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The role of technology in the investment of German firms in ChinaXiangdong Chen a,*,Guido Reger baSchool of Economics and Management,Beijing University of Aeronautics and Astronautics,Beijing 100083,People’s Republic of ChinabUniversity of Potsdam,D-14482Potsdam,GermanyAbstractChina,as being the largest foreign direct investment (FDI)host country in the world and the leading developing country in terms of volume of FDI inflows,has been increasingly attracting international attention from companies and policy makers.As more and more German manufacturing companies move into China,the investment is becoming larger in size and of higher quality.In the meantime,issues of the motives and nature of German FDI in China and related technological activities are developed to a more important topic for both Chinese and overseas researchers.This paper aims at the analysis and explanation of FDI movement driven by German companies in China and the role of technology hereby.Our research includes a literature review,a database analysis and a mail survey on German firms investing in China.Different indicators suggest that the motives for German FDI are long-term based and are deeply market-oriented,which can be characterised through seeking new markets and enlarging market shares.Technology transfer is therefore mainly dedicated to production and managerial facilities.q 2004Elsevier Ltd.All rights reserved.Keywords:Foreign direct investment (FDI);Technology transfer;China;German companies;Innovation1.IntroductionForeign direct investment (FDI)has been discussed widely in the scientific community of international business and management.Special concern has been focused on foreign companies’entry modes and their investment strategies in a certain country or region,particularly in cases where market potential or cultural differences between home and host country are high.China,being the largest FDI host country in the world since 2002,and as a fast growing developing nation,has typical characters in both economic and technological development,and has been increasingly attracting international attention.Number of international studies regarding the case of China has been increasing especially in recent years,among which studies by Western scholars are in the majority.On the other hand,multinational enterprises (MNEs)from different countries have been analysed in FDI related studies,of which German companies are reported as one of the most active FDIdriving forces in the world,with particular strength in the manufacturing area in developing countries.This research aims at analysing FDI movement of German companies in China and the technological activities related to this.The study and the survey should provide up to date insights and lessons for both academic researchers and business practitioners in the field of innovation with an international business context.From a methodological viewpoint our study includes:–a review of empirical and theoretical studies,–an analysis of German companies investing in China based on a database of the Delegation of the German Industry and Commerce (GIC)in Shanghai,–a mail survey among German companies active in China.The paper is structured as follows:Section 2gives a summarized literature review on foreign direct investment and technological activities.Section 3will present the main results of our database analysis and mail survey among German firms investing in China.Conclusions are drawn in Section 4.0166-4972/$-see front matter q 2004Elsevier Ltd.All rights reserved.doi:10.1016/j.technovation.2004.11.009Technovation 26(2006)407–415/locate/technovation*Corresponding author.Tel.:C 861082315597;fax:C 861082316100.E-mail address:chenxdng@ (X.Chen).2.Foreign direct investment and technological activities—a literature reviewForeign direct investment(FDI)has been one of the most striking issues currently discussed in the scientific journals on innovation as well as international business.FDI is defined as‘investment that brings(foreign)investors effective control and is accompanied with managerial participation’(Robock and Simmonds,1983,6)and is mainly conducted by MNEs.Special concern has been focused on foreign companies’entry modes and their investment strategies in countries or regions where market potential or cultural differences between home and host country are high.China is one of the countries of this kind. Ever since2002,China became the largest host country in the world in terms of attracting international investment, particularly from MNEs in more industrialized countries. On the other hand,MNEs from different countries have been analysed in FDI related studies(e.g.Xu,2000;Bu,2001; Buckley and Casson,1998;Dunning,1998;Sanyalla and Guvenli,2000),of which German companies are reported as one of the most active FDI driving forces in the world,with particular strength in manufacturing in developing countries.The development of German FDI into China in the last decade is closely linked with trade relations between the two countries.Based on trade related statistical data,in recent years,China has become one of the important trade partners of German companies with a positive increase of67and 88%in terms of export and import value,respectively, between1996and2001.Among overall FDI inflows into China from different countries and districts,German investment increased significantly in recent years,particu-larly between1996and1998.Fig.1compares the German FDI inflows(see real FDI at the right vertical axis)with overall FDI inflows(see real FDI at the left vertical axis).Along with increasing demand for lowering down trade and production costs,FDI is becoming more and more a vitally important tool or operating channel for international companies to transfer and to leverage various resources, which has been emphasized in recent years not only by companies in capital exporting countries but also by ones in capital host countries.Thus in some developing countries such as in China,competitive advantage,right location,as well as so called created asset synergy are frequently discussed as necessities in attracting FDI.For example, from a capital supplier’s point of view,it is generally acknowledged that there are four main motives for foreign direct investment:(1)to seek natural resources,(2)to seek new markets,(3)to restructure existing production through rationalization and(4)to seek strategically related created assets(see Narula and Dunning,2000).These motives can be broadly divided into two types.Thefirst three ones represent motives which are primarily asset-exploiting in nature:the investing company’s primary aim is to generate economic rent through the use of its existingfirm-specific assets in the home country.On the other hand,the fourth motive is an asset-augmenting activity,whereby the investingfirm wishes to enrich its existing assets by investing its capital into foreign locations and tap into the host country’s knowledge sources.Apparently,the fourth motive and related entry mode can create wealthier technology and knowledge,but at the same time,the nature of the investment is decisive.Although there is an increase in asset-seeking FDI in some developing countries during the last decade this still seems to be the exception rather than the rule(see Narula and Dunning,2000).Main reasons can be listed as lower average educational level of working forces,less technological capabilities and organizational skills—all in all a less developed national and regional innovation system in developing countries.On the other hand,FDI in developing countries as a whole still proves to be most challenging and sometimes highly unsatisfactory.Beamish(1985,1987,1988)did exclusive work on joint ventures of multinationals in developing countries and his research showed that devel-oping countries had a higher level of instability.A report from UNCTAD(1998)also indicates the increasingreliance Fig.1.FDI inflows into China between1990and2001(total investment vs.investment from Germany).X.Chen,G.Reger/Technovation26(2006)407–415408of less developed countries on FDI as a source of capital, technology and knowledge.Although inward FDI does not represent the only option available to the economic development of these countries’it may represent the most efficient option.Narula and Dunning(2000)give four reasons.First,the acquiring technological know-how through entering foreign markets is an expensive under-taking,and given the shortage of domestic capital this option is not open to many developing countries.Second, liberalized market means that overseasfirms are likely to be more eager to maintain controls of their competitive advantages,either through establishment of wholly owned subsidiaries or through joint ventures.There are exceptions, though generally this happens only where strong strategic reasons or structural distortions exist,for instance where the host country has a strong bargaining position,or where the technology has reached the status of a commodity.Third, infant industry protection is supporting creation of a domestic sector,however,protected markets are a limited option within the framework of the World Trade Organiz-ation(WTO).Fourth,the complementary resources necess-ary to establish a viable and strong domestic sector are usually very capital and knowledge-intensive.In host countries,particularly in developing countries, competition is also keen for the‘right’investment to be attracted for the country or region.Hence,so called specialized FDI or sequential investment,or even the phenomena of investment in clusters,becomes vitally important for developing countries,because they offer the opportunity of receiving production knowledge,technology and innovation.Studies show that attracting specialized FDI to a particular sector can alter the sequence of industrial upgrading(see Williamson and Hu,1994)because special-ized FDI may help to improve the created assets associated within certain sectors.Moreover,created assets in any one sector may have significant knowledgeflow externalities into another one,which,in turn,may represent significant input to another sector.But this presumes the presence of a virtuous circle and the development of appropriate clusters. On the other hand,sequential investment in higher valued sectors is important.Blomstrom(1989)in his study revealed that this kind of activity provided the most significant potential spillovers,although generally the opportunities for sequential investments are limited.3.Empirical results:motives and nature of German FDI in China3.1.Research approachOur empirical results are based on two elements:(1)an analysis of a database of the Delegation of the German Industry and Commerce(GIC),and(2)a mail survey among German companies with FDI in China.Thefirst source for our empirical investigation was the database of Shanghai’s GIC,which we cleared up for our scientific purposes.The GIC database contains in total1515records of German firms investing in China until January2001,however,only 415at the time of survey provided more detailed information on their investment nature and were included in our FDI analysis.The written survey is the second source and was conducted in the end of2001among164companies that had foreign direct investment in China with their head-quarters in Germany.The original data stem from the cleared up GIC database.We included in our sample all German companies that had production facilities in China and exclude thosefirms that only had administrative offices. The questionnaire was written in English.The hypotheses and the questionnaire were built on the analysis of international and Chinese empirical studies on FDI in China,including studies specifically on German companies and their investment in China.The mail survey was accompanied by telephone and personal interviews.33 responses were received and21questionnaires werefilled in completely and could be included in our analysis(which represents response rate of12.8%).3.2.Distribution of German FDI according to regions, branches and entering timeThe analysis of the cleared up GIC database shows that the investment of German companies in China are concentrated in certain areas and highly geographically differentiated,such as in Shanghai City area(39%),Beijing City area(26.5%),Eastern China(13.5%,of which Jiang-su Province accounts for77.6%),and southern China(8.2%, of which Guangdong Province accounts for77.0%) Table1Geographical distribution and ranking of the investment of Germanfirms in ChinaTypical district in China GICdatabaseOwn mailsurvey Beijing City26.47%(2)11%(4) Shanghai City(coast city)39.00%(1)31%(1) Jiangsu Prov.(eastern coast province),7.70%(3)19%(2) Shandong Prov.(eastern coast province), 3.58%(5)Zhejiang Prov.(eastern coast province) 2.23%(7) Guangdong Prov.(southern coast province) 6.55%(4)11.4%(3) Fujian Prov.(southern coast province) 1.62%(8)Liaoning Prov.(north eastern coast province) 3.17%(6)7.7%(5) Jilin Prov.(north eastern,inner land) 1.28%(10)Tianjin City(coast city) 3.17%(6)0.0% Sichuan Prov.(Southern west China,innerland)1.35%(9)7.7%(5) Hubei Prov.(central China,inner land) 1.28%(10) 3.9%(6) Hebei Prov.(central north China,inner land)0.81%(11)Anhui Prov.(central China,inner land)0.68%(12)Sum98.92%99.0% Note:those samples with shares less than0.50%are excluded,which means that the rest1.08%of investment in terms of company numbers are scattered in other11provinces and cities,and there are still other six provinces with no German’s investment at all.X.Chen,G.Reger/Technovation26(2006)407–415409(see Table1).The Germanfirms in these four major cities and provinces represent87.15%of all China-based German companies’investment.Unlike investment distribution from Hong Kong and other Asian countries and districts, German investment is not very much condensed in deep southern China,but heavily concentrated upon Shanghai City area,and some eastern part of China where large local manufacturing companies are located.The reason why Beijing area accounts for a large ratio can be attributed to the large numbers of representative offices or holding companies of Germanfirms which may also reflect that larger MNEs are the dominating parts of German invest-ment in China.The detailed rank of Chinese cities and provinces attracting German companies are shown in Table1,whereby data from two sources—the GIC database and our mail survey—are compared.Generally speaking,the geographic distributions in the two data sets are rather similar.Eastern coast cities and districts(including Shanghai city)are heavily concentrated by German investment.One of the key reasons explained by a large German MNE is the closer distance from the manufacturing base to the company’s major customers.As most important joint ventures and local enterprises, including state-owned,collective owned,and town and township enterprises are heavily located in these regions, this geographical distribution pattern of German investment reasonably reflects the manufacturing nature of the invest-ment,and also applies to some business research in papers published in Chinese.Location factors for attracting western investment in China are usually ranked as(according to the importance of factors):infrastructure and suitable business facilities,convenient international trade and communication conditions with overseas buyers or suppliers,stability of local government policies and social life,highly qualified working staff,closeness to major customers,well estab-lished legislative system and business law,modernized managerial system,and convenience of local transportation. Apparently,these factors also imply important supporting conditions for longer term and market oriented investment.Based on the GIC database,German companies invest in China in both manufacturing and services sector.If measured in numbers offirms invested,then manufacturing firms account for74.7%whilefirms in service sector only account for25.3%.Within the manufacturing sector,the most significantfields being invested are chemicals (21.75%)and mechanical sector(74.7%).Within the services sector,the investment is distributed by rank in trade andfinance(35.6%),transportation and warehousing (28.5%),accounting and consultancy(15.7%),education and training(10.7%),design,installation,and repair(4.2%), computer software(2.9%),and law(2.4%).According to Bu(2001)recent survey on German companies in China,86.3%of the investigated199firms established their business in China during1994–1996.The maximum lifetime of thosefirms is13years and the minimum is only7months,with an average duration of3.5 years.Our analysis of the GIC database covering415German firms provides a more complete distribution pattern.Fig.2 shows the entering time of Germanfirms into China from 1979till2000.They invested in China mainly between1993 and1997.Most sample companies(73.4%)entered China after1992,while most large German MNEs(50%)began their R&D investment also after1992.Apparently,many German companies began their China operation based on a long-term vision,particularly after1992.However,a larger drop in the number of investingfirms occurred after1998, which can be interpreted as the negative influence of the Asianfinancial crisis.However,large-scale investment, which is normally conducted by larger MNEs,continued. Especially in recent years,German MNEs have shown their sequential investment with larger volume.3.3.Foreign direct investment and technology transferAs far as technology transfer issues are concerned,76.9% of the German companies investigated in our mail survey responded that they had transferred technology into China through their subsidiary,7.7%of the investigatedfirms expressed their intention to transfer technology in the future, and15.4%of our sample neither transfer technology nor have such intentions.The technology transfer involved is mainly characterized by production equipment.Only18.8% of our sample companies mentioned that their productswere Fig.2.German investment in China:entering time distribution by numbers offirms.X.Chen,G.Reger/Technovation26(2006)407–415410adapted to local needs through R&D activities,and12.5% provided new product designs.On the other hand,50%of the samplefirms renovated their products only through marketing terms(package,etc.),6.5%might do so in the future,and another12.5%companies mentioned that they directly transferred original designs into China.Further,if we consider a more detailed nature of the technology being transferred,Table2provides more information based on our survey.Three modes are classified and defined here,namely,hardware transfer(to indicate production routine with international standards),on-site software transfer(to indicate the transfer of more practical production-oriented technology,or operating know-how), and idea transfer(to indicate transfer of more design-type of technology,or know-why type knowledge).Thefirst mode of technology transfer provides means of international pro-duction routine,normally with enlarged production capacity, while transfer of on-site software can promote local learning of practical techniques and operation knowledge in a wider sense.The third mode of transferring technology is the most advanced in the sense of gaining knowledge and may provide key opportunities for the recipient to catch up with the rapid change of the market,though this type of technology transfer is still very much limited.3.4.Position in supply chainOur sample companies’operation in terms of supply chain in China is significantly positioned at mid and upper stream markets for China’s domestic industrial buyers. Table3reveals that Germanfirms’investment in China clearly focuses on industrial buyers(83.5%),primarily buyers in Chinese market(75.1%).Another important nature of investigated companies is reflected to be upstream buyers oriented(70.9%).On the other hand,our data also indicate that most(75.3%)of the investigated companies purchase semi-manufactured products for their own pro-duction from Chinese domestic market.These facts imply that German FDI in China is heavily localized in terms of both product output and materials input,with strong support from their steady supply chain cooperation(which can be revealed from the larger share of purchasing on special purpose parts as these special purpose product supplies generally require longer term inter-firm relations).Therefore,it can be concluded that the German subsidiaries are well positioned in the Chinese market for longer-term operations and are focussed on local industrial buyers.3.5.Motives,success factors,difficulties,and future plansAn important part of our questionnaire was designed to ask the German companies for their perceptions on different aspects of their investment projects in China(refer to Table4).52questions in total in this part are distributed into seven groups.Questions in Group1are directly related to investment motives in general,while questions in Groups2,Table2Three categories of technology transfer of Germanfirms investing in China Classifi-cationItems Ratio(%)Nature(%)Hardware transfer Complete set of technicalequipment6.2Learning ofproductionroutine Subtotal:20.0 Key technical equipmenttransfer13.8On-site soft-ware transfer Technical document andon-site problem solving18.5Learning ofKnow-howSub total:70.7 Technical consultancy forproduction problems12.3Technical personnel andtechnical training26.1Management and qualitycontrol skills13.8Idea transfer Product prototype 4.6know-whytype learningsub total:9.2 Patent license 4.6Table3Investigated Germanfirms in China-supplying and purchasing natureOutside of China market(industrial market)China domestic market(industrial market)Consumer goodsmarket(Chinese andoverseas market)Upstream sec-tors Down streamsectorsUpstream sectors Down stream sectorsJoint ventures Locally owned Joint ventures Locally ownedSupplying nature4.2% 4.2%37.5%29.2% 4.2% 4.2%16.6% Sub total:8.4%Sub total:75.1%NaturalresourceGeneral pur-pose partsSpecial pur-pose partsGeneral purpose parts Special purpose parts N/AJoint ventures LocallyownedJoint ventures LocallyownedPurchasing nature 2.0%10.3%7.7%12.8%20.5%21.0%21.0%Sub total:18%Sub total:33.3%Sub total:42.0%Sub total:20%Sub total:75.3%excluding natural resourceX.Chen,G.Reger/Technovation26(2006)407–4154113,4concern investment motives reflected from management routine transfer,competition strength,and technical inno-vation.Groups5and6concern successful and difficult factors during their investment operations in China,and finally,questions in Group7ask the companies about their investment plans in China in the near future.The response in the questionnaire is measured through Likert Scale between 1(neglectable)and5(extremely important),and0(not sure, which indicates that the respondent is not sure about the answer).Kreutzberger(2000)and Liu,1997also conducted surveys on German companies’investment projects in China and their research results can be compared to our results.Perception Group1describes the major motives of Germanfirms.Entering into the Chinese market and increasing the market share play dominant role.In contrast, being part of the industrial supply chain to satisfy demand from other European companies in China plays the least important role.Market dominance of the motives is similar to other surveys.In Kreutzberger’s work(2000),market development,expansion and market share were the top choices of his sample companies whereas low labour cost appeared to be the least important,which is similar to our survey.Liu,1997also indicated that the most important motives of German companies’investment in China was still the entering into local market,while lowering production cost and reducing import barriers were men-tioned as less important.The questions in perception Group3describe important strengths of the German subsidiary and joint ventures for their successful competition in China.Top ranking items in this group by the sample companies are an advanced production technology to meet world quality standard,a strong distribution network,and a strong professional technology and expertise in a niche market.A strong marketing team and expertise,the capability for product differentiation and being members of the world-wide supply chain do not play a prominent role.Major contributing factors to increase the level of innovation at the subsidiary in China were part of our questionnaire in perception Group4.The most important choice seems to be an active technology transfer between parentfirms in Germany and subsidiaries in China,followed by an intensive training of local technical employees,an appropriate human resource management which attracts highly skilled workers.Factors of average importance are advancement of initial product/service brought to China, and significance of updating local quality guarantee system.Considering perception of Group5,we intended to answer what were the major factors to support successful operation of the German subsidiaries in China.Key factor, according to our survey,was the choice of right product or service,a good relationship between the German and Chinese technical personnel and workers,and support from local government in China.This is in contrast to Kreutzberger’s survey(2000)and Liu’s research(2000)in which effective marketing and effective distribution chan-nels were mentioned as key factors to companies’success. However,in this part of our survey differences in the ranking of the answers are not very high.We asked thefirms also what the major problems were with their investment in China(refer to perception Group6, Table4).The eight top-ranked difficulties are,respectively, related to,a practical confusion with the Chinese law system,a lower quality of locally produced raw materials, ambiguity of the responsibility in the Chinese management system,lack of mutual trust between the German and Chinese management teams,an un-precise market infor-mation in China or a too fast change in the market,a lack of intellectual property right protection,a higher change and mobility of employees in the subsidiary,and a complex and time-consuming negotiation process.A strong and negative intervention of local government and a lack of market demand seem to play a minor role.If the most important problems are grouped together,one can say that the main difficulties of the German subsidiaries are in the legal frame conditions,a less sufficient quality and cultural differences. Insufficient legal frame conditions and especially the poor protection of intellectual property rights are mentioned as one of the most undesirable factors in other studies as well (see Bennett et al.,2000;Jin and von Zedtwitz,2003.The answers related to those sample companies’further plans of their investment in China point into the direction of differentiation and market enlargement(see perception Group7,Table4).Introducing more advanced products through Chinese subsidiary and enlarging the investment scale on the same product are of major importance.On the other hand,retraction from Chinese market hardly plays any role in the plans of the investigated Germanfirms. Obviously,the companies have been and will be able to deal with those difficulties and regard their engagement into China’s market as a long-term plan and a strategic move. Meanwhile,positive confirmation on importance of intro-ducing more advanced products and even building up of internal R&D in the German subsidiary in China may also imply that in the future at least partially the Chinese market and customers may be considered as much more advanced and sophisticated ones.4.Summary and conclusionsIt can be concluded that the preferred geographic locations of German companies in China are in those well established industrial regions,where a good business infrastructure is much more improved.Further,the market focus of the sample Germanfirms is clearly on the Chinese domestic market and industrial buyers.The production system and purchasing behaviour are therefore strongly localised.Technology transfer from German parent to its subsidiary in China focuses mainly on production technol-ogy.Technological activities—if performed in China—include only a minor number of cases where ideaX.Chen,G.Reger/Technovation26(2006)407–415 412。

CHAPTER 6 INTERNATIONAL PARITY RELATIONSHIPSSUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1。

Give a full definition of arbitrage。

Answer:Arbitrage can be defined as the act of simultaneously buying and selling the same or equivalent assets or commodities for the purpose of making certain，guaranteed profits.2. Discuss the implications of the interest rate parity for the exchange rate determination。

Answer: Assuming that the forward exchange rate is roughly an unbiased predictor of the future spot rate, IRP can be written as:S = [（1 + I£)/（1 + I$）]E［S t+1|I t].The exchange rate is thus determined by the relative interest rates，and the expected future spot rate, conditional on all the available information, I t，as of the present time。

One thus can say that expectation is self—fulfilling. Since the information set will be continuously updated as news hit the market，the exchange rate will exhibit a highly dynamic，random behavior。

Account 帐户Accounting system 会计系统American Accounting Association 美国会计协会American Insti t ute of CPAs 美国注册会计师协会Audi t审计Balance sheet 资产负债表Bookkeepking 簿记Cash flow prospects 现金流量预测Certificate in Internal Auditing 内部审计证书Certificate in Management Accounting 管理会计证书Certificate Public Accountant注册会计师Cost accounting 成本会计External users 外部使用者Financial accounting 财务会计Financial Accounting Standards Board 财务会计准则委员会Financial forecast 财务预测Generally accepted accounting principles 公认会计原则General-purpose information 通用目的信息Government Accounting Office 政府会计办公室Income statement 损益表Institute of Internal Auditors 内部审计师协会Institute of Management Accountants 管理会计师协会Integrity 整合性Internal auditing 内部审计Internal control structure 内部控制结构Internal Revenue Service 国内收入署Internal users 内部使用者Management accounting 管理会计Return of investment 投资回报Return on investment 投资报酬Securities and Exchange Commission 证券交易委员会Statement of cash flow 现金流量表Statement of financial position 财务状况表Tax accounting 税务会计Accounting equation 会计等式Articulation 勾稽关系Assets 资产Business entity 企业个体Capital stock 股本Corporation 公司Cost principle 成本原则Creditor 债权人Deflation 通货紧缩Disc losure 批露Expenses 费用Financial statement 财务报表Financial activities 筹资活动Going-concern assumption 持续经营假设Inflation 通货膨涨Investing activities 投资活动Liabilities 负债Negative cash flow 负现金流量Operating activities 经营活动Owners equi t y 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Sole proprietorship 独资企业Solvency 清偿能力Stable-dollar assumption 稳定货币假设Stockholders 股东Stockholders equity 股东权益Window dressing 门面粉饰a payment or serious payments 一次或多次付款abatement 扣减absolute and uncondi t ional payments 绝对和无条件付款accelerated payment 加速支付acceptance date 接受日acceptance 接受accession 加入accessories 附属设备accountability 承担责任的程度accounting benefits 会计利益accounting period 会计期间accounting policies 会计政策accounting principle 会计准则accounting treatment 会计处理accounts receivables 应收账款accounts 账项accredi t ed investors 经备案的投资人accumulated allowance 累计准备金acknowledgement requirement 对承认的要求acquisition of assets 资产的取得acquisitions 兼并Act on Product Liability （德国）生产责任法action 诉讼actual ownership 事实上的所有权additional filings 补充备案additional margin 附加利差additional risk附加风险additions （设备的）附件adjusted tax basis 已调整税基adjustment of yield 对收益的调整administrative fee管理费Administrative Law（美国）行政法advance notice 事先通知advance 放款adverse tax consequences 不利的税收后果advertising 做广告affiliated group 联合团体affiliate 附属机构African Leasing Association 非洲租赁协会after-tax rate 税后利率aggregate rents 合计租金aggregate risk 合计风险agreement concerning rights of explore natural resources 涉及自然资源开发权的协议agreement 协议alliances 联盟allocation of finance income 财务收益分配allowance for losses on receivables 应收款损失备抵金alternative uses 改换用途地使用amenability to foreign investment 外国投资的易受控制程度amendment 修改amortization of deferred loan fees and related consideration 递延的贷款费和相关的报酬的摊销amortization schedule 摊销进度表amortize 摊销amount of recourse 求偿金额amount of usage 使用量AMT (Alternative Minimum Tax) （美国）可替代最低税analogous to类推为annual budget appropriation 年度预算拨款appendix （契约性文件的）附件applicable law 适用法律applicable securities laws适用的证券法律applicable tax life 适用的应纳税寿命appraisal 评估appraisers 评估人员appreciation 溢价appropriation provisions 拨款条例appropriation 侵占approval authority 核准权approval 核准approximation近似arbitrary and artificially high value (承租人违约出租人收回租赁物时法官判决的)任意的和人为抬高的价值arbitration 仲裁arm's length transaction 公平交易arrangement 安排arrest 扣留Article 2A 美国统一商法典关于法定融资租赁的条款articles of incorporation 公司章程AsiaLeaae 亚洲租赁协会assess 评估asset manager 设备经理asset risk insurance 资产风险保险asset securitization 资产证券化asset specificity 资产特点asset tracking 资产跟踪asset-backed financing 资产支持型融资asset-based lessor 立足于资产的出租人asset-oriented lessor (经营租赁中的)资产导向型出租人asset 资产assignee 受让人assignment 让与association 社团at the expiry 期限届满时ATT (automatic transfer of ti t le) 所有权自动转移attachments 附着物attributes 属性auction sale 拍卖audits 审计authenticate 认证authentication 证实authority 当局authorize 认可availability of fixed rate medium-term financing 固定利率中期融资可得到的程度available-for-sale securities 正供出售证券average life 平均寿命average managed net financed assets 所管理的已筹资金资产净额平均值backed-up servicer 替补服务者balance sheet date 资产负债表日bandwidth 带宽bank affiliates 银行的下属机构bank quote 银行报价bankruptcy cost 破产成本bankruptcy court 破产法院bankruptcy law 破产法bankruptcy proceedings 破产程序bankruptcy 破产bareboat charterer 光船承租人bargain renewal option廉价续租任择权basic earnings per share每股基本收益basic rent基本租金（各期应付的租金）beneficiaries受益人big-ticket items大额项目bill and collect开票和收款binding agreement有约束力的协议blind vendor discount卖主暗扣bluebook蓝皮书（美国二手市场设备价格手册）book income账面收入book loses账面亏损borrower借款人BPO(bargain purchase option)廉价购买任择权bridge facility桥式融通bridge桥梁broker fee经纪人费brokers经纪人build-to-suit leases（租赁物由承租人）承建或承造的租赁协议bulldozer推土机bundled addi t ional services捆绑（在一起的）附加服务bundling捆绑（服务）business acquisition业务收购business and occupation tax营业及开业许可税business generation业务开发business trust商业信托by(e)-laws细则byte字节一、资产类Assets流动资产Current assets货币资金Cash and cash equivalents1001 现金Cash1002 银行存款Cash in bank1009 其他货币资金Other cash and cash equivalents 100901 外埠存款Other city Cash in bank100902 银行本票Cashier''s cheque100903 银行汇票Bank draft100904 信用卡Credit card100905 信用证保证金L/C Guarantee deposits100906 存出投资款Refundable deposits1101 短期投资Short-term investments110101 股票Short-term investments - stock110102 债券Short-term investments - corporate bonds110103 基金Short-term investments - corporate funds110110 其他Short-term investments - other1102 短期投资跌价准备Short-term investments falling price reserves应收款Account receivable1111 应收票据Note receivable银行承兑汇票Bank acceptance商业承兑汇票Trade acceptance1121 应收股利Dividend receivable1122 应收利息Interest receivable1131 应收账款 Account receivable1133 其他应收款Other notes receivable1141 坏账准备Bad debt reserves1151 预付账款 Advance money1161 应收补贴款Cover deficit by state subsidies of receivable库存资产Inventories1201 物资采购Supplies purchasing1211 原材料Raw materials1221 包装物 Wrappage1231 低值易耗品Low-value consumption goods1232 材料成本差异Materials cost variance1241 自制半成品Semi-Finished goods1243 库存商品Finished goods1244 商品进销差价Differences between purchasing and selling price 1251 委托加工物资 Work in process - outsourced1261 委托代销商品 Trust to and sell the goods on a commission basis 1271 受托代销商品Commissioned and sell the goods on a commission basis1281 存货跌价准备Inventory falling price reserves1291 分期收款发出商品Collect money and send out the goods by stages 1301 待摊费用Deferred and prepaid expenses长期投资Long-term investment1401 长期股权投资Long-term investment on stocks140101 股票投资Investment on stocks140102 其他股权投资Other investment on stocks1402 长期债权投资Long-term investment on bonds140201 债券投资Investment on bonds140202 其他债权投资Other investment on bonds1421 长期投资减值准备Long-term investments depreciation reserves股权投资减值准备Stock rights investment depreciation reserves债权投资减值准备Bcreditor''s rights investment depreciation reserves1431 委托贷款Entrust loans143101 本金Principal143102 利息Interest143103 减值准备Depreciation reserves1501 固定资产Fixed assets房屋Building建筑物Structure机器设备Machinery equipment运输设备Transportation facilities工具器具Instruments and implement1502 累计折旧 Accumulated depreciation1505 固定资产减值准备Fixed assets depreciation reserves房屋、建筑物减值准备Building/structure depreciation reserves机器设备减值准备Machinery equipment depreciation reserves1601 工程物资Project goods and material160101 专用材料Special-purpose material160102 专用设备Special-purpose equipment160103 预付大型设备款Prepayments for equipment160104 为生产准备的工具及器具Preparative instruments and implement for fabricate1603 在建工程Construction-in-process安装工程Erection works在安装设备Erecting equipment-in-process技术改造工程Technical innovation project大修理工程General overhaul project1605 在建工程减值准备Construction-in-process depreciation reserves 1701 固定资产清理Liquidation of fixed assets1801 无形资产Intangible assets专利权Patents非专利技术Non-Patents商标权Trademarks, Trade names著作权Copyrights土地使用权Tenure商誉Goodwill1805 无形资产减值准备Intangible Assets depreciation reserves专利权减值准备Patent rights depreciation reserves商标权减值准备trademark rights depreciation reserves1815 未确认融资费用Unacknowledged financial charges待处理财产损溢Wait deal assets loss or income1901 长期待摊费用Long-term deferred and prepaid expenses1911 待处理财产损溢 Wait deal assets loss or income191101待处理流动资产损溢 Wait deal intangible assets loss or income 191102待处理固定资产损溢 Wait deal fixed assets loss or income二、负债类Liability短期负债Current liability2101 短期借款Short-term borrowing2111 应付票据Notes payable银行承兑汇票Bank acceptance商业承兑汇票Trade acceptance2121 应付账款 Account payable2131 预收账款Deposit received2141 代销商品款Proxy sale goods revenue2151 应付工资 Accrued wages2153 应付福利费 Accrued welfarism2161 应付股利Dividends payable2171 应交税金 Tax payable217101 应交增值税value added tax payable21710101 进项税额 Withholdings on VAT21710102 已交税金Paying tax21710103 转出未交增值税Unpaid VAT changeover21710104 减免税款 Tax deduction21710105 销项税额Substituted money on VAT21710106 出口退税 Tax reimbursement for export21710107 进项税额转出Changeover withnoldings on VAT21710108 出口抵减内销产品应纳税额Export deduct domestic sales goods tax 21710109 转出多交增值税Overpaid VAT changeover21710110 未交增值税Unpaid VAT217102 应交营业税Business tax payable217103 应交消费税Consumption tax payable217104 应交资源税Resources tax payable217105 应交所得税Income tax payable217106 应交土地增值税Increment tax on land value payable217107 应交城市维护建设税 Tax for maintaining and building cities payable217108 应交房产税Housing property tax payable217109 应交土地使用税 Tenure tax payable217110 应交车船使用税Vehicle and vessel usage license platetax(VVULPT) payable217111 应交个人所得税Personal income tax payable2176 其他应交款Other fund in conformity wi t h paying2181 其他应付款Other payables2191 预提费用Drawing expense in advance其他负债Other liabilities2201 待转资产价值Pending changerover assets value2211 预计负债 Anticipation liabilities长期负债Long-term Liabilities2301 长期借款Long-term loans一年内到期的长期借款Long-term loans due wi t hin one year一年后到期的长期借款Long-term loans due over one year2311 应付债券Bonds payable231101 债券面值Face value, Par value231102 债券溢价Premium on bonds231103 债券折价Discount on bonds231104 应计利息Accrued interest2321 长期应付款Long-term account payable应付融资租赁款Accrued financial lease outlay一年内到期的长期应付Long-term account payable due within one year 一年后到期的长期应付Long-term account payable over one year 2331 专项应付款Special payable一年内到期的专项应付Long-term special payable due within one year 一年后到期的专项应付Long-term special payable over one year2341 递延税款Deferral taxes三、所有者权益类OWNERS'' EQUITY资本Capita3101 实收资本(或股本) Paid-up capital(or stock)实收资本Paicl-up capital实收股本Paid-up stock3103 已归还投资Investment Returned公积3111 资本公积Capital reserve311101 资本(或股本)溢价Cpital(or Stock) premium311102 接受捐赠非现金资产准备Receive non-cash donate reserve 311103 股权投资准备Stock right investment reserves311105 拨款转入Allocate sums changeover in311106 外币资本折算差额Foreign currency capital311107 其他资本公积Other capital reserve3121 盈余公积Surplus reserves312101 法定盈余公积Legal surplus312102 任意盈余公积Free surplus reserves312103 法定公益金Legal public welfare fund312104 储备基金Reserve fund312105 企业发展基金Enterprise expension fund312106 利润归还投资Profi t s capitalizad on return of investment利润Profits3131 本年利润Current year profi t s3141 利润分配Profi t distribution314101 其他转入Other chengeover in314102 提取法定盈余公积 Withdrawal legal surplus314103 提取法定公益金 Withdrawal legal public welfare funds314104 提取储备基金 Withdrawal reserve fund314105 提取企业发展基金 Withdrawal reserve for business expansion 314106 提取职工奖励及福利基金 Withdrawal staff and workers'' bonus and welfare fund314107 利润归还投资Profi t s capitalizad on return of investment314108 应付优先股股利Preferred Stock dividends payable314109 提取任意盈余公积 Withdrawal other common accumulation fund 314110 应付普通股股利Common Stock dividends payable314111 转作资本(或股本)的普通股股利Common Stock dividends change to assets(or stock)314115 未分配利润Undistributed profit四、成本类Cost4101 生产成本Cost of manufacture410101 基本生产成本Base cost of manufacture410102 辅助生产成本Auxiliary cost of manufacture4105 制造费用Manufacturing overhead材料费Materials管理人员工资Executive Salaries奖金Wages退职金Retirement allowance补贴Bonus外保劳务费Outsourcing fee福利费Employee benefits/welfare会议费Coferemce加班餐费Special duties市内交通费Business traveling通讯费Correspondence电话费Correspondence水电取暖费Water and Steam税费Taxes and dues租赁费Rent管理费Maintenance车辆维护费Vehicles maintenance油料费Vehicles maintenance培训费Education and training接待费Entertainment图书、印刷费Books and printing运费Transpotation保险费Insurance premium支付手续费Commission杂费Sundry charges折旧费Depreciation expense机物料消耗Article of consumption劳动保护费Labor protection fees季节性停工损失Loss on seasonality cessation4107 劳务成本Service costs五、损益类Profit and loss收入Income业务收入OPERATING INCOME5101 主营业务收入Prime operating revenue产品销售收入Sales revenue服务收入Service revenue5102 其他业务收入Other operating revenue材料销售Sales materials代购代售Purchasing consignment包装物出租Wrappage lease出让资产使用权收入Remise right of assets revenue返还所得税Reimbursement of income tax其他收入Other revenue5201 投资收益Investment income短期投资收益Current investment income长期投资收益Long-term investment income计提的委托贷款减值准备Withdrawal of entrust loans reserves 5203 补贴收入Subsidize revenue国家扶持补贴收入Subsidize revenue from country其他补贴收入Other subsidize revenue5301 营业外收入NON-OPERATING INCOME非货币性交易收益Non-cash deal income现金溢余Cash overage处置固定资产净收益Net income on disposal of fixed assets出售无形资产收益Income on sales of intangible assets固定资产盘盈Fixed assets inventory profit罚款净收入Net amercement income支出Outlay业务支出Revenue charges5401 主营业务成本Operating costs产品销售成本Cost of goods sold服务成本Cost of service5402 主营业务税金及附加 Tax and associate charge营业税Sales tax消费税Consumption tax城市维护建设税Tax for maintaining and building cities资源税Resources tax土地增值税Increment tax on land value5405 其他业务支出Other business expense销售其他材料成本Other cost of material sale其他劳务成本Other cost of service其他业务税金及附加费Other tax and associate charge费用Expenses5501 营业费用Operating expenses代销手续费Consignment commission charge运杂费Transpotation保险费Insurance premium展览费Exhibition fees广告费Advertising fees5502 管理费用 Adminisstrative expenses职工工资Staff Salaries修理费Repair charge低值易耗摊销Article of consumption办公费Office allowance差旅费Travelling expense工会经费Labour union expenditure研究与开发费Research and development expense福利费Employee benefits/welfare职工教育经费Personnel education待业保险费Unemployment insurance劳动保险费Labour insurance医疗保险费Medical insurance会议费Coferemce聘请中介机构费Intermediary organs咨询费Consult fees诉讼费Legal cost业务招待费Business entertainment技术转让费Technology transfer fees矿产资源补偿费Mineral resources compensation fees排污费Pollution discharge fees房产税Housing property tax车船使用税Vehicle and vessel usage license plate tax(VVULPT) 土地使用税Tenure tax印花税Stamp tax5503 财务费用Finance charge利息支出Interest exchange汇兑损失Foreign exchange loss各项手续费Charge for trouble各项专门借款费用Special-borrowing cost5601 营业外支出Nonbusiness expenditure捐赠支出Donation outlay减值准备金Depreciation reserves非常损失Extraordinary loss处理固定资产净损失Net loss on disposal of fixed assets 出售无形资产损失Loss on sales of intangible assets固定资产盘亏Fixed assets inventory loss债务重组损失Loss on arrangement罚款支出Amercement outlay5701 所得税Income tax以前年度损益调整Prior year income adjustment。

MBA翻译重点词汇总结1经济类：按时付款honor a payment in due time补偿贸易compensation trade尝试性订购trial / try-out order撤消资本折旧率deregulation of capital depreciation rates出口创汇能力capacity to earn foreign exchange through exports出口加工区export processing zones到岸加佣金价Cost , Insurance , Freight and Commission (C.I.F.C.) 全额退款 a full refund底盘floor offer定金down payment独家经销代理exclusive selling agency独立核算工业企业independent accounting unit (enterprise)对外商投资实行国民待遇grant national treatment to foreign investors分享权利与义务share rights and obligations取得丰厚的经济回报yield fat economic returns付款方式way of payment关税壁垒customs barrier ; tariff wall管理知识managerial expertise宏观经贸macroeconomics and trade互补互惠的合作关系complementary and mutual beneficial partnership 回佣return commission季节性折扣seasonal discount建立业务关系enter into business relations with进出口商会chamber of import and export trade进出口商品交易会Import and Export Commodities Fair进口渗透import penetration吸引外商直接投资attract foreign direct investment经营范围line / scope of business净利润net profit开/收盘价 opening / closing price可兑换货币convertible currency库存有限limited stock离岸加运费价Cost and Freight (C&F)加岸价Free On Board (F.O.B.)利润分配distribution in profits share零售价retail price批发价wholesale price贸易索赔business claim目的港船边交货价Free Over Side (F.O.S.)潜在市场potential market三资企业three kinds of foreign-invested enterprises or ventures 中外合资Sino-foreign joint ventures中外合作Sino-foreign cooperative businesses外商独资exclusively foreign-owned enterprises商业界business community实/虚盘 firm/non-firm offer实施市场多元化战略implement the strategy of market diversification使之受到法律和经济手段的制约get it under both legal and economic control受同一种规章制度的制约be subject to the same regulations or constraints 双边贸易 bilateral trade双赢战略 win-win strategy随行就市 be subject to market fluctuation缩小沿海地区与中西部地区的经济差距narrow the economic disparities between the coastal regions and the central and w estern provinces讨价还价bargain投资比重share of investment投资热the rising investment fever投资意向an investment proposal违约breach of the contract / agreement现/期货价 spot / forward price现货spot goods现金结算 cash settlement信用证结算 payment by letter of credit (L/C)形成一批有势力的跨国公司和知名品牌bring about a number of srtong multionational enterprises and brand names续约 extend the contract索赔 claim for a compensation稳妥的速度和规模 (at) a moderate rate and a safe scale易货贸易 barter trade有利可图 profitable / lucrative诱人的投资政策 attractive investment policies招标投标制 the system of public bidding for projects招商引资 attract / bid for / invite investments (from overseas )鉴于实际情况 in consideration of the actual conditions装运港船边交货价 Free Alongside Ship (F.A.S.)最大程度发挥双方优势 maximize the strengths of both parties经济组织Economic Organizations国际商会 International Chamber of Commerce国际海洋运输保险协会 International Union of Marine Insurance花旗银行 National City Bank of New York欧洲投资银行 European Intestment Bank (EIB)米兰银行 Midland Bank,Ltd.汇丰银行 Hongkong and Shanghai Banking Corporation经济合作与开发组织 Organization for Economic Cooperation and Development (D ECD)美中贸易全国理事会 National Council for US-China Trade日中经济协会 Japan-China Economic Association日本协力银行 Japan Bank For International Cooperation (JBIC)英国国际贸易促进委员会 British Countil for the Promotion of International Trade纽约证券交易所 New York Stock Exchange (NYSE)伦敦股票市场 London Stock Market欧洲经济共同体 European Economic Community (EEC) ; European Common M arket欧洲自由贸易联盟 European Free Trade Association (EFTA)欧洲集团 Eurogroup加勒比共同市场（加勒比自由贸易联盟）Caribbean Common Market (CCM)石油输出国组织 Organization of the Petroleum Exporting Countries (OPEC)英联邦特惠区 Commonwealth Preference Area中国人民银行People’s Bank of China中国银行 Bank of China国际复兴开发银行 International Bank for Reconstruction and Development (IBR D)世界银行 World Bank欧洲经济与货币同盟 European Economic and Monetary Union国际结算银行 Bank for International Settlements (BIS)中国国际贸易促进委员会 China Council for the Promotion of International Trade (CC PIT)亚太经济合作组织Asia-Pacific Economic Cooperation (APEC)APEC工商咨询理事会 APEC Business Advisory Council便利化，责任性，一致性，透明性和简单化facilitation , accountability , consistency , transparency and simplification单边行动计划 individual action plan地区能源合作工作组 Regional Energy Cooperation Working Group电子数据交换 electronic date interchange (EDI)东盟自由贸易区 ASEAN Free Trade Area东南亚国家联盟 Association of South-East Asian Nations (ASEAN)非关税措施 non-tariff measures海洋资源保护 marine resource conservation集体行动计划 collective action plans加速关税自由化 accelerated tariff liberalization可持续发展经济区域性一体化regional integration for sustainable economies劳动和社会保障 labor and social protection劳动市场信息 labor market information贸易促进工作组 Trade Promotion Working Group贸易投资委员会 Committee on Trade and Investment贸易投资自由化和便利化 trade and investment liberalization and facilitation名人小组 Eminent Persons Group平等互利，协商一致，求同存异，自主自愿equality and mutual benefit , reaching consensus through consultation , seeking co mmon grounds while putting aside differences , initiative and free will南太平洋地区经济贸易合作协定South Pacific Regional Trade Economic Cooperation Agreement人口和经济持续增长对粮食，能源，和环境的冲击impact of expanding population and economic growth on food , energy and the env ironment人力资源开发human resources development太平洋经济合作理事会Pacific Economic Cooperation Council投资专家组 Investment Exp erts’ Group互相承认 mutual recognition协调的单边行动 concerted unilateral action信息技术协定 Information Technology Agreement行政和预算委员会 Budget and Administrative Committee亚太工商网 Asia-Pacific Business Network亚太经合组织部长会议 APEC Ministerial Meeting亚太经合组织工商咨询理事会会议APEC Business Advisory Council Meeting亚太经合组织经济领导人会议APEC Economic Leaders Meeting亚太经合组织领导人非正式会议Informal Meeting of APEC Leaders亚太经合组织商业论坛 APEC Business Forum亚太经济社会理事会 Economic and Social Commission for Asia and Pacific Regio n亚太旅游协会 Pacific Asia Travel Association亚太能源中心 Asia-Pacific Energy Research Center亚太中小型企业技术交流与培训中心APEC Center for Technology and Training for Small and Medium Enterprises与贸易有关的知识产权协定Agreement on Trade-related Aspects of Intellectual Property争端调解专家组Dispute Mediation Experts’ Group政府采购 government procurement世界贸易组织World Trade Organization (WTO)《北美自由贸易协定》 North American Free Trade Agreement (NAFTA)北美自由贸易区 North American Free Trade Area布雷顿森林体系 Bretton Woods System常设机构 standing body垂直兼并 vertical merger东部和南部非洲共同市场 Common Market for Eastern and Southern Africa (COMES A)反倾销措施 anti-dumping measures反补贴税 countervailing duty交叉报复 cross retaliation海关完税价值 customs values环保型技术 environmentally-sound technology (EST)出口实绩 export performance出口补贴 export subsidy灰色区域措施 gray area measuresWTO最不发达国家高级别会议WTO High-level Meeting for LDCs非配额产品 quota-free products非生产性投资 investment in non-productive projects风险管理/评估risk management / assessment国际收支平衡 balance of international payments非洲，加勒比和太平洋国家集团（洛美协定）African , Caribbean and Pacific Group (ACP)上诉机构 appeal body基础税率 base tariff level国际收支条款 Balance-of-payments (BOP) Provisions既定日程 built-in agenda约束水平 bound level（欧盟）共同农业政策 Common Agriculture Pulicy规避 circumvention关贸总协定 General Agreement on Tariffs and Trade (GATT)乌拉圭回合 Uruguay Round永久正常贸易关系 permanent normal trade relation (PNTR)国际清算 international settlement横向兼并 horizontal merger进口环节税 import linkage tax进口许可 import licensing垃圾融资 junk financing慢性萧条 chronic depression贸易和投资自由化和便利化trade and investment liberalization and facilitation (TILF) 全球配额 global quota弱势群体 disadvantaged group市场准入的行政管理措施 Administrative Aspects of Market Access (AAMA)生产补贴 production subsidy消费膨胀 inflated consumption协调制度（商品名称及编码协调制度）Harmonized System (Harmonized Commodity and Coding System )争端解决机构 dispute settlement body《关于争端解决规则与程序的谅解》Understanding on Rules and Procedures Governing the Settlement of Disputes (DS U)诸边协议 plurilateral agreement祖父条款 grandfather clause最初谈判权 Initial Negotiating Rights (INRs)保护主义 protectionism闭关自守 closed door policy畅通工程 Smooth Traffic Project初级成分 primary sector粗放式管理 extensive management从粗放经济转变为集约经济 shift from extensive economy to intensive economy促进全球经济一体化 foster integration with the global economy盗用公款 embezzlement地方财政包干制 system whereby local authorities take full responsibility for the ir finances地区差异 regional disparity短平快项目 a project yielding quick returns with a relatively low investment 短线产品 products in shorts supply二元经济 dual economy发展不平衡 disparate development发展民族经济 develop the national economy发展是硬道理 Development is of overriding importance ./ Development is the absolute need翻两番 quadruple放宽经营条件限制 relax business restrictions扶贫 helping the poor改善投资环境 improve the investment environment工商局 industrial and commercial administration公共部门；公共成分 public sector关税总水平 general tariff level管制经济 controlled economy规模经济 economy of scale国产化率import substitution rate ; localization rate of parts and componen ts国际商业社会 the global business community国家粮食库存the state grain reserves国民生产总值gross national product (GNP)国内生产总值gorss domestic product (GDP)合理引导消费guide rational consumption宏观调控macro-control混合经济mixed economy基本国情fundamental realities of the country积极的财政政策proactive fiscal policy集体经济collective economy集中精力把经济建设搞上去go all out for economic development计划经济planned economy计划调节regulation through state planning讲诚信，反欺诈honor credibility and oppose cheating解放生产力emancipate the productive forces经济波动economic fluctuation经济复苏economic recovery经济杠杆economic levers经济平衡economic balance经济趋势economic trend经济渠道economic channels经济全球化economic globalization经济失调指数misery index经济衰退economic depression经济腾飞economic take-off /boom(有)经济头脑的人 commercially minded (people); (people with) business sense 控股公司holding company拉动经济增长fuel economic growth理顺straightening out家庭联产承包责任制the household contract responsibility system停职留薪retain the job but suspend the salary乱收费，乱摊派，乱罚款arbitary charges , fund-raising quotas and fines配套政策supporting policies贫富悬殊polarization of rich and poor求得公平合理的解决seek a fair and reasonable solution三步走战略the three-step development strategy社会热点问题hot spots of society涉外经济foreign-related business实体经济the real economy实现零的突破achieve the zero breakthrough实用，有效，廉价，方便practical ,efficient , economical and convenient for use市政当局municipality适度从紧的财政政策moderately tight fiscal policy私营成分，私营部门private sector停滞；萧条 stagnation通货紧缩deflation (of currency )统筹安排comprehensive arrangement统一市场single market托管制度trusteeship网络经济cybereconomy伪劣商品赔还法lemon law温饱工程project for adequate food and clothing效益农业profitable agriculture新兴经济emerging economies养老金pension以经济建设为中心focusing on the central task of economic construction以质量求生存，求发展，求效益strive for survival , development and efficiency on the basis of quality优化结构和提高效益 optimized structure and better economic returns优税待遇 preferential taxation treatment有中国特色的社会主义市场经济体制socialist market economy with Chinese characteristics与国际市场接轨 integrate with the world market ; become integrated into the global market中国经济景气检测中心 China Economic Monitoring Center中国新经济峰会 China New Economy Summit主体经济 the mainstay of the economy专属经济区 exclusive economic zone追赶型和跨越式发展 pursuant and leap-forward development资源配置 the distribution / allocation of resources自由经济 liberal economy政治经济学 political economy官方表述Official Statements社会秩序良好，人民安居乐业People will enjoy a sound public order and live and work in peace and contentmen t深化分配制度改革，健全社会保障体系deepen the reform of the income distribution system and improve the social securit y system失业保险制度和城市居民最低生活保障制度the systems of unemployment insurance and subsistence allowances for urban resi dents同经济发展水平相适应的社会保障体系a social security system compatible with the level of economic development国民经济National Economy按劳分配distribution according to one’s performance摆脱贫穷和落后shaking off poverty and backwardness保持国民经济持续，快速，健康发展maintain sustained , rapid and sound development of the national economy保持国民经济发展的良好势头maintain a good momentum of growth in the national economy边际报酬 marginal return变相涨价 disguised price hikes不正之风 bad/harmful practice ; unhealthy tendency财政经济状况 financial and economic conditions财政收支平衡 fiscal balance（产品）分销 sub-underwriting ; distribution草根农业 grass-roots industry产粮大省 granary province朝阳产业 sunrise industry传销 multi-level marketing ;pyramid selling打假 crack down on counterfeit goods弹性工资 flexible pay等外品 off-grade goods ; rejects第一产业 primary industury第二产业 secondary industry第三产业 tertiary industry恶性通货膨胀 hyperinflation恶性循环 vicious circle二次创业 start a new undertaking浮动工资 floating wages ; fluctuating wages高科技板块 high-tech sector根本好转 fundamental turn for the better工薪阶层 salariat ; state employee ; salaried person公司分立与解散 separation and dissolution of a company国家利益 interest of the state红包（中）red envelope containing money as a gift ; (贬) bribe ; kickb ack积压产品 overstocked commodities / inventories技术产权交易所 technology equity market ; technology property right exchang e技术下乡 spread technological knowledge to farmers加班 work extra shifts ; work overtime家族企业 family firm假日经济 holiday firm尖端产品 highly sophisticated products解困基金 anti-poverty funds进口减免税 import tax exemptions and reduction精品 competitive products敬业精神 professional dedication ; professional ethics连带责任 joint liability良性循环 virtuous circle劣等品 shoddy goods ; substandard goods ; lemon (口语)冒充包装 copycat packaging耐用消费品 durable consumer items / goods年同比 year-on-year ; on an annual basis扭转局面 reverse the tide ; turn the table农村富余劳动力 surplus rural labor农村劳动力合理有序流动 the rational and orderly flow of rural labor皮包公司 bogus company票贩子 ticket scalper ; ticket tout瓶颈制约“bottleneck” restrictions情感消费 emotional consumption区位商业 location-based commerce全优工程 all-round excellent project拳头产品 competitive products ; knock-out products ; blockbuster商品交易所 Commodity Exchange商品条码 bar code商务所commercial counsellor’s office市场疲软 sluggish market市场准入 market access适销对路的产品 readily marketable products甩卖 clearance sale ; be on sale双边和多边经济合作 bilateral and multilateral economic cooperation跳蚤市场 flea market投资成本回收 recover investments脱贫致富 cast /shake / throw off poverty and set out on a road to prospe rity无形资产 intangible assets向钱看 mammonism ; put money above all效益工资 achievements-related wages ; wages based on benefits一级市场 primary market重复建设 duplication of similar projects转嫁负担 shifting losses to国有企业改革Reform of State-owned Enterprises (SOE)摆脱困境 be extricated from their predicament包工包料 contract for labor and materials层层转包和违法分包 multi-level contracting and illegal sub-contracting产品结构 product mix产权清晰，权责分明，政企分开，科学管理clearly established ownership , well defined power and responsibility , separation of enterprise from administration , and scientific management产销直接挂钩 directly link production with marketing产业的升级换代 upgrading of industries产业高地 industrial leading position产业关联性 production-related association产业结构优化升级 optimize and upgrade the industrial structure厂长负责制system under which the factory director assumes full responsibil ity承包经营 contract operation持续提高公司的竞争能力achieve a lasting upturn in the company’s ability to com pete初步建立现代企业制度implement a preliminary modern enterprise system促销merchandising大型企业集团large enterprise group带薪分流assign redundant civil servants to other jobs while allowing the m to retain their original rank and benefits待岗await job assignment ; post-waiting待业job-waiting待业人口population waiting for employment地域优势geographical advantage调节经济运行regulate the operation of the economy调整产品结构readjust the product mix董事会领导leadership of the board of directors对符合条件的企业实行债转股carry out debt-to-equity swap programs in enterprises where conditions permit对外承包工程overseas contracted engineering projects防范和化解经融风险prevent and defuse financial risks分流企业富余人员redirect surplus employees of enterprises富有献身精神，积极性高涨的员工队伍a highly motivated and committed workforce改革国有资产管理体制reform the state property management system改善国有企业负债结构improve the asset-liability ratios of state-owned enterprise s高中级工程技术人员senior and intermediate-level engineers and technologists搞活企业invigorate enterprises革新重组realignment个体，私营等非公有制经济the non-public sector including selfemployed and private businesses工业产值 the industrial output公司法人责任制 the corporate legal person responsibility system公有制的多种实现形式 various forms for realizing public ownership股份合作制 joint stock-holding partnership ; the joint stock cooperative syste m股份制 the shareholding system骨干企业 key enterprise规范监事会制度 standardize the board of supervisors system规范破产 standardize bankruptcy procedures国家财政收入 total national revenue国有大中型企业 large and medium-sized state-owned enterprises国有控股企业 state holding enterprise国有资产流失 the devaluation of state assets合同管理制 the contract management system红帽子企业 red cap enterprise宏观管理体制 the macro-control system货币政策 monetary policy技术创新technological innovation家用电器产业the home electric appliances industry价格性能比price versus performance ratio兼并破产merger and bankruptcy减少对市场变化做出反应的时间shorten the response time to market changes减员增效downsizing for efficiency ; cut payroll to improve efficiency揭牌典礼an official business launch街道企业neighborhood enterprise紧密型企业集团tightly-knit groups of enterprises竞争有序orderly competition竞争择优select only the best of competing offers开工不足enterprises running under their production capacity亏损企业loss-making enterprises亏损企业脱困losing enterprises in the black again扩大内需expand domestic demand来料加工process materials supplied by clients ; accept customers’materia ls for processing劳动合同制labor contract system理顺/正确处理改革，发展，稳定的关系appropriately balance reform , development and stability流通体制the circulation system龙头 a leader内联企业enterprises with internal connections扭亏增赢reduction of loss and increase of profits培育统一开放，竞争有序的市场体系cultivate a unified and open market with orderly competition培育新的消费热点foster new consumption growth areas激励机制和约束机制incentive and restraint mechanisms企业文化corporate culture强化管理，“严”字当头 tighten up management and put strict observance above all else强化社区服务功能strengthen the function of community强强联合association between strong enterprises全面提高劳动者素质improve the overall quality of the workforce全球销售服务网络the global sales and after-sales service network融中国现代产业于世界经济主流integrate China’s modern industry with the mainstream of the world’s economy三无企业three-no-enterprises商检局Commodity Inspection Bureau商业运作business dealings深化流通体制改革deepen the reform of the distribution system生物医药产业the bioengineering and pharmaceutical industry石油化工产业the petrochemical industry实行投资主体多元化Sources of investment must be diversified时常多元化战略market diversification strategy售后服务 after-sales service树立企业良好形象 foster a good company image统筹规划，突出重点，分步实施a comprehensive plan that should focus on key areas and be carried out in a step -by-step manner投身于变化的过程中 be committed to the process of change完善法人治理结构 improve the corporate government西部大开发 the large-scale development strategy in west China下岗分流 redirect laid-off workers下海 go in for business兴建南水北调工程 build the south-to-north water diversion project虚拟经济和实体经济 virtual economy and real economy养老，失业，医疗保险金 old-age , unemployment and medical insurance premiums 一刀切 impose uniformity in all cases ; allow no flexibility一体化生产 integrated production以市场为导向 taking the market as the orientation以质取胜 implement the strategy of success through quality引入竞争机制 introduce competition mechanisms优化结构 optimize structure优化生产过程 optimize production processes优化组合 optimization grouping ; optional regrouping优势互补 take advantage o f each other’s strength再就业服务中心 re-employment service center再就业工程 re-employment programs在业人口 working population政府搭台，部门推动，企业唱戏Governments set up the stage , various departments cooperate and enterprises put in the show支柱产业 pillar industries知识密集型产业 knowledge-intensive projects中心环节 the pivotal point抓大放小 invigorate large enterprises while relaxing control over small one s;focus on the restructuring of major enterprises and leave minor ones to fend for t hemselves转化机制 shift to new management mechanisms转化经营机制 change operating mechanism装备精良 state-of-the-art equipment资金技术密集型产业 capital-and-technology-intensive industries劳动密集型产业 labor-intensive industries自负盈亏 be responsible for their own profits and losses财政金融Finance保理业务factoring business保税区the low-tax , tariff-free zone ; bonded area比较完整的金融市场体系 a relatively complete financial market system变现sell off财务报告分析 analysis of financial statement财务成本 financial cost财务丑闻 accounting scandal财政法 fiscal law财政收入/支出financial revenue / expenditure财政转移支付 transfer payment from the exchequer搀水股票 water-down stocks (ordinary stocks that can be bought by perso ns inside a stock company or a business at a cost lower that their face value )筹资融资 fund and financing城乡信用社 credit cooperatives in both urban and rural areas存款保证金 guaranty money for deposits呆帐 bad loan贷款无力偿还 loan defaults地区货币集团 regional corrency blocks电子银行 e-banking电子应用系统 e-application对冲基金 hedge fund二板时常：创业板市场second board (on the country’s stock market)防范金融风险 prevent financial risks费改税 transform administrative fees into taxes分拆上市 A subsidiary company of a corporation is listed on the stock ma rket .分期付款 installment payment分税制 system of tax distribution风险管理 risk management风险投资 risk investment风险资本 venture capital封闭式基金 close-ended fund辐射全国，影响深远 radiate its profound influence across the country高增长，低通胀 high growth and low inflation公积金 public accumulation funds ; public reserve funds公司犯罪 corporate crime国际清算银行 international clearing banks国有商业银行 state-owned commercial banks国债专项资金 special fund for treasury bond核心/非核心资产core/ non-core assets汇率机制 exchange-rate regime货币化 monetization货币回笼 withdrawal of currency from circulation货到付款 cash on delivery技术转让 technology transfer假帐 accounting fraud虚报盈利 inflate profits监视会 supervisory board结售汇制度 the system of exchange , settlement and sales 金本位 gold standard金边债券 gilt-edged bonds金降落伞 golden parachute金融电子化 computerize financial services金融重组 financial reorganization债务人持有资产 debtor-in-possession (DIP)金税工程 Golden Tax Project金银买卖市场 a bullion trading market可支配收入 disposable income客户关系管理 customer relationship management (CRM)宽限期 grace period垃圾债券 junk bond利改税 substitution of tax payment for profit delivery内部风险管理 the internal risk management内部自律控制机制 internal control system欧洲单一货币 the single European currency盘活存量资产 tap the idle assets疲软股票 soft stock骗汇，逃汇，套汇 obtain foreign currency at false pretenses , not turn over for eign currency owed to the government and illegal arbitrage企业资源计划 enterprise resource planning (ERP)全球金融体系 global financial architecture全天候交易 24-hour trading operations融资渠道 financing channels三角债 chain debt上市融资 seek financing by listing on the stock market设置严密的警戒线 throw a tight cordon申请破产保护 file for bankruptcy protection生产要素 essential factor of production直销 non-store selling网上银行业 online-banking在线金融 online-finance实行许可证制 implement a license system收购公司 acquiring company现金流量表 chart of cash flow首席运营官 Chief Operating Officer (COO)首席财务官 Chief Finance Officer (CFO)首席商务官 Chief Business Officer (CBO)首席技术官 Chief Technology Officer (CTO)首席信息官 Chief Information Officer (CIO)首席沟通官 Chief Government Officer (CGO)授信额度 line of credit税前/税后收入 pretax/after-tax income上市/被摘牌公司 listed / delisted company上调税申报制度 personal income declaration system顺差 trade surplus特许税 franchise tax粘现市场 discount market通存通税 the banking procedure where deposits and withdrawals are proce ssed at any branch bank统一税 flat tax ; consolidated tax偷税，骗税，逃税，抗税 tax evasion , tax fraud , and refusal to pay taxes投资信心 investor confidence财务报表 financial statement外国基准货币 the foreign base currency外汇储备 foreign exchange reserve外汇市场 a foreign exchange market外资财务公司 foreign-funded financial companies外资银行 foreign-funded banks金融交易安全 financial transaction security无息和低息贷款 loans with no or low interest物价涨幅 the margin of price rise吸收游资 absorb idle fund消费信贷 consumer credit services信贷风险 credit risk信贷支持 credit aid信用紧缩 credit crunch信用危机 credit crisis虚拟银行 virtual bank电子转帐 wire transfer延期还本付息 delayed repayment of capital and interest业绩报表 earning report金融违规行为 financial irregularities / improprieties证券交易委员会 Securities Exchange Commission (SEC)一式两联 (receipt or invoice)in duplicate营业税 turnover tax ; business tax增发长期国债 issue additional long-term treasury bonds债权转股权/债转股debt-for-equity swap帐面收益 paper profit有形资产 physical assets项目资本金制度 project fund system资产重组 recapitalize中国外汇交易中心 Chinese Foreign Exchange Trading Service中国财政赤字 state financial deficits转手贸易 switch trade（银行的）交易 transact原始股 initial offerings新股发行 initial public offerings (IPO)智力资本 intellectual capital投资回收期 investment payoff period资产保值增值 maintain and increase the value of assets ; maintenance and appreciation of assets资产负债比例管理 exercise management over the liability rate on assets资产负债表 balance sheet自由兑换 free convertibility ; be freely converible自助银行 self-service bank证券Securities保证金 margin ; collateral成分指数 component index承销商 underwriter发行人 issuer封闭式证券投资基金 closed-end securities investment fund开放式证券投资基金 open-end securities investment fund 基金托管银行 fund custodian bank散户 retail ; private investor股本 share capital ; equity capital国库券 treasury bond红利；股息 dividend货币市场 monetary market机构投资者 institutional investor建/平仓open /close a position可流通股份 negotiable share可转换债券 convertible bond控股股份 controlling shareholder蓝筹股 blue chips流通性 liquidity内幕交易 insider trading / dealing配股 allotment of shares评级机构 rating agency企业债券 corporate bond清算；结算 clearing and settlement券商 broker ; dealer认股权证 warrant融券 securities loan金融衍生产品 financial derivatives申购 subscribe市场操纵 market manipulation市值 market capitalization收购兼并 merger and acquisition信息披露 information disclosure信用交易credit trading债券bond ; debenture中介机构intermediary资本市场capital market综合指数composite index房产Real Estate按揭贷款mortgage loan拆迁计划resettlement plan地段plot都市峡谷urban canyon房产开发公司real estate developer房屋总面积gross area高层楼房high-rise buildings高密度立体城市high density vertical city公告地价government-estimated land price绿地面积greenland area ; landscaping space棚户shacks ; family that live in shacks平面设计师graphic designer期房forward delivery housing乔迁之喜Best wishes for your new home人均住房per-capita housing ; average living space商品房空置的现象the vacancy problem in commercial housing使用面积floorage ; usable floor area室内面积carpet area四合院an old siheyuan (a compound with traditional Chinese house of g rey bricks and tiles built around a courtyard )筒子楼tube-shaped apartment危旧房old and dilapidated houses物业管理real estate management。

ABS 资产担保证券（Asset Backed Securities的英文缩写）Accelerated depreciation 加速折旧Acceptor 承兑人；受票人；接受人Acmodation paper 融通票据；担保借据Accounts payable 应付帐款Accounts receivable 应收帐款Accredited Investors 合资格投资者；受信投资人指符合美国证券交易委员(SEC)条例，可参与一般美国非公开(私募)发行的部份机构和高净值个人投资者。

Accredit value 自然增长值Accrediting 本金增值适用于多种工具，指名义本金在工具（如上限合约、上下限合约、掉期和互换期权）的期限内连续增长。

Accrual basis 应计制；权责发生制Accrued interest 应计利息ACE 美国商品交易所Acid Test Ratio 酸性测验比率；速动比率Acquisition 收购Across the board 全面一致；全盘的Acting in concert 一致行动；合谋Active assets 活动资产；有收益资产Active capital 活动资本Actual market 现货市场Actual price 现货价Actual useful life 实际可用年期Actuary 精算师；保险统计专家ADB 亚洲开发银行(Asian Development Bank的英文缩写)ADR 美国存股证；美国预托收据；美国存托凭证(参见AmericanDepository Receipt栏目）ADS 美国存托股份(American Depository Share的英文缩写)Ad valorem 从价；按值Ad valorem stamp duty 从价印花税Adjudicator 审裁员Adjustable rate调息按揭mortgage (ARM)Admitted value 认可值Advance 垫款Affiliated pany 关联公司；联营公司After date 发票后，出票后After-hours dealing 收市后交易After-market 后市[股市] 指某只新发行股票在定价和配置后的交易市场。

ABS 资产担保证券（Asset Backed Securities的英文缩写）Accelerated depreciation 加速折旧Acceptor 承兑人；受票人；接受人Accommodation paper 融通票据；担保借据Accounts payable 应付帐款Accounts receivable 应收帐款Accredited Investors 合资格投资者；受信投资人指符合美国证券交易委员(SEC)条例，可参与一般美国非公开(私募)发行的部份机构和高净值个人投资者。

Accredit value 自然增长值Accrediting 本金增值适用于多种工具，指名义本金在工具（如上限合约、上下限合约、掉期和互换期权）的期限内连续增长。

Accrual basis 应计制；权责发生制Accrued interest 应计利息ACE 美国商品交易所Acid Test Ratio 酸性测验比率；速动比率Acquisition 收购Across the board 全面一致；全盘的Acting in concert 一致行动；合谋Active assets 活动资产；有收益资产Active capital 活动资本Actual market 现货市场Actual price 现货价Actual useful life 实际可用年期Actuary 精算师；保险统计专家ADB 亚洲开发银行(Asian Development Bank的英文缩写)ADR 美国存股证；美国预托收据；美国存托凭证(参见American DepositoryReceipt栏目）ADS 美国存托股份(American Depository Share的英文缩写)Ad valorem 从价；按值Ad valorem stamp duty 从价印花税Adjudicator 审裁员Adjustable rate mortgage调息按揭(ARM)Admitted value 认可值Advance 垫款Affiliated company 关联公司；联营公司After date 发票后，出票后After-hours dealing 收市后交易After-market 后市[股市] 指某只新发行股票在定价和配置后的交易市场。

投资词汇中英对照投资词汇中英对照：SEHK联交所SeniorBond优先债券Settlement结算ShortHedge空头对冲ShortPosition空仓ShortSelling抛空/沽空Speculation投机StockSplits股票分拆SubordinatedBond后偿债券SubstantialShareholder大股东SupportLevel支持价位TechnicalAnalysis技术分析TheStockExchangeofHongKongLtd.香港联合交易所有限公司TimeHorizon投资期TradingHoursofSEHK联合交易所的交易时间TradingRules交易规则TrustDeed信托契约UnderlyingSecurity认股权证相关的股份UnifiedExchangeCompensationFundScheme联合交易所赔偿基金Valuation估价Warrant认股权证WindowDressing粉饰橱窗Yield盈利率YieldToMaturity到期孳息率ZeroCouponBond无息债券Accruedinterest应得利息All-OrdinariesIndex所有普通股指数Arbitrage套戥AskPrice买价Asset-BackedSecurities具资产保证的证券At-the-money刚到价AutomaticOrderMatchingAndExecutionSystem自动对盘及成交系统BasisPoint基点BearMarkets熊市BidPrice卖价Bid-askSpread买卖差价BlueChips蓝筹股Bond债券BookValue账面值Broker经纪BrokerageFee经纪佣金BullMarkets牛市CallOption好仓期权/买入(认购)期权CallableBonds可赎回债券CapitalGain资本增值CapitalMarkets资本市场CentralClearingandSettlementSystem中央结算系统CentralMoneyMarketUnits债务工具中央结算系统CertificateofDeposits存款证ChinaConceptsStock中国概念股Closed-end闭端基金Collateral抵押品CommercialPaper商业票据CommonStock普通股CompoundInterest复息ContractNote成交单ControllingShareholder控制股东ConvertibleBond可换股债券CorporateBond公司债券Coupon票息CouponFrequency派息次数CouponRate票面息率Coveredwarrants备兑认股权证CreditRating信用评级CurrencyBoard货币发行局CurrentYield现价息率CustodyofSecurities证券托管DefaultRisk不能收回本金的风险DerivativeCall衍生认购(认沽)认股权证DerivativeInstrument衍生产品DirectBusiness直接成交DiscountBond折扣债券Diversification分散风险Duration期限Earnings收益EarningsperShare每股盈利EarningsYield盈利率Equity股本EquityCallWarrants股本认购认股权证Ex-dividend除息FaceValue/NominalValue面值FixedRateBonds定息债券Fixed-incomesecurities定息证券FloatingRateBonds浮息债券FundamentalAnalysis基本分析FutureValue未来值FutureValueofanAnnuity定期供款之未来值Futurescontract期货合约HangSengChinaEnterprisesindex恒生香港中资企业指数HangSengIndex香港恒生指数HangSengLondonReferenceIndex恒生伦敦参考指数Hedge对冲HongKongInter-BankOfferedRate香港银行同业拆息HongKongMonetaryAuthority香港金融管理局HongKongSecuritiesClearingCompanyLtd.香港中央结算有限公司H-Share股HSIFuturesContract恒生指数期货合约Income收入IndexFund指数基金InitialPublicOffering首次公开招股InsideInformation内幕消息InsiderTrading内幕交易IntrinsicValue内在价值Investment投资InvestmentAdviser投资顾问IPOprice首次公开招股价JunkBond垃圾债券LeverageRatio杠杆比率LimitOrder限价指示LimitedCompany有限公司Liquidity变现能力Listing挂牌ListingDate上市日期MarginCall补仓MarketCapitalisation市价总值MarketMaker庄家MarketOrder市场指示MoneyMarket货币市场MutualFund互惠基金NetAssetValue资产净值OfferForSale公开发售OfferForSubscription公开认购OpenOffer公开供股Open-end开放基金Option期权Oversubscribed超额认购ParBond平价债券ParValue票面值PerpetualBonds永久债券Placing配售Portfolio投资组合PreferenceShares优先股Premium溢价(认股证)PremiumBond溢价债券PresentValue现时值PresentValueofAnAnnuity定期供款之现时值Price/EarningsRatio市盈率Privatisation私有化ProfessionalConductRegulations专业操守规例Prospectus招股书PutOption淡仓期权/卖出(认沽)期权RateofReturn收期率RealInterestRate实质利率RedChip红筹股RedemptionValue赎回价值ReinvestmentValue再投资利率RelativeStrengthIndex/RSI相对强弱指数RepurchaseAgreement回购协议ResistanceLevel阻力价位Return回报RightsIssue供股发行Risk-Averse,Risk-Neutral,Risk-Taking风险厌恶，风险中立，追求风险SecuritiesAndFuturesCommission证券及期货事务监察委员会SecuritiesDealers´Representatives证券交易商。

中国证券法英文官方版本The official English version of the Chinese Securities Law is as follows:Securities Law of the People's Republic of ChinaAdopted at the 7th Meeting of the Standing Committee of the Eighth National People's Congress on December 29, 1998, promulgated by Order No. 57 of the President of the People's Republic of China on December 29, 1998, and effective as of July 1, 1999.Chapter I General ProvisionsArticle 1 This Law is formulated with a view to regulating securities issuance and trading, protecting lawful rights and interests of the parties concerned, maintaining the order of the securities market and promoting the development of the socialist market economy.Article 2 This Law is applicable to securities issuance, trading and other activities within the territory of the People's Republic of China.Article 3 Securities referred to in this Law include stocks, corporate bonds, and any other securities as prescribed by laws and administrative regulations.Article 4 The State practices a basic policy of socialist market economy. The State adheres to the principle of separation ofgovernment administration from enterprise management and encourages, supports and guides the development of the securities industry.Article 5 The China Securities Regulatory Commission (hereinafter referred to as the CSRC) is the administrative organ responsible for administering and supervising securities activities under the State Council. The State Council shall entrust specific departments of the government to carry out administrative functions of business operations of securities within their respective functions and duties.Article 6 All participants in securities activities shall abide by laws and regulations, respect social and business ethics, fulfill their obligations of information disclosure, safeguard the lawful rights and interests of investors and other participants and maintain the order of the securities market.Chapter II Securities IssuanceSection 1 Initial Public Offering of StocksArticle 7 Stock issuers conducting initial public offerings shall comply with the relevant provisions of this Law and the requirements of the securities regulatory authorities.Article 8 Stock issuers conducting initial public offerings shall practice honesty and good faith principles, and shall not issue stocks if there is any major event occurring which may have a significant effect on the value of the stocks.Article 9 Stock issuers conducting initial public offerings shall disclose true, accurate and complete information to the public, and take responsibility for the authenticity, accuracy and completeness of such information.Article 10 Stock issuers conducting initial public offerings shall establish and perfect securities issuance systems, introduce a scientific and effective corporate governance system, and ensure sound corporate operations.(Continued)。

BarraChinaEquityModel（CNE5）13Barra China Equity Model (CNE5)Descriptor DetailsSeptember 2013The ten style factors of CNE5 comprise a total of 21 descriptors. This document defines these descriptors and their weights in the style factors. The descriptors are listed under the style factors to which they belong.Style:Beta Definition:1.00 BETA Components:BETA Beta (β) Computed as the slope coefficient in a time-series regression of excess stock return, r t ?r ft , against the cap-weighted excess return of the estimation universe R t , r t ?r ft =α+βR t +e t (1) The regression coefficients are estimated over the trailing 252 trading days of returns with a half-life of 63 trading days.Style:Momentum Definition:1.00 RSTR Components:RSTR Relative strength Computed as the sum of excess log returns over the trailing T = 504 trading days with a lag of L = 21 trading days, RSTR =∑w t ?ln (1+r t )?ln?1+r ft ??T+L t=L , (2) where, r t is the stock return on day t , r ft is the risk-free return, and w t is an exponential weight with a half-life of 126 trading days.Style:Size Definition:1.00 LNCAP Components:LNCAP Natural log of market cap Computed by the logarithm of the total market capitalization of the firm.Style:Earnings Yield Definition: 0.68 · EPIBS + 0.11 · ETOP + 0.21 · CETOPComponents: EPIBS Analyst Predicted Earnings-to-Price Earnings-to-price ratio forecasted by analysts.ETOP Trailing earnings-to-price ratio Computed by dividing the trailing 12-month earnings by the current market capitalization. Trailing earnings are defined as the last reported fiscal-year earnings plus the difference between current interim figure and the comparative interim figure from the previous year. CETOP Cash earnings-to-price ratio Computed by dividing the trailing 12-month cash earnings divided by current price.Style:Residual Volatility Definition:0.74· DASTD + 0.16 · CMRA + 0.10 · HSIGMA Components: DASTD Daily standard deviation Computed as the volatility of daily excess returns over the past 252 trading days with a half-life of 42 trading days.CMRA Cumulative range This descriptor differentiates stocks that have experienced wide swings over the last 12 months from those that have traded within a narrow range. Let Z (T ) be the cumulative excess log return over the past T months, with each month defined as the previous 21 trading days, Z (T )=∑?ln (1+r τ)?ln?1+r fτ??Tτ=1, (3) where, rτ is the stock return for month τ (compounded over 21 days) and r fτis the risk-free return. The cumulative range is given by, CMRA =Z max ? Z min , (4)where, Z max =max {Z (T )} , Z min =min {Z (T )} T = 1,...,12HSIGMA Historical sigma (σ)Computed as the volatility of residual returns in Equation 1, σ=std (et ). (5) The volatility is estimated over the trailing 252 trading days of returns with a half-life of 63 trading days. Note : The Residual Volatility factor is orthogonalized to Beta to reducecollinearity.Definition: 0.47 · SGRO + 0.24 · EGRO +0.18 · EGIBS + 0.11 · EGIBS_sComponents: SGRO Sales growth (trailing five years)Annual reported sales per share are regressed against time over the pastfive fiscal years. The slope coefficient is then divided by the average annualsales per share to obtain the sales growth.EGRO Earnings growth (trailing five years)Annual reported earnings per share are regressed against time over thepast five fiscal years. The slope coefficient is then divided by the averageannual earnings per share to obtain the earnings growth.EGIBS Long-term Predicted Earnings GrowthLong-term earnings growth forecasted by analysts.EGIBS_s Short-term Predicted Earnings GrowthShort-term earnings growth forecasted by analysts.Style: Book-to-PriceDefinition: 1.00 · BTOPComponents: BTOP Book-to-PriceLast reported book value of common equity divided by current marketcapitalization.Style: LeverageDefinition: 0.38 · MLEV + 0.35 · DTOA + 0.27 · BLEVComponents: MLEV Market leverageComputed as,MLEV=ME+PE+LD ME, (6)where, ME is the market value of common equity on the last trading day,PE is the most recent book value of preferred equity, and LD is the mostrecent book value of long-term debt.DTOA Debt-to-assetsComputed as,DTOA=TD TA, (7)where,TD is the book value of total debt (long-term debt and currentliabilities) and TA is most recent book value of total assets.BLEV Book leverageComputed asBLEV=BE+PE+LD BE, (8)where, BE is the most recent book value of common equity, PE is the mostrecent book value of preferred equity, and LD is the most recent bookvalue of long-term debt.Definition: 0.35 · STOM + 0.35 · STOQ + 0.30 · STOAComponents: STOM Share turnover, one month Computed as the log of the sum of daily turnover during the previous 21 trading days, STOM =ln ?∑V t S t 21t=1?, (9) where, is V t the trading volume on day t and S t is the number of shares outstanding.STOQ Average share turnover, trailing 3 months Let STOM τ be the share turnover for month τ, with each month consisting of 21 trading days. The quarterly share turnover is defined by, STOQ =ln ?1T ∑exp (STOM τ)T τ=1?, (10) where, T = 3 months.STOA Average share turnover, trailing 12 months Let STOM τ be the share turnover for month τ, with each month consisting of 21 trading days. The annual share turnover is defined by, STOA =ln ?1T ∑exp (STOM τ)T τ=1?, (11) where, T = 12 months. Style:Non-linear Size Definition:1.00 · NLSIZE Components:NLSIZE Cube of Size First, the standardized Size exposure (i.e., log of market cap) is cubed. The resulting factor is then orthogonalized to the Size factor on a regression-weighted basis. 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The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry Classification Standard (GICS)” is a service mark of MSCI and Standard & Poor’s.ericas antaton cago ntreal nterrey w YorkFrancisco Paulo mford onto 1.888.588.4567 (toll free) + 1.404.551.3212+ 1.617.532.0920+ 1.312.675.0545+ 1.514.847.7506+ 52.81.1253.4020+ 1.212.804.3901+ 1.415.836.8800+ 55.11.3706.1360+1.203.325.5630+ 1.416.628.1007rope, Middle East & Africae Town nkfurt neva don anis + 27.21.673.0100+ 49.69.133.859.00 + 41.22.817.9777+ 44.20.7618.2222+ 39.02.5849.0415 0800.91.59.17 (toll free)ia Pacificna North na South ng Kong ul gapore neyyo 10800.852.1032 (toll free) 10800.152.1032 (toll free) + 852.2844.9333 00798.8521.3392 (toll free) 800.852.3749 (toll free) + 61.2.9033.9333+ 81.3.5226.8222bout MSCICI Inc. is a leading provider of investment decision support tools to investors globally, including asset managers, banks, hedge funds and pension funds. MSCI products services include indices, portfolio risk and performance analytics, and governance tools.company’s flagship product offerings are: the MSCI indices with close to USD 7 trillion estimated to be benchmarked to them on a worldwide basis1; Barra multi-asset s factor models, portfolio risk and performance analytics; RiskMetrics multi-asset class market and credit risk analytics; IPD real estate information, indices and lytics; MSCI ESG (environmental, social and governance) Research screening, analysis and ratings; ISS governance research and outsourced proxy voting and reporting vices; FEA valuation models and risk management software for the energy and commodities markets; and CFRA forensic accounting risk research, legal/regulatory risk essment, and due-diligence. MSCI is headquartered in New York, with research and commercial offices around the world.of September 30, 2012, as published by eVestment, Lipper and Bloomberg on January 31, 2013Apr 2013。