Financial Econometrics

第一章财务管理总论Overview of Financial Man agement一、主要专业术语或概念中英文对照财务管理financial management财务管理的目标the goal of financial management关于企业财务目标的三种综合表述：利润最大化profit maximization (maximize profit)每股盈余最大化earnings per share maximization股东财富最大化stockholder (shareholder) wealth maximization利益相关者stakeholder股东stockholder/shareholder债权人creditor/bondholder顾客customer职工employee政府government股东价值的影响因素the factors that affect the stockholder value （2008注会财管教材P4图1-1）经营现金流量operating cash flows资本成本cost of capital销售及其增长/成本费用revenues and its growth/cost and expense资本投资/营运资本capital investment/working capital资本结构/破产风险/税率/股利政策capital structure/bankruptcy risk/tax rate/dividend policy经营活动operating activity投资活动investing activity筹资活动financing activity股东、经营者和债权人利益的冲突与协调Conflicts of interest between shareholders，managers and creditors and their reconciliationAn agency relationship(代理关系) exists whenever a principal (委托人) hires an agent（代理人）to act on their behalf。

澳洲五类金融硕士专业课程解析小编为大家介绍澳洲五类金融硕士专业课程解析，希望对店铺的同学有所帮助。

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金融专业一直是澳洲留学热门专业，下面小编就分别介绍澳洲五类金融专业硕士的基本课程内容、申请要求以及就业前景的介绍。

一、Master of Commerce，Financial Econometrics硕士学位下面的金融专业、金融经济专业，这个课程1.5年到2年，针对于没有任何金融背景的学生，要从基础课程讲起，然后必修金融的专业课程，另外还可以选修其他商科的一些课程，这样的优点就是可以使没有任何金融基础的学生，在1.5-2年里面循序渐进的掌握金融知识，另外灵活的课程设置也有机会学习到其他商科知识。

二、Master of Finance金融学硕士，1年课程，纯金融的课程，没有任何金融基础课程，1年全部修高端的金融课程，适合金融学背景的学生并且想在金融领域学习到更深的知识的学生，这个课程由于比较高端，申请难度相对较大，学校会评估学生在本科时修习的金融课程体系，如果不符合要求也不会录取。

课程包含投资，国际金融，证券管理等多个方向，学生可以根据自己将来的职业规划灵活选择。

三、Master of Financial Analysis金融分析硕士，1年课程，这个课程融合了会计和金融，以及金融风险管理方面的知识，学生要在课程中至少学习6们会计和金融的课程，然后在自由选择2门其他课程，灵活性比较大，学生可以根据自己的专修方向选择课程，这个课程很适合于那些会计，金融，或是有很强商科背景(选修过金融或是会计)的学生。

四、Master of Financial Economics金融经济硕士1.5年课程，这个课程比较高端，含有研究性质，读完的学生可以直接申请PHD博士，课程要求本科学生学习数学，物理，计算机，工程的学生，而且成绩必须是优秀的水平，另外还需要GAMT600分，此外个人陈述以及推荐信也是需要的。

经济与财务英语词汇大全一、宏观经济词汇1. Gross Domestic Product (GDP)：国内生产总值GDP measures the value of all final goods and services produced within a country during a specific period of time.2. Inflation：通货膨胀Inflation refers to the sustained increase in the general price level of goods and services over a period of time. It is often measured by the Consumer Price Index (CPI).3. Monetary Policy：货币政策Monetary policy refers to the actions taken by a central bank to influence the availability and cost of money and credit in the economy, usually through changes in interest rates or the money supply.4. Fiscal Policy：财政政策Fiscal policy refers to the use of government spending and taxation to influence the overall economy. It can be expansionary (increasing spending and/or reducing taxes) or contractionary (reducing spending and/or increasing taxes) depending on the economic conditions.5. Unemployment Rate：失业率Unemployment rate is the percentage of the labor force that is unemployed and actively seeking employment.6. Exchange Rate：汇率Exchange rate refers to the rate at which one currency can be exchanged for another. It is determined by the foreign exchange market and influenced by factors such as interest rates, inflation, and market sentiment.二、财务管理词汇1. Balance Sheet：资产负债表Balance sheet is a financial statement that shows the company's assets, liabilities, and shareholders' equity at a specific point in time.2. Income Statement：利润表Income statement is a financial statement that shows the company's revenues, expenses, and net income or loss over a specific period of time.3. Cash Flow Statement：现金流量表Cash flow statement is a financial statement that shows the changes in a company's cash and cash equivalents over a specific period of time.4. Return on Investment (ROI)：投资回报率ROI measures the profitability of an investment by comparing the gain or loss generated relative to the cost of the investment.5. Earnings per Share (EPS)：每股收益EPS is a financial ratio that indicates the portion of a company's profit allocated to each outstanding share of common stock.6. Dividend：股息Dividend refers to the distribution of a portion of a company's profits to its shareholders. It can be paid in the form of cash or additional shares of stock.三、市场与投资词汇1. Stock Market：股票市场Stock market is a market where shares of publicly traded companies are bought and sold.2. Bull Market：牛市Bull market refers to a market with rising prices and investor optimism.3. Bear Market：熊市Bear market refers to a market with falling prices and investor pessimism.4. Portfolio：投资组合Portfolio refers to a collection of investments, such as stocks, bonds, and mutual funds, held by an individual or institution.5. Diversification：多元化投资Diversification is a risk management strategy that involves spreading investments across different asset classes and sectors to reduce exposure to any single investment.6. Initial Public Offering (IPO)：首次公开募股IPO refers to the process by which a private company becomes a publicly traded company by offering its shares to the public for the first time.四、国际贸易词汇1. Free Trade：自由贸易Free trade refers to the unrestricted flow of goods and services between countries without tariffs, quotas, or other barriers.2. Import：进口Import refers to the purchase of goods and services from foreign countries for domestic consumption.3. Export：出口Export refers to the sale of goods and services to foreign countries.4. Trade Deficit：贸易逆差Trade deficit occurs when a country's imports exceed its exports, resulting in a negative balance of trade.5. Tariff：关税Tariff is a tax imposed on imported goods and services to protect domestic industries or generate government revenue.6. World Trade Organization (WTO)：世界贸易组织WTO is an international organization that deals with the global rules of trade between nations, aiming to ensure smooth and predictable trade flows.以上是一些经济与财务方面的英语词汇，涵盖了宏观经济、财务管理、市场与投资以及国际贸易等领域。

经济学专业术语（中英文对照）目录1. 经济学原理 (2)2. 像经济学家一样思考 (2)3. 相互依存性与贸易的好处 (3)4. 供给与需求的市场力量 (3)5. 弹性及其应用 (4)6. 供给需求与政策 (4)7. 消费者、生产者与市场效率 (4)8. 赋税的应用 (4)9. 国际贸易 (5)10. 外部性 (5)11. 公共物品和公共资源 (5)12. 税制设计 (5)13. 生产成本 (6)14. 竞争市场上的企业 (7)15. 垄断 (7)16. 垄断竞争 (7)17. 寡头 (7)18. 生产要素市场 (8)19. 收入与歧视 (8)20. 收入不平等与贫困 (8)21. 消费者选择理论 (9)22. 微观经济学前沿 (9)23. 一国收入的衡量 (10)24. 生活费用的衡量 (10)25. 生产与增长 (10)26. 储蓄、投资和金融体系 (11)27. 金融学的基本工具 (11)28. 失业 (12)29. 货币制度 (12)30. 货币增长与通货膨胀 (13)31. 开放经济的宏观经济学 (14)32. 开放经济的宏观经济理论 (14)33. 总需求与总供给 (14)34. 货币政策和财政政策对总需求影响 (15)35. 通胀与失业之间的短期权衡取舍 (15)1.经济学原理经济:(economy)稀缺性:(scarcity)经济学:(economics)效率:(efficiency)平等:(equality)机会成本:(opporyunity cost)理性人:(rational people)边际变动:(marginal change)边际收益:(marginal benefit)边际成本:(marginal cost)激励:(incentive)市场经济:(market economy)产权:(property rights)市场失灵:(market failure)外部性:(externality)市场势力:(market power)生产率:(productivity)通货膨胀:(inflation)经济周期:(business cycle)2.像经济学家一样思考循环流量图:(circular-flow diagram)生产可能性边界:(production possibilities)微观经济学:(microeconomics)宏观经济学:(macroeconomics)实证表述:(positive statements)规范表述:(normative statements)有序数对:(ordered pair)3.相互依存性与贸易的好处绝对优势:(absolute advantage)机会成本:(apportunity cost)比较优势:(comparative advantage)进口品:(imports)出口品:(exports)4.供给与需求的市场力量市场:(market)竞争市场:(competitive market)需求量:(quantity demand)需求定理:(law of demand)需求表:(demand schedule)需求曲线:(demand curve)正常物品:(normal good)低档物品:(inferior good)替代品:(substitutes)互补品:(complements)供给量:(quantity supplied)供给定理:(law of supply)供给表:(supply schedule)供给曲线:(supply curve)均衡:(equilibrium)均衡价格:(equilibrium price)均衡数量:(equilibrium quantity)过剩:(surplus)短缺:(shortage)供求定理:(law of supply and demand)5.弹性及其应用弹性:(elasticity)需求价格弹性:(price elasticity of demand)总收益:(total revenue)需求收入弹性:(income elasticity)需求的交叉价格弹性:(cross-price elasticity)供给价格弹性:(price elasticity of supply)6.供给需求与政策价格上限:(price ceiling)价格下限:(price floor)税收归宿:(tax incidence)7.消费者、生产者与市场效率福利经济学:(welfare economics)支付意愿:(willingness to pay)消费者剩余:(consumer surplus)成本:(cost)生产者剩余:(producer surplus)效率:(efficiency)平等:(equality)8.赋税的应用无谓损失:(deadweight loss)9.国际贸易世界价格:(world price)关税:(tariff)10.外部性外部性:(externality)外部性内在化:(internalizing the externality)矫正税:(corrective taxes)科斯定理:(coase theorem)交易成本:(transaction cost)11.公共物品和公共资源排他性:(excludability)消费中的竞争性:(rivalry in consumption)私人物品:(private goods)公共物品:(public goods)公共资源:(common resources)俱乐部物品:(club goods)搭便车者:(free rider)成本-收益分析:(cost-benefit analysis)公地悲剧:(tragedy of commons)12.税制设计纳税义务:(tax lianility)预算赤字:(budget defict)预算盈余:(budget surplus)平均税率:(average tax rate)边际税率:(marginal tax rate)定额税:(lump-sum tax)受益原则:(benefits principle)支付能力原则:(ability-to-pay principle)纵向平等:(vertical equity)横向平等:(horizontal equity)比例税:(proportional tax)累退税:(regressive tax)累进税:(progressive tax)13.生产成本总收益:(total revenue)总成本:(total cost)利润:(profit)显性成本:(explicit costs)隐性成本:(implicit costs)经济利润:(economic profit)会计利润:(counting profit)生产函数:(production function)边际产量:(marginal product)边际产量递减:(diminishing marginal product)固定成本:(fixed costs)可变成本:(variable costs)平均总成本:(average total cost)平均固定成本:(average fixed costs)平均可变成本:(average variable costs)边际成本:(marginal cost)有效规模:(efficient scale)规模经济:(economies of scale)规模不经济:(diseconomies of scale)规模收益不变:(constant returns to scale) 14.竞争市场上的企业竞争市场:(competitive market)平均收益:(average revenue)边际收益:(marginal revenue)沉没成本:(sunk revenue)15.垄断垄断企业:(monopoly)自然垄断:(natural monopoly)价格歧视:(price discrimination)16.垄断竞争寡头:(oligopoly)垄断竞争:(monopolistic competition) 17.寡头博弈论:(game theory)勾结:(collusion)卡特尔:(cartel)纳什均衡:(Nash equilibrium)囚徒困境:(prisoners’ dilemma)占优策略:(dominant strategy)18.生产要素市场生产要素:(factors of production)生产函数:(production function)劳动的边际产量:(marginal product of labor)边际产量递减:(diminishing marginal product)边际产量值:(value of the marginal product)资本:(capital)19.收入与歧视补偿性工资差别:(compensating differential)人力资本:(human capital)工会:(union)罢工:(strike)效率工资:(efficiency)歧视:(discrimination)20.收入不平等与贫困贫困率:(poverty rate)贫困率:(poverty line)实物转移支付:(in-kind transfers)生命周期:(life cycle)持久收入:(permanent income)功利主义:(utilitariansm)效用:(utilitariansm)自由主义:(liberalism)最大最小准则:(maximin criterion)负所得税:(negative income tax)福利:(welfare)社会保险:(social insurance)自由至上主义:(libertarianism)21.消费者选择理论预算约束线:(budget constraint)无差异曲线:(indiffernnce curve)边际替代率:(marginal rate of subtitution)完全替代品:(perfect substitudes)完全互补品:(perfect complements)正常物品:(normal good)低档物品:(inferior good)收入效应:(income effect)替代效应:(substitution effect)吉芬物品:(Giffen good)22.微观经济学前沿道德风险:(moral hazard)代理人:(agent)委托人:(principal)逆向选择:(adverse selection)发信号:(signaling)筛选:(screening)政治经济学:(political economy)康多塞悖论:(condorcet paradox)阿罗不可能性定理:(Arrow’s impossibility)中值选民定理:(median vater theorem)行为经济学:(behavioral economics)23.一国收入的衡量微观经济学:(microeconomics)宏观经济学:(macroeconomics)国内生产总值:(gross domestic product,GDP)消费:(consumption)投资:(investment)政府购买:(government purchase)净出口:(net export)名义GDP:(nominal GDP)真实GDP:(real GDP)GDP平减指数:(GDP deflator)24.生活费用的衡量消费物价指数:(consumer price index,CPI)通货膨胀率:(inflation rate)生产物价指数:(produer price index,PPI)指数化:(indexation)生活费用津贴:(cost-of-living allowance,COLA)名义利率:(nominal interest rate)25.生产与增长生产率:(productivity)物质资本:(physical capital)人力资本:(human capital)自然资源:(natural resources)技术知识:(technological knoeledge)收益递减:(diminishing returns)追赶效应:(catch-up effect)26.储蓄、投资和金融体系金融体系:(financial system)金融市场:(financial markets)债券:(bond)股票:(stock)金融中介机构:(financial intermediaries)共同基金:(mutual fund)国民储蓄:(national saving)私人储蓄:(private saving)公共储蓄:(public saving)预算盈余:(budget surplus)预算赤字:(budget deficit)可贷资金市场:(market for loanable funds)挤出:(crowding out)27.金融学的基本工具金融学:(finance)现值:(present value)终值:(future value)复利:(compounding)风险厌恶:(risk aversion)多元化:(diversification)企业特有风险:(firm-specific risk)市场风险:(market risk)基本面风险:(fundamental analysis)有效市场假说:(efficient markets by pothesis)信息有效:(informational efficiency)随机游走:(random walk)28.失业劳动力:(laborforce)失业率:(unemployment rate)劳动力参与率:(labor-force participation rate)自然失业率:(natural rate of unemployment)周期性失业:(cyclical unemployment)失去信心的工人:(discouraged workers)摩擦性失业:(frictional unemployment)结构性失业:(structural unemployment)寻找工作:(job search)失业保险:(unemployment insurance)工会:(union)集体谈判:(collective bargaining)罢工:(strike)效率工资:(essiciency wages)29.货币制度货币:(money)交换媒介:(medium of exchange)计价单位:(unit of account)价值储藏手段:(store of value)流动性:(liquidity)商品货币:(commodity money)法定货币:(fiat money)通货:(currency)活期存款:(demand deposits)联邦储备局:(Federal Reserve)中央银行:(central bank)货币供给:(money supply)货币政策:(monetary policy)准备金:(reserves)部分准备金银行:(fractional-reserve banking)准备金率:(reserve ratio)货币乘数:(money multiplier)银行资本:(bank capital)杠杆:(leverage)杠杆率:(leverage ratio)资本需要量:(capital requirement)公开市场操作:(open-market operations)贴现率:(discount rate)法定准备金:(reserve requirements)补充金融计划:(supplementary financing program)联邦基金利率:(federal funds rate)30.货币增长与通货膨胀铲除通胀:(whip Inflation Now)货币数量论:(quantity theory of money)名义变量:(nominal variables)真实变量:(real variables)古典二分法:(classiacl dichotomy)货币中性:(monetary neutrality)货币流通速度:(velocity of money)数量方程式:(quantity equation)通货膨胀税:(inflation tax)费雪效应:(Fisher effect)皮鞋成本:(shoeleather cost)菜单成本:(menu costs)31.开放经济的宏观经济学封闭经济:(closed economy)开放经济:(open economy)出口:(exports)净出口:(net exports)贸易余额:(trade balance)贸易盈余:(trade surplus)贸易平衡:(balanced trade)贸易赤字:(trade deficit)资本净流出:(net capital outflow)名义汇率:(nominal exchange rate)升值:(appreciation)贬值:(depreciation)真实汇率:(real exchange rate)购买力平价:(purchasing-power parity)32.开放经济的宏观经济理论贸易政策:(trade policy)资本外逃:(capital flight)33.总需求与总供给衰退:(recession)萧条:(depression)总需求与总供给模型:(model of aggregate demand and aggregate supply)总需求曲线:(aggregate-demand curve)总供给曲线:(aggregate-supply curve)自然产出水平:(natural level of output)滞胀:(stagflation)34.货币政策和财政政策对总需求影响流动性偏好理论:(theory of liquidity)财政政策:(fisical policy)乘数效应:(multiplier effect)挤出效应:(crowding-out effect)自动稳定器:(automatic stabilizers)35.通胀与失业之间的短期权衡取舍菲利普斯曲线:(phillips curve)自然率假说:(natural-rate hypothesis)供给冲击:(supply shock)牺牲率:(sacrifice ratio)理性预期:(rational expectations)。

CFA二级笔记19-财报-金融机构分析本章框架银行和保险公司分析是重点【错题笔记】错题1反思：underwriting expense 比率提升了，并不能反应其保费收入能力提高了...错题2反思：对于金融机构来说，高质量的收入是利息收入，而材料体现的是交易收入（这部分不稳定），越低越好。

错题3反思：对单词意思不理解...A项，应是更保守（more conservative），因为坏账损失loss 多计B项，trail指的是滞后于···举一个例子，如下，小盘股就是滞后于大盘股的涨跌根据材料得知，坏账损失并没有滞后于收回金额Ｃ项，cushion，指的是保护垫，这里可以理解为储备金对坏账损失的保护度，根据计算是逐渐下降的【学习笔记】一、characteristic of financial institutions二、analyzing a bankcapital adequacy：通俗来讲，即保命钱的充足性CET1（一级资本）：权益科目（为保证going concern的钱）other tier 1 capital：优先股（可股可债，之所以可以定义为债，因为有着共同的特点：无投票权、固定分红（相当于固定利息）、优先偿还）CET2（二级资本）：债权科目（如果银行跨了怎么办，gone concern，动用债权资金偿还储户）注意：针对 not impaired 资产进行allowance（资产备抵账户，减值）LCR：流动资产覆盖率分母是压力测试下一个月内银行要流出的现金流分子是高流动性资产最少要大于100%NSFR：净稳定资产率分子是可用的稳定资产分母是一年内需要的稳定资产（比如要做什么投资）最小也是100%三、analyzing a insurance company。

Chapter 1《American EconomicReview》《美国经济评论》《Journal of Finance》《金融学报》《The Wealth of Nations》《国富论》acquisition 收购adjust risk 调整风险aggressive target 激进（性）的目标asset 资产asset allocation 资产配置bidder 出价者，竞标者Black-Scholes optionspricing formulaB-S期权定价公式business finance 企业财务（金融）capital budgeting 资本预算capital expenditure 资本支出capital structure 资本结构cash flow 现金流chief executive officer（CEO）首席执行官chief financial officer（CFO）首席财务官（财务总监）claims 权益（证）、索取权利classical economics 古典经济学common stock 普通股competitive stock market 竞争性的股票市场conflict of interest 利益冲突consumption and savingdecisions消费和储蓄决策consumption preference 消费偏好controller 审计员convertible securities 可转换证券corporation （有限责任）公司corporation finance 公司财务（金融）debt outstanding 未清偿贷款（债务）derivative securities 衍生证券diversify risk 分散风险dividend and financialpolicies红利（股利）和财务政策economic value 经济价值entertainment industry 娱乐行业（产业）entity 实体equity权益（与Liability（负债对应）evaluation of cost 成本估算（评价）exclusive goal 唯一目标executive compensationprogram管理者补偿（薪酬）计划extended family 大家庭finance 金融, 财政, 金融学finance system 金融系统financial advisory firm 金融咨询公司financial capital 金融资本financial contracting 订立金融合约（合同）Financial Executive Institute 财务执行官组织financing 筹措资金（融资）financing decision 融资决策general partner 一般合伙人going concern 关注效应infrastructure 基础设施、架构initial outlay 初始投入integrated financial program 完整的财务计划investment decision 投资决策ITT corporation 国际电报电话公司learning curve 学习曲线liability 负债、债务、责任limited liability 有限责任limited partner 有限责任合伙人long-lived asset 长期资产long-range incentivesystem长期激励系统market discipline 市场规则market interest rate 市场利率market risk premium 市场风险价格market value of shares 股票市场价值（简称市值）marketing 营销maximize the wealth （使）财富最大化merger 兼并，合并mortgage loan 抵押贷款multinational conglomerate 跨国企业集团mutual fund 共同基金net worth 净资产operating margin 营业利润option 期权original core business 原始的核心业务partnership 合伙企业pension liabilities 养老金负债personal investing 个人投资physical capital 实物资本pool联营；集中使用的（资金，物）portfolio 投资组合portfolio of asset 资产组合preferred stock 优先股president 总裁primary commitment 首要（基本）任务private corporation 私人（非公众）公司professional managers 职业经理人profit 利润profit-maximizationcriterion利润最大化标准proposition 命题public corporation 公众公司quantitative model 定量模型regulatory body 监管机构resource allocationdecision资源配置决策retail outlet 零售摊点return 回报，收益risk-averse 风险厌恶（规避）security price 证券价格share price appreciation 股价上涨（增值）shareholder-wealth-maximization股东财富最大化sole proprietorship 个体（业主制）企业spin-off 配股spread out over time 跨时间分布stake 资助，资金stock option 股票期权strategic planning 战略规划supplier 供货商takeover 接管the exchange of assetsand risks资产和风险的交换the set of markets andother institutions市场及其它机构的集合trade off 权衡uncertain benefit 不确定性收益unlimited （limited）liability无（有）限责任vice-president forfinancial财务副总裁voting right （股东）投票权welfare 福利well-functioning capitalmarket高效的资本市场working capitalmanagement营运资本管理Chapter 2accounting procedure 会计程序adverse selection 逆向选择American Express 美国运通信用卡arithmetic mean 算术平均数asymmetry 不对称average risk premium 平均风险升水（溢价）Bank for InternationalSettlement（BIS）国际清算银行banking panic 银行危机bartern. 易货贸易；v. 讨价还价board of directors 董事会by-product 副产品call option 买入期权（看涨期权）capital gain（loss）资本收益（损失）Capital market资本市场（即长期资金市场）cash dividend 现金股利（红利）central bank 中央银行charge price 要价clearing and settlingpayment清算和结算支付closed-end 封闭式的collateral 担保品collateralization 以…担保commercial loan 商业贷款commercial loan rate 商业贷款利率credit card 信用卡default 违约、托债、弃权default risk 违约风险deficit unit 赤字部门defined-benefit pensionplan规定收益型养恤金制defined-contributionpension plan规定缴费型养恤金制depository savingsinstitution存款储蓄机构（系统）derivative 衍生（证券）Deutsche Bank 德意志银行dissemination 推广、传播dividend reinvestment 红利（股利）再投资dollar-denominated asset 以美元计价的资产double-entry-bookkeeping 复式记账法equity 权益equity-kickers 权益条件expected rates of return 期望（预期）收益率Federal Reserve System 联邦储备系统Finance AccountingStandardsBoard财务会计标准委员会financial instrument 金融工具financial intermediary 金融中介financial market parameters 金融市场参数financial variable 金融（财务）变量fixed-income-instruments 固定收益证券flow of fund 资金流flow of fund 资金流foreign exchange 外汇formation extraction 信息提取forward contract 远期合约functional perspective （从）功能（的角度或观点）future 期货German marks 德国马克go public 上市incentive problem 激励问题index fund 指数（化）基金index-linked bonds（与物价）指数联系的债券information service 信息咨讯（服务）insurance company 保险公司interest rate 利息率（简称利率）interest rate arbitrage 利率套利interest rate equalization 利率平价intermediary 中介International BankforReconstruction andDevelopment国际复兴开发银行International Monetary Fund（IMF）国际货币基金组织International Swap DealersAssociation国际掉期交易商协会intertemporal 跨期的（多阶段的）IOUI owe you的简称，喻指“借条”issuing stock 发行股票Japanese yen 日元life annuity 人寿年金limited liability 有限责任liquidity 流动性maturity （票据）到期日；期限money market货币市场（即短期资金市场）moral-hazard 道德风险mortgage 抵押mortgage rate 抵押利率mutual fund 共同基金New York Stock Exchange 纽约股票交易所nominal interest rate 名义利率offset 弥补、抵消open-end 开放式的option 期权Osaka Options and FuturesExchange大阪期货期权交易所over-the-counter-market（OTC）场外（交易）市场parties to contract 合约的参与者pool or aggregate 联营；集中使用的（资金或物品）；premium 升水、溢价price appreciation 增值principal-agent problem 委托－代理问题pro rata 按比例的put option 卖出期权（看跌期权）qusai- 准、半rate of exchange 汇率rates of return 收益（回报）率rating agency 评级机构real interest rate 实际利率real rate of return 实际收益率redeem 赎回、偿还residual claim 剩余索取（求偿）权risk aversion 风险厌恶（规避）risk premium 风险升水（溢价）security dealer 证券交易商shed specific risk 规避（分散）特定（或私有）风险standard deviation 标准差standardized option contract （经）标准化的期权合约surplus unit 盈余部门trade-off 权衡trust company 信托公司U.S Treasury Bills 美国国库券underwrite 认购、包销unit of account 计值单位universal bank全能银行（指兼做中央银行和商业银行业务的银行）volatility 波动性well-information 信息充分的yen rate of return（以）日元（记值）的收益率yield curve 收益（率）曲线yield spread 收益价差Chapter 3accounting earnings 会计收入accounting rule 会计规则accrual 应计的accrual accounting 应计制（权责发生制）accumulated depreciation 累计折旧amortize 摊销、分期偿还apocryphal 伪经的、假冒的asset turnover（ATO）资产周转率（销售收入/总资产）audit 查账、审计balance sheet 资产负债表benchmark （比较）基准bond-rating 债券评级book value 账面价值capital structure 资本结构capital-incentive utility 资本密集型的公用事业（公司）cash and equivalents 现金及其等价物cash budget 现金预算cash cycle time 现金循环周期cash inflow 现金流入cash outflow 现金流出common stock outstanding 流通在外的普通股contingent liability 或有负债（如：可能发生的诉讼赔偿等）current asset 流动资产current liability 流动负债current ratio 流动比率depreciation 折旧、贬值disclose 披露dividend payout rate 股利支付率earnings before interest and tax （EBIT）息税前利润（=毛利- GS&A）earnings per share 每股盈余（收益）earnings retention rate （收益）留存比率expiration date 到期日external financing 外部融资（比如，发行股票和债券）financial distress 财务危机（困境）financial leverage 财务杠杆（率）financial ratio 财务比率financial statement 财务报表general, selling, andadministrative expenses（GS&A）管理及销售费用goodwill 商誉gross margin 毛利（润）（=销售收入-产品销售成本）income statement 损益表income tax 所得税intangible asset 无形资产inventory 库存、存货inventory turnover 存货周转率liquidity 流动性long-term debt 长期负债market to book 市值价值/账面价值marking to market 盯住市场net income（or net profit）净利润（即税后利润=EBIT-利息-所得税）net working capital 净营运资本（=流动资产-流动负债）net worth 净资产（即权益，=资产-负债）off-balance-sheet 表外项目operation income 营运收益（营业利润）opportunity cost 机会成本owner’s equity所有者权益paid-in capital 实收资本payable 应付账款percent-of-sales method 销售（收入）百分比法planning horizon 计划（时间）跨度price to earnings 市盈率（价格/盈余）profitability 盈利能力、盈利性property 土地、地产、所有权quick ratio 速动比率receivable 应收账款receivables turnover 应收账款周转率retained earnings 留存收益ROA（return on asset）资产收益率（EBIT/资产）ROE（return on equity）净资产收益率（即权益报酬率，=税后利润/净资产）ROS（return on sales）销售利润率（EBIT/销售收入）short-term debt 短期负债specify performance target 设定业绩目标statements of cash flow 现金流量表sustainable growth rate 持续增长率taxable income 应税收益（即税前利润=EBIT-利息）times interest earned 利息保障倍数Tobin’s Q托宾Q值（=资产市值/重置成本）total shareholder returns 总的股东收益（率）Chapter 4after-tax interest rate 税后利率amortization 分期偿还、摊销annual percentage rate（APR）年度百分比（利率）annuity 年金before-tax interest rate 税前利率compound interest 复利compounding 复和（与discounting 相反的概念）discount rate 折现率、贴现率discounted cash flow（DCF）折现现金流discounting 折现、折扣effective annual rate（EFF）有效年利率exchange rate 汇率future value 终值future value factor 终值系数（即由现值计算终值的换算因子）growth annuity 增长年金immediate annuity 即付年金implied interest rate 隐含利率installment 分期付款internal rate of return（IRR）内部报酬率market capitalizationrate市场资本化利率（简称市场利率）net present value（NPV）净现值opportunity cost ofcapital资本的机会成本ordinary annuity 普通年金（即后付年金）original principal （初始）本金outstanding balance 未平头寸payback period 回收期perpetual annuity（orperpetuity）永续年金present value 现值present value factor （终值）现值系数（终值系数的倒数）reinvest 再投资simple interest 单利tax-exempt 免税的time value of money （TVM）货币（或资金）的时间价值yield to maturity 到期收益率Chapter 5bequest 遗赠、遗赠物break-even 得失相当的，盈亏平衡的deductible 可扣除（或抵扣）的explicit cost 显性成本feasible plan 可行（的）计划human capital 人力资本implicit cost 隐性成本incremental 增量的、增值的intertemporal budgetconstraint跨期预算约束optimization model 优化模型permanent income 永久性收入provision 条文、条款tax deferred 税收（可）延缓的tax exempt 免税的trial-and-error 试错Chapter 6after-tax cash flow 税后现金流all-equity-financed firm 全权益融资公司annualized capital cost 年金化资本成本appropriation 拨款、占用break-even point 盈亏平衡点capital budgeting 资本预算cost of capital 资本成本coupon bond 息票债券cumulative present value 累计现值full-fledged 完备的、正式的horizontal axis 横轴（或横坐标）labor-intensive 劳动密集型的liquidate 清算、清偿market-related risk 市场相关（或者承认予以补偿）的风险，即系统风险（systematic risk）prototype 模型、原型residual value 残值risk premium 风险溢价risk-adjusted discountrate（经）风险调整的折现率sensitivity analysis 敏感性分析vertical axis 纵轴（或纵坐标）zero-inflation 零通涨（率）Chapter 7Arbitrage 套利arbitrageurs 套利（交易）者beverage 饮料bona fide 真正的bond 债券default risk 违约风险default-free 无违约（风险）的earnings per share 每股盈余efficient marketshypothesis（EMH）有效市场假说fetch 售得…fixed-income securities 固定收益证券foreign exchangemarket外汇市场fundamental value 基础价值information set 信息集interest-rate arbitrage 利率套利intrinsic value 内在价值laundry 洗衣店Law of One Price 一价定律price/earnings multiple 市盈率（倍数）real estate 房地产、不动产sibling 兄弟、同胞、氏族成员tautologically 同意反复地transaction costs 交易成本triangular arbitrage 三角套利vending 售货well-informed 信息充分的Chapter 8abscissa 横坐标ask price 卖价、要价（报价）bid price 买价、出价（询价）callable bond 可赎回债券convertible bond 可转换债券coupon bond 带息债券、息票债券current yield 即期收益（率）discount bond 折价债券face value/ par value 面值maturity 到期日ordinate 纵坐标par bond 平价债券premium bond 溢价债券pure discount bond 纯折现债券quote 牌价redeem 赎回、偿还risk-free interest rate 无风险利率yield curve 收益（率）曲线yield to maturity 到期收益（率）zero-coupon bond 零息（票）债券Chapter 9New York StockExchange纽约股票交易所cash dividend 现金股利（或红利、分红）closing price 收盘价Constant-Growth-RateDDM不变增长率股利折现模型current/existingstockholders现有股东、老股东discounted-dividendmodel（DDM）股利折现模型dividend policy 股利政策dividend yield 分利收益率ex-dividend price 除息（即股息）价格expected rate of return 期望收益率（或报酬率）infinite 无穷（或无限）的internal equity financing 内部权益融资Investment opportunity 投资机会market capitalization rate 市场资本化利率odd lots 零星（交易量）per se 亲自、亲身perpetual 永久的price/earnings ratio 市盈率Reinvested earnings 再投资收益required rate of return 必要报酬率（或收益率）risk-adjusted discountrate（经）风险调整折现率round lots 整批（交易量）share repurchase 股票回购skeptical 怀疑的stock dividend 股票股利stock splits 股票分割Chapter 10actuary 精算师caterer 酒席承办人colossal 巨大的、异常的confidence intervals 置信区间consortium 社团、合伙continuous probability distribution 连续概率分布diversification 分散化（投资）diversifying 分散化、多样化dunce 笨蛋、书呆子ex ante 事先的ex post 事后的expected rate of return 期望收益率（报酬率）flexibility 灵活性、柔性forward contract 远期合约hedger （套期）保值者、对冲者hedging 保值、对冲、对两方下注以防止（赌博、冒险等）的损失insuring 投保、给…保险jurisdiction 司法、权力、权限layoff 解雇、失业materialize 实现mean 均值normal distribution 正态分布overview 概述perverse 故意作对的、任性的portfolio 投资组合precautionary saving 预防性储蓄probability distribution 概率分布quadruple adj. 四倍的；v. 使…（增加）四倍recrimination 反责refund 退还risk assessment 风险评估risk aversion 风险规避risk avoidance 风险避免risk exposure 风险暴露risk identification 风险识别risk management 风险管理risk retention 风险保留risk transfer 风险转移sinful 有罪的、过错的、不道德的speculator 投机者square root 平方根stakeholder 利益相关者standard deviation 标准差swap 互换volatility 波动率Chapter 11American-type option 美式期权call option 买入期权（简称“买权”）cap （利率）上限condominium 公寓私有的共有方式co-payment 共同支付counterparty 交易对手credit guarantee 信用担保credit risk 信用风险deductible/deduction 免赔额delivery 交割delivery date 交割日derivative 衍生工具diversifiable risk 可分散的风险diversification principle 分散化（或多元化）原则European-type option 欧式期权exclusion 除外责任expiration date 到期日expire 到期face value 面值fictitious 虚构的firm-specific risk （公司）私有（或特有）风险forward contract 远期合约forward price 远期价格future contract 期货合约guarantee 保证、保证人、担保、担保品loan guarantee 债务保单long position 多头market risk 市场风险non-diversifiable risk 不可分散的风险premium 保险费、附加费、溢价proceed n. 盈利put option 卖出期权（简称“卖权”）rolling over 滚动（式）的short position 空头shortfall 不足之数、赤字spot price 即期价格standardized （经）标准化的strike price/ exerciseprice执行价格、行权价swap contract 互换合约、调期合约Chapter 12decision horizon 决策（修正）期限efficient portfolio 有效组合efficient portfolio frontier 有效组合前沿expected return 期望收益率mean-variance model 均值－方差模型minimum-varianceportfolio最小方差组合mutual fund 共同基金optimal combination ofrisky assets风险资产最优组合planning horizon 计划期、规划期point of tangency 切点portfolio selection （投资）组合选择risk premium 风险溢价risk tolerance 风险容忍（度）riskless asset 无风险资产risky-asset portfolio 风险资产组合set of……的集合tangency portfolio 切线组合target expected return 目标期望收益率trade-off 权衡、平衡trading horizon 交易（间隔）期限Chapter 13active investmentstrategies积极投资策略active portfolio selectionstrategy积极的组合选择策略Arbitrage Pricing Theory （APT）套利（定价）理论beat the market 打败市场benchmark 基准benchmark portfolio 基准组合Capital Asset PricingModel（CAPM）资本资产定价模型capital market line（CML）资本市场线consensus 一致、一致同意cost of capital 资本成本covariance 协方差equilibrium asset price 均衡（的）资产价格equilibrium expectedreturn均衡（的）期望收益率equilibrium price 均衡价格equilibrium risk premium 均衡风险溢价indexing 指数化irreducible 不能减少的、难复位的marginal contribution 边际贡献market portfolio 市场组合market-related risk 市场相关的（或承认的）风险multifactor IntertemporalCapital Asset PricingModel（ICAPM）多因子、跨期资本资产定价模型mutual fund 共同基金non-market risk 非市场风险passive investing 消极投资passive portfolio selectionstrategy消极的组合选择策略pension fund 养老基金regression coefficient 回归系数reward-to-risk ratio 风险补偿比率security market line（SML）证券市场线short-sale 卖空systematic risk 系统风险unsystematic risk 非系统风险Chapter 14arbitrageur 套利者bountiful 慷慨的、充足的casino 卡西诺赌场、小别墅closing out（one’s/a）position平仓continuouscompounding连续复利cost of carry 持有成本daily marking to market 逐日盯市（即每日无负债清算制度）delivery 交割delivery date 交割日delivery price 交割价格expectationshypothesis期望假说financial future 金融期货（即标的物为金融产品的期货合约）foreign-exchangeparity relation汇率平价关系forward contract 远期合约forward price 远期价格forward-spotprice-parity relation 远期-即期价格间的平价关系future contract 期货合约future price 期货价格future spot price 将来的现货价格hedger 套期保值者intrinsic value 内在价值margin 保证金open interest 未平仓合约数、头寸开放权益数position 头寸posting of margin （对）保证金（进行）过帐quasi-arbitrage 准套利（机会）replicate 复制speculator 投机者spoilage 损坏spot price 即期价格、现货价格spread 价差、差额the wall street journal 《华尔街日报》Chapter 15American-typeoption美式期权arrear 应付欠款、储备物at the money option 两平期权Black-Scholes model 布莱克-斯科尔斯期权定价模型boom 繁荣的bullish 乐观的call （option）买入期权（简称买权）、看涨期权capital-gain 资本（性）收益cash settlement 现金结算Chicago BoardOptions Exchange（CBOE）芝加哥期权交易所commission 佣金Contingent Claims 或有权益（简称或有权、或然权）credit guarantee 信用保证（或承诺）de facto 实际的、实际上decision tree 决策树delinquency 失职、违法行为dividend yield 股利收益率dividend-adjusted option formula 股利调整期权（定价）公式embedded option 嵌入式期权European put option 欧式卖权European-typeoption欧式期权evasion 逃避、躲避Exchange-traded option 场内（即在交易所交易的）期权exercise price/strikeprice执行价格/敲定价格expirationdate/maturity date到期日explicit 外生的flexibility 灵活性、柔性FutureOptions/Option onFutures期货期权growth option 增长期权guarantor 保证人hedge ratio 对冲比率、套期比率implicit 内生的implied volatility 隐含波动率in the money option 虚值期权incremental 增量的、增加的index option 指数期权intrinsicvalue/tangible value内在价值、执行价值junk bond 垃圾债券litigation 诉讼、争论mainline 主流的、传统的natural logarithm 自然对数normal distribution 正态分布Option 期权out of the moneyoption实值期权Over-the-counteroption场外（交易的）期权payoff diagrams 支付图plaintiff 起诉人provision 条文、条款put （option）卖出期权（简称卖权）、看跌期权put-call parityrelation买（权）与卖（权）间的平价关系real option 实物期权recession 衰退self-financinginvestment strategy自融资投资策略sequel 续篇、后果shortfall 不足之数、赤字stochastic 随机的 swap 互换 time value 时间价值 truncate截断two-state （binomial ）option pricing model 两状态（二项式）期权定价模型 underlying asset 标的资产、基础资产Chapter 16account payable 应付账款accrued wage应计工资adjusted present value （APV ）（经）调整的现值 after-tax incremental cash flow 税后增量现金流agency cost 代理成本 allegiance 忠诚、忠贞 all-equtiy financing 全权益融资 bankruptcy cost破产成本bankruptcy proceeding 破产程序、破产诉讼 Capital Structure资本结构capital structure irrelevance proposition 资本结构无关性定理 circumvent 绕过、智胜 collateral 担保品 common stock 普通股 corporate income tax公司所得税cost of financial distress 财务危机（危难）成本 debt financing 债务融资 entity实体、本质、存在 equity financing 权益融资 external financing外部融资（筹资） fiduciary受信托的 financial distress财务危机（危难） financing instrument 金融工具 franchise 特许权 free cash flow自由现金流 frictionless 无摩擦的gourmet供美食家的享用的、美食家imminent 临近的、迫在眉睫的 interest tax shield （债务）利息税盾 internal financing 内部融资（筹资） issuing new stock 发行新股leveraged investment 杠杆投资（即投资额中有部分债务融资） long-term lease 长期租赁 M & M proposition MM 定理market debt-to-equity ratio（用）市场（价值表示的）债务-权益比率market-value/economic balance sheet （用）市场价值（表示的）资产负债表 Modigliani & Miller （M 莫迪里阿尼和米勒& M ）optimal capital structure 最优资本结构 pension liability 养老金（形式的）债务 perk额外补贴 personal income tax 个人所得税 preferred stock优先股学习必备欢迎下载prestige 威信、声望pro rata 按比例的realized capital gains 已实现资本收益redeploy 重新部署（布置、调派）repurchase stock 回购股票residual claim 剩余索取权（求偿权）retained earning 留存收益scrutiny 细致检查secured debt 安全债务stock option 股票期权subsidy 津贴、财政援助、特别津贴voting right 投票权warrant 认股权证、认股权weighted average costof capital（WACC）加权资本成本Chapter 17acquisition 收购bargain v. 讲价、讨价还价；n. 便宜货、交易、协定breakup 分散、中止、崩溃consolidation 合并、联合、巩固consummate 完成、使…完美contest 竞争、争夺corroborate 加强证实、巩固、支持discretion 决定权、谨慎、判断力divest 使…脱去information set 信息集loss carry-forward 亏损递延malevolence 恶意、坏影响merger 兼并opaqueness 不透明real option 实物期权spin-off 派生出、让产易股、抽资脱离synergy 协同增效takeover 接管。

经济与金融英语词汇大全Abstract:本文旨在提供一份经济与金融英语词汇大全，旨在帮助读者扩展自己的金融英语词汇量，以更好地理解并应用于经济和金融领域。

本词汇大全涵盖了各个方面的经济与金融术语，并提供了简明的解释和示例，以确保读者能够准确有效地使用这些词汇。

1. 宏观经济学 (Macroeconomics)宏观经济学是研究整体经济的学科，涉及国民收入、就业、通货膨胀等方面的研究。

- Gross Domestic Product (GDP): 国内生产总值，衡量一国某一特定时期内所生产的所有最终产品和服务的市场价值。

- Unemployment Rate: 失业率，衡量劳动力中无工作而愿意就业的人的比例。

2. 微观经济学 (Microeconomics)微观经济学是研究个体经济单位（如家庭、公司）的学科，涉及供求、价格等方面的研究。

- Supply and Demand: 供求关系，在市场经济中决定产品和服务的价格和数量。

- Price Elasticity: 价格弹性，衡量供求关系对价格变化的敏感程度。

3. 财政学 (Public Finance)财政学是研究政府财政活动的学科，涉及税收、开支等方面的研究。

- Budget Deficit: 预算赤字，政府在一定时期内支出大于收入的情况。

- Taxation: 税收，政府向个人和企业征收的款项。

4. 国际贸易 (International Trade)国际贸易是国家之间商品和服务交流的过程，涉及进出口、贸易政策等方面的研究。

- Tariff: 关税，国家对进口商品征收的额外费用。

- Free Trade: 自由贸易，国家之间以最低限度或无限制地交换商品和服务。

5. 银行与金融机构 (Banking and Financial Institutions)银行与金融机构提供各种金融服务，如存款、贷款、投资等。

- Commercial Bank: 商业银行，从公众存款中募集资金，提供贷款和其他金融服务。