Irreversible investment under interest rate variability
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Capital Budgeting 资本预算Capital Expenditure 资本开支Capital Gain资本收益Capital Goods资本财货Capital Guarantee Fund 资本保证基金Capital Intensive 资本密集Capital Loss 资本损失Capital Lease 资本化租赁Capital Markets 资本市场Capital Note 资本票据Capitalism 资本主义Capitalize 资本化Capped Option 有上限期权Captive Fund 专属基金Carrying Cost Of Inventory 库存置存成本Carrying Value 账面现行价值Cash现金Cash And Cash Equivalents现金及现金等价物Cash Balance Pension Plan现金余额养老金计划Cash Budget 现金预算Cash Commodity 现货Cash Conversion Cycle资金周转周期Capital Asset Pricing Model (CAPM)资本资产计价模型Capital Base 资本金基础Capital Employed运用资本Capitalization 总资本,总市值Carveout分拆上市Conversion Premium 转换溢价Conversion Price 转换价格Convertible Bond 可转换债券Convertible Debenture 可转换公司信用债券Convertible Preferred Stock可转换优先股Convertible Subordinated Note可转换次级票据Convertibles 可转换证券Conveyance 地产让与证书Contingency 偶然事故Corporate Bond 企业债券Corporate Cannibalism 企业自我竞争Corporate Finance 企业融资Corporate Governance 企业治理Corporate Tax 公司税Corporation 公司、企业Cost Basis 成本基础Cost of Capital 资本成本Cost of Funds 资金成本Cost of Goods Sold (COGS)已售商品成本Cost Synergy 成本协同效益Counterparty Risk 交易对手风险Country Risk 国家风险Coupon 息票Coupon Bond 有息票债券Covenant 契约Coverage Initiated 纳入研究范围Credit Default Swap 信贷违约掉期Credit Derivative信贷衍生工具Conversion转换Cost of Equity股本成本Credit信贷、信用、贷项Current Ratio 流动比率Current Yield 现时收益率Cushion Bond 保收债券CUSIP Number 美国证券库斯普号码Custodian 保管人Cyclical Industry 周期性行业Cyclical Stock周期性股票Cyclical Unemployment 周期性失业DJIA 道琼斯工业平均指数DJUA 道琼斯公用事业平均指数Data Mining数据探索Debenture 公司债券Debit 借项、借方Debt债务Debt Equity Swap 债换股交易Debt Financing 债务融资Debt Ratio 负债比率Debt Restructuring 债务重组Debt Security 债务证券Debt Service还本付息Custodial Account保管帐户DJTA 道琼斯交通平均指数Days Payable Outstanding (DPO)应付账款天数Days Sales Outstanding (DSO)应收账款天数Debt Equity Ratio债务股本比Debt Service Coverage Ratio债务偿付比率FX 外汇Facility 信贷额度、资金设施Fairness Opinion 公平意见Fed联储局Federal Funds 联邦基金Federal Funds Rate 联邦基金利率Federal Open Market Committee (FOMC)公开市场委员会Federal Reserve Bank联邦储备银行Federal Reserve Board (FRB)联邦储备委员会Federal Reserve System (the Fed)联邦储备体系Fed Model 联邦储备模型Fiduciary 受托人Final Dividend 最终股息Final Prospectus 公开说明书定稿Finance财务Face Value 面值Fair Value公平价值。
金融数学中英文专业词汇对照accumulation function 累积函数American-style option 美式期权amortization method 分期偿还法annuity 年金annuity-due 期初付年金annuity-immediate 期末付年金arbitrage 套利at-the-money option 平价期权base amount 基价base points 基点bear spreads 熊市差价Bermudan-style option 百慕大期权binomial tree 二叉树bond 债券bond with coupons 附息债券box spread 盒式差价brownian motion 布朗运动bull spreads 牛市差价butterfly spreads 蝶式差价buyer 买方call option 看涨期权callable bond 可赎回债券cash flow matching 现金流配比cash-and-carry arbitrage 正向套利Chicago mercantile exchange(CME)芝加哥商业交易所collar 衣领策略collar width 衣领宽度common stock 普通股compound increasing annuity 复递增年金compound interest 复利continuously payable annuity 连续支付年金continuously payable continuously decreasing annuity 连续支付连续递减的年金continuously payable continuously increasing annuity 连续支付连续递增的年金continuously payable decreasing annuity 连续支付的递减年金continuously payable increasing annuity 连续支付的递增年金continuously payable varying annuity 连续支付的变额年金convexity 凸度coupon 息票收入coupon rate 息票率decreasing annuity 递减年金decreasing annuity-due 期初付递减年金decreasing annuity-immediate 期末付递减年金delivery price 交割价格derivative instrument 衍生产品discount function 贴现函数duration 久期effective duration 有效久期effective rate of discount 实际贴现率effective rate of interest 实际利率equation of value 价值方程European-style option 欧式期权exercise price 执行价格face amount 面值fixed interest rate model 固定利率模型force of discount 贴现力force of interest 利息力forward contract 远期合约forward price 远期价格forward rate 远期利率forward rate agreements(FRA)远期利率协议forwards 远期full immunization 完全免疫future value 终值futures 期货futures contracts 期货合约futures price 期货价格hedging 套期保值immunization 免疫increasing annuity 递增年金increasing annuity-due 期初付递增年金increasing annuity-immediate 期末付递增年金initial margin 初始保证金interest 利息interest rate swaps 利率互换interest rate tree 利率树interest-sensitive cash flows 利率敏感型现金流internal rate of return 内涵报酬率in-the-money option 实值期权intrinsic value 内在价值investment year method 投资年度法Ito process 伊藤过程level annuity 等额年金London interbank offered rate 伦敦银行同业拆借利率long position 多头maintenance margin 维持保证金marking to market 盯市modified duration 修正久期mortgage 抵押贷款net present value 净现值nominal rate of discount 名义贴现率nominal rate of interest 名义利率offset 对冲平仓option 期权option price 期权价格out-of-the-money option 虚值期权outstanding balance 未偿还本金余额par yield curve 平价收益率曲线payoff 回收perpetuity 永续年金portfolio method 组合方法preferred stock 优先股premium 期权费premium amortization 溢价分摊present value 现值principle 本金prospective method 将来法pure discount bond 贴现债券put option 看跌期权ratio spread 比率差价redemption value 偿还值retrospective method 过去法reverse cash-and-carry arbitrage 反向套利risk-neutral probability 风险中性概率seller 卖方short position 空头short sale 卖空simple interest 单利sinking fund method 偿债基金法spot price 即期价格spot rate 即期利率spreads 差价stock 股票straddle 跨式策略strap 带式策略strip 条式策略swap 互换swap rate 互换利率term structure of interest rate 利率的期限结构time-weighted rate of return 时间加权收益率underlying asset 标的资产variance rate 方差率varying interest rate model 变动利率模型covered call 有担保的看涨期权covered put 有担保的看跌期权yield rate 收益率yield to maturity 到期收益率zero-cost collar 零成本衣领zero-coupon bond 零息债券。
CFA(注册金融分析(特许金融工程师),SII(英国证券投资分析师),复旦大学金融工程硕士,复旦大学财务管理学士,香港理工73. The bid ask spread is a determinant of liquidity risk reflecting the cost95. What will be the least effective stress test for credit risk?60. The spread on a one-year BBB-rated bond relative to the risk-free41. Consider a portfolio of six equally weighted bonds. Each bond has a52. Beta Bank owns a portfolio of 10 AA-rated bonds from 10 different66. Suppose the rate on Company A’s one-year zero-coupon bond is90. Under the comprehensive approach for the foundation internal Ratings122. Consider two portfolios. One with USD 100 million credit exposure如果信用产品的相关性下降,则信用风险下降。
139. Suppose Bank A sells exposure in a mortgage portfolio to Bank B. In114. You have a credit exposure to Bank Three. Which of the following102. Which of the following is not considered an event of default on the49. The management of a bank wants to limit the credit loss to a specific116. Which of the following is not a commonly used method for51. Mr. Rosenqvist, asset manager at BCD Bank, holds a portfolio of SEK15. Assume the marginal monthly default rates (conditional on no previous103. Which of the following is not modeling approach to credit scoring?111. Which of the following is not a correct statement about internal credit79.With regard to evaluating sovereign risk, which of the following74. Moody's estimates the average recovery rate for senior unsecured debt59. Assuming the 1-year T-bill rate of 4.25% and the rate on 1-year zero-101. Which of the following statements about the term structure of creditdata. Your boss wants you to49. Company Y has assets valued at USD 205 million. The value of its56. Which of the following variables is not used in the KMV model to108. The KMV model produces a measure called Expected Default9. In the CreditRisk+ model, default events are assumed to follow a53. In the CreditRisk+ model, the loss distribution for a broadly diversified79. As part of a currency hedging strategy, a US portfolio manager entered20. Which of the following reduce(s) a credit exposure by shortening the14. Sylvia, a portfolio manager, established a Yankee bond portfolio.91. You have a USD 50 million short at-the-money EUR/USD put option96. Which of the following statements correctly describes the impact of45. Bank B has a EUR 100million loan portfolio and has set aside a55. Suppose the return on US Treasuries is 3% and a risky bond is110. Bank A makes a USD 10 million five-year loan and wants to offset74. A trader whose risk you are monitoring tells you that he wants to42. Wallace, an emerging market bond trader, is holding a 5-year USD30. Your bank has chosen to use the advanced Internal Rating BasedThe bank sets up an Special Purpose Vehicle (SPV) that issues securities. All proceeds from selling these securities are invested in a portfolio of equities. The SPV sells protection to the bank through a credit default形成了实际参股,要合并报表,对于减少监管136. A three-year, credit-linked note (CLN) with underlying Company Z110. Which of the following is not a distinction between cash CDOs and。
inflation 通货膨胀deflation 通货紧缩tighter credit 紧缩信贷monetary policy 货币政策foreign exchange 外汇spot transaction 即期交易forward transaction 远期交易option forward transaction 择期交易swap transaction 调期交易quote 报价settlment and delivery 交割Treasury bond 财政部公债current-account 经常项目pickup in rice 物价上涨Federal Reserve 美联储buying rate 买入价selling rate 卖出价spread 差幅contract 合同at par 平价premium 升水discount 贴水direct quoation method 直接报价法indirect quoation method 间接报价法dividend 股息domestic currency 本币floating rate 浮动利率parent company 母公司credit swap 互惠贷款venture capital 风险资本book value 帐面价值physical capital 实际资本IPO(initial public offering) 新股首发;首次公开发行job machine 就业市场welfare capitalism 福利资本主义collective market cap 市场资本总值glolbal corporation 跨国公司transnational status 跨国优势transfer price 转让价格consolidation 兼并leverage 杠杆financial turmoil/meltdown 金融危机file for bankruptcy 申请破产bailout 救助take over 收购buy out 购买(某人的)产权或全部货物go under 破产take a nosedive (股市)大跌tumble 下跌falter 摇摇欲坠on the hook 被套住shore up confidence 提振市场信心stave off 挡开, 避开,liquidate assets 资产清算at fire sale prices 超低价sell-off 证券的跌价reserve 储备note 票据discount贴现circulate流通central bank 中央银行the Federal Reserve System联邦储备系统credit union 信用合作社paper currency 纸币credit creation 信用创造branch banking 银行分行制unit banking 单一银行制out of circulation 退出流通capital stock股本at par以票面价值计electronic banking电子银行banking holding company 公司银行the gold standard金本位the Federal Reserve Board 联邦储备委员会the stock market crash 股市风暴reserve ratio 准备金比率division of labor 劳动分工commodity money 商品货币legal tender 法定货币fiat money 法定通货a medium of exchange交换媒介legal sanction法律制裁face value面值liquid assets流动资产illiquidl assets非流动资产the liquidity scale 流动性指标real estate 不动产checking accounts,demand deposit,checkable deposit 活期存款time deposit 定期存款negotiable order of withdrawal accounts 大额可转让提款单money market mutual funds 货币市场互助基金repurchase agreements 回购协议certificate of deposits存单bond 债券stock股票travelers'checks 旅行支票small-denomination time deposits小额定期存款large-denomination time deposits大额定期存款bank overnight repurchase agreements 银行隔夜回购协议bank long-term repurchase agreements 银行长期回购协议thrift institutions 存款机构financial institution 金融机构commercial banks商业银行a means of payment 支付手段a store of value储藏手段a standard of value价值标准deficit 亏损roll展期wholesale批发default不履约auction拍卖collateralize担保markup价格的涨幅dealer交易员broker经纪人pension funds 养老基金face amount面值commerical paper商业票据banker's acceptance银行承兑汇票Fed fund 联邦基金eurodollar欧洲美元treasury bills 国库券floating-rate 浮动比率fixed-rate 固定比率default risk 拖欠风险credit rating信誉级别tax collection税收money market货币市场capital market资本市场original maturity 原始到期期限surplus funds过剩基金syndication辛迪加underwrite包销,认购hedge对冲买卖、套期保值innovation到期交易spread利差principal本金swap掉期交易eurobond market 欧洲债券市场euronote欧洲票据Federal Reserve Bank (FRB)联邦储备银行unsecured credit无担保贷款fixed term time deposit定期支付存款lead bank牵头银行neogotiable time deposit议付定期存款inter-bank money market银行同业货币市场medium term loan 中期贷款syndicated credit银团贷款merchant bank商业银行portfolio management 有价债券管理lease financing租赁融资note issurance facility票据发行安排bearer note不记名票价underwriting facility包销安排floating-rate note 浮动利率票据bond holder债券持持有者London Interbank Offered Rate(LIBOR)伦敦同业优惠利率back-up credit line备用信贷额promissory note(P.N..p/n)本票revolving cerdit 循环信用证,即revolving letter of credit non interest-bearing reserves无息储备金interest rate controls 利率管制interest rate ceiling 利率上限interest rate floor 利率下限破产 insolvency有偿还债务能力的 solvent合同 contract汇率 exchange rate私营部门 private sector财政管理机构 fiscal authorities宽松的财政政策 slack fiscal policy税法 tax bill财政 public finance财政部 the Ministry of Finance平衡预算 balanced budget继承税 inheritance tax货币主义者 monetariest增值税 VAT (value added tax)收入 revenue总需求 aggregate demand货币化 monetization赤字 deficit经济不景气 recessiona period when the economy of a country is not successful, business conditions are bad, industrial production and trade are at a low level and thereis a lot of unemployment经济好转 turnabout复苏 recovery成本推进型 cost push货币供应 money supply生产率 productivity劳动力 labor force实际工资 real wages成本推进式通货膨胀 cost-push inflation需求拉动式通货膨胀 demand-pull inflation双位数通货膨胀 double- digit inflation极度通货膨胀 hyperinflation长期通货膨胀 chronic inflation治理通货膨胀 to fight inflation最终目标 ultimate goal坏的影响 adverse effect担保 ensure贴现 discount萧条的 sluggish认购 subscribe to支票帐户 checking account货币控制工具 instruments of monetry control借据 IOUs(I owe you)本票 promissory notes货币总监 controller of the currency拖收系统 collection system支票清算或结算 check clearing资金划拨 transfer of funds可以相信的证明 credentials改革 fashion被缠住 entangled货币联盟 Monetary Union再购协议 repo精明的讨价还价交易 horse-trading欧元 euro公共债务 membership criteria汇率机制 REM储备货币 reserve currency劳动密集型 labor-intensive股票交易所 bourse竞争领先 frontrun牛市 bull market非凡的牛市 a raging bull规模经济 scale economcies买方出价与卖方要价之间的差价 bid-ask spreads 期货(股票) futures经济商行 brokerage firm回报率 rate of return股票 equities违约 default现金外流 cash drains经济人佣金 brokerage fee存款单 CD(certificate of deposit)营业额 turnover资本市场 capital market布雷顿森林体系 The Bretton Woods System经常帐户 current account套利者 arbitrager远期汇率 forward exchange rate即期汇率 spot rate实际利率 real interest rates货币政策工具 tools of monetary policy银行倒闭 bank failures跨国公司 MNC ( Multi-National Corporation) 商业银行 commercial bank商业票据 comercial paper利润 profit本票,期票 promissory notes监督 to monitor佣金(经济人) commission brokers套期保值 hedge有价证券平衡理论 portfolio balance theory外汇储备 foreign exchange reserves固定汇率 fixed exchange rate浮动汇率 floating/flexible exchange rate 货币选择权(期货) currency option套利 arbitrage合约价 exercise price远期升水 forward premium多头买升 buying long空头卖跌 selling short按市价订购股票 market order股票经纪人 stockbroker国际货币基金 the IMF七国集团 the G-7监督 surveillance同业拆借市场 interbank market可兑换性 convertibility软通货 soft currency限制 restriction交易 transaction充分需求 adequate demand短期外债 short term external debt汇率机制 exchange rate regime直接标价 direct quotes资本流动性 mobility of capital赤字 deficit本国货币 domestic currency外汇交易市场 foreign exchange market国际储备 international reserve利率 interest rate资产 assets国际收支 balance of payments贸易差额 balance of trade繁荣 boom债券 bond资本 captial资本支出 captial expenditures商品 commodities商品交易所 commodity exchange期货合同 commodity futures contract普通股票 common stock联合大企业 conglomerate货币贬值 currency devaluation通货紧缩 deflation折旧 depreciation贴现率 discount rate归个人支配的收入 disposable personal income 从业人员 employed person汇率 exchange rate财政年度fiscal year自由企业 free enterprise国民生产总值 gross antional product库存 inventory劳动力人数 labor force债务 liabilities市场经济 market economy合并 merger货币收入 money income跨国公司 Multinational Corproation个人收入 personal income优先股票 preferred stock价格收益比率 price-earning ratio优惠贷款利率 prime rate利润 profit回报 return on investment使货币升值 revaluation薪水 salary季节性调整 seasonal adjustment关税 tariff失业人员 unemployed person效用 utility价值 value工资 wages工资价格螺旋上升 wage-price spiral收益 yield补偿贸易 compensatory trade, compensated deal 储蓄银行 saving banks欧洲联盟 the European Union单一的实体 a single entity抵押贷款 mortgage lending业主产权 owner's equity普通股 common stock无形资产 intangible assets收益表 income statement营业开支 operating expenses行政开支 administrative expenses现金收支一览表 statement of cash flow贸易中的存货 inventory收益 proceeds投资银行 investment bank机构投资者 institutional investor垄断兼并委员会 MMC招标发行 issue by tender定向发行 introduction代销 offer for sale直销 placing公开发行 public issue信贷额度 credit line国际债券 international bonds欧洲货币Eurocurrency利差 interest margin以所借的钱作抵押所获之贷款 leveraged loan权利股发行 rights issues净收入比例结合 net income gearing证券行业词汇share, equity, stock 股票、股权;bond, debenture, debts 债券;negotiable share 可流通股份;convertible bond 可转换债券;treasury/government bond 国库券/政府债券;corporate bond 企业债券;closed-end securities investment fund 封闭式证券投资基金; open-end securities investment fund 开放式证券投资基金; fund manager 基金经理/管理公司;fund custodian bank 基金托管银行;market capitalization 市值;p/e ratio 市盈率;(price/earning)mark-to-market 逐日盯市;payment versus delivery 银券交付;clearing and settlement 清算/结算;commodity/financial derivatives 商品/金融衍生产品;put / call option 看跌/看涨期权;margins, collateral 保证金;rights issue/offering 配股;bonus share 红股;dividend 红利/股息;ADR 美国存托凭证/存股证;(American Depository Receipt) GDR 全球存托凭证/存股证;(Global Depository Receipt) retail/private investor 个人投资者/散户;institutional investor 机构投资者;broker/dealer 券商;proprietary trading 自营;insider trading/dealing 内幕交易;market manipulation 市场操纵;prospectus 招股说明书;IPO 新股/初始公开发行;(Initial Public Offering)merger and acquisition 收购兼并。
财务管理精要术语翻译对照目标现金分配水平 target cash distribution level执行期权 exercise options投入权益数 book equity税前利润 pre-tax income应用的税率 applicable tax权益回报率 ROE息税前利润 EBIT财务杠杆 financial leverage)财务风险 financial risk)经营盈亏平衡 (operating breakeven)经营杠杆 operating leverage投入成本的波动性(input cost variability)销售价格的波动性(sales price variability)需求的波动性(demand variability)投入资本的回报率(ROIC)税后的营业净利润 NOPAT市场风险(market risk)个体风险(stand-alone risk)经营风险(bussiness risk)财务风险(financial risk)1加权平均概率 probability-weighted average预期回报率 expected rate of return标准差 standard deviation方差系数 coefficient deviation自由市场 Open market实证研究 empirical test加权平均资本成本 WACC资本利得 Capital gains优先股 Preferred stock股票的要求回报率 required rate of return on stock 权益融资 equity financing权衡理论 trade-off theory税收保护 Tax shield期望成本 expected cost税盾利益 tax benefits of debt研发实验室 R&D lab机构投资组合管理者 portfolio manager步进次序 pecking order股票发行成本 Flotation cost没用的项目 pet project股利 dividend股票回购 stock repurchase杠杆收购(LBO) leverage buyout减少过剩现金流 bond the cash flow储备借款能力 reserve borrowing capacity 净现值 net present value难逢良机 windows of opportunity预测报表 pro forma statement流通比率 current ratio资产负债率 percent financed with debt无负债时的beta系数 unlevered beta coefficient基本经营风险 basic business risk资本资产定价模型(CAPM) CAPM无风险利率 risk-free rate市场风险溢价 market risk premium负债beta (leveraged beta)负债权益比率 D/S税后净经营性利润(NOPAT)最初假设权益市场价值 initial estimated marketvalue of equity资本结构调整均衡价格 equilibrium recapitalization price 最终价值resulting value债务总额 value of all debts债务数额 the amount of debt权益价值 An equity position重购入股份 repurchased stock资金预算决策 value-based management图表 table树图 figure税前扣除 tax deductible流通股数 shares of stock outstanding永久债券 perpetual bonds全部由权益融资 all equity financed变动成本 variable cost可向后递延的税收损失 Tax loss carryforwards 盈亏平衡点 break-even point边际成本 incremental cost边际收益 incremental profit标准差 standard deviation已获利息倍数比率 times-interest-earned ratio 联邦税加州税的税率federal-plus-state tax rate 店头市场 over-the-counter market赢利利息倍数(TIE)财务管理协会的会议 FMA panel session 其利息可减税 the tax deductibility of interest抵消 offset发行成本 flotation cost 步进式 pecking order 等风险类 homogeneous risk class相同预期 (homogeneous expectations) .完美资本市场 (perfect capital markets)交易成本\佣金成本 brokerage cost贴现 capitalize永续年金 perpetuity现值 present value卖空 short sale多头”投资组合“long”portfolio空头”投资组合“short” portfolio实物和金融期权 real and financial options贴现率 discount rate实际成本 effective cost有效税率 effective tax rate“自制”“homemade”扣除?贴现? Discount免收利息所得税的债券 tax-exempt bonds. High-tax-bracket individual杠杆收购 leverage buyout LBOs垃圾债券 junk bonds被收购公司 underleveraged firms经纪费用 brokerage税盾 tax shield营亏损转回 operating loss carryforwards 税款储蓄 tax savings默认价值 implied value债务权重 debt weight看涨期权 (call option)金融期权 (financial option)执行价值 (exercise value)期权定价模型 (OPM)Black-Scholes按现值计算的现金流量/已贴现现金流 discounted cash flow 票面价值, 表面价值 face value 不稳定性 volatility息票债务 coupon debt期权补偿 option-based compensation[美]预购股票价格 exercise price权衡模型 trade-off model抵税的 tax deductible概率 probability函数 function总账面 total book散点图 plot营业资产 operating assets<英>免税代码(指雇员收入免税部分的数字代码,由税务机关编定)tax code适销证券 marketable securities资产负债表 balance sheet短期国库券 treasury bill债务本金 debt principal[会计]营运资本, 营运资金 working capital减震器 shock absorber目标分配率(target distribution ratio)目标支付率 (target payout ratio)-盈利能力 earning power经验研究 empirical research边际税率 marginal tax溢价 appreciation实际成本 effective cost 融资抉择 financing choice未分配的利润 retained earnings留存收益 retained earnings再投资的收益 reinvested earnings内部权益 generated equity普通股 common stock 低常规水平加临时股利 (low-regular-dividend-plus-extras)政策常规股利 regular dividend流通股 outstanding shares公布日 (declaration date)登记日 (holder-of-record date)除权日 (Ex-dividend date)国库券 treasury权益回报率 ROE财政困难成本 financial distress cost权势等级 pecking order借款能力储备 (reserve borrowing capacity) 税损移前扣减 tax-loss carryback税损移后扣减 tax-loss carryforward资金的时间价值 time value of the money税收利益税收福利 Tax benefits有价证券 Marketable securities通用目的资产 general-purpose assets自由现金流量(FCF)。
《投资分析与组合管理》金融专业词汇中英文对照表词汇表(1)Abnormal rate of return 异常收益率某证券的实际收益率和根据市场收益率和与市场相关程度计算的该证券的预期收益率之间的差。
Accumulation phase 积累阶段个人在工作生涯的前半期,通过资产积聚以满足短期需求和达到长期目标的投资生命周期Actuarial rate of return 精算收益率一种用于计算某一特定福利养老金计划未来现金流现值的贴现率,以此确定公司对此计划年度贡献的大小。
American Depository Receipts (ADRs) 美国存股证(或称美国预托收据、美国存托凭证)一种由美国银行出具的,证明持有人对某一外国公司股票拥有间接所有权的所有权凭证。
股权存放在公司母国的银行内。
Analysis effect 分析效应根据某个特定指数选择的债权组合的收益率和通过买卖某些短期内定价不合理然后向合理价格回归的债券所获得收益率之间的差。
Anomalies 异常证券价格关系同一个众所周知的假说——有效市场假说相矛盾。
Arbitrage 套利(套汇)一种交易方在交易中无需资本承诺和风险承担即能获得保证收益的交易策略。
套利交易的一个简单例子就是同一时间里,同一证券因在不同市场上存在价格差异而进行的交易活动。
Arbitrage pricing theory (APT) 套利定价理论一种用与金融资产相关的一些风险因素描述该金融资产预期收益率的理论。
Arithmetic mean (AM) 算术平均数一种计算年平均收益率的方法,将持有期总收益率除以持有年数即得算术平均数的年平均收益率。
Asset allocation资产配置为了一定投资目的,决定如何在不同资产类别间分配投资者财富的过程。
Asset class 资产类别拥有相似特征、层次、风险或回报的证券。
Assets under management (AUM) 公司管理的资产由一家投资公司所管理的资产的总市场价值。
Maturity premium: 期限溢价Risk premium: 风险溢价market portfolio: 市场组合Variance: 方差Standard deviation: 标准差Average return: 平均收益率Diversification: 分散投资Portfolio: 投资组合Unique risk or diversifiable risk: 特有风险或可分散风险Market risk or systematic risk: 市场风险或系统风险True value: 真实价值Efficient capital market: 有效资本市场Commercial paper: 短期融资券、商业票据Treasury stock: 库藏股Issued shares: 已发行股票Outstanding shares: 流通在外股票Authorized share capital: 法定股本Par value: 面值Additional paid-in capital or capital surplus: 附加实缴资本或资本公积Retained earnings: 留存收益Outside directors: 外部董事Majority voting: 多数表决投票制度Cumulative voting: 累积投票权Proxy contest: 代理权争夺Preferred stock: 优先股Net worth: 净值、资本净值Floating-rate preferred: 浮动利率优先股Counterbalance:使平衡,抵销Floating interest rate: 浮动利率Prime rate: 最优惠利率London interbank offered rate (LIBOR): 伦敦银行同业拆借利率Funded debt: 长期债务Sinking fund: 偿债基金Callable bond: 可赎回债券Subordinated debt: 次级债券或后偿债务Secured debt: 有抵押债务或有担保债务Default risk: 违约风险Eurodollars: 欧洲美元Warrant: 认股权证Convertible bond: 可转换债券Convertible preferred stock: 可转换优先股Financial deficit: 财务赤字Income statement: 利润表Common-size income statement: 共同尺度利润表、百分率利润表Balance sheet: 资产负债表Common-size balance sheet: 共同尺度资产负债表Leverage ratios: 负债比率、杠杆比率Financial leverage: 财务杠杆Long-term debt ratio: 长期负债比率Long-term debt-equity ratio: 长期债务权益比Total debt ratio: 资产负债率Times interest earned ratio: 已获利息倍数Cash coverage ratio: 现金流偿债能力比率Liquidity ratio: 变现能力比率Net working capital to total assets ratio: 净营运资本占总资产比Current ratio: 流动比率Quick (or acid-test) ratio: 速动比率或酸性测试比率Cash ratio: 现金比率Marketable securities: 有价证券Asset turnover ratio: 资产周转率Average collection period: 平均收账期Inventory turnover ratio: 存货周转率Profitability ratios: 盈利能力比率Profit margin: 销售净利率、利润边际Operating profit margin: 营业利润率Return on assets (ROA): 总资产收益率Return on equity (ROE): 净资产收益率Payout ratio: 股利支付率Plowback ratio: 留存收益率Long-term debt ratio: 长期负债比率Long-term debt-equity ratio: 长期债务权益比Total debt ratio: 资产负债率Times interest earned ratio: 已获利息倍数Interest cover ration:利息保障倍数Cash coverage ratio: 现金流偿债能力比率Du Pont system: 杜邦财务分析体系ROA: 总资产收益率ROE: 净资产收益率Creditor 债权人Deflation 通货紧缩Expenses 费用Financial statement 财务报表Financial activities 筹资活动Liabilities 负债Negative cash flow 负现金流量Operating activities 经营活动Owners equity 所有者权益Partnership 合伙企业Positive cash flow 正现金流量Retained earning 留存利润Revenue 收入Sole proprietorship 独资企业Solvency 清偿能力财会名词汉英对照表〔1〕会计与会计理论会计accounting决策人Decision Maker投资人Investor股东Shareholder债权人Creditor流动资产Current assets流动负债Current Liabilities长期负债Long-term Liabilities投入资本Contributed Capital留存收益Retained Earning----------------------------------------------------------------------------------------------------------------------应收帐款Account receivable应收票据Note receivable起运点交货价F.O.B shipping point目的地交货价F.O.B destination point商业折扣Trade discount现金折扣Cash discount销售退回及折让Sales return and allowance坏帐费用Bad debt expense备抵法Allowance method备抵坏帐Bad debt allowance出票人Maker受款人Payee本金Principal利息率Interest rate到期日Maturity date本票Promissory note贴现Discount拒付费Protest fee------------------------------------------------------------〔4〕存货存货Inventory商品存货Merchandise inventory产成品存货Finished goods inventory在产品存货Work in process inventory原材料存货Raw materials inventory市价Market value重置本钱Replacement cost可变现净值Net realizable value上限Upper limit下限Lower limit毛利法Gross margin method零售价格法Retail method本钱率Cost ratio------------------------------------------------------------〔5〕长期投资长期投资Long-term investment长期股票投资Investment on stocks长期债券投资Investment on bonds本钱法Cost method权益法Equity method合并法Consolidation method股利宣布日Declaration date股权登记日Date of record除息日Ex-dividend date付息日Payment date债券面值Face value, Par value债券折价Discount on bonds债券溢价Premium on bonds票面利率Contract interest rate, stated rate市场利率Market interest ratio, Effective rate普通股Common Stock优先股Preferred Stock现金股利Cash dividends股票股利Stock dividends清算股利Liquidating dividends到期日Maturity date到期值Maturity value---------------------------------------------------------〔6〕固定资产固定资产Plant assets or Fixed assets原值Original value预计使用年限Expected useful life预计残?nbsp;Estimated residual value折旧费用Depreciation expense累计折旧Accumulated depreciation帐面价值Carrying value应提折旧本钱Depreciation cost净值Net value在建工程Construction-in-process磨损Wear and tear过时Obsolescence直线法Straight-line method 〔SL〕工作量法Units-of-production method 〔UOP〕加速折旧法Accelerated depreciation method双倍余额递减法Double-declining balance method 〔DDB〕年数总和法Sum-of-the-years-digits method 〔SYD〕以旧换新Trade in经营租赁Operating lease融资租赁Capital lease廉价购置权Bargain purchase option 〔BPO〕资产负债表外筹资Off-balance-sheet financing最低租赁付款额Minimum lease payments--------------------------------------------------------〔7〕无形资产无形资产Intangible assets专利权Patents商标权Trademarks, Trade names著作权Copyrights特许权或专营权Franchises商誉Goodwill开办费Organization cost租赁权Leasehold摊销Amortization--------------------------------------------------------〔8〕流动负债负债Liability流动负债Current liability应付帐款Account payable应付票据Notes payable贴现票据Discount notes长期负债一年内到期局部Current maturities of long-term liabilities应付股利Dividends payable预收收益Prepayments by customers存入保证金Refundable deposits应付费用Accrual expense增值税value added tax营业税Business tax应付所得税Income tax payable应付奖金Bonuses payable产品质量担保负债Estimated liabilities under product warranties赠品和兑换券Premiums, coupons and trading stamps或有事项Contingency或有负债Contingent或有损失Loss contingencies或有利得Gain contingencies永久性差异Permanent difference时间性差异Timing difference应付税款法Taxes payable method------------------------------------------------------------〔9〕长期负债长期负债Long-term Liabilities应付公司债券Bonds payable有担保品的公司债券Secured Bonds抵押公司债券Mortgage Bonds保证公司债券Guaranteed Bonds信用公司债券Debenture Bonds一次还本公司债券Term Bonds分期还本公司债券Serial Bonds可转换公司债券Convertible Bonds可赎回公司债券Callable Bonds可要求公司债券Redeemable Bonds记名公司债券Registered Bonds无记名公司债券Coupon Bonds普通公司债券Ordinary Bonds收益公司债券Income Bonds名义利率,票面利率Nominal rate实际利率Actual rate有效利率Effective rate溢价Premium折价Discount面值Par value直线法Straight-line method实际利率法Effective interest method到期直接偿付Repayment at maturity提前偿付Repayment at advance偿债基金Sinking fund长期应付票据Long-term notes payable抵押借款Mortgage loan--------------------------------------------------〔10〕业主权益权益Equity业主权益Owners equity股东权益Stockholders equity投入资本Contributed capital缴入资本Paid-in capital股本Capital stock资本公积Capital surplus留存收益Retained earnings核定股本Authorized capital stock实收资本Issued capital stock发行在外股本Outstanding capital stock库藏股Treasury stock普通股Common stock优先股Preferred stock累积优先股Cumulative preferred stock非累积优先股Noncumulative preferred stock完全参加优先股Fully participating preferred stock局部参加优先股Partially participating preferred stock非局部参加优先股Nonpartially participating preferred stock现金发行Issuance for cash非现金发行Issuance for noncash consideration股票的合并发行Lump-sum sales of stock发行本钱Issuance cost本钱法Cost method面值法Par value method捐赠资本Donated capital盈余分配Distribution of earnings股利Dividend股利政策Dividend policy宣布日Date of declaration股权登记日Date of record除息日Ex-dividend date股利支付日Date of payment现金股利Cash dividend股票股利Stock dividend拨款appropriation-----------------------------------------------------------〔12〕财务状况变动表财务状况变动表中的现金根底SCFP.Cash Basis〔现金流量表〕财务状况变动表中的营运资金根底SCFP.Working Capital Basis〔资金来源与运用表〕营运资金Working Capital全部资源概念All-resources concept直接:)业务Direct exchanges正常营业活动Normal operating activities财务活动Financing activities投资活动Investing activities-----------------------------------------------------------〔13〕财务报表分析财务报表分析Analysis of financial statements比较财务报表Comparative financial statements趋势百分比Trend percentage比率Ratios普通股每股收益Earnings per share of common stock股利收益率Dividend yield ratio价益比Price-earnings ratio普通股每股帐面价值Book value per share of common stock资本报酬率Return on investment总资产报酬率Return on total asset债券收益率Yield rate on bonds已获利息倍数Number of times interest earned债券比率Debt ratio优先股收益率Yield rate on preferred stock营运资本Working Capital周转Turnover存货周转率Inventory turnover应收帐款周转率Accounts receivable turnover流动比率Current ratio速动比率Quick ratio酸性试验比率Acid test ratio〔14〕合并财务报表合并财务报表Consolidated financial statements吸收合并Merger创立合并Consolidation控股公司Parent company附属公司Subsidiary company少数股权Minority interest权益联营合并Pooling of interest 购置合并Combination by purchase 权益法Equity method本钱法Cost method。
金融术语英语词汇minimum paid-up share capital 最低实缴股本reciprocity 互惠corresponding bank 代理行liaison office 联络办公室moratorium 延期偿付权legislation 法规innovation 改革underwriting 包销merge 合并portfolio 资产组合unit trust 单位投资信托arbitrage 套汇capital adequacy ratio 资本充足率derivative 金融衍生工具maturity 到期日deregulation 放松管制redemption 兑现certificates of indebtedness 债务证书linked exchange rate 联系汇率accounting arrangements 会计安排resumption of sovereign 收回主权holding company 控股公司privileges 特权legal tender 法币medium of exchange 交换媒介deferred payment 延期支付face value 面值mintage 铸币homogeneity 同质权fiat money 不兑换纸币,名义纸币negotiable certificates of deposits 大额转让存单narrowly-defined 狭义定义的broadly-defined 广义定义的required reserve 法定准备金excess reserve 超额准备金monetary base 货币{流通}基础open market operations 公开市场操作auction 拍卖non-intervention 不干涉主义net balance 净差{余}额advance 贷款retained earnings 留存收益risk-weighted assets 风险加权资产off-balance sheet items 表外业务项目collateral 抵押claims 债权denominate 面值residual maturity 剩余期限mortgage 住房抵押arrears 拖欠尾数default 违约on-balance sheet items 表业务contingency 意外开支repurchase agreement 回购协议recourse 追索权irrevocable 不可撤消rediscounting 在贴现market risk exposure市场风险position 头寸debt-to-equity ratio 资产负债比率treasure bond 国库券leasing 租赁money laundering 洗钱treasure bill 国库券bankruptcy 破产credit securitization 信用证券化real time gross settlement 实时全额清算off-shore 离岸clearing bank清算行discount house 贴现行privileged position 最优惠头寸building society 建房协会Japanese Big Bang 日本金融改革dual banking system 双轨银行制度wire transfer 电子转帐laissez-faire 自由放任主义negotiable 可流通的installment 分期付款benchmark 基准利率turnover 成交额outstanding 未付的in favour of 以^为受益人promissory note 本票unsecured 无担保的prime rate 最优惠利率preference share 优先股ordinary share 普通股warrant 认股权current market value 当期市值option contract 期权合同hedging 套期保值Provident Fund 福利基金beneficiary 受益人collecting bank 代收行code 代号,代码,密码uncleared cheque 未清偿支票invoice 发票credit transfer 信用转帐endorsement 背书bearer 持票人defective title 有瑕疵的所有权down payment 首付款traveller's cheque 旅行支票bearer bonds 不记名债券crossed cheque划线支票countersign 联署paying bank 付款行transferable 可转让holder in due course 正当持票人holder in value 有代价持票人overdue 过期dishonoured cheque 拒付支票repo repurchase agreement 回购协议countermand 取消garnishee order 向第三债务人下达的资产扣押令winding-up 停业清理secured loan 担保贷款overdraft 透支real estate mortgage 房地产抵押chattel mortgage 动产抵押in presence of 提示reimbursement 偿还withholding interest tax 预扣税custodian 保管access 准入automatic teller machine 自动取款机personal identity number 密码.个人识别号passbook 存折insurance broker 保险经纪人hire purchase 租购working capital loan 周转资金start-up loan 创业贷款syndicated loan 辛迪加贷款project financing 项目融资foreign trade financing 对外贸易融资current assets 流动资产accounts receivable 应收帐款agent bank 代理行drawdown period 支用期grace period 宽限期principle 本金tombstone 证券发行公告factoring facilities 保理业务open credit 无担保贷款factor 保理人lessee 承租人lessor 出租人non-resourse 无追索权financial lease 金融租赁operating lease 经营租赁full payout lease 支付租赁true lease 真实租赁conditional lease 条件租赁leverage lease 杠杆租赁electronic date interchange services 电子数据交换服务retail bank 商业零售银行private bank 私人银行merchant bank 商人银行risk preference 风险偏好risk taking investor 甘冒风险的投资者risk aversion investor 逃避风险的投资者macroeconomic oriented 以宏观经济为导向的equities origination 股票发行venture capital financing 风险资本融资the spread 价差interest rate swap 利率互换leverage buyout 杠杆收购junk bond 垃圾债券red chips 红筹股"h" shares H股trustee 受托人collection 托收production combination 生产联合production cost 生产成本comparative advantage 相对优势middle agent 中间代理eliminate exchange risk 消除外汇风险shipping insurance 海险guarantee 担保performance bond 履约保证import credit 进口信贷dividends 分红money transfer 转帐bank draft 银行汇票mail transfer 信汇telegraphic transfer 电汇test key测试密钥telex 电报Society for World Inter-bank Financial Telecommunications 环球银行间金融电讯协会standardized format 标准格式clearing house 结算所computer code 电脑代码additional cost 附加成本foreign exchange rate 外汇汇率swing 浮动spot rate 现汇汇率market rate 市场汇率cross rate 交叉汇率forward exchange contract 远期外汇合同currency future contract 货币期货合同quotation 报价单rolling forex 展期外汇option on foreign exchange 外汇期权strike price 执行价格expiry date 到期日call option 多头期头put option 空头期权foreign exchange hedge 外汇套期保值foreign exchange swap 外汇掉期superannuation 养老基金pension funds 退休基金brokerage fee 经纪人佣金optimum profit 最高收益canon 标准illegal activities 非法行为speculative purpose 投机目的repayment schedule 还款安排balance sheet 资产负债表income statement 利润表long-term loan 长期贷款country-risk 国别风险quantitative yardstick 定量的评判标准credit risk 信用风险risk assessment 风险评估margin 保证金legal authority 法定权力memorandum and articles of association 公司章程cushion of assets 资产缓冲safe title 所有权credit reference agency 信用查询机构credit standing 信用状况consumer loan 消费信贷bonus 奖金gratuity 退休金track record 工作履历minor's account 未成年人sole proprietors 独资企业private limited company 私人public limited company 公共inter-bank lending /borrowing 同业拆借the inter-bank money market 同业拆借市场local currency 本国货币marginal cost 边际成本inter-bank rate 同业拆借利率contingency payout 意外支出natural disaster 自然灾害legal status 法定地位documentary credit 跟单信用证documentary collection 跟单托收export credit insurance 出口信贷保险shipment policy 装运保险单issuing bank 开证行advising bank 通知行confirming bank 保兑行applicant 开证申请人irrevocable documentary letter of credit 不可撤消信用证reimbursing bank 偿付行negotiating bank 议付行verification 证实confirmed credit 保兑信用证payment in advance 预付贷款remitting bank 托收行collecting bank 代收行sight bill 即期汇票term bill 远期汇票clean collection 光票托收bill of lading 提单certificate of origin 原产地证明airway bill 航空联运certificate of inspection 检验证明insurance policy certificate 保单证明open account 赊销premium 保险费stockbroking 股票经纪going concern 持续经营net profit 净收益audited accounts 经过审计的registration certificate 注册证明inheritance 遗产tangible security 有形担保intangible personal guarantee 无形个人担保deed 契约dormant partner 不参与经营的合伙人limited partner 有限责任合伙人aggressive management 扩性管理defensive management 保守性管理gearing 举债经营prior charge 优先偿付债券charges on assets 以资产抵押fixed charge 固定抵押floating charge 浮动抵押overtrading 超资力经营life policy 人寿保险depreciation 折旧indemnity 赔偿legal mortgage 法定抵押leasehold mortgage 衡平法抵押surrender value 租赁财产抵押stocks and shares 股票和证券unquoted shares 非挂牌{上市}股票cross-guarantee 交叉担保under influence 不正当影响misrepresentation 与事实不符合的述debenture 债券run down 削减acknowledgement 确认tangible assets 有形资产intangible assets 无形资产copy rightgoodwill 商誉net worth 资产净值cash flow 现金流量current ratio 流动比率quick ratio 速动比率quality of assets 资产质量investment strategy 投资策略trend analysis 趋势分析debt to equity ratio 债务产权率debt service ratio 还本付息比;偿债比率amortization 摊销receivable turnover 应收帐款inventory turnover存货周转write off 注销recession (经济)衰退social unrest 社会动荡uncleared funds 未清算资金credit limit 信贷限额bad debt 坏帐loan restructuring 贷款重新安排recovery 追陪offsetting 补偿legal proceeding 诉讼litigation solicitor诉讼律师。
Investment under certainty1.Why financial marketplaces exist?● capital market make someone to be better off while no one is worse offassumptions:(1)all outcomes from investment are known with certainty(2)no transactions costs or taxes(3)one-period context(4)one goods for consumption or investmentthe method:comparing the welfare with capital market to the one without capital market● consumption and investment without capital markets(1)subjective trade-offs between consumption now and consumption in the futureMarginal rate of substitution(MRS)(2)the feasible trade-offs between present and future consumption that aretechnologically possibleMarginal rate of transformation(MRT)(3)MRS=MRT● consumption and investment with capital markets(1)capital market linethe set of the borrowing and lending opportunities(2)production and consumption with capital markets● Fisher separation theorem(1)without capital market(2)with capital market(3)fisher separation theoremGiven perfect and complete capital markets, the production decision is governed solely by an objective market criterion without regard to individual’s subjective preferences that enter into their consumption decisions(4)implicationsunanimity principlethe managers of the firm, in their capacity as agents of the shareholders, need not worry about making decisions that reconcile differences of opinion among shareholders.They only need to maximize the present value of shareholders’ wealth● Transaction cost and the agency problem(1)transaction cost and marketplacesoperational efficiency(reducing transaction cost)the lower the transactions costs are, the more operationally efficient a market can bethe is the reason of the existence of financial intermediaries and marketplace(2)transaction cost and fisher separation theoremdifferent borrowing and lending rates invalidating the fisher separation theorem(3)agency problem2.maximization of shareholders’ wealth and techniques for capitalbudgeting● shareholders’ wealth(1)definition: the discounted value of after-tax cash flows(dividends) paid out by thefirm(2)discount rate ks: the market-determined opportunity cost of capital for equivalentincome streams.(the slope of the market line)(3)incorporates all cash payments, both dividends and capital gains(notes: on tax)(4)profitssimple cash flow definition of profit(economic profit)Accounting definition of profit,the net change in the book value of assets during a year● techniques for capital budgeting(1)assumptions(2)the criteria of the best capital budgeting techniques(i)all cash flows should be considered(ii)the cash flows should be discounted at the opportunity cost of funds(iii)mutually exclusive projects(iv)value-additivity principle(3)four widely used capital budgeting techniques(i)the payback method(ii)the accounting rate of return(ARR)ARR is the average after-tax profit divided by the initial cash outlay(iii)net present value(NPV)the NPV criterion will accept projects that have an NPV greater than zero.The NPV is computed by discounting the cash flows at the firm’sopportunity cost of capital.The NPV of a project is exactly the same as the increase in shareholders’wealth.(iv)internal rate of return(IRR)the IRR on a project is defined as that rate which equates the present valueof the cash outflows and inflows(4)comparison of NPV with IRR(i)the reinvestment rate assumptionReinvestment rate should be the opportunity cost of capitalNPV year; IRR no(ii)the value-additivity principleIRR violates value-additivity principle while NPV obeysExample(iii)multiple rates of return。
经济⾦融术语(中英对照)A安全⽹safety net按可⽐⼝径on comparable basis按轻重缓急to prioritize暗补implicit subsidy暗亏hidden lossB颁发营业执照to license; to grant a license to办理存款业务to take deposits保护农民的⽣产积极性to protect farmers' incentive to produce备付⾦(超额准备⾦)excess reserves本外币并账consolidation of domestic and foreign currency accounts本外币对冲操作sterilization operation本位利益localized interest; departmentalism奔⼩康to strive to prosper; to strive to become well-to-do避税(请见“逃税”)tax avoidance币种搭配不当currency mismatch币种构成currency composition变相社会集资disguised irregular(or illegal)fund raising表外科⽬(业务)off-balance-sheet items(operation)薄弱环节weaknesses; loopholes不变成本fixed cost不变价at constant price; in real terms不动产real estate不良贷款(资产)problem loans;non-performing loans(assets)C财务公司finance companies财政⾚字fiscal deficit财政挤银⾏fiscal pressure on the central bank(over monetary policy)财政政策与货币政策的配合coordination of fiscal and monetary policies 采取循序渐进的⽅法in a phased and sequenced manner操作弹性operational flexibility操纵汇率to manipulate exchange rate产品构成product composition; product mix产品积压stock pile; excessive inventory产销率current period inventory;(即期库存,不含前期库存)sales/output ratio 产销衔接marketability产业政策industrial policy长期国债treasury bonds敞⼝头⼨open position炒股to speculate in the stock market承购包销underwrite(securities)成套机电产品complete sets of equipment; complete plant(s)城市信⽤社urban credit cooperatives(UCCs)城市合作银⾏urban cooperative banks; municipal united banks城市商业银⾏municipal commercial banks城乡居民收⼊增长超过物价涨幅real growth in household income持续升温persistent overheating重复布点duplicate projects重置成本replacement cost重组计划restructuring plan筹资渠道funding sources; financing channels初见成效initial success出⼝统⼀管理、归⼝经营canalization of exports出⼝退税export tax rebate储蓄存款household deposits(不完全等同于西⽅的savings deposits,前者包括活期存款,后者不包括。
Financial Terminologies for Slides of IntroductionPage1:investment:投资page2:Quantitative Financial Economics: Stocks, Bonds & Foreign exchange:数量金融经济学:股票,债券和外汇Page3:expected payoff:预期报酬discount:贴现page4:C-CAPM (consumption capital asset pricing model):消费资本资产定价模型APT(Arbitrage Pricing Theory):套利定价理论speculative bubbles:投机泡沫term structure:期限结构page5:bond market:债券市场Test Biased Expectation Hypothesis:测试有偏预期假说theoretical and empirical models:理论和实证模型derivatives:衍生产品Page6:smooth consumption:平滑消费asset pricing:资产定价fixed income:固定收益dividend:红利,股息nonlinear payoff:非线性回报page7:risk averse:风险厌恶page8:macroeconomic risk:宏观经济风险equilibrium:均衡first order conditions:一阶条件market clearing conditions:市场出清条件consumption-based CAPM:基于消费的资本资产定价模型no-arbitrage asset pricing model:无套利资产定价模型Page9:parameters:参数stochastic discount factor (SDF):随机贴现因子state price deflator:状态价格平减指数empirical finance:实证金融financial econometrics:金融计量经济学page10:risk corrections:风险修正risk-neutral:风险中性risk adjustment:风险调整discount factor:贴现因子idiosyncratic risk:非系统性风险premium:溢价Page11:marginal value:边际价值page12:covariance:协方差page13:portfolios of assets:资产投资组合average return:平均报酬multifactor models:多因素模型multiple portfolios:多种投资组合page14:Factor Pricing Models:因子定价模型claim:债权option pricing:期权定价Financial Terminologies for Slides of Consumption-based CAPM Page 2:The Capital Asset Pricing Model (CAPM):资本资产定价模型expected stock returns:预期股票收益equilibrium:均衡homogeneous:齐次perfect competition:完全竞争taxes:税收transactions costs:交易成本riskfree rate:无风险利率Page 3:Security Market Line:证券市场线market portfolio:市场资产组合risk premium:风险溢价market price:市场价格Page 4:macroeconomic variables:宏观经济变量endogenize:内生化risk-averse:风险厌恶consumption:消费financial assets:金融资产asset prices:资产价格Page 5:subjective rate of time-preference:主观时间偏好率dividends:红利exogenous labour income:外生劳动收入Page 6:future payoff:未来回报time additive utility:效用的时间可加性endowment:禀赋trading strategy:交易策略Page 7:Euler equation:欧拉方程marginal change:边际变化net returns:净收益Page 8:stochastic discount factor:随机贴现因子Law of One Price:一价定律principle of no arbitrage:无套利准则asset pricing theories:资产定价理论intertemporal marginal rate of substitution in consumption:跨期边际消费替代率Page 9:power utility:幂函数效用Constant Relative Risk Aversion:常相对风险厌恶系数log utility::对数效用L’ Hopital’s rule:络必达法则risk-neutrality:风险中性exponential utility:指数效用Page 10:positively correlated:正相关smooth consumption:平滑消费Page 11:endogenous:内生exogenous:外生Page 12:Jointly Log-normally Distributed:联合对数正态分布variances:方差covariance:协方差real interest rates:真实利率precautionary saving:预防性储蓄Page 13:Jensen’s inequality effect:詹森不等式效应logarithms:对数Page 14:ex ante risk-premium:事前风险溢价analogy:类比、类推Page 17:Testing and Evaluating the C-CAPM:消费资本资产定价模型的检验和评估short-term bonds:短期债券stochastic discount factor 随机贴现因子sample counterpart:样本副本Page 18:ex post equity premium:事后股本溢价Page 19:equity Premium Puzzle:股本溢价之谜statistically insignificant:统计非显著mean risk-adjusted equity premium:风险调整股本溢价均值Page 20:Risk-Free Rate Puzzle:无风险利率之谜denominator:分母theoretical and empirical finance:理论和实证金融。
计量经济学中英对照词汇Absolute deviation, 绝对离差Absolute number, 绝对数Absolute residuals, 绝对残差Acceleration array, 加速度立体阵Acceleration in an arbitrary direction, 任意方向上的加速度Acceleration normal, 法向加速度Acceleration space dimension, 加速度空间的维数Acceleration tangential, 切向加速度Acceleration vector, 加速度向量Acceptable hypothesis, 可接受假设Accumulation, 累积Accuracy, 准确度Actual frequency, 实际频数Adaptive estimator, 自适应估计量Addition, 相加Addition theorem, 加法定理Additive Noise, 加性噪声Additivity, 可加性Adjusted rate, 调整率Adjusted value, 校正值Admissible error, 容许误差Aggregation, 聚集性Alpha factoring,α因子法Alternative hypothesis, 备择假设Among groups, 组间Amounts, 总量Analysis of correlation, 相关分析Analysis of covariance, 协方差分析Analysis Of Effects, 效应分析Analysis Of Variance, 方差分析Analysis of regression, 回归分析Analysis of time series, 时间序列分析Analysis of variance, 方差分析Angular transformation, 角转换ANOVA (analysis of variance), 方差分析ANOVA Models, 方差分析模型ANOVA table and eta, 分组计算方差分析Arcing, 弧/弧旋Arcsine transformation, 反正弦变换Area 区域图Area under the curve, 曲线面积AREG , 评估从一个时间点到下一个时间点回归相关时的误差ARIMA, 季节和非季节性单变量模型的极大似然估计Arithmetic grid paper, 算术格纸Arithmetic mean, 算术平均数Arrhenius relation, 艾恩尼斯关系Assessing fit, 拟合的评估Associative laws, 结合律Asymmetric distribution, 非对称分布Asymptotic bias, 渐近偏倚Asymptotic efficiency, 渐近效率Asymptotic variance, 渐近方差Attributable risk, 归因危险度Attribute data, 属性资料Attribution, 属性Autocorrelation, 自相关Autocorrelation of residuals, 残差的自相关Average, 平均数Average confidence interval length, 平均置信区间长度Average growth rate, 平均增长率Bar chart, 条形图Bar graph, 条形图Base period, 基期Bayes' theorem , Bayes定理Bell-shaped curve, 钟形曲线Bernoulli distribution, 伯努力分布Best-trim estimator, 最好切尾估计量Bias, 偏性Binary logistic regression, 二元逻辑斯蒂回归Binomial distribution, 二项分布Bisquare, 双平方Bivariate Correlate, 二变量相关Bivariate normal distribution, 双变量正态分布Bivariate normal population, 双变量正态总体Biweight interval, 双权区间Biweight M-estimator, 双权M估计量Block, 区组/配伍组BMDP(Biomedical computer programs), BMDP统计软件包Boxplots, 箱线图/箱尾图Breakdown bound, 崩溃界/崩溃点Canonical correlation, 典型相关Caption, 纵标目Case-control study, 病例对照研究Categorical variable, 分类变量Catenary, 悬链线Cauchy distribution, 柯西分布Cause-and-effect relationship, 因果关系Cell, 单元Censoring, 终检Center of symmetry, 对称中心Centering and scaling, 中心化和定标Central tendency, 集中趋势Central value, 中心值CHAID -χ2 Automatic Interaction Detector, 卡方自动交互检测Chance, 机遇Chance error, 随机误差Chance variable, 随机变量Characteristic equation, 特征方程Characteristic root, 特征根Characteristic vector, 特征向量Chebshev criterion of fit, 拟合的切比雪夫准则Chernoff faces, 切尔诺夫脸谱图Chi-square test, 卡方检验/χ2检验Choleskey decomposition, 乔洛斯基分解Circle chart, 圆图Class interval, 组距Class mid-value, 组中值Class upper limit, 组上限Classified variable, 分类变量Cluster analysis, 聚类分析Cluster sampling, 整群抽样Code, 代码Coded data, 编码数据Coding, 编码Coefficient of contingency, 列联系数Coefficient of determination, 决定系数Coefficient of multiple correlation, 多重相关系数Coefficient of partial correlation, 偏相关系数Coefficient of production-moment correlation, 积差相关系数Coefficient of rank correlation, 等级相关系数Coefficient of regression, 回归系数Coefficient of skewness, 偏度系数Coefficient of variation, 变异系数Cohort study, 队列研究Collinearity, 共线性Column, 列Column effect, 列效应Column factor, 列因素Combination pool, 合并Combinative table, 组合表Common factor, 共性因子Common regression coefficient, 公共回归系数Common value, 共同值Common variance, 公共方差Common variation, 公共变异Communality variance, 共性方差Comparability, 可比性Comparison of bathes, 批比较Comparison value, 比较值Compartment model, 分部模型Compassion, 伸缩Complement of an event, 补事件Complete association, 完全正相关Complete dissociation, 完全不相关Complete statistics, 完备统计量Completely randomized design, 完全随机化设计Composite event, 联合事件Composite events, 复合事件Concavity, 凹性Conditional expectation, 条件期望Conditional likelihood, 条件似然Conditional probability, 条件概率Conditionally linear, 依条件线性Confidence interval, 置信区间Confidence limit, 置信限Confidence lower limit, 置信下限Confidence upper limit, 置信上限Confirmatory Factor Analysis , 验证性因子分析Confirmatory research, 证实性实验研究Confounding factor, 混杂因素Conjoint, 联合分析Consistency, 相合性Consistency check, 一致性检验Consistent asymptotically normal estimate, 相合渐近正态估计Consistent estimate, 相合估计Constrained nonlinear regression, 受约束非线性回归Constraint, 约束Contaminated distribution, 污染分布Contaminated Gausssian, 污染高斯分布Contaminated normal distribution, 污染正态分布Contamination, 污染Contamination model, 污染模型Contingency table, 列联表Contour, 边界线Contribution rate, 贡献率Control, 对照, 质量控制图Controlled experiments, 对照实验Conventional depth, 常规深度Convolution, 卷积Corrected factor, 校正因子Corrected mean, 校正均值Correction coefficient, 校正系数Correctness, 正确性Correlation coefficient, 相关系数Correlation, 相关性Correlation index, 相关指数Correspondence, 对应Counting, 计数Counts, 计数/频数Covariance, 协方差Covariant, 共变Cox Regression, Cox回归Criteria for fitting, 拟合准则Criteria of least squares, 最小二乘准则Critical ratio, 临界比Critical region, 拒绝域Critical value, 临界值Cross-over design, 交叉设计Cross-section analysis, 横断面分析Cross-section survey, 横断面调查Crosstabs , 交叉表Crosstabs 列联表分析Cross-tabulation table, 复合表Cube root, 立方根Cumulative distribution function, 分布函数Cumulative probability, 累计概率Curvature, 曲率/弯曲Curvature, 曲率Curve Estimation, 曲线拟合Curve fit , 曲线拟和Curve fitting, 曲线拟合Curvilinear regression, 曲线回归Curvilinear relation, 曲线关系Cut-and-try method, 尝试法Cycle, 周期Cyclist, 周期性D test, D检验Data acquisition, 资料收集Data bank, 数据库Data capacity, 数据容量Data deficiencies, 数据缺乏Data handling, 数据处理Data manipulation, 数据处理Data processing, 数据处理Data reduction, 数据缩减Data set, 数据集Data sources, 数据来源Data transformation, 数据变换Data validity, 数据有效性Data-in, 数据输入Data-out, 数据输出Dead time, 停滞期Degree of freedom, 自由度Degree of precision, 精密度Degree of reliability, 可靠性程度Degression, 递减Density function, 密度函数Density of data points, 数据点的密度Dependent variable, 应变量/依变量/因变量Dependent variable, 因变量Depth, 深度Derivative matrix, 导数矩阵Derivative-free methods, 无导数方法Design, 设计Determinacy, 确定性Determinant, 行列式Determinant, 决定因素Deviation, 离差Deviation from average, 离均差Diagnostic plot, 诊断图Dichotomous variable, 二分变量Differential equation, 微分方程Direct standardization, 直接标准化法Direct Oblimin, 斜交旋转Discrete variable, 离散型变量DISCRIMINANT, 判断Discriminant analysis, 判别分析Discriminant coefficient, 判别系数Discriminant function, 判别值Dispersion, 散布/分散度Disproportional, 不成比例的Disproportionate sub-class numbers, 不成比例次级组含量Distribution free, 分布无关性/免分布Distribution shape, 分布形状Distribution-free method, 任意分布法Distributive laws, 分配律Disturbance, 随机扰动项Dose response curve, 剂量反应曲线Double blind method, 双盲法Double blind trial, 双盲试验Double exponential distribution, 双指数分布Double logarithmic, 双对数Downward rank, 降秩Dual-space plot, 对偶空间图DUD, 无导数方法Duncan's new multiple range method, 新复极差法/Duncan新法Error Bar, 均值相关区间图Effect, 实验效应Eigenvalue, 特征值Eigenvector, 特征向量Ellipse, 椭圆Empirical distribution, 经验分布Empirical probability, 经验概率单位Enumeration data, 计数资料Equal sun-class number, 相等次级组含量Equally likely, 等可能Equivariance, 同变性Error, 误差/错误Error of estimate, 估计误差Error type I, 第一类错误Error type II, 第二类错误Estimand, 被估量Estimated error mean squares, 估计误差均方Estimated error sum of squares, 估计误差平方和Euclidean distance, 欧式距离Event, 事件Event, 事件Exceptional data point, 异常数据点Expectation plane, 期望平面Expectation surface, 期望曲面Expected values, 期望值Experiment, 实验Experimental sampling, 试验抽样Experimental unit, 试验单位Explained variance (已说明方差)Explanatory variable, 说明变量, 解释变量Exploratory data analysis, 探索性数据分析Explore Summarize, 探索-摘要Exponential curve, 指数曲线Exponential growth, 指数式增长EXSMOOTH, 指数平滑方法Extended fit, 扩充拟合Extra parameter, 附加参数Extrapolation, 外推法Extreme observation, 末端观测值Extremes, 极端值/极值F distribution, F分布F test, F检验Factor, 因素/因子Factor analysis, 因子分析Factor Analysis, 因子分析Factor score, 因子得分Factorial, 阶乘Factorial design, 析因试验设计False negative, 假阴性False negative error, 假阴性错误Family of distributions, 分布族Family of estimators, 估计量族Fanning, 扇面Fatality rate, 病死率Field investigation, 现场调查Field survey, 现场调查Finite population, 有限总体Finite-sample, 有限样本First derivative, 一阶导数First principal component, 第一主成分First quartile, 第一四分位数Fisher information, 费雪信息量Fitted value, 拟合值Fitting a curve, 曲线拟合Fixed base, 定基Fluctuation, 随机起伏Forecast, 预测Four fold table, 四格表Fourth, 四分点Fraction blow, 左侧比率Fractional error, 相对误差Frequency, 频率Frequency polygon, 频数多边图Frontier point, 界限点Function relationship, 泛函关系Gamma distribution, 伽玛分布Gauss increment, 高斯增量Gaussian distribution, 高斯分布/正态分布Gauss-Newton increment, 高斯-牛顿增量General census, 全面普查Generalized least squares, 综合最小平方法GENLOG (Generalized liner models), 广义线性模型Geometric mean, 几何平均数Gini's mean difference, 基尼均差GLM (General liner models), 通用线性模型Goodness of fit, 拟和优度/配合度Gradient of determinant, 行列式的梯度Graeco-Latin square, 希腊拉丁方Grand mean, 总均值Gross errors, 重大错误Gross-error sensitivity, 大错敏感度Group averages, 分组平均Grouped data, 分组资料Guessed mean, 假定平均数Half-life, 半衰期Hampel M-estimators, 汉佩尔M估计量Happenstance, 偶然事件Harmonic mean, 调和均数Hazard function, 风险均数Hazard rate, 风险率Heading, 标目Heavy-tailed distribution, 重尾分布Hessian array, 海森立体阵Heterogeneity, 不同质Heterogeneity of variance, 方差不齐Hierarchical classification, 组内分组Hierarchical clustering method, 系统聚类法High-leverage point, 高杠杆率点High-Low, 低区域图Higher Order Interaction Effects,高阶交互作用HILOGLINEAR, 多维列联表的层次对数线性模型Hinge, 折叶点Histogram, 直方图Historical cohort study, 历史性队列研究Holes, 空洞HOMALS, 多重响应分析Homogeneity of variance, 方差齐性Homogeneity test, 齐性检验Huber M-estimators, 休伯M估计量Hyperbola, 双曲线Hypothesis testing, 假设检验Hypothetical universe, 假设总体Image factoring,, 多元回归法Impossible event, 不可能事件Independence, 独立性Independent variable, 自变量Index, 指标/指数Indirect standardization, 间接标准化法Individual, 个体Inference band, 推断带Infinite population, 无限总体Infinitely great, 无穷大Infinitely small, 无穷小Influence curve, 影响曲线Information capacity, 信息容量Initial condition, 初始条件Initial estimate, 初始估计值Initial level, 最初水平Interaction, 交互作用Interaction terms, 交互作用项Intercept, 截距Interpolation, 内插法Interquartile range, 四分位距Interval estimation, 区间估计Intervals of equal probability, 等概率区间Intrinsic curvature, 固有曲率Invariance, 不变性Inverse matrix, 逆矩阵Inverse probability, 逆概率Inverse sine transformation, 反正弦变换Iteration, 迭代Jacobian determinant, 雅可比行列式Joint distribution function, 分布函数Joint probability, 联合概率Joint probability distribution, 联合概率分布K-Means Cluster逐步聚类分析K means method, 逐步聚类法Kaplan-Meier, 评估事件的时间长度Kaplan-Merier chart, Kaplan-Merier图Kendall's rank correlation, Kendall等级相关Kinetic, 动力学Kolmogorov-Smirnove test, 柯尔莫哥洛夫-斯米尔诺夫检验Kruskal and Wallis test, Kruskal及Wallis检验/多样本的秩和检验/H检验Kurtosis, 峰度Lack of fit, 失拟Ladder of powers, 幂阶梯Lag, 滞后Large sample, 大样本Large sample test, 大样本检验Latin square, 拉丁方Latin square design, 拉丁方设计Leakage, 泄漏Least favorable configuration, 最不利构形Least favorable distribution, 最不利分布Least significant difference, 最小显着差法Least square method, 最小二乘法Least Squared Criterion,最小二乘方准则Least-absolute-residuals estimates, 最小绝对残差估计Least-absolute-residuals fit, 最小绝对残差拟合Least-absolute-residuals line, 最小绝对残差线Legend, 图例L-estimator, L估计量L-estimator of location, 位置L估计量L-estimator of scale, 尺度L估计量Level, 水平Leveage Correction,杠杆率校正Life expectance, 预期期望寿命Life table, 寿命表Life table method, 生命表法Light-tailed distribution, 轻尾分布Likelihood function, 似然函数Likelihood ratio, 似然比line graph, 线图Linear correlation, 直线相关Linear equation, 线性方程Linear programming, 线性规划Linear regression, 直线回归Linear Regression, 线性回归Linear trend, 线性趋势Loading, 载荷Location and scale equivariance, 位置尺度同变性Location equivariance, 位置同变性Location invariance, 位置不变性Location scale family, 位置尺度族Log rank test, 时序检验Logarithmic curve, 对数曲线Logarithmic normal distribution, 对数正态分布Logarithmic scale, 对数尺度Logarithmic transformation, 对数变换Logic check, 逻辑检查Logistic distribution, 逻辑斯特分布Logit transformation, Logit转换LOGLINEAR, 多维列联表通用模型Lognormal distribution, 对数正态分布Lost function, 损失函数Low correlation, 低度相关Lower limit, 下限Lowest-attained variance, 最小可达方差LSD, 最小显着差法的简称Lurking variable, 潜在变量Main effect, 主效应Major heading, 主辞标目Marginal density function, 边缘密度函数Marginal probability, 边缘概率Marginal probability distribution, 边缘概率分布Matched data, 配对资料Matched distribution, 匹配过分布Matching of distribution, 分布的匹配Matching of transformation, 变换的匹配Mathematical expectation, 数学期望Mathematical model, 数学模型Maximum L-estimator, 极大极小L 估计量Maximum likelihood method, 最大似然法Mean, 均数Mean squares between groups, 组间均方Mean squares within group, 组内均方Means (Compare means), 均值-均值比较Median, 中位数Median effective dose, 半数效量Median lethal dose, 半数致死量Median polish, 中位数平滑Median test, 中位数检验Minimal sufficient statistic, 最小充分统计量Minimum distance estimation, 最小距离估计Minimum effective dose, 最小有效量Minimum lethal dose, 最小致死量Minimum variance estimator, 最小方差估计量MINITAB, 统计软件包Minor heading, 宾词标目Missing data, 缺失值Model specification, 模型的确定Modeling Statistics , 模型统计Models for outliers, 离群值模型Modifying the model, 模型的修正Modulus of continuity, 连续性模Morbidity, 发病率Most favorable configuration, 最有利构形MSC(多元散射校正)Multidimensional Scaling (ASCAL), 多维尺度/多维标度Multinomial Logistic Regression , 多项逻辑斯蒂回归Multiple comparison, 多重比较Multiple correlation , 复相关Multiple covariance, 多元协方差Multiple linear regression, 多元线性回归Multiple response , 多重选项Multiple solutions, 多解Multiplication theorem, 乘法定理Multiresponse, 多元响应Multi-stage sampling, 多阶段抽样Multivariate T distribution, 多元T分布Mutual exclusive, 互不相容Mutual independence, 互相独立Natural boundary, 自然边界Natural dead, 自然死亡Natural zero, 自然零Negative correlation, 负相关Negative linear correlation, 负线性相关Negatively skewed, 负偏Newman-Keuls method, q检验NK method, q检验No statistical significance, 无统计意义Nominal variable, 名义变量Nonconstancy of variability, 变异的非定常性Nonlinear regression, 非线性相关Nonparametric statistics, 非参数统计Nonparametric test, 非参数检验Nonparametric tests, 非参数检验Normal deviate, 正态离差Normal distribution, 正态分布Normal equation, 正规方程组Normal P-P, 正态概率分布图Normal Q-Q, 正态概率单位分布图Normal ranges, 正常范围Normal value, 正常值Normalization 归一化Nuisance parameter, 多余参数/讨厌参数Null hypothesis, 无效假设Numerical variable, 数值变量Objective function, 目标函数Observation unit, 观察单位Observed value, 观察值One sided test, 单侧检验One-way analysis of variance, 单因素方差分析Oneway ANOVA , 单因素方差分析Open sequential trial, 开放型序贯设计Optrim, 优切尾Optrim efficiency, 优切尾效率Order statistics, 顺序统计量Ordered categories, 有序分类Ordinal logistic regression , 序数逻辑斯蒂回归Ordinal variable, 有序变量Orthogonal basis, 正交基Orthogonal design, 正交试验设计Orthogonality conditions, 正交条件ORTHOPLAN, 正交设计Outlier cutoffs, 离群值截断点Outliers, 极端值OVERALS , 多组变量的非线性正规相关Overshoot, 迭代过度Paired design, 配对设计Paired sample, 配对样本Pairwise slopes, 成对斜率Parabola, 抛物线Parallel tests, 平行试验Parameter, 参数Parametric statistics, 参数统计Parametric test, 参数检验Pareto, 直条构成线图(又称佩尔托图)Partial correlation, 偏相关Partial regression, 偏回归Partial sorting, 偏排序Partials residuals, 偏残差Pattern, 模式PCA(主成分分析)Pearson curves, 皮尔逊曲线Peeling, 退层Percent bar graph, 百分条形图Percentage, 百分比Percentile, 百分位数Percentile curves, 百分位曲线Periodicity, 周期性Permutation, 排列P-estimator, P估计量Pie graph, 构成图,饼图Pitman estimator, 皮特曼估计量Pivot, 枢轴量Planar, 平坦Planar assumption, 平面的假设PLANCARDS, 生成试验的计划卡PLS(偏最小二乘法)Point estimation, 点估计Poisson distribution, 泊松分布Polishing, 平滑Polled standard deviation, 合并标准差Polled variance, 合并方差Polygon, 多边图Polynomial, 多项式Polynomial curve, 多项式曲线Population, 总体Population attributable risk, 人群归因危险度Positive correlation, 正相关Positively skewed, 正偏Posterior distribution, 后验分布Power of a test, 检验效能Precision, 精密度Predicted value, 预测值Preliminary analysis, 预备性分析Principal axis factoring,主轴因子法Principal component analysis, 主成分分析Prior distribution, 先验分布Prior probability, 先验概率Probabilistic model, 概率模型probability, 概率Probability density, 概率密度Product moment, 乘积矩/协方差Profile trace, 截面迹图Proportion, 比/构成比Proportion allocation in stratified random sampling, 按比例分层随机抽样Proportionate, 成比例Proportionate sub-class numbers, 成比例次级组含量Prospective study, 前瞻性调查Proximities, 亲近性Pseudo F test, 近似F检验Pseudo model, 近似模型Pseudosigma, 伪标准差Purposive sampling, 有目的抽样QR decomposition, QR分解Quadratic approximation, 二次近似Qualitative classification, 属性分类Qualitative method, 定性方法Quantile-quantile plot, 分位数-分位数图/Q-Q图Quantitative analysis, 定量分析Quartile, 四分位数Quick Cluster, 快速聚类Radix sort, 基数排序Random allocation, 随机化分组Random blocks design, 随机区组设计Random event, 随机事件Randomization, 随机化Range, 极差/全距Rank correlation, 等级相关Rank sum test, 秩和检验Rank test, 秩检验Ranked data, 等级资料Rate, 比率Ratio, 比例Raw data, 原始资料Raw residual, 原始残差Rayleigh's test, 雷氏检验Rayleigh's Z, 雷氏Z值Reciprocal, 倒数Reciprocal transformation, 倒数变换Recording, 记录Redescending estimators, 回降估计量Reducing dimensions, 降维Re-expression, 重新表达Reference set, 标准组Region of acceptance, 接受域Regression coefficient, 回归系数Regression sum of square, 回归平方和Rejection point, 拒绝点Relative dispersion, 相对离散度Relative number, 相对数Reliability, 可靠性Reparametrization, 重新设置参数Replication, 重复Report Summaries, 报告摘要Residual sum of square, 剩余平方和residual variance (剩余方差)Resistance, 耐抗性Resistant line, 耐抗线Resistant technique, 耐抗技术R-estimator of location, 位置R估计量R-estimator of scale, 尺度R估计量Retrospective study, 回顾性调查Ridge trace, 岭迹Ridit analysis, Ridit分析Rotation, 旋转Rounding, 舍入Row, 行Row effects, 行效应Row factor, 行因素RXC table, RXC表Sample, 样本Sample regression coefficient, 样本回归系数Sample size, 样本量Sample standard deviation, 样本标准差Sampling error, 抽样误差SAS(Statistical analysis system , SAS统计软件包Scale, 尺度/量表Scatter diagram, 散点图Schematic plot, 示意图/简图Score test, 计分检验Screening, 筛检SEASON, 季节分析Second derivative, 二阶导数Second principal component, 第二主成分SEM (Structural equation modeling), 结构化方程模型Semi-logarithmic graph, 半对数图Semi-logarithmic paper, 半对数格纸Sensitivity curve, 敏感度曲线Sequential analysis, 贯序分析Sequence, 普通序列图Sequential data set, 顺序数据集Sequential design, 贯序设计Sequential method, 贯序法Sequential test, 贯序检验法Serial tests, 系列试验Short-cut method, 简捷法Sigmoid curve, S形曲线Sign function, 正负号函数Sign test, 符号检验Signed rank, 符号秩Significant Level, 显着水平Significance test, 显着性检验Significant figure, 有效数字Simple cluster sampling, 简单整群抽样Simple correlation, 简单相关Simple random sampling, 简单随机抽样Simple regression, 简单回归simple table, 简单表Sine estimator, 正弦估计量Single-valued estimate, 单值估计Singular matrix, 奇异矩阵Skewed distribution, 偏斜分布Skewness, 偏度Slash distribution, 斜线分布Slope, 斜率Smirnov test, 斯米尔诺夫检验Source of variation, 变异来源Spearman rank correlation, 斯皮尔曼等级相关Specific factor, 特殊因子Specific factor variance, 特殊因子方差Spectra , 频谱Spherical distribution, 球型正态分布Spread, 展布SPSS(Statistical package for the social science), SPSS统计软件包Spurious correlation, 假性相关Square root transformation, 平方根变换Stabilizing variance, 稳定方差Standard deviation, 标准差Standard error, 标准误Standard error of difference, 差别的标准误Standard error of estimate, 标准估计误差Standard error of rate, 率的标准误Standard normal distribution, 标准正态分布Standardization, 标准化Starting value, 起始值Statistic, 统计量Statistical control, 统计控制Statistical graph, 统计图Statistical inference, 统计推断Statistical table, 统计表Steepest descent, 最速下降法Stem and leaf display, 茎叶图Step factor, 步长因子Stepwise regression, 逐步回归Storage, 存Strata, 层(复数)Stratified sampling, 分层抽样Stratified sampling, 分层抽样Strength, 强度Stringency, 严密性Structural relationship, 结构关系Studentized residual, 学生化残差/t化残差Sub-class numbers, 次级组含量Subdividing, 分割Sufficient statistic, 充分统计量Sum of products, 积和Sum of squares, 离差平方和Sum of squares about regression, 回归平方和Sum of squares between groups, 组间平方和Sum of squares of partial regression, 偏回归平方和Sure event, 必然事件Survey, 调查Survival, 生存分析Survival rate, 生存率Suspended root gram, 悬吊根图Symmetry, 对称Systematic error, 系统误差Systematic sampling, 系统抽样Tags, 标签Tail area, 尾部面积Tail length, 尾长Tail weight, 尾重Tangent line, 切线Target distribution, 目标分布Taylor series, 泰勒级数Test(检验)Test of linearity, 线性检验Tendency of dispersion, 离散趋势Testing of hypotheses, 假设检验Theoretical frequency, 理论频数Time series, 时间序列Tolerance interval, 容忍区间Tolerance lower limit, 容忍下限Tolerance upper limit, 容忍上限Torsion, 扰率Total sum of square, 总平方和Total variation, 总变异Transformation, 转换Treatment, 处理Trend, 趋势Trend of percentage, 百分比趋势Trial, 试验Trial and error method, 试错法Tuning constant, 细调常数Two sided test, 双向检验Two-stage least squares, 二阶最小平方Two-stage sampling, 二阶段抽样Two-tailed test, 双侧检验Two-way analysis of variance, 双因素方差分析Two-way table, 双向表Type I error, 一类错误/α错误Type II error, 二类错误/β错误UMVU, 方差一致最小无偏估计简称Unbiased estimate, 无偏估计Unconstrained nonlinear regression , 无约束非线性回归Unequal subclass number, 不等次级组含量Ungrouped data, 不分组资料Uniform coordinate, 均匀坐标Uniform distribution, 均匀分布Uniformly minimum variance unbiased estimate, 方差一致最小无偏估计Unit, 单元Unordered categories, 无序分类Unweighted least squares, 未加权最小平方法Upper limit, 上限Upward rank, 升秩Vague concept, 模糊概念Validity, 有效性VARCOMP (Variance component estimation), 方差元素估计Variability, 变异性Variable, 变量Variance, 方差Variation, 变异Varimax orthogonal rotation, 方差最大正交旋转Volume of distribution, 容积W test, W检验Weibull distribution, 威布尔分布Weight, 权数Weighted Chi-square test, 加权卡方检验/Cochran检验Weighted linear regression method, 加权直线回归Weighted mean, 加权平均数Weighted mean square, 加权平均方差Weighted sum of square, 加权平方和Weighting coefficient, 权重系数Weighting method, 加权法W-estimation, W估计量W-estimation of location, 位置W估计量Width, 宽度Wilcoxon paired test, 威斯康星配对法/配对符号秩和检验Wild point, 野点/狂点Wild value, 野值/狂值Winsorized mean, 缩尾均值Withdraw, 失访Youden's index, 尤登指数Z test, Z检验Zero correlation, 零相关Z-transformation, Z变换。
Average Price Call平均价格买入期权权一种期权,其收益为零或相等于资产平均价格高于行使价格的金额Average Price Put平均价格出售期权一种期权,其收益为零或相等于行使价格高于资产平均价格的金额Average Up提高平均价格以比原先买入价格高的价格买入更多股票,从而提高所有股票的平均价格Back Door Listing后门上市/借壳上市未能符合股票交易所上市要求的企业采用的一种上市策略,公司通过收购一家已经上市的公司而达到上市的目的Backlog订单积压等候完成的出售指示Back Office后线金融服务公司的行政及支援人员,主要职能包括交易结算、清理、记录、合规监察、会计等Back Pricing往后定价某些期货合约采用的方法,期货商品的价格由买方在签署合约后特定日期决定Back-to-Back Loan背对背贷款两家位于不同国家的公司向对方借贷相同金额的对方国家货币贷款,目的在于对冲货币波动的风险Backstop最后担保为一项证券发行提供最终的保证或担保Bad Debt不良贷款不能回收的债务,因此对债权人没有价值Balanced Fund平衡基金将资产投资于货币市场、债券、优先股及普通股的共同基金,目的在于同时实现增长及收益Balanced InvestmentStrategy平衡投资策略旨在平衡风险及回报的投资组合分配及管理方法Balance Of Payments (BOP)国际收支差额一个国家在特定期间进行的所有交易的纪录,可用作比较一个国家与其他国家的经济活动量Balance Of Trade (BOT)国际贸易差额一个国家收支差额的最大组成项目。
指出口及进口的差额。
减项包括进口、外国援助、国民在国外的开支及国民在国外的投资。
加项包括出口、外国国民在国内的开支以及外国国民在国内的投资Balance Sheet资产负债表一家企业的财务报表,报告公司在一个特定时间的资产、负债及净值Balloon Option气球型期权名义付款额在达到若干标准后提高的期权1. 在一次债券发行中,在某一时间(一般于最终到期日)有大量债券到期的还款安排2. 贷款最后一次的偿还金额远高于之前偿还金额Bancassurance银行出售保险法文词汇,指通过银行既有的分销渠道销售保险Bank Guarantee银行担保放贷机构发出的担保,证明债务人的负债可获偿还。
汉英对照技术经济基本术语备择方案Alternative Open备选方案Option备选方案价值Option Value备选方案评估Option Appraisal标准换算系数Standard Conversion Factor , SCF补贴Subsidy不变价格Constant Price不可外贸货物Non-Tradable Goods财务补贴Financial Subsidy财务分析Financial Analysis财务价格Financial Price财务净现值Financial Net Present Value , FNPV财务可持续性Financial Sustainability财务内部收益率Financial Internal Rate of Return , FIRR 财务效益Financial Benefit财务效益费用分析Financial Benefit –Cost Analysis残值Residual Value偿债备付率Debt Service Coverage Ratio , DSCR陈诉偏好Stated Preference成本回收Cost Recovery成本有效性分析Cost Effectiveness Analysis出口评价Export Parity Price到岸价格Cost , Insurance & Freight , C.I.F等价年度费用Equivalent Annual Cost非外贸产出和收入Non-Traded Output and Input非外贸货物Non-Traded Goods费用效果比Cost Effectiveness Ratio费用效果分析Cost Effectiveness Analysis , CEA费用效益分析Cost Benefit Analysis , CBA分配分析Distribution Analysis福利费用Welfare Cost福利效益Welfare Benefit公共产品Public Goods供给价Supply Price官方汇率Official Exchange Rate , OER规模经济Economies of Scale国民收入平减指数GDP Deflator耗减补偿Depletion Premium核算单位Unit of Account环境估价Environment Valuation环境可持续性Environment Sustainability 环境卫生Environment Sanitation换算系数Conversion Factor汇率溢价Foreign Exchange Premium或有估价法Contingent Valuation Method , CVM货币的时间价值Time Value of Money机会成本Opportunity Cost基准收益率Hurdle Cut-Off Rate计算单位Numeraire加权平均资金成本Weighted Average Cost of Capital ,WACC价格扭曲Price Distortion价格指数Price Index交叉补贴Cross - Subsidization交易费Transaction Costs接受补偿意愿Willingness To Accept , WTA进口平价Import Parity Price经济补贴Economic Subsidy经济费用Economic Cost经济分析Economic Analysis经济规模Economic Scale经济价格Economic Price经济净现值Economic Net Present Value , ENPV经济内部收益率Economic Internal Rate of Return , EIRR经济评估Economic Appraisal经济生存能力Economic Viability经济寿命Economic Life经济效率Economic Efficiency经济效益Economic Benefit经济资源Economic Resource净现值Net Present Value , NPV矩阵方法Matrix Approach口岸价Border Price劳动力机会成本Opportunity Cost of Labor离岸价格Free on Board , F.O.B利息备付率Interest Coverage Ratio , ICR临界点(也称转换值)Switch Value敏感性分析Sensitivity Analysis敏感性指标Sensitivity indicator名义价格Nominal Prices内部收益率Internal Rate of Return , IRR年金价值Annuities Value平均增量财务费用Average Incremental Financial Cost ,AIFC平均增量成本Average Incremental Cost , AIC平均增量经济费用Average Incremental Economic Cost ,AIEC评估Appraisal评价Evaluation权益资金Equity人力资本法Human Capital Method融资主体Financing Entity时价Current Price时间偏好率Time Preference Rate实际汇率Real Prices实际价值Real Value实物量V olume Terms使用价值Use Value世界价格World Price私人融资Private Financing替代Substitution通货膨胀率Inflation Rate土地的机会成本Opportunity Cost of Land外部效果(也称外部性)Externalities外贸货物Traded Goods外贸投入和产出Trade Input and Output无项目Without - Project无形的Intangible息税前利润Earnings Before Interest and Tax , EBIT显示偏好Revealed Preference现存价值Existence Value现金流出(量)Cash Outflow , CO现金流(量)Cash Flow , CF现金流入(量)Cash Inflow , CI现值Present Value , PV相对价格作用Relative Price effect项目备选方案Project Option项目框架Project Rramework项目周期Project Cycle消费者剩余Consumer Surplus效果费用比Effectiveness Cost Ratio需求曲线Demand Price需求曲线Demand Curve要求回报率Required Rate of Return , RRR意愿调差评估法Contingent Valuation隐含价值法Hedonic Method盈亏价值法Break –Even Point影响陈述Impact Statement影子工作率Shadow Wage Rate , SWR影子工资系数Shadow Wage Rate Factor , SWRF影子汇率Shadow Exchange Rate影子汇率系数Shadow Exchange Rate Factor ,SERF影子价格Shadow Price有项目With - Project预备费Contingency Allowance in an Estimate预备费Contingency增量产出Incremental Output增量投入Incremental Input增量效益Incremental Benefit债务资金Debt折旧Depreciation折现Discounting折现率Discounting Rate支付能力Ability - To - Pay支付意愿Willingness To PAY , WTP终值Final Value , FV转移支付Transfer Payment准股本资金Quasi - Equity资本化价值Capitalized Value资本金Equity资本金净利润率Return On Equity , ROE资产负债率Liability On Asset Ratio , LOAR资金成本Resource Cost资金的财务机会成本Financial Opportunity Cost of Capital ,FOCC资金的经济机会成本Economic Opportunity Cost of Capital ,EOCC资源成本Resource Cost总投资收益率Return On Investment , ROI最低可接受收益率Minimum Acceptable Rate of Return ,MARR国民经济、对外经济贸易National economy, Foreign economic relations and trade经济指标economic indicators社会总产值total product of society国民生产总值GNP (Gross National Product)国内生产总值GDP (Gross Domestic Product)人均国内生产总值GDP per capita工农业总产值gross output value of industry and agriculture国民收入national income购买力平价法purchasing power parity财政收入state revenue社会商品零售总额total volume of retail sales社会零售物价总指数general retail price index百分点percentage points"八五"划划the 8th Five-Year Plan for National Economic and Social Development计划经济planned economy统购统销state monopoly over purchase and marketing市场经济market economy指令性计划mandatory plan指导性计划guidance plan市场调节market regulation建立市场经济、法制、民主监督和廉政"三个机制" establish operational mechanisms of market economy, rule by law, democratic supervision and incorruptible government抓好农业、交通能源、教育科技"三个基础" stress priorities over agriculture, transportation and energy supply, education and science and technology实现产业结构、生态环境和人口素质"三个优化" optimize industrial structure, ecological environment and the quality of population第一、二、三产业primary, secondary and tertiary industries外向型经济export-oriented economy创汇型企业foreign exchange-earning enterprise劳动密集型labor intensive技术、智力、资本密集型technology, knowledge or capital intensive高附加值的深加工down-stream processing with high added-value优化资源配置optimize allocation of resources生产力productive forces生产资料capital goods科研成果产业化industrialization of research findings火炬计划Torch Plan技术入股technology appraised as capital stock风险投资venture investment/capital固定资产投资investment in fixed assets折旧费depreciation cost关系民生的产品products vital to the people’s livelihood供大于求oversupply供不应求short supply经济过热overheated economy抑制炒房地产热stem frenzied and speculative trading in the property market宏观调控macro-economic control经济杠杆economic levers产业政策industrial policy财政, 税收, 信贷,利率, 汇率public financing, taxation, credit, interest rate, exchange rate 提高经济效益enhance economic performance/returns社会效益social effect/returns实现持续、稳定、协调的发展bring about sustained, stable and coordinated development财政赤字(盈余) budget deficit(surplus)外贸出口总额gross foreign export value外商直接投资协议金额contracted foreign direct investment实际利用外资foreign investment in actual use三资企业(中外合资合作、外商独资经营) three kinds of enterprises with foreign investment: sino-foreign joint venture, contractual joint venture允许外商独资经营allow full foreign equity operation优惠条件confessional terms; favorable terms减免税收tax reduction and exemption合作方式approaches to cooperation出资方式means of contributing investment合营期限contract term of a joint venture三来一补(来料加工,来件装配,来样加工) processing and compensation trades(processing with materials or given samples, assembling supplied components)贸易伙伴trade partner转口贸易transit trade外贸顺差foreign trade surplus积极引进外来资金、技术、人才和管理经验actively introduce capital, technology, competent professionals and managerial expertise form outside交钥匙工程turn-key project招标承包制bidding invitation contract system招标出售技术bids for technology公开招标call for bid; tenders招标单invitation for bid (IFB)标书bidding document竟标competitive bidding投标bid for a project投标报价书bid proposals评标bid proposal evaluation开标bid opening中标win a bid; be awarded a tender拍卖auction租赁leasing保税区bonded area; free trade area实行全方位开放practice multi-directional opening统一政策、放开经营、平等竞争、unified policy, liberalized operation, and equal competition自负盈亏、工贸结合、推行代理制responsibility for one’s own profits and losses, the integration of industry and foreign trade, and the promotion of agent system知识产权intellectual property rights技术转让technology transfer可行性研究feasibility study意向书letter of intent投资环境investment environment跨国公司transnational coorporation基础设施infrastructure20年基本实现现代化basically achieve modernization in 20 years发挥技术窗口管理窗口和人才窗口的作用serve as a medium for introducing advanced technologies, managerial expertise and qualified professionals from outside.招商attract investment招商项目project proposals for investment同国际惯例接轨follow the international codes of practice; bring … in line with the international usage加大改革力度intensify reforms一条龙服务one package service一支笔审批one-chop approval我们两市的经济互补性很强。
公司理财名词解释:1.Capital budgeting : capital budgeting to describe the process of making andmanaging expenditures on long-lived assets.2.Capital structure:capital structure represents the proportions of the firm’sfinancing from current and long-term debt and equity. working capital: net working capital is defined as current assets mius currentliabilities.4.debt service:debt service is interest payments plus repayments of principal (thatis ,retirement of debt).5.operating cash flow:operating cash flow ,defined as earning before interest plusdepreciation minus taxes ,measures the cash generated from operations not counting capital spending or working capital requirements.pound value:compound value is the value of a sum after investing over one ormore periods. present value:NPV is the present value of future cash flows minus the presentvalue of the cost of the investment.8.discounting :the process of calculating the present value of a future cash flow iscalled discounting.9.stated annual interest rate:the stated annual interest rate is the annual interest ratewithout consideration of compounding.10.perpetuity:is a constant sream of cash flows without end.11.Sensitivity Annlysis:Sensitivity analysis examines how sensitive a particular NPVcalculation is to changes in underlying assumption.Sensitivity analysis is also known as what-if analysis and bop(best,optimistic and pessimistic )analysis.12.honogoneous expectation :the useful simplifying assumption in a world whereinvestors have access to similar sources of information.13.Beta coeffinlent :the beta coeffinient tells us the response of the stock’s return to asystematic risk.14.tender offer:a tender offer is a public offer to buy shares of a target firm.简答题:1.Why do you think most long-term financial planning begins with sales forecasts ?Putdifferently ,why are future sales the key input?ANSWER:The reason is that,ultimately ,sales are the driving force behind a business.A firm’s assets,employees,and,in fact,just about every aspect of its operations and financing exist to directly or indirectly support sales.Put differently,a firm’s future need for things like capital assets,employees,inventory,and financing are determined by its future sales level.2.Both ROA and ROE measure profitability.Which one is more useful for comparing twocompanies ?Why?ANSWER:ROE is a better measure of the company’s performance.ROE shows the percentage return for the year earned on shareholder investment.Since the goal of a company is to maximize shareholder wealth,this ratio shows the company’s performance in achieving this goal over the period.3.Which was the biggest culprit here:Too many orders,too little cash ,or too little productioncapacity?ANSWER:All three were important ,but the lack of cash or ,more generally ,financial resources,ultimately spelled doom,An inadequate cash resource is usually cited as the most common cause of small business failure.4.You are evaluating project A and project B .Project A has a short period of future cashflows,while project B has relatively long future cash flows.Which project will be more sensitive to changes in the required return ?Why ?Answer:Project B’s NPV would be more sensitive to changes in the discount rate.The reason is the time value of money .Cash flows that occur further out in the future are always more sensitive to changes in the interest rate.This sensitivity is similar to the interest rate risk of a bond.5.In our capital budgeting examples ,we assumed that a firm would recover all of the workingcapital it invested in a project in a project .Is this a reasonable assumption ?When might it not be valid ?Answer:It’s probably only a mild over-simplification.Current liabilities will all be paid,presumably.The cash portion of current assets will be retrieved.Some receivables won’t be collected,and some inventory will not be sold,of course .Counterbalancing these losses is the fact that inventory sold above cost (and not replaced at the end of the project’s life)acts to increase working capital.These effects tend to offset one another.6.”when evaluating projects ,we’re only concerned with the relevant incremental aftertax cash flows.Therefore,because depreciation is a noncash expense,we should ignore its effects when evaluating projects.”Critically evaluate this statement.Answer:Depreciation is a non-cash expense,but it is tax-deductible on the income statement.Thus depreciation cause taxes paid ,an actual cash outflow,to be reduced by an amount equal to the depreciation tax shield,tcD.A reduction in taxes that would otherwise be paid is the same thing as a cash inflow,so the effects of the depreciation tax shield must be added in to get the total incremental aftertax cash flows.7.A coworker claims that looking at all this marginal this and incremental that is just a bunch of nonsense ,and states,”Listen ,if our average revenue doesn’t exceed our average cost ,then we will have a negative cash flow ,and we will go broke !”How do you respond?Answer:It is true that if average revenue is less than average cost,the firm is losing money.This much of the statement is therefore correct .At the margin ,however ,accepting a project with marginal revenue in excess of its marginal cost clearly acts to increase operating cash flow.8.As a shareholder of a firm that is contemplating a new project ,would you be more concerned with the accounting break-even point ,the cash break-even point (the point at which operating cash flow is zero ),or the financial break-even point ?Why?Answer:From the shareholder perspective,the financial break-even point is the most important.A project can exceed the accounting and cash break-even points but still be below the financial break-evenpoint.This cause a reduction in shareholder (your)wealth..9.Is it possible that a risky asset could have a beta of zero ?Explain .Based on the CAPM,what is the expected return on such an asset?Is it possible that a risky asset could have a negative beta?What does the CAPM predict about the expected return on such an asset?Can you give an explanation for your answer?Answer:Yes.It is possible,in theory ,to construct a zero beta portfolio of risky assets whose return would be equal to the risk –free rate.It is also possible to have a negative beta;the return would be less than the risk-free rate.A negative beta asset would carry a negative risk premium because of its value asa diversification instrument.10.Explain what is meant by business and financial risk.Suppose firm A has greater business risk than firm B.Is it true that firm A also has a higher cost of equity capital?ExplainAnswer:Business risk is the equity risk arising from the nature of the firm’s operating activity,and is directly related to the systematic risk of the firm’s assets.Financial risk is the equity risk that is due entirely to the firm’s chosen capital structure.As financial leverage ,or the use of debt financing,increases,so does financial risk and ,hence,the overall risk of the equity .Thus,Firm B could have a higher cost of equity if it uses greater leverage.11.What is the basic goal of financial management with regard to capital structure?Answer:The basic goal is to minimize the value of non-marketed claims.12.It is sometimes suggested that firms should follow a “residual “dividend policy.With such a policy ,the main idea is that a firm should focus on meeting its investment needs and maintaining its desired debt-equity ratio.Having done so,a firm pays out any leftover,or residual ,income as dividends .What dou you think would be the chief drawback to a residual dividend policy? Answer:The chief drawback to a strict dividend policy is the variability in dividend payments.This is a problem because investors tend to want a somewhat predictable cash flow.Also ,if there is information content to dividend announcements,then the firm may be inadvertently telling the marker that it is expecting a downturn in earnings prospects when it cuts a dividend,when in reality its prospects are very good.In a compromise policy,the firm maintains a relatively constant dividend.It increases dividends only when it expects earnings to remain at a sufficiently high level to pay the larger dividends,and it lowers the dividend only if it absolutely has to.计算题:1.Culligant ,Inc.,has current assets of $5,300,net fixed assets of $26,000,current liabilities of $3,900,and long-term debt of $14,200.What is the value of the shareholders’equity account for this firm ?How much is net working capital?Answer:To find owners’equity,we must construct a balance sheet as follows:Balance SheetCA $5,300 CL $3,900NFA $26,000 LTD 14,200OE ??TA $31,300 TL&OE $31,300We know that total liabilities and owners’ equity (TL&OE)must equal total assets of $31,300.We also know that TL&OE is equal to current liabilities plus long-term debt plus owner’s equity,so owner’s equity is :OE=$31,300-14,200-3,900=$13,200NWC=CA-CL=$5,300-3,900=$1,4002.Ragsdale,Inc.,has sales of $493,000,costs of $210,000,depreciation expense of $35,000,interest expense of $19,000,and a tax rate of 35 percent.What is the net income for the firm?Suppose the company paid out $50,000 in cash divideng=ds.What is the addition to retained earnings? Answer:The income statement for the company is:Income StatementSales $493,000Costs 210,000Depreciation 35,000EBIT $248,000Interest 19,000EBT $229,000Taxes 80,150Net income $148,850One equation for net income is :Net income =Dividends +Addition to retained earningsRearranging,we get:Addition to retained earnings =Net income –DividendsAddition to retained earnings=$148,850-50,000Addition to retained earnings =$98,8503.The 2009 banlance sheet of Anna’s Tennis Shop,Inc.,showed long-term debt of $1.34million,and the 2010balance sheet showed long-term debt of $1.39million.The 2010 income statement showed an interest expense of $118,000.What was the firm’s cash flow to creditors during 2010? Answer:Cash flow to creditors =Interest paid-Net new borrowingCash flow to creditors=$118,000-(LTD end-LTD beg)Cash flow to creditors=$118,000-($1,390,000-1,340,000)Cash flow to creditors=$118,000-50,000Cash flow to creditors=$68,0004.Y3K,Inc.,has sales of $3,100,total assets of $1,580,and a debt-equity ratio of 1.20.If its return on equity is 16 percent ,what is its net income?Answer:This is a multi-step problem involving several ratios .The ratios given are all part of the Du Pont Identity.The only Du Pont Identity ratio not given is the profit margin,If we know the profit margin,we can find the net income since sales are given.So,we begin with the Du Pont Identity: ROE=0.16=(PM)(TA T)(EM)=(PM)(S/TA)(1+D/E)Solving the Du PONT Identity for profit margin,we get:PM=[(ROE)(TA)]/[(1+D/E)(S)]PM=[(0.16)($1,1580)]/[(1+1.20)($3,100)]=.0371Now that we have the profit margin ,we can use this number and the given sales figure to solve for net income :PM=.0371=NI/SNI=.0371($3,100)=$114.915.assuming the following ratios are constant ,what is the sustainable growth rate?Total asset turnover=1.90Profit margin=8.1%Equity multiplier=1.25Payout ratio=30%Answer:We must first calculate the ROE using the Du Pont ratio to calculate the sustainable growth rate.The ROE is :ROE=(PM)(TAT)(EM)ROE=(.081)(1.90)(1.25)ROE=.1924 or 19.24%The plowback ratio is one minus the dividend payout ratio,so:b=1-.30b=.70Now ,we can use the sustainable growth rate equation to get:Sustainable growth rate =(ROExb)/[1-(ROExb)]Sustainable growth rate =[.1924(.70)]/[1-.1924(.70)]Sustainable growth rate =。