计算市场收益率双语
国际金融(双语)国际收支与汇率第12 章 12163.12 第12章 汇率决定的资产组合平衡分析法
不同资产“相对量”的变动
1. 中央银行在公开市场上进行买入本币债券的操作，使私人
部门持有的国内货币增加，同时私人部门持有的本币债券下降，
即
。
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2. 中央银行在公开市场上进行买入外币债券的操作,使得私 人部门持有的国内货币增加，同时私人部门本币债券增加， 即
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3. 中央银行的外汇冲销操作
在一个风险报酬或者风险溢价（λ），使得
，
当投资者为风险中性时λ=0，本模型采取风险中性假定，即
风险补偿为零；
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7.资产市场的均衡 假设在短期内，本国财富是外生变量且规模不变，任何资
产收益率的变动只能引起国内居民调整资产组合比例。资产市 场保持均衡，意味着货币供给等于货币需求，本国债券供给等 于本国债券需求，外国债券供给等于债券需求。
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本国债券市场均衡曲线
本国债券市场均衡曲线是能够使得本国债券供给等于需求 的汇率与本国利率的组合。对本国债券需求函数求全微分 得：
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债券需求<债券供给
债券需求>债券供给
如果本国债券供给增加， B0B0曲线向左移动到B1B1。 汇率上升，私人部门财富 增加，对本国债券的需求 增加，在债券供给不变的 情况下，只有本国利率下 降才能抵消汇率变化带来 的本国债券需求。
其理论基础来源于托宾的“资产组合选择理论” （theory of portfolios selection）
其代表人物是美国教授布朗森（W.Branson）
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12.1模型的基本假设
1.在国际资本完全流动的情况下，本国居民所持有的金融资 产不仅包括本国货币（M）和本国债券(BP)，还包括外国债 券(FP)。同时假定本国是一个小国，世界其他国家不会持有 本国资产。一国私人部门的财富(本币)可以表示为：
listening
Dax [dɑ:ks] 基本释义 n. 达克斯（法国西南部一座城市） 网络释义 德国综合指数 （转载自互联网） ... Cyclicality 周期 DAX 德国综合 指数 Day count 日算[债市] 用以计算债券到期前部 份期间的应计利息和折现率的协议日数。 ... 达克斯 1988年7月1日，德国正式启用达克斯（DAX）指数。 这支重要的股票风向标见证了证券市场过去20年里 的风云激荡。 长颈鹿 1979年的猴子也分公和母：查理就是猴母，DAX （长颈鹿）就是猴公。
earnings ['ə:niŋz]
n. 收入the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses) 同义词：net income | net | net profit | lucre | profit | profits something that remunerates "they saved a quarter of all their earnings" [复数earnings ] 薪资 工资 薪水 短语 earnings tax 入息税 ; 所得税 nominal earnings 名义入息额 ; 名义收益 ; 理论上入息额 earnings rate 收益率
短语 live-stock container 干货集装箱
central bank
中央银行 central bank 中央银行(代表政府经济利益的银行)
impose [im'pəuz] vi. 利用；欺骗；施加影响 vt. 强加；征税；以…欺骗 加(负担等)于；征(税)；罚(款)(常与on，upon连用)： to impose duties on imported wines 向进口酒征税 to impose a fine on somebody 向某人征收罚金 把…强加于；把…硬派给： to impose one's opinion on somebody 把观点强加给别人 (用欺骗手段)把…硬塞给(或卖给)；骗售： to impose false articles upon customers 向顾客兜售假货 vi. 利用；占便宜(常与on，upon连用): to impose upon somebody's kindness 利用某人的心地善良 纠缠；打扰： to impose oneself upon somebody 纠缠某人；打扰某人 欺骗：I'm not to be imposed upon. 我是不会上当的。 施加影响
双语单词
Pareto efficiency 帕累托效率perfect competitionMonopoly 垄断Oligopoly 寡头垄断downward-sloping demand curve 向下倾斜的需求曲线monopolistic competition 垄断竞争first fundamental theorem of welfare economics 福利经济学第一基本定理 natural monopoly 自然垄断negative externalities 负外部性positive externalities 正外部性Tax or subsidize private sale or purchase对私人买卖课税或补贴price mechanism 价格机制Restrict or mandate private sale or purchase 限制或授权私人买卖Public Provision公共提供Public Financing of Private Provision 私人提供，公共融资disequilibrium非均衡Externality外部性（外部效应）Inflation通货膨胀market failure市场失灵Medicare医疗保险monopolistic competition垄断竞争Oligopoly寡头垄断perfect competition完全竞争public provision 公共提供subsidy补贴club goods;俱乐部产品collective goods集体财产free-rider problem搭便车问题global public goods全球公共产品nonexcludability非排他性nonrivalry非竞争性public goods公共产品public bads公共负产品、公害物品publicness公共性rational ignorance of voters选民的理性无知shirking怠工、偷懒social goods社会产品special-interest groups特殊利益集团Exhaustive expenditures购买性支出、消耗性支出Transfer payments/expenditures转移支付/转移性支出ability to pay支付能力accountability可计量性;责任制autonomy自治Cash expenditure现金支出departmental agency部门机构General government expenditure (GGE)一般政府开支K-12 education K-12教育Macro models宏观模型Micro models微观模型Non-Profit Organization（NPO）非营利组织postsecondary education中学后教育public law administration (PLA)公法行政public service delivery公共服务提供real expenditure 实际支出state-owned enterprise 国有企业subsidiaries子公司Tiebout-type competition蒂伯特式竞争Transition country转型国家transparency透明度user charging使用收费annuity年金cohort life expectancy队列寿命consumer price index居民消费价格指数defined benefit固定收益defined contribution固定缴款financial defined contribution (FDC)实账缴费确定型/实账积累制fully funded system完全积累制/完全基金制Great Depression大萧条internal rate of return内部收益率modified pay-as-you-go basis修正的现收现付制non-financial DC名义账户制notional DC（NDC）scheme名义账户方案OASDHI（Old Age, Survivors, Disability and Health Insurance）年老、遗属、伤残和医疗保险计划OASDI老年、遗属和残障保险OASI (Old Age and Survivors’ Insurance)老年和遗属保险pay-as-you-go (PAYG) 现收现付portfolio投资组合social security trust fund社会保障信托基金social security社会保障SSI (Supplementary Security Income)补充性保障收入universal participation全民参与wage ceiling工资上限tax principle 税收原则ability-to-pay principle 支付能力原则benefit principle 效益原则average tax rate (ATR) 平均税率marginal tax rate (MTR) 边际税率customs duty 关税direct tax 直接税indirect tax 间接税effective tax rates 有效税率flat-rate tax 扁平税率general tax 一般税horizontal equity 横向公平vertical equity 纵向公平tax base 税基tax bracket 税率proportional tax rate structure 比例税率结构 progressive tax rate structure 累进税率结构 regressive tax rate structure 递减税率结构 sale tax 销售税estate and gift tax 遗产与赠与税gasoline tax 汽油税payroll tax 工资税poll tax 人头税individual income tax 个人所得税selective tax 选择税statutory tax rates 法定税率tax fairness 税收公平tax rate structure 税率结构直接税：carroussel fraud 旋转木马式舞弊commodity taxes 商品税consumption tax 消费税corporate profit taxes 公司利润税double taxation 重复（双重）征税excise tax （选择性）消费税exemption 免税general sales tax 一般销售税goods and services tax 商品劳务税indirect tax 间接税multistage taxes 多环节征收的税nuisance taxes 繁杂小额税种payroll taxes 工资薪金税personal/individual income taxes 个人所得税profit taxes 利润税progressive tax 累进税refundable 可退税的regressive tax 累退税sales tax 销售税，营业税selective sales tax 选择性销售税sin taxes 惩罚性税收single-stage taxes 单环节征收的税tax cascading 道道征税（税收“瀑布”）turnover tax 周转税; 营业税value-added tax （VAT）增值税zero-rate 零税率; zero-rated 零税率的adjusted gross income (AGI)调整后总收入capital gains 资本利得/资本收益carry forward结转deduction扣除Department of the Treasury财政部EGTRRA（the Economic Growth and Tax Relief Reconciliation Act of 2001）2001年经济增长与税收减免协调法案exemption免税financial income财务收益flat tax单一税fundamental tax reform根本性税制改革itemized deduction列举扣除/法定扣减项目joint return联合报税pay-as-you-earn(所得税的)发薪时扣除制/代扣代交制/所得税预扣法 rate schedule税率表standard deduction标准扣除tax code税法tax competition税收竞争tax credit税收抵免tax incidence税收归宿tax liability纳税义务tax refunds退税tax return纳税申报tax year纳税年度taxable income应纳税所得额territorial taxation属地纳税withholding payment代扣代缴accelerated depreciation 加速折旧advance corporation tax (ACT) 预缴公司税allowances for captial expenditure 资本性支出扣除assets and liabilities 资产与负债borrowed capital 借入资本capital allowances 资本扣除/投资优惠扣除classical tax system 古典税制capital stock （stock of capital）资本存量corporate tax (corporation tax) 公司所得税corporate-equity capital 公司股本depreciation allowance 折旧提存（扣除）disposable income 可支配收入dividend relief 股利减免税double taxation 重复征税，双重征税economic effects 经济效应Excess-profits tax 超额利润税finance (financial) leases 融资租赁operating leases 经营租赁full integration 完全一体化graduated taxes 累进税/分级税gross receipts 毛收入imputation tax system 归集抵免税制incidence 归宿（tax incidence，税收归宿）industrialized country 工业化国家initial allowance 期初折旧扣除internal financing 内部融资（集资）investment allowance 投资扣除Investment grant 投资补贴（补助）national product 国民产值outlays for research and development (R&D) 研发支出partial imputation system 部分归集抵免制partial integration 部分一体化partnership method 合伙法production costs 生产成本rate of return 回报率/收益率real (inflation-adjusted) income 实际收入（经通货膨胀调整后的收入）reducing balance basis 余额递减法shareholder 股东split-rate system 分率制subnational government 中央（联邦）以下政府tax credit 税收抵免tax haven 避税港，税收天堂tax holiday 免税期tax jurisdiction 税收管辖权tax shelter 税收庇护/税务避难所aggregate demand 总需求automatic stabilizers 自动稳定器balanced budget 平衡式预算business cycle 经济周期contractionary fiscal policy 紧缩性财政政策countercyclical fiscal policies 反周期财政政策Countercyclically 反周期的（指与商业周期既定阶段发展方向相反的，如在商业周期高涨阶段采取通货紧缩政策，以防止通货膨胀等问题的出现）crowding out 挤出discretionary fiscal policy 相机抉择的财政政策exchange rate appreciation 汇率升值expansionary fiscal policy 扩张性财政政策full employment 充分就业gross domestic product（GDP）国内生产总值inside lag 内部时滞macroeconomic variables 宏观经济变量national saving 国民储蓄natural rate of output 自然产出率procyclical policy 顺周期政策Ricardian Equivalence 李嘉图等价（定理）“supply-side” economists 供给学派经济学家tax cut 减税（vs. tax increase 增税）twin deficits（预算和贸易）双赤字categorical grant (-in-aid) 有条件拨款（补助） fiscal assistance 财政补助（援助）fiscal federalism 财政联邦制，财政联邦主义fiscal transfer 财政转移支付general unconditional grant 一般性的无条件拨款 grant 拨款，补助intergovernmental aid 政府间财政援助（补助） interjurisdictional externalities 辖区间的外溢性 local public goods 地方性公共产品matching grant 配套拨款national public goods 全国性公共产品psychic costs 心理成本scale economy 规模经济tax concessions (preferences) 税收优惠Tiebout Model 蒂布模型vote with one’s feet 用脚投票。
证券投资学教学大纲
《证券投资学》教学大纲一、课程基本信息课程中文名称：《证券投资学》课程英文名称: Security Analysis and Investment课程编码：课程性质：必修课课程类别：专业课适用专业：学分：3 学分总学时：48 学时先修课程：《财务管理（双语）》后续课程：《投资组合管理（双语）》开课部门：二、课程简介本课程是专业的必修课程。
本课程是高等院校财经类专业的重要课程之一，在金融学科体系中具有重要的地位。
本课程是研究证券投资的本质及其运动规律的一门学科，随着我国证券市场的不断发展，通过发行有价证券进行直接融资的方式受到筹资者的高度重视，同时买卖有价证券也成为广大投资主体的主要渠道，资产证券化趋势越来越凸现，证券交易活动日益活跃，证券投资知识的学习至关重要。
本课程系统地讲授证券投资的基本知识，包括证券投资工具（股票、债券、基金与衍生品）、证券市场、证券发行理论、证券投资理论以及证券投资分析（基础分析、技术分析）等基本知识。
本课程是一门理论与实践结合紧密的课程，尤其实践性教学是对课堂教学内容的补充和支撑。
三、课程教学目标目标1：掌握证券市场运作的基本流程、证券投资的原理、证券投资的常用术语；目标2：掌握证券投资对象及其运作模式、证券种类及特征；目标3：掌握证券的发行目的、发行方式、发行价格、发行成本等方面的基本理论，并能对企业融资方式进行较理性的选择。
目标4：掌握证券投资分析的不同理论和方法，理解证券收益并能够对证券收益进行合理分析。
目标5：能够综合利用各种投资理论与方法进行投资分析并能够做出正确的投资决策，获得合理的投资报酬率。
目标6:具有社会责任感以及良好的职业道德，树立正确的投资理念，形成良好的投资习惯。
目标7:具备基本的证券投资分析能力、财务管理与投资分析相融合的能力。
课程目标与毕业要求的关系四、理论教学内容、要点和课时安排1.证券与证券市场（6学时）【主要内容】：（重点覆盖课程目标1、2）⑴证券与证券市场。
货币银行学常用双语词汇
Part I Bilingual key wordsPart II Terms and Concepts You Need to KnowPart I Bilingual key words1，货币与货币制度monetary system货币 money法定货币fiat money铸币 coin银行券banknote纸币 Paper currency，paper money 货币总量monetary aggregates交易媒介medium of exchange计算单位unit of account价值贮藏store of value通货currency支票check电子货币electronic money支付系统payment system准货币 Quasi-money电子资金划拨EFT Electronic Funds Transfer 借记卡debit card信用卡credit card销售终端point-of-sale存款货币deposit money本位制 standard本位币standard money辅币 fractional money货币法偿能力 legal tender powers复本位制bimetallic standard银本位 silver standard金币本位gold specie standard金汇兑本位gold exchange standard金本位制gold standard金平价gold parity金块本位制 gold bullion standard国际货币制度international monetary system布雷顿森林体系 Bretton Woods Monetary System 牙买加体系Jamaica system美元化dollarization欧元EURO欧洲货币联盟Europe Monetary Union ,EMU最优通货区理论theory of optimum currency area2,信用credit债权 claim债务 debt, debt ，obligation, indebtedness借入 borrowing贷出lending高利贷usury实物信用 physical credit货币信用monetary credit金融finance国际信用international credit银行信用bank credit直接融资direct finance间接融资indirect finance信用风险credit risk泡沫经济bubble economy信用制度credit system信用形式form of credit商业信用commercial credit赊销sale on account，account sales，sale on credit，credit sales 商业票据commercial paper ，commercial bill背书endorsement银行信用bank credit政府信用sovereign credit公债public debts国库券treasury消费信用consumer credit消费贷款consumer loans，loan for consumption 出口信贷export credit买方信贷buyer's credit卖方信贷seller's credit银团贷款consortium loan直接投资direct investment3, 利息与利率利息interest利率interest rate回报率、报酬率return rate of return资本化capitalization本金principal单利simple interest复利 compound interest年利率annual interest rate月利率monthly interest rate日利率daily interest rate官定利率，官方利率 official interest rate 市场利率 market interest rate固定利率fixed interest rate浮动利率floating rate基准利率 benchmark interest rate差别利率 differential interest rate长期利率long-term interest rate短期利率 short-term interest rate名义利率 nominal interest rate实际利率real interest rate即期利率spot rate of interest远期利率forward rate of interest到期收益率yield to maturity利率的风险结构risk structure of interest rate利率的期限结构term structure of interest rate违约风险default risk风险溢价risk premium流动性风险liquidity risk税收风险tax risk预期假说expectation theory expectation hypothesis分割市场理论 market segmentation theory segmented markets theory 流动性升水理论liquidity premium theory利率对储蓄的弹性interest elasticity of saving利率对投资的弹性interest elasticity of investment利率管制interest rate control利率市场化改革 market oriented reform of interest rate4，金融市场金融市场financial market货币市场money market资本市场capital market外汇市场foreign exchange market，exchange market现货市场spot market期货市场futures market金融工具financial instruments直接融资direct finance间接融资indirect finance原生金融工具underlying financial instruments 衍生金融工具derivative financial instruments 流动性liquidity商业票据commercial paper, commercial bill股票stock certificate, stocks, shares普通股股票common stock优先股股票preferred stock债券bond企业债券enterprise bond政府债券government bond金融债券financial bond投资基金investment funds公司型基金corporate type investment fund契约型基金contractual type investment fund 开放型基金open-end fund封闭型基金close-end fund现货交易physicals transaction期货交易futures transaction期货合约future contract金融期货合约financial futures contract外汇期货foreign exchange futures利率期货interest rate futures股票价格指数期货stock index futures contract 期权options期权合约option contract金融期权合约financial option contract看涨期权call, call option看跌期权put, put option欧式期权European type option美式期权 American type option金融互换swaps利率互换interest rate swap货币互换currency swap直接发行direct issue平价发行at par, emission, par issue溢价发行issue at a premium折价发行issue at a discount间接发行indirect issue承销价格 underwriting price认购价格subscription price证券行市 security market股票价格指数share price index，stock index道 --琼斯股价指数 Dow Jones Stock Price Index标准 --普尔股票价格指数Standard & Pool's Composite Index《金融时报》股票价格指数 Financial Times Stock Exchange 100 Index 日经股票价格指数 Tokyo Stock Price Index恒生股票价格指数Hong Kong Heng Sheng Stock Index上证综合指数Shanghai Stock Exchange Composite Index深圳成份股指数ShenZhen Stock Exchange Component Index上证 180指数Shanghai Stock Exchange 180 Index上证 50指数 Shanghai Stock Exchange 50 Index资本资产定价模型capital asset pricing model, CAPM套利定价理论arbitrage pricing theory, APT期权定价理论option pricing theory, OPT收益，收益率yield名义收益率nominal yield实际收益率real yield持有期收益率yield through the whole period到期收益率yield to maturity买卖差价bid-ask spread到期日due date5，金融机构融资交易成本the cost of financing金融风险financial risk金融中介机构financial intermediation跨国金融中介multinational financial intermediation管理性金融机构managerial financial institution商业性金融机构commercial financial institution政策性金融机构policy financial institution中国人民银行People's Bank of China国际金融机构international financial institution国际货币基金组织(IMF) International Monetary Fund世界银行The World Bank国际金融公司 (IFC) International Financial Corporation国际开发协会 (IDA) International Development Association多边投资担保机构 (MIGA) Multi-Investment Guarantee Agency国际清算银行（ BIS）Bank for International Settlements区域性金融机构regional financial institution亚洲开发银行 (ADB)Asian Development Bank非洲开发银行 (AFDB) African Development Bank泛美开发银行 (IADB) Inter-American Development Bank欧洲中央银行European Central Bank商业银行commercial bank专业性银行specialized bank投资银行investment bank不动产抵押银行fixed asset mortgage bank开发银行development bank储蓄银行saving bank进出口银行export-import bank政策性银行policy bank跨国银行multinational bank总分行制 branch banking system单一银行制unit banking system控股公司制share holding banking system连锁银行制chains banking system职能分工型银行functional division commercial bank 全能型银行multi-function commercial bank《巴塞尔协议》“Basle Agreement”银行资产业务asset business贷款loan证券投资portfolio investment贴现discount银行负债业务liability business活期存款demand deposit定期存款time deposit储蓄存款saving银行同业拆借inter-bank offered credit发行金融债券financial bond表外业务off-balance sheet business中间业务middleman business汇兑remittance信用证letter of credit代收业务business of collection代客买卖trading agency信贷承诺credit commitment金融创新 financial innovation网络银行internet bank不良贷款bad loan存款保险制度deposit insurance system资产管理assets management负债管理liability management资产负债综合管理comprehensive management of assets and liability 风险管理risk management信用合作机构credit cooperation农村信用合作社rural credit cooperatives城市信用合作社urban credit cooperatives保险公司insurance company保险费insurance premium保险基金insurance funds再保险re-insurance证券公司securities company投资基金investment funds信托机构trust company代理业务agency business租赁leasing融资租赁机构 financing leasing institution转租赁sub-lease回租租赁sale and lease财务公司financial company金融资产管理公司financial assets management company邮政储蓄机构postal savings institution7，中央银行central bank一元式中央银行unit central bank system二元式中央银行dual central bank system复合中央银行制度compound central bank system跨国中央银行制度multinational central bank system准中央银行制度quasi central bank system欧洲中央银行European System of Central Bank ， ESCB发行的银行bank of issue银行的银行bank of bank最后贷款人lender of last resort再抵押re-mortgage ，re-collateralize国家的银行the state bank支付清算系统 payment and clearing system支付系统payment system票据交换所 clearing house8，货币需求货币需求demand for money货币数量论quantity theory of money货币必要量volume of money needed货币流通速度velocity of money交易方程式equation of exchange剑桥方程式equation of Cambridge现金交易说cash transaction approach现金余额说cash balance theory货币需求动机motive of the demand for money 交易动机transaction motive预防动机precautionary motive投机动机speculative motive流动性偏好liquidity preference流动性陷阱liquidity trap平方根法则square-root rule货币主义monetarism恒久性收入permanent income名义货币需求nominal demand for money实际货币需求real demand for money资产选择portfolio selection9货币供给货币供给money supply通货currency准货币quasi money名义货币供给 nominal money supply实际货币供给real money supply基础货币base money货币乘数money multiplier原始存款 primary deposit派生存款derivative deposit现金漏损loss of cashes提现率withdrawal rate公开市场操作open-market operation再贴现率rediscount rate法定准备率legal reserve rate超额准备率excess reserves rate外生变量exogenous variable内生变量endogenous variable ，货币供给通货膨胀均衡equilibrium通货膨胀inflation通货膨胀率inflation rate居民消费价格指数 Consume Price Index,CPI批发物价指数Wholesale Price Index,WPI国内生产总值平减指数GDP deflator需求拉上型通货膨胀demand-pull inflation成本推动型通货膨胀cost-push inflation结构型通货膨胀structural inflation爬行式通货膨胀creeping inflation温和式通货膨胀moderate inflation恶性通货膨胀rampant inflation，runaway inflation，galloping inflation，hyperinflation公开型通货膨胀open inflation隐蔽型通货膨胀hidden inflation指数化indexation通货紧缩deflation工资——价格螺旋wage-price spiralPart IITerms and Concepts You Need to KnowBusiness CycleShort run fluctuations in the level of economic activity as measured by output ofgoods and servicesCheckable DepositsDeposits that are subject to withdrawal by writing a checkDefaultWhen a borrower fails to repay a financial claimDepository InstitutionsFinancial intermediaries that issue checkable depositsDeregulationThe removing or phasing out of existing regulationsDirect FinanceWhen net lenders lend their funds directly to net borrowersEconomicsThe study of how society decides what gets produced, how it gets produced, and who gets whatExpansionThe phase of the business cycle where economic activity increases and unemployment falls Federal Reserve ("Fed")The central bank of the United States that regulates the banking system and determines monetary policyFinanceThe study of how the financial system coordinates and channels the flow of funds from lenders to borrowers (and vice versa) and how new funds get created by financial intermediaries in the borrowing processFinancial InstitutionsFirms that provide financial services to net lenders and net borrowers; the most important financial institutions are financial intermediariesFinancial IntermediariesFinancial institutions that borrow from net lenders for the purpose of lending to net borrowersFinancial MarketsMarkets in which financial claims are tradedFiscal PolicyGovernment spending and taxing decisions to speed up or slow down the level of economic activityIndirect FinanceWhen net borrowers borrow from financial intermediaries that have acquired the funds to lend from net lendersLaissez FaireThe view that government should pursue a “hands off” policy with regard to the economy LiquidityThe ease with which a financial claim can be converted to cash without loss of value MacroeconomicsThe branch of economics that studies the aggregate (total) behavior of households and firmsMicroeconomicsThe branch of economics that studies the behavior of individual decision-making units such as households and business firmsMonetary PolicyThe Fed's efforts to promote the overall health and stability of the economyMoneySomething that is generally used and accepted as payment for goods and servicesNet Borrow ersSpending units such as households and firms whose spending exceeds their incomeNet LendersSpending units such as households and firms whose income exceeds their spendingRecessionThe phase of the business cycle where economic activity declines over at least two consecutive quarters and unemployment risesSavingIncome not spent on consumptionTransactions CostsThe costs associated with borrowing and lending or making other exchanges。
CFA-教学大纲
《注册金融分析师（CFA）专题（双语）》教学大纲课程编号：112322B课程类型：□通识教育必修课□通识教育选修课□专业必修课√专业选修课□学科基础课总学时：32讲课学时：32实验（上机）学时：0学分：2适用对象：金融学先修课程：经济学原理、会计学、货币金融学一、教学目标CFA全称 Chartered Financial Analyst（特许金融分析师），是全球投资业里最为严格与含金量最高的资格认证，被称为金融第一考的考试，为全球投资业在道德操守、专业标准及知识体系等方面设立了规范与标准。
本课程的教学要求是：使学生掌握CFA考试主要内容的概念和原理，系统阐释金融分析师应具备的全面的基本理论、基本知识及其金融工作中的运用。
目标1：使学生对伦理与职业标准、定量分析方法、宏微观经济学、会计学、公司理财、世界金融市场与投资工具、估值与投资理论、固定收益证券及其管理、权益投资分析、其他种类投资工具的分析以及投资组合管理等基本范畴有较系统的掌握。
目标2：树立正确的金融意识和全新的金融理念，掌握观察和分析金融问题的正确方法目标3：培养辨析金融理论和解决金融实际问题的能力，为顺利通过CFA一级考试打下必要的基础二、教学内容及其与毕业要求的对应关系教学内容方面，伦理与道德、财务管理要细讲、精讲，其他种类投资工具应粗讲或选讲；教学方法采用教师讲授、案例分析、练习题分析与测验等相结合的手段；每个章节学习完毕后安排课后作业，按时完成；每两章学习完毕后安排一次课堂测验。
教学过程中应注意的理论与实践相结合，知识点与案例相结合。
与毕业要求的关系：该课程为专业选修课程，该课程为学生打下扎实的金融学基础，为其通过CFA一级考试，今后供职于金融机构提供一个具有含金量的资质。
三、各教学环节学时分配以表格方式表现各章节的学时分配，表格如下：教学课时分配四、教学内容（黑体，小四号字）第一章道德与职业标准第一节道德与信任1 什么是道德2 为什么需要道德第二节道德准则1 第一条-第四条2 第五条-第七条第三节 GIPS1 GIPS简介2 GIPS标准教学重点、难点：伦理准则与职业行为标准：专业性、资本市场的诚信、对于客户与未来客户的责任、对于雇主的责任、投资推荐分析与行为、利益冲突、作为CFA协会会员与考生的责任。
经济学名词汇总(英汉双语)
经济学名词1、绝对优势(Absolute advantage)如果一个国家用一单位资源生产的某种产品比另一个国家多，那么，这个国家在这种产品的生产上与另一国相比就具有绝对优势｡2、逆向选择(Adverse choice)在此状况下，保险公司发现它们的客户中有太大的一部分来自高风险群体｡3、选择成本(Alternative cost)如果以最好的另一种方式使用的某种资源，它所能生产的价值就是选择成本，也可以称之为机会成本｡4、需求的弧弹性( Arc elasticity of demand)如果P1和Q1分别是价格和需求量的初始值，P2 和Q2 为第二组值，那么，弧弹性就等于-(Q1-Q2)(P1+P2)/(P1-P2)(Q1+Q2)5、非对称的信息(Asymmetric information)在某些市场中，每个参与者拥有的信息并不相同。
例如，在旧车市场上，有关旧车质量的信息，卖者通常要比潜在的买者知道得多｡6、平均成本(Average cost)平均成本是总成本除以产量。
也称为平均总成本｡7、平均固定成本( Average fixed cost)平均固定成本是总固定成本除以产量｡8、平均产品(Average product)平均产品是总产量除以投入品的数量｡9、平均可变成本(Average variable cost)平均可变成本是总可变成本除以产量｡10、投资的β(Beta)β度量的是与投资相联的不可分散的风险。
对于一种股票而言，它表示所有现行股票的收益发生变化时，一种股票的收益会如何敏感地变化｡11、债券收益(Bond yield)债券收益是债券所获得的利率｡12、收支平衡图(Break-even chart)收支平衡图表示一种产品所出售的总数量改变时总收益和总成本是如何变化的。
收支平衡点是为避免损失而必须卖出的最小数量｡13、预算线(Budget line)预算线表示消费者所能购买的商品X和商品Y的数量的全部组合。
赏析版2011年1-3月经济学人文章(英汉双语对照)汇集
[2011.03.31]They’re bust. Admit it. 他们破产了，接受这个现实吧！ 1
[2011.03.31]Everybody needs good neighbours给力莫如好邻居 3
[2011.03.31]Raging bulls 愤怒的“公牛” 9
[2011.02.17]New world order 新世界秩序 148
[2011.02.17]Learning to like inflation 学会喜欢通胀 149
[2011.02.10]Shifting sands 流沙 153
[2011.02.10]The anti-Nokia 诺基亚的反例 156
[2011.03.17]Stopped in their tracks 网络追踪，戛然而止 53
[2011.03.17]Japan and the uses of adversity日本之灾,焉知非福? 55
[2011.03.12]Oh, Mr Porter - 哦，波特先生 58
[2011.03.11]Regional disparities 地区差距 62
[2011.01.20]The world's water-coolers 世界的开水间 185
[2011.01.20]The world's water-coolers 世界的开水间 189
[2011.01.20]Tribes still matter 族群依旧重要 194
[2011.01.20]Canada's tar sands 加拿大的油砂 198
Portugal’s prime minister resigned on March 23rd after failing to win support for the fourth austerity package in a year. The country’s credit rating was slashed to near-junk status on March 29th, while ten-year bond yields have risen above 8% as investors fear Portugal will have to turn to the European Union and the IMF for loans. The economies of both Greece and Ireland, Europe’s two “rescued” countries, are shrinking faster than expected, and bond yields, at almost 13% for Greece and over 10% for Ireland, remain stubbornly high. Investors plainly don’t believe the rescues will work.
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如何计算市场收益率双语
The stock market goes up and down. Suppose its level alternates each year between 50 and 100, with no upward or downward trend. What is the capital return on the market?
股市有涨也有跌。
假设每年的股价不是50就是100，没有上涨或下跌趋势。
那么股市的资本回报率会有多大?
Common sense suggests the answer is zero. But is that common sense right? In the good years you obtain a return of 100 per cent. In the bad, the yield is minus 50 per cent. The average return is therefore 25 per cent. There is logic to that. If you invested the same amount every year, and sold at the end of a year, you would indeed make –on average –a very attractive return of 25 per cent a year.
根据常识，答案应该是零。
但这一常识正确吗?在景气年份，你可以获得100%的回报率;在不景气年份，回报率则是负50%。
因此平均收益率为25%。
这是符合逻辑的。
如果你每年都拿同样多的钱买股票，并在年末卖掉，那么平均算下来，实际上你每年会获得25%的回报率，这很有吸引力。
What if you bought and sold at random? In that case, four options are equally likely: buy and sell at 50, buy and sell at 100, buy at 50 and sell at 100, buy at 100 and sell at 50. The overall annual expected gain is 12.5 per cent.
如果你随意买卖，结果又会如何?在这种情况下，有四种同等概率的可能性：买卖价格都是50，买卖价格都是100，50买入100卖出，100买入50卖出。
总体上，年预期回报率为12.5%。
If you are by now thoroughly confused, you are not alone. The average historic return on the volatile equity market is central to calculations of the cost of capital and provision for future pension liabilities. But the figure has been debated for decades. The dispute is less about the underlying data than about the way you make the calculation. The question is often framed as the choice between arithmetic and geometric means.
如果现在你已经完全晕了，也属正常。
波动性股市的平均历史回报率，是计算资金成本和未来养老金负债拨备的重要数据。
但人们就这一数据已经争论了几十年。
争论的焦点在于这一指标的计算方式，而不是原始数据。
问题往往在于算数平均数和几何平均数之间的选择。
But there is no right or wrong answer. In all problems of this kind, the relevant measure is specific to the particular purpose you have in mind.
但这个问题没有一个孰对孰错的答案。
在所有这类问题中，方法与你心中特定的目的对应。
The way we measure inflation is, in principle, straightforward too.
总体来看，我们计算通胀的方式也非常简单。
You take an everyday basket of household goods and send a mystery shopper to discover what the bundle costs. Then you do the same thing a month later and find out how much the price of the basket has increased. You revise the composition of the basket regularly to introduce new goods and eliminate obsolete ones, and to respond to changes in the composition of spending.
你准备一篮子日常用品，然后让一个神秘的购物者去弄清这篮用品的成本。
一个月之后做同样一件事，看看这篮用品的价格上涨了多少。
你定期调整篮子里面东西的构成，增加新产品，去掉过时的产品，根据消费构成的变化而变化。
But every month some of the goods are on special offer. Perhaps you can buy one bottle of shampoo and get one free. The price of shampoo has fallen by 50 per cent but you spend the same and get two bottles. Then the offer ends, and the price has risen by 100 per cent.
但每个月都有一些产品打特价。
比如说洗发水买一赠一，也就是说洗发水的价格降低了50%，或者说用同样的价格购买了两瓶。
当特价结束的时候，价格又上涨了100%。
If you spent the same on shampoo and conditioner, and then the price of shampoo fell by half, and the price of conditioner doubled, we would probably want to say that the cost of washing your hair has gone up.
如果洗发水和护发素的价格本来一样，然后洗发水的价格下降一半，护发素的价格翻番，或许我们就可以说洗头的成本上升了。
What happens in practice depends on the detail of the instructions to the mystery shopper and the frequency with which the relative weights of the components of the basket are reassessed.
实际情况取决于这位神秘购物者得到的详细指令，以及篮子里各物品相对权重重新调整的频率。
扩展：与月亮有关的词汇
aim [level] at the moon 想入非非, 野心太大
as changeable as the moon 象月亮一样善变; 反复无常
bark [bay] at the moon [bay the moon] 空嚷嚷;徒劳; 枉费心机
below [under] the moon 月下的;尘世的
boast1 above [beyond] the moon 捧上天, 海阔天空地吹牛
moon away 虚度时光
over the moon 欣喜若狂
moon-faced 圆脸的
moonhead 笨蛋;傻瓜
moonstruck 发狂的, 神经错乱的
cast beyond the moon 痴心妄想; 胡乱猜测, 想入非非
cover oneself with the moon 露宿(指流浪汉与失业者)
cry [ask, wish] for the moon 异想天开, 想做办不到的事情, 想要得不到的东西
(make) believe [think] that the moon is made of green cheese (要人)相信最荒唐的事;愚蠢到极点, 愚弄人。