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标准普尔和穆迪违约损失率衡量方法研究
郑宇 黄德民/文
违约损失率（Loss Given Default）与债权人的自身利益息息相关，主要指债务人发生违约后给债权人造成损失的程度。违约损失率一般与宏观经济、偿债法律顺序、企业自身素质等因素存在相关关系。在违约损失率较大时，即使违约率较小，债权人仍需要客观评估当债务违约后面对巨大损失时自身的风险承受能力，因此违约损失率的衡量是信用评级不可或缺的考虑因素。
一、标准普尔公司违约损失率衡量方法
标准普尔公司（以下简称“标准普尔”）对违约损失率（Loss Given Default）的研究涉及非常广泛的范围，包括大中型企业、金融机构、保险公司、项目融资（Project Finance）、资产融资（Asset Finance）、房地产、贸易融资（Trade Finance）、地方政府及主权等方面。标准普尔的违约损失率衡量方法涉及基于挽回风险（Recovery Risk）的分析工具，可以对配对分析（Peer Analysis）、情景分析（Scenario Analysis）和主动资产组合管理（Active Portfolio Management）提供支持。
图1 从劣质贷款中分辨优质贷款1
1两个信用风险维度（违约风险和挽回风险）的分离可以在不同方面分析和管理风险。银行在授信方面能够通过有效的结构化措施使预期损失达到最小。
1.打分卡模型（SCORECARDS）
在较低违约风险的环境中，标准普尔的打分体系通过已测试的以内部评级为基础的方法体系进行违约损失率的估计。
标准普尔的打分体系包括以下特征：①包括广泛的子行业和资产分类（A s s e t Class）；②可以在一个连续的范围（Scale）内上进行违约损失率的点估计，可以映射于任何离散的挽回比例；③当挽回率数据不完备时，通过专家分析在一致的方法和统计框架下增加要素（Inputs）；④可以使用EXCEL工作表进行整合和表示。
图2 企业违约损失率打分卡样本
资料来源：标准普尔《Loss Given Default》
2.决策树模型（DECISION-TREE MODELS）
决策树模型是对违约损失率和违约风险敞口进行计算和信息整合的一种银行授信（Facilities）风险评级方法体系，其特征包括：①通过历史违约率与深入（In-deepth）分析相结合的方式进行预测，内部数据可以通过外部资源来证实所选的风险要素水平；②在风险要素的选择、数量、复杂性方面结合不同行业、项目的特征进行选择；③违约损失率的判定以实证经验为基础，但也会对风险要素进行适当调整，以得到更好的违约损失率；
④在压力测试等情景中与监管框架（例如巴塞尔协议）相一致。
图3 决策树样本
资料来源：标准普尔《Loss Given Default》
3.LOSSSTATS模型
此模型主要采用统计方法对违约损失率进行估计，其数据来源为LossStats数据库。此模型可以对最终挽回率和违约后30天的挽回率（通过变卖资产）进行估计。
4.模型验证（VALIDATION）
模型验证包括银行授信损失评估和使用内部挽回评级或违约损失率估计的检验，其内容包括模型验证分析、框架和流程设计、效果检验（与基准对比和后验测试）和内部验证程序检验。
5.确定基准点（BECHMARKING）
标准普尔在其现有的方法体系下通过设置观察目标（结构化框架）确定基准点，其确认并不以分布较低的历史数据奇异点为基础。标准普尔的基准点不但可以应用于已经过标准普尔公开评级的主体，也可以应用于没有公开评级的单一独立的主体。一旦基准点确认之后，标准普尔会采用多种的统计测试进行检验。
图4 债务缓冲(Debt Cushion)和担保关系直方图样本
资料来源：标准普尔《Loss Given Default》
二、穆迪公司违约损失率衡量方法
穆迪公司（以下简称“穆迪”）基于金融工具、公司、行业、宏观经济的相关数据推出LOSSCALC模型，该模型主要对违约损失率进行预测。LOSSCALC模型的预测精度远远大于历史移动平均法等一般预测方法，这主要归功于穆迪积累了超过1800个美国违约的贷款、债券和优先股的挽回数据，时间跨度超过20年，这大大提高了穆迪违约损失率模型的预测准确性。
1.重要模型变量
LOSSCALC模型运用9个解释变量（Explanatory factors）来预测违约损失率，涵盖债务类型、资本结构、行业和宏观经济四个方面，其中债务类型包括债务品种（贷款、债券和优先股）和保障类型（担保、优先无担保和次级等）；资本结构主要指杠杆水平和偿债顺序；行业主要采用行业移动平均挽回水平和银行使用的其他观察指标；宏观经济包括
一年期RiskCalc 违约概率中值、穆迪违约债券指数（Moody's Bankrupt Bond Index ）、未来12月投机级违约率（Trailing 12-month Speculative Grade Default Rate ）和各类经济领先指标。这些指标基本不存在相关关系。由于模型中各个指标统计显著性较高，整个模型在各个指标共同作用下会提供更加准确的预测。
表1 LOSSCALC 模型的解释变量
资料来源：穆迪《Model For Predicting Loss Given Default Modeling Methodology 》
图5 各个基本因素对预测LGD 的相对影响
资料来源：穆迪《Model For Predicting Loss Given Default Modeling Methodology 》
2.分析框架
穆迪LossCalc 违约损失率模型的框架与穆迪RiskCalc 违约率模型分析的分析框架基本一致，包括因子转换（Transformation ）、建模（Modeling ）和映射（Mapping ）。因子转换指通过把相关影响因子转换成模型变量，例如，穆迪认为在选择宏观经济变量中使用复合指数的预测效果会比采用单独宏观经济指标的效果好；在债务类型和偿债顺序方面使用平均历史违约损失率会获得更好的预测效果。在建模方面，LossCalc 模型主要使用回归方法。在映射方面，穆迪会比较LossCalc 模型输出和历史违约率的统计结果。
LossCalc模型使用的违约债务价格（Defaulted Debt Prices）在统计意义上并不符合正态分布（Normal Distribution），因此为了取得更好的预测效果穆迪公司使用贝塔分布（Beta-Distribution）代替正态分布假设。贝塔分布区间为0至1，且不受对称性假设限制。贝塔分布可以大致通过“中心”（Center）和“形状”（Shape）两个要素来表达，因此在描述数据分布方面更强的灵活性，例如贝塔分布可以更好地描述具有在1或者0的边界区域具有更高的概率分布特征的数据，而这些统计学特征在描述某些价值比率（如挽回率）时较为有用。在实际操作方面，由于债务类型的平均挽回分布的差异较大，LossCalc 模型首先根据不同的债务（例如贷款、债券和优先股）进行分组，然后把这些变量从贝塔分布转换为正态分布。相应地，这只需要观察挽回率的平均值μ、标准差σ和临界值（Bounding Values）。正态转换后变量的概率值与贝塔分布对应的概率值相一致。
此前的分析主要基于单变量（Univariate）情况的考虑。在建立多变量的最终模型（"Overall" Model）之前，为了使每个解释变量显著程度（Significance）更高，LossCalc模型需要对部分解释变量进行进一步转换。这一转换的最终结果称为“子模型”（Mini-model）。其中，债务优先等级（Seniority Class）变量和行业LGD变量即为“子模型”，具有较强的解释性和显著性。其他一些子模型显著性较低，例如杠杆率（Leverage）、取对数（Logs）或时间序列中变化量比实际水平值等。
在确定解释变量的正态分布和显著性等特征后，L o s s C a l c模型通过计量回归（Regression）的线性加权（Linear Weighted）方式来解释自变量和子模型对因变量（违约挽回值）的影响。模型的数学表达式如下：
r^ =α+β1χ1+β2χ2+β3χ3+...+βkχk
其中χ
i 是自变量和子模型，β
i
为权重，标准化的r为违约挽回值，注意上述公式的r是
通过正态分布的方式表达的，需要通过逆矩阵变换（Inverse）转化为原贝塔分布的形式。
L o s s C a l c模型在违约挽回方面进行置信区间的预测（C o n f i d e n c e I n t e r v a l Estimation）。置信区间提供了实际值在假定概率（类似多次试验中特定结果出现的次数）下落入某一预测区间的估计范围。置信区间的宽度提供了预测精度（Precision of the Estimate）的相关信息。例如，80%的置信区间代表着我们可以相信80%的试验结果或实际值（True Value）会落在预测区间之内，另外只有20%的真实值会落在置信区间之外。
虽然回归模型可以进行置信区间的预测，但其预测的置信区间范围较大，不利于挽回率的估计。因此，穆迪通过建立、估计、检验条件置信区间（Conditional CI）预测方法来实现范围更小的置信区间估计。实际上，穆迪已经建立在较小的置信区间下多维度结果查询表（Multi-dimensional Lookup Table），可以通过不同资产类型和偿债优先度、宏观经济因素等标识进行查找，并提供了误差预测分布（类似标准差）、实证角度下（Empricial）的置信区间的范围等信息。
3.有效性检验
在检验L o s s C a l c模型的有效性方面，穆迪采用移动验证法（Wa l k F o r w a r d Validation），主要方式为采用一段时期的数据进行模型拟合，然后把拟合后的模型与之后的一段时期数据进行对比和检验，再不断地重复这一过程直到测试至当前时点为止。因此，LossCalc模型不会出现以某类样本数据为基础的拟合模型检验同源数据的现象，从而不会出现过度拟合（Over-fitting）的结果。在时期选取长度方面，穆迪会跨越多个经济周期进行模型的检验。
穆迪认为，模型检验是建立模型可信度的一个必要步骤，因此必须通过严格和严谨的方式进行检验，同时也需要对计划外的错误进行修正。例如，在不同模型对比检验中，采用同样的数据源至关重要，但实际操作中往往会出现统一模型在不同样本测试下出现预测效果的差异。为了减少这种差异，避免误导性的结果出现，穆迪在LossCalc模型和其他基准模型（如历史平均挽回率估计法）的对比中会采用完全一致的数据源和测试范围。
三、结论
从两家公司披露的违约损失率模型来看，标准普尔更希望通过多角度对违约损失率的实际形成过程和主要影响因素进行更好地描述，而穆迪更侧重于从数理分析的角度来提高违约损失率的预测精度。从实际的可借鉴性来看，由于穆迪的模型推导和操作步骤的披露更为充分，因此穆迪LossCalc模型可参考性更强，但也应借鉴学习标准普尔对违约损失率的主要观点和预测方式。
我国债券市场形成较晚，目前在历史、市场规模、规范化程度、技术研究等方面与美欧相比仍存在一定的差距。基于我国债券市场违约损失率历史数据匮乏的实际情况，我们应对债务违约损失预测的难度和重要性有着更为清醒的认识，通过借鉴外国先进经验与符合中国国情的自主创新相结合的方式对违约损失率进行更深入地研究和预测。
上海新世纪英语高二全部课文及重点词组 上海新世纪英语高二全部（包括Additinal Reading）及重点词组 高二第二学期 17 rds and their stries 18 English prverbs 19 Tips n aing a publi speeh 20 eep it shrt fr the audiene’s sae 21 aing friends 22 hat des friendship ean t esterners? 23 Ad 24 Ran, his friends, and his inredible trh run 2 The father f dern phsis 26 The survival f the fittest 27 irale in the rie field 28 Netn’s three iprtant las 29 liver ants re (Adapted fr liver Tist harles Diens) 30 En the lassis 31 Is she guilt? (Adapted fr The Prine and the Pauper ar Tain) 32 ar Tain 高二第二学期 17 rds and their stries EAGER BEA VER An eager beaver is a persn h is alas illing t d and is
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上海新世纪英语高二全部课文及重点词组上海新世纪英语高二全部课文（包括additional reading）及重点词组 高二第二学期 17. words and their stories 18. english proverbs 19. tips on making a public speech 20. keep it short for the audience’s sake 21. making friends 22. what does friendship mean to westerners? 23. adjo 24. ryan, his friends, and his incredible torch run 25. the father of modern physics 26. the survival of the fittest 27. miracle in the rice field 28. newton’s three important laws 29. oliver wants more (adapted from oliver twist charles dickens)
30. enjoy the classics 31. is she guilty? (adapted from the prince and the pauper mark twain) 32. mark twain 高二第二学期 17. words and their stories eager beaver an eager beaver is a person who is always willing to do and is excited about doing what is expected of him. suppose, for example, that a teacher tells his students they each must solve one hundred math problems before coming to school the next day. the children complain about so much homework. but one student does not protest at all. that student is an eager beaver. he loves to do math problems, and does not mind all the homework. the expression is said to have come from the name of a hard-working animal---the beaver. beavers are strange-looking creatures. they spend a lot of time in the water, building dams to create little lakes or ponds. they use their huge teeth and work hard to cut down trees, remove branches and put them across streams. they use their tails to pack mud on the branches to make
高中英语教材xx新世纪版单元标题高一上册 Unit 1 occupations Unit 2 Success stories Unit 3 English manners Unit 4 Holidays and festivals Unit 5 Animal friends Unit 6 Cartoons and comic strips Unit 7 Metropolises Unit 8 Hacking Unit 9 Personal hygiene Unit 10 School education Moudle 1综合 Moudle 2综合 Moudle 3综合 高一下册 Unit 1 travelling around China Unit 2 travelling around the world Module 1综合 Unit 3 English is changing Unit 4 A cushion or a kiss
Moudle 2综合 Unit 5 Classical and popular music Unit 6 Going to the Cinema Module 3综合 Unit 7 Newspapers Unit 8 Magazine Module 4综合 高二上册 Unit 1 Eating Around the World Unit 2 Global Drinks Unit 3 Sports Heroes Unit 4 Sports Around the World Unit 5 Animals Unit 6 The Environment Unit 7 Shopping Experiences Unit 8 Advertising Moudle 1综合 Moudle 2综合 Moudle 3综合 高二下册 Unit 1 Words and their stories
高一下词组整理UNIT 1 Generally speaking On national holiday s Depend on A number of sea routes Pass through the famous Three Gorges The first choice for Limited time The time-saving advantage Popular tourist destinations/attractions On schedule Speaking of Be pressed for time Offer fairly good services In brief A round-trip ticket A travel brochure The permanent habitat Be surrounded by Within arm’s reach A master of ceremonies Sort out A tour guide UNIT 2 There’s no feeling like Take a special class Change into Receive instructions from the guide Be afraid of heights Lead up to 向上通向 Speed by Come into view Bird’s eye view of the city Extend in all directions ▲Feel proud of / take pride in / pride oneself on Be ready to do乐于做某事 in an instant 一会儿 tourists at home and abroad without doubt
标准普尔、穆迪评级分类表 (2007-03-25 18:02:22) 转载 分类：学术研究 穆迪从A至B的分类评级都缀以数字(1.2和3)。如缀以l即表示该银行信用属于该级别的高档次级别，如缀以2即表示属于该级别的中档次级别，如缀以3即表示属于该级别的低档次级别。标准普尔使用加号(十)或减号(一)表示评级类别的相对档次。 评级符号后标有‘pi’表示该等评级是利用已公开的财务资料或其它公开信息作分析的依据，即标准普尔并未与该等机构的管理层进行深入的讨论或全面考虑其重要的非公开资料，所以这类评级所依据的资料不及全面的评级全面。
标普评级 标普的长期评级分为投资级和投机级两大类，投资级的评级具有信誉高和投资价值高的特点，投机级的评级则信用程度较低。投资级包括AAA、AA、A和BBB，投机级则分为BB、B、CCC、CC、C和D。AA A级为最高信用等级；D级最低，视为对条款的违约。 从AA至CC C级，每个级别都可通过添加“+”或“-”来显示信用高低程度。例如，在AA序列中，信用级别由高到低依次为AA+、AA、AA-。 标普的短期评级共设6个级别，依次为A-1、A-2、A-3、B、C和D。其中A-1表示发债方偿债能力较强，此评级可另加“+”号表示偿债能力极强。 标普目前对126个国家和地区进行了主权信用评级。美国失去AAA评级后，目前拥有AAA评级的国家和地区还有澳大利亚、奥地利、加拿大、丹麦、芬兰、法国、德国、中国香港、马恩岛、列支敦士登、荷兰、新西兰、挪威、新加坡、瑞典、瑞士和英国。 穆迪评级 穆迪长期评级（一年期以上债务）共分9个级别：Aaa、Aa、A、Baa、Ba、B、Caa、Ca 和C。其中Aaa级债务的信用质量最高；C级债务为最低等级，收回本金及利息的机会微乎其微。 在Aa到Caa的6个级别中，还可以添加数字1、2或3进一步显示各类债务在同类评级中的排位，1为最高，3则最低。通常认为，从Aaa级到Ba A3级属于投资级，从B A1级以下则为投机级。 穆迪的短期评级（一年期以下债务）依据发债方的短期债务偿付能力从高到低分为P-1、P-2、P-3和NP四个等级。 目前，穆迪的业务范围主要涉及国家主权信用、美国公共金融信用、银行业信用、公司金融信用、保险业信用、基金以及结构性金融工具信用评级等几方面。穆迪在全球26个国家和地区设有分支机构。 惠誉评级 惠誉的规模较小，是唯一的欧洲控股的评级机构。其长期评级用以衡量一个主体偿付外币或本币债务的能力。
新世纪研究生公共英语教材 听说（下）第二版 听力全文 主编：李玉璞 上海外语教育出版社
Table of Contents LESSON ONE Resources and Energy (5) PART A (5) PART B (6) Passage I: (6) Passage II: (7) Part D (8) Lesson Two Crime and Punishment (8) Part A (8) Part B (9) Passage I (9) Passage II (10) Passage III. (11) Part D (12) Lesson Three Computers and the Internet (12) Part A (12) Part B (13) Passage I (13) Passage II (14) Passage III (15) Part D (16) LESSON FOUR Finance (16) PART A (16) Part B (17) Passage I (17) Passage II. Functions of Money (18) Passage III Credit Cards (19) Part D (20) LESSON FIVE Places to See in Britain (20) Part A (20) Part B (21) Passage I: (21) Passage Ⅱ: (22) Part D (23) LESSON SIX Education (23) Part A (23) Part B (24) Passage I SAT Examination (24) PART II Medical Education (25) LESSON SEVEN Business (26) Part A (26) Part B (28) Passage I How to Increase Business Profits (28)
高一第一学期 Unit 1 Text People from All Walks of Life 1.people from all walks of life 来自各行各业的人们 2.sb. grow up 某人长大= sb. mature (vi.) 3.sb. take up sth. 某人从事某事 ★sth. take up spl. 某物占据某地=sth. occupy spl. sth. take up some time 某物占据时间=sth. occupy some time occupation (v.)①占据②职业 4.various sth. 多种多样的某物 ★various (adj.) 多种多样的variety (n.) 种类 vary (vi.) sth. vary 某物变化(vi.) sth. vary with sth. 某物随着某物变化 5.sth. be made up of sth. 某物由某物组成 =sth. be composed of sth. =sth. consist of sth. 6.the following sth. 下列的、下述的某物 ★following (adj.) 接下来的 in the following years 在接下来的几年中=in the years that followed follow (vt.) sb. follow sb. 某人跟随某人 sb. be followed by sb. 某人被某人跟随 https://www.doczj.com/doc/097925359.html,cational institutions 教育机构 8.sb. try one’s best to do sth. 某人尽全力做某事 ★sb. make an effort to do sth. 某人尽力做某事 =sb. spare no effort to do sth, =sb. go all out to do sth. =sb. strive to do sth. =sb. do what sb. can to do sth. =sb. devote oneself to doing sth. =sb. be devoted to doing sth. =sb. do sth. with all one’s energy =sb. do sth. with all one’s strength 9.sb. gain sth. 某人得到某物 ★gain=botain=get 10.in society 在社会上 ★society 不加冠词：社会，加冠词：the society 一个社会团体social (adj.) society (n.) socialism (n.) 社会主义socialist (n.) 社会学家socialize (v.) 社会化 11.sb. be involved in sth. 某人参与某事 ★=sb. get involved in sth. 某人参与某事 sth. involve sth. 某物涉及某物 sth. involve doing sth. 某物涉及做某事 sb. be involved in sth 某人被卷入某物 sth. involve sb. in sth. 某事使某人介入/卷入某事 12. sb. correct papers 某人批改试卷 ★paper (n.)[U] 纸paper (n.)[C]①文件②试卷 13. sb. give grades to sb. 某人给某人打分数 14. at the end of some time 在某段时间的最后 ★反：at the beginning of some time在某段时间的开始at the end of spl. 在某地的尽头 in the end =finally=at last=eventually 最后， 反：at the beginning 起初 by the end of sth. 到…结束为止
Unit 1 Words and Their Stories Period 1 【学习内容】 Additional Reading English Proverbs 【学习目标】 1．能够基本掌握Additional Reading的词汇、词组、句型及语法。 2．牢记各个知识点的用法，归纳总结异同点，通过习题加强巩固。 【学习重难点】 1．能熟练运用Additional Reading的单词、短语、句型。 2．能背诵Additional Reading中的重点句型或句子。 【学习过程】 Characters Teacher of English: Ms Smith (MS) Students: Li (LI), Mao (MA), Anne (AN), Rivera (RI) MS: Good morning, everyone. I hope you all know what we are here for. The topic of our discussion this morning is “English Proverbs”. LI: So, I’m in the right group. MA: Me, too. RI: Me, too. MS: But I was told we would have four…and yet… AN: I’m coming. Good morning. Am I late? MS: Morning. “Speak of angels and you hear their songs.” AN: Is that a proverb referring to my coming? MS: Exactly. LI: We have a saying in Chinese, which I think is very close in meaning… MA: Speak of Cao Cao and he appears. MS: Right. Well, “first things first”.A proverb is a traditional saying which offers advice or
上海外语教育出版社——新世纪英语高二全部课文 （包括Additional Reading）及重点词组 高二第二学期 17. Words and their stories EAGER BEAVER An eager beaver is a person who is always willing to do and is excited about doing what is expected of him. Suppose, for example, that a teacher tells his students they each must solve one hundred math problems before coming to school the next day. The children complain about so much homework. But one student does not protest at all. That student is an eager beaver. He loves to do math problems, and does not mind all the homework. The expression is said to have come from the name of a hard-working animal---the beaver. Beavers are strange-looking creatures. They spend a lot of time in the water, building dams to create little lakes or ponds. They use their huge teeth and work hard to cut down trees, remove branches and put them across streams. They use their tails to pack mud on the branches to make the dams solid. Few other animals work so hard. Historians say the beaver had an important part in the settlement of North America. There were hundreds of millions of beavers when European settlers first arrived. The settlers put great value on the fur of beavers. In fact, for two
一、Unit 1新单词 1. rule n. 规则，纪律 school rules 校纪，校规class rules 班规 Our class rules are written on the wall. 2. finish v. 结束，完成 e.g. You must finish your computer games before 7 o’clock. 你必须在七点前结束你的电脑游戏。 翻译：When did you finish your homework? 3.keeep v. 保持，遵守 e.g. Students must keep the school rules.学生必须遵守学校规定。 Keep quiet. 保持安静。 Students must keep books clean. 4. also ad. 也，也是 e.g. He is also an American.他也是个美国人。 5. maths n. 数学 e.g.Which subject do you like best? Maths. 你最喜欢什么科目？数学 6.welcome 感叹词欢迎 常用搭配：Welcome to…欢迎来某地。 e.g. Welcome to Shanghai. 7.borrow v. 借 borrow强调的是“借入” e.g. May I borrow your umbrella? 我可以借一下你的伞吗？ 反义词：lend 借出 e.g. Will you lend your umbrella to me?能把你的伞借给我吗？ 8.get to 到达… e.g. Please get to the airport on time. 请准时到达机场。 二、Unit1重要知识点 1.Welcome to our school. You must be Lily. “must be”表示“一定是，肯定是”，后常加形容词或人名。如Your answer must be right. right为形容词，“对的正确的”。“welcome to”欢迎， e.g:欢迎来中国。 2. Students must get to school on time. “get to school”到达学校，“go to school”去学校； must 是情态动词，must do sth；一般疑问句直接将must提前，否定句在
LESSON ONE Music 1. M: By the way, Jane, did you talk to the consultant顾问about our new health program? W: I contacted联系his office but his secretary said he would （be out for）试图得到lunch until two. Q: What does the woman mean? 2. W: We need to let everyone know about the charity [?t??riti] n. 慈爱concert, but we don't have much money for advertising. M: How about using the school radio station? They broadcast free public service 服务announcements.通告 Q: What does the man suggest they do? 3. W: I don't understand why this self-study自学book doesn't have answers to the questions. M: But it does. You can find them at the back of the book. Q: What does the man say about the self-study book? 4. M: The new sales manager says he has never met you before. W: We've been introduced about three times. He seems a little forgetful. Q: What do we learn about the new sales manager? 5. M: Have you had the brakes[breik] n制动器; 闸; 刹车. and tires checked? And do you have enough money? W: I have taken care of everything. And I'm sure it's going to be a wonderful极好的, 精彩的, 绝妙的trip. Q: What's the woman going to do? g. M: I've had my new stereo立体声for a whole week, but I haven't yet figured out 想到how to record music.
上海八年级英语上册新世纪版知识点汇总 The document was prepared on January 2, 2021
U n i t O n e M o d e r n T e c h n o l o g y LessonOneComputers 【词形变换】mouse---mice（复数）main---mainly electronic---electrical---electricityrelax---relaxedable---enable invent（发明V）---inventor（发明家）---invention（发明物）【重要短语】typein输入，键入 ought（not）to=should（not）应该get/befamiliarwith熟悉andsoon等等 What’stheuseof………的用途是什么attheageof在……岁时learnfrom…向……学习 beworriedabout=worryabout担心…….允许某人做某事Wouldyouplease+V.原形 stop/prevent/.阻止某人做某事stopdoingsth.停止做某事stoptodosth.停下来做某事payattentionto（介词）注意agreewithsb.同意某人的意见 .=helpsb.(to)dosth.帮助某人做某事spend…onsth.=spend…(in)doingsth.花费……做某事keepintouchwith与……保持联系millionsof数百万的use…todosth.用…...做某事 all/different/manykindsof各种各样的inbrief简言之 neither…nor…既不……,也不…… beconnectedto与……连接在一起 beableto的用法：（可用于各种时态，而can不能）现在：am/is/are(not)ableto过去：was/were(not)ableto将来：will(not)beableto LessonTwoRobots 【词形变换】 different（形）---difference（名）---differently（副）danger---dangerousoperate---operationmemory---memorizeindustry---industrialmedicine---medical please---pleasure（名）---pleased（形人）---pleasant（形物）【重要短语】tidyup整理，收拾makethebed铺床 perform/doanoperationonsb.给某人做手术 perform/dooperationsonsb.=operateonsb. bedifferentfrom与……不同bethesameas与……相同knownothingabout对……一无所知withpleasure高兴地，快乐地；乐意地 whatelse=whatotherthings（else常放在不定代词和疑问词的后面）decidetodosth.决定做某事practisedoingsth.练习做某事 notonly…butalso…不但……而且……not…anymore/longer=nomore/longer不再keepdoingsth.一直不停地做某事 beafraidofsth./doingsth.害怕某物/做某事beafraidtodosth.害怕做某事 with/withoutthehelpof在……的帮助下/没有……的帮助 不定代词的用法： something常用于肯定句中，也可用于希望得到对方肯定回答的疑问句中anything常用于否定句或疑问句中nothing常用于否定句中（what）everything 上述不定代词都指物，不能和of连用，都是单数。 someone=somebody常用于肯定句中anyone=anybody常用于否定或疑问句中 noone=nobody常用于否定句中（who）everyone=everybody
上海高中《牛津英语》教材与《新世纪英语》教材的对 比分析 摘要教材在英语教学中起着重要作用, 是英语课程资源的核心部分。进入新世纪, 我国启动了新一轮的课程改革, 课程改革的关键是教材。随着新课程标准的颁布, 教材由“一纲一本”向“一纲多本”转变, 越来越多的教材涌入市场。面对不同 品种的教材,如何评价和分析各种教材的优劣就成为当今教师面临的一个挑战。上海高中普遍使用的两套英语教材 ?? 《英语》 (牛津上海版) 和《英语》(新 世纪版) 就是为了满足新一轮课改的要求而改编和编写的。本论文以《普通高中 英语课程标准》为依据, 参照国内外教材评价的理论, 旨在对上海高中使用的两 套英语教材本身和使用效果进行对比和分析, 从而发现两套教材各自的优势和不 足之处,以便上海高中英语教师在使用教材的过程中可以对两套教材进行整合,
扬长避短,让教材更好地为教学服务,最终达到提高英语教学质量的目的。本论文共分为五个部分。第一章“引论”部分主要介绍了研究背景、研究目的与意义、研究内容与方 法以及本论文的框架结构。第二章“理论框架与文献综述”部分阐述了教材的定义和作用、教学大纲、 国内外外语教材评价的理论和国内外教材对比的研究现状。第三章“两套教材的对比研究”主要是对两套教材进行宏观和微观对比分析。 宏观对比分析了教材编写的宏观设计指导原则、教材编写的主框架结构和单元课 程设置模式。微观对比分析主要从语言知识、语言技能、学习策略和文化意识四 方面来对比,重点对比分析了两套教材的词汇、语法、听、说、读、写等方面。第四章“两套教材的效果对比分析”主要从教师调查、学生调查和两套教材 使用效率对比分析来看两套教材的使用效果。第五章“研究结果与思考”通过前面几章对两套教材的对比分析、调查和实 验总结出两套教材的优势和不足之处, 并提出一些建议, 供教材编写者和使用两 套教材的教师参考。 关键词 : 牛津教材,新世纪教材,对比分析vi ABSTRACTAs a core of curriculum resources, English teaching materials play an important
初一上英语笔记整理 课本： U1L1 1、The Wangs 王家，姓王的一家（常用作复数） 英语中往往在姓前面加上the，后面加上复数，表示这一家人。 如：the Smiths 史密斯一家the Fangs方家 2、It’s only 42 square metres. 它的面积只有42平方米。 Square metre 平方米，缩写为m2,如：34 m2，读作thirty-four square metres 3、This weekend 本周末 带this, that或next的时间状语前一般不用介词，如： We’re going to have an outing this Saturday.我们将于本周六去郊游。 My father is going to Australia next weekend.我父亲将于下周末去澳大利亚。 U1L2 1、The Wangs used to live in a small flat.王家过去住在一个小公寓 里。 Used to do sth. 过去常常做某事又如： There used to be a lot of old huts in this area. 过去这个地区有许多破旧的简陋棚屋。
Mr. Green used to go to work by bicycle. Now he goes to work by car.格林先生过去常常骑自行车上班，现在他驾车上班。 Used to 的否定和疑问形式如下： Mr. Green didn’t use to go to work by bus.格林先生过去不常乘公 交汽车上班。 Did Mr. Green use to go to work by bicycle? 格林省省过去常常 骑自行车上班吗？ 2、I’ll certainly come.我一定来。 U1L3 1、We want to make our city greener.我们要绿化我们的城市。 Make sth. +adj. 使……变成又如： The trees can make the streets more beautiful.树木可使街道变得 更美丽。 2、I think she’ll be a few minutes late.我想她会晚到几分钟。 U2L1 1、I’d love to, but I’m going to Suzhou. Thank you anyway. 我很愿意， 但是我打算去苏州。不管怎样，还是要谢谢你。 Anyway ad. 不管怎样，无论如何 Thank you anyway. 常用于谢绝别人的邀请或帮助，与Thank you all the same.同义。又如:
上海新世纪英语高二全部课文（包括Additional Reading）及重点词组 高二第一学期 1. Food in the United States Many changes are taking place in food styles in the United States. The United States is traditionally famous for its very solid and unchanging diet, chiefly made up of meat and potatoes. Now people in America have many different choices: ethnic food, health food, and fast food, in addition to the traditional home-cooked meal. Ethnic restaurants and supermarkets are common in the United States. Being a country of immigrants, the United States enjoys a wide variety of ethnic food. Most American cities and towns are filled with restaurants serving international cooking. Many even have ethnic sections: Chinatown, Little Italy, or Germantown. Having vast ethnic choices, Americans can enjoy food from all over the world. Besides sections of cities, there are ethnic regions, which are well-known for certain food because of the people who have settled there. For example, in southern California, there are many Mexican restaurants. Health food became popular when people began to think more seriously about their physical well-being. Health food is fresh, natural, and unprocessed food, which does not contain preservatives to make it last longer or chemicals to make it taste or look better. People who are keen on health food are usually vegetarians. They don’t eat meat, but live on beans, cheese, and eggs. Fast food restaurants are now expanding rapidly all over the country. In the United States, speed is a very important concept. People usually have a short lunch break because they just do not want to waste their time eating. Fast food restaurants are places that take care of hundreds of people in a short time. There is usually very little waiting, and the food is always cheap. Burger and pizza places are just two examples. Americans’attitude toward food is changing, too. The traditional big breakfast is no longer popular. However, coming to rediscover the social importance of food, Americans find that dinner with family and friends is a very special of enjoying time together. Like so many people in other cultures, many Americans are taking time to relax and enjoy a wider variety of tastes at dinner, even if they still rush through lunch at a hamburger stand. 2. The world’s best ethnic food How can you travel the world without leaving your own country? Visit an ethnic restaurant! Trying foods from other countries is a great way to experience different cultures. People around the world have unique and creative ways of preparing food. The ingredients they use may surprise you. So what are the world’s best ethnic foods? Everyone has his or her own personal favourites, and so do we. The following are the world’s three best ethnic foods---other than Chinese food, of course! ITALIAN When you visit an Italian restaurant, order a pasta(意大利面食) dish. The Italians have hundreds of ways of preparing this food. Pastas usually come with flavourful tomato or cream sauces, which give the dishes a powerful, rich flavour. There are also different kinds of cheese. When ordering Italian food, you choose one main dish for yourself. You may, however, order an appetizer to share with everyone at the table. MEXICAN What’s great about Mexican food? Most of it you can pick up and eat with your hands! One major Mexican food is the tortilla(尤指墨西哥人食用的玉米薄饼). Mexican chefs mold this