debt contract, Incentive compatible, participation incentive

Chapter 1 Why Study Money, Banking, and Financial Markets? 第一章：为什么要研究货币、银行与金融市场1.aggregate income 总收入2.aggregate output 总产出3.aggregate price level 物价总水平4.budget deficit 预算赤字5.GDP 国内生产总值6.unemployment rate 失业率Chapter 2An Overview of the Financial System第二章：金融体系概览1.asset transformation 资产转化2.adverse selection 逆向选择3.asymmetric information 信息不对称4.Eurobond 欧洲债券5.financial panic 金融恐慌6.foreign bonds 外国债券7.liquid 流动性8.economic of scale 规模经济9.primary market 一级市场10.s econdary market 二级市场11.t ransaction costs 交易成本Chapter 3 What Is Money?第三章：什么是货币？modity money 商品货币2.currency 通货3．M14. M25. Fiat money 不兑现货币6. hyperinflation 恶性通货膨胀7. E-cash 电子现金8. M 3Chapter 4 Understanding Interest Rates第四章：理解利率1.real interest rate 实际利率2.coupon bond 息票债券3.indexed bond 指数化债券4.coupon rate 息票利率5.current yield 当期收益率6.yield on a discount basis 贴现基础上的收益率7.present value现值8.discount bond （zero-coupon bond）贴现发行债券（零息债券）9.rate of capital gain资本利得率10.yield to maturity 到期收益率Chapter 5 the behavior of interest rates第五章：利率行为1. opportunity cost 机会成本2. demand curve 需求曲线3. liquidity preference framework 流动性偏好理论4. loanable funds 可贷资金5. loanable funds framework 可贷资金理论6. Fisher effects 费雪效应Chapter 6 the Risk and Term Structure of Interest Rates第6章利率的风险结构与期限结构1. inverted yield curve 翻转的收益率曲线2. junk bonds 垃圾债券3.liquidity premium theory 流动性溢价理论4.preferred habitat theory 期限优先理论5.risk premium 风险溢价6.segmented markets theory 分割市场理论7.yield curve 收益率曲线8.terms structure of interest rates 利率期限结构Chapter 7The Stock Market, the Theory of Rational Expectations, and the efficient Market Hypothesis第7章股票市场、理性预期理论与有效市场假定1. adaptive expectations 适应性预期2. bubble 泡沫3. efficient markets 有效市场4. rational expectations 理性预期5. residual claimant 剩余索取权6. markets fundamentals 市场基本面Chapter 8An Economic Analysis of Financial Structure第8章金融结构的经济学分析1. agency theory 代理理论2. pecking order hypothesis 啄食顺序假定3. debt deflation 债务萎缩4.free-rider problem 免费搭车问题5. incentive-compatible 激励相容6. net worth(equity capital) 净值（权益资本）Chapter 9Banking and the Management of Financial Institutions第9章银行业与金融机构的管理1. compensating balance 补偿性余额2. discount loans 贴现贷款3. discount rates 贴现率4. duration 久期5. excess reserves 超额准备金6. gap analysis 缺口分析7. off-balance-sheet activities 表外业务8. required reserved ratio 法定准备金率9. ROA （return on assets）资产回报率10. ROE （return on equity）股权回报率11. secondary reserves 二级准备金12. vault cash 库存现金Chapter 10 Banking Industry: Structure and Competition 第10章银行业：结构和竞争1. disintermediation 脱媒2. dual banking system 双重银行体制3. economies of scope 范围经济4. financial derivatives 金融衍生工具5. future 期货6. hedge 对冲7. securitization 证券化Chapter 11Economic Analysis of Financial Regulation 第11章银行监管的经济学分析1.leverage ratio 杠杆比例2.leverage ratio 杠杆比例3.regulatory forbearance 监管宽容4.Basel Accord 巴塞尔协议Chapter 12Nonblank Finance第12章非银行金融机构1.annuity 年金2.closed-end fund 封闭式基金3.fully funded 足额基金4.hedge fund 对冲基金5.open-end fund 开放式基金6.load funds 付佣金基金Chapter 13 Financial Derivatives第13章衍生金融工具1.American option 美式期权2.arbitrage 套利3.call option 看涨期权4.currency swap 货币互换5.strike price or exercise price 执行价格6.forward contract 远期合约7.interest-rate swap 利率互换8.long position 多头9.option 期权10.swap 互换11.stock option 股票期权Chapter 14Central Banks and the Federal Reserve System 第14章中央银行的结构与联邦储备体系1.instruments independence 工具独立性2.political business cycle 政治经济周期3.open market operations 公开市场操作4.goal independence 目标独立性Multiple Deposit Creation and the Money Supply Process 第15章多倍存款创造和货币供给过程1.high-powered money 高能的货币2.multiple deposit creation 多倍存款创造3.required reserve ratio 法定存款准备金4.reserves 准备金Chapter 16Determinants of the Money Supply第16章货币供给的决定因素1.money multiplier 货币乘数2.non-borrowed monetary base 非借入基础货币Chapter 17 Tools of Monetary Policy第17章货币政策工具1.discount windows 贴现窗口2.defensive open market operations 防御性公开市场操作3.dynamic open market operations 能动性公开市场操作4.federal funds rate 联邦基金利率5.repurchase agreement 回购协议Conduct of Monetary Policy: Goals and Targets第18章货币政策实施：最终目标和政策指标1.intermediate targets 中介指标2.natural rate of unemployment 自然失业率3.NAIRU(non-accelerating inflation rate of unemployment ) 非加速通货膨胀失业率4.operating target 操作指标5.Phillips curve theory 菲利普斯曲线理论6.real bills doctrine 真实票据原则Chapter 19The Foreign Exchange Market第19章外汇市场1.appreciation 升值2.effective exchange rate index 有效汇率指数3.exchange rate overshooting 汇率超调4.interest parity conditions 利息平价条件w of one price 一价定律6.monetary neutrality 货币中性7.PPP （theory of purchasing power parity）购买力平价理论The International Financial System第20章国际金融体系1.1. balance of payments 国际收支平衡表2.Britton Woods System 布雷顿森林体系3.current account 经常账户4.capital account 资本账户5.fixed exchange rate regime 固定汇率制度6.IMF 国际货币基金组织7.international reserves 国际储备8.managed floating regime，dirty float 有管理的浮动制度或称肮脏的浮动汇率制度9.reserves currency 储备货币10.special drawing rights SDR 特别提款权11.sterilized foreign exchange intervention 冲销性外汇干预Chapter 21Monetary Policy Strategy: The International Experience第21章货币政策策略：国际经验1.dollarization 美元化2.nominal anchor 名义锚3.Seigniorage 铸币税4.time-consistency problem 时间非一致性问题Chapter 22The Demand for Money第22章货币需求1.real money balances 实际货币余额2.liquidity preferences theory 流动性偏好理论3.equation of exchange 交易方程式4.quantity theory of money 货币数量论5.velocity of money 货币流通速度Chapter 23The Keynesian Framework and the ISLM Model第23章凯恩斯理论框架与IS-LM模型1.animal spirits 浮躁情绪2.autonomous consumer expenditure 自主性消费支出3.expenditure multiplier 支出乘数4.IS curve IS曲线5.LM curve LM曲线6.MPC margin propensity to consumer 边际消费倾向Chapter 24Monetary and Fiscal Policy in the ISLM Model第24章IS-LM模型中的货币政策与财政政策1.aggregate demand curve 总需求曲线2.long-run monetary neutrality 长期货币中性3.natural rate level of output 产出的自然率水平pletely crowing out 完全挤出Chapter 25Aggregate Demand and Supply Analysis第25章总需求与总供给分析1.partial crowding out 部分挤出2.modern quantify theory of money 现代货币数量论3.self-correcting mechanism 自我纠错机制4.supply shock 供给冲击Chapter 26 Transmission Mechanisms of Monetary Policy: The Evidence第26章货币政策传导机制的实证分析1.reduced-form evidence 简化形式实证分析2.structural model evidence 结构模型实证分析3.transmission mechanisms of monetary policy 货币政策传导机制4.credit view 信用途径观点Chapter 27 Money and Inflation第27章货币与通货膨胀1.accommodating policy 适应性政策2.demand-pull inflation 需求拉动型通货膨胀3.constant-money-growth-rate rule 单一货币增长率规则4.Ricardo equivalence 李嘉图等价5.cost-push inflation 成本推动型通货膨胀6.monetizing the debt 债务货币化Chapter 28 Rational Expectations: Implications for Policy 第28章理性预期：政策意义1.policy ineffectiveness proposition 政策无效命题。

专利名称：Incentive-compatible, asymmetric-information, real-time traffic-routingdifferential-advice发明人：Ronald M Harstad申请号：US15495898申请日：20170424公开号：US10769946B1公开日：20200908专利内容由知识产权出版社提供专利附图：摘要：Real-time, individualized traffic-routing assignments and recommendations are automatically determined and provided to multiple participants traversing through aspecific area in association with a given event associated with a particular organization. A set of rules is applied to minimize the time to traverse through the area in association with the event, summed over the multiple participants, accounting for physical and incentive-compatibility constraints. An initial assignment is determined for each participant, based on the rules. Each initial assignment includes a departure time and an initial route for the participant. Updated information is received, such as real-time traffic information. Real-time recommendations are determined for participants, based on the rules accounting for the updated real-time data. Recommendations include suggestions to deviate from initial assignments or previous recommendations, based on the updated information. The initial assignments and real-time recommendations are provided to the corresponding participants, for example by communicating with their mobile devices.申请人：Ronald M Harstad地址：Columbia MO US国籍：US代理机构：Patent Law Works LLP更多信息请下载全文后查看。

六级词汇大全jeopardize / ‘dʒepәdaiz/vt。

危害,使受危困，使陷危地hinge / hindʒ/n.合页，折叶，铰链hospitality / hɔspi’tæliti/n.好客，殷勤；宜人streamline / stri:mlain/n。

流线；流线型transcend / træn’send/vt. 超越，胜过obscene / ɔb'si：n/a。

淫秽的,猥亵的formidable / ‘fɔ：midәbl/a.可怕的;难对付的metropolitan / metrә’pɔlitәn/a.主要都市的n。

大主教dock / dɔk/n。

船坞;码头；船厂dilemma / di’lemә/n. 困境,进退两难的局面circus / ‘sә:kәs/n。

马戏;马戏团residential / rezi’denʃәl/a。

住宅的，与居住有关的incentive / in'sentiv/n. 动机a。

激励的ingenious / in'dʒi:njәs/a。

机灵的;精巧制成的agenda / ә’dʒendә/n。

议程,应办事项cluster / ‘klΛstә/n。

一串vt。

使成群cue / kju：/n。

开端，线索,发辫，长队reproach / ri'prәutʃ/vt。

＆n.责备,指责historic / his’tɔrik/a.历史的;历史性的grab / græb/vt.&vi.攫取，抓取liability / laiә'biliti/n.责任；倾向；债务doom / du:m/n。

命运,毁灭vt。

注定ambitious / æm’biʃәs/a.有雄心的；热望的straightforward / streit’fɔ：wәd/a.老实的ad。

坦率地customary / ‘kΛstәmәri/a。

金融学专业词汇（中英文对照）金融学专业词汇（中英文对照）目录1. 货币与货币制度 (3)2. 国际货币体系与汇率制度 (4)3. 信用、利息与信用形成 (5)4. 金融范畴的形成与发展 (7)5. 金融中介体系 (7)6. 存款货币银行 (9)7. 中央银行 (10)8. 金融市场 (10)9. 资本市场 (13)10. 金融体系结构 (14)11. 金融基础设施 (14)12. 利率的决定作用 (15)13. 货币需求 (16)14. 现代货币的创造机制 (17)15. 货币供给 (17)16. 货币均衡 (18)17. 开放经济的均衡 (18)18. 通货膨胀和通货紧缩 (19)19. 货币政策 (20)20. 货币政策与财政政策的配合 (21)21. 开放条件下的政策搭配与协调 (22)22. 利率的风险结构与期限结构 (22)23. 资产组合与资产定价 (23)24. 商业银行业务与管理 (25)25. 货币经济与实际经济 (26)26. 金融发展与经济增长 (26)27. 金融脆弱性与金融危机 (27)28. 金融监管 (27)1.货币与货币制度货币:(currency)外汇:(foreign exchange)铸币:(coin)银行券:(banknote)纸币:(paper currency)存款货币:(deposit money)价值尺度:(measure of values)货币单位:(currency unit)货币购买力:(purchasing power of money)购买力平价:(purchasing power parity,PPP)流通手段:(means of circulation) 购买手段:(means of purchasing)交易的媒介:(media of exchange)支付手段:(means of payment)货币需求:(demand for money)货币流通速度:(velocity of money)保存价值:(store of value)汇率:(exchange rate)一般等价物:(universal equivalent)流动性:(liquidity)通货:(currency)准货币:(quasi money)货币制度:(monetary system)本位制:(standard)金本位:(gold standard)造币:(coinage)铸币税:(seigniorage)本位币:(standard money)辅币:(fractional money)货币法偿能力:(legal tender powers)复本位制:(bimetallic standard)金汇兑本位:(gold exchange standard)金平价:(gold parity)金块本位制:(gold bullion standard)2.国际货币体系与汇率制度浮动汇率制:(floating exchange rate regime)货币局制度:(currency board arrangement)联系汇率制度:(linked exchange rate system)美元化:(dollarization)最优通货区理论:(theory of optimum currency area)货币消亡:(money disappearance)外汇:(foreign currency)外汇管理:(exchange regulation)外汇管制:(exchange control)可兑换:(convertibility)不可兑换:(inconvertibility)经常项目:(current account)资本项目:(capital account)汇率:(exchange rate)牌价:(posted price)直接标价法:(direct quotation)间接标价法:(indirect quotation)单一汇率:(unitary exchange rate)多重汇率:(multiple exchange rate)市场汇率:(market exchange rate)官方汇率:(official exchange rate)黑市:(black market)固定汇率:(fixed exchange rate)浮动汇率:(floating exchange rate)管理浮动:(managed float)盯住汇率制度:(pegged exchange rate regime)固定钉住:(fixed peg)在水平带内的盯住:(pegged within horizontal bands)爬行钉住:(crawling peg)外汇指定银行:(designated foreign exchange bank)货币的对外价值:(external value of exchange)货币的对内价值:(internal value of exchange)名义汇率:(nominal exchange rate)实际汇率:(real exchange rate)铸币平价:(mint parity)金平价:(gold parity)黄金输送点:(gold transport point)国际借贷说:(theory of international indebtedness)流动债权:(current claim)流动负债:(current liablity)国际收支说:(theory of balance payment)汇兑心理说:(psychology theory of exchange rate)货币分析说:(monetary approach)金融资产说:(portfolio theory of exchange rate determination)利率平价理论:(theory of interest rate parity)外汇风险:(exchange risk)中国的外汇调剂:(foreign exchange swap)3.信用、利息与信用形成信用:(credit)利息:(interest)收益:(yield)资本化:(capitalization of interest)高利贷:(usury)利率:(interest rate)债权:(claim)债务:(debt obligation)借入:(borrowing)贷出:(lending)盈余:(surplus)赤字:(deficit)跨时预算约束:(intertemporal budget constraint)资金流量:(flow of funds)部门:(sector)借贷资本:(loan capital)实体:(real)商业信用:(commercial credit)银行信用:(bank credit)本票:(promissory note)汇票:(bill of exchange)商业本票:(commercial paper)商业汇票:(commercial bill)承兑:(acceptance)背书:(endorsement)直接融资:(direct finance)间接融资:(indirect finance)短期国库卷:(treasury bill)中期国库卷:(treasury note)长期国库卷:(treasury bond)国债:(national debt)公债:(public debt)资本输出:(export of capital)国际资本流动:(international capital flow)国外商业性借贷:(foreign direct investment,FDI)国际游资:(hotmoney)4.金融范畴的形成与发展财政:(public finance)公司理财:(corporate finance)投资:(investment)保险:(insurance)财产保险:(property insurance)人身保险:(mutual life insurance)相互人寿保险:(mutual life insurance)信托:(trust)租赁:(leasing)5.金融中介体系金融中介:(financial intermediary)金融机构:(financial institution)借者:(borrower)贷者:(lender)货币中介:(monetary intermediation)权益资本:(equity capital)中央银行:(central bank)货币当局:(monetary authority)存款货币银行:(deposit money bank)商业银行:(commercial bank)投资银行:(investment bank)商人银行:(merchant bank)财务公司:(financial companies)储蓄银行:(saving bank)抵押银行:(mortgage bank)信用合作社:(credit cooperative)保险业:(insurance industry)跨国银行:(multinational bank)代表处:(representative office)经理处:(agency)分行:(branch)子银行:(subsidiary)联营银行:(affiliate)国际财团银行:(consortium bank)中国人民银行:(People’s Bank of China)政策性银行:(policy banks)国有商业银行:(state-owned commercial banks)资产管理公司:(assets management company)证券公司:(securities company) 券商:(securities dealer)农村信用合作社:(rural credit cooperatives)城市信用合作社:(urban credit cooperatives)信托投资公司:(trust and investment companies)信托:(trust)金融租赁:(financial leasing)邮政储蓄:(postal savings)财产保险:(property insurance)商业保险:(commercial insurance)社会保险:(social insurance)保险深度:(insurance intensity)保险密度:(insurance density)投资基金:(investment funds)证券投资基金:(security funds)封闭式基金:(closed-end investment funds)开放式基金:(open-end investment funds)私募基金:(private placement)风险投资基金:(venture funds)特别提款权:(special drawing right,SDR)国有化:(nationalization)6.存款货币银行货币兑换商:(money dealer)银行业:(banking)贴现率:(discount rate)职能分工型商业银行:(functional division commercial bank)全能型商业银行:(multi-function commercial bank)综合性商业银行:(comprehensive commercial bank)单元银行制度:(unit banking system)总分行制度:(branch banking system)代理行制度:(correspondent banking system)银行控股公司制度:(share holding banking system)连锁银行制度:(chains banking system)金融创新:(financial innovation)自动转账制度:(automatic transfer services,ATS)可转让支付命令账户:(negotiable order of withdrawal account,NOW)货币市场互助基金:(money market mutual fund,MMMF)货币市场存款账户:(money market deposit account,MMDA)不良债权:(bad claim)坏账:(bad loan)不良贷款:(non-performing loans,NPL)存款保险制度:(deposit insurance system)金融资本:(financial capital)7.中央银行中央银行:(central bank)一元式中央银行制度:(unit central bank system)二元式中央银行制度:(dual central bank system)复合中央银行制度:(compound central bank system)跨国中央银行制度:(multinational central bank system)发行的银行:(bank of issue)银行的银行:(bank of bank)最后贷款人:(lender of last resort)再贴现:(rediscount)在抵押:(recollateralize)国家的银行:(the state bank)8.金融市场金融市场:(financial market)证券化:(securitization)金融资产:(financial assets)金融工具:(financial instruments)金融产品:(financial products)衍生金融产品:(derivative financial products) 原生金融产品:(underlying financial products) 流动性:(liquidity)变现:(encashment)买卖差价:(bid-ask spread)做市商:(market marker)到期日:(due date)信用风险:(credit risk)市场风险:(market risk)名义收益率:(nominal yield)现时收益率:(current yield)平均收益率:(average yield)内在价值:(intrinsic value)直接融资:(direct finance)间接融资:(indirect finance)货币市场:(money market)资本市场:(capital market)现货市场:(spot market)期货市场:(futures market)机构投资人:(institutional investor)资信度:(credit standing)融通票据:(financial paper)银行承兑票据:(bank acceptance)贴现:(discount)大额存单:(certificates of desposit,CDs)回购:(counterpurchase) 回购协议:(repurchase agreement)隔夜:(overnight)银行同业间拆借市场:(interbank market)合约:(contract)远期:(forward)期货:(futures)期权:(options)看涨期权:(call option)看跌期权:(put option)期权费:(option premium)互换:(swap)投资基金:(investment funds)契约型基金:(contractual type investment fund)单位型基金:(unit funds)基金型基金:(funding funds)公司型基金:(corporate type investment fund)投资管理公司:(investment management company)共同基金:(mutual fund)对冲基金:(hedge fund)风投基金:(venture fund)权益投资:(equity investment)收益基金:(income funds)增长基金:(growth funds)长期增长基金:(long-term growth funds)高增长基金:(go-go groeth funds)货币市场基金:(money market funds)养老基金:(pension fund)外汇市场:(foreign exchange market)风险资本:(venture capital)权益资本:(equity capital)私人权益资本市场:(private equity market)有限合伙制:(limited partnership)交易发起:(deal origination)筛选投资机会:(screening)评价:(evaluation)交易设计:(deal structure)投资后管理:(post-investment activities)创业板市场:(growth enterprise market,GEM)二板市场:(secondary board market)金融创新:(financial innovation)金融自由化:(financial liberalization)全球化:(globalization)离岸金融市场:(off-shore financial center)9.资本市场权益:(equity)剩余索取权:(residual claims)证券交易所:(stock exchange)交割:(delivery)过户:(transfer ownership)场外交易市场:(over the counter,OTC)金融债券:(financial bond)抵押债券:(mortgage bond)担保信托债券:(collateral trust bonds)信用债券:(trust bonds)次等信用债券:(subordinated debenture)担保债券:(guaranteed bonds)初级市场:(primary market)二级市场:(secondary market)公募:(public offering)私募:(private offering)有价证券:(security)面值:(face value)市值:(market value)股票价格指数:(share price index)有效市场假说:(effective market hypothesis)弱有效市场:(weak efficient market)中度有效市场:(semi-efficient market)强有效市场:(strong efficient market)股份公司:(stock certificate)股票:(stock certificate)股东:(stock holder)所有权:(ownership)经营权:(right of management)10.金融体系结构功能主义金融观:(perspective of financial function)金融体系格局:(pattern of financial system)激励:(incentive)公司治理:(corporate governance)路径依赖:(path dependency)市场主导型:(market-oriented type)银行主导型:(banking-oriented type)参与成本:(participative cost)影子银行体系:(the shadow banking system)11.金融基础设施金融基础设施:(financial infrastructures)支付清算系统:(payment and clearing system)跨境支付系统:(cross-border inter-bank payment system,CIPS)全额实时结算:(real time gross system)净额批量清算:(bulk transfer net system)大额资金转账系统:(whole sale funds transfer system)小额定时结算系统:(fixed time retail system)票据交换所:(clearing house)金融市场基础设施:(financial market infrastructures)中央交易对手:(central counterparties,CCPs)双边清算体系:(bilateral clearing system)系统重要性支付体系核心原则:(the core principles for systemically important payment system)证券清算体系建议:(the recommendations for central counterparties)中央交易对手建议:(the recommendations for central counterparties)金融业标准:(financial standards)盯市:(mark-to-market)公允价值:(fair value)金融部门评估规划:(financial sector assessment program)12.利率的决定作用可贷资金论:(loanable funds theory of interest)储蓄的利率弹性:(interest elasticity of saving)投资的利率弹性:(interest elasticity of investment)本金:(principal)回报率:(returns)基准利率:(benchmark interest rate)无风险利率:(risk-free interest rate)补偿:(compensation)风险溢价:(risk premium)实际利率:(real interest rate)名义利率:(nominal interest rate)固定利率:(fixed interest rate)浮动利率:(floating rate)官定利率:(official interest rate)行业利率:(trade-regulated rate)一般利率:(general interest rate)优惠利率:(preferential interest rate)贴息贷款:(loan of interest subsidy)年利率:(annual interest rate)月利率:(monthly interest rate)日利率:(daily interest rate)拆息:(call money interest)13.货币需求货币需求:(demand for money)货币数量论:(quantity theory of money)货币必要量:(volume of money needed)货币流通速度:(velocity of money)交易方程式:(equation of exchange)剑桥方程式:(equation of Cambridge)现金交易说:(cash transaction approach)现金余额说:(cash balance theory)货币需求动机:(motive of the demand for money)交易动机:(transaction motive)预防动机:(precautionary motive)投机动机:(speculative motive)流动性偏好:(liquidity preference)流动性陷阱:(liquidity trap)平方根法则:(square-root rule)货币主义:(monetarism)恒久性收入:(permanent income)机会成本变量:(opportunity cost variable)名义货币需求:(nominal demand for money)实际货币需求:(real demand for money)客户保证金:(customer’s security marign)金融资产选择:(portfolio selection)14.现代货币的创造机制纯流通费用:(pure circulation cost)原始存款:(primary deposit)派生存款:(derivative deposit)派生乘数:(withdrawal multiplier)现金损露:(loss of cashes)提现率:(withdrawal rate)创造乘数:(creation multiplier)现金:(currency)基础货币:(base money)高能货币:(high-power money)货币乘数:(money multiplier)铸币收入:(seigniorage revenue)15.货币供给货币供给:(money supply)准货币:(quasi money)名义货币供给:(nominal money supply)实际货币供给:(real money supply)股民保证金:(shareholder’s security margin)货币存量:(money stock)公开市场操作:(open-market operation)贴现政策:(discount policy)再贴现率:(rediscount rate)法定准备金率:(legal reserve ratio)财富效应:(wealth effect)预期报酬率变动效应:(effect of expected yields change)现金持有量:(currency holdings)超额准备金:(excess reserves)外生变量:(exogenous variable)内生变量:(endogenous variable)16.货币均衡均衡:(equilibrium)投资饥渴:(huger for investment)软预算约束:(soft budget constraint)总需求:(aggregate demand)总供给:(aggregate supply)面纱论:(money veil theory)流:(flow)余额:(stock)17.开放经济的均衡国际收支:(balance of payments)居民:(resident)非居民:(nonresident)国际收支平衡表:(statement for balance of payments)经常项目:(current account)资本和金融项目:(capital and financial account)储备资产:(reserve assets)净误差与遗漏:(net errors and missions)自主性交易:(autonomous transaction)调节性交易:(accommodating transaction)偿债率:(debt service ratio)顺差:(surplus)逆差:(deficit)最后清偿率:(last liquidation ratio)资本流动:(capital movements)项目融资:(project finance)外债:(external debt)资本外逃:(capital flight)冲销性操作:(sterilized operation)非冲销性操作:(unsterilized operation)债务率:(debt ratio)负债率:(liability ratio)差额:(balance)18.通货膨胀和通货紧缩通货膨胀:(inflation) 恶性通货膨胀:(rampant inflation)爬行通货膨胀:(creeping inflation)温和通货膨胀:(moderate inflation)公开性通货膨胀:(open inflation)显性通货膨胀:(evident inflation)隐蔽性通货膨胀:(hidden inflation)输入型通货膨胀:(import of inflation)结构性通货膨胀:(structural inflation)通货膨胀率:(inflation rate)。

【FRM备考要点】FRM考试主权风险部分详解处理主权风险事件的两种方式：debt repudiation 指的是直接拒绝履行贷款合约。

Debt rescheduling 是贷款重组。

二战之前repudiation比较普遍因为大部分是债券。

以后主要是贷款，贷款重组比债券重组更加普遍的原因是：1)借款者的数目减少了，使谈判的成本减小了2)辛迪加内部可能容易达成一致性3)贷款大都有交叉违约保护，使借款者不能对那些比较弱的贷款人违约4、国家为了经济和政治的原因不会贸然的违约。

1.衡量重组概率的一些指标：1)债务服务比率DSR=利息加摊消/出口（正比）。

2)进口比率IR＝进口/外汇储备（正比）3)投资比率INVR=投资/GNP（可能正或者负，负的是说投资使未来的产出更高，正的是认为投资会让外国以为其不需要资金）4)出口收入的方差VAREX=(正比)5)国内的货币供应增长MG＝增加的货币供给/货币供给。

2.使用传统CRA（country risk analysis）的缺点：1)关键变量的实效性和预测性2)使用的样本区间太宽了3)没有包括政治风险因素4)没有包括组合的分散效应。

5)assessing incentive to reschedule(在评估重组动机方面做得不好)6)模型中的变量的稳定性。

3.重组对借款者的好处：1)降低未来支付的现值2)增加了国内的投资率（相比较违约）。

坏处是：a.未来借不着钱，妨碍其参与国际交易b.更难申请到信用额度。

重组对贷款者的好处：a.比违约要好b.可以重新商量抵押、费用等c.税收优惠。

缺点是：a.贷款变得如同长期债券或者股票了b.金融机构会局限于特定的贷款结构c.大量的重组贷款不被监管。

4.处理主权风险暴露的机制有：1)debt-for-equity swap2)multiyear restructuring agreement3)sales in secondary markets4)debt-for-equity swap（brady bond）。

Balance Sheet Conservatism and Debt ContractingJayanthi Sunder aShyam V. Sunder bJingjing Zhang cKellogg School of ManagementNorthwestern UniversityApril 2009___________________________________________________________________________a Northwestern University, 6245 Jacobs Center, 2001 Sheridan Road, Evanston, IL 60208. E-mail: j-sunder@; Phone: (847)491-2671.b Northwestern University, 6226 Jacobs Center, 2001 Sheridan Road, Evanston, IL 60208. E-mail:shyam-sunder@; Phone: (847)467-3343.c Northwestern University, 6218 Jacobs Center, 2001 Sheridan Road, Evanston, IL 60208. E-mail:jingjing-zhang@; Phone: (847)467-4630.We thank Anne Beatty, Thomas Lys, Darren Roulstone, Sugata Roychowdhury, workshop participants at Northwestern University, Ohio State University, Florida State University, FARS 2009 conference and especially Sudipta Basu (discussant). We also thank the Accounting Research Center at the Kellogg School of Management for financial support.Balance Sheet Conservatism and Debt ContractingAbstractWe study the role of cumulative conservatism in asset values (balance sheet conservatism) on private debt contracting. We focus on balance sheet conservatism to isolate its effect from conditional conservatism which has been studied in the prior literature. We hypothesize that balance sheet conservatism provides lenders greater confidence in the collateral value of the firm’s assets and reduces the risk in the loan (Asset Value Hypothesis). Second, we hypothesize that balance sheet conservatism constrains future conditional conservatism such that debt contracting efficiency is high only when the balance sheet conservatism is not high (Constraint Hypothesis). Using a sample of bank loans we study interest spreads, deal size, covenant intensity and covenant slack and find results consistent with our hypotheses. Our study sheds light on the screening and monitoring role of balance sheet conservatism in debt contracting.Balance Sheet Conservatism and Debt Contracting1.IntroductionLenders rely upon financial statements for screening and monitoring of borrowers. Prior research has provided evidence of the linkages between borrower financial reporting choices and debt contracting (see surveys by Holthausen and Watts, 2001; Fields, Lys, and Vincent, 2001; and a discussion by Sloan, 2001). This study focuses on how conservative accounting choices in borrowers’ financial statements impacts contract terms in private debt contracts. The evidence builds upon insights from recent literature which has examined a similar question (for example, Beatty, Weber and Yu, 2008; Zhang, 2008; Frankel and Litov, 2007; Nikolaev, 2007). The primarily focus of these studies to examine how ongoing conditional conservatism facilitates monitoring of the borrower. In contrast, in this study we focus on how conservative asset values on the borrowers’ balance sheet impact the setting of both the initial contract terms and the post-loan monitoring terms by lenders.1We define “balance sheet conservatism” as the cumulative conservatism in asset values and it includes the effects of both conditional and unconditional ongoing conservatism in periods prior to the loan contracting year. Therefore, balance sheet conservatism results in downward-biased estimates of asset values. We conjecture that the role of balance sheet conservatism in debt contracting could be twofold.First, balance sheet conservatism could provide important information for screening the borrowers. The downward-biased asset value estimates could provide valuable information to lenders about the collateral value of the assets of the firm and the risk of non-realization of 1 In general lenders are interested in the assessment of liquidation values of asset-based collateral as reflected on the balance sheet and the ability of the borrower to make periodic interest payments as reflected in the income statement and cash flow statements. Our focus is primarily on the debt contracting effects of the borrower’s balance sheet values of assets.loaned amounts. For example, Watts (2003) highlights the role of conservative asset values in alleviating the concern of lenders with respect to preservation of asset values in the event of potential repayment problems of the borrower.2 However, based on Ball and Shivakumar (2006) it is not clear whether balance sheet conservatism would affect debt contracting above and beyond past conditional conservatism.3 Based on their argument, to the extent that the balance sheet conservatism is driven by past unconditional conservatism, any known bias in asset values can be undone. This suggests that any economic role of balance sheet conservatism in debt contracting would be largely subsumed by conditional conservatism of the borrower. However, while the effects of unconditional conservatism could be inverted, information asymmetries between the borrower and lender could make it hard for the lender to completely achieve this inversion. Thus the ultimate effect of balance sheet conservatism, through downward biased asset valuation, on debt contracting remains an open empirical question.To explore these effects we relate the borrowers’ level of balance sheet conservatism at the time of loan initiation on the cost of debt, access to debt and level of monitoring terms set by the lender. We expect that if downward biased asset values are valuable to the lender, borrowers with higher balance sheet conservatism would have a lower cost of debt, larger loan size, lower ex ante monitoring provisions (measured as number of covenants and slack in covenants). Alternatively, if understated asset values merely add noise then we expect that it would be contracting neutral or may even increase borrowing costs. We label these conjectures as the “Asset Value Hypothesis” of balance sheet conservatism.2 According to Watts (2003), understated asset values (driven by asymmetric treatment of gains and losses) could “prevent actions by managers and others that reduce the size of the pie available to all claimants on the firm” (p. 215).3 While unconditional conservatism that is invariant to news always introduces a downward bias in asset values, the downward-bias in asset values arising from conditional conservatism arises from the combination of timely loss recognition and delayed gain recognition based on realization. Watts (2003) does not explicitly distinguish between conditional and unconditional conservatism, Basu (2001) and Ryan (2006) suggest that Watts’ argument may involve both types of conservatism.The second role of balance sheet conservatism in debt contracting relates to monitoring of borrowers. Balance sheet conservatism includes timely recognition of adverse economic events (i.e. conditional conservatism) in the past that could signal the borrower’s willingness to make conservative accounting choices.4 Such conditional conservatism is valuable for lenders who could then monitor the firm using accounting based covenants and they reward borrowers with lower spreads (Zhang, 2008). However, firms who have been very conservative in the past are constrained in their ability to use write-downs to signal negative economic shocks in future if their asset values are already reported at their lower bound estimates, even when they consistently apply the same conservative accounting policies. We conjecture that balance sheet conservatism provides an estimate of the degree of the constraint on future conservatism at the time of loan contracting. High balance sheet conservatism would reduce the monitoring benefits to the lenders who would then be unwilling to offer lower spreads. We label this conjectured role of balance sheet conservatism on design of monitoring terms as the “Constraint Hypothesis”.5 We measure balance sheet conservatism by building on Roychowdhury and Watts (2007) who suggest that cumulative conservatism can be measured as the extent to which reported asset values understate the fair value of separable assets. As they point out, the market-to-book ratio would be a noisy measure of balance sheet conservatism because the market value contains the value of monopoly rents in addition to the value of separable assets. Further, several papers view market-to-book as the proxy for unconditional conservatism. In fact existing studies have documented mixed results on the effect of market-to-book ratio on debt contracting (Wittenberg-4 Prior literature has argued that litigation risk and reputation concerns will prevent firms from changing their conservative accounting policies.5 The constraining effect of the asset values in balance sheet on income statement conservatism has been discussed in prior research by Basu (2001), Givoly et al. (2006), and Ryan (2006), modeled by Beaver and Ryan (2005), and empirically tested by Pae et al. (2005), Ball and Shivakumar (2005), Gassen et al. (2006) and Roychowdhury and Watts (2007). However prior studies examining effects of conditional conservatism on debt contracting have tended to assume that the level of past conditional conservatism is a good proxy for the level of future conditional conservatism in earnings (Zhang, 2008).Moerman, 2008; Beatty et al., 2008; Zhang, 2008; Ahmed et al., 2002).6 Therefore, to avoid issues related to noise in measurement of cumulative conservatism using market-to-book ratio, we adopt a different approach. We implement a model to tease out the effects of economic rents, growth options, distress, and market sentiment inherent in the market-to-book ratio. The idea behind the approach is to arrive at an estimate of the fair value of the borrower’s separable assets to the book value at the point of the loan grant. We compute our measure of balance sheet conservatism as the residual from a regression of the book-to-market ratio on proxies for rents, misvalutions in the market value, and default risk.7We perform a battery of robustness tests to check the validity of this measure. First, we regress the two components of book-to-market from our model, the fitted value (representing growth opportunities and rents) and the residual (representing balance sheet conservatism) on measures of timely loss recognition, conservative accruals and unconditional conservatism. We find that while our measure of balance sheet conservatism is related to proxies for past conservatism in the expected way, the fitted value does not demonstrate such relations. Second, when we estimate the Basu (1997) regression on groups of balance sheet conservatism and fitted value, only the balance sheet conservatism groups demonstrate patterns in timely loss recognition consistent with balance sheet conservatism resulting from past conservatism and constraining future conservatism. We describe these in greater detail in Section 4.3.With regards to conditional conservatism, we use two alternative measures to address concerns inherent with individual firm-level measures.8 The measures are the sensitivity of 6 While Beatty et al. (2008) and Ahmed et al. (2002) document that market-to-book ratio or its adjusted version (following Beaver and Ryan, 2000) is related to debt contracting, Zhang (2008) and Wittenberg-Moerman (2008) find no evidence that market-to-book ratio affects either interest spread or trading spread.7 Such a method is similar in spirit to what Beaver and Ryan (2000) do to decompose the book-to-market ratio into two components, persistent bias and temporary lags in book value.8 See Ryan (2006), Dietrich et al. (2007), and Givoly et al. (2007) for detailed discussions of measurement issues of conditional conservatism.earnings to bad news from Basu (1997), and the amount of negative non-operating accruals from Givoly and Hayn (2000). We then use principal components analysis to obtain the first principal component of these measures as a parsimonious measure of conditional conservatism of each firm.9To test our hypotheses, we examine loan contracts during the period 1996 through 2006. With respect to our conjecture about the screening role of balance sheet conservatism we find that firms with higher balance sheet conservatism, on average face lower interest spreads. The change in interest spread is economically significant. Going from the 25th to the 75th percentile, balance sheet conservatism decreases the spreads for borrowers by 11 basis points. Next, we find that controlling for firm and deal characteristics, the size of the deal is increasing in balance sheet conservatism suggesting that borrowers’ access to capital is increasing in balance sheet conservatism.Finally, we examine whether the bank’s monitoring effort is designed to be lower if balance sheet conservatism helps in better ex ante screening. We find that firms with higher balance sheet conservatism have debt agreements containing fewer covenants, both accounting based financial covenants and general covenants that restrict actions of the management. Further, the net worth covenant slack is also looser for these borrowers. Taken together, the results suggest that lenders do not ex ante expect to intensively monitor borrowers with higher balance sheet conservatism.We then examine the constraining effect of balance sheet conservatism. Conditional conservatism is expected to improve debt contracting efficiency through the monitoring role only when the balance sheet conservatism is not high. Ignoring the constraint effect, we find some evidence that on a stand-alone basis, conditional conservatism results in lower spreads, consistent with Zhang (2008), and higher reliance on financial covenants (defined as the ratio of 9 Our results are robust to using a composite rank measure as well.the number of financial covenants to the number of total covenants). However, past conditional conservatism and balance sheet conservatism are related constructs and therefore the effects of past conservatism alone cannot be interpreted without accounting for the balance sheet conservatism. We therefore interact past conditional and balance sheet conservatism at the firm level to examine the constraint hypothesis. We create nine mutually exclusive groups out of the interaction of independent sorts of conditional conservatism and balance sheet conservatism into three groups each (low, medium, and high). Holding constant the level of balance sheet conservatism, we find that spreads are decreasing in conditional conservatism only in the low balance sheet conservatism group, consistent with the constraint hypothesis. Further, we find that this result is driven by firms that have a high usage of financial covenants relative to general covenants.Finally, we find that conditional conservatism is positively associated with reliance on accounting based covenants to monitor borrowers. After we interact past conditional and balance sheet conservatism using the nine groups based on a two-way sorting, we find that the positive association only exists for the groups that have low balance sheet conservatism, again supporting the constraint hypothesis.This study highlights the difference in contractibility between conditional conservatism and balance sheet conservatism when designing debt contracts. While lenders value ongoing future timely recognition of losses, borrowers must be both willing and able to follow conservative accounting after the loan origination. In contrast, balance sheet conservatism represents pre-commitment by borrowers and provides the lenders ex ante benefits in terms of lower bound asset valuation. Our results show that lenders recognize this and consequently charge lower spreads and grant bigger loans for firms with high balance sheet conservatism and impose fewercovenants and provide more slack in their net worth covenants. Balance sheet conservatism also affects the ability of firms to be conditionally conservative in the future and thus has an additional indirect impact on debt contracting. Lenders value the role of ongoing conditional conservatism only when balance sheet conservatism is not binding.The rest of the paper is organized as follows: Section 2 introduces various concepts of conservatism. Section 3 outlines the research hypotheses. Section 4 describes the sample, the variable measurements, and the research design. Section 5 presents the summary statistics and the empirical results. Section 6 concludes the study.2. Conditional, unconditional and balance sheet conservatismTwo types of conservatism result in understatement of the book values of net assets relative to the economic values. One is defined by Basu (1997) as representing “accountants’ tendency to require a higher degree of verification for recognizing good news than bad news in financial statements” (p. 4). The asymmetric verification leads to timely recognition of economic losses but not economic gains. Examples of this type of conservatism include lower of cost or market accounting for inventories and asset write-downs. Under timely loss recognition, reported earnings are more sensitive to contemporaneous losses, which make the income statement more informative to users who care about firms’ downward risks but not the upside potential. The impact on the income statement also flows through to the balance sheet due to the relation between the two financial statements. Writing down assets under bad news but not writing up for good news can result in persistent understatement of net assets on the balance sheet.The other aspect of conservatism that causes understatement of assets is the selection of ‘conservative’ accounting methods (Basu, 1997; Givoly et al., 2007). Examples of such unconditional conservative accounting are immediate expensing for R&D costs, the use ofaccelerated depreciation method relative to economic depreciation, and LIFO inventory valuation. This type of conservatism lowers asset values, and such a balance sheet effect persists over time while it generally result in understating earnings in the early years of an asset’s life to eventually overstating earnings in the later years.Both types of conservatism lead to understatement of asset values, but they differ in their potential to convey new information in the financial statements (Ball and Shivakumar, 2005; Beaver and Ryan, 2005; Ryan, 2006). Timely loss but not timely gain recognition introduces understatement conditional on the type of the news and is therefore called conditional conservatism. In contrast, applying conservative accounting methods brings in understatement by systematically allocating the cost over the life of an asset, without reflecting new information about changes in asset values (Basu, 2001, p. 1334), and is therefore referred to as unconditional conservatism. Ball and Shivakumar (2005) argue that the known biases (in earnings and asset values) are likely to reduce contracting efficiency as the biases do not bring any new information but noise to contracting parties.In this study, we focus on balance sheet conservatism, which is the cumulative effect of past application of conditional and unconditional conservatism. The cumulative effect is reflected as persistent understatement of net asset values on the balance sheet. Balance sheet conservatism relates to conditional conservatism in two respects. On one hand, conditional conservatism, by writing down, but not up, the book asset values, contributes to balance sheet conservatism at the end of the period. On the other hand, balance sheet conservatism at the beginning of the period creates accounting slack that constrains future application of conditional conservatism, affectingboth the likelihood and the magnitude of future write-downs.10 For a detailed discussion also refer to Beaver and Ryan (2005), for a model of the interactions between conditional conservatism and unconditional conservatism at a conceptual level.While the first effect can be easily understood from how balance sheet conservatism is defined, the second one is less obvious and is illustrated in the following example. Suppose a firm has a very low book value of an asset compared to its economic value, either caused by past asset write-downs or by adopting very conservative accounting methods or both. When there is a negative shock, unless the shock is sufficiently big so that the economic value drops below the book value, the firm will not recognize the bad news in the financial statement. Therefore, over a wide range of economic shocks conditional conservatism would not be observed for the firm. Moreover, even if the negative shock was big enough to trigger a write-down, the amount of the write-down for such a firm would be smaller than for firms with less accounting slack.3.Hypotheses Development3.1 Asset Value HypothesesOne strand of literature on conservatism emphasizes that downward bias in net asset values help to address the agency problem in debt contracting.11 Early literature on the study of accounting choices argues that income-decreasing accounting methods are preferred in debt contracting because they result in lower distributions to shareholders and management and thus leave a bigger pie to lenders. By examining samples of debt contracts, Leftwich (1983) finds evidence consistent with the argument that the adjustments to measurement rules make lending agreements systematically more conservative.10 Accounting slack is usually defined as the difference between economic value and book value. However, according to Roychowdhury and Watts (2007), accounting slack is only the difference between market value of net separable assets and book value of net assets.11 The other strand points out that only timely loss recognition (conditional conservatism) increases contracting efficiency. Such an argument will be discussed in developing the Constraint Hypothesis.Based on Basu (1997), Watts (2003) incorporates the aspect of “asymmetric verification requirements for gains and losses” (p. 208) into his argument on the role of accounting conservatism in contracting. Watts argues that understatement of net assets serves to constrain management opportunism and wealth transfer when contracting parties have “asymmetric information, asymmetric payoffs, limited horizons, and limited liability” (p. 209). Specifically, reporting net assets at the lower bound, derived from either prior timely loss recognition or unconditional conservative accounting methods, increases verifiability of net asset values, given managers’ incentives to introduce bias and noise in financial reporting. Understatement of net asset values not only helps to prevent improper distribution of firm wealth to managers and shareholders at the expense of debtholders and as a result increases the loan value, but also lowers the risk of uncertainty in asset valuations for lenders when borrowers are in the worst case scenario. Consequently, lenders would be willing to lend larger amounts to borrowers with higher balance sheet conservatism at lower interest spreads.Further, balance sheet conservatism increases the collateral value of net assets when assessing liquidation value of the firm. Since lenders in private debt mostly have senior claims against net assets of the firm, more confidence on net asset values may reduce the need to monitor the loan. Therefore, for borrowers with higher balance sheet conservatism, lenders would rely less on the use of covenants and if using net worth covenant, would set looser net worth covenant to avoid frequent covenant violations, which could be costly in debt contracting process. Formally, our first set of the hypotheses based on asset values are stated in the alternative form as:H1a: Interest spread is decreasing in balance sheet conservatism.H1b: Loan size is increasing in balance sheet conservatism.H1c: Covenant intensity is decreasing in balance sheet conservatism.H1d: Net worth slack is increasing in balance sheet conservatism.3.2 Constraint HypothesesBasu (1997) and Ball and Shivakumar (2005) highlight the importance of conditional conservatism in contracting. By timely reflecting contemporaneous loss information in financial statement, conditional conservatism increases contracting efficiency. Specifically in debt contracting, timely loss recognition affects the effectiveness of the use of covenants. Once a borrower’s financial condition deteriorates, timely loss recognition triggers covenant violation more quickly. Therefore, lenders are able to obtain the control rights in a timely manner and take necessary actions to protect their interests.What is essential in the above argument is that it is ongoing conditional conservatism with its potential to provide new information to contracting parties that really matters in the contracting process. Since lenders cannot observe future conditional conservatism at loan origination, prior research studying how conservatism affects debt contracting terms assumes that lenders use past level of conditional conservatism as a proxy for the borrower’s willingness to be conditionally conservative in the future. Zhang (2008) and Nikolaev (2007) explicitly address the validity of this assumption in their studies examining the effect of past conditional conservatism on loan pricing and covenant intensity, respectively. They point out that borrowers’ reputation effects and other constraints, such as the threat of auditor litigation or using fixed GAAP in computing covenants, would keep borrowers from changing accounting practice. But, even if borrowers could precommit to apply the same accounting practice after entering into the debt contracts, it isstill uncertain whether borrowers could keep the same level of conditional conservatism given the interactions between conditional and balance sheet conservatism.12Beaver and Ryan (2005) conceptually use a model and simulation to capture how past applications of unconditional conservatism and conditional conservatism create accounting slack that preempts future conditional conservatism. The model is rich in terms of analyzing different forms of unconditional conservatism and frictions in the application of conditional conservatism and emphasizes that the application of conditional conservatism is probabilistic and history-dependent (p. 272). Consistent with Beaver and Ryan’s (2005) conjectures on the constraining effect, empirical studies document that a negative association between the market-to-book ratio as a proxy for accounting slack caused by past conservatism and subsequent conditional conservatism (Pae et al., 2005; Ball and Shivakumar, 2006; Gassen et al., 2006; Roychowdhury and Watts, 2007). The constraining effect of balance sheet on income statement has also been examined by Barton and Simko (2002) in a different context. They find that overstated net assets on the balance sheet constrain managers’ ability to bias earnings upwards in the future.Due to the constraining effect of balance sheet conservatism on future ongoing conditional conservatism, we hypothesize that lenders would consider such a constraining effect and structure contract terms accordingly. Specifically, the relation between past conditional conservatism and debt contracting terms documented in prior studies would be driven by the firms with low levels of balance sheet conservatism (i.e. where the balance sheet conservatism does not constrain future conditional conservatism). We focus on two contracting terms, loan pricing and covenant intensity. As Zhang (2008) finds that lenders reward more conditionally12 Borrowers’ willingness to commit to the same accounting practices has been examined in the studies testing debt covenant hypothesis (DeAngelo et al., 1994; DeFond and Jiambalvo, 1994; Sweeney, 1994; Dichev and Skinner, 2002). The results are mixed. In this paper, we assume that borrowers are willing to apply the same accounting practices and focus on borrowers’ capability to maintain the level of conditional conservatism.。

《国际货币与金融经济学》考试考证专业词汇表Absorption吸收，一国对最终商品和劳务的总支出，包括一国的实际消费支出、实际投资支出、实际政府支出和对进口商品和劳务的实际支出。

Absorption Approach吸收论，一种关于国际收支和汇率决定的理论，强调一国的支出（或者称为“吸收”）及收入的作用。

根据吸收论，如果一国的实际收入超过它所吸收的商品和劳务数量，那么该国的经常账户将出现盈余；如果一国的实际收入小于它所吸收的商品和劳务数量，那么该国的经常账户将出现赤字。

Absorption Instrument吸收工具，一国政府通过改变对国内产出的购买或通过影响消费和投资支出来提高或降低该国吸收水平的能力。

Adverse Selection逆向选择，发行融资工具的公司将借来的资金用于低价值、高风险的投资项目的倾向。

Aggregate Demand Schedule总需求曲线，实际收入和价格水平的各种组合，这些组合使得IS－LM模型达到均衡，从而保证了实际收入等于总计划支出并且实际货币余额市场也实现均衡。

Aggregate Expenditures Schedule总支出曲线，描述了在各种实际国民收入水平下相应的家庭部门、公司部门和政府部门计划支出的总和。

Aggregate Net Autonomous Expenditures总净自主性支出，可以看作与国民收入水平无关的自主性消费、自主性投资、自主性政府支出和自主性出口支出的总量。

Aggregate Supply Schedule总供给曲线，描述在各种可能的价格水平下相应的所有工人和公司的实际产出的曲线。

American Option美式期权，在合同到期之前（包括到期日在内），持有者可以随时买入或者卖出某种证券的期权合约。

Announcement Effect 公告效应，中央银行的政策措施信号引起人们对近期市场条件变化的预期，从而导致私营市场利率或者汇率的变化。

ExamName___________________________________MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.1) Everything else held constant, when prices in the art market become more uncertain, 1) _______A) the demand curve for bonds shifts to the right and the interest rate falls.B) the supply curve for bonds shifts to the right and the interest rate falls.C) the demand curve for bonds shifts to the left and the interest rate rises.D) the demand curve for bonds shifts to the left and the interest rate falls.2) Which of the following $1,000 face-value securities has the highest yield to maturity? 2) _______A) A 5 percent coupon bond selling for $1,000B) A 10 percent coupon bond selling for $1,000C) A 12 percent coupon bond selling for $1,100D) A 12 percent coupon bond selling for $1,0003) The recent Enron and Tyco scandals are an example of 3) _______A) the principal-agent problem. B) the adverse selection problem.C) the "lemons problem." D) the free-rider problem.4) A change in perceived risk of a stock changes 4) _______A) the expected dividend growth rate. B) the expected sales price.C) the current dividend. D) the required rate of return.5) ________ policy involves decisions about government spending and taxation. 5) _______A) Systemic B) Financial C) Fiscal D) Monetary6) The ________ of the term structure of interest rates states that the interest rate on a long-term bond will equal the average of short-term interest rates that individuals expect to occur over the life of the long-term bond, and investors have no preference for short-term bonds relative to long-term bonds. 6) _______A) liquidity premium theory B) segmented markets theoryC) separable markets theory D) expectations theory7) The ________ problem helps to explain why the private production and sale of information cannot eliminate ________. 7) _______A) free-rider; moral hazard B) free-rider; adverse selectionC) principal-agent; adverse selection D) principal-agent; moral hazard8) If the interest rate on a bond is below the equilibrium interest rate, there is an excess ________ of bonds and the bond price will ________. 8) _______A) supply; rise B) demand; rise C) demand; fall D) supply; fall9) Government regulations require publicly traded firms to provide information, reducing 9) _______A) transactions costs. B) the need for diversification.C) the adverse selection problem. D) economies of scale.10) Because of their ________ liquidity, ________ U.S. government securities are called secondary reserves.10) ______A) low; short-term B) low; long-termC) high; short-term D) high; long-term11) A discount bond 11) ______A) pays the bondholder the face value at maturity.B) pays the face value at maturity plus any capital gain.C) pays all interest and the face value at maturity.D) pays the bondholder a fixed amount every period and the face value at maturity.12) As a source of funds for nonfinancial businesses, stocks are relatively more important in 12) ______A) Japan. B) the United States.C) Canada. D) Germany.13) Although the dominance of ________ over ________ is clear in all countries, the relative importance of bond versus stock markets differs widely. 13) ______A) financial intermediaries; securities marketsB) government agencies; securities marketsC) financial intermediaries; government agenciesD) government agencies; financial intermediaries14) When short-term interest rates are expected to fall sharply in the future, the yield curve will 14) ______A) be an inverted U shape. B) be inverted.C) slope up. D) be flat.15) The higher a security's price in the secondary market the ________ funds a firm can raise by selling securities in the ________ market. 15) ______A) more; secondary B) more; primaryC) less; secondary D) less; primary16) Banks earn profits by selling ________ with attractive combinations of liquidity, risk, and return, and using the proceeds to buy ________ with a different set of characteristics. 16) ______A) securities; deposits B) assets; liabilitiesC) liabilities; assets D) loans; deposits17) Net profit after taxes per dollar of assets is a basic measure of bank profitability called 17) ______A) return on equity. B) return on assets.C) return on capital. D) return on investment.18) The largest percentage of banks' holdings of securities consist of 18) ______A) state and local government securities.B) Treasury and government agency securities.C) corporate securities.D) tax-exempt municipal securities.19) The global financial crisis lead to a decline in stock prices because 19) ______A) of a lowered expected dividend growth rate.B) higher expected future stock prices.C) of a lowered required return on investment in equity.D) higher current dividends.20) If an individual moves money from a savings deposit account to a money market deposit account, 20) ______A) M1 decreases and M2 stays the same.B) M1 stays the same and M2 increases.C) M1 stays the same and M2 stays the same.D) M1 increases and M2 decreases.21) During the Great Depression years 1930-1933 there was a very high rate of business failures and defaults, we would expect the risk premium for ________ bonds to be very high. 21) ______A) municipal B) U.S. Treasury C) corporate Aaa D) corporate Baa22) When tax revenues are greater than government expenditures, the government has a budget. 22) ______A) crisis. B) revision. C) surplus. D) deficit.23) In Japan in 1998 and in the U.S. in 2008, interest rates were negative for a short period of time because investors found it convenient to hold six-month bills as a store of value because 23) ______A) of the high inflation rate.B) these bills sold at a discount from face value.C) the bills were denominated in small amounts and could be stored electronically.D) the bills were denominated in large amounts and could be stored electronically.24) A person's house is part of her 24) ______A) income. B) liabilities. C) money. D) wealth.25) In the generalized dividend model, a future sales price far in the future does not affect the current stock price because 25) ______A) the present value cannot be computed.B) the stock may never be sold.C) the sales price does not affect the current price.D) the present value is almost zero.26) If there are five goods in a barter economy, one needs to know ten prices in order to exchange one good for another. If, however, there are ten goods in a barter economy, then one needs to know ________ prices in order to exchange one good for another. 26) ______A) 20 B) 25 C) 30 D) 4527) Financial institutions search for ________ has resulted in many financial innovations. 27) ______A) higher profits B) respect C) higher risk D) regulations28) If the liquidity effect is smaller than the other effects, and the adjustment to expected inflation is immediate, then the 28) ______A) interest rate will rise immediately above the initial level when the money supply grows.B) interest rate will rise.C) interest rate will fall immediately below the initial level when the money supply grows.D) interest rate will fall.29) In actual practice, short-term interest rates and long-term interest rates usually move together; this is the major shortcoming of the 29) ______A) segmented markets theory. B) expectations theory.C) liquidity premium theory. D) separable markets theory.30) What is the return on a 5 percent coupon bond that initially sells for $1,000 and sells for $1,200 next year?30) ______A) -5 percent B) 5 percent C) 25 percent D) 10 percent31) According to the liquidity premium theory of the term structure, a flat yield curve indicates that short-term interest rates are expected to 31) ______A) rise in the future. B) remain unchanged in the future.C) decline moderately in the future. D) decline sharply in the future.32) People hold money even during inflationary episodes when other assets prove to be better stores of value. This can be explained by the fact that money is 32) ______A) a unique good for which there are no substitutes.B) extremely liquid.C) the only thing accepted in economic exchange.D) backed by gold.33) One way of describing the solution that high net worth provides to the moral hazard problem is to say that it 33) ______A) collateralizes the debt contract.B) removes all of the risk in the debt contract.C) state verifies the debt contract.D) makes the debt contract incentive compatible.34) If additional information is not used when forming an optimal forecast because it is not available at that time, then expectations are 34) ______A) formed equivalently. B) obviously formed irrationally.C) still considered to be formed rationally. D) formed adaptively.35) Assuming the same coupon rate and maturity length, when the interest rate on a Treasury Inflation Protected Security is 3 percent, and the yield on a nonindexed Treasury bond is 8 percent, the expected rate of inflation is 35) ______A) 3 percent. B) 5 percent. C) 8 percent. D) 11 percent.36) Banks can lower the cost of information production by applying one information resource to many different services. This process is called 36) ______A) asymmetric information. B) economies of scope.C) economies of scale. D) asset transformation.37) If prices in the bond market become more volatile, everything else held constant, the demand curve for bonds shifts ________ and interest rates ________. 37) ______A) left; fall B) right; rise C) left; rise D) right; fall38) Savings and loan associations are regulated by the 38) ______A) Office of Thrift Supervision.B) Federal Reserve System.C) Office of the Comptroller of the Currency.D) Securities and Exchange Commission.39) If in an efficient market all prices are correct and reflect market fundamentals, which of the following is a false statement? 39) ______A) A stock that has done poorly in the past is more likely to do well in the future.B) One investment is as good as any other because the securities' prices are correct.C) A security's price reflects all available information about the intrinsic value of the security.D) Security prices can be used by managers to assess their cost of capital accurately.40) A lower level of income causes the demand for money to ________ and the interest rate to ________, everything else held constant. 40) ______A) decrease; increase B) decrease; decreaseC) increase; decrease D) increase; increase41) Which of the following $1,000 face-value securities has the lowest yield to maturity? 41) ______A) A 15 percent coupon bond selling for $900B) A 5 percent coupon bond selling for $1,000C) A 10 percent coupon bond selling for $1,000D) A 15 percent coupon bond selling for $1,00042) According to the liquidity premium theory of the term structure 42) ______A) bonds of different maturities are not substitutes.B) if yield curves are downward sloping, then short-term interest rates are expected to fall by so much that, even when the positive term premium is added, long-term rates fall below short-term rates.C) yield curves should never slope downward.D) interest rates on bonds of different maturities do not move together over time.43) Everything else held constant, if the expected return on RST stock declines from 12 to 9 percent and the expected return on XYZ stock declines from 8 to 7 percent, then the expected return of holding RST stock________ relative to XYZ stock and demand for XYZ stock ________. 43) ______A) falls; falls B) rises; rises C) falls; rises D) rises; falls44) Bank reserves include 44) ______A) vault cash and deposits at the Fed.B) deposits at other banks and deposits at the Fed.C) vault cash and short-term Treasury securities.D) deposits at the Fed and short-term treasury securities.45) Financial markets promote greater economic efficiency by channeling funds from ________ to ________.45) ______A) savers; borrowers B) borrowers; saversC) savers; lenders D) investors; savers46) When stock prices fall 46) ______A) an individual's wealth is not affected nor is their willingness to spend.B) an individual's wealth may decrease and their willingness to spend may decrease.C) a business firm will be more likely to sell stock to finance investment spending.D) an individual's wealth may decrease but their willingness to spend is not affected.47) The primary assets of credit unions are 47) ______A) municipal bonds. B) mortgages.C) business loans. D) consumer loans.48) The components of the U.S. M1 money supply are demand and checkable deposits plus 48) ______A) currency plus travelers checks plus money market deposits.B) currency plus savings deposits.C) currency plus travelers checks.D) currency.49) Property that is pledged to the lender in the event that a borrower cannot make his or her debt payment is called 49) ______A) points. B) good faith money.C) collateral. D) interest.50) ________ is the relative ease and speed with which an asset can be converted into a medium of exchange.50) ______A) Deflation B) Liquidity C) Efficiency D) Specialization1) A2) D3) A4) D5) C6) D7) B8) D9) C10) C11) A12) C13) A14) B15) B16) C17) B18) B19) A20) C21) D22) C23) D24) D25) D26) D27) A28) A29) A30) C31) C32) B33) D34) C35) B36) B37) C38) A39) A40) B41) B42) B43) C44) A45) A46) B47) D48) C49) C50) B。

套利 (Arbitrage)欧阳光明（2021.03.07）在不同的市场同时买入和卖出单一证券，以赚取差价。

资产 (Assets)公司的所有权，可以是有形的、无形的、固定或流动的。

自行处理权 (At Discretion)客户给经纪买或卖处理权的指示类型。

限额 (At Limit)客户给股票经纪不能买超过或卖低于某一价位的限制。

At The Market以现行价格买或卖证券的订单。

额定资本 (Authorized Capital)在公司联合备忘录中协订的实缴资本的最高金额。

平均 (Averaging)以不同的价格买或卖同样的股票的过程，以建立平均成本。

基本点(Basic Points)指债券收益率。

债券收益率中每一个百分点等于100个基本点。

如果债券收益率从7.25%变为7.39%，即升高了14个基本点。

熊市(Bear)预测股价将跌落而抛售股票。

熊市是股价下跌的延伸期，通常为下跌20％或更多。

牛市(Bull)预期股价将上扬而买入股票。

牛市表明市场持续上扬走势。

B系数(Beta)衡量股市风险的一种尺度。

0.7意味着股价可能按市场同样方向移动70％。

-1.3意味着股价可能与市场相反方向移动130%。

蓝筹股(Blue Chip)在投资中级别最高的普通股。

债券(Bond)记录借款的凭证，承诺在特定时间支付债券持有人特别利息，并于到期日偿还借款额。

发行红（利）股(Bonus Issue)以无偿发行股票的形式（通常是以资本项目）分配资金给股东。

簿记截止日(Book Closing Date)公司股东记录截止登记日，以决定股息、红利或附加股的授权。

簿记价值(Book value)公司资产簿记帐面价值。

簿记价值不必与购买成本或市场价值一致。

经纪费，佣金(Brokerage)股票经纪人因其买或卖股票服务而收取的费用。

业务循环(Business Cycle)经济活动的周期性变动，带动收入和就业变动。

确保买进(Buying-in)买入证券，而由卖方承担风险。

aabroad adv. 在国外，出国，广泛流传absence n. 缺席，离开absent adj. 不在，不参与absenteeism n. （经常性）旷工，旷职absorb v. 吸收，减轻（冲击、困难等）作用或影响abstract n. 摘要access n. 接近（或进入）的机会，享用权v. 获得使用计算机数据库的权利accommodation n. 设施，住宿account n. 会计帐目accountancy n. 会计工作accountant n. 会计accounts n. 往来帐目account for 解释，说明account executive n. （广告公司）客户经理*accruals n. 增值，应计achieve v. 获得或达到，实现，完成acknowledge v. 承认，告知已收到（某物），承认某人acquire v. 获得，得到*acquisition n. 收购，被收购的公司或股份acting adj. 代理的activity n. 业务类型actual adj. 实在的，实际的，确实的adapt v. 修改，适应adjust v. 整理，使适应administration n. 实施，经营，行政administer v. 管理，实施adopt v. 采纳，批准，挑选某人作候选人advertise v. 公布，做广告ad n. 做广告，登广告advertisement n. 出公告，做广告advertising n. 广告业after-sales service n. 售后服务agenda n. 议事日程agent n. 代理人，经纪人allocate v. 分配，配给amalgamation n. 合并，重组ambition n. 强烈的欲望，野心*amortise v. 摊还analyse v 分析，研究analysis n. 分析，分析结果的报告analyst n. 分析家，化验员annual adj. 每年的，按年度计算的annual general meeting （AGM）股东年会anticipate v. 期望anticipated adj. 期待的appeal n. 吸引力apply v. 申请，请求；应用，运用applicant n. 申请人application n. 申请，施用，实施appointee n. 被任命人appraisal n. 估量，估价appreciate v. 赏识，体谅，增值*appropriate v. 拨出（款项）approve v. 赞成，同意，批准aptitude n. 天资，才能*arbitrage n. 套利arbitration n. 仲裁*arrears n. 欠帐assemble v. 收集，集合assembly-line n. 装配线，流水作业线assess v. 评定，估价asset n. 资产current asset n. 流动资产fixed asset n. 固定资产frozen asset n. 冻结资产intangible assets n. 无形资产liquid assets n. 速动资产tangible assets n. 有形资产assist v. 援助，协助，出席audit n. 查账，审计automate v. 使某事物自动操作average n. 平均，平均水准awareness n. 意识；警觉Bbacking n. 财务支持，赞助backhander n. 贿赂*backlog n. 积压（工作或订货）bad debt 死账（无法收回的欠款）balance n. 收支差额，余额balance of payments n. 贸易支付差额balance sheet n. 资产负债表bankrupt adj. 破产的bankruptcy n. 破产bank statement n. 银行结算清单（给帐户的），银行对账单bar chart n. 条形图，柱状图bargain v. 谈判，讲价base n. 基地，根据地batch n. 一批，一组，一群batch production 批量生产bear market n. 熊市beat v. 超过，胜过behave v. 表现，运转behaviour n. 举止，行为，运转情况below-the-line advertising 线下广告，尚未被付款的广告benchmark n. 衡量标准benefit n. 利益，补助金，保险金得益fringe benefits n. 附加福利sickness benefit n. 疾病补助费bid n. 出价，投标takeover bid n. 盘进（一个公司）的出价bill n. 账单，票据billboard n. （路边）广告牌，招贴板black adj. 违法的in the black 有盈余，贷方black list 黑名单，禁止贸易的（货物、公司及个人）名单black Monday n. 黑色星期一，指1987年10月国际股票市场崩溃的日子blue chips n. 蓝筹股，绩优股blue-collar adj. 蓝领（工人）的Board of Directors n. 董事会Bond n. 债券bonus n. 津贴，红利books n . 公司帐目book value n. 账面价值，（公司或股票）净值bookkeeper n. 簿记员，记帐人boom n. 繁荣，暴涨boost v. 提高，增加，宣扬bottleneck n. 瓶颈，窄路，阻碍bottom adj. 最后的，根本的v. 到达底部，建立基础bounce v. 支票因签发人无钱而遭拒付并退回brainstorm n./v. 点子会议，献计献策, 头脑风暴branch n. 分支，分部brand n. 商标，品牌brand leader n. 占市场最大份额的品牌，名牌brand loyalty n. （消费者）对品牌的忠实break even v. 收支相抵，不亏不盈break even point 收支相抵点, 盈亏平衡点breakthrough n. 突破brief n. 摘要brochure n. 小册子broker n. 经纪人，代理人bull market 牛市budget n. 预算bulk n. 大量（货物）adj. 大量的bust adj. 破了产的buyout n. 买下全部产权CCAD(=Computer Aided Design) n. 计算机辅助设计call n. 打电话call on v. 呼吁，约请，拜访campaign n. 战役，运动candidate n. 求职者，候选人canteen n. 食堂canvass v. 征求意见，劝说capacity n. 生产额，（最大）产量caption n. 照片或图片下的简短说明capital n. 资本，资金capture v. 赢得cash n. 现金，现付款v. 兑现cash flow n. 现金流量case study n. 案例分析catalogue n. 目录，产品目录catastrophe n. 大灾难，大祸CEO n. Chief Executive Officer（美）总经理chain n. 连锁店challenger n. 挑战者channel n. (商品流通的)渠道charge n. 使承担，要（价），把……记入（账册等）chart n. 图表checkout n. 付款台chief adj. 主要的，首席的，总的CIF, c.i.f. 成本保险费加运费circular n. 传阅的小册子（传单等）circulate v. 传阅claim n./v. 要求，索赔client n. 委托人，顾客cold adj. 没人找上门来的，生意清淡的commercialise v. 使商品化commission n. 佣金*commitment n. 承诺commodity n. 商品，货物company n. 公司limited (liability) company (ltd.) 股份有限公司public limited company (plc) n. 股票上市公司compensate v. 补偿，酬报compensation n. 补偿，酬金compete v. 比赛，竞争competition n. 比赛，竞争competitor n. 竞争者，对手competitive adj. 竞争性的component n. 机器元件、组件、部件，部分concentrated marketing n. 集中营销策略condition n. 条件，状况*configuration n. 设备的结构、组合conflict n. 冲突，争论*conglomerate n. 综合商社，多元化集团公司*consolidate v. 帐目合并*consortium n. 财团constant adj. 恒定的，不断的，经常的consultant n. 咨询人员，顾问，会诊医生consumables n. 消耗品consumer durables n. 耐用消费品（如：洗衣机）consumer goods n. 消费品，生活资料*contingency n. 意外事件continuum n. 连续时间contract n. 合同，契约contractor n. 承办商，承建人contribute v. 提供，捐献contribution n. 贡献，捐献，税conversion n. 改装，改造conveyor n. 运送，传递，转让core time n. （弹性工作制的）基本上班时间（员工于此段时间必须上班，弹性只对除此以外的时间有效）cost n. 成本fixed costs 固定成本running costs 日常管理费用variable costs 可变成本cost-effective adj. 合算的，有效益的costing n. 成本计算，成本会计credit n. 赊购，赊购制度credit control 赊销管理（检查顾客及时付款的体系）letter of credit 信用证credit limit 赊销限额credit rating 信贷的信用等级，信誉评价creditor n. 债权人，贷方*creditworthiness n. 信贷价值，信贷信用crisis n. 危机，转折点critical adj. 关键的*critical path analysis n. 关键途径分析法currency n. 货币，流通current adj. 通用的，现行的Current account 往来帐户，活期（存款）户current assets n. 流动资产current liabilities n. 流动负债customise v. 按顾客的具体要求制造（或改造等）；顾客化cut-throat adj. 残酷的，激烈的cut-price a. 削价（出售）的CV(=curriculum vitae) n. 简历，履历*cycle time n. 循环时间Ddamages n. 损害，损失deadline n. 最后期限deal n. 营业协议，数量v. 交易dealer n. 商人debit n. 借方，欠的钱v. 记入帐户的借方debt n. 欠款，债务to get into debt 负债to be out of debt 不欠债to pay off a debt 还清债务debtor n. 债务人aged debtors 长期债务人declare v. 申报，声明decline n./v. 衰退，缓慢，下降decrease v. 减少deduct v. 扣除，减去default n. 违约，未履行defect n. 缺陷defective adj. 有缺点的defer v. 推迟deferred payments n. 延期支付deficit n. 赤字delivery cycle n. 交货周期*demand management n. 需求规化demotivated adj. 消极的，冷谈的deposit n. 储蓄，预付（定金）depot n. 仓库depreciate v. 贬值，（对资产）折旧depressing adj. 令人沮丧的deputy n. 代理人，副职，代理devalue v. 货币贬值（相对于其它货币）diet n. 饮食，食物，特种饮食differentiation n. 区分，鉴别dimensions n. 尺寸，面积，规模direct v 管理，指导director n. 经理，主管Managing Director n. 总经理direct cost n. 直接成本direct mail n. （商店为招揽生意而向人们投寄的）直接邮件direct selling n. 直销，直接销售directory n. 指南，号码簿discount n. 折扣，贴现dismiss v. 让……离开，打发走dismissal n. 打发走dispatch n./v. 调遣display n./v. 展出，显示dispose v. 安排，处理（事务）dispose of 去掉，清除distribution n. 分配，分发，分送产品*diversify v. 从事多种经营；多样化divest v. 剥夺dividend n. 股息，红利，年息division n. 部门*dog n. 滞销品down-market a./ad. 低档商品的*down-time/downtime n. 设备闲置期DP(=Data Processing) n. 计算机数据处理，计算机数据处理部门dramatic adj. 戏剧性的drive n. 积极性，能动性due adj. 应付的，预期的dynamic adj. 有活力的Eearnings n. 工资efficiency n. 效率endorse v. 背书，接受engage v. 雇用entitle v. 授权entitlement n. 应得的权利holiday entitlement n. 休假权equity n. 股东权益equity capital n. 股本equities 普通股，股票estimated demand n. 估计需求evaluate v. 估价，评价eventual adj. 最终的exaggerate v. 夸张exceed v. 超过exhibit n. 展览，表现expenditure n. 花费，支出额expense n. 费用，支出expense account n. 费用帐户expenses n. 费用，业务津贴expertise n. 专长，专门知识和技能*exposure n. 公众对某一产品或公司的知悉；广告所达到的观众总数Ffacilities n. 用于生产的设备、器材facilities layout n. 设备的布局规化、计划facilities location n. 设备安置*factoring n. 折价购买债券*fail-safe system n. 安全系统feasibility study n. 可行性研究feedback n. 反馈，反馈的信息field n. 办公室外边，具体业务file n. 文件集，卷宗，档案，文件v. 把文件（或资料）归档fill v. 充任finance n. 资金，财政v. 提供资金financial adj. 财政的financing n. 提供资金，筹借资金finished goods n. 制成品firm n. 公司fire v. 解雇fix v. 确定，使固定在fix up v. 解决，商妥fiscal adj. 国库的，财政的*flagship n. 同类中最成功的商品，佼佼者flexible adj. 有弹性的，灵活的flextime n. 弹性工作时间制flier(=flyer) n. 促销传单float v. 发行股票flop n. 失败flow shop n. 车间fluctuate v. 波动，涨落，起伏FOB, f.o.b n. 离岸价*follow-up n. 细节落实，接连要做的事forecast v. 预测four P's 指产品PRODUCT、价格PRICE、地点PLACE、促销PROMOTION framework n. 框架，结构*franchise n. 特许经销权v. 特许经销，给予特许经销权franchisee n. 特许经营人franchiser n. 授予特许经营权者fraud n. 欺骗*freebie n. （非正式的）赠品，免费促销的商品freelance n.& adj. 自由职业者（的）funds n. 资金，基金futures n. 期货交易Ggap n. 缺口，空隙*gearing n. 配称（即定息债务与股份资本之间的比率）*gimmick n. 好主意，好点子goal n. 目标going adj. 进行的，运转中的going rate n. 产品的市场价格goods n. 货物，商品goodwill n. 声誉*go public v. 首次公开发行股票grapple with v. 与……搏斗，尽力解决grievance n. 申诉，抱怨gross adj. 总的，毛的gross margin n. 毛利率gross profit n. 毛利gross yield n. 毛收益gradually adv. 逐渐地group n. （由若干公司联合而成的）集团grow v. 增长，扩大growth n. 增长，发展guarantee n. 保证，保单guidelines n. 指导方针，准则Hhand in v. 呈送hand in one's notice 递交辞呈handle v. 经营*hands on adj. 有直接经验的hard sell n. 强行推销hazard n. 危险，危害行为head n. 主管，负责health and safety n. 健康和安全*hedge n. 套期保值hidden adj. 隐藏的，不明显的hierarchy n. 等级制度，统治集团，领导层hire v. 雇用hire purchase n. 分期付款购物法hit v. 击中，到达holder n. 持有者holding company n. 控股公司hostile adj. 不友好的，恶意的HRD n. 人力资源发展部human resources n. 人力资源*hype n. 天花乱坠的（夸张）广告宣传Iimpact n. 冲击，强烈影响implement v. 实施，执行implication n 隐含意义incentive n. 刺激；鼓励income n. 工资或薪金收入，经营或投资的收入earned income 劳动收入，劳动所得unearned income 非劳动收入，投资所得increment v. 定期增加incur v 招致，承担*indemnity n. 偿还，赔偿index n. 指数，索引retail price index 零售价格指数indirect costs n. 间接成本induction n. 就职industrial adj. 工业的industrial action n. （罢工、怠工等）劳工行动industrial relations n. 劳资关系inefficiency n. 低效率，不称职inflate v. 抬高（物价），使通货等）膨胀inflation n. 通货膨胀*infringe v. 违法，违章initial adj. 初步的innovate v. 革新input n. 投入insolvent adj. 无清偿力的installment n. 部分，分期付款insure v. 给……保险，投保insurance n. 保险interest n. 利息，兴趣interest rate n. 利率interim n. 中期，过渡期间intermittent production n. 阶段性生产interview n./v. 面试interviewee n. 被面试的人interviewer n. 主持面试的人，招聘者introduce v. 介绍，提出*inventory n. 库存buffer inventory n. 用于应付突发性需求的存货capacity inventory n. 用于将来某时使用的存货cycle inventory n. 循环盘存decoupling inventory n. 保险性存货（以应付万一）finished goods inventory n. 制成品存货（盘存）pipeline inventory n. 在途存货raw materials inventory n. 原材料存货work-in-proGREss inventory n. 在制品盘存（存货）invest v. 投资investment n. 投资investor n. 投资者invoice n. 发票v. 给（某人）开发票irrevocable adj. 不可撤消的，不能改变的issue n. 发行股票* rights issue n. 优先认股权IT=Information Technology 信息技术item n. 货物，条目，条款Jjob n. 工作job description 工作说明，职务说明*job lot n. 一次生产的部分或少数产品job mobility 工作流动job rotation 工作轮换job satisfaction 工作的满意感（自豪感）*job shop n. 专门车间jobbing n. 为一次性的或小的订货需求而特设的生产制度joint adj. 联合的joint bank account （几个人的）联合银行存款帐户journal n. 专业杂志*jurisdiction n. 管辖（权）junk bonds n. 低档（风险）债券，垃圾债券junk mail n. （未经收信人要求的）直接邮寄的广告宣传*just-in-time n. 无库存制度Kkey adj. 主要的，关键的knockdown adj. （价格）很低的know-how n. 专门技术Ｌlabel n. 标签，标牌v. 加标签，加上标牌labour n. 劳动，工作，劳动力labour market 劳动力市场labour relations 劳资关系labour shortage 劳动力短缺*launch v. 在市场推出一种新产品n. 新产品的推出lay-off/layoff n./v. 临时解雇layout n. 工厂的布局lead v. 领先，领导lead time n. 完成某项活动所需的时间leaflet n. 广告印刷传单lease n. 租借，租赁物legal adj. 合法的lend v. 出借，贷款lessee n. 承租人lessor n. 出租人*ledger n. 分类帐nominal ledger n. 记名帐purchase ledger n. 进货sales ledger n. 销货帐*leverage n. 杠杆比率liability n. 负债liabilities n. 债务licence(US: license) n. 许可证license v. 许可，批准life cycle n. 寿命周期likely adj. 可能的*line process 流水线（组装）link n. 关系，联系，环liquid adj. 易转换成现款的liquidate v. 清算*liquidity n. 拥有变现力liquidation n. 清理（关闭公司），清算liquidator n. 清算人，公司资产清理人listed adj. 登记注册的listing n. 上市公司名录literature n. （产品说明书之类的）印刷品，宣传品litigate v. 提出诉讼loan n./v. 贷款，暂借logo n. 企业的特有标记lose v. 亏损loser n. 失败者loss n. 损失lot n. 批，量loyalty n. 忠诚，忠实Mmagazine n. 杂志，期刊mailshot n. 邮购maintain v. 维持，保持maintenance n. 维持，坚持major adj. 重大的，主要的，较大的majority shareholding 绝对控股make n. 产品的牌子或型号make-to-order adj. 根据订货而生产的产品make-to-stock adj. 指那些在未收到订货时就已生产了的产品management n. 管理，管理部门middle management n. 中层管理人员senior management n. 高层管理人员managerial adj. 管理人员的，管理方面的manager n. 经理plant manager n. 工厂负责人line manager n. 基层负责人staff manager n. 部门经理助理management accounts n. 管理帐目matrix management n. 矩阵管理*management information system(MIS) n. 管理信息系统manning n. 人员配备manpower n. 劳动力manpower resources n. 劳动力资源manual adj. 体力的，人工的，蓝领的manufacture v. （用机器）制造manufacturer n. 制造者（厂、商、公司）manufacturing adj. 制造的manufacturing industry 制造业margin n. 利润gross margin n. 毛利率net margin n. 净利润mark-up v. 标高售价，加价market n. 市场；产品可能的销量down market adv./adj. 低档商品/地的up market adj./adv. 高档商品的/地marketing mix n. 综合营销策略，指定价、促销、产品等策略的配合market leader n. 市场上的主导公司*market niche n. 小摊位，专业市场的一个小部分market penetration n. 市场渗入market segmentation 市场划分market share n. 市场占有率，市场份额*mass-marketing n. 大众营销术*master production schedule n. 主要生产计划*material requirements planning(MRP) n. 计算生产中所需材料的方法*materials handling n. 材料管理，材料控制maximise v. 使增至最大限度、最大化measure n. 措施，步骤media n. 新闻工具，传媒mass media 大众传媒（如电视、广播、报纸等）merchandising n. （在商店中）通过对商品的摆放与促销进行经营merge v. 联合，合并merger n. （公司，企业等的）合并merit n. 优点，值得，应受method study n. 方法研究middleman n. 中间人，经纪人full milk n. 全脂牛奶skimmed milk n. 脱脂乳minimise v. 使减至最小限度，最小化*mission n. 公司的长期目标和原则mobility n. 流动性，可移性moderately adv. 中等地，适度地monopoly n. 垄断，独占mortgage n./v. 抵押motivate v. 激励，激发……的积极性motivated adj. 有积极性的motivation n. 提供动机，积极性，动力motive n. 动机Nnegotiate v. 谈判negotiable adj. 可谈判的，可转让的net adj. 净的，纯的network n. 网络*niche n. 专业市场中的小摊位notice n. 通知，辞职申请，离职通知Oobjective n. 目标，目的obsolete adj. 过时的，淘汰的，废弃的offer n. 报价，发盘offer v. 开价off-season adj./adv. 淡季的off-the-shelf adj. 非专门设计的off-the-peg adj. 标准的，非顾客化的opening n. 空位operate v. 操作，经营，管理operating profits 营业利润*operations chart n. 经营（管理）表*operations scheduling n. 生产经营进度表opportunity n. 机会*optimize v. 优化option n. 选择权share option n. 期权organigram n. 组织图organisation chart n. 公司组织机构图orient v. 定向，指引orientation n. 倾向，方向；熟悉，介绍情况outcome n. 结果outlay n. 开销，支出，费用*outlet n. 商店a retail outlet 零售店outgoings n. 开支，开销outlined adj. 概括，勾勒的草图output n. 产量*outsource v. 外购产品或由外单位制做产品outstanding adj. 未付款的，应收的over-demand n. 求过于供overdraft n. 透支overdraft facility 透支限额overdraw v. 透支*overhead costs n. 营业成本*overheads n. 企业一般管理费用overpay n. 多付（款）overtime n. 加班overview n. 概述，概观owe v. 欠钱，应付Pp.a.(=per annum) n. 每年packaging n. 包装物；包装parent company n. 母公司，总公司part-time adj. 部分时间工作的，业余的participate v. 参加，分享(in)partnership n. 合伙（关系），合伙，合伙企业patent n. 专利pay n. 工资，酬金v. 付钱，付报酬take-home pay 实得工资payroll n. 雇员名单，工资表peak n. 峰值，顶点penetrate v. 渗透，打入（市场）penetration n. 目标市场的占有份额pension n. 养老金，退休金perform v. 表现，执行performance n. 进行，表现工作情况performance appraisal n. 工作情况评估perk n. 额外待遇（交通、保健、保险等）personnel n. 员工，人员*petty cash n. 零用现金phase out n. 分阶段停止使用*pick v. 提取生产用零部件或给顾客发货* picking list n. 用于择取生产或运输订货的表格pie chart n. 饼形图pilot n. 小规模试验pipeline n. 管道，渠道plant capacity n. 生产规模，生产能力plot v. 标绘，策划*plough back n. 将获利进行再投资* point of sale (POS) n. 销售点policy n. 政策，规定, 保险单*portfolio n. （投资）组合*portfolio management n. 组合证券管理post n. 邮件，邮局；职位position n. 职位potential n. 潜在力，潜势power n. 能力purchasing power 购买力PR=Public Relations 公共关系*preference shares n. 优先股price n. 价格market price 市场价，市价retail price 零售价probation n. 试用期product n. 产品production cycle n. 生产周期production schedule n. 生产计划product life cycle n. 产品生命周期product mix n. 产品组合（种类和数量的组合）productive adj. 生产的，多产的*profile n. 简介形象特征profit n. 利润operating profit n. 营业利润profit and loss account n. 损益帐户project v. 预测promote v . 推销promotion n. 提升，升级proposal n. 建议，计划prospect n. 预期，展望prospectus n. 计划书，说明书prosperity n. 繁荣，兴隆prototype n. 原型，样品*publicity n. 引起公众注意public adj. 公众的，公开的go public 上市public sector 公有企业publicity n. 公开场合，名声，宣传publics n. 公众，（有共同兴趣的）一群人或社会人士punctual adj. 准时的punctuality n. 准时purchase v. & n. 购买purchaser n. 买主，采购人QQC(=Quality Circle) n. 质检人员qualify v. 有资格，胜任qualified adj. 有资格的，胜任的，合格的qualification n. 资格，资格证明quality n. 质量quality assurance n. 质量保证quality control 质量控制，质量管理quarterly adj./adv. 季度的，按季度questionnaire n. 调查表，问卷quote n. 报价，股票牌价quotation n. 报价，股票牌价RＲ＆ＤResearch and Development 研究与开发radically adv. 根本地，彻底地raise n. （美）增加薪金v. 增加，提高；提出，引起range n. 系列产品rank n./v. 排名rapport n. 密切的关系，轻松愉快的气氛rate n. 比率，费用fixed rate 固定费用，固定汇率going rate 现行利率，现行汇率rating 评定结果ratio n. 比率rationalise v. 使更有效，使更合理raw adj. 原料状态的，未加工的raw material n. 原材料receive v. 得到receipt n. 收据receiver n. 接管人，清算人accounts receivable 应收帐receivership n. 破产管理recession n. 萧条reckon v. 估算，认为recognise v. 承认reconcile v. 使……相吻合，核对，调和recoup v. 扣除，赔偿recover v. 重新获得，恢复recovery n. 重获，恢复recruit v. 招聘，征募n. 新招收的人员recruitment n. 新成员的吸收red n. 红色in the red 赤字，负债reduce v. 减少reduction n. 减少redundant adj. 过多的，被解雇的redundancy n. 裁员，解雇reference n. 参考，参考资料reference number (Ref. No.) 产品的参考号码refund n./v. 归还，偿还region n. 地区*reimburse v. 偿还，报销reject n./v. 拒绝reliability n. 可靠性relief n. 减轻，解除，救济relocate v. 调动，重新安置remuneration n. 酬报，酬金rent v. 租n. 租金rep （代表）的缩写report to v. 低于（某人），隶属，从属reposition v. (为商品)重新定位represent v. 代表，代理representative n. 代理人，代表reputation n. 名声，声望reputable adj. 名声/名誉好的reserves n. 储量金，准备金resign v. 放弃，辞去resignation n. 辞职resistance n. 阻力，抵触情绪respond v. 回答，答复response n. 回答，答复restore v. 恢复result/results n. 结果，效果retail n./v. 零售retailer n. 零售商*retained earnings n. 留存收益retire v. 退休retirement n. 退休return n. 投资报酬*return on investment (ROI) n. 投资收入，投资报酬revenue n. 岁入，税收review v./n. 检查reward n./v. 报答，报酬，奖赏*rework v. （因劣质而）重作risk capital n. 风险资本rival n. 竞争者，对手adj. 竞争的rocket v. 急速上升，直线上升，飞升ROI Return on Investment 投资利润roughly adv. 粗略地round adj. 整数表示的，大约round trip 往返的行程royalty n. 特许权，专利权税run v. 管理，经营running adj. 运转的Ｓsack v. 解雇sales force 销售人员sample n. 样品；v. 试验；抽样检验*saturation n. （市场的）饱和（状态）saturate v. 饱和save v. 节省，储蓄savings n. 存款scale n. 刻度，层次scapegoat n. 替罪羊scare adj. 缺乏的，不足的*scrap n. 废料或废品seasonal adj. 季节性的section n. 部门sector n. 部门*securities n. 债券及有价证券segment n. 部分v. 将市场划分成不同的部分segmentation n. 将市场划分成不同的部门semi-skilled adj. 半熟练的settle v. 解决，决定settlement n. 解决，清偿，支付service n. 服务，帮佣services n. 专业服务settle v. 安排，支付set up v. 创立share n. 股份shareholder n. 股东*shelf-life n. 货架期（商品可以陈列在货架上的时间）shift n. 轮班showroom n. 陈列室simulation n. 模拟shop n. 商店closed shop 限制行业（只允许本工会会员）open shop 开放行业（非会员可从事的工作）shop steward 工会管事shopfloor 生产场所shortlist n. ……供最后选择的候选人名单v. 把……列入最后的候选人名单sick adj. 病的sick leave 病假sick note 病假条sick pay 病假工资sickness 生病skill n. 技能，熟巧skilled employee n. 熟练工人*skimming n. 高额定价，撇奶油式定价slogan n. 销售口号slump n. 暴跌a slump in sales 销售暴跌soft-sell n. 劝诱销售（术），软销售（手段）software n. 软件sole adj. 仅有的，单独的sole distributor 独家分销商solvent adj. 有偿付能力的*sourcing n. 得到供货spare part n. 零部件specification n. 产品说明split v. 分离spokesman n. 发言人sponsor n. 赞助者（为了商品的广告宣传）spread n. （股票买价和卖价的）差额stable adj. 稳定的staff n. 职员stag n. 投机认股者v. 炒买炒卖stagnant adj. 停滞的，萧条的*statute n. 成文法statutory adj. 法定的steadily adv. 稳定地，平稳地stock n. 库存，股票stock exchange n. 证券交易所*stockbroker n. 股票经纪人stock controller 库房管理者storage n. 贮藏，库存量strategy n. 战略*streamline v. 精简机构，提高效率stress n. 压力，紧迫strike n. 罢工structure n. 结构，设备*subcontract v. 分包（工程项目），转包subordinate n. 下级adj. 下级的subscribe v. 认购subsidiary n. 子公司subsidise v. 补贴，资助subsidy n. 补助金substantially adv. 大量地，大幅度地summarise v. 概括，总结superior n. 上级，长官supervisor n. 监督人，管理人supervisory adj. 监督的，管理的supply n./v. 供给，提供survey n 调查*SWOT analysis n. SWOT分析是分析一个公司或一个项目的优点、弱点、机会和风险*synergy n. 协作Ｔtactic n. 战术，兵法tailor v. 特制产品tailor made products 特制产品take on 雇用takeover n. 接管target n. 目标v. 把……作为目标tariff n. 关税；价目表task n. 任务，工作task force n. 突击队，攻关小队（为完成某项任务而在一起的一组人）tax n. 税，税金capital gains tax n. 资本收益税corporation tax n. 公司税，法人税income tax n. 所得税value added tax 增值税tax allowance 免减税tax avoidance 避税taxable 可征税的taxation 征税tax-deductible 在计算所得税时予以扣除的telesales n. 电话销售，电话售货temporary adj. 暂时的temporary post 临时职位tender n./v. 投标territory n. （销售）区域tie n. 关系，联系throughput n. 工厂的总产量TQC(=Total Quality Control) n. 全面质量管理*track record n. 追踪记录，业绩trade n./v. 商业，生意；交易，经商balance of trade 贸易平衡trading profit 贸易利润insider trading 内部交易trade mark 商标trade union 工会trainee n. 受培训者*transaction n. 交易，业务transfer n./v. 传输，转让*transformation n. 加工transparency n. (投影用)透明胶片treasurer n. 司库，掌管财务的人*treasury n. 国库，财政部trend n. 趋势，时尚*trouble-shooting n. 解决问题turnover n. 营业额，员工流动的比率staff turnover 人员换手率stock turnover 股票换手率Uundertake v. 从事、同意做某事undifferentiated marketing n. 无差异性营销策略uneconomical adj. 不经济的，浪费unemployment n. 失业unemployment benefit n. 失业津贴unit n. 单位unit cost n. 单位成本update v. 使现代化up to date adj./adv. 流行的，现行的，时髦的upgrade v. 升级，增加upturn n. 使向上，使朝上USP 唯一的销售计划Vvacancy n. 空缺vacant adj. 空缺的value n./v. 价值，估价valuation n. 价值value-added n. 增加值variable n. 可变物variation n. 变化，变更variety n. 多样化a variety of 多种多样的vary v. 改变，修改V AT Value Added Tax 增值税vendor n. 卖主（公司或个人）venture n. 冒险，投机venue n. 地点，集合地点viable adj. 可行的viability n. 可行性vision n. 设想，公司的长期目标vocation n. 行业，职业vocational adj. 行业的，职业的Wwage n. （周）工资wage freeze n. 工资冻结warehouse n. 仓库，货栈wealth n. 财富，资源wealthy adj. 富裕的，丰富的welfare n. 福利white-collar 白领阶层white goods n. 如冰箱和洗衣机等用在厨房中的产品wholesale n./adj./adv. 批发wholesaler 批发商*wind up v. 关闭公司withdraw v. 拿走，收回，退出withdrawal n. 拿走，收回，退出wholesale n./a. 批发；批发的wholesaler n. 批发商work n. 工作working conditions n. 工作条件work-in-proGREss n. 工作过程workload n. 工作量work order n. （包括原料、半成品、成品的）全部存货总量work station 工作位置*working capital n. 营运资本，营运资金write off v. 取消write-off n. 债务的取消Y*yield n. 有效产量Z*zero defect n. 合格产品*zero inventory n. 零存货。