国际多元化投资组合 (英文版)International Portfolio Diversification
关于财务管理的英文单词
记帐:Bookkeeping Service对帐:Auditing Service联行:Associated Banks Service 或Affiliated Banks Service(我还是不明白这与5有何区别,但Associated和Affiliated不是动词原形,是形容词)代理业务: Agency Service银行卡接柜:Inter-Bank Bankcard Business Service现金审批:Cash Approval Service开销户: Account Opening/Closing Service开户的标牌还可以用:New Account/New Clientbig macs, big/large-cap stock, mega-issue 大盘股offering, list 上市bourse 证交所Shanghai Exchange 上海证交所pension fund 养老基金share 股票valuation 股价underwriter 保险商government bond 政府债券saving account 储蓄账户equity market 股市shareholder 股东delist 摘牌inventory 存货traded company, trading enterprise 上市公司market fundamentalist 市场经济基本规则damage-control machinery 安全顾问efficient market 有效市场opportunistic practice 投机行为entrepreneur 企业家cook the book 做假账regulatory system 监管体系portfolio 投资组合money-market 短期资本市场capital-market 长期资本市场volatility 波动diversification 多元化real estate 房地产option 期权call option 看涨期权put option 看跌期权merger 并购arbitrage 套利Securities and Exchange Commission 〈美〉证券交易委员会dollar standard 美元本位制budget 预算deficit 赤字bad debt 坏账macroeconomic 宏观经济fiscal stimulus 财政刺激a store of value 保值transaction currency 结算货币forward exchange 期货交易intervention currency 干预货币Treasury bond 财政部公债pickup in price 物价上涨Federal Reserve 美联储inflation 通货膨胀deflation 通货紧缩tighter credit 紧缩信贷monetary policy 货币政策foreign exchange 外汇spot transaction 即期交易forward transaction 远期交易quote 报价常见银行英语词汇account number 帐目编号depositor 存户pay-in slip 存款单a deposit form 存款单a banding machine 自动存取机to deposit 存款deposit receipt 存款收据private deposits 私人存款certificate of deposit 存单deposit book, passbook 存折credit card 信用卡principal 本金overdraft, overdraw 透支to endorse 背书endorser 背书人to cash 兑现to honor a cheque 兑付to dishonor a cheque 拒付to suspend payment 止付cheque,check 支票cheque book 支票本crossed cheque 横线支票blank cheque 空白支票rubber cheque 空头支票cheque stub, counterfoil 票根cash cheque 现金支票traveler's cheque 旅行支票cheque for transfer 转帐支票outstanding cheque 未付支票canceled cheque 已付支票forged cheque 伪支票Bandar's note 庄票，银票banker 银行家president 行长savings bank 储蓄银行Chase Bank 大通银行National City Bank of New York 花旗银行Hongkong Shanghai Banking Corporation 汇丰银行Chartered Bank of India, Australia and China 麦加利银行Banque de I'IndoChine 东方汇理银行central bank, national bank, banker's bank 中央银行bank of issue, bank of circulation 发行币银行commercial bank 商业银行，储蓄信贷银行member bank, credit bank 储蓄信贷银行discount bank 贴现银行exchange bank 汇兑银行requesting bank 委托开证银行issuing bank, opening bank 开证银行advising bank, notifying bank 通知银行negotiation bank 议付银行confirming bank 保兑银行paying bank 付款银行associate banker of collection 代收银行consigned banker of collection 委托银行clearing bank 清算银行local bank 本地银行domestic bank 国内银行overseas bank 国外银行unincorporated bank 钱庄branch bank 银行分行trustee savings bank 信托储蓄银行trust company 信托公司financial trust 金融信托公司unit trust 信托投资公司trust institution 银行的信托部credit department 银行的信用部commercial credit company(discount company) 商业信贷公司（贴现公司）neighborhood savings bank, bank of deposit 街道储蓄所credit union 合作银行credit bureau 商业兴信所self-service bank 无人银行land bank 土地银行construction bank 建设银行industrial and commercial bank 工商银行bank of communications 交通银行mutual savings bank 互助储蓄银行post office savings bank 邮局储蓄银行mortgage bank, building society 抵押银行industrial bank 实业银行home loan bank 家宅贷款银行reserve bank 准备银行chartered bank 特许银行corresponding bank 往来银行merchant bank, accepting bank 承兑银行investment bank 投资银行import and export bank (EXIMBANK) 进出口银行joint venture bank 合资银行money shop, native bank 钱庄credit cooperatives 信用社clearing house 票据交换所public accounting 公共会计business accounting 商业会计cost accounting 成本会计depreciation accounting 折旧会计computerized accounting 电脑化会计general ledger 总帐subsidiary ledger 分户帐cash book 现金出纳帐cash account 现金帐journal, day-book 日记帐，流水帐bad debts 坏帐investment 投资surplus 结余idle capital 游资economic cycle 经济周期economic boom 经济繁荣economic recession 经济衰退economic depression 经济萧条economic crisis 经济危机economic recovery 经济复苏inflation 通货膨胀deflation 通货收缩devaluation 货币贬值revaluation 货币增值international balance of payment 国际收支favourable balance 顺差adverse balance 逆差hard currency 硬通货soft currency 软通货international monetary system 国际货币制度the purchasing power of money 货币购买力money in circulation 货币流通量note issue 纸币发行量national budget 国家预算national gross product 国民生产总值public bond 公债stock, share 股票debenture 债券treasury bill 国库券debt chain 债务链direct exchange 直接（对角）套汇indirect exchange 间接（三角）套汇cross rate, arbitrage rate 套汇汇率foreign currency (exchange) reserve 外汇储备foreign exchange fluctuation 外汇波动foreign exchange crisis 外汇危机discount 贴现discount rate, bank rate 贴现率gold reserve 黄金储备money (financial) market 金融市场stock exchange 股票交易所broker 经纪人commission 佣金bookkeeping 簿记bookkeeper 簿记员an application form 申请单bank statement 对帐单letter of credit 信用证strong room, vault 保险库equitable tax system 等价税则specimen signature 签字式样banking hours, business hours 营业时间(Consumer Price Index) 消费者物价指数business 企业商业业务financial risk 财务风险sole proprietorship 私人业主制企业partnership 合伙制企业limited partner 有限责任合伙人general partner 一般合伙人separation of ownership and control 所有权与经营权分离claim 要求主张要求权management buyout 管理层收购tender offer 要约收购financial standards 财务准则initial public offering 首次公开发行股票private corporation 私募公司未上市公司closely held corporation 控股公司board of directors 董事会executove director 执行董事non- executove director 非执行董事chairperson 主席controller 主计长treasurer 司库revenue 收入profit 利润earnings per share 每股盈余return 回报market share 市场份额social good 社会福利financial distress 财务困境stakeholder theory 利益相关者理论value (wealth) maximization 价值（财富）最大化common stockholder 普通股股东preferred stockholder 优先股股东debt holder 债权人well-being 福利diversity 多样化going concern 持续的agency problem 代理问题free-riding problem 搭便车问题information asymmetry 信息不对称retail investor 散户投资者institutional investor 机构投资者agency relationship 代理关系net present value 净现值creative accounting 创造性会计stock option 股票期权agency cost 代理成本bonding cost 契约成本monitoring costs 监督成本takeover 接管corporate annual reports 公司年报balance sheet 资产负债表income statement 利润表statement of cash flows 现金流量表statement of retained earnings 留存收益表fair market value 公允市场价值marketable securities 油价证券check 支票money order 拨款但、汇款单withdrawal 提款accounts receivable 应收账款credit sale 赊销inventory 存货property,plant,and equipment 土地、厂房与设备depreciation 折旧accumulated depreciation 累计折旧liability 负债current liability 流动负债long-term liability 长期负债accounts payout 应付账款note payout 应付票据accrued espense 应计费用deferred tax 递延税款preferred stock 优先股common stock 普通股book value 账面价值capital surplus 资本盈余accumulated retained earnings 累计留存收益hybrid 混合金融工具treasury stock 库藏股historic cost 历史成本current market value 现行市场价值real estate 房地产outstanding 发行在外的a profit and loss statement 损益表net income 净利润operating income 经营收益earnings per share 每股收益simple capital structure 简单资本结构dilutive 冲减每股收益的basic earnings per share 基本每股收益complex capital structures 复杂的每股收益diluted earnings per share 稀释的每股收益convertible securities 可转换证券warrant 认股权证accrual accounting 应计制会计amortization 摊销accelerated methods 加速折旧法straight-line depreciation 直线折旧法statement of changes in shareholders’equity 股东权益变动表source of cash 现金来源use of cash 现金运用operating cash flows 经营现金流cash flow from operations 经营活动现金流direct method 直接法indirect method 间接法bottom-up approach 倒推法investing cash flows 投资现金流cash flow from investing 投资活动现金流joint venture 合资企业affiliate 分支机构financing cash flows 筹资现金流cash flows from financing 筹资活动现金流time value of money 货币时间价值simple interest 单利debt instrument 债务工具annuity 年金future value 终至present value 现值compound interest 复利compounding 复利计算pricipal 本金mortgage 抵押credit card 信用卡terminal value 终值discounting 折现计算discount rate 折现率opportunity cost 机会成本required rate of return 要求的报酬率cost of capital 资本成本ordinary annuity普通年金annuity due 先付年金financial ratio 财务比率deferred annuity 递延年金restrictive covenants 限制性条款perpetuity 永续年金bond indenture 债券契约face value 面值financial analyst 财务分析师coupon rate 息票利率liquidity ratio 流动性比率nominal interest rate 名义利率current ratio 流动比率effective interest rate 有效利率window dressing 账面粉饰going-concern value 持续经营价值marketable securities 短期证券liquidation value 清算价值quick ratio 速动比率book value 账面价值cash ratio 现金比率marker value 市场价值debt management ratios 债务管理比率intrinsic value 内在价值debt ratio 债务比率mispricing 给……错定价格debt-to-equity ratio 债务与权益比率valuation approach 估价方法equity multiplier 权益乘discounted cash flow valuation 折现现金流量模型long-term ratio 长期比率undervaluation 低估debt-to-total-capital 债务与全部资本比率overvaluation 高估leverage ratios 杠杆比率option-pricing model 期权定价模型interest coverage ratio 利息保障比率contingent claim valuation 或有要求权估价earnings before interest and taxes 息税前利润promissory note 本票cash flow coverage ratio 现金流量保障比率contractual provision 契约条款asset management ratios 资产管理比率par value 票面价值accounts receivable turnover ratio 应收账款周转率maturity value 到期价值inventory turnover ratio 存货周转率coupon 息票利息inventory processing period 存货周转期coupon payment 息票利息支付accounts payable turnover ratio 应付账款周转率coupon interest rate 息票利率cash conversion cycle 现金周转期maturity 到期日asset turnover ratio 资产周转率term to maturity 到期时间profitability ratio 盈利比率call provision赎回条款gross profit margin 毛利润call price 赎回价格operating profit margin 经营利润sinking fund provision 偿债基金条款net profit margin 净利润conversion right 转换权return on asset 资产收益率put provision 卖出条款return on total equity ratio 全部权益报酬率indenture 债务契约return on common equity 普通权益报酬率covenant 条款market-to-book value ratio 市场价值与账面价值比率trustee 托管人market value ratios 市场价值比率protective covenant 保护性条款dividend yield 股利收益率negative covenant 消极条款dividend payout 股利支付率positive covenant 积极条款financial statement财务报表secured deht担保借款profitability 盈利能力unsecured deht信用借款viability 生存能力creditworthiness 信誉solvency 偿付能力collateral 抵押品collateral trust bonds 抵押信托契约debenture 信用债券bond rating 债券评级current yield 现行收益yield to maturity 到期收益率default risk 违约风险interest rate risk 利息率风险authorized shares 授权股outstanding shares 发行股treasury share 库藏股repurchase 回购right to proxy 代理权right to vote 投票权independent auditor 独立审计师straight or majority voting 多数投票制cumulative voting 积累投票制liquidation 清算right to transfer ownership 所有权转移权preemptive right 优先认股权dividend discount model 股利折现模型capital asset pricing model 资本资产定价模型constant growth model 固定增长率模型growth perpetuity 增长年金mortgage bonds 抵押债券。
国际商务英语(英文版)
International Business English国际商务英语Lesson 1 International Business第一课国际商务*International business refers to transaction between parties from different countries. Sometimes business across the borders of different customs areas of the same country is also regarded as import and export, such as business between Hong Kong and Taiwan.*International business involves more factors and thus is more complicated than domestic business. The following are some major differences between the two.1). The countries involved often have different legal systems, and one or more parties will have to adjust themselves to operate in compliance with the foreign law.2). Different counties usually use different currencies and the parties concerned will have to decide which currency to use and do everything necessary as regards conversion etc. Uncertainties and even risks are often involved in the use of a foreign currency.3).Cultural differences including language, customs, traditions, religion, value, behaviour etc. often constitute challenges and even traps for people engaged in international business.4). Countries vary in natural and economic conditions and may have different policies towards foreign trade and investment, making international business more complex than domestic business.*With the development of economic globalisation, few people or companies can completely stay away from international business. Some knowledge in this respect is necessary both for the benefit of enterprises and personal advancement.*International business first took the form of commodity trade, i.e. exporting and importing goods produced or manufactured in one country for consumption or resale in another. This form of trade is also referred to as visible trade. Later a different kind of trade in the form of transportation, communication, banking, insurance, consulting, information etc. gradually became more and more important. This type of trade is called invisible trade. Today, the contribution of service industries of the developed countries constitutes over 60% of their gross domestic products and account for an increasing proportion of world trade. *Another important form of international business is supplying capital by residents of one country to another, known as international investments. Such investments can be classified into two categories. The first kindof investments, foreign direct investments or FDI for short is made for returns through controlling the enterprises or assets invested in in a host country.*The host country is a foreign country where the investor operates, while the country where the headquarters of the investor is located is called the home country. The second kind of investment, portfolio investment, refers to purchases of foreign financial assets for a purpose other than controlling. Such financial assets may be stocks, bonds or certificates of deposit.Stocks are also called capital stocks or bonds. Bonds are papers issued by a government or a firm with promise to pay back the money lent or invested together with interest. The maturity period of a bond is at least one year, often longer, for example five, or even ten years. Certificates of deposit generally involve large amounts, say 25 thousand US dollars *Besides trade and investment, international licensing and franchising are sometimes taken as a means of entering a foreign market. In licensing, a firm leases the right to use its intellectual property to a firm in another country. Such intellectual property may be trademarks, brand names, patents, copyrights or technology. Firms choose licensing because they do not have to make cash payments to start business, and can simply receive income in the form of royaltyBesides, they can benefit from locational advantages of foreign operation without any obligations in ownership or management. The use of licensing is particularly encouraged by high customs duty and non-tariff barriers on the part of the host country. However it is not advisable to use licensing in countries with weak intellectual property protection since the licensor may have difficulty in enforcing licensing agreement.*Franchising can be regarded as a special form of licensing. Under franchising, a firm, called the franchisee, is allowed to operate in the name of another, called the franchiser who provides the former with trademarks, brand names, logos, and operating techniques for royalty. In comparison with the relation between the licenser and the licensee, the franchiser has more control over and provides more support for the franchisee.*The franchiser can develop internationally and gain access to useful information about the local market with little risk and cost, and the franchisee can easily get into a business with established products or services. Franchising is fairly popular especially in hotel and restaurant business.*Other forms for participating in international business are management contract, contract manufacturing, and turnkey project.*Under a management contract, one company offers managerial or other specialized services to another within a particular period for a flat payment or a percentage of the relevant business volume. Sometimes bonusesbased on profitability or sales growth are also specified in management contracts.Government policies often have a lot to do with management contracts. When a government forbids foreign ownership in certain industries it considers to be of strategic importance but lacks the expertise for operation, management contracts may be a practical choice enabling a foreign company to operate in the industry without owning the assets*By contract manufacturing, a firm can concentrate on their strongest part in the value chain, e.g. marketing, while contracting with foreign companies for the manufacture of their products. Such firms can reduce the amount of their resources devoted to manufacture and benefit from location advantages from production in host countries. However, loss of control over the production process may give rise to problems in respect of quality and time of delivery.*For an international turnkey project, a firm signs a contract with a foreign purchaser and undertakes all the designing, contracting and facility equipping before handing it over to the latter upon completion. Such projects are often large and complex and take a long period to complete. Payment for a turnkey project may be made at fixed total price or on a cost plus basis. The latter way of payment shifts the burden of possible additional cost over the original budget onto the purchaser *BOT is a popular variant of the turnkey project where B stands for Build, O for operate and T for transfer. For a BOT project, a firm operate a facility for a period of time after building it up before finally transferring it to a foreign company. Making profit from operating the project for a period is the major difference between BOT and the common turnkey project. Needless to say, the contractor has to bear the financial and other risks that may occur in the period of operation.*Some Words and Expressionscustoms area 关税区in compliance with 遵从，遵照conversion n.货币兑换visible trade 有形贸易resale n.转售invisible trade 无形贸易gross domestic product 国内生产总值for short 缩写为account for 占……比例headquarters n.总部trap n.陷阱，圈套portfolio investment 证券投资stocks n.股票bonds n.债券maturity n.（票据等）到期，到期日certificate of deposit 大额存单other than 而不是licensing n.许可经营franchising n.特许经营n.商标advisable adj.可行的，适当的patent n.专利royalty n.专利使用费，许可使用费，版税copyright n.版权licensor n.给予许可的人licensee n.接受许可的人franchiser n.给予特许的人franchisee n.接受特许的人logo n.标识，标记management contract 管理合同expertise n.专门知识bonus n.红利，奖金，津贴flat adj.一律的，无变动的contract manufacturing 承包生产value chain 价值链turnkey project 交钥匙工程BOT(Build, Operate, Transfer）建设，经营，移交Stand for 表示，代表variant n.变形，变体Lesson twoIncome Level and the World Market第二课收入水平和世界市场This lesson discusses the relation between the income level and the market potential, and the features of high income, middle income and low income markets.Special analyses are made on Triad, i.e. the markets of North America,European Union and Japan, as well as other markets that are closely related with China.The first two paragraphs mainly deal with GNP and GDP, two important concepts usedto indicate the total size of an economy. GDP, Gross Domestic Product, stresses the place of production while GNP, Gross National Product, on the ownership of production factors.GDP is used by most countries now where as GNP was more popular before the 1990s. The actual figures of a country’s GNP and GDP are, however, quite similar in most cases and we can use whichever figure that is available.TEXT:In assessing the potential of a market, people often look at its income level since it provides clues about the purchasing power of its residents. The concepts national income and national product have roughly the same value and can be used interchangeably if our interest is in their sum total which is measured as the market value of the total output of goods and services of an economy in a given period, usually a year. The differenceis only in their emphasis. The former stresses the income generated by turning out the products while the latter, the value of the product s themselves. Gross National Product, GNP, and Gross Domestic Product, GDP, are two important concepts used to indicate a country’s total income. GNP refers to the market value of goods and services produced by the property and labor owned by the residents of an economy. This term was used by most governments before the 1990s国民生产总值(GNP)是最重要的宏观经济指标,它是指一个国家地区的国民经济在一定时期（一般1年）内以货币表现的全部最终产品（含货物和服务）价值的总和。
投资组合保险(Portfolio Insurance)
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(四)TIPP(Time-Invariant Portfolio Protection；彈性遞增投資保險) TIPP的調整公式與CPPI同。唯一的差異在於 保險額度並非不變，而是在該時點資產值 的某一固定比例和原先的保險額度中，取 其大者，作為新的保險額度。 保險額度(F’) = Max(A*f，F) 其中f為投資人所設定的要保比例(如90%) ， F則為期初所決定的要保額度。
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•假設投資人在t時點有的財富W，正好等於 標的資產的價格(St)，於是他可以將的財富 用於購買一單位的風險性資產。如果投資 人希望在時至少能拿回的資金，他便可以 再購買一個以該一單位風險性資產為標的 物的歐式賣權，而此賣權在T時到期。
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• 這就相當於上式所表達的意義，而購買賣 權所需的權利金須額外付出，相當是購買 保險所須支付的保費。若看等式的右邊， 則可發現受保的投資組合其實是由一部分 的股票和一部分的無風險資產所構成，至 於構成的比重則隨時間的經過及當時資產 的價值而變，故需不斷的調整。
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d 1
ln( St / K ) (r 12 2 )(T t )
(T t )
put-call parity: St + Pt = Ct + Ke-r(T-t) St + Pt =
St N (d ) [1 N (d )]Ke r(T t ) 1 2
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＜例＞本金:200；原始保本:140。
投資風險性資產(如股票):
(原來) 120 = 2 * (200 - 140) (假設f=70%) (情況1) 80 = 2 * (180 - 140) (180*70%=126＜140) 減碼20(=(120-80)-(200-180)) (情況2.1) 150 = 2 * (250 -175) (250*70%=175＞140) 減碼20(=(150-120)-(250-200)) (情況2.2) 240 = 2 * (400 - 280) (400*70%=280＞140) 減碼60(=(240-150)-(400-250))
cfa 一级 金融词汇
cfa 一级金融词汇CFA一级金融词汇CFA（Chartered Financial Analyst）一级考试是金融领域专业人士的必备证书。
在备考过程中，掌握各种金融词汇是非常重要的。
本文将围绕CFA一级金融词汇展开，详细解释和介绍这些词汇的含义和应用。
1. 资产配置（Asset Allocation）资产配置是指根据个人或机构的风险承受能力、投资目标和市场环境，将资金分配给不同的投资标的，以实现最优的投资组合。
资产配置的目的是在风险和回报之间找到平衡点，最大化投资收益。
2. 证券分析（Security Analysis）证券分析是指对股票、债券、衍生品等投资标的进行研究和评估，以确定其潜在价值和风险。
证券分析可以包括基本分析和技术分析两种方法，通过对财务状况、行业前景、市场趋势等方面的研究，帮助投资者做出明智的投资决策。
3. 风险管理（Risk Management）风险管理是指对金融市场中的各种风险进行评估、控制和管理的过程。
风险管理的目标是降低投资组合的风险暴露，保护投资者的资金安全。
常用的风险管理工具包括多元化投资、期权和期货等衍生品。
4. 投资组合（Investment Portfolio）投资组合是指投资者持有的不同类别和种类的投资标的的集合。
通过合理的资产配置和投资组合管理，投资者可以实现风险分散和收益最大化。
投资组合的构建需要考虑投资者的风险偏好、时间限制和资金规模等因素。
5. 资本市场（Capital Market）资本市场是指供给和需求资本的交易市场，包括股票市场和债券市场。
资本市场是企业融资和投资者获取资本收益的重要渠道。
投资者可以通过股票和债券市场购买和出售金融产品，实现资金增值。
6. 货币政策（Monetary Policy）货币政策是由中央银行制定和执行的调控货币供应量和利率水平的政策。
通过调整货币政策，中央银行可以影响经济增长、通货膨胀和金融市场的稳定。
货币政策的主要工具包括利率调整和公开市场操作。
投资组合分散化程度指标
投资组合分散化程度指标投资组合分散化程度指标通常用来评估一个投资组合中资产的多样性和风险分散程度。
投资组合分散化是指将投资资金分散投资于不同种类的资产或市场，以降低投资组合的风险和增加回报的潜力。
下面将介绍三种常见的投资组合分散化程度指标。
1. 总体分散度指标（Overall Diversification）总体分散度指标是用来表示整个投资组合中不同资产的分散程度。
其中一个常用的指标是相关系数。
相关系数是一个介于-1和1之间的值，用来衡量两个变量之间的关联程度。
当相关系数为1时，两个变量完全正相关；当相关系数为-1时，两个变量完全负相关；当相关系数为0时，两个变量之间没有线性关系。
通过计算投资组合中各个资产之间的相关系数，可以评估投资组合的分散程度。
当相关系数接近于-1或1时，表示资产之间的关系较强，投资组合的分散程度较低；当相关系数接近于0时，表示资产之间的关系较弱，投资组合的分散程度较高。
2. 区域分散度指标（Regional Diversification）区域分散度指标用来评估投资组合中不同地域或国家的分散程度。
投资组合中的资产通常来自不同的地理区域或国家，这样可以降低投资组合在一些地域或国家面临的风险。
一个常用的指标是国际投资组合权重（International Portfolio Weight）。
国际投资组合权重表示投资组合中不同地域或国家的资产占总资产的比例。
通过计算不同地域或国家的资产权重，可以评估投资组合的分散程度。
当投资组合中的资产来自不同的地域或国家，并且权重分配较为均衡时，表示投资组合的分散程度较高。
3. 行业分散度指标（Industry Diversification）行业分散度指标用来评估投资组合中不同行业的分散程度。
投资组合中的资产通常来自不同的行业，这样可以降低投资组合在一些行业面临的风险。
一个常用的指标是行业权重（Industry Weight）。
行业权重表示投资组合中不同行业的资产占总资产的比例。
cfa金融英语词汇 2024
cfa金融英语词汇 20241.风险管理(risk management)Risk management refers to the process of identifying, assessing, and controlling risks within an organization to minimize potential losses.风险管理是指在一个组织内识别、评估和控制风险的过程，以最小化可能的损失。
2.投资组合(investment portfolio)An investment portfolio is a collection of assets such as stocks, bonds, and real estate held by an individual orentity to achieve their investment goals.投资组合是个人或实体持有的股票、债券和房地产等资产的集合，以实现他们的投资目标。
3.资产负债表(balance sheet)A balance sheet is a financial statement that shows the assets, liabilities, and equity of a company at a specific point in time.资产负债表是一份财务报表，显示了公司在特定时间点的资产、负债和所有者权益。
4.流动性(liquidity)Liquidity refers to the ease with which an asset or security can be bought or sold in the market without affecting its price.流动性指的是资产或证券在市场上可以买卖而不影响其价格的便利程度。
5.资本结构(capital structure)Capital structure refers to the way a company finances its overall operations and growth through a combination of equity and debt.资本结构是指公司通过股权和债务的组合方式为其整体运营和增长提供资金的方式。
投资计划英语作文
投资计划英语作文（中英文实用版）English Version:Investment PlanIn an ever-evolving financial landscape, crafting a sound investment plan is crucial for individuals seeking financial growth and security.This essay outlines a comprehensive investment strategy tailored to achieve long-term financial objectives.1.Objective Setting:- Define clear financial goals, such as retirement planning, purchasing a property, or funding education.- Assess risk tolerance and time horizon to determine appropriate investment avenues.2.Asset Allocation:- Diversify investments across different asset classes, including stocks, bonds, and alternative investments.- Allocate assets based on the risk-reward profile, aiming for a balance between growth and stability.3.Stock Investment:- Focus on fundamentally strong companies with a history of consistent growth and dividends.- Utilize dollar-cost averaging to mitigate market volatilityandTiming the market is difficult; instead, focus on long-term trends and company performance.4.Bond Investment:- Incorporate bonds for stability and income generation, considering both government and corporate bonds.- Evaluate bond credit ratings and maturity dates to manage risk and liquidity.5.Diversification:- Include international investments to benefit from global growth opportunities.- Explore mutual funds and exchange-traded funds (ETFs) to gain instant diversification and professional management.6.Regular Review and Rebalancing:- Monitor investment performance and market conditions regularly.- Rebalance the portfolio annually to maintain the desired asset allocation and risk profile.7.Tax Considerations:- Be mindful of tax implications, taking advantage of tax-efficient investment vehicles like retirement accounts.- Consult with a tax advisor to optimize investment returns while adhering to tax laws.8.Contingency Planning:- Maintain an emergency fund to cover at least 6 months" worth of living expenses.- Purchase appropriate insurance to protect against unforeseen events.In conclusion, this investment plan provides a structured approach to grow and preserve wealth over time.Adhering to these principles and staying committed to long-term investing can lead to financial independence and security.中文版本：投资计划在一个不断变化的经济环境中，制定一个合理的投资计划对于寻求财务增长和安全的人来说至关重要。
portfolio 概念
portfolio 概念
"Portfolio"（投资组合）是指个人或机构持有的资产集合，这些资产可能包括股票、债券、现金、房地产、商品、外汇等各种投资工具。
通过构建多样化的投资组合，投资者可以分散风险，并期望在长期内获得稳定的回报。
投资组合理论认为，通过将不同资产种类和不同市场之间的相关性结合在一起，可以实现更高的风险调整后收益。
通过投资组合，投资者可以根据自己的风险偏好和投资目标，选择不同比例的资产进行配置。
投资组合的管理通常涉及资产配置、再平衡和风险管理等方面。
资产配置是指确定不同资产类别的权重，以达到投资目标和风险承受能力。
再平衡是指定期调整投资组合中不同资产的比例，以保持期望的配置比例。
风险管理则涉及对投资组合的风险水平进行监控和调整，以确保投资组合的风险与预期收益相匹配。
投资组合的构建和管理需要考虑许多因素，包括投资者的目标、时间跨度、风险承受能力、市场环境等。
因此，投资者需要深入了解投资组合理论，并根据自身情况制定适合自己的投资组合策略。
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Key results of portfolio theory
The extent to which risk is reduced by portfolio diversification depends on the correlation of assets in the portfolio.
Foreign bonds U.S. bonds
“Asset Allocation.” Jorion, Journal of Portfolio Management, Summer 1989.
20-16
Return on a foreign asset
Recall Ptd = PtfStd/f (Ptd/Pt-1d) = (1+rd)
20-6
Key results of portfolio theory
The extent to which risk is reduced by portfolio diversification depends on the correlation of assets in the portfolio.
Diversification 20.4 Variances on Foreign Stock and Bond
Investments 20.5 Home Bias 20.6 Summary
20-1
Perfect financial markets ...a starting point
Frictionless markets
- no government intervention or taxes - no transaction costs or other market frictions
Rational investors with equal access to costless information and market prices
20-3
Expected return on a portfolio
E[ri]
si
A American J Japanese
11.8% 17.8% 15.4% 36.5%
Example: Equal weights of A and J
E[rP] = xA E[rA] + xJ E[rJ] = (½)(0.118)+(½)(0.154)
Can Fra Ger Jap Swi UK US
France 0.472
Germany 0.388 0.645
Japan 0.320 0.399 0.364
Swiss
0.464 0.618 0.670 0.430
U.K.
0.513 0.559 0.451 0.369 0.569
U.S.
0.727 0.482 0.443 0.304 0.504 0.522
Chapter 20
International Portfolio Diversification
20.1 The Algebra of Portfolio Diversification 20.2 Mean-Variance Efficiency 20.3 The Benefits of International Portfolio
sP = (0.0511)1/2 = 0.226, or 22.6%
20-5
Key results of portfolio theory
The extent to which risk is reduced by portfolio diversification depends on the correlation of assets in the portfolio.
Austria Italy
New Zealand Portugal
Greece Singapore Norway
20-13
International stock returns
(Dollar returns to US investors from 1970-2002)
Canada France Germany Japan Switzerland U.K. U.S. World
Expected return
W M
rF
Standard deviation of return
- Potential for higher returns - Potential for lower portfolio risk
20-11
Domestic versus international diversification
Var(r$) 1.000 1.000 1.000 1.000 1.000 1.000
- All investors rationally price financial securities - All investors have equal access to costless
information - All investors have equal access to market prices
xi = proportion of wealth in asset i, s.t. Si xi = 1
Expected return on a portfolio E[rP] = Si xi E[ri]
Portfolio variance Var(rP) = sP2 = Si Sj xi xj sij where sij = rij si sj
20-8
Diversification
Mean annual return
16%
J
r=-
14%
1
r=
r=
+0.304
+1
12%
A
10% 0%
10%
20%
30%
Standard deviation of annual return
40% 20-9
Mean-variance efficiency
Mean annual return
Interaction + Var(s$/f) + terms = + 0.033 + 0.053 = + 0.149 + -0.086 = + 0.194 + -0.167 = + 0.182 + 0.005 = + 0.298 + -0.225 = + 0.127 + -0.029 =
0.911 + 0.164 + -0.075 =
bW versus the MSCI world stock market index Sharpe Index (SI) = (rP - rF) / sP
20-14
International equity correlations
(Dollar returns to US investors from 1970-2002)
Mean 10.4 14.0 12.5 15.4 14.2 14.6 11.8 0.112
Stdev 18.8 29.1 30.0 36.5 25.5 29.4 17.8 0.176
bW 0.79 1.09 1.05 1.39 0.98 1.14 0.87 1.00
SI 0.17 0.23 0.18 0.23 0.28 0.25 0.26 0.23
20-2
The algebra of portfolio theory
Assumptions
- Nominal returns are normally distributed - Investors want more return and less risk in
their functional currency
Portfolio risk relative to
the risk of a single asset
(sP²/si²)
U.S. diversification only
1.0
International diversification
0.5
5
10
15
20
25
Number of stocks in portfolio
30%
Investment opportunity set
20% 10%
Efficient frontier
A
J B
0% 0%
10%
20%
30%
Standard deviation of annual return
40% 20-10
The promise of international portfolio diversification
26% 12%
20-12
Historical stock market performance
(1970-2002)
Hong Kong
Finland
Sweden Belgium Denmark Japan
Netherlands Swiss US
UK
France Germany
Spain
Australia Canada Ireland World
and (Std/f/St-1d/f) = (1+sd/f)
Return on a foreign asset
(1+rd) = (Ptd/Pt-1d) = (PtfStd/f/Pt-1fSt1d/f) = (Ptf/Pt-1f)(Std/f/St-1d/f) = (1+rf)(1+sd/f)