Chapter 1
Tangible Assets有形资产
Intangible Assets 无形资产
Issuer 发行人
Investor 投资者
Equity Instrument (or Residual claims) 权益工具（也称剩余索取权）
Fixed-income instruments 固定收益证券Purchasing power risk( or inflation risk) 购买力风险（也是通货膨胀风险）
Default(or credit risk) 违约风险（信用风险）Foreign-exchange risk 外汇风险
Spot market or cash market 即期市场（现货市场）Price discovery process价格发现过程
Liquidity 流动性
Search costs 搜寻成本
Debt market vs. equity market 债券市场股票市场Money market vs. capital market 货币市场资本市场
Primary vs. secondary market 一级市场二级市场Cash or spot market vs. derivatives market 现货市场衍生品市场
Auction market vs. over-the-counter market vs. intermediated market 拍卖市场场外交易市场中间市场Internal Market(also called national market)内部市场（国民市场）
External Market(also called international market, offshore market, and Euromarket) 外部市场
Retail investors 小额投资者
Institutional investors 机构投资者
derivative instrument 衍生工具
futures/forward contracts远期合约
Options contracts期权合约
Call option 看涨期权
Put option 看跌期权
Disclosure regulation 信息披露监管
Financial activity regulation 金融行为监管Regulation of financial institutions 金融机构监管Regulation of foreign participants 外国参与者的监管
Banking and monetary regulation 银行与货币监管Asymmetric information 信息不对称
Agency problem 代理问题
Arbitrage 套利
Competitive market 竞争市场
Debt instrument 债务工具
Market failure 市场失灵
Global competition has forced government to deregulate various aspects of their financial markets so that their financial enterprises can compete effectively around the world.
全球金融的竞争迫使政府在其金融市场的不同方面放松管制，使其金融市场在全球更具竞争力。
Unlike retail investors, institutional investors have been more willing to transfer funds across national borders to improve portfolio diversification and exploit perceived mispricing of financial assets in foreign countries.
机构投资者与个人投资者不一样，他们更愿意在不同国家间转移资金来改善其组合的多元化，或者说利用其所觉察到的国外金融资产定价失误来谋利。
In some countries, large corporations seeking to raise a substantial amount of funds may have no choice in its domestic market but to obtain financing in either the foreign market sector of another country or the Euromarket. 在一些国家里，有些大公司对资金的需求太大，国内市场无法提供，不得不向另外一些国家的外国市场或欧洲市场寻求融资。
Both types of assets are expected to generate future cash flow to their owners. Financial assets and tangible assets are linked. Ownership of tangible assets is financed by the issuance of some type of financial asset—either debt instruments or equity instruments.
这两种类型的资产都被期望在未来为所有者生成现金流。金融资产与有形资产是相联的。有形资产的所有者通过发行一些债务工具或权益工具等金融资产来筹资。
With increased volatility of interest rates, inflation, equity prices, and exchange rates comes the need for certain market participants to protect themselves against unfavorable consequences. This means new or more efficient
ways of risk sharing in the financial market are needed.
增加利率、通货膨胀、权益价格以及汇率的波动性是使得市场参与者要保护自己，防止出现不利的后果。这就意味着金融市场当中需要新的、更为有效的方法来分散风险。
Because of the globalization of financial markets throughout the world, entities in any country seeking to raise funds need not be limited to their domestic financial market. Nor are investors in a country limited to the financial assets issued in their domestic market. Globalization means the integration of financial markets throughout the world into an international financial market. There is a trend toward integration of financial markets throughout much of the world.
由于金融市场的全球化，任何国家的实体企业要想提高其筹资数量，就没有必要局限在国内金融市场，同时，投资者也没有必要经济购买北国金融市场发行的金融资产。金融市场全球化意味着全世界金融市场一体化，也就是说集成为一个世界性的金融市场。金融市场一体化的趋势遍及世界大部分地区。
Advances in computer technology, coupled with advanced telecommunication systems, allow the transmission of real-time information on security prices and other key information to many participants in many places. Therefore, many investors can monitor global markets and simultaneously assess how this information will impact the risk/return profile of their portfolios.
计算机技术与通信体系的先进性使得有关证券价格的实时信息、关键信息能够自由地在不同市场的许多市场参与者之间传播。因此，许多投资者能够监视全球市场，同时评估这些信息对其投资组合的风险与收益所产生的影响。
Significantly improved computing power allows the instant manipulation of real-time market information so that arbitrage opportunities can be identified. Once these opportunities are identified, telecommunication systems permit the rapid execution of orders to capture them.
计算能力的有效提升，可以让投资者即时处理实时的市场信息确定套利机会。一旦确定套利机会，发达的通信系统会立即帮助投资者执行指令捕获这些机会。
Our current regulatory structure was not built to address the modern financial system with its diversity of market participants, innovation, complexity of financial instruments, convergence of financial intermediaries and trading platforms, global integration and interconnectedness among financial institutions, investors and markets. Moreover, our financial services companies are becoming larger, more complex and more difficult to manage. Much of our current regulatory system was developed after the Great Depression and it has developed through reaction—a pattern of creating regulators as a response to market innovations or to market stress.
当前，我们的金融结构不能应对现代金融体系，现代金融体系具有多元化的市场参与者、具有创新、复杂的金融工具、收敛性的金融中介机构与交易平台、全球一体化以及相互关联的金融机构、投资者与市场。然而，我们的金融服务公司越来越大、越来越复杂、越来越难管理。我们现在的监管体系是大萧条之后发展起来的，它的发展是一种反应模式，即当市场存在压力或创新时，新的监管会被创造出来。Derivatives serve an important function of the global financial marketplace, providing end-users with opportunities to better manage financial risks associated with their business transactions. The rapid growth and increasing complexity of derivatives reflect both the increased demand from end-users for better ways to manage their financial risks and the innovative capacity of the financial services industry to respond to market demands.
衍生品在全球金融市场中承担着重要的角色，它给终端用户提供了一个较好的机会来管理其商业交易中的金融风险，复杂衍生品的快速增长反应了两个方面的问题，一是终端用户用较好的方法控制其金融风险的需求增加，二是针对市场需求增加，金融服务业的创新能力也在不断增加。
A strong financial system is vitally important—not for Wall Street, not for bankers, but for working Americans. When our markets work, people throughout our economy benefit—Americans seeking to buy a car or buy a home, families borrowing to pay for college, innovators borrowing on the strength of a good idea for a new product or technology, and businesses financing investments that create new jobs. And when our financial system is under
stress, millions of working Americans bear the consequences Government has a responsibility to make sure our financial system is regulated effectively. And in this area, we can do a better job. In sum, the ultimate beneficiaries from improved financial regulation are America’s workers, families and businesses—both large and small.
强大的金融体系不仅仅对华尔街与银行家而言，而且对工作的美国人来说都是至关重要的。当金融市场正常运转时，经济体当中的人们受益，他们可以购买汽车与房产，家庭可以贷款上高等院校，改革创新者可以用贷款来改进产品与技术，商业融资与投资又会创造新的工作岗位。如果我们的金融体系被抑制，数以百万计的美国人要承担后果。政府有责任保证我们的金融体系得到有效的监管。在这一方面我们可以做的更好。总之，从改善金融监管中得益的人们是美国的工人、家庭与企业，无论大小都会受益。
Chapter 2
Financial intermediaries金融中介
Direct investments直接投资
Indirect investments间接投资
assets under management 管理资产额
Debit cards are offered by various financial intermediaries. A debit card differs from a credit card in that, in the latter case, a bill is sent to the credit card holder periodically (usually once a month) requesting pay ment for transactions made in the past. In the case of a debit card, funds are immediately withdrawn (that is, debited) from the purchaser’s account at the time the transaction takes place.
许多金融中介机构可以提供借记卡，它与信用卡的区别在于信用卡持有者会定期（通常为每月一次）收到一份账单要求对其在过去期内的交易行为付账，而借记卡的持有者在购买的同时，其账户上相应的资金就会被划走。
The investment company invests the funds received in the stock of a large number of companies. By doing so, the investment company has diversified and reduced its risk. Investors who have a small sum to invest would find it difficult to achieve the same degree of diversification because they do not have sufficient funds to buy shares of a large number of companies. Y et ,by investing in the investment company fo r the same sum of money, investors can accomplish this diversification, thereby reducing risk
投资公司将其筹集的资金投资于许多公司的股票，通过这样的操作，投资公司就达到了分散投资降低风险的目的，而资金较少的投资者则很难达到这种分散化投资的效果，因为他们没有足够的资金来购买这么多公司的股票。但如果将这笔资金投资于投资公司，投资者就可以分散化投资，从而降低风险。
The nature of the liabilities dictates the investment strategy a financial institution will pursue. For example, depository institutions seek to generate income by the spread between the return that they earn on assets and the cost of their funds. That is, they buy money and sell money. They buy money by borrowing from depositors or other sources of funds. They sell money when they lend it to businesses or individuals. In essence, they are spread businesses. Their objective is to sell money for more than it costs to buy money.
负债的性质决定了金融机构的投资策略。比如存款机构的收入来源于筹资成本和投资收益的利差，也就是说他们买入货币再卖出货币。他们向存款机构或者其他资金来源借入资金来买入货币，通过向消费者或者企业放贷卖出货币。他们的本质就是追求利差，目标就是以比买入货币成本更高的价格卖出货币。
In addition to uncertainty about the timing and amount of the cash outlay s, and the potential for the depositor or policyholder to withdraw cash early or borrow against a policy, a financial institution has to be concerned with possible reduction in cash inflows. In the case of a depository institution, this means the inability to obtain deposits. For insurance companies, i t means reduced premiums because of the cancellation of policies. For certain ty pes of investment companies, it means not being able to find new buyers for shares.
除了现金支付数额和时间的不确定性，以及存款人提前提取现金或保单持有者退保等情况之外，金融机构还必须关心可能存在的现金流下降的情况。对存款机构而言，这意味着无力吸收存款；对保险公司而言，这意味着退保造成的保险费收入的减少；对于一些投资公司而言，这意味着无法找到新的投资者来购买公
司股份。
Several reports by regulators have recommended guidelines for controlling the operational risk of financial insti tutions. One key report is the “derivatives: Practices and Principles” prepared by the Group of 30 in 1993. Derivatives are used to control risks. Their use by end-users such as financial institutions and by dealers that are the counterparty for many types of derivatives is of great concern to regulators. As indicated by its title, the focus of the Group of 30 report is on derivatives. The report provides guidelines to help financial institutions and dealers in derivatives to manage derivatives activity in order to benefit from the use of these derivatives.
监管者制定了许多文件来规范和指引金融机构控制上述的操作风险。其中一个重要的就是G30在1993年指定的“衍生工具：实践和原则”。衍生工具被用来控制风险，监管者对金融机构忽然交易商（商业银行和投资银行）使用衍生工具分厂关注。顾名思义，G30制定的文件主要是针对衍生工具，为金融机构和交易商提供一个准则来帮助他们管理号衍生工具交易，从而更好的从中获益。
Larger institutional clients seeking the services of an asset management firm ty pically do not allocate all of their assets to one asset management firm. Instead, they ty pically diversify amongst several asset management firms, as well as possibly managing some portion of their funds internally. One reason for using several asset management firms is that firms differ in their expertise with respect to asset classes.
大的机构客户在寻找资产管理公司为他们服务时，一般不会将所有的资产交给一个资产管理公司，而是会分散到多个资产管理公司，同时也可能自己管理一些资金。这样做的原因不在于不同的资产管理公司尤其擅长的投资领域和管理资产类型。
There are many types of performance-fee structures in the asset management industry. There can be a fee based solely on performance or a combination of a fixed fee based on assets managed plus a performance-based fee.
资产管理行业，存在许多不同类型的业绩激励费用结构，有完全按照业绩提取管理费的，也有按照管理资产总值和业绩综合考虑提取管理费的。
Hedge funds engage in a variety of investment activities. They cater to sophisticated investors and are not subject to the regulations that apply to mutual funds geared toward the general public. Fund managers are compensated on the basis of performance rather than as a fixed percentage of assets. “performance funds” would be a more accurate description.
—George Soros
对冲基金参与到许多投资中，其主要的资金募集者都是成熟的投资者，而且不受监管互助基金的各种规则约束。基金管理者的报酬是以基金的业绩而不是以管理资产的多少为基础。“业绩基金”或许是一个更好的名称。------乔治索罗斯
There is concern that the risk of a severe financial crisis due to the activities and investment strategies of hedge funds, most notably the employment of excess leverage. The best known example is the collapse of Long-T erm Capital Management (LTCM) in September 1998. Most recently, in June 2007, there was the collapse of two hedge funds sponsored by the investment bankin g firm Bear Stearns. As a result of the LTCM failure, the President’s Working Group on Financial Markets made several recommendations for improving the functioning of hedge funds in financial markets. The major recommendation was that commercial banks and investment banks that lend to hedge funds improve their credit risk management practices.
人们关心的是对冲基金的行为和投资策略，特别是对于杠杆的过度使用，会给市场带来金融危机。最著名的例子是1998年9月长期资产管理公司的破产。最近，2007年六月贝尔斯登旗下的两个对冲基金倒闭。由于长期资产管理公司的失败，总统金融市场顾问团对提高了对从基金在金融市场中的最用提出了许多建议。最主要的建议是要求那些借款给对冲基金的商业银行和投资银行加强信用风险管理。
Chapter 3
Spread income 利差收入
Regulatory risk 监管风险
Interest rate risk 利率风险
Junk bonds 垃圾债券
Secondary reserves次级储备
Individual Banking 个人银行业务
Institutional banking 公司银行业务
Global banking 国际银行业务
Mortgage banking 抵押银行业务
Demand deposits活期存款
Savings deposits储蓄存款
Savings bank 储蓄银行
Time deposits定期存款
Reserve ratio 准备金率
Required reserve 法定准备金
deposit computation period 存款计算周期
excess reserves 超额准备金
Federal funds market 联邦基金市场
Federal funds rate 联邦基金利率
Discount window 贴现窗口
Discount rate 贴现率
Money center banks 货币中心银行
Regional bank 区域性银行
Superregional banks超级区域性银行
Money market mutual fund 货币市场共同基金
Core Capital 核心资本
Supplementary Capital补充资本
Natural person credit unions“自然人”信用合作社
Corporate credit unions公司信用合作社
National Credit Union Share Insurance Fund 国家信用社股份保险基金
National Credit Union Administration 国家信用社管理局
Central Liquidity Facility 中央流动机构
Capital adequacy standards 资本充足率标准
Risk-based capital requirements以风险为基础的资本要求
Savings and loan association 储蓄贷款协会
Depository institutions are highly regulated because of the important role that they play in the country’s financial sy stem. Demand deposit accounts are the principal means that individuals and business entities use for making payments, and government monetary policy is implemented through the banking sy stem. Because of their important role, depository institutions are afforded special privileges such as access to federal deposit insurance and access to a government entity that provides funds for liquidity or emergency needs.
由于存款机构在国家金融体系中起着至关重要的作用，对其监管也是非常严格。活期存款账户是个人和企业主要的支付工具，且政府货币政策也是通过银行系统来实施的。由于其重要作用，存款机构被赋予许多特权，如可以加入联邦存款保险，或是在流动性需求和紧急情况下求助于政府机构提供现金。
All depository institutions face interest rate risk. Managers of a depository institution who have particular expectations about the future direction of interest rates will seek to benefit from these expectations. Those who expect interest rates to rise may pursue a policy to borrow funds for a long time horizon and lend funds for a short time horizon. If interest rates are e xpected to drop, managers may elect to borrow short and lend long.
所有的存款机构都面临着利率风险。对利率的未来变动方向有特别预期的存款机构的管理者则希望从其预期中获利。预期利率上升，存款机构会选择长借短贷的策略。如果预期利率下降，则会选择短借长贷的策略。
The percentage of a depository institution’s assets held as secondary reserves will depend both on the institution’s ability to raise funds from the other sources and on its management’s risk preference for liquidity versus y ield.
存款机构持有次级储备的比例取决于它从其他渠道筹集资金的能力以及管理者对流动性和收益的风险偏好。
Realizing the need for banks to obtain liquidity during periods of economic stress, the federal government wanted to establish a banking s y stem that would have an entity that banks could borrow from, sort of a “lender of last resort”. The U.S. Congress accomplished this with the passage of the Federal Reserve Act of 1913. This legislation established the Federal Reserve Sy stem (FRS) as the central banking system. Banks that were members of the FRS were entitled to all the services that the FRS was empowered to provide by the legislation.
意识到银行在经济紧缩期需要保持流动性后，联邦政府希望能够建立一个银行体系，其中有一个可以向其他银行借款以充当“最终借款人”角色的机构。1913年，美国国会通过了《联邦储备法案》，建立了联邦储备体系作为中央银行体系。加入联邦储备体系的商业银行可以获得美联储提供的所有法定服务。Today, banks are regulated and supervised by several federal and state government entities. At the federal level, supervision is undertaken by the Federal Reserve Board, the Office of the Comptroller of the Currency（货币监理署）, and the Federal Deposit Insurance Corporation. The assets of a bank are insured by the Federal Deposit Insurance Corporation.
现在，美联储和州政府机构共同对商业银行进行监管。在联邦层面，实施监管的机构包括：联邦储备委员会、货币监理署和联邦存款保险公司。银行的资产由联邦存款保险公司投保。
At one time, some of the bank activities were restricted by federal legislation. More specifically, the Banking Act of 1933 contained four sections barring commercial banks from certain investment banking activities. These four sections are popularly referred to as the Glass-Steagall Act（《格拉斯—斯蒂格尔法案》）. After decades of debate regarding the need for such restrictions, the Glass-Steagall Act was repealed（废止）with the enactment of the Gramm-Leach-Bliley Act（《格雷姆—里奇—比利雷法案》）in November 1999, which expanded the permissible activities for banks and bank holding companies.
在过去，某些业务受到联邦法律的严格限制，特别是1933年的《银行法案》中包含4部分法案，将商业银行和投资银行业务严格分割开来。这4部分法案一般被称为《格拉斯—斯蒂芬格尔法案》，在对这种限制进行了十几年的争论后，1999年11月通过的《格雷姆—里奇—比利雷法案》取代了《格拉斯—斯蒂格尔法案》，这一法案扩大了银行和银行控股公司的业务范围。
Because reserves are placed in non-interest-bearing accounts, there is an opportunity cost associated with excess reserves. At the same time, there are penalties imposed on banks that do not satisfy the reserve requirements. Thus, banks have an incentive to manage their reserves so as to satisfy reserve requirements as precisely as possible.
由于准备金存于无息账户中，存在超额准备金会带来机会成本。同时，如果未达到法定存款准备金要求，银行将受到处罚。因此，银行有动机来管理其准备金，以尽可能准确地满足准备金要求。
Bank borrowing at the Fed to meet required reserves is quite limited in amount, despite the fact that the discount rate generally is set below the cost of other sources of short-term funding available to a bank. This is because the
Fed views borrowing at the discount window as a privilege to be used to mee t short-term liquidity needs, and not a device to increase earnings.
虽然事实上贴现率一般要低于银行从其他渠道获得的短期资金成本，但银行从美联储借入用于满足法定存款准备金的资金数额是很有限的，这是因为美联储贴现借款是用来满足短期流动性，而非用于增加收入。Federal S&Ls are chartered under the provisions of the Home Owners Loan Act of 1933. Federally chartered S&Ls are supervised by the Office of Thrift Supervisor (OTS). The Depository Institutions Deregulation and Monetary Control Act of 1980 deregulated interest rates on deposit accounts. It also expanded the Fed’s control over the money supply by imposing deposit reserve requirements on S&Ls. Subsequent legislation not only granted thrifts the right to offer money market demand accounts so that S&Ls could compete with money market funds, but also broadened the types of assets in which S&Ls could invest. Permission to raise funds in the money market and the bond market was granted by the Federal Home Loan Board in 1975.
联邦储蓄贷款协会按照《1933年住房所有者贷款法》条款规定进行注册。现在，联邦储蓄协会由OTS监管。1980年的存款机构放松管制和货币控制法案解除了对存款账户利率的限制。这也扩展了美联储通过对储蓄贷款协会实施存款准备金来控制货币供给。随后的法规不但准许储蓄贷款协会开立货币市场活期存款账户以便使其与货币市场资金竞争，而且扩大了储蓄贷款协会可以投资的资产类型。1975年，联邦住房贷款银行委员会允许储蓄贷款协会在货币市场融资。
With the high volatility of interest rates in the 1970s, followed by the historically high level of interest rates in the early 1980s, all depository institutions began to loss funds to competitors exempt from ceilings（没有利率上限的竞争者）, such as the newly formed money market funds; this development forced some increase in ceilings. The ceilings in place （适当的利率上限）since the middle of the 1960s did not protect the S&Ls; the institutions began to suffer from diminished profits, and increasingly from operating losses. A large fraction of S&Ls became technically insolvent as rising interest rates eroded asset market values to the point where they fell short of（小于）the liabilities.
由于20世纪70年代利率波动性很大，以及随后20世纪80年代早期的高利率水平，所有存款机构由于没有利率上限竞争者而开始失去融资。这迫使利率上限有所提高。从20世纪60年代中期开始适当的利率上限不再保护储蓄贷款协会；一些机构开始出现利润减少和亏损增加。当利率升高到使资产市场价值小于负债时，大部分储蓄贷款协会协会便出现偿付困难。
Savings Banks are institutions similar to S&Ls. They can be either mutually owned or stockholder owned. The principal assets of savings banks are residential mortgages. Because states have permitted more portfolio diversification than was permitted by federal regulators of S&Ls, savings bank portfolios weathered funding risk far better than S&Ls. The principal source of funds for savings banks is deposits. Typically, the ratio of deposits to total assets is greater for savings banks than for S&Ls.
储蓄银行与储蓄贷款协会类似。它们可以是共同所有制，也可以是股东所有制。储蓄银行的主要资产是住房抵押贷款。由于州允许的投资组合比联邦对储蓄贷款协会所准许的组合更加多元化，所以储蓄银行投资组合在应付资金风险方面要远远好于存款储蓄协会。
Credit unions are the smallest and the newest of the depository institutions. They can obtain either a state or federal charter. Their unique aspect is the “common bond（共同纽带）”requirement for credit union membership. They are either cooperatives or mutually owned. There is no corporate stock ownership. The dual purpose of credit union is to serve their members’ savings and borrowing needs.
信用合作社是最小且最新的存款机构。它既可以在州注册，也可以在联邦注册。其特殊性在于对信用合作社会员资格的“共同纽带”的要求。它既可以是合作制又可以使共同所有制，而不存在股份公司制。信用合作社的双重目的是满足社员的储蓄和借款要求。
Commercial banks are highly leveraged institutions, i.e., equity capital constitutes a small fraction (about 8%) of the bank’s assets. The organ ization that play s the primary role in establishing risk and management guidelines for
banks throughout the world is the Basel Committee on Banking Supervision. The capital requirements that resulted from other guidelines published by the Basel Committee a re called the risk-based capital requirements. In July 1988, the Basel Committee released its first guidelines, the Capital Accord of 1988, commonly called Basel I Framework. In June 2004, comprehensive amendments, Basel II Framework, were published to imp rove on the rules as set forth in the Basel I Framework by bringing risk-based capital requirements more in line with the underly ing risks to which banks are exposed.
商业银行是高杠杆机构，权益资本只占银行资本的一小部分（大约8%）。在全球范围内，巴塞尔银行监督委员会在确立银行资本和风险监管标准中扮演了主要角色。由巴塞尔委员会公布的准则规定的资本要求被称为以风险为基础的资本金要求。1988年7月，巴塞尔委员会公布了它的第一个准则文件—1988资本充足协议，通常称作巴塞尔Ⅰ框架。2004年6月，全面修订。巴塞尔Ⅱ框架的目的是通过引入银行所面临风险更加一致的以风险为基础的资本要求，来对巴塞尔Ⅰ框架进行改进。
Deregulation in the early 1980s lifted interest also rate restrictions, allowing S&Ls to compete in the marketplace for short-term funds. But their long-term asset structure its predominantly fixed-rate returns limited the cost increases for liabilities that S&Ls could afford. Moreover, after years of being in a safe market niche of home mortgages S&Ls suddenly found they had to compete directly with banks for funds and asset allocations. Many such savings institutions were simply not up to the task.
Faced with rising liability costs, many S&Ls went after high return, high risk assets, such as commercial real estate and junk bonds. Such high default risk projects were undertaken prior to an economic downturn（低迷时期）. The result was depressed regions of the Southwest, compounded by the fact that for a number of y ears, regulators did little to ameliorate（改善）the problem. A major and costly bailout occurred in the early 1990s. The Resolution Trust Corporation (RTC) was established in the FIRREA Act of 1989 and assigned the task to sell off the assets of the failed institutions.
Chapter 6
Premiums 保费
Risk bearers风险承担者
Underwriting process 销售过程
Underwriting income 承保收入
Investment income 投资所得
Life Insurance company 人寿保险公司
Health insurance company 健康保险公司
Property and casualty (P&C) insurance companies财产与意外伤害保险公司
Liability Insurance责任保险
Disability Insurance 伤残保险
Long-T erm Care Insurance 长期护理保险
Structured Settlements结构性赔付
Guaranteed investment contract (GIC) 有担保投资合约
crediting rate 年结算利率
Annuity 年金
Monoline Insurance Companies单线保险公司
Multiline insurance companies 多线保险公司
Bankassurance 银行保险
Reinsurer 再保险人
Stock Insurance Company 股份制保险公司
Mutual Insurance Company 互助制保险公司
Term life insurance 定期人寿保险
Whole life insurance 终身人寿保险
Cash value life insurance 现金价值的寿险存单
Guaranteed cash value life insurance有担保的现金价值人寿保险
Variable life insurance 投资人寿保险
Flexible premium policies—universal life insurance 浮动保费保单—全能人寿保险
Variable universal life insurance 投资的全能人寿保险
Survivorship (Second to Die) Insurance第二生命保险
General account products 一般账户产品
Separate account products独立账户产品
Individual retirement account 个人退休账户
Policy lapse 保单失效
Statutory surplus 法定盈余
Until the past decade, the major type of health insurance available was indemnity insurance. Due to the lack of constraints and incentives for cost savings, the medical service insured by indemnity insurance became very expensive. In response, various forms of managed health care have been developed. In general, these forms of managed health care put constraints on the choice of the provider by the insured and on the types of service provided by the provider.
直至过去的十年，健康保险的主要类型是保障保险。由于对成本节省缺少制约与激励，保险公司向投保人支付的医疗费用相当昂贵。于是，保险公司开发出不同的保健管理形式。一般来说，保健管理形式对投保人选择医疗服务者提供的服务类型提出了一些制约条件。
A GIC (Guaranteed investment contract) is nothing more than the debt obligation of the life insurance company issuing the contract. The word guarantee does not mean that there is a guarantor other than the life insurance company. Effectively, a GIC is a ze ro coupon bond issued by a life insurance company and, as such（这样以来）, exposes the investor to the same credit risk.
GIC合约只是发行合约的人寿保险公司的债务责任。担保一词并不意味着在保险公司之外还有另外的担保人。实际上，GIC是由保险公司发行的一个零息票债券，从而让投资者暴露在相同的信用风险当中。Insurance companies impose a charge for this insurance benefit-an insurance premium for the insurance component of the annuity. Thus, while mutual funds have an expense fee（管理费）imposed on the fund’s performance, an annuity has a mortality and expense fee imposed. Annuities are, therefore, more expensive to the investor than mutual funds. In return, annuity policyholders get the insurance wrapper（投资联结保险）, which provides the tax benefit. Annuities can be either fixed annuities, similar to GICs, or variable annuities whose performance is based on the return of a common stock or bond portfolio.
保险公司会对年金中保险成分的利益收取一定的管理费。因此，当共同基金针对基金的业绩有一个支出费用时，年金也要征收死亡率与费用。对投资者来说，年金要比共同基金贵一些。在回报方面，年金保单持有者得到投资联结保险所提供的税收优惠。年金既可以是固定的年金，类似于GIC，也可以是可变的年金，其业绩是基于普通股或债券投资组合的业绩。
A fundamental aspect of the insurance industry results from the relationship between the revenues and costs. An insurance company collects its premium income initially and invests these receipts in its portfolio. The pay ments on the insurance policy occur later and, depending on the type of insurance, may occur in a very unpredictable manner. Consequently, the payments are contingent on potential future events. Thus, in calculating profitability
of insurance companies, the timing and magnitude of the pay ments are much less certain; and there is a long lag between the receipts and payments, which introduces the importance of the investment portfolio.
保险产业的一个基本方面就是其收益与成本的关系。保险公司在初期获得保费收入，然后将这些收入投入到其投资组合中去。之后对保单的支付依赖于保险的类型，支付方式也是相当不确定的，依据未来事件的潜在情况而定。因此，在计算保险公司的利润时，支付时机与量级不是很确定的；收到款项与支付款项之间有一个较长的时间差，这就是引入投资组合的重要性。
The performance of some general account products is not affected by the performance of the general account portfolio. The policy performance may not participate in the investment performance of the insurance companies’ general account investment portfolio. Such a policy is nonparticipating policy. Other general account insurance products particip ate in the performance of the company’s general account performance. Such a policy is called a participating policy. Both stock and mutual insurance companies write both general and separate account products, but most participating general account products are written in mutual companies.
有些一般账户产品的业绩不受一般账户组合。保单的业绩不能参与保险公司一般账户投资组合业绩分红。这样的保单称为无分红保单。其他一般账户保险产品参与一般账户业绩的分红。这样的保单被称为分红保单。股份制与互助制保险公司都设立一般与独立账户产品，但分红的一般账户产品绝大多数是由互助制保险公司设立的。
The key distinction between life insurance, property and casualty insurance companies lies in the difficulty of projecting whether or not a policyholder will be paid off and how much the payment will be. Life companies on average have less common stock, more private placements（较多的私募配售）, more commercial mortgages, less municipal bonds, and longer maturity bonds（到期日较长的债券）. There are also differences in investment strategy between stock and mutual insurance companies of the same type. The major difference is that stock companies tend to have less common stock than mutual companies.
人寿保险公司和财产与意外保险公司之间的关键区别在于决定投保保单是否需要偿付清或者需要支付多少。在平均水平上，人寿保险公司投资较少的普通股、较多的私募配售、较多的商业抵押贷款、较少的市政债券、到期日较长的债券。股份制与互助制保险公司在投资策略上也有类似的差异。主要的差异是股份制保险公司比互助制公司持有较少的普通股。
Globalization has occurred in many industries, including insurance industry. With respect to the U nited States, globalization operates in two directions. First, U.S. insurance companies have both acquired and entered into agreements with international insurance companies and begun operations in other countries. Second, international insurance companies, mainly European, have become even more active in acquiring U.S. insurance and investment companies.
很多产业都发生了全球化的现象，保险业亦如此。对美国来说，全球化经营有两个方向。第一，美国的保险公司通过收购其他国家的保险公司或与其合作，进入这个国家进行运作；第二，国际保险公司，主要是欧洲的保险公司更积极地收购美国的保险公司与投资公司。
Among the reasons for the increased entry by international insurance companies into the U.S. insurance industry and other U.S. financial sectors are (1) the more rapid growth of the U.S. financial businesses relative to the international financial business, (2) the attractive demographics（人口统计特征）and income of potential U.S. clients, and (3) the less regulated environment of the U.S. insurance industry.
国际保险公司不断进入美国保险业与其他金融部门的原因主要有：1.相对国际金融业务而言，他们在美国的金融业务增长更快；2.他们吸引了很多的人，并从潜在的美国客户获得收入；3.美国保险业对其有较宽松的监管环境。
Since mid 1995, several insurance companies have changed from mutual companies to stock companies. Since insurance companies are regulated by states, such changes have to be preapproved by the state insurance regulatory department. Many industry observers believe that the recent demutualized insurance companies will
either acquire other financial companies or will be acquired by other financial companies.
自1995年中期，一些互助制保险公司开始转向股份制公司。由于保险公司是由各个州来监管，这些变化必须得到州监管部门的预先批准。许多产业观察者相信近来股份化的保险公司既可以收购其他的金融公司，也可以被其他的金融公司收购。
Even prior to the Financial Modernization Act of 1999, there was an increasing overlap of insurance, investment and pension products and the distribution of those products. The passage of this Act has accelerated this convergence.
甚至在1999年金融现代化法案出现之前，保险产品、投资产品和养老金产品以及这些产品的销售之间的部分重叠都已越来越高。而这个法案的通过加速了他们之间的融合。
Three decades ago, there were three distinct ty pes of products for individuals: insurance, savings/investment, and retirement. The specific products in each distinguishable category were as follows. Insurance products included term life and whole life. Savings/investment products included stocks, bonds, and mutual funds. Retirement products included Social Security, defined benefit and defined contribution plans（固定缴款计划）, and individual retirement accounts(IRAS). During the past two decades, many products ha ve been developed that fit into two or even three of these categories.
30年前，个人理财产品有3种截然不同的产品：保险、储蓄/投资、退休养老金。每类产品种类如下：保险公司产品包括定期寿险和终身寿险。储蓄/投资产品包括股票、债券和共同基金。退休养老金产品包括社会保险、固定收益计划、固定缴款计划、和个人退休账户。过去的20年开发出来的许多产品都可以归到以上3类的1类或2类中。
Monoline insurers have been rated AAA and must have this high rating to be effective since they transfer their rating to the bond issue being insured. The insurers collect an insurance fee from issuers for providing insurance on their bonds; this insurance allows the bond issues to be rated AAA. The issuer then saves financing costs by issuing a AAA rated bond instead of a bond with their own lower rating. This savings exceeds the fee they pay for the insurance, providing a gain to the issuer. The monoline insurer insures many different bonds and by this diversification reduces the risk and the total cost of insuring these bonds.
单一险种的保险公司被评为AAA级，公司必须要有高的信用等级，因为他们的这个等级会转移到债券发行人的担保上。承保人对债券发行人提供保险，并从中收取保费。这个保险允许发行的债券达到AAA级。发行人通过发行AAA级债券取代原本低等级的债券，并从中节约财务成本。财务成本的节省超出其支付的保费，对债券发行人来说从中获益。单一险种的保险公司承保了许多不同的债券，通过多元化来降低其风险，进而降低承保这些债券的总成本。
Insurance companies are monitored by their accountants and auditors, their rating agencies, and their government regulators. These monitors of the insurance companies are concerned about the financial stability of the insurance companies due, among other issues（以及其他问题）, to the lack of synchronicity between premiums and insurance policy payments and also the volatility of the pay ments. To assure financial stability, these monitors require insurance companies to maintain reserves or surplus, which are the excess of assets over liabilities. Surplus are called statutory surplus because for regulatory purposes. Generally accepted accounting principles (GAAP) surplus are defined by accountants for their purposes.
保险公司受到会计师、审计师、信用评级公司以及政府监管者的监督。这些监管最主要的是关注保险公司财务上的稳定性，除了其他问题之外，关注保费收入与保单支付是否缺少同步以及保单支付的波动性。为了确保财务上的稳定性，这些监管者要求保险公司要保持一定的储备或盈余，即公司的资产大于其负债。出于监管的目的，盈余被称为法定盈余。对会计师而言，由一般会计准则来定义这些盈余。
In 1933, Congress passed the Glass-Steagall Act, which separated commercial banking, investment banking, and insurance. An initial celebrated outcome of this act, which went into effect in 1935, was the breakup of the “House of Morgan”. On November 12, 1999 the Gramm-Leach-Bliley Act (GLB), called the Financial Modernization
Act of 1999, was signed into law（签署成为法律）. This act removed the 50-year-old “anti-affiliation restrictions”among commercial banks, investment banks and insurance companies.
1933年，美国国会通过了《格拉斯—斯蒂格尔法》将商业银行业务、投资银行业务以及保险业务进行分离。这一法案初见成效是在1935年摩根财团拆分时。在1999年11月12日。《格拉姆—里奇—比雷利法案》被签署成为法律，这也被称为1999年金融现代化法案。这个法案取消了在商业银行、投资银行和保险公司之间的长达50年的反附属制约。
Chapter 7
Open-End Funds 开放式基金
Closed-End Funds 封闭式基金
Unit trust单位信托
Net asset value (NAV) 资产净值
Sales charge 销售费用
Expense ratio 运行费率
management fee 管理费
Investment objective 投资目标
Investment advisory fee 投资顾问费
no-load mutual funds无负担的共同基金
Front-end load前段费用
Back-end load 后端费用
Contingent deferred sales charge 有条件递减销售费用，CDSC
Level load 水平费用
Breakpoint 分界点
Board of directors 董事会
Exchange-traded funds 交易所交易基金
Authorized participants 拥有许可权的ETF投资者
Creation/redemption units认购或赎回单位交易
Separately managed account (SMA) 独立管理账户
Load funds 收费基金
Mutual funds 共同基金
In 1980, the SEC approved the imposition of a fixed annual fee, called the 12b-1 fee, which is intended to cover distribution costs, including continuing agent compensation and manufacturer marketing and advertising expenses. Such 12b-1 fees are now imposed by many mutual funds. The major rationale（理由）for the component of the 12b-1 fee, which accrues to the selling agent, is to provide an incentive to selling agents to continue to service their accounts after having received a transaction-based fee such as a front-end load.
1980年，美国证券交易委员会通过了一项基金固定年费的条款，即涵盖销售成本、不确定的代理人补偿费和发起人营销与广告费在内的12b-1费用条款。现在，很多共同基金都遵循12b-1条款。12b-1费用条款中最合理的成分是对销售代理人的规定，能够激励销售代理人在收到如前端费用等基于交易的费用后，仍继续为投资者账户服务。
As a result, a 12b-1 fee of this type is consistent with sales force sold load funds, not with directly sold, no-load funds. The rationale for the component of the 12b-1 fee, which accrues to the manufacturer of the fund, is to provide incentive and compensate for continuing advertising and marketing costs.
因此，12b-1费用条款适用于批发销售的收费基金，但不适用于直接销售的无负担的基金。对于基金发起人来说，12b-1费用条款中合理的一点是激励发起人的营销和广告活动。
The open-end aspect of mutual funds is direct; that is, investors invest funds directly in or withdraw funds from the mutual fund. The open-end aspect of ETFS is indirect in that the investors buy the ETF in a closed-end manner like closed-end funds and then the authorized participant arbitrages between the ETF and the underly ing portfolio, providing the indirect open-end aspect of the ETF.
共同基金的开放式体现在直接方面，即投资者直接将资金投资或赎回。而ETF的开放式体现在间接方面，即投资者可以像买封闭式基金一样买ETF，然后具有许可权的投资者可以在ETF和ETF标的组合之间进行套利，间接地体现了ETF的开放式特征。
The NAV of closed-ended funds is determined by supply and demand, so the price can fall below or rise above the net asset value per share. Shares selling below NAV are said to be “trading at a discount,” while shares trading above NAV are “trading at a premium.”
封闭式基金的份额净值的计算方式与开放式基金一样。但封闭式基金的份额价格是由供需决定的，因此可能会低于或高于单位份额的净值。以低于基金净值的价格进行交易称作折价交易而以高于基金净值的价格交易称为溢价交易。
A share’s price may be below the NAV because the fund has large bulit-in tax liabilities（大量固有的纳税义务）, and investors are discounting the share’s price for that future tax liability. A fund’s shares may trade at a premi um to the NAV because the fund offers [relatively cheap access to, and professional management of], stocks in another country about which information is not readily available to small investors.
份额的价格低于单位份额净值可能因为基金本身存在大量固有的纳税义务，瓯子这只愿以折扣价格购买基金份额。基金份额的溢价交易则可能因为基金提供一种进入门槛较低且有专业人士管理的股票投资机会，因为小投资者很难获得在别的国家的股票信息。
Under the Investment Company Act of 1940, closed-end funds are capitalized only once. They make an initial public offering (IPO), and then their shares are traded on the secondary market, just like any corporate stock. The number of shares is fixed at the IPO; closed-end funds cannot issue more shares. In fact, many closed-end funds become leveraged（举债经营）to raise more funds without issuing more shares.
根据《1940年投资公司法案》，封闭式基金只能进行一次资金募集活动。封闭式基金进行IPO之后，在二级市场中与股票一样进行交易。基金份额总数在IPO时已经确定，封闭式基金不能再发行新的基金份额。事实上，很多封闭式基金由于不能发行新的份额，在筹集资金时只能提高自身杠杆。
A decade ago, many observers speculated that load funds would become obsolete（淘汰的）and no-load funds would dominate because of the investor’s aversion to（对……反感）a sales charge. Increasingly financially sophisticated individuals（日益增加的具有复杂金融知识的人士）, the reasoning went（原因在于）, would make their own investment decisions and not need to compensate agents for their advice and service.
十年前，许多市场观察者都认为收费基金将逐渐过时，无销售哦那个基金由于不收费而受到投资者的欢迎并将占领市场。随着金融资深个人投资者的增加，人们逐渐认为个人投资者将自己决策而无需支付费用补偿代理人提供的投资建议和服务。
But, the actual trend has been quite different. There are two reasons. First, many investors have remained dependent on the investment counsel and service, and, perhaps more importantly, the initiati ve（主动性）of the sales agent. Second, sales force distributed funds have shown considerable ingenuity（独创性）and flexibility in imposing sales charges, which both compensate the distributors and appear attractive to the clients.
但趋势的发展与预期截然不同。有两个原因。首先，许多投资者依然依赖于投资建议和服务，更重要的是依赖销售代理人的主动性；第二批发销售的基金在收取销售费用方面具有很大的独创性和灵活性，不仅补偿了销售商，对客户来说也具有吸引力。
Many fund management companies offer investors a choice of numerous funds with different investment objectives in the same fund family. In many cases, investors may move their assets from one fund to another within the family at little or no cost. Large fund families usually include money market funds, U.S. bond funds of
several types, global stock and bond funds, broadly diversified U.S. stock funds, U.S. stock funds that speci alize by market capitalization and sty le（市值和类型专业的股票基金）, and stock funds devoted to particular sectors such as health care, technology, or gold companies.
许多基金管理公司给投资者提供选择具有不同投资目标的同一基金族的机会。在很多情况下投资者只需要花费很小的成本甚至零成本就可将资产从一个基金转换到基金族的另一个基金里。估摸较大的基金族通常包括货币市场基金、不同类别的美国债券基金、全球股票和债券基金、分散化的美国股票基金、市值与风格不同的美国股票基金。专注于某一行业的股票型基金，如保健、科技或黄金。
Mutual funds must distribute at least 90% of their net investment income earned exclusive of（不包括）realized capital gains or losses to shareholders to be considered a regulated investme nt company (RIC). If so, the fund is not required to pay taxes at the fund level prior to distribution of the returns to shareholders. Consequently, in practice funds alway s make these 90% distributions. T axes are then paid on distributions only at the investor level, not the fund level.
如果共同基金把至少90%的净投资收益（债券息票或股票红利）进行分配，不包含股东已实现的资本收益或损失（或满足其他标准），这类公司常被看做受管制的投资公司。如果这样，在分配收益之前，基金公司就会免交基金层面的税收。因此，现实中基金总是把90%的收益进行分配，那么分配收益只收取投资者的所得税，而免收了基金层面的税。
All investment companies with 100 or more shareholders must register with the SEC according to the Investment Company Act of 1940. The primary purposes of the’ 40 Act are to reduce investment company selling abuses and to ensure that investors receive sufficient and accurate information. Investment companies must provide periodic financial reports and disclose their investment policies to investors.
根据1940年的《投资公司法案》（即“40年法案”），股东数大于或等于100的投资公司必须到证监会注册。40年法案的主要目的是在于降低投资公司对于出售的操纵，保证投资者得到充分而精确的信息。投资公司还必须提供财务报告并向投资者披露其投资政策。
An important feature of the’40 Act exempts any company that qualifies as a “regulated investment company” from taxation on its gains, either from income or capital appreciation. Furthermore, the fund must follow certain rules about the diversification and liquidity of its investments and the degree of short-term trading and short-term capital gains.
40年法案的一个重要特点是，使任何满足受管制的投资公司免交有资本利得和资本升值所获得收益的税收。为成为合格的RIC，基金公司每年必须将扣除资本利得的净收益的90%进行分配。而且，基金必须遵守诸如投资多元化和流动性、短期资本利得的程度等一些要求。
Previously, money managers offered SMAs only for only very large portfolios, typically $1 million and more. Currently, however, many money managers have significantly decreased the minimum size of their SMAs. As a result, many investors with mid-sized portfolios are utilizing segregated（独立的）, individually managed accounts provided by many companies and other investment managers.
之前，货币管理经理只为大额的基金组合，通常为至少100万美元的资金规模，提供独立管理账户。但现在许多货币管理经理明显地降低了他们的独立管理账户的资金规模要求。结果，许多拥有中等规模的投资组合的投资者开始使用许多公司和投资管理人提供的独立管理账户。
Chapter 8
The key factor in explaining pension fund growth is that the employer’s contributions and a specified amount of the employ ee’s contributions, as well as the earnings of the fund’s assets, are tax exempt. In essence, a pension is a form of employ ee remuneration for which the employ ee is not taxed until funds are withdrawn. Pension funds have also traditionally served to discourage employees from quitting, since the employee, until vested, could lose at least the accumulation resulting from the employ er contribution.
养老金计划中雇主支付的资金、雇员支付的款项以及基金资产收益都是可以免税的，这可作为养老金基金发展的关键因素。实际上，养老金是雇员另一种形式的薪酬，而且至于在赎回时才征税。免税是出于满足联邦的许多要求，因为养老金计划如果满足一些特定的要求，就有资格免于税收，这种免税的计划又称为合格养老金计划。传统上认为，养老金计划可起到影响雇员离职的作用，因为如果雇员离职就会至少损失由雇主累计支付的养老金。
In a defined benefit plan, benefits become vested when employees reach a certain age and complete enough years of service so that they meet the minimum requirements for receiving benefits upon retirement. The payment of benefits is not contingent upon a participant’s continuation with the employ er or union. In recent years, firms have not adopted defined-benefit plans. Major firms that ha ve them have been freezing their plans. This is because they are costly and firms have found that the plans hinder their competitiveness.
在固定收益计划中，当雇员达到一定年龄且服务了足够年限时，雇员就满足获得福利的最低要求，也就是说能够合法的领取收益。而收益的支付则与养老金计划的参与人是否继续为雇主或工会工作无关。近些年来，许多企业都没有采用固定收益计划，而之前采用固定收益计划的大多数公司也都冻结了计划。这是因为该计划花费太高而且降低了他们的竞争力。
A plan sponsor chooses one of the following to manage the defined benefit pension assets under its control: (1) use in-house staff to manage all the pension assets itself, (2) distribute the pension assets to one or more money management firms to manage, (3) combination of both. Public pension funds ty pically manage a good portion of their assets internally. In the case of a defined contribution pension plan, the plan sponsor typically allows participants to select how to allocate their contributions among funds managed by one or more fund groups.
养老基金计划的发起人管理其控制下的固定收益的养老金计划资产的方法有以下几种：（1）使用内部员工来管理养老基金的所有资产；（2）把养老金资产分配给一家或多家货币管理公司管理；（3）结合（1）和（2）两种方法。对于公众部门的养老基金，通常内部管理的资产占较大的比例。对于固定缴费养老金计划，计划的发起人通常允许参与者自主选择将雇主支付的存在雇员账户上的资金如何在一家或多家基金管理公司管理的基金中进行配置。
Today, the crisis facing defined benefit pension plans threatens the solvency of corporations, cities, states, and even the U.S. government. At the end of 2003, corporations’ pension underfunding or deficit was close to $250 billion, officially. Other commentators estimate that if pension liabilities were assigned market values, as they properly should be, then the U.S. corporate pension deficit would probably be double that.
如今，固定收益养老金计划面临的危机，正威胁着企业、市政和州、甚至美国政府的偿还能力。2003年年末，官方公布的公司养老金资金不足或赤字接近2500亿美元。一些评论员估计如果按照市值计算养老金负债，则赤字数量将会翻倍。
In essence, corporate and public plan sponsors have systematically underestimated pension liabilities. In making pension-funding decisions, corporations have often failed to take into consideration the liability structure of the plan. Their primary concern, naturally, is with the impact on the earnings, and because pension contributions show up as an expense on the income statement, corporations seek to minimize or even eliminate them.
事实上，公司和公众部门养老金计划的发起人系统的低估了养老金计划的负债。在制定养老融资决策时，企业常常不考虑养老金计划的负债结构。公司主要关心的是盈余，由于支付养老金作为一项费用列支在损益表中，因而企业要使其最小化或减少这一项费用。
With respect to funding, in April 2004, the Pension Funding Equity Act was passed. The purpose of the act was to give U.S. companies some “relief” from burdensome pension contributions and, as the act’s summary stated, “protect the retirement benefits of millions of American workers and help ensure that their pension benefits will be there when they retire.” The relief came in the form of a higher permissibl e discount rate, the critical number for valuing pension liabilities and therefore funding requirements.
对于基金，2004年4月通过了养老基金股权法案。这部法案旨在减轻美国公司的养老金费用负担，在小结
中该法案提到：“保护美国百万名劳动者退休福利确保劳动者的退休后等获得养老金收益”。由于该法案允许使用更高的贴现率以及用临界值评估养老金负债等，从而减轻了公司支付养老金费用的负担和融资约束条件。
According to the Pension Protection Act of 2006 (PPA), employers can automatically enroll their employees in a defined contribution plan. It also permits employ ees to choose default options on behalf of the plan participants who do not make an election on how to invest their funds, and enables employers to obtain more investment advice for their employ ees by removing the fiduciary liability based on the perceived conflict of interest of self-interested investment advice provided by the employer.
In a defined contribution plan, regulations issued by the U.S. department of Labor require firms to offer their employ ees a set of distinctive choices, a development that has encouraged pension plans to select mutual funds as the investment vehicle of choice because families of mutual funds can readily provide investment vehicles offering different investment objectives.
在固定缴款计划中，美国劳工部法规要求企业给雇员提供一系列不同的选择，这就鼓励了养老金计划选择共同基金作为投资工具，因为共同基金的基金组能方便的提供投资多种投资目标的投资工具。Managers of pension fund money obtain their income from managing the assets by charging a fee. The annual fee can range from 0.75% of assets under management to as little as 0.01%. Some plan sponsors have entered into management fee contracts based on performance rather than according to a fixed percentage of assets unde r management. In addition to money managers, advisers called plan sponsor consultants provide other advisory services to pension plan sponsors.
养老金计划的管理人通过对所管理的资产收取费用来获得收入，年费收取的范围一般为所管理的资产规模的０.０１％～０.７５％。有些计划发起人是基于基金业绩而不是所管理资产的规模的一定比率来收取费用了。除了资金管理人外，投资顾问又称计划发起人顾问也会给养老金计划发起人提供咨询服务。Because pension plans are crucial for U.S. workers, Congress passed comprehensive legislation in 1974 to regulate pension plans, the Employ ee Retirement Income Security Act of 1974 (ERISA). Its major provisions include, for example, Minimum funding standards; Fiduciary responsibility; Minimum vesting standards; Created the Pension Benefit Guaranty Corporation (PBGC) to insure vested pension benefits. Responsibility for administering ERISA is delegated to the Department of Labor and the Internal Revenue Service. T o ensure that a pension plan is in compliance with ERISA, periodic reporting and disclosure statements must be filed with these government agencies.
由于药老金计划对美国劳动者是十分重要的，美国国会在1974年颁布了一项综合法规来监管养老金计划《1974年雇员退休收入保障法》（ERISA）。其主要条款包括，例如，最低资金标准;受托人责任;最低的受托标准;建立养老金福利担保公司（PBGC），以确保能获得养老基金收益。美国劳工部和税务部门承担着管理ＥＲＩＳＡ的责任。为确保养老金计划与ＥＲＩＳＡ一致，养老金计划必须向这些政府机构递交定期公告和披露声明。
湖南涉外经济学院2015—2016学年度第一学期 《国际金融与结算》课程考核试题册 学院：外国语学院专业年级：2012级商英本科 考核方式：闭卷考试时量：100分钟试卷类型： A I. Multiple choices: Choose the best answer to each question, and write your answers on your answer sheet.（本大题共20小题，每小题1分，共20分） 1. A credit item in the balance of payments is . A.an item for which the country must be paid B.an item for which the country must pay C.any imported item D.an item that creates a monetary claim owned to a foreigner. 2. In a exchange rate system there is no intervention by the government or central bankers. A.fixed B. pegged C. floating D. managed float 3. The price in the foreign exchange market is called . A.the trade surplus B. the money price C. the exchange rate D. the currency rate 4. If Canadian speculators believed the Swiss franc was going to appreciate against the U.S. dollar, they would . A. puchase Canadian dollars B. purchase U.S. dollars C. purchase Swiss francs D. sell Swiss francs 5. Under a system of floating exchange rates, the Swiss franc would depreciate in value if which of the following occurs? A. price inflation in France B. an increase in U.S. real income C. a decrease in the Swiss money supply D. falling interest rates in Switzerland 6. is an example of foreign direct investment. A. Exporting to a country B. Establishing licensing arrangement in a country C. Purchasing existing companies in a country D. Investing directly (without brokers)in foreign stocks 7. The payment of a dividend by an American company to a foreign stockholder represents . A. a debit in the US capital account B. a credit in the US capital account C. a credit in the US current account D. a debit in the US current account 8. If American exports to Japan increase and American imports from Japan decreases, then, under a floating exchange rate system, we would expect the dollar to . A. weaken against the Japanese yen B. depreciate against the Japanese yen C. devalue against the Japanese yen D. appreciate against the Japanese yen 9. The term foreign exchange is best defined by the following statement; it is . A. the rate of exchange between two currencies B. an instrument such as paper currency, note, and check used to make payments between countries C. the place in which foreign currencies are exchanged D. synonymous with currency exchange 10. Which of the following is likely to exist when people are willing to pay more for dollars than the official rate? A. gray market B. black market C. gold market D. crawling peg market 11. Which of the following is NOT a way for a country to defend its fixed exchange rate? A. Engage in one-way speculative bubble B.Intervene in the foreign exchange market by buying or selling foreign currency. C.Alter domestic interest rates to influence short-term capital flows. D.Impose some form of exchange control to influence short-term capital flows. 12. If the price of British pounds in terms of US dollar is $1.80 per pound, then the price of US dollar in terms of British pounds is . A. 1.8￡ per dollar B. 0.555￡ per dollar C. 0.90￡ per dollar D. 3.6￡ per dollar 13. When a country’s currency appreciates, the country’s goods abroad become , and foreign goods in that country become . A. cheaper…more expensive B. more expensive…cheaper C. cheaper…cheaper D. more expensive…more expensive 14. Intervention in the foreign exchange market means the government . A. restricts individuals from buying and selling foreign exchange B. restricts the importation of certain goods C. or central bank buys or sells foreign exchange D. devalues the currency in the foreign-exchange market 15. A strong dollar encourages . A. travel to the United States by foreigners B. purchase of American goods by foreigners C. Americans to travel abroad D. Americans to save dollars. 16. In an exchange rate, the first currency is referred to as and the second as . A. the base currency…the quote currency B. the quote currency…the base currency C. the base currency…the exchange currency D. the trade currency…the base currency 17. When the Japanese yen appreciates, then we might expect (everything else equal) that imports in Japan will and exports will . A. rise…fall B. rise…rise C. fall…fall D. fall…rise 18. While trading in foreign exchange takes place worldwide, the major currency trading centers are located in .
2017—2018学年度第二学期一年级期末英语试卷 题号一二三四五六七总分 得分 听力部分（60分） 一、请仔细听录音,选择你听到的图片。（2×10＝20分） （）1A. B. （）2、A. B.（）3. A. B.（） 4.A. B.
（）5A. B.（）6 .A. B. （）7.A. B. （）8.A. B. （）9.A. B. （）
10.A. B. 二、听录音判断下列图片是否正确，正确的用√不正确的用×表示 （4×5＝20分） （）1．（）2. （）3.（）4 .（）5. 三、听录音，编序号。（4×5＝20分） （）（）（）（）（） 笔试部分（40分） 四、看图片，找出相应的单词在括号里写序号。（2×5＝10分） 1．tea 2. vegetables 3. eggs 4.water 5. rice （）（）（）（）（） 五、看图，选择正确的答案。（2×5＝10分） ( ) 1 A. I want fish . B. I like train. ( ) 2. A. Can I have a ball? B.Can I have a car? ( )3. A. I like eggs. B .I like juice? ( ) 4. A. What’s in the schoolbag? B. What’s on the desk? ( ) 5. A. I like your red dress.B. I like your green T-shirt.
六、根据情景问答。（2×5=10分） 1、当你想表达：“在门的后面是什么?”怎么说( ) A. What's behind the door? B .What's under the desk? 2、当你想对别人表示感谢，可以说Thanks ,还可以说（） A .Thank you. B .Here you are. 3、当你想表达：“我饿了。我想要米饭和蔬菜。”怎么说( ) A .I'm hungry. I want rice and vegetables. B .I'm thirsty. I want rice and fish. 4、“Do you like fish？”表达的是什么意思?( ) A.你喜欢鱼吗？ B.我喜欢鱼。 5、当你问妈妈索要玩具时，妈妈答应给你购买时，妈妈会说（） A .Sure. Here your are. B .Sorry, no. 七、正确抄写以下字母。（1×10=10分） 八、I can sing “A B C”.
高三英语上学期期末复习试题及答案 高三英语上学期期末复习试题 第一部分：听力共两节，满分30分 第一节共5小题;每小题1.5分，满分7.5分 听下面5段对话。每段对话后有一个小题，从题中所给的A、B、C三个选项中选出最佳选项，并标在试卷的相应位置。听完每段对话后，你都有10秒钟的时间来回答有关小题和阅读下一小题。每段对话仅读一遍。 1.Where does this conversation most probably take place? A.In the hospital. B.At a nursery. C.In a library. 2.When are Jenny’ s parents coming? A.In April. B.In June. C.In July. 3.What will the woman probably do? A.Go visit the writer. B.Buy the writer’s new book. C.Write book review. 4.What does the man mean? A.The lady’s room is a long way from here. B.She has to sign up for using the lady’s room. C.She is not able to use the lady’s room right now. 5.Why won’t the woman eat any more? A.She is losing weight. B.She isn’t feeling well. C.She has had enough. 第二节共15小题;每题1.5分，满分22.5分 听下面5段对话或独白。每段对话或独白后有几个小题，从题中所给的A，B，C三个选项中选出最佳选项，并标在试卷的相应位置。听每段对话或独白前，你将有时间阅读各个小题，每小题5秒钟;听完后，每小题将给出5秒钟的作答时间。每段对话或独白读两遍。
三年级英语上摸底试题 一、听力部分（30分） I.帮帮小马虎。（10分）小马虎很粗心，漏写了些数字，请小朋友帮忙把数字补充完整。听两遍。 1. 9＿6 2. 5＿1 3. 3＿7 4. ＿42 5. 27＿ II、听读单词两遍，选出听到的单词，把答案的字母编号写在括号里。（4分） （）1、A、cat B、cap ( ) 2、A、dog B、door ( ) 3、A、four B、five ( ) 4、A、cake B、eight Ⅲ、、Listen and tick .听读句子两遍，请在老师所读的内容的括号里打“√”。（8分） 1、A 、Good morning .( ) B、Good afternoon .( ) 2、A、Hello! My name’s Mike .( ) B、Hello! I am Mike .( ) 3、A、It is a pen .( ) B、It is a pencil.( ) 4、A、Is it a cake? ( ) B、Is it a book?( ) Ⅳ、Listen and choose . 听读句子两遍,选出正确的答语。（8分） （）1、A、Here’s your pen . B、Thank you . ( )2、A、I’m fine . B、I’m five . ( )3、A、My name’s Amy B、This is Sam . ( )4、A、Happy New Year ! B、Happy Birthday ! 笔试部分（分） 一.火眼金睛。（15分）将正确答案的序号填在前面的括号内。 （）1.Hello！I ＿Sam. A.am B. is C. are （）2._____,Lingling. A.Good B.Hi C.What’s （）3.How _____you，Sam ? A.am B.are C.is （）4.____is a girl. A. He B.She C.it （）5.It’s _____orange dog. A.a B.an C. the （）6.____ are you ? --I’m fine, A. What B. How C. Where D. There （）7.What's ____ name? A. My B. your C. her D. his （）8. I ____ happy. A. is B. \ C. am D. are （）9. How many ____? A. apple B. apples C. a apple D. an apple （）10. Hello! ______ A. I’m fine . B. How are you C. thanks D. Hello. （）11. ____ is your book? A. What B. How C. Where D. There （）12. How old are you ? A. I am fine. B, I am ten C, I have ten （）13. Here’s your cake ._________ A. thank you . B. Good . C Yes . ( )14. 你想知道哥哥在哪，应该问： A. Where is my brother? B. Where is my sister? C. What’s your name? ( )15. 你想向别人介绍你的妈妈，你应该说： A. This is my mother. B. What’s my mother. C. Hi, my mother. 二.拉拉手。(1)中英文小朋友拉起手来。（10分） 1.I A.你好 2.hello B.我
国际金融双语期末A卷--
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Part I: Multiple choice(1*30=30score) ( only one choice for each question) 1.Which of the following transactions is recorded in the financial account? A)Ford motor company builds a new plant in China B)A Chinese businessman imports Ford automobiles from the United States. C)A U.S. tourist spends money on a trip to China. D)The New York Yankees are paid $10 million by the Chinese to play an exhibition game in Beijing, China. 2.In the balance of payments, the statistical discrepancy or error term is used to: A)Ensure that the sum of all debits matches the sum of all credits. B)Ensure that imports equal the value of exports. C)Obtain an accurate account of a balance-of-payments deficit. D)Obtain an accurate account of a balance-of-payments surplus. 3. A deficit in the overall balance generally is an indication that: A)The country’s monetary authorities were selling foreign currency. B)The country’s moneta ry authorities were buying foreign currency. C)The country’s monetary authorities were buying domestic currency. D)The country’s monetary authorities were buying imported goods. 4. Suppose that a Korean television set that costs 600 won in Korea costs $400 in the United States. These prices suggest that the exchange rate between the won and the dollar is: A)1.5 won per dollar B)0.75 won per dollar C)$1.50 per won D)$3 per won 5. To the US, U.S. capital inflows will create a __________ foreign currency and a __________ U.S. dollars. A)Demand for; supply of B)Supply of; demand for C)Shortage of; demand for D)Supply of; shortage of 6. U.S. imports of goods and services will create a __________ foreign currency and a __________ U.S. dollars. A) Demand for; supply of B) Supply of; demand for C) Shortage of; demand for D) Supply of; shortage of 7.If the spot price of the euro is $1.10 per euro and the 30-day forward rate is $1.00 per euro, and you believe that the spot rate in 30 days will be $1.05 per euro, you can
精心整理 大学英语（一） 行政班级分级班级姓名学号 C. A measuring system. D. A control system. 2. A. Car prices. B. Car services.
C. The company’s business. D. The company’s culture. 3. A. It’s easy to do. B. It’s challenging. dialogue, there are some recorded questions. Both the conversations and questions will be spoken two times. Conversation 1
6. A. Breakfast. B. Dinner. C. A 5 dollar gift card. D. Bus service to the airport. 10. A. Make an appointment with her. B. Talk with her about a new order.
C. Send her an email about the shipment. D. Call her back when receiving the shipment. Directions: This part is to test your ability to construct grammatically correct sentences. It consists of 2 sections.
PartⅠ.Decide whether each of the following statements is true or false (10%)每题1分，答错不扣分 1. If perfect markets existed, resources would be more mobile and could therefore be transferred to those countries more willing to pay a high price for them. ( T ) 2. The forward contract can hedge future receivables or payables in foreign currencies to insulate the firm against exchange rate risk. ( T ) 3. The primary objective of the multinational corporation is still the same primary objective of any firm, i.e., to maximize shareholder wealth. ( T ) 4. A low inflation rate tends to increase imports and decrease exports, thereby decreasing the current account deficit, other things equal. ( F ) 5. A capital account deficit reflects a net sale of the home currency in exchange for other currencies. This places up ward pressure on that home currency’s value. ( F ) 6. The theory of comparative advantage implies that countries should specialize in production, thereby relying on other countries for some products. ( T ) 7. Covered interest arbitrage is plausible when the forward premium reflect the interest rate differential between two countries specified by the interest rate parity formula. ( F ) 8．The total impact of transaction exposure is on the overall value of the firm. ( F ) 9. A put option is an option to sell-by the buyer of the option-a stated number of units of the underlying instrument at a specified price per unit during a specified period. ( T ) 10. Futures must be marked-to-market. Options are not. ( T ) PartⅡ:Cloze (20%)每题2分，答错不扣分 1. If inflation in a foreign country differs from inflation in the home country, the exchange rate will adjust to maintain equal( purchasing power ） 2. Speculators who expect a currency to ( appreciate ) could purchase currency futures contracts for that currency. 3. Covered interest arbitrage involves the short-term investment in a foreign currency that is covered by a ( forward contract ) to sell that currency when the investment matures. 4. （Appreciation/ Revalue ）of RMB reduces inflows since the foreign demand for our goods is reduced and foreign competition is increased. 5. ( PPP) suggests a relationship between the inflation differential of two countries and the percentage change in the spot exchange rate over time. 6. IFE is based on nominal interest rate ( differentials ), which are influenced by expected inflation. 7. Transaction exposure is a subset of economic exposure. Economic exposure includes any form by which the firm’s ( value ) will be affected. 8. The option writer is obligated to buy the underlying commodity at a stated price if a ( put option ) is exercised 9. There are three types of long-term international bonds. They are Global bonds , ( eurobonds ) and ( foreign bonds ). 10. Any good secondary market for finance instruments must have an efficient clearing system. Most Eurobonds are cleared through either ( Euroclear ) or Cedel. PartⅢ:Questions and Calculations (60%)过程正确结果计算错误扣2分 1. Assume the following information: A Bank B Bank Bid price of Canadian dollar $0.802 $0.796 Ask price of Canadian dollar $0.808 $0.800 Given this information, is locational arbitrage possible? If so, explain the steps involved in locational arbitrage, and compute the profit from this arbitrage if you had $1,000,000 to use. (5%) ANSWER: Y es! One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802. With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank. These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500. 2. Assume that the spot exchange rate of the British pound is $1.90. How will this spot rate adjust in two
小学一年级下册英语期末考试题 小学一年级英语期末考试题 听力部分(90分) 一、听录音，圈出你所听到的图片序号。(30分) A B C 6、白色 A B C 二、听录音，判断下列单词与图片是否相符，相符的打“√”，不相符的打“×”。(30分) 1、2、3、 ( ) ( ) （） 4、绿色 5、 6、 ( ) ( ) ( ) 7、8、9、 ( ) ( ) ( ) 10、 （） 三、听录音，判断，对的打“√ ”，错的打“×”。（20分） 1、2、 （）（） 3、4、 （）（） 笔试部分（20分） 四、连线，将图片连上对应的单词。 1、 2、黑色 3、 4、 5、
惠州市宏业中英文学校、二零一三至二零一四学年度、第二学期、 小学一年级期末考试测试卷、 一、听录音，圈出你所听到的图片序号。 Number one，eye，eye。 Number two，cake，cake。 Number three，water，water。 Number four，sing，sing。 Number five，stand up，stand up。 Number six，rope，rope。 二、听录音，判断下列单词与图片是否相符，相符的打勾，不相符的打叉。 Number one，rabbit，rabbit。Number two，count，count。Number three，four，four。Number four，blue，blue。Number five，hamburger，hamburger。Number six，nose，nose。Number seven，toes，toes。Number eight，coke，coke。Number nine, boy，boy。Number ten，fun，fun。 三、听录音，判断，对的打勾，错的打叉。 Number one，Are you ok? I am all right, Thank you。Are you ok? I am all right, Thank you。Number two，Where are you from? I am from Beijing。Where are you from? I am from Beijing。Number three，Colour the sun red, please。Colour the sun red, please。 Number four，Can you dance? ,Yes, I can。Can you dance? ，Yes, I can。
新目标英语八年级下期末模拟试卷6 一、听力部分（20%） Ⅰ、听对话，选图片（5%） （???? ）1。What will the weather be like tomorrow? （???? ）2。What did Ellen do on Saturday night? （???? ）3、 What does Tracy think she will be in ten years? （???? ）4、What’s wrong with Scott? （???? ）5、What? date? was? it? yesterday? Ⅱ、听对话，选答案（5%） ( ).6.Where is the man at the moment? A. In the shop B. At school C. In the post offi ce ( )7What’s Lily doing? A. Watching TV B. Doing her homework C. Listening t o the radio ( )8Where is Mary going? A. To the park B. Home C. To the post office ( )9 What probably are they going to do tomorrow ? A. Go boating B. Have a picnic C. S tay at home ( )10 What’s Jack’s favorite sport? A. Running B. Swimming C. Skating Ⅲ、听长对话，选答案，对话读两遍。10% A）听第一段对话，回答第11—12小题。 ( )11.When will the man fly to London? A.on Wednesday B. On Monday C.On Friday ( )12How long does it take to get to London by air? B）听第二段对话，回答第13—15小题。 ( )13. Where’s Peter going? A. He’s going to school. B. He’s going to sport s camp. C. He’s staying at home. ( )14. What does his mother want him to do,? A. Take the trash out B. Go to school. C. Don’t be late.. ( )15.Peter has an________ this morning. A. English exam B. English class C. exam 笔试部分80% 二、单项选择（15%） （）1。Why not _____ boating with us in the park? A. to go B. going C. go D. goes
小学三年级英语期末检测题 惠州市惠阳区沙田镇肖屋小学 钟世珍 题 次 一 二 三 四 五 六 七 八 九 十 总评 记 分 A. 听力部分 (70分) 一 、听录音，写出你所听到的字母的大小写。(8分) 二、听录音，从A 、B 、C 中选出你所听到的字母、单词或句子，将其序号填入题前的括号内。(10分) ( ) 1．A 、Ii B 、Ll C 、Yy ( ) 2．A 、Hh B 、Ff C 、Gg ( ) 3．A 、pear B 、peach C 、please ( ) 4．A 、man B 、mother C 、mom ( ) 5. A 、tall B 、small C 、all ( ) 6. A 、Pp B 、Vv C 、Tt ( ) 7. A 、father B 、mother C 、brother ( ) 8. A 、two B 、twelve C 、twenty ( ) 9. A 、I ’m fine . B 、I ’m nine . C 、I ’m Mike . ( )10. A 、I have twelve . B 、I can see twelve . C 、I ’m twelve . 三、听录音，用阿拉伯数字给下面的图片排序。 （10分） （ ） （ ） （ ） （ ） （ ） 四、听录音，请根据录音内容将上下栏的图片连线。（12分） 五、听录音，根据你所听到的问句选择适当的答句，并把编号填在题前的括号里。（10分） ( )1. A. I am 10. B. I am fine. C. I am John. ( )2. A. Fine, thanks. B. OK! C. I am five. ( )3. A. I am Chinese. B. I am from China. C. I am a boy. ( )4. A. Nice to meet you,too ！ B. Hello! C. Certainly. ( )5. A. I can see nine. B. I have one. C. I have one cat. 六、听录音，选择与录音内容相符的图。 （10分） 1． 2． A B A B 3． 4． A B A B 5． H L J HGK B 乡镇__________________ 学校_____________________ 班级____________ 姓名____________ 座号__________ …………………密………………………………….封……………………….线…………………………………………………………………………..
1. Banks serves as ( principle depository) of liquid funds for the public. 2. (The banking sector) provides the indispensible national payriient mechanism for the development of modem financial and business system. 3. Which of the following is not a policy banks (The Industrial and Commercial Bank of China) 4. The central banking system began taking shape in (1984) 5.What is amount of the total assets of the banking sector at the end of 2005(RMB37. 47 billion) 6.The Basel Accord sets minimum capital ratio requirements for internationally active banks（of 4% tier one capital and 8 to total capital）in relation to risk-weighted assets. 7.One objective of banking supervision is to prot ect depositors’ funds and(if a bank should fail) to minimize the losses to be absorbed by the deposit insurance fund. 8.The ratio of liquid assets to liquid liabilities of a commercial bank shall not fall short of (25) percent. 9..Market risk refers to the risk of (financial prices fluctuation) 10.If a major borrower gets in trouble because of inability to (return) a loan the bank may find itself in serious trouble as well. 11.(Indirect) tell us how many units of the foreign currency required to buy one unit of the domestic turrency. 12.If an importer who buys goods today has to pay for the goods in a foreign currency one month from today , it may be convenient to buy the currency now for delivery in a month. The transaction is called (a forward) 13.Suppose we make a week-end swap on January 10,2005 (Monday) , then the spot value date is set on (January 12 , 2005) , the forward value date is set on (January 19 , 2005) 14.(The value date）is the date on which the money must be paid to the parties involved in spot transactio 15.If we have a quote of 737. 62Z740. 58 for $ZT ,（the first rate is the buying rate for the dollar） 16.(An audit) is the independent examination that ensures the reliability of the accounting reports submitted by management to investor , creditor ,and other outside the business. 17.GAAP stands for (General Accept Accounting Principles) 18.which of the following is not included in the accounting concepts and principles ? (General Accepted Accounting Principles). https://www.doczj.com/doc/8615001039.html,ers of financial statements are interested in liquidity because (businesses may be difficult to have enough working capital) 20.Theliability section , together with (owner's equity) , indicates how an entity financed. 21.Investment banks’ role in the financial markets involves (telling and distributing new stocks and bonds). 22.What does IPO stand for ? (Initial Public Offering) 23.A key difference between bonds and stocks is that stocks (represent ownemhip) 24.Credlt card customer (are given a credit limit on the credit card account and can buy goods and services up to this amount) 25.when a bank holds valuables and documents for its customer in safe custody ,it has to take are of the property ,and has a (bailor—bailee) relationship with that customer. 26. In a syndicated loan , (the lead bank) handles the negotiations with the borrower, prepares the relevant documentation and disbumes the full amount of the loan to the borrower. 27. A (bridging) loan is a loan agreement under which finance is required in connection with the