主导的投资Event Driven/Special Situations首次认购费Front-end Fee套戥Arbitrage效率前缘Efficient Frontier高收益High Yield基金公会HKIFA基金经理Fund Manager基金销售文件Prospectus基准Benchmarks被动式管理Passive Management离岸基金Offshore Fund最大跌幅Maximum Drawdown揣测最佳时机Market Timing期货管理型基金Managed Futures短仓/淡仓Short Position跌势差Downside Deviation雇主供款Employer Contribution雇员供款Employee Contribution新高价High-On-High Basis新兴市场Emerging Markets新兴市场基金Emerging Markets Fund管理费ManagemantFee增长和收入基金Growthand Income Fund严格评估Due Diligence买入价Bid Price买卖差价Bid-offer Spread传统基金Traditional Fund债券基金Bond Fund单一对冲基金Single Strategy Hedge Fund单位Unit单位信托基金Unit Trust卖出价Offer Price奖励费Incentive Fees对冲Hedge对冲基金Hedge Fund对冲基金的基金Fund Of Hedge Funds (FoHFs)对冲基金指引Hedge Funds Guidelines开放式基金Open-end Fund强制性供款Mandatory Contributions强积金Mandatory Provident Fund Scheme-MPF 总回报Total Return标准差Standard Deviation毕苏期权定价模式Black-Scholes环球宏观Macro Funds环球基金Global Fund绝对回报Absolute Return认可基金Authorised Funds认沽期权Put Option/Put认股权证基金Warrant Fund认购期权Call Option/Call证券借出Stock Lending贝他系数Beta资产分配Asset Allocation资产净值NetAsset value-NAV赎回Redemption赎回通知期Redemption Notice Period赎回费Redemption Fee赎回费/ 买入费Redemption Price / Bid Price进取型的投资管理Aggressive Growth进取型增长基金Aggressive Growth Fund长/ 短仓持股Long/Short Equity长仓/ 好仓/ 持货Long Position预设回报率Hurdle Rate1，国家高技术研究发展计划资助项目（863计划）National High Technology Research and Development Program of China (863 Program)2，国家自然科学基金资助项目National Natural Science Foundation of ChinaGeneral Program(面上项目), Key Program(重点项目), Major Program（重大项目）3，国家“九五”攻关项目National Key Technologies R & D Program of China during the 9th Five-Year Plan Period 4，中国科学院“九五”重大项目Major Programs of the Chinese Academy of Sciences during the 9th Five-Year Plan Period5，中国科学院重点资助项目Key Programs of the Chinese Academy of Sciences6，“九五”国家医学科技攻关基金资助项目the National Medical Science and Technique Foundation during the 9th Five-Year Plan Period7，江苏省科委应用基础基金资助项目Applied Basic Research Programs of Science and Technology Commission Foundation of Jiangsu Province8，国家教育部博士点基金资助项目Ph.D. Programs Foundation of Ministry of Education of China9，中国科学院上海分院择优资助项目Advanced Programs of Shanghai Branch, the Chinese Academy of Sciences10，国家重点基础研究发展规划项目(973计划）Major State Basic Research Development Program of China (973 Program)11，国家杰出青年科学基金National Science Fund for Distinguished Young Scholars12，海外香港青年学者合作研究基金Research Fund for Young Scholars in Hong Kong and Abroad各项基金资助书写格式1，中国科学院基金资助Supported by Science Foundation of The Chinese Academy of Sciences2，中国科学院九五重大项目资助Supported by Major Subject of The Chinese Academy of Sciences3，中国科学院院长基金特别资助Supported by Special Foundation of President of The Chinese Academy ofSciences4，中国科学院国际合作局重点项目资助Supported by Bureau of International Cooperation, The Chinese Academy of Sciences5，中国科学院百人计划经费资助Supported by 100 Talents Programme of The Chinese Academy of Sciences Supported by One Hundred Person Project of The Chinese Academy of Sciences6，中国科学院知识创新工程重大项目资助Supported by Knowledge Innovation Project of The Chinese Academy of SciencesSupported by Knowledge Innovation Program of The Chinese Academy of Sciences7，中国科学院西部之光基金资助Supported by West Light Foundation of The Chinese Academy of Sciences8，北京正负电子对撞机国家实验室重点课题资助Supported by BEPC National Laboratory 9，兰州重离子加速器国家实验室原子核理论中心基金资助Supported by Center of Theoretical Nuclear Physics, National Laboratory of Heavy Ion Accelerator of Lanzhou10，国家自然科学基金资助Supported by National Natural Science Foundation of China11，国家自然科学基金重大项目资助Supported by Major Program of National Natural Science Foundation of China 12，国家自然科学基金国际合作与交流项目Supported by Projects of International Cooperation and Exchanges NSFC 13，国家重点基础研究发展规划项目资助(973计划项目)Supported by Major State Basic Research Development Program Supported by China Ministry of Science and Technology under Contract Supported by State Key Development Program of (for) Basic Research of China14，国家高技术研究发展计划(863计划)资助Supported by National High Technology Research and Development Program of China15，国家重大科学工程二期工程基金资助Supported by National Important Project on Science-Phase Ⅱof NSRL16，国家攀登计划—B课题资助Supported by National Climb—B Plan 17，国家杰出青年科学基金资助Supported by National Natural Science Funds for Distinguished Young Scholar 18，国家科技部基金资助Supported by State Commission of Science Technology of China（科委）Supported by Ministry of Science and Technology of China19，中国博士后科学基金Supported by China Postdoctoral Science Foundation20，海峡两岸自然科学基金共同资助Supported by Science Foundation of Two sides of Strait21，核工业科学基金资助Supported by Science Foundation of Chinese Nuclear Industry22，国家教育部科学基金资助Supported by Science Foundation of The Chinese Education Commission (教委)Supported by Science Foundation of Ministry of Education of China23，国家教育部博士点专项基金资助Supported by Doctoral Fund of Ministry of Education of China24，国家教育部回国人员科研启动基金资助Supported by Scientific ResearchFoundation for Returned Scholars, Ministry of Education of China25，国家教育部优秀青年教师基金资助Supported by Science Foundation for The Excellent Youth Scholars of Ministry of Education of China26，高等学校博士学科点专项科研基金资助Supported by Research Fund for the Doctoral Program of Higher Education of ChinaSupported by Doctoral Program Foundation of Institutions of Higher Education of China27，黑龙江省自然科学基金资助Supported by Natural Science Foundation of Heilongjiang Province of China28，湖北省教育厅重点项目资助Supported by Educational Commission of Hubei Province of China29，河南省杰出青年基金资助Supported by Excellent Youth Foundation of He’nan Scientific Committee30，河南省教育厅基金资助Supported by Foundation of He’nan Educational Committee31，山西省青年科学基金资助Supported by Shanxi Province Science Foundation for Youths32，山西省归国人员基金资助Supported by Shanxi Province Foundation for Returness33，北京市自然科学基金资助Supported by Beijing Municipal Natural Science Foundation34，上海市科技启明星计划资助Supported by Shanghai Science and Technology Development Funds35，华北电力大学青年科研基金资助Supported by Youth Foundation of North-China Electric Power University 36，华中师范大学自然科学基金资助Supported by Natural Science Foundation of Central China Normal University37，东南大学基金资助Supported by Foundation of Southeast of University38，西南交通大学基础学科研究基金资助Supported by Foundation Sciences Southwest Jiaotong University39，日本科学技术厅科学家交流项目Supported by Japan STA Scientist Exchange ProgramCAC-40 Index 法国巴黎CAC-40指数Dow Jones industrial average（DJIA）道琼斯工业指数Frankfurt DAX Index 德国法兰克福DAX指数London's FTSE 100 英国伦敦金融时报指数NASDAQ，National Association of Securities Deal Automated Quotations 那斯达克英Nikkei Index 日经指数NYSE，New York Stock Exchange 纽约证券交易所Paris Bourse 巴黎证券交易所the Russell 2000 拉塞尔2000指数the Standard and Poor's 500 标准普尔500指数英a bear market熊市a bull market牛市bench mark指标blue chip绩优股bonus share 红股英component index成份指数convertible bond可转换债券core / non-core assets 核心/非核心资产corporate bond企业债券debt-for-equity swap 债权转股权英deceptive accounting 虚假帐务earning report 业绩报表financial irregularities /improprieties 金融违规行为financial reorganization 金融重组financial statement 财务报表英fund custodian bank基金托管银行fund manager基金经理/管理公司high-tech sector高科技板块income statement 损益表industrial stock工业股票英inflate profits 虚报盈利listed company / delisted company 上市公司/被摘牌的公司record high （股票指数）创历史新高（3）ed chips红筹股return on equity股本回报率英share, equity, stock 股票、股权bond, debenture, debts 债券negotiable share 可流通股份convertible bond 可转换债券treasury /government bond 国库券/政府债券英corporate bond 企业债券closed-end securities investment fund 封闭式证券投资基金open-end securities investment fund 开放式证券投资基金fund manager 基金经理/管理公司fund custodian bank 基金托管银行英market capitalization 市值p/e (price/earning) ratio 市盈率mark-to-market 逐日盯市payment versus delivery 银券交付clearing and settlement 清算/结算英commodity/financial derivatives 商品/金融衍生产品put / call option 看跌/看涨期权margins, collateral 保证金rights issue/offering 配股bonus share 红股英dividend 红利/股息ADR(American Depository Receipt)美国存托凭证/存股证GDR(Global Depository Receipt) 全球存托凭证/存股证retail / private investor 个人投资者/散户institutional investor 机构投资者英broker/dealer 券商proprietary trading 自营insider trading/dealing 内幕交易market manipulation 市场操纵prospectus招股说明书英IPO(Initial Public Offering)新股/初始公开发行merger and acquisition收购兼并the big board 大盘the ups and downs of the stock market股市行情treasury/government bond国库券/政府债券英。
公司理财BondMarketandAlternativeInvestmentRules(3)
© Professor Ho-Mou Wu
Corporate Finance
3-3
3.2 The Term Structure of Interest Rates
From bond prices, we can compute yields yn , plot the “yield
curve”, and compute the implied forward rates,
© Professor Ho-Mou Wu
Corporate Finance
3-0
3.1 Valuation of Bonds
Example 1：
Suppose we observe the following bond prices for default-free zero coupon bonds (pure discount bond, with face value $1,000)：
Can we use forward rates fn to forecast future short-term interest rates in, also called “short rates”？ Assume that the investment horizon is one year, and investors are risk neutral.
%
fn
.
implied
10
“forward rates”
8
yield curve or
“spot rates”
6
4
2
© Professor Ho-Mou Wu
1
2
3
4
Yield Curve
资本成本、公司理财和投资理论
读《资本成本、公司理财和投资理论》对于现代金融学来说，投资组合理论、MM定理、CAPM和APT是其赖以发展的基石.我们小组研读的这篇《资本成本、公司理财和投资理论》由莫迪格里尼和米勒于1958年发表于《美国经济评论》，在这篇文章中,作者提出：在一定的条件下，企业无论以负债筹资还是以权益资本筹资都不影响企业的市场总价值。
因为,如果企业偏好债务筹资,债务比例相应上升，企业的风险随之增大，股票价格就会下降。
企业从债务筹资上得到的好处会被股票价格的下跌所抹掉,从而导致企业的总价值（股票加上债务）不变。
企业以不同的方式筹资只是改变了企业的总价值在股权者和债权者之间分割的比例，却不改变企业价值的总额.这就是被誉为现代金融学benchmark之一的“MM定理”。
一、问题的提出本文开篇，作者就提出了“什么是资本成本”的问题。
从资本成本的角度出发考虑公司理性决策问题。
而这一问题的衡量标准有两个①利润最大化；②公司价值最大化。
作者首先详细分析了传统理论中关于资本成本影响理性公司投资决策的研究中，没有考虑风险因素而带来的种种不足：不考虑风险则两大衡量标准一致，都是在投资收益率高于等于利率时投资,债务融资和股权融资的资本成本都等于债券利率。
作者指出，传统分析方法如采用确定性等价的近似分析法——在期望收益中加上风险折现（或在市场利率的基础上加上风险溢价）——在微观层面上的价值很小。
考虑风险因素时，采用利润最大化标准的思路无法解决很多问题※，因而作者提出应当选用市场价值最大化作为衡量公司投资决策是否理性的标准。
由这个标准出发考虑资本成本,进一步研究公司的资本结构与公司价值之间的关系。
基于市场价值最大化,可以提供一个可以操作的资本成本的定义和可行的投资理论。
在这种方法下，任何投资项目和相关的融资计划仅需要考虑:该融资项目是否能增加公司股票的市场价值。
这种思路完全独立于当前所有者的偏好，很好的解决了利润最大化无法解决的问题。
二、本文的基本思路和前提假设论文的第一部分是基本理论本身（命题1和命题2)和相关经验性的简介。
证券、基金及投资类英文词汇
主动式管理 Active ManagementCalmar ⽐率 Calmar RatioSharpe⽐率 Sharpe RatioSortino⽐率 Sortino Ratio⼊息基⾦ Income Fund⼦基⾦ Baby Funds/Underlying Funds已调整风险回报 Risk-adjusted Return互惠基⾦ Mutual Fund公积⾦计划 Pension Plan分散投资 Diversification主要经纪 Prime Broker可换股债券套戥 Convertible Bond Arbitrage另类投资 Alternative Investment市场中⽴ Market Neutral平均成本效益 Dollor-cost Averaging再投资 Reinvestment合并套戥 Merger Arbitrage地区基⾦ Regional Fund如计划为伞⼦基⾦ Umbrella Fund有限责任 Limited Liability⾃愿性供款 Voluntary Contributions⾏业/主题基⾦ Sector/Theme Fund价值型管理 value均衡基⾦ Balanced Funds投资年期 Time Horizon投资组合 Portfolio投资顾问 Investment Adviser杠杆 Leverage/Gearing杠杆借贷⽐率 Leverage Ratio每⽇估值 Daily Valuation每年回报 Annual Return供款 Contribution受压 / 濒临破产的证券 Distressed Securities定息⼯具套戥 Fixed Income Arbitrage定息基⾦ Fixed-income Fund承受风险能⼒ Risk Tolerance注册地 Domicile沽空 Short Selling波幅 Volatility股份 Share股息分派 Dividened Distributions股票基⾦ Equity Fund表现费 Performance Fees阿尔法系数 Alpha⾮认可基⾦ Unauthorised Fund信托⼈ Trustee保本对冲基⾦ Capital Guaranteed Hedge Funds 封闭式基⾦ Closed-end Fund界定利益计划 Defined Benefit Plan界定供款计划 Defined Contribution Plan相关系数 Correlation重⼤事件主导的投资 Event Driven/Special Situations ⾸次认购费 Front-end Fee套戥 Arbitrage效率前缘 Efficient Frontier⾼收益 High Yield基⾦公会 HKIFA基⾦经理 Fund Manager基⾦销售⽂件 Prospectus基准 Benchmarks被动式管理 Passive Management离岸基⾦ Offshore Fund跌幅 Maximum Drawdown揣测时机 Market Timing期货管理型基⾦ Managed Futures短仓 /淡仓 Short Position跌势差 Downside Deviation雇主供款 Employer Contribution雇员供款 Employee Contribution新⾼价 High-On-High Basis新兴市场 Emerging Markets新兴市场基⾦ Emerging Markets Fund管理费 ManagemantFee增长和收⼊基⾦ Growthand Income Fund严格评估 Due Diligence买⼊价 Bid Price买卖差价 Bid-offer Spread传统基⾦ Traditional Fund债券基⾦ Bond Fund单⼀对冲基⾦ Single Strategy Hedge Fund单位 Unit单位信托基⾦ Unit Trust卖出价 Offer Price奖励费 Incentive Fees对冲 Hedge对冲基⾦ Hedge Fund对冲基⾦的基⾦ Fund Of Hedge Funds (FoHFs)对冲基⾦指引 Hedge Funds Guidelines开放式基⾦ Open-end Fund强制性供款 Mandatory Contributions强积⾦ Mandatory Provident Fund Scheme-MPF总回报 Total Return标准差 Standard Deviation毕苏期权定价模式 Black-Scholes环球宏观 Macro Funds环球基⾦ Global Fund绝对回报 Absolute Return认可基⾦ Authorised Funds认沽期权 Put Option/Put认股权证基⾦ Warrant Fund认购期权 Call Option/Call证券借出 Stock Lending贝他系数 Beta资产分配 Asset Allocation资产净值 NetAsset value-NAV赎回 Redemption赎回通知期 Redemption Notice Period赎回费 Redemption Fee赎回费 / 买⼊费 Redemption Price / Bid Price进取型的投资管理 Aggressive Growth进取型增长基⾦ Aggressive Growth Fund长 / 短仓持股 Long/Short Equity长仓 / 好仓 / 持货 Long Position预设回报率 Hurdle RateCAC-40 Index 法国巴黎CAC-40指数Dow Jones industrial average（DJIA）道琼斯⼯业指数Frankfurt DAX Index 德国法兰克福DAX指数London's FTSE 100 英国伦敦⾦融时报指数NASDAQ，National Association of Securities Deal Automated Quotations 那斯达克英Nikkei Index ⽇经指数NYSE，New York Stock Exchange 纽约证券交易所Paris Bourse 巴黎证券交易所the Russell 2000 拉塞尔2000指数the Standard and Poor's 500 标准普尔500指数英a bear market熊市a bull market⽜市bench mark指标blue chip绩优股bonus share 红股英component index成份指数convertible bond可转换债券core / non-core assets 核⼼/⾮核⼼资产corporate bond 企业债券debt-for-equity swap 债权转股权英deceptive accounting 虚假帐务earning report 业绩报表financial irregularities /improprieties ⾦融违规⾏为financial reorganization ⾦融重组financial statement 财务报表英fund custodian bank 基⾦托管银⾏fund manager 基⾦经理/管理公司high-tech sector⾼科技板块income statement 损益表industrial stock⼯业股票英inflate profits 虚报盈利listed company / delisted company 上市公司/被摘牌的公司record high （股票指数）创历史新⾼red chips红筹股return on equity股本回报率英share, equity, stock 股票、股权bond, debenture, debts 债券negotiable share 可流通股份convertible bond 可转换债券treasury /government bond 国库券/政府债券英corporate bond 企业债券closed-end securities investment fund 封闭式证券投资基⾦open-end securities investment fund 开放式证券投资基⾦fund manager 基⾦经理/管理公司fund custodian bank 基⾦托管银⾏英market capitalization 市值p/e (price/earning) ratio 市盈率mark-to-market 逐⽇盯市payment versus delivery 银券交付clearing and settlement 清算/结算英commodity/financial derivatives 商品/⾦融衍⽣产品put / call option 看跌/看涨期权margins, collateral 保证⾦rights issue/offering 配股bonus share 红股英dividend 红利/股息ADR(American Depository Receipt)美国存托凭证/存股证GDR(Global Depository Receipt) 全球存托凭证/存股证retail / private investor 个⼈投资者/散户institutional investor 机构投资者英broker/dealer 券商proprietary trading ⾃营insider trading/dealing 内幕交易market manipulation 市场操纵prospectus招股说明书英IPO(Initial Public Offering)新股/初始公开发⾏merger and acquisition收购兼并the big board ⼤盘the ups and downs of the stock market股市⾏情treasury/government bond 国库券/政府债券英Wall Street华尔街windfall profit暴利英。
公司理财罗斯专业词汇整理
InVeStment decision:投资决策FinanCing decision:筹资决策CaPital budegt ing decisi on:资本预算决策Tan gible assets:有形资产Intan gible assets:无形资产Debt financing:债务资金、债务筹资EqUity financin g:权益资金、权益筹资CaPitaI structure:资本结构Corporation:公司StOCkholder/Shareholder:股东finan cial Stateme nts:财务报表Shareholders:股东Stakeholders:利益相关者PrOfit maximizati on:利润最大化Principal:委托人Agency problem:代理问题Creditor:债权人Takeover:接管Finan cial in StitUti ons:金融机构Financial system:金融系统Intermediary:中介Real assets:实物资产Stock market:股票市场Primary market: 初级市场SeCondary market:二级市场Bond market: 债券市场CaPitaI market:资本市场Money market: 货币市场Options:期权Derivatives:衍生金融工具Risk-averse:风险厌恶型Risk-tolerant:风险容忍型Cost of capital:资本成本SUPeriOr rate of return: 超额收益率EXPeCted rate of return: 期望收益率OPPOrtUnity cost:机会成本Corporate bond:公司债FUtUre value:终值、未来价值CompoUndinterest:复禾USimPIe interest:单禾UPreSe nt value:现值DiscoUnted CaSh flow: 折现现金流DiSCOUnted rate:折现率、贴现率DiSCOUnted factor:折现系数MUltiPle CaSh flow: 多重现金流Installment:分期付款Deposit:存款AnnUity:年金PerPetuity:永续年金AnnUity due:预付年金DeIayed PerPetuity: 递延永续年金OrdinaryannUity:普通年金Deferred annuity:递延年金Inflation:通货膨胀ConSUmer PriCe index (CPI):消费者物价指数Nominal interest rate: 名义利率Real interest rate:实际利率Net PreSe nt value:净现值OPPOrtU nity cost of capital: 资金的机会成本MUtUaIIy exclusive projects: 互斥项目PaybaCk period:投资回收期In ternal rate of return (IRR):内含报酬率CaPitaI ratio ning:资本限额、资本约束Soft rati oning:资本的软约束Hard rationing:资本的硬约束PrOfitabiIity in dex:盈利能力指数InCremental CaSh flows: 增量现金流量SUnk cost:沉没成本Working capital:营运资本CaPitaI inVeStment:资本投资In VeStme nt in worki ng CaPitaI: 营运资本投资CaSh flow from OPeratiO ns:营业现金流量、经营活动所产生的现金流量CaSh expe nses:付现成本After-tax profit:税后净利润TaX ShieId:税盾效应Straight-I ine depreciatio n:直线折旧法MOdified accelerated cost recovery SyStem (MACRS): 修正的加速成本收回制度SaIVage value:残值PerCe ntage return:收益率DiVide nd yield: 股利收益率CaPitaI gain:资本利得CaPitaI loss:资本损失Real rate of return:实际收益率Nomi nal rate of return:名义收益率Inflation rate:通胀率Market index:市场指数Dow JoneSlndustrial Average:道琼斯工业股票平均价格指数Stan dard & Poor 'composite in dex:标准普尔综合指数MatUrity premium:期限溢价RiSk premium: 风险溢价market portfolio:市场组合Varia nce:方差Standard deviation:标准差AVerage return:平均收益率DiVerSifiCati on:分散投资Portfolio:投资组合Un ique risk or diversifiable risk: 特有风险或可分散风险Market risk or SyStematiC risk: 市场风险或系统风险TrUe value:真实价值EffiCie nt CaPitaI market:有效资本市场COmmerCiaI paper:短期融资券、商业票据TreaSUry stock:库藏股ISSUed shares:已发行股票OUtSta ndi ng shares:流通在外股票AUthOriZed Share capital: 法定股本Par value:面值AdditiO nal paid-in CaPitaI or CaPitaI surplus: 附加实缴资本或资本公积Reta ined earnin gs:留存收益OUtSide directors:外部董事MajOrity voti ng:多数表决投票制度CUmUIatiVe Voti ng:累积投票权Proxy Contest:代理权争夺Preferred stock:优先股Net worth:净值、资本净值Floating-rate Preferred:浮动利率优先股CoUnterbalance:使平衡，抵销Floating interest rate: 浮动利率Prime rate:最优惠利率Londonin terba nk Offered rate (LIBOR): 伦敦银行同业拆借利率FUn ded debt:长期债务SinkingfUnd:偿债基金Callable bond:可赎回债券SUbOrdinated debt:次级债券或后偿债务SeCUred debt:有抵押债务或有担保债务DefaUIt risk:违约风险Eurodollars: 欧洲美元Warrant:认股权证ConVertibIe bond:可转换债券Con VertibIe Preferred stock: 可转换优先股Intern ally gen erated fun ds: 内部资金Finan cial deficit:财务赤字In come Stateme nt:禾U润表Common-SiZe inCome Statement:共同尺度利润表、百分率利润表BaIa nce sheet:资产负债表Common-SiZe bala nce sheet:共同尺度资产负债表LeVerage ratios:负债比率、杠杆比率Financial leverage:财务杠杆Lon g-term debt ratio:长期负债比率Lon g-term debt-equity ratio: 长期债务权益比Total debt ratio:资产负债率TimeS interest earned ratio: 已获禾利息倍数CaSh COVerage ratio:现金流偿债能力比率LiqUidity ratio: 变现能力比率Net worki ng CaPitaI to total assets ratio: 净营运资本占总资产比CUrrent ratio:流动比率QUiCk (or acid-test) ratio:速动比率或酸性测试比率CaSh ratio:现金比率MarketabIe SeCUrities:有价证券ASSet turnover ratio: 资产周转率AVerage collect ion period: 平均收账期InVentorytUrnoVer ratio: 存货周转率PrOfitabiIity ratios:盈利能力比率PrOfit margin:销售净利率、利润边际OPerati ng PrOfit margin: 营业禾U润率RetUrn On assets (ROA):总资产收益率RetUr n On equity (ROE):净资产收益率PayOUt ratio:股利支付率Plowback ratio:留存收益率Lon g-term debt ratio:长期负债比率Lon g-term debt-equity ratio: 长期债务权益比Total debt ratio:资产负债率TimeS interest earned ratio: 已获禾禾息倍数Interest cover ration:利息保障倍数CaSh COVerage ratio:现金流偿债能力比率DU Pont system:杜邦财务分析体系ROA:总资产收益率ROE:净资产收益率CreditOr债权人DefIatiOn通货紧缩EXPe nses 费用Financial Statement 财务报表Financial activities 筹资活动LiabiIitieS 负债NegatiVe CaSh flow 负现金流量OPerating activities 经营活动OWnerS equity 所有者权益Part nership合伙企业PoSitiVe CaSh flow 正现金流量Retained earning 留存禾U润ReVenUe 收入Sole PrOPrietOrShiP 独资企业Solvency清偿能力财会名词汉英对照表（1）会计与会计理论会计accoUnting决策人DeCiSiOn Maker 投资人InVeStOr股东Shareholder债权人CreditOr流动资产CUrrent assets 流动负债CUrrent LiabiIitieS 长期负债Lon g-term LiabiIitieS 投入资本Contributed CaPitaI 留存收益Reta ined Earning应收帐款AccoUnt receivable 应收票据Note receivable 起运点交货价 F.O.B ShiPPi ng poi nt目的地交货价 F.O.B dest in ation poi nt商业折扣Trade discoUnt 现金折扣CaSh discou nt 销售退回及折让Sales return and allowa nce坏帐费用Bad debt expe nse 备抵法Allowance method 备抵坏帐Bad debt allowa nce 出票人Maker 受款人Payee 本金Principal 利息率Interest rate 到期日MatUrity date 本票PrOmiSSOry note 贴现DiSCOUnt 背书Endorse拒付费ProteSt fee(4)存货存货InVentory商品存货MerCha ndise inventory 产成品存货Fini Shed goods inventory 在产品存货Work in PrOCeSS inventory 原材料存货RaW materials inven tory 市价MarketVaIUe重置成本RePIaCement cost可变现净值Net realizable value上限UPPer limit下限Lower limit毛利法Gross margin method 零售价格法RetaiI method 成本率Cost ratio(5)长期投资长期投资Lon g-term in VeStme nt 长期股票投资In VeStme nt on StOCkS长期债券投资In VeStme nt OnbondS成本法Cost method 权益法EqUity method 合并法ConsolidatiOn method 股利宣布日DeCIaratiO n date 股权登记日Date of record 除息日Ex-divide nd date 付息日Payme nt date 债券面值FaCe value, Par value 债券折价Disco UntonbondS 债券溢价PremiUm OnbondS 票面利率Contract interest rate, Stated rate 市场利率Market in terest ratio, EffeCtiVe rate 普通股Com mon Stock 优先股Preferred Stock 现金股利CaSh divide nds 股票股利Stock divide nds 清算股利J LiqUidat ing divide nds 到期日MatUrity date 到期值MatUrity value（6）固定资产固定资产PIant assets Or FiXed assets原值Original value预计使用年限EXPeCted USefUI life 预计残？nbsp;EStimated residual value 折旧费用DePreCiati On expe nse 累计折旧ACCUmUIated depreciatiOn 帐面价值Carrying value 应提折旧成本DePreCiatiO n cost 净值Net value 在建工程Con StrUCti On-i n-process 磨损Wear and tear 过时Obsolescence直线法Straight-Iine method （SL）工作量法Un its-of-production method （UOP）力口速折旧法ACCeIerated depreciati On method 双倍余额递减法Double-declining balance method （DDB）年数总和法SUm-Of-the-years-digits method （SYD）以旧换新Trade in经营租赁OPerating lease融资租赁CaPital lease廉价购买权Bargain PUrChaSe optiOn （ BPO）资产负债表外筹资Off-bala nce-sheet financing 最低租赁付款额Mi nimum lease Payme nts（7）无形资产无形资产Intan gible assets 专利权Patents商标权Trademarks, Trade names 著作权COPyrightS特许权或专营权Fran ChiSeS商誉Goodwill开办费OrganiZatiOn cost 租赁权LeaSehold 摊销AmOrtiZatiOn（8）流动负债负债LiabiIity流动负债CUrrent liability 应付帐款Account PayabIe 应付票据NoteS PayabIe 贴现票据DiSCoU nt notes长期负债一年内到期部分CUrre nt maturities of Ion g-term liabilities应付股利DiVide nds Payable预收收益PrePayme nts by CUStOmerS存入保证金RefUn dable deposits应付费用ACCrUaI expe nse增值税value added tax营业税BUSiness tax应付所得税In come tax PayabIe应付奖金BonU SeS PayabIe产品质量担保负债EStimated liabilities Un der PrOdUCt Warra nties赠品和兑换券PremiUms, coup OnSand trad ing StamPS 或有事项Con ti ngency 或有负债Contingent或有损失Loss Con ti ngen CieS或有利得GainContingen CieS永久性差异Perma nent differe nce 时间性差异Timi ng differe nce 应付税款法TaXeS PayabIe method（9）长期负债长期负债Lon g-term LiabiIitieS 应付公司债券BondS PayabIe有担保品的公司债券SeCUred BondS抵押公司债券Mortgage BondS保证公司债券GUara nteed Bon ds信用公司债券Debe nture BondS一次还本公司债券Term BondS分期还本公司债券SeriaI BondS可转换公司债券Con VertibIe Bon ds可赎回公司债券Callable BondS可要求公司债券RedeemabIe BondS记名公司债券RegiStered BondS无记名公司债券Coup OnBondS普通公司债券Ordi nary BondS收益公司债券In come BondS名义利率，票面利率Nomi nal rate实际利率ACtUaI rate 有效利率EffeCtiVe rate 溢价PremiUm 折价DiscoUnt 面值Par value直线法Straight-Iine method实际利率法EffeCtiVe in terest method 到期直接偿付RePayme nt at maturity提前偿付RePayment at advance 偿债基金Sinking fund长期应付票据Lon g-term no tes PayabIe抵押借款MOrtgage loan(10)业主权益权益EqUity业主权益OWnerS equity股东权益Stockholders equity投入资本Contributed CaPitaI缴入资本Paid-in CaPitaI股本CaPitaI stock资本公积CaP ital SUrPIUS 留存收益Reta ined earnings 核定股本AUthOriZed CaPitaI stock 实收资本ISSUed CaPitaI stock 发行在外股本O UtSta ndi ng CaPitaI stock库藏股TreaSUry stock 普通股Com mon stock 优先股Preferred stock 累积优先股CUmUIatiVe Preferred stock 非累积优先股Non CUmUIatiVe Preferred stock 完全参加优先股Fully PartiCiPat ing Preferred stock咅B分参加优先股P artially PartiCiPati ng Preferred stock非部分参加优先股Non partially PartiCiPati ng Preferred stock现金发行ISSUa nce for CaSh非现金发行ISSUa nce for non CaSh Con Siderati On股票的合并发行LUmP-SUm sales of stock发行成本ISSUa nce cost 成本法Cost method 面值法Par value method 捐赠资本Don ated CaPitaI 盈余分酉己DiStribUtiO n Of earnings 股利DiVidend股利政策DiVide nd policy 宣布日Date of declarati On 股权登记日Date of record除息日Ex-divide nd date 股利支付日Date of Payme nt现金股利CaSh divide nd 股票股利Stock divide nd拨款appropriatiOn（12）财务状况变动表财务状况变动表中的现金基础SCFP.Cash BaSiS（现金流量表）财务状况变动表中的营运资金基础SCFP.Worki ng CaPitaI BaSiS（资金来源与运用表）营运资金Working CaPitaI全部资源概念All-resources Con CePt 直接:）业务DireCt exchanges正常营业活动Normal OPerat ing activities财务活动FinanCing activities投资活动In VeSti ng activities(13)财务报表分析财务报表分析An alysis Of finan cial Stateme nts比较财务报表COmParatiVe finan Cial Stateme nts趋势百分比Trend PerCe ntage 比率RatiOS普通股每股收益EarningS Per Share of com mon stock股利收益率DiVide nd yield ratio价益比PriCe-earnings ratio普通股每股帐面价值Book value Per Share of com mon stock 资本报酬率RetUr n Onin VeStme nt总资产报酬率RetUr n On total asset债券收益率Yield rate OnbondS已获禾利息倍数NUmber of times in terest earned债券比率Debt ratio优先股收益率Yield rate On Preferred stock营运资本Working CaPitaI周转TUrnOVer存货周转率InVentorytUrno Ver应收帐款周转率Accou nts receivable turnover流动比率CUrrent ratio速动比率QUiCk ratio酸性试验比率ACid test ratio(14)合并财务报表合并财务报表Con solidated financial Stateme nts吸收合并Merger创立合并Con Solidation控股公司Pare nt compa ny附属公司SUbSidiary ComPa ny少数股权Minorityin terest 权益联营合并Pooli ng of in terest购买合并Comb in ati On by PUrChaSe 权益法EqUity method 成本法Cost method。
金融学专业常用术语大全
金融学专业常用术语大全金融学是研究资金在时间和空间上的流动与配置的学科领域，其常用术语较多且通常具有特定含义。
以下是一些金融学专业中常用的术语大全，以供参考：1.资产管理 (Asset Management)：指金融机构或个人对投资组合进行管理的过程，以最大限度地实现目标回报和风险控制。
2.股票(Stock)：公司的权益证券，代表对公司所有权的一种权益证券，持有股票的人称为股东或股票持有人。
3.债券(Bond)：企业、政府或其他机构为筹集资金而发行的债务工具，表示借款人对债权人的债务承诺。
4.汇率 (Exchange Rate)：一种货币兑换成另一种货币的比率，可以影响国际贸易、投资和汇款等经济活动。
5.衍生品 (Derivative)：根据某种基础资产价格变动而产生变化的金融产品，如期货合约、期权和掉期。
6.净现值 (Net Present Value, NPV)：表示某个项目或投资的现金流量净额与投资成本之间的差额，用于评估投资项目的经济效益。
7.利率 (Interest Rate)：借款人支付给放款人作为借款利息的费率，也可以是存款人从银行获得的利息收益。
8.风险管理 (Risk Management)：通过识别、评估和控制风险来降低金融机构或个人面临的潜在风险。
9.基金 (Fund)：由投资者资金集中起来形成的一种投资工具，可以通过多样化投资方式来实现资本增值。
10.财务报表 (Financial Statements)：记录和呈现企业财务状况、经营活动和现金流量等信息的文件，包括资产负债表、利润表和现金流量表。
11.杠杆效应 (Leverage)：指企业或个人使用借款资金来增加投资回报率的一种策略，但也增加了潜在的风险。
12.投资组合 (Investment Portfolio)：由一系列不同资产组成的投资组合，旨在实现资本增值和分散风险。
13.货币政策 (Monetary Policy)：由中央银行制定和实施的与货币供应量和利率等相关的政策，以实现通货膨胀率、经济增长和就业率等目标。
金融学中英名词
金融学名词中英对照金融学是研究资金获取、管理和投资的学科。
下面是一些常用的金融学名词及其英文对照。
1.资本市场 - Capital Market 资本市场是一种长期融资的机制，包括股票市场和债券市场。
在资本市场上，公司和政府可以通过出售股票和债券来筹集资金。
2.风险管理 - Risk Management 风险管理是为了最小化或规避金融活动中的潜在风险而采取的一系列措施。
风险管理涉及确定和评估风险，并采取相应的措施来管理和控制风险。
3.投资组合 - Investment Portfolio 投资组合是指一个人或机构所拥有的各种不同类型的投资资产。
投资组合可以包括股票、债券、房地产和其他金融产品。
4.资本结构- Capital Structure 资本结构是指一个公司资本的组成方式，即债务和股权的比例。
通过调整债务和股权的比例，公司可以影响其财务风险和股东权益回报率。
5.效用函数 - Utility Function 效用函数是一个数学函数，用于衡量个人或企业对不同选择的偏好程度。
效用函数可以用来分析消费决策和资产配置。
6.期权 - Option 期权是一种金融合约，赋予持有人在未来特定时间内买入或卖出某个标的资产的权利。
期权常用于对冲风险、套利和投机。
7.利率 - Interest Rate 利率是在一定时期内贷款所需支付的费用。
利率的水平对经济和金融市场有重大影响，也是央行货币政策的重要工具之一。
8.资产负债表 - Balance Sheet 资产负债表是企业或个人在特定时间点上的资产、负债和所有者权益的总结表。
资产负债表能够反映一个实体的财务状况和偿债能力。
9.证券 - Securities 证券是可供买卖的金融资产，包括股票、债券、期权和衍生品。
证券市场是进行证券交易的地方。
10.财务分析 - Financial Analysis 财务分析是通过分析财务报表和其他财务信息，评估一个企业或项目的财务状况和业绩。
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926 1000 (1 y1 )
hencye1, 8% (i1 y1)
842 1000 (1 y2 )2
y2 9%
758 1000 (1 y3 )3
y3 9.66%
683 1000 (1 y4 )4
y4 10%
yn= yield of bonds with n periods as time to maturity, also called “spot rates.” Plot yn against time to maturity (n) ” yield curve” to summarize information about bond prices (diagram 1).
%
fn
.
implied
10
“forward rates”
8
yield curve or
“spot rates”
6
4
2
© Professor Ho-Mou Wu
1
2
3
4
Yield Curve
Corporate Finance
Maturity 3-4
Forward Rates
fn is the “break-even” interest rate that equates the returns on a n-
period bond to that of a (n – 1) period bond rolled over into a one-
year bond in year n.
1
y1
1
f
2
1
y2
2
,
1
y2
21 f31 y33
,
1
y3 3
1
f
4
1
y4 4
.
For example, 1 f2 (1.09)2 (1.08) 1.1, f2 10% (geometric mean) or
© Professor Ho-Mou Wu
Corporate Finance
3-3
3.2 The Term Structure of Interest Rates
From bond prices, we can compute yields yn , plot the “yield
curve”, and compute the implied forward rates,
© Professor Ho-Mou Wu
Corporate Finance
3-0
3.1 Valuation of Bonds
Example 1：
Suppose we observe the following bond prices for default-free zero coupon bonds (pure discount bond, with face value $1,000)：
i1
i2? i3? i4?
1 year zero: Price = 926 2 year zero: Price = 842 3 year zero: Price = 758 4 year zero: Price = 683
1 year bond 2 year bond 3 year bond 4 year bond
y1 y2 y3 y4
(maturity date)
How are the bond prices related with interest rates?
© Professor Ho-Mou Wu
Corporate Finance
3-1
The Present Value Formulas for Bonds
PB
PV
C y
‥ ‥ ‥ ‥ ‥ ‥ ‥ ‥ ‥ ‥ ‥ ‥(3.3)
Such a rate y is known as the yield to maturity (YTM). The yield to
maturity is a complicated average of different rates of interest. It can be a
useful summary measure.
© Professor Ho-Mou Wu
Corporate Finance
3-2
Yield to Maturity
Example 1.(continued): we can convert bond prices into “yield to maturity” ( yn)
Pure Discount Bonds
PB
PV
F
1 yT
T
,
‥ ‥ ‥ ‥ ‥ ‥ ‥ ‥ ‥ ‥(3.1)
for T-maturity bonds with face value F.
Level Coupon Bonds
Consols
PB
PV
C 1 y
C
1 y2
C 1 yT
F 1 yT
‥ ‥(3.2)
Bond Market and Alternative Investment Rules
3.1 Valuation of Bonds 3.2 The Term Structure of Interest Rates 3.3 Alternative Investment Rules
(1) The Payback Period Rule (2) The Average Accounting Return (3) The Internal Rate of Return (4) The Profitability Index 3.4 Why Use Net Present Value? (RWJ Ch.5,6)
Corporate Finance
3-5
Forecast of Future Interest
Can we use forward rates fn to forecast future short-term interest rates in, also called “short rates”？ Assume that the investment horizon is one year, and investors are risk neutral.
y2 12 y1 f2 , so f2 10% as an approximation (arithmetic mean).
Similarly,
y3
1 3 ( y1
f2
f 3 ),
so f3 11% .
y4
1 3
(
y1
f2
f3
f4 ),
so f4 11% .
© Professor Ho-Mou Wu