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金融学英文翻译

金融学英文翻译
金融学英文翻译

金融衍生工具和流通量的上升

流通的社会结构性成因

激增的短期投机资本,通过这种承受风险的衍生物的流通而变得具体和富有生气,似乎从正在进行的全球经济的基本社会结构的变革中反映,放大和升华(Eatwell and Taylor 2002)。上述现象更是使重要性日益增强的流动性与金融机构及工具的发展特别是在流动性资本方面的关系得到了不断的发展(Pryke and Allen 2000)。这似乎是现代资本主义的内在动力强迫他们趋向于追逐更高的,更具全球范围意义的生产标准,那似乎是在产生那样一种能够连接自身成为社会结构价值的,逐渐上升的复杂标准。虽然在当时并没有发现,从二十世纪七十年代开始欧美工业生产的潜力已经耗尽了(Brenner 1998),需要一定的空间来补救和修复(Harvey 2000; James 2001)。许多行业需要探索新的途径来对更边缘的地区进行一体化(特别是南亚地区),以此来支撑受过度的产品生产和过多的资本积累强制驱动的,从而引发的关键性矛盾。正如斯皮罗所说(1999),欧美资本主义所产生和吸收的资本量(尤其是欧佩克成员国),在大部分现有的工业部门,已经超过了它能有利润的进行资本再投资的需求量。因此哈维(1982)所评论说“如果平衡被重新恢复,需要一个过程,即通过运行生产系统消除过剩的资本,那么资本过度积累的趋势将被自动抵消。”

宗主国响应的一个关键性方面是欧美公司全球性的重组,开始把大量工业原材料的生产和原件的制造外包给那些较先进的发展中国家的较发达地区。通常是南亚,特别是中国是这次重组的主要受惠者(Singh 2002)。那些先进地区边缘的内陆地区也包括整个国家,比如巴基斯坦,也成为了原材料和手工劳动产品(例如:纺织品)的外包中心。尽管还有一些国家,特别是虽然不是只在沙哈拉以南的非洲地区,他们参加这个过程仅仅给人以边缘的和偶然的感觉。正如邦德(2001)的分析师认为,像莫桑比克和乍得这样的国家,似乎被全球经济所孤立除了那些最受剥削的方面。

生产的这一改组接连产生了那些传统解决办法不能解决的问题(Hoogvelt 1997)。与先前的国际贸易的形式形成对比,这种从二十世纪七十年代开始的重组活动,引发并导致了生产过程在基本投入阶段的破裂(Jones 2000)。契约化外

包服务(在给定的时间范围内提供产品的协议)的增值和机构化,使得那些公司必须去解决的风险增加了,并且风险被重新配置。新的、表面上看来,更不容易控制的风险,例如政治风险、交易对手风险和货币风险,即将出现。为了规避这些风险,正如希勒(1993)评论的那样,金融机构开始为企业客户开发衍生物及其市场。为了使那些衍生物变得富有效率,它们的市场需要是易变现的(具有流动性的),使公司负责人能够依照他们的需求来购买和销售。流动性需求连同这些市场自我扩张的结构,为吸收那些在宗主国过度积累的资本提供了新的出路和机会,孕育新的机构,比如对冲基金和新的银行业部门,那专门研究如何对管理投机资本。而且,因为资产池的不断扩大,及金融技术人员塑造出新的衍生工具合约来扩大投机资本的范围和最大限度的发挥投机资本的杠杆作用,加之新技术的运用使得在全球范围内不分昼夜的进行交易成为可能,这种资本的经济力量正在以指数方式增长。那些数字确实的让人惊奇:每年进行交易的金融衍生工具的价值已经接近一百万亿美元,而绝大多数在未受管制的场外交易市场(OTC)。根据美国财政部(2003),那些银行集团企业,JP摩根大通,目前已经有一个衍生成的有根基的能够控制超过两万亿美元外国货币的阵地,超过绝大多数国家的国民生产总值。因此生产的最重要的产物是迅速的成为连通性物流的生产活动,通信网络,金融工具和技术,用来援助和扩大其流通性。

投机资本,金融衍生品和风险

根据提示,金融衍生品是这个循环社会结构的一个组成部分,具有三个相互关联的因素。三个因素中首先是投机资本,这是一个巨大的,任意的,非生产导向性的和不断的扩大资金池移动性的,游动的,存在于绝大多数投资银行(例如:高盛),私自拥有对冲基金(e.g. LTCM)和特别是那些最大公司的财务部门(例如:通用电气财务公司)手中。这些银行、基金和部门坐落在文化和精神上,要不然的话就是欧洲和美国的地缘政治景观。第二个因素是金融衍生产品及其市场。这套联动体系在许多方面参与全球市场,其中最有意义的是扩大了这些产品的销售。这是重要的,因为金融衍生产品是投机资本在全球市场上所运用的最重要的工具。金融衍生产品在本质上是基于货币价格(即利率)或国家间货币的关系进行变动。从市场角度出发,它们似乎是必要的和自然的,因为它们被与在全球化当中其核心作用的流动性有关的风险所激发。最后一个因素是最近铸造成的和具

有决定性的风险概念:是新的,因为风险被从不确定的和限定的实体领域所抽取出来,因为它构成了这种产品和衍生物的价格。这些因素的构造和组合构成了金融流通文化的分子结构。虽然三者本身多不是新的,他们的组合,重新定义,制度化和技术放大在世界经济的运作方式上产生了根本性的转变,以流通的范围不断的扩大和自主性不断的增强为特点。

因此衍生金融工具是重要的,因为它们是市场上承担投机资本的有效形式(Saber1999),因为它们是流通最终的结构形态。

全球化危机。投机资本采用这种形式,因为衍生工具将客观的各种风险统一为单一的工具,那些来自合并风险的几乎无限制的杠杆效应和被用于对冲和投机的能力。核心是客观化的过程,因为衍生产品不具备具体的形态,但是社会想象的对象利用语言所具有的分类能力将那些有特色的和有独立关系的联系起来。因此客观化在这里是指通过当代金融界所表现出来的过程,像一个没有指挥的的管弦乐队一样运作,使一个社会的复杂融合具体化,政治的和经济的关系变为一个单一的可辨认的标的(衍生合约),然后似乎是不依赖于这些关系,因为这些关系不是那些标的或工具明显表现的一个部分。衍生工具看起来似乎是一个简单的合约,它允许买者和卖者进行投机和套期保值,虽然,就像它分析的展示那样,这将会变得清楚,这仅仅是一个相当复杂现象的表现。

出处:爱德华?里布马;本杰明?李.经济和社会34卷,2005年8月3号.

Financial derivatives and the rise of circulation

The socio-structural genesis of circulation

The explosive rise of short-term speculative capital, embodied in and animated by the circulation of the risk-bearing derivative, seems to reflect, amplify and arise from ongoing transformations in the basic socio-structures of the globalizing economy (Eatwell and Taylor 2002). This much more than economic transformation turns on the evolving relationship between the rising importance of circulation and the development of financial institutions and instruments that specialize in the circulations of capital (Pryke and Allen 2000). It appears that the internal dynamic of modern capitalism that compels it to drive towards higher, more globally encompassing levels of production seems to be generating such progressively ascending levels of complexity that connectivity itself is becoming a socio-structuring value. Though it went unnoticed at the time, beginning in the 1970s EuroAmerican industrial manufacturing had begun to exhaust much of its productive potential (Brenner 1998) and to require a spatial remedy or a ‘fix’ (Harvey 2000: xxx; James 2001: 204). Industries of many types needed to discover new ways to incorporate more marginal regions (particularly South Asia) to shore up critical contradictions instigated by its compulsion to overproduce goods and over-accumulate capital. As Spiro (1999) has shown, EuroAmerican capitalism was generating and absorbing (especially from OPEC members) more capital than it could profitably reinvest in the majority of existing industrial sectors. So Harvey observes that ‘if equilibrium is to be re-established, then the tendency towards overaccumulation must be counterbalanced by processes that eliminate the surplus capital’ (1982:193) circulating through the production system.

A key dimension of the metropolitan response was a global restructuring in which EuroAmerican companies began to outsource much of the production of industrial materials and component manufacturing to the more developed regions of the more advanced developing nations. Southeast Asia generally and China in

particular were the main beneficiaries of this restructuring (Singh 2002: 241-6). The hinterlands of the advanced periphery as well as entire countries, such as Pakistan, became outsourcing centres for raw materials and manual labour production (e.g. textiles). Still other states, particularly though not only in sub-Saharan Africa, participated in this process in only the most marginal and episodic sense. Analysts such as Bond (2001) have argued that countries such as Mozambique and Chad seem isolated from all but the most exploitative aspects of the global economy.

This reorganization of production has continued to generate problems of connectivity immune to traditional solutions (Hoogvelt 1997: ch. 3). In contrast to previous forms of international trade, this reorganization that began in the 1970s arose from a fragmentation of the production processes at the level of basic inputs (Jones 2000). The proliferation and institutionalization of contractual outsourcing (an agreement to supply a product over a given time span) reconfigured and increased the risks that corporations had to deal with. New and seemingly less easily manageable risks-such as political, counterparty and currency risks-appeared on the horizon. To hedge against these risks, financial institutions began, as Shiller (1993) observes, to develop derivatives and their markets for their corporate clientele. In order for these derivatives to be effective, their markets needed to be liquid, the principals able to buy and sell as their needs demanded. The demand for liquidity together with the self-expansive structure of these markets furnished a new avenue and opportunity for absorbing the over-accumulation of capital in the metropole, giving birth to new institutions, such as hedge funds and new banking divisions, that specialized in managing speculative capital. And, as the pools of capital expanded, as financial technicians cast new derivative contracts to expand the reach and maximize the leverage of speculative capital, and as new technologies permitted instantaneous around-the-clock trading worldwide, the economic power of such capital grew exponentially. The numbers are truly staggering: the value of the financial derivatives now traded annually approximates 100 trillion dollars, the vast majority in the unregulated over-the-counter market (OTC). According to the US Treasury (2003), the banking conglomerate, JP Morgan Chase, presently has derivatively based

positions that control over two trillion dollars in foreign currency, more than the gross national product of all but a few nations. So production’s most important product is fast becoming the production of connectivity-the logistics, communication networks, financial instruments and technologies used to aid and amplify connectivity.

Speculative capital, financial derivatives and risk

As intimated, financial derivatives are part of a socio-structure of circulation that has three interconnected elements. The first of these elements is speculative capital. This is a huge, discretionary, non-production directed and continually expanding pool of mobile, nomadic, opportunistic capital that resides in the hands of major investment banks (e.g. Goldman Sachs), privately owned hedge funds (e.g. LTCM) and the financial divisions of especially the largest corporations (exemplified by GE Capital). These banks, funds and divisions are located in the cultural and mental if not always geopolitical landscapes of Europe and the United States. The second element is the financial derivative products and markets. This set of linked institutions participates in global markets in many ways, the most significant of which is increasingly the marketing of these products. This is important because financial derivatives are the principal instrument that speculative capital uses in the global marketplace. Financial derivatives are essentially wagers on changes in the price of money (i.e. interest rates) or relationships among national currencies. From the viewpoint of the market, they appear to be necessary and natural because they are motivated by the risks associated with the connectivities lying at the heart of globalization. The final element is a newly minted and determinative conception of risk: new because risk has here become abstracted from the concrete universe of uncertainties and determinative because it constitutes the basis for the production and pricing of derivatives. The construction and combination of the elements constitute the molecular structure of what we call the culture of financial circulation. Though none of the three elements is itself new, their combination, redefinition, institutionalization and technological amplification are producing a fundamental shift in how the world economy works, characterized by the growing power and autonomy

of the sphere of circulation.

Financial derivatives are therefore important because they are ‘the functional form that speculative capital assumes’ in the marketplace (Saber1999: 128-9); and because they are the structural form that circulates and

globalizes risk. Speculative capital takes this form because derivatives unify in a single instrument the objectification of various types of risk, the almost unlimited leveraging of those amalgamated risks and the capacity to be used for hedging and speculation. The process of objectification is central because derivatives are not concrete, but socially imaginary objects that use the classifying powers of language to tie together sets of distinctive and separate relations. So objectification here denotes the process by which the contemporary financial community, operating much like an orchestra without a conductor, concretizes a complex amalgamation of social, economic and political relations into a single r ecognizable object (derivative’s contract) that then appears to be independent of these relations because these relations are not part of the manifest appearance of the object or instrument. The derivative appears to be simply a contract that permits buyers and sellers to speculate or hedge, though, as the analysis unfolds, it will become clear that this is simply the appearance of a considerably more complex phenomenon.

Resource:Edward LiPuma and Benjamin Lee.Economy and Society Volume 34 Number 3 August 2005.

化学专业英语(修订版)翻译

01 THE ELEMENTS AND THE PERIODIC TABLE 01 元素和元素周期表 The number of protons in the nucleus of an atom is referred to as the atomic number, or proton number, Z. The number of electrons in an electrically neutral atom is also equal to the atomic number, Z. The total mass of an atom is determined very nearly by the total number of protons and neutrons in its nucleus. This total is called the mass number, A. The number of neutrons in an atom, the neutron number, is given by the quantity A-Z. 质子的数量在一个原子的核被称为原子序数,或质子数、周淑金、电子的数量在一个电中性原子也等于原子序数松山机场的总质量的原子做出很近的总数的质子和中子在它的核心。这个总数被称为大量胡逸舟、中子的数量在一个原子,中子数,给出了a - z的数量。 The term element refers to, a pure substance with atoms all of a single kind. T o the chemist the "kind" of atom is specified by its atomic number, since this is the property that determines its chemical behavior. At present all the atoms from Z = 1 to Z = 107 are known; there are 107 chemical elements. Each chemical element has been given a name and a distinctive symbol. For most elements the symbol is simply the abbreviated form of the English name consisting of one or two letters, for example: 这个术语是指元素,一个纯物质与原子组成一个单一的善良。在药房“客气”原子的原子数来确定它,因为它的性质是决定其化学行为。目前所有原子和Z = 1 a到Z = 107是知道的;有107种化学元素。每一种化学元素起了一个名字和独特的象征。对于大多数元素都仅仅是一个象征的英文名称缩写形式,一个或两个字母组成,例如: oxygen==O nitrogen == N neon==Ne magnesium == Mg

应用化学专业英语翻译完整篇

1 Unit5元素周期表 As our picture of the atom becomes more detailed 随着我们对原子的描述越来越详尽,我们发现我们陷入了进退两难之境。有超过100多中元素要处理,我们怎么能记的住所有的信息?有一种方法就是使用元素周期表。这个周期表包含元素的所有信息。它记录了元素中所含的质子数和电子数,它能让我们算出大多数元素的同位素的中子数。它甚至有各个元素原子的电子怎么排列。最神奇的是,周期表是在人们不知道原子中存在质子、中子和电子的情况下发明的。Not long after Dalton presented his model for atom( )在道尔顿提出他的原子模型(原子是是一个不可分割的粒子,其质量决定了它的身份)不久,化学家门开始根据原子的质量将原子列表。在制定像这些元素表时候,他们观察到在元素中的格局分布。例如,人们可以清楚的看到在具体间隔的元素有着相似的性质。在当时知道的大约60种元素中,第二个和第九个表现出相似的性质,第三个和第十个,第四个和第十一个等都具有相似的性质。 In 1869,Dmitri Ivanovich Mendeleev,a Russian chemist, 在1869年,Dmitri Ivanovich Mendeleev ,一个俄罗斯的化学家,发表了他的元素周期表。Mendeleev通过考虑原子重量和元素的某些特性的周期性准备了他的周期表。这些元素的排列顺序先是按原子质量的增加,,一些情况中, Mendeleev把稍微重写的元素放在轻的那个前面.他这样做只是为了同一列中的元素能具有相似的性质.例如,他把碲(原子质量为128)防在碘(原子质量为127)前面因为碲性质上和硫磺和硒相似, 而碘和氯和溴相似. Mendeleev left a number of gaps in his table.Instead of Mendeleev在他的周期表中留下了一些空白。他非但没有将那些空白看成是缺憾,反而大胆的预测还存在着仍未被发现的元素。更进一步,他甚至预测出那些一些缺失元素的性质出来。在接下来的几年里,随着新元素的发现,里面的许多空格都被填满。这些性质也和Mendeleev所预测的极为接近。这巨大创新的预计值导致了Mendeleev的周期表为人们所接受。 It is known that properties of an element depend mainly on the number of electrons in the outermost energy level of the atoms of the element. 我们现在所知道的元素的性质主要取决于元素原子最外层能量能级的电子数。钠原子最外层能量能级(第三层)有一个电子,锂原子最外层能量能级(第二层)有一个电子。钠和锂的化学性质相似。氦原子和氖原子外层能级上是满的,这两种都是惰性气体,也就是他们不容易进行化学反应。很明显,有着相同电子结构(电子分布)的元素的不仅有着相似的化学性质,而且某些结构也表现比其他元素稳定(不那么活泼) In Mendeleev’s table,the elements were arranged by atomic weights for 在Mendeleev的表中,元素大部分是按照原子数来排列的,这个排列揭示了化学性质的周期性。因为电子数决定元素的化学性质,电子数也应该(现在也确实)决定周期表的顺序。在现代的周期表中,元素是根据原子质量来排列的。记住,这个数字表示了在元素的中性原子中的质子数和电子数。现在的周期表是按照原子数的递增排列,Mendeleev的周期表是按照原子质量的递增排列,彼此平行是由于原子量的增加。只有在一些情况下(Mendeleev注释的那样)重量和顺序不符合。因为原子质量是质子和中子质量的加和,故原子量并不完全随原子序数的增加而增加。原子序数低的原子的中子数有可能比原子序数高的原

大学毕业证书--实用英文翻译.docx

大学毕业证书英文翻译 (毕业证书) DIPLOMA This is to certify that Mr.姓名born on July 5, 1977, has studied in the Department (如证书上为学院,请改成College) of Computer Science & Engineering, Zhejiang University with a speciality of Computer & Application from September 1995 to June 1999. Upon completing and passing all the required courses of the 4-year undergraduate program, he is granted graduation. Yang Wei (﹡此处写证书上的校长姓名) President of Zhejiang University Registration No.: (学校编号或电子注册号) Date Issued: June 30, 1999 本科学籍证明的填写说明 学籍证明,又称为在读证明,是学校教务部门出具的证明学生学籍的文件。学校学籍证明中不得含有 关于学生预毕业的证明。任何关于学生毕业的假定说法,学校教务处和国际合作交流处都不予证明。 英文成绩单填写说明 1.成绩单的英文翻译必须与成绩单中文件在内容上完全一致,不得添加或删除任何成绩,重修的 课程其两个成绩必须都填写上去,平均学位绩点必须按照学校的计算方法填写,不得自行增加或修改。如 申请学校需要在成绩单上显示平均分或平均学位绩点,请与学院或教务部门商量后填写。 2.中文成绩单如有错误,必须先经教务部门核实改正过后方可在英文成绩单上加以修改。 3.成绩单翻译件上课程的排列顺序应与中文成绩单一致。 4.成教学生的成绩单原件是集体登记的,可以根据原件自己做成单独的成绩单,但是内容必须一 致,成教学生的成绩单最下方的落款是“苏州大学成人教育学院”。 5.关于苏州大学平均学位绩点的计算方法:根据《苏州大学学生管理规定》第四节考核与成绩记 载第二十六条为了反映学生学习的质和量,本专科学生采用学分绩点的评定办法。 1、考核成绩的等级与绩点的关系 等级考核成绩绩点数 优90-100—— 良80- 89—— 中70- 79—— 及格60- 69—— 不及格< 600

化学专业英语翻译1

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