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Emerint - Investment Memorandum-chinese

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投资备忘录概括艾马林投资集团2010年7月目的这个文件的目的是起草关于融资方公司和投资机会提供给潜在投资方的项目信息摘要。

Emerint必须采取一切合理的谨慎措施确保信息的准确和完整，并在所有重大方面追究相应责任。

∙内容提要o机遇o关于公司o产品和市场战略o资金和财物o发售最后编写这部分。

∙机遇o产品和市场机遇o利用机遇的业务模式使用令人信服的特征来说明机遇.为什么这是一个独特的，有利可图的机遇？为什么时间是对的？什么是特殊的情况？利基市场？是否能满足市场需求？这是一个以市场为导向的市场机遇或是不足或变形的结果？（例如，真正的需求？政府补贴？或行业政策？）其他重点：-价值主张（不是做产品描述，而是产品价值怎么传递给消费者）-回报潜力-市场规模产品和市场具备开拓市场机遇的独特产品特征和市场情况。

描述产品和市场，包括市场规模，专家对市场和潜在市场趋势的分析意见。

业务模式具体而言，如何利用好这个市场机遇？∙关于公司o状况o公司历史o经营o整体战略项目公司介绍.状况法律状况，市场地位。

公司历史特别比较关注的问题是财务上的成功，成长和发展动态；一般性说明财务上的历史，包括债务融资和外部资金（不是财务报表记录，应归纳到财务报表部分）。

突出显著的成就，也包括失败的部分，如果在不能在公司的财务报表中规避的话。

业务经营业务经营发展：如扩大产能的历史整体战略公司在从短期，中期和长期的观点来看，将来处于的位置？什么是公司在目前市场趋势下的位置？∙产品o产品描述o知识产权，法律环境o价格/利润/规模经济是什么样的产品？谁购买它? 为什么购买它？产品是否匹配市场机遇/切中要害的陈述；产品的门槛？研发费用需要的资金是多少？产品描述描述产品和目标市场知识产权，法律环境行业法律法规摘要价格/利润/规模经济谁是“真正”的制造商？达到规模化生产的要求是什么？在生产上的关键价格点是什么？∙业务发展o产品和市场战略o行动计划o并购策略o授权策略o未来项目o增长期权o里程碑本节中详细介绍如何设计，实施，实现针对市场的建议的产品。

产品和市场战略如何开发和销售产品？产品是否为市场准备好了，或者是需要更多设计和开发的必要？市场营销战略是什么？如何将产品销售？Operational planDetails on production plan, staffing, use of the proceeds, ‘burn rate’, basic revenue and margin discussion (reference ‘Financials’ for more details). The operational plan should include timeline with deadlines.M&A strategyIs M&A part of the growth and investment plan in the future?Licensing strategyWhat are the plans and the goals in relation to utilizing intellectual property rights?- both own and others’. Future projectsDescribe future (realistic) potential and already planned projects with material effect on the company or the investment project.Growth optionsGrowth options are additional projects that can be later added to the current project once it is implemented. E.g. in waste management plant’s sorting facility, growth options is a recycling facility or a bio-mass electricity plant.MilestonesSummary timeline with goals, deadlines, and deliverables.∙THE TECHNOLOGYo Descriptiono Protection against futuretechnologies This section describes technological context of the investment: the use of applied technologies and those technologies that can effectively impact, positively or negatively, current investment.DescriptionNon-technical description of all relevant technologies, including potential technological shifts and other competing technologies.Protection against future technologiesHow to effectively protect the investment should newer, better, more advanced technologies enter the market?∙COMPETITIVE ADVANTAGEo Strengthso Alliances and strategicrelationshipso Operations and distribution Address all issues leading to sustainable advantage over competitors in relation to the product, but also to the underlying production process, distribution channel, or other facts that can provide competitive advantage:-Market lead-Product differentiation-Entry barriers-Replicability-Production, distribution systemsStrengthsUnique product strengths, features that address market niche?Alliances and strategic relationshipsCan the company exploit competitive advantage from special relationships? E..g strategic business partner owning a proprietary technology, agreements with local governments, long-term supplier contracts, purchase agreements, etc.Operations and distributionIndirect source of competitive advantage relative to other competitors: e.g. unique production technology, process (JIT, etc), superior production standards, special distribution channel that can reach additional markets, etc.∙COMPETITOR ANALYSISo Competing productso Competition in the sectoro Emerging productso Competition in other sectors Summary of competition in both domestic and international markets.Competing productsSame products or substituting products (other products serving the same purpose or satisfying the same demand).Competition in the sectorFrequently summarized in a margin, competition in the sector describes the type and the form of bidding for the market share (e.g. price war, specialization, territorial segmentation).Emerging productsNot yet mature, even incipient products (prototypes, designs) that can displace the current product. Competition in other sectorsCover relevant sectors: upstream and downstream.∙CORPORATE STRUCTURE o Ownerso Directorso Senior managemento Advisory boardo Company structureo Summary of companyconstitution Determine decision-making hierarchy and process. While not necessarily explicit, identify key stakeholders, influencers, and their incentives.Full hierarchy of legal and natural persons that own the company. It is imperative to verify and ensure that both owners, professional managers, and other decision makers act in good faith, in the best interest of the company, and in full compliance with all applicable laws.OwnersFull hierarchy (to the topmost level) of the list of owners and their stakes.DirectorsList of director and their responsibilities. Watch for explicit agency and incentive issues.Senior managementList of senior managers and their responsibilities. Watch for explicit agency and incentive issues. Advisory boardSound advisory board helps to build credibility of the corporation.Company structureOwnership, organizational structure, decision-making process, and feedback.Summary of company constitutionOutline relevant articles of company constitution (articles of incorporation or equivalent) that relate to company management, ownership, and all stakeholders’ rights and responsibilities, as well as other contractual material effects on the company operations and financials.∙FINANCIALSo Summary of financialpositiono Summary of financialperformanceo Summary of financialprojectionso Gross margin analysiso Ratioso Capital planningo Long-term strategy andfinancial plan Portray the financial picture of the company according to international accounting and reporting standards. Summary of financial positionCurrent financial situation derived from the most recent financial statements.Summary of financial performanceSummary of historical and present financial results (profit/loss) and their deployment (profit: reinvestment vs. dividend payout; loss: roll-over vs. writedown, etc.) Summary of financial projectionsSummary of cash-flow projections, covering the breakdown of revenues, expenses. Investigate the reliability of previous financial projections and forecasts. Explain in detail the source of revenues and justify the figures.Gross margin analysisExplain in detail the anatomy of the profit/loss statement.RatiosCalculate the set of selected financial ratios.Capital planningDescribe the need and justification of current and planned financing needs.Long-term strategy and financial planWhat is the financial operational flexibility? Can the company overarch contractions? Other topics covered include:-Reserves-Total amount of capital needed forsustainability-Value creation metrics-Financing milestones (IPO, buyout, etc)∙THE OFFERINGo Form of capital Details of the actual deal. Form of capitalo Capital raising process o Timetableo Effect of the issue on the companyo Value of companyo Value of the offering and offering termso Covenants and otherguaranteeso Risk factorso Exit strategy Debt, equity, hybrid? Why?Capital raising processStep-by-step roadmap to capital raising, including application process by the investors.TimetableTimetable for capital raising and capital deployment. Effects of the issues on the companyHow does the company structure and operations change after the issue? How do the covenants affect the company? Other topics covered:-Company objectives-Use of proceeds-Financial resultsValue of the companyResults of the full-scale valuation.Value of the offering and offering termsValue offered to the individual investor per investment unit and the conditions under which the investment is available.Covenants and other guaranteesMaterial facts that help to secure the investment.Risk factorsComprehensive summary of risks: country, sector, market, business, foreign exchange, etc.Exit strategyTime-horizon and options for exiting the investment.∙COMPANY CONTACT DETAILS Company and advisor contact details.∙APPENDICESo Audited financial statementso Unaudited financialstatementso Capitalization tableo Licenses, registrationso Referenceso Technical assessmento Summary of principal termsof relevant agreementso Company constitution Supporting do cuments that fill the ‘completeness’ statement of the Investment Memorandum preface. Audited financial statementsFinancial statements for the past 5 years: balance sheet, income/expense statement, statement of cash flow, statement of retained earnings.Unaudited financial statementsFinancial statements for the past 5 years: balance sheet, income/expense statement, statement of cash flow, statement of retained earnings. Capitalization tableCapitalization of the company organized by type: -Equity (ownership and date of each round of financing)-Debt (Amount, effective interest rate, date due)-Other (hybrid)Licenses, registrationsReferencesFrom clients, customers, suppliers, banks, existing investors.Technical assessmentStatements from independent evaluators and appraisers.Summary of principal terms of relevant agreements Legal review of all valid and pertinent agreements, including but not limited to: current investment agreements, supplier, purchase agreements, intellectual property rights, licensing, etc.Company constitutionFull company constitution. If too long, only relevant excerpts.。

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企业并购相关研究综述

企业并购相关研究综述

企业并购相关研究综述袁显平;周满【摘要】为了探明企业并购未来研究方向,运用统计分析法,从文献检索统计、并购理论以及并购绩效研究等视角,对国内外企业并购相关研究进行了统计分析,侧重回顾了国内外具有代表性的研究成果.1990年以来,有关企业并购的英文期刊文献多达1 018篇,其中40篇是探讨中国企业并购的.西方国家并购较早出现,理论相对丰富,大致形成了以西方企业为主的并购动因、并购效应等理论体系,国内则相对较少.学术界多运用事件和财务指标研究法来考察并购绩效,但是证券市场的有效性以及财务指标的可取性有待进一步验证.21世纪以来,企业并购重组已经成为资本市场的一个重要部分,但是国内资本市场发展不够成熟,难以做到资产的有效配置.基于以上研究结论,文章最后提出了需进一步深入研究的方向与主题.【期刊名称】《技术与创新管理》【年(卷),期】2015(036)003【总页数】6页(P258-263)【关键词】企业并购;并购绩效;财务指标;资本市场【作者】袁显平;周满【作者单位】西安科技大学管理学院,陕西西安710054;西安科技大学管理学院,陕西西安710054【正文语种】中文【中图分类】F831西方企业从19世纪到21世纪共经历了5次较大并购浪潮，已有百余年历史，现已建立了完善的并购机制。

国外学者对企业并购进行了大量的理论与实验研究，得出了许多有价值的结论。

美国经济学家Stilger认为：“纵观世界上著名的大企业，几乎没有一家不是通过并购重组发展起来的，也没有哪一家是单纯依靠企业自身积累发展起来的。

”相对西方国家而言，我国资本市场起步较晚，发展不够规范，资本运作经验欠缺，但近些年来企业并购愈演愈烈，不仅国内并购事件众多，众多企业还参与了跨国并购。

据清科数据统计，2014年中国并购市场并购活跃度与规模量双双突破2013年总交易量，企业并购的“黄金时代”已经全面而至。

鉴于我国企业并购事件越来越多，需要经验总结和相关理论支持。

79-摩根士 丹利与杭州工商信 托成立人民币私募 股权基金管理合资 公司

79-摩根士 丹利与杭州工商信 托成立人民币私募 股权基金管理合资 公司

供即时发布人民币私募股权基金管理合资公司摩根士丹利与杭州工商信托成立人民币私募股权基金管理合资公司摩根士丹利与杭州工商信托成立中国杭州，2011年5月18日－摩根士丹利（纽约证券交易所代码：MS）与杭州工商信托股份有限公司（杭州工商信托）今日宣布成立一家人民币私募股权基金管理合资公司。

新成立的合资公司，即摩根士丹利（中国）股权投资管理有限公司，在中国浙江省杭州市注册并设立总部。

摩根士丹利持有合资公司80%的股权，杭州工商信托持有余下股权。

该合资公司将会成为摩根士丹利在中国境内进行人民币私募股权投资的管理公司，并且正在筹划为其首个人民币私募股权基金开始募集资金，初步资金募集目标为15亿元人民币（约合2.25亿美元）。

该基金立足杭州，面向浙江，辐射全国。

该私募股权投资管理合资公司的成立，将会进一步加强摩根士丹利与杭州市人民政府在资产管理领域的战略合作伙伴关系。

双方于2010年12月签署合作备忘录，而此次合资公司宣布成立，将会深化双方在杭州市金融服务市场的合作。

摩根士丹利亚太区联席首席执行官兼中国区首席执行官孙玮女士表示：“我们欣喜地看到我们与杭州市的合作日益深入和广泛。

摩根士丹利期待通过私募股权投资，为中国快速成长的企业提供重要支持。

”孙玮还表示：“作为摩根士丹利中国长期战略的一部份，新成立的人民币私募股权基金进一步丰富了我们为机构及个人客户提供的全方位金融服务和产品。

”摩根士丹利投资管理部首席运营官埃德蒙•莫里亚蒂先生（Edmond Moriarty）今日在杭州市举办的成立仪式上表示：“摩根士丹利致力于成为杭州市在资产管理领域的战略顾问，同时亦将继续投入公司的专业知识及全球资源。

”杭州工商信托股份有限公司总裁丁建萍先生表示：“合资私募股权基金管理公司的成立，是继摩根士丹利于2008年入股杭州工商信托股份有限公司后第二个重要的里程碑，对于拓展本地私募股权投资业务将大有裨益。

”摩根士丹利旗下的亚洲私募股权部Morgan Stanley Private Equity Asia（MSPEA），是亚洲领先的私募股权投资机构。

经济金融术语汉英对照表

经济金融术语汉英对照表

按轻重缓急暗补暗亏颁发营业执照办理存款业务保护农民的生产积极性备付金（超额准备金）本外币并账本外币对冲操作本位利益奔小康避税币种搭配不当币种构成变相社会集资表外科目（业务）薄弱环节不变成本不变价不动产不良贷款（资产）财务公司财政赤字财政挤银行财政政策与货币政策的配合采取循序渐进的方法操作弹性操纵汇率产品构成产品积压产销率产销衔接产业政策长期国债敞口头寸炒股承购包销成套机电产品城市信用社城市合作银行城市商业银行城乡居民收入增长超过物价涨幅持续升温重复布点重置成本重组计划筹资渠道初见成效出口统一管理、归口经营出口退税储蓄存款从价税从紧控制存贷款比例存款保险体系存款货币银行存款准备金打白条大额存单大额提现大面积滑坡大一统的银行体制呆账（请见“坏账”）呆账准备金呆滞贷款贷款沉淀贷款分类贷款限额管理贷款约束机制代理国库代理金融机构贷款戴帽贷款倒逼机制道德风险地区差别第一产业第二产业第三产业递延资产订货不足定期存款定向募集东道国（请见“母国”）独立核算短期国债对冲操作对非金融部门债权多种所有制形式恶性通货膨胀二级市场发行货币发行总股本法定准备金法人股法人股东法治房地产投资放松银根非现场稽核非银行金融机构非赢利性机构分税制风险暴露（风险敞口）风险管理风险意识风险资本比例风险资本标准服务事业收入扶贫负增长复式预算制改革试点杠杆率杠杆收购高息集资个人股根本扭转公开市场操作公款私存公用事业公有经济公有制工业成本利润率工业增加值供大于求鼓励措施股份合作企业股份制企业股份制银行固定资产贷款关税减免关税减让关税优惠规范行为规模效益国计民生国家对个人其他支出国家风险国际分工国际收支国有独资商业银行国有经济（部门）国有企业国有制国有资产流失国债回购国债一级自营商过度竞争过度膨胀过热迹象合理预期核心资本合资企业红利宏观经济运营良好宏观调控宏观调控目标坏账还本付息换汇成本汇兑在途汇兑支出汇率并轨活期存款汇率失调混合所有制货币政策态势货款拖欠基本建设投资基本经济要素基本适度基准利率机关团体存款机会成本激励机制积压严重挤提存款挤占挪用技改投资技术密集型产品计划单列市计划经济集体经济加大结构调整力度加工贸易加快态势加强税收征管稽查加权价价格放开价格形成机制减亏简化手续交投活跃缴存准备金结构扭曲结构失调结构性矛盾突出结构优化结汇、售汇金融脆弱金融动荡金融风波金融恐慌金融危机金融压抑金融衍生物金融诈骗紧缩银根经常账户可兑换经济特区经济体制改革经济增长方式的转变经济增长减速经济制裁经营自主权景气回升境外投资竞争加剧局部性金融风波开办人民币业务可维持（可持续）经济增长可变成本可自由兑换货币控制现金投放扣除物价因素库存产品跨国银行业务跨年度采购会计准则来料加工离岸银行业务理顺外贸体制利率杠杆的调节作用利润驱动利息回收率联行清算连锁企业良性循环两极分化零售物价指数流动性比例流动资产周转率/流通速度流动资金贷款流通体制流通网络留购（租赁期满时承租人可购买租赁物）垄断行业乱集资乱收费乱摊派买方市场卖方市场卖出回购证券贸易差额民间信用免二减三明补明亏名牌产品母国（请见“东道国”）内部审计内地与香港内债扭亏为盈扭曲金融分配农副产品采购支出农村信用社泡沫效应泡沫经济培育新的经济增长点片面追求发展速度平衡发展瓶颈制约平稳回升铺底流动资金普遍回升配套改革配套人民币资金企业办社会企业集团战略企业兼并重组企业领导班子企业所得税企业效益企业资金违规流入股市欠税欠息强化税收征管强制措施翘尾因素切一刀清理收回贷款（破产）清算倾斜政策区别对待趋势加强全球化权益回报率缺乏后劲绕规模贷款人均国内生产总值人均收入人民币升值压力认缴资本软贷款软预算约束软着陆三角债善政廉政商业贷款上市公司设备利用社会保障审批金融机构审慎监管生产能力闲置生息资产实际利用外资实际有效汇率实时实收资本实现利润市场分割市场经济市场占有率（市场份额）市场准入市价总值适度从紧适时调节收回对金融机构贷款税后还贷税收流失税源不足私营经济（私人经济）私有制所有者权益逃税套汇剔除季节性因素调节流动性贴现窗口同比同业拆借（放）同业拆借市场利率（中国）同业融通票据同业往来透支退税头寸吞吐基础货币脱媒现象外部审计外国直接投资外汇储备外汇调剂外汇占款外向型经济外债外资企业完善现代企业制度完税凭证违法经营委托存款稳步增长稳健的银行系统稳中求进物价监测吸纳流动性稀缺经济洗钱系统内调度系统性金融危机下岗工人下游企业现场稽核现金滞留（居民手中）乡镇企业消费物价指数消费税消灭财政赤字销货款回笼销售平淡协议外资金额新经济增长点新开工项目新增贷款新增就业位置信贷规模考核信号失真信托投资公司信息不对称信息反馈信息共享系统信息披露信用扩张信用评级姓“资”还是姓“社”行政措施需求膨胀虚伪存款削减冗员寻租迅速反弹养老基金一刀切一级市场应收未收利息银行网点赢利能力营业税硬贷款（商业贷款）用地审批有管理的浮动汇率证券投资游资（热钱）有市场的产品有效供给诱发新一轮经济扩张逾期贷款与国际市场接轨预算外支出（收入）预调月环比再贷款在国际金融机构储备头寸在人行存款在途资金增加农业投入增势减缓增收节支措施增长平稳增值税涨幅偏高账外账折旧整顿政策工具政策性业务政策性银行政策组合政府干预证券交易清算证券业务占款支付困难支付能力直接调控方式向间接调控方式转变职能转换职业道德指令性措施指令性计划制定和实施货币政策滞后影响中介机构中央与地方财政分灶吃饭重点建设周期谷底周转速度主办银行主权风险注册资本逐步到位逐步取消抓大放小专款专用转贷转轨经济转机转折关头准财政赤字准货币资本不足资本利润率资本账户可兑换资不抵债资产负债表资产负债率资产集中资产贡献率资产利润率资产质量资产组合资金成本资金到位资金宽裕资金利用率资金缺口资金体外循环资金占压自筹投资项目自有资金综合国力综合效益指标综合治理总成交额总交易量总成本所有者权益逃税（请见“避税”）套汇剔除季节性因素调节流动性贴现窗口同比同业拆借（放）同业拆借市场利率（中国）同业融通票据同业往来透支退税头寸吞吐基础货币脱媒现象外部审计外国直接投资外汇储备外汇调剂外汇占款外向型经济外债外资企业完善现代企业制度完税凭证违法经营委托存款稳健的银行系统稳中求进无纸交易物价监测吸纳流动性稀缺经济洗钱系统内调度系统性金融危机下岗工人下游企业现场稽核现金滞留（居民手中）乡镇企业消费物价指数消费税消灭财政赤字销货款回笼销售平淡协议外资金额新经济增长点新开工项目新增贷款新增就业位置信贷规模考核信号失真信托投资公司信息不对称信息反馈信息共享系统信息披露信用扩张信用评级姓“资”还是姓“社”行政措施需求膨胀虚伪存款削减冗员寻租迅速反弹养老基金一刀切一级市场应收未收利息银行网点赢利能力营业税硬贷款（商业贷款）用地审批有管理的浮动汇率证券投资游资（热钱）有市场的产品有效供给诱发新一轮经济扩张逾期贷款与国际惯例接轨与国际市场接轨预算外支出（收入）预调月环比再贷款在国际金融机构储备头寸在人行存款在途资金增加农业投入增势减缓增收节支措施增长平稳增值税涨幅偏高账外账折旧整顿政策工具政策性业务政策性银行政策组合政府干预证券交易清算证券业务占款支付困难支付能力直接调控方式向间接调控方式转变职能转换职业道德指令性措施指令性计划制定和实施货币政策滞后影响中介机构中央与地方财政分灶吃饭重点建设周期谷底周转速度主办银行主权风险注册资本逐步到位逐步取消抓大放小专款专用转贷转轨经济转机转折关头准财政赤字准货币资本不足资本充足率资本利润率资本账户可兑换资不抵债资产负债表资产负债率资产集中资产贡献率资产利润率资产质量资产组合资金成本资金到位资金宽裕资金利用率资金缺口资金体外循环资金占压自筹投资项目自有资金综合国力综合效益指标综合治理总成交额总交易量总成本最后贷款人最后贷款人safety neton comparable basisto prioritizeimplicit subsidyhidden lossto license;to grant a licence toto take depositsto protect farmers'incentive to produceexcess reservesconsolidation of domestic and foreign currencyaccountssterilization operationlocalized interest;departmentalismto strive to prosper;to strive to become well-to-dotax avoidancecurrency mismatchcurrency compositiondisguised irregular（or illegal） fund raisingoff-balance-sheet items（operation）weaknesses;loopholesfixed costat constant price;in real termsreal estateproblem loans；non-performing loans（assets）finance companiesfiscal deficitfiscal pressure on the central bank（over monetary policy）coordination of fiscal and monetary policiesin a phased and sequenced manneroperational flexibilityto manipulate exchange rateproduct composition;product mixstock pile;excessive inventorycurrent period inventory;（即期库存，不含前期库存）sales/output ratiomarketabilityindustrial policytreasury bondsopen positionto speculate in the stock marketunderwrite（securities）complete sets of equipment; complete plant（s）urban credit cooperatives（UCCs）urban cooperative banks; municipal united banksmunicipal commercial banksreal growth in household incomepersistent overheatingduplicate projectsreplacement costrestructuring planfunding sources;financing channelsinitial successcanalization of exportsexport tax rebatehousehold deposits（不完全等同于西方savingsdeposits，前者包括活期存款，后者不包括。

英语经济词汇

英语经济词汇

proactive fiscal policy（积极的财政政策）moderately loose monetary policy 适度宽松的货币政策stimulus package 经济刺激政策evitalization scheme for 10 major industries 十大产业振兴规划risk control 风险控制macro-regulation 宏观调控人民币“跨境结算” cross-border settlement加大货币发行量quantitative easingfixed-asset investment 固定资产投资unsalable products 积压产品Unmarketable、poorselling等词也可以用来表示“滞销”each link in distribution 每个流通环节buying spree 收购潮heavy loss 巨大损失oversupply of vegetables 蔬菜供应量加大战略性支柱产业strategic pillar industrypillar industry（支柱产业）Leading industry 主导产业basic industry 基础产业产业结构调整industrial restructuring产业生态系统industry eco-systememerging market 新兴市场emerging technology 新兴技术Emerging industry 新兴工业renminbi clearing bank 人民币清算行Clearing bank 清算银行offshore yuan center 人民币离岸中心QFII全称为Qualified Foreign Institutional Investors是“合格的境外机构投资者”的简称QE 全称为Quantitative Easing是“量化宽松货币政策”的简称反补贴税countervailing dutiesboosting food supplies and other necessities增加食品和其它必需品的供应increasing subsidies for low-income families提高对低收入家庭的补贴taking more targeted policies to maintain market order出台更多有针对性的政策维护市场秩序）现金补贴cash subsidy信贷紧缩credit squeeze有抵押债务secured debt外债余额outstanding external debt暂停偿债debt standstillnonperforming loans不良贷款overdue loans（逾期贷款）mortgage loans（按揭贷款）added value（附加值）commercial exploitation（商业炒作）商业间谍活动industrial espionagefloating exchange rates（浮动汇率制）emerging economies（新兴经济体）industrialized nations （工业化国家）exchange rate fluctuations（汇率波动）bilateral trade（双边贸易总额）reserve currency（储备货币）foreign exchange reserve（外汇储备）Subprime Crisis（次贷危机）dollar assets（美元资产）monetary policy（货币政策）稳健的货币政策prudent monetary policy货币操纵国currency manipulatordollar trap就是指“美元陷阱”measure of money supply 货币供应量primary sector（第一产业）industrial sector（第二产业）tertiary /service sector（第三产业）one-off consumption就是指“一次性消费”one-off payment 一次性付款purchasing on a sudden impulse 冲动购买/即兴购买industry insider 业内人士luxury goods buyers 奢侈品买家potential consumers 潜在消费者恐慌购买panic buying强迫购物forced shopping消费热潮spending spreegold bug黄金投资者金本位”就是gold standardstrong momentum 强劲势头middle income trap就是指“中等收入陷阱”wide income inequality 收入差距增大high environmental costs 较高的环境代价inadequate domestic spending 国内消费不足sustainable pattern 可持续发展模式dollar dominance 美元的主导地位micro-credit company就是“小额贷款公司”private capital 民间资本financial market 金融市场credit market 信贷市场red chip就是“红筹股”junk bond 垃圾股bank run就是“银行挤兑”liquidity crunch资金紧缩demand for withdrawals取款需求credit order 信用秩序bank panic 银行恐慌systemic banking crisis 系统性银行危机从而引起economic recession 经济衰退migrant buyers就是指“外地购房者financial crisis（经济危机）绩效工资merit pay工资协商制度negotiation system on wagesstate-owned monopolies（国有垄断企业）cap and trade（限额交易、总量管制和交易Pegged Exchange Rate（盯住汇率制）公积金上限threshold of housing fundprepaid deposit（预付定金）money laundering（洗钱）tax evasion（偷税漏税）bribery（行贿受贿）issuers of prepaid cards（购物卡发行方）anonymous cards（不记名购物卡card scalpers（卡贩子、购物卡黄牛）灰色收入off-the-books income地下钱庄illegal bankfinancial fraud（金融诈骗）Minimum living allowances（最低生活保障）“subsistence allowance”也指“最低生活保障”low-income groups（低收入群体）basic subsistence costs（基本生活费用支出）expenditure-income ratio（消费支出比例）gap in work wages（工资收入差距）income divide/ income disparity 收入差距consumer price index（CPI，消费物价指数）cut back on meals and clothes（节衣缩食）housing loan repayments（房贷）housing space per capita（人均居住面积）收入分配income distributionwage arrears（拖欠工资）two-fold increase in pay指的就是工资“翻番” 纳税等级tax brackets晒工资wages online exposurefunded debt（长期债券、固定债务）还未偿还债务outstanding debt未到期的债务unmatured debtloan defaulter 拖欠贷款者Mortgage抵押贷款lending quota就是指“贷款额度”credit expansion（信贷扩张）deposit-reserve ratio（存款准备金率）export quota（出口配额）购买力平价purchasing power parity通胀恐慌inflation fearsuppress rising commodity prices就是“抑制物价上涨”的意思divorce settlement（离婚协议书）insurance premium(人寿保险费)cargo premium（货物保险费）at a premium是非常珍贵的mass market cars大众市场的车型了license-plate lottery（车牌摇号）car rental（汽车租赁）green car（新能源汽车）零排放车辆zero-emission vehicle跨界车crossover vehicle非公路用车off-highway vehicleby fair means or foul（不择手段，千方百计）price cheating就是“价格欺诈pricing inconsistency（价格不一致）misleading price tags（误导性的价签）curb inflation（抑制通货膨胀）academic cheating（学术造假）价格违法行为price violation价格垄断price-fixingfake resume（虚假简历）relaxed inner controls（内部管理松散）academic rank（职称）hidden rule（潜规则）package tour/group tour/organized tour（跟团旅游）individual tourist/ free walker（自由行游客）文化旅游业cultural tourism“自驾游”（self-driving travel/tour）self-organized expedition就是“自助游”分时度假timeshareecotourism生态旅游rural tourism “乡村旅游”eco-farming（生态农业）parallel import水货小众市场niche markettake-home income即“实得工资gross income（全额工资）financial crisis（经济危机）shrink（缩水）price hikes（物价上涨）housing spending（家庭支出）living standard（生活标准）economic stagnation（经济疲软vicious cycle（恶性循环）inflationary pressure（通胀压力）传销pyramid scheme信用评级下调credit downgrade实得工资take-home income虚拟超市virtual supermarket高档车premium car欺骗消费者play foul with buyers大众旅游mass tourism灰市gray market预付费卡prepaid cards恩格尔系数Engle coefficient次级债务subordinate debt饥饿营销hunger marketing恶意营销smear campaign亚洲“单一货币”single currency滞销蔬菜unsalable vegetables黄金投资者gold bugmembership fee（会员费）windfall（意外横财）Credit rating（信用评级）debtor（债务人）NASDAQ（纳斯达克）、DOW（道琼斯综合指数）Standard and Poor’s Composite Index（标准普尔综合指数）nose-dive（暴跌）信用评级integrity rating信用扩张credit expansionhi-tech marketing strategy（高科技营销策略）网络虚拟财产online virtualassetsreal economy（实体经济）fictitious economy（虚拟经济）real bargain（便宜货）virtual money虚拟钱币ceiling price表示“最高价”a farm production ceiling意思是“农业生产的最高产量” default（违约）cut deficit/deficit reduction（削减赤字）spending cuts（削减开支）debt crisis（债务危机）package agreement cap on liability（一揽子协议赔偿金上限）divorce calculator离婚计算器”online gadget（网络小工具）civil partnerships（民事伴侣关系late-life divorce（熟年离婚）prenuptial agreement（婚前协议）division of property（财产分割）custody and visitation of children（子女监护与探视）spousal support（配偶赡养费）child support（子女抚养费）。