Bank Market Structure and Competition A Survey可用

Tertiary industry 第三产业Corporate Law 公司法Township Enterprise Law 乡镇企业法Independent legal entities 独立法人Board of directors 董事会Board of supervisors 监事会Shareholders conference 股东大会Entrepreneur 企业家Firm 公司，企业Company 公司Incorporation 公司Corporation 股份公司Group of enterprises 企业集团Conglomerate 企业集团，综合性大企业Company limited by shares 股份有限责任公司Controlling company 控股公司Holding company 控股公司Bank holding company 银行控股公司Company with limited liability 有限责任公司State-owned holding company 国家控股公司Public company 上市公司Private company 非上市公司Listed company 上市公司Overseas-listed company 境外上市公司Parent company 母公司Subsidiary company 子公司Group company 集团公司Large-scale industrial group 大型工业集团International conglomerate 跨国企业集团International corporation 跨国公司Multinational corporation 跨国公司Multinational market group 跨国市场集团Banking institution 金融机构Banking sector 银行部门Intermediary bank 中介银行Development bank 开发银行Commercial bank 商业银行Investment bank 投资银行Credit bank 信贷银行Cooperative bank 合作银行Mortgage bank 抵押银行Clearing bank 清算银行Credit union 信用社Non-bank financial institution 非银行金融机构Financing corporation 金融公司Securities company 证券公司Underwriting company 担保公司Loan and trust company 信托公司Insurance company 保险公司Life insurance company 人寿保险公司Utility company 公共事业公司MERGER AND ACQUISITION 兼并与收购Reorganization 重组Association 联合Merger 兼并Acquisition 收购Joint stock partnership 股份合作Leasing 出租Contract operation 承包经营Auction 拍卖Develop trans-regional and trans-industry enterprise groups 发展跨地区跨行业的企业集团Strategic acquisition 战略性收购Combination of enterprise 企业合并Concentric acquisition 集中收购Conglomerate merger 集团企业合并Consolidation by lease 租赁式合并Consolidation by merger 兼并式合并Leveraged buy-out (LBO’s) 杠杆收购Stock merger 股票兼并Vertical acquisition 纵向收购Vertical merger 纵向兼并Vertical consolidation 纵向合并Vertical integration 纵向合并Horizontal merger 横向兼并Horizontal acquisition 横向收购Horizontal combination 横向合并，同行业合并Horizontal integration 横向联合Acquisition cost 收购成本Acquiring enterprise 收购方企业Corporate reorganization 公司重组Bankruptcy Law 破产法Bankruptcy code chapter 7--- liquidation 破产法第七章清算Bankruptcy code 11 --- reorganization 破产法第十一章重组Act of bankruptcy 破产法案Antitrust Law 反托拉斯法Bankruptcy court 破产法庭Bankruptcy debtor 破产债务人Bankruptcy notice 破产公告Bankruptcy petition 要求宣布破产Declaration of bankruptcy 宣告破产Arrangement in bankruptcy court 破产法庭内的协调Arrangement out of bankruptcy court 不经破产法庭的协调Creditor’s equity 债权人权益Bankruptcy trustee 破产受托人Creditor’s meeting 债权人会议Creditor of bankruptcy 破产债权人MARKET AND COMPETITION 市场和竟争Commodity market 商品市场Securities market 证券市场Bond market 债券市场Stock market 股票市场Futures market 期货市场Options market 期权市场Property rights market 产权市场Capital market 资本市场Free market 自由市场Labour market 劳动力市场Flea market 跳蚤市场Bear market 股票市场的熊市Bull market 股票市场的牛市Market competition 市场竟争Market development 市场开发Market forecast 市场预测Market potential 市场潜力Market risk 市场风险Market share 市场份额Seller’s market 卖方市场Buyer’s market 买方市场Market abroad 海外市场Marketability 市场能力Marketable 销路好的Marketing channel 销售渠道Marketing strategy 销售战略Competition market 竟争市场Perfect competition 完全竟争Imperfect competition 不完全竟争Low-level competition 低水平竟争Monopolistic competition 垄断竟争Competitor 竟争对手Natural monopoly 自然垄断International monopoly 国际垄断Market 市场bear market 股票市场的熊市bond market 证券市场bull market 股票市场的牛市capital market 资本市场emerging market economic 新兴市场经济majority market economic 成熟市场经济market abroad 海外市场market analysis 市场分析market approach to fair market value 求得公平市场价值的市场法market competition 市场竟争market demand price 市场需求价格market development 市场开发market economy country 市场经济国家market factor 市场因素market forecast 市场预测market index 市场指数market information 市场信息market investigation 市场调查market potential 市场潜力market quotation 市场行情market replacement cost 市场重置成本market research 市场调查，市场研究market risk 市场风险market share 市场份额，市场占有率market value method 市价法market-oriented 面向市场的market-to-cost method 市价成本法property right market 产权市场seller’s market 卖方市场social market economy 社会主义市场经济stock market 股票市场Marketing 营销，市场销售marketing channel 销售渠道，市场渠道marketing cost 销售成本marketing manager 市场销售经理markrting strategy 市场经营战略marketing system 市场体系relationship marketing 关系营销Asset, Liability And Equity 资产,负债和权益Asset management 资产管理Tangible assets 有形资产Intangible assets 无形资产Physical assets 实物资产Fixed assets 固定资产Current assets 流动资产Current asset losses in suspense 待处理流动资产损失Deferred assets 递延资产Other assets 其它资产Total assets 总资产Net assets 净资产Book value of the assets 资产的账面值Non-ledger assets 帐外资产Asset account 资产账户Asset disposal 资产处置Asset depreciation 资产折旧Asset inventory shorts 资产盘亏Asset inventory surplus 资产盘盈Asset retirement 资产报废Asset revaluation 资产重估Capital assets 资本资产Monetary assets 金融资产Mortgage assets 抵押资产Long-term assets 长期资产Liability 负债Liability account 负债账户abad debt recovey 呆坏帐收回bad title 失效产权Balance 余额，结余，差额，平衡adverse balance 收支逆差balance budget 平衡预算balance of international trade 国际贸易差额balance of payment 国际收支closing balance 期末差额credit balance 贷方余额foreign currency balance 外汇余额keep balance 保持平衡loss balance 失去平衡negative balance 逆差retained balance from foreign exchange revenue 外汇收入留成余额book depreciation 帐面折旧book-entry securities 记帐证券book inventory 帐面库存book of account 帐簿book profit 帐面利润book value per share 每股帐面价值Cash 现金cash account 现金帐户cash assets 现金资本cash audit 现金审计cash balance 现金余额cash equivalent 视同库存现金cash flow analysis 现金流量分析cash in bank 银行现金cash in hold 库存现金cash payment 现金支付cash purchase 现金购买cash transaction 现金交易free cash flows 活动现金流Certified 注册的，合格的certified appraiser 注册评估师certified copy 正式核准的副本certified financial statement 经会计师证明的财务报表certified invoice 证实发票certified mortgage 证实抵押finance charges 财务费用Classification 分类，科目classification item 分类项目classification of accounts 帐户分类classification of assets 资产分类classification of property 财产分类classification schemes 分类表Classified 分成类的classified balance sheet 分类资产负债表classified depreciation 分类折旧coding of account 帐户代码coding of assets 资产代码Closing 结算，结帐，收盘closing account 结帐，结算closing cost 成交价closing inventory 期末存货Consolidated 合并的，综合的consolidated balance sheet 合并资产负债表consolidated financial statement 合并决算表consolidated income statement 合并损益表，综合损益表consolidated profit and loss statement 汇总损益表consolidated retained earning 合并留存收益consolidated statement 汇总报表Cost 成本，费用acquisition cost 购置成本actual cost 实际成本anticipated cost method 预期成本法average cost 平均成本borrowing- cost 借债成本carrying cost 维持成本cost account 成本帐户cost accounting 成本会计cost allocation 成本分摊cost analysis 成本分析cost and benefit analysis 成本收益分析cost approach to fair market value 求得公平市场价值的成本法cost control 成本控制cost distribution 成本分摊cost free 免费cost method 成本法cost objective 成本目标cost of capital 资金成本cost of investment 投资成本cost of management 管理费cost of marketing 营销成本cost of replacement 重置成本法cost of reproduction less depreciation 重置成本减折旧cost of sales 销售成本cost-benefit analysis 成本收益分析cost-effectiveness 成本效益cost-of-living index 生活费指数cost plus 成本加价indirect cost 间接成本marginal cost 边际成本material cost 材料成本opportunity cost 机会成本ordering cost 订货成本sunk costs 沉没成本variable costs 变动成本current assets 流动资产current account balance sheet 流动资产负债表current account deposits 活期帐户存款current asset losses in suspense 待处理流动资产损失current debt ratio 流动负债比率current fund employed per 100 Y uan ofsales revenue 每百元销售收入占用流动资金current fund employment rate 流动资金占有率current fund loan 流动资金借款current fund turnover days 流动资金周转天数current intangibles 无形流动资产current liability 流动负债current maturity of long term debt 本年内到期的长期负债current-noncurrent method 对国外业务按现行汇率折合算法current ratio 流动比率current surplus 本期盈余current tangible assets 有形流动资产current term net loss 本期净损失current term net profit or loss 本期净损益current assets 流动资产current account balance sheet 流动资产负债表current account deposits 活期帐户存款current asset losses in suspense 待处理流动资产损失current debt ratio 流动负债比率current fund employed per 100 Y uan ofsales revenue 每百元销售收入占用流动资金current fund employment rate 流动资金占有率current fund loan 流动资金借款current fund turnover days 流动资金周转天数current intangibles 无形流动资产current liability 流动负债current maturity of long term debt 本年内到期的长期负债current-noncurrent method 对国外业务按现行汇率折合算法current ratio 流动比率current surplus 本期盈余current tangible assets 有形流动资产current term net loss 本期净损失current term net profit or loss 本期净损益Earning 收益，收入，工资accumulated earnings 积累收益annual earnings 年收益earning assets 盈利资产earning capacity 盈利能力earning of capital 资本收益earnings after tax 税后收益earnings before interest and income tax (EBIT) 税前收益earnings per share (EPS) 每股平均收益earnings rate 收益率earnings ratio 收益率earnings target 收益目标gross earnings 毛利，毛收益real earnings 实际收益retained earnings 留存收益Fixed 固定的fixed assets accounting 固定资产核算fixed assets cost 固定资产成本fixed assets depreciation rate 固定资产折旧率fixed assets investment 固定资产投资fixed assets losses in suspense 待处理固定资产损失fixed assets ratio 固定资产比率fixed deposit 定期存款fixed exchange rate 固定汇率fixed mortgage 定期抵押，固定抵押fixed transfer price 固定转让价格investment in fixed assets 固定资产投资Floating 流动的floating assets 流动资产floating debt 短期债务，流动负债floating exchange rate 浮动汇率floating liability 流动负债floating rate of interest 浮动利率Flow 流动，流量flow of funds analysis 资金流转分析Income 收入，收益gross income 收入总额income account 收益帐户income approach to fair market value 求得市场公平价格的收益法income before tax 税前收入income from investments 投资收益income gap 收入差距income property 收益财产income statement 收益表income tax law 所得税法income tax return 所得税申报表income to net worth ratio 净值收益率Property财产，所有权property account 财产帐户property accounting 财产会计property and assets 财产与资产property damage 财产损失property in land 土地所有权property income 财产收入property rights 产权property rights transfer agency 产权转让机构（产权交易所）property tax 财产税Proprietary 所有人的，财产权proprietary interest 业组权益proprietary lease 产权租赁Proprietor 业主Proprietorial right 所有权Proprietorship 业主权，独资，一人拥有全部财产的业主Asset资产asset account 资产帐户asset depreciation range 资产折旧幅度asset disposal 资产处置asset holdings 资产持有量asset inventory shorts 资产盘亏asset inventory surplus 资产盘盈asset liability ratio 资产负债比率asset retirement 资产报废asset revaluation 资产重估Assets + Liability = Owner’s Equity 资产加负债等于所有者权益assets change statement 资产变动表assets disposal 资产处置assets management 资产管理assets out of accounts 帐外资产assets structure 资产结构assets turnover ratio 资产周转比率capital assets 资本资产current assets 流动资产earning assets 有收益的资产fixed assets 固定资产fixed assets inventory shorts 固定资产盘亏fixed assets inventory surplus 固定资产盘盈fixed tangible assets 固定有形资产gross assets 总资产net current assets 流动资产净值net value of fixed assets 固定资产净值non-ledger assets 帐外资产non-productive assets 非生产性资产original value of fixed assets 固定资产原值physical assets 实物资产pledged assets 抵押资产productive assets 生产性资产return on assets 资产收益available assets 可用资产Liability负债，债务current liability 短期负债direct liability 直接债务fixed liability 长期负债liability account 负债帐户liability dividend 债务股利liability out of book 帐外负债Equity权益，股本，资产净值equity account 权益帐户equity capital 自有资本，股权资本equity capital transaction 产权资本转让equity capital turnover 产权资本周转率equity earnings 参股收益，股本盈利equity financing 产权筹资equity investment 股本投资equity market 权益市场equity ownership 资本所有权equity security 股票equity share 普通股票equity stock 股票，产权股票equity to assets ratio 权益对资产比率equity to debt ratio 权益对债务比率equity transaction 净值交易Insurance保险credit insurance 信用保险insurance company 保险公司insurance coverage 保险范围insurance fund 保险基金insurance industry 保险业Bank银行all-purpose bank 通用银行bank account balance 银行存款余额bank balance sheet 银行财务状况表bank credit 银行信贷bank debt 银行债务bank discount rate 银行贴现率bank holding company 银行控股公司bank interest 银行利息bank line 银行信用额度bank loan 银行借款bank rate 银行贴现率bank reserve 银行准备金bank’s buying rate 银行买价bank’s call loan 银行同行拆借bank’s selling rate 银行卖价clearing bank 清算银行commercial bank 商业银行cooperative bank 合作银行mortgage bank 抵押银行Banking 金融，银行业banking institution 金融机构Banking Law 银行法banking sector 银行部门Check 检查，核对，支票check account 支票帐户check for transfer 转帐支票check up account 对帐Cheque 支票Credit 信用，信贷credit agency 信贷机构credit analysis 信用分析credit and loan 信贷credit bank 信贷银行credit capacity 信贷能力credit capital 信贷资金credit card 信用卡credit crisis 信贷危机credit rating 信用评级credit risk 信贷风险credit standing 商业信誉credit union 信用社rural credit cooperatives 农村信用社urban credit cooperatives 城市信用社Creditor 债权人creditor bank 债权银行creditor country 债权国creditor of bankruptcy 破产债权人creditor’s equity 债权人权益creditor’s meeting 债权人大会secured creditors’committee 有抵押债权人委员会unsecured creditors’committee 无抵押债权人委员会Crisis 危机crisis export 转嫁危机crisis of confidence 信任危机Cumulative 累积的cumulative balance 累积余额cumulative preference share 累积优先股份Currency 货币currency crisis 货币危机currency devaluation 货币贬值currency revaluation 货币增值Discount 贴现，折扣，减价debt discount 债务贴现discount bank 贴现银行discount bond 按面值折价发行的债券discount cash flow 现金收支折现法discount factors 贴现系数表discount for cash 贴现discount interest 贴现利息discount liability 折价债务discount loan 贴现贷款discount market 贴现市场discount method 折扣方法discount of bill 票据贴现discount on share 股票折价discount on stock 股本折价discount rate 贴现率，折扣率discount securities 折扣证券Discounted 已贴现的，已折扣的discounted cash flow technique 现金流量折现法discounted present value 贴现后的现值Interest 利息，股利interest free deposit 无息存款interest free loan 无息贷款interest income 利息收益interest on principal 本息interest rate on deposits 存款利率interest rate risk 利率风险interest-rate cuts 利率下调interest-rate reductions 利率下调Loan 贷款，借贷，借款loan bank 贷款银行loan capital 借贷资本loan financing 贷款筹措loan fund 贷款基金loan guarantee 贷款担保loan interest 贷款利息loan receivable 应收贷款loan-deposit ratio 贷款存款比率allocations of special drawing rights 特别提款权分配额Duty关税Dumping 倾销dumoing code 反倾销法案dumoing duty 倾销税dumping export 倾销出口dumping price 倾销价格Duration 期限Duty 关税countervailing duty 分倾销性关税duty drawback 关税退税duty free 免税merger and acquisition兼并与收购Acquiring enterprise 购方企业Acquisition （公司间的）收购，获得acquisition agreement 收购协议acquisition approach 收购方法acquisition criteria 收购标准acquisition cost 收购成本acquisition price 收购价格acquisition process 收购过程acquisition program 收购程序acquisition value 购置价值friendly acquisition 善意收购(hostile takeover) 敌意收购internal acquisition team 内部收购小组international acquisition 国际收购Horizontal 水平的，横向的horizontal acquisition 横向收购horizontal combination 横向合并，同行业合并horizontal integration 横向联合horizontal merger 横向兼并Vertical 垂直的，纵向的vertical acquisition 纵向收购vertical consolidation 纵向合并vertical integration 纵向合并vertical merger 纵向兼并Leverage 杠杆作用，借贷机会Leveraged buy-out (LBO’s) 杠杆收购Leveraged lease 杠杆租赁Bankrupt破产bankrupt’s assets 破产者的财产Bankruptcy 破产act of bankruptcy 破产法案arrangement in bankruptcy court 迫产法庭调解bankruptcy administrator 破产管理人bankruptcy amendment act 破产修正案bankruptcy code chapter 7--- liquidation 破产法第7 章（清算）bankruptcy code chapter 11--- reorganization 破产法第11章(重组）bankruptcy court 破产法院bankruptcy debtor 破产债务人bankruptcy judge 破产判决bankruptcy law 破产法bankruptcy notice 破产公告bankruptcy ordinance 破产条例bankruptcy petition 要求宣布破产bankruptcy proceedings 破产程序bankruptcy rules 破产规定bankruptcy trustee 破产受托人declaration of bankruptcy 宣布破产bankrupt’s assets 破产者的财产Bankruptcy 破产act of bankruptcy 破产法案arrangement in bankruptcy court 迫产法庭调解bankruptcy administrator 破产管理人bankruptcy amendment act 破产修正案bankruptcy code chapter 7--- liquidation 破产法第7 章（清算）bankruptcy code chapter 11--- reorganization 破产法第11章(重组）bankruptcy court 破产法院bankruptcy debtor 破产债务人bankruptcy judge 破产判决bankruptcy law 破产法bankruptcy notice 破产公告bankruptcy ordinance 破产条例bankruptcy petition 要求宣布破产bankruptcy proceedings 破产程序bankruptcy rules 破产规定bankruptcy trustee 破产受托人declaration of bankruptcy 宣布破产Bond债券，证券，公债bond broker 债券经纪人bond creditor 债券债权人bond discount 债券折价bond issue 债券发行bond market 债券市场bond premium 债券溢价bond rating agency 债券评级机构bond yield 债券收益callable bond 通知偿还债券convertible bond 可转换债券government bond 政府债券junk bond 拉圾债券listed bond 挂牌债券，上市证券mortgage bond 抵押债券municipal bond 市政债券preference bond 优先债券，优先股registered bond 记名债券treasury bond 国库债券unlisted bond 未挂牌债券，未上市证business administration企业管理，工商管理business assets 营业资产business competition 商业竟争business credit 商业贷款business efficiency 经济效率business entity 企业实体business ethics 商业道德business license 营业执照business management 企业管理business performance 经营成绩business policy 经营方针business representative 商务代表business risk 经营风险business strength 业务实力business tax 营业税business valuation 经济评价，企业评估Centralization 集中管理方式，集中化centralization and decentralization 集中与分散Management 管理Manage 管理，经营Managrd 管理的，经营的Management 管理central management 集中管理enterprise’s management 企业管理management accounting 管理会计management by objectives (MBO) 目标管理management decision 管理决策management function 管理职能management qualitymanagement information system 管理信息系统personnel management 人事管理Manager 经理，管理人员，经营者accounting manager 会计主管assistant general manager 助理，副总经理general manager 总经理Managerial 管理的managerial decision-making process 管理决策程序managerial economics 管理经济学managerial know-how 管理专门知识Loan 贷款，借贷，借款loan bank 贷款银行loan capital 借贷资本loan financing 贷款筹措loan fund 贷款基金loan guarantee 贷款担保loan interest 贷款利息loan receivable 应收贷款loan-deposit ratio 贷款存款比率Capital资本，股本additional paid-in capital 追加股本金borrowed capital 借入资本business capital 企业资本capital account 资本帐户capital accumulation 资本积累capital appreciation 资本增值capital and liability ratio 资本负债比率capital appreciation 资本增值capital assets account 资本资产账户capital authorized 法定资本，核定资本capital budget 资本预算capital construction investment 基本建设投资capital cost 资本成本，资本费用capital credit certificate 资本信用证书capital deficit 资本亏损capital export country 资本输出国capital in cash 现金资本capital in budget 预算内资金capital increase 增资capital input 资本投入capital investment 资本投资capital lease 资产租赁capital loan 资本借贷capital loss 资本损失capital market rate 资本市场利率capital net worth 资本净值capital paid in 实收资本，已缴资本capital ratio 资本比率capital reorganization 资本重组，资本改组capital reserve 公积金，准备金capital shortage 资金短缺capital stock 股本，股金总额capital structure 资本结构capital surplus 公积金，资本盈余capital transfer tax 资本转移税capital turnover 资金周转，资本周转capital value 资本价值circulating capital 流动资本，流通资本commodity capital 商品资本constant capital 不变资本corporate capital 公司资本current capital 流动资本dead capital 呆滞资本disposable capital 闲置资本entity capital 自有资本financing capital 金融资本group capitals 集团资本idle capital 呆滞资本monetary capital 货币资本net working capital 净流动资金nominal capital 名义资本，额定资本original capital 原始投资private capital 私人资本production capital 生产资本return on capital 资本收益率share capital 股本venture capital 风险资本，投机资本weighted average cost of capital(WACC) 加权平均资本成本Capital-intensive 资本集约型的，资本密集型的Capitalization 资产化capitalization rate 资产化率capitalization ratio 资产构成比率Stock股票，股份American Stock Exchange(AMEX) 美国证券交易所New York Stock Exchange(NYEX) 纽约证券交易所stock acquisition 股票收购stock and bond 股票和债券stock authorized 额定股本stock averages 股份平均指数stock bonus 股份红利stock capitalization 股份资本化stock certificate 股票stock common 普通股stock dividend 股利，股息stock equity securities 股权证券stock exchange 股票交易所stock exchange firm 证券公司stock index 证券指数stock index futures 股票指数期货stock insurance company 股票保险公司stock ledger 存货簿，股东名册stock market credit 股票市场信用stock market quotation 股市行情stock merger 股票兼并stock option 股票购买权stock ownership 股权stock preferred 优先股stock premium 股票溢价stock purchase warrant 购股证stock transfer 股票转让stock-for asset reorganization 股票资产交换式重组stock-for stock reorganization 股票股票交换式重组voting stock 有投票权的股票NYSE New York Stock Exchange 纽约证券交易所AMEX American Stock Exchange 美国证券交易所NASDAQ National Association od Securities 全国证券商自动报价系统协会Dealers Automated Quotation SystemOTC Over the counter 柜台交易Dow Jones Index 道琼斯指数Dow Jones Industrial Average 道琼斯工业平均数Stockholder 股票持有人，股东Dividend 股息，股利dividend accumulation 累计红利dividend distribution 股息分配dividend from capital 资本股利dividend growth model 红利增长模式dividend payable 应付股息dividend payout ratio 股息分配率，红利支付比率dividend policy 分红政策dividend preference 优先股利dividend rate 股息率dividend tax 股息税dividend yields 红利回报率stock dividend 配股Securities证券，股票securities act 证券管理条例securities analysis 股市分析securities and investment 证券与投资securities company 证券公司Securities and Exchange Commission 证券交易委员会securities exchange tax 证券交易税securities issue 证券发行securities market 证券市场Security 担保，保证，保证金，安全security deposit 保证金security rating 股票，证券的信用风险评级security right 担保权Share股票，股份，份额corporation share 法人股share account 股金帐户share capital 股份资本share consolidation 股票合并share holding economic 股份制经济share of market 市场份额share ownership 股权share price 股票价格share stock 股票，股份share transfer 股票过户share voting right 股份投票权share warrant 认股证Shareholder 股东shareholders’equity 股东权益shareholders’meeting 股东会议shareholders’rights 股东权利Shareholding co-operative system 股份合作制Finance财政，金融finance company 财务公司，金融公司Financer 金融家Financial 财政的，金融的，财务的all-purpose financial statement 通用财务报表certified financial statement 经会计师证明的财务报表consolidated financial statement 合并财务报表Financial Accounting Standards Board 财务会计标准委员会financial advisor 财务顾问financial aid 财政补助financial budgeting 财务预算编制financial crisis 财政危机financial future 金融期货financial group 财团financial institution 金融机构financial lease 融资租赁financial leverage 财务杠杆financial market 金融市场financial position 财务状况financial statement 财务报表financial status 财务状况financial system 金融体系，金融制度financial year 财政年度non-bank financial instititions 非银行金融机构Financing 筹资，融资，提供资金bank financing 银行融资financing corporation 金融公司financing cost 融资成本financing mix’s risk and reward 融资组合的风险和回报Financially troubled company 财政遇到困难的公司Fiscal 财务的，财政的fiacal burden 财政负担fiscal capital 金融资本fiscal fuction 财政功能fiscal measure 财政措施Foreign 外国的foreign currency account 外汇帐户foreign currency balance 外汇平衡foreign exchange loss 外汇对换损失foreign exchange rate 汇率foreign exchange reserve 外汇储备foreign funded enterprise 外资企业foreign government loans 外国政府贷款international finance center 国际金融中心international financial market 国际金融市场international loans 国际贷款International Monetary Fund(IMF) 国际货币基金组织international monotary crisis 国际货币外危机international multilateral loans 国际多边贷款Internationalization 国际化internationalization of capital 资本国际化Monetary 货币，金融monetary capital 金融资本monetary crisis 金融危机monetary institution 金融机构monetary market 金融市场monetary policy tools 货币政策工具monetary reform 币制改革monetary system 货币制度Money 货币money supply 货币供应Monetary 货币，金融monetary capital 金融资本monetary crisis 金融危机monetary institution 金融机构monetary market 金融市场monetary policy tools 货币政策工具monetary reform 币制改革monetary system 货币制度Money 货币money supply 货币供应Fund基金，专款benevolent fund 慈善基金fund accounting 基金会计fund assets 基金资产fund flow analysis 资金流量分析fund management 基金管理fund raising cost 筹资成本leverage fund 平衡基金，杠杆基金mutual fund 共同基金pension fund 养老基金trust fund 信贷基金Investment投资investment abroad 国外投资investment and trust company 投资信托公司investment enviroment 投资环境investment fund 投资基金investment in capital construction 基本建设投资investment in enterprise 对企业投资investment in outside unit 对外单位投资investment in stock 投资股票investment intention 投资意向investment pool 联合投资组织investment portfolio 投资证券组合investment strategy 投资战略investment target selection criteria 投资目标选择标准Inflation通货膨胀inflation factor 通货膨胀因素inflation indexed security 通货膨胀指数债券inflation of credit 信用膨胀inflation rate 通货膨胀率Inflationary pressure 通货膨胀压力Industry产业，行业aircraft industry 航空业automobile industry 汽车业banking industry 银行业basic industry 基础工业coal and mining industry 煤炭开采业construction industry 建筑业information industry 信息产业high-technology industry 高技术产业materials industry 材料业primary industry 第一产业secondary industry 第二产业service industry 服务业steel industry 钢铁业tertiary industry 第三产业transportation industry 交通运输业Insurance保险credit insurance 信用保险insurance company 保险公司insurance coverage 保险范围insurance fund 保险基金insurance industry 保险业Law法律，法规administrative law 行政法articles of law 法律条款bankruptcy law 破产法company law 公司法law agent 法定代理人law of increasing costs 成本递增规律law of supply and demand 供需法则Lawful 合法的lawful money 法定货币lawful share 合法股份Lawsuit 法律诉讼Lawyer 律师Legal 合法的，法定的legal act 法律行为legal assets 法定资产legal capital 法定资本legal document 法律文件legal entity 法人，法律实体legal force 法律效力legal form 法律形式legal holiday 法定假日legal investment 会法投资legal list 会法证券legal name 依法登记的名称legal obligation 法律责任legal owner 法定所有人legal person responsibility system 法人责任制legal possession 法定所有权legal property 法人财产legal representative 法定代理人legal right 法律权力legal rule 法律规定legal title 合法所有权Legislation 法规，立法Legislative 法制的，立法的legislative authority 立法权legialative body 立法机构legislative control 法律监督legislative series 法律汇编Monetary 货币，金融monetary capital 金融资本monetary crisis 金融危机monetary institution 金融机构monetary market 金融市场monetary policy tools 货币政策工具monetary reform 币制改革monetary system 货币制度Money 货币money supply 货币供应Policy 方针，政策a series of policies and measures 一系列政策措施employment policy 就业政策financial policy 财务政策foreign trade policy 外贸政策policy of deflation 紧缩政策reform and opening up policy 改革和开放政策tax policy 税收政策Tariff关税，税则tariff act 关税法tariff barrier 关税壁垒tariff cartel 关税同盟，关税卡特尔tariff classification 关税分类tariff commission 税则委员会tariff concession rate 关税优惠率tariff customs union 关税同盟tariff cut 降低关税tariff policy 关税政策tariff reform 关税改革tariff system 关税制度tariff wall 关税壁垒Tax税，税务，征税consumption tax 消费税foreign-funded enterprise income tax 外商投资企业所得税individual income tax 个人所得税tax agency 税收代理tax avoidance 合法避税tax bearer 纳税人tax bearing rate 税负率tax bureau 税务局tax collection 征税tax collector 税收员tax cut 减税tax delivery 上交税金tax due 应交税款tax exemption 免税tax farming system 保税制tax law 税法tax loophole 漏税tax on income 所得税tax on land and buildings 土地房产税tax on natural resources 资源税tax on personal income 个人所得税tax on property 财产税tax on transaction 交易税tax on value added 增值税tax payer 纳税人tax rate 税率tax reform 税制改革tax refund 退税tax refunded 已退回的税款tax return 纳税申报表tax system 税制tax year 税收年度tax-free 免税tax-free trade zone 免税贸易区tax-free transaction 免税交易tax-sharing system 分税制value-added tax 增值税Taxable 应纳税的Taxation 税务，税收Tax-exempt 免税。

二三类卡升降级交易的业务流程1.申请卡升级或者降级需要提供相应的申请表格。

Application for card upgrade or downgrade requires the submission of relevant application forms.2.申请表格中需要填写个人信息以及卡片升级或降级的原因。

The application form requires personal information and the reasons for card upgrade or downgrade.3.提交申请表格后，银行会进行审批，并通知客户是否批准。

After submitting the application form, the bank will review it and notify the customer of the approval status.4.如果申请获批准，客户需要确认升级或降级后的卡片种类和相应的费用。

If the application is approved, the customer needs to confirm the type of card after upgrade or downgrade and the corresponding fees.5.银行会为客户办理新卡并注销旧卡，或者将卡片级别调整至客户要求的水平。

The bank will issue a new card for the customer and cancel the old one, or adjust the card level to the customer's requested level.6.客户需要在指定的时间内完成新卡的激活，以确保卡片的正常使用。

The customer needs to activate the new card within the specified time to ensure its normal use.7.银行会将任何适用的奖励或积分转移到客户的新卡账户上，以保证客户权益。

CHAPTER 1AN OVERVIEW OF BANKS AND THE FINANCIAL-SERVICES SECTORGoal of This Chapter: In this chapter you will learn about the many roles financial service providers play in the economy today. You will examine how and why the banking industry and the financial services marketplace as a whole is rapidly changing, becoming new and different as we move forward into the future. You will also learn about new and old services offered to the public.Key Topics in This Chapter•Powerful Forces Reshaping the Industry•What is a Bank?•The Financial System and Competing Financial-Service Institutions•Old and New Services Offered to the Public•Key Trends Affecting All Financial-Service Firms•Appendix: Career Opportunities in Financial ServicesChapter OutlineI. I ntroduction: P owerful Forces Reshaping the IndustryII. W hat Is a Bank?A. D efined by the Functions It Serves and the Roles It Play:B. B anks and their Principal CompetitorsC. Legal Basis of a BankD. D efined by the Government Agency That Insures Its DepositsIII.The Financial System and Competing Financial-Service InstitutionsA.Savings AssociationsB.Credit UnionsC.Money Market FundsD.Mutual FundsE.Hedge FundsF.Security Brokers and DealersG.Investment BankersH.Finance CompaniesI.Financial Holding CompaniesJ.Life and Property/Casualty Insurance CompaniesIV. T he Services Banks and Many of Their Closest Competitors Offer the PublicA. S ervices Banks Have Offered Throughout History1.Carrying Out Currency Exchanges2.Discounting Commercial Notes and Making Business Loans3.Offering Savings Deposits4.Safekeeping of Valuables and Certification of Value5.Supporting Government Activities with Credit6.Offering Checking Accounts (Demand Deposits)7.Offering Trust ServicesB. S ervices Banks and Many of Their Financial-Service Competitors HaveOffered More Recently1.Granting Consumer Loans2.Financial Advising3.Managing Cash4.Offering Equipment Leasing5.Making Venture Capital Loans6.Selling Insurance Policies7.Selling Retirement PlansC. Dealing in Securities: Offering Security Brokerage and Investment Banking Services1. Offering Security Underwriting2. Offering Mutual Funds and Annuities3. Offering Merchant Banking Services4. Offering Risk Management and Hedging ServicesV. Key Trends Affecting All Financial-Service FirmsA. S ervice ProliferationB. R ising CompetitionC. G overnment DeregulationD. A n Increasingly Interest-Sensitive Mix of FundsE. T echnological Change and AutomationF. C onsolidation and Geographic ExpansionG. C onvergenceH. G lobalizationVI. T he Plan of This BookVII. S ummaryConcept Checks1-1. What is a bank? How does a bank differ from most other financial-service providers?A bank should be defined by what it does; in this case, banks are generally those financial institutions offering the widest range of financial services. Other financial service providers offer some of the financial services offered by a bank, but not all of them within one institution.1-2. Under U.S. law what must a corporation do to qualify and be regulated as a commercial bank?Under U.S. law, commercial banks must offer two essential services to qualify as banks for purposes of regulation and taxation, demand (checkable) deposits and commercial loans. More recently, Congress defined a bank as any institution that could qualify for deposit insurance administered by the FDIC.1-3.Why are some banks reaching out to become one-stop financial service conglomerates? Is this a good idea in your opinion?There are two reasons that banks are increasingly becoming one-stop financial service conglomerates. The first reason is the increased competition from other types of financial institution s and the erosion of banks’ traditional service areas. The second reason is the Financial Services Modernization Act which has allowed banks to expand their role to be full service providers.1-4. Which businesses are banking’s closest and toughest com petitors? What services do they offer that compete directly with banks’ services?Among a bank’s closest competitors are savings associations, credit unions, money market funds, mutual funds, hedge funds, security brokers and dealers, investment banks, finance companies, financial holding companies, and life andproperty-casualty insurance companies. All of these financial service providers are converging and embracing each other’s innovations. The Financial Services Modernization Act has allowed many of these financial service providers to offer the public one-stop shopping for financial services.1-5. What is happening to banking’s share of the financial mark etplace and why? What kind of banking and financial system do you foresee for the future if present trends continue?The Financial Services Modernization Act of 1999 allowed many of the banks’ closest competitors to offer a wide array of financial services thereby taking away market share from “traditional” banks. Banks and their closest competitors are converging into one-stop shopping for financial services and this trend should continue in the future1-6. What different kinds of services do banks offer the public today? What services do their closest competitors offer?Banks offer the widest range of services of any financial institution. They offer thrift deposits to encourage saving and checkable (demand) deposits to provide a means of payment for purchases of goods and services. They also provide credit through direct loans, by discounting the notes that business customers hold, and by issuing credit guarantees. Additionally, they make loans to consumers for purchases of durable goods, such as automobiles, and for home improvements, etc. Banks also manage the property of customers under trust agreements and manage the cash positions of their business customers. They purchase and lease equipment to customers as an alternative to direct loans. Many banks also assist their customers with buying and selling securities through discount brokerage subsidiaries, the acquisition and sale of foreign currencies, the supplying of venture capital to start new businesses, and the purchase of annuities to supply future funding at retirement or for other long-term projects such as supporting a college education. All of these services are also offered by their closest competitors. Banks and their closest competitors are converging and becoming the financial department stores of the modern era.1-7. What is a financial department store? A universal bank? Why do you think these institutions have become so important in the modern financial system? Financial department store and universal bank refer to the same concept. A financial department store is an institution where banking, fiduciary, insurance, and security brokerage services are unified under one roof. A bank that offers all these services is normally referred to as a universal bank. These have become important because of convergence and changes in regulations that have allowed financial service providers to offer all services under one roof1-8. Why do banks and other financial intermediaries exist in modern society, according to the theory of finance?There are multiple approaches to answering this question. The traditional view of banks as financial intermediaries sees them as simultaneously fulfilling the financial-service needs of savers (surplus-spending units) and borrowers(deficit-spending units), providing both a supply of credit and a supply of liquid assets. A newer view sees banks as delegated monitors who assess and evaluate borrowers on behalf of their depositors and earn fees for supplying monitoring services. Banks also have been viewed in recent theory as suppliers of liquidity andtransactions services that reduce costs for their customers and, through diversification, reduce risk. Banks are also critical in the payment system for goods and services and have played an increasingly important role as a guarantor and a risk management role for customers.1-9. How have banking and the financial services market changed in recent years? What powerful forces are shaping financial markets and institutions today? Which of these forces do you think will continue into the future?Banking is becoming a more volatile industry due, in part, to deregulation which has opened up individual banks to the full force of the financial marketplace. At the same time the number and variety of banking services has increased greatly due to the pressure of intensifying competition from nonbank financial-service providers and changing public demand for more conveniently and reliably provided services. Adding to the intensity of competition, foreign banks have enjoyed success in their efforts to enter countries overseas and attract away profitable domestic business and household accounts.1-10. Can you explain why many of the forces you named in the answer to the previous question have led to significant problems for the management of banks and other financial firms and their stockholders?The net result of recent changes in banking and the financial services market has been to put greater pressure upon their earnings, resulting in more volatile returns to stockholders and an increased bank failure rates. Some experts see banks' role and market share shrinking due to restrictive government regulations and intensifying competition. Institutions have also become more innovative in their service offerings and in finding new sources of funding, such as off-balance-sheet transactions. The increased risk faced by institutions today, therefore, has forced managers to more aggressively utilize a wide array of tools and techniques to improve and stabilize their earnings streams and manage the various risks they face. 1-11. What do you think the financial services industry will look like 20 years from now? What are the implications of your projections for its management today? There appears to be a trend toward continuing consolidation and convergence. There are likely to be fewer financial service providers in the future and many of these will be very large and provide a broad range of financial services under one roof. In addition, global expansion will continue and will be critical to the survival of many financial service providers. Management of financial service providers willhave to be more technologically astute and be able to make a more diverse set of decisions including decisions about mergers, acquisitions and global expansion as well as new services to add to the firm.Problems and Projects1. You have just been hired as the marketing officer for the new First National Bank of Vincent, a suburban banking institution that will soon be serving a local community of 120,000 people. The town is adjacent to a major metropolitan area with a total population of well over 1 million. Opening day for the newly chartered bank is just two months away, and the president and the board of directors are concerned that the new bank may not be able to attract enough depositors and good-quality loan customers to meet its growth and profit projections. There are 18 other financial-service competitors in town, including two credit unions, three finance companies, four insurance agencies, and two security broker offices. Your task is to recommend the various services the bank should offer initially to build up an adequate customer base. You are asked to do the following:a.Make a list of all the services the new bank could offer, according to current regulations.b.List the type of information you will need about the local community tohelp you decide which of the possible services are likely to have sufficientdemand to make them profitable.c.Divide the possible services into two groups--those you think are essentialto customers and should be offered beginning with opening day, and thosethat can be offered later as the bank grows.d. Briefly describe the kind of advertising campaign you would like to run tohelp the public see how your bank is different from all the other financialservice providers in the local area. Which services offered by the nonblankservice providers would be of most concern to the new bank’smanagement?Banks can offer, if they choose, a wide variety of financial services today. These services are listed below. However, unless they are affiliated with a larger bank holding company and can offer some of these services through that company, it may be more limited in what it can offer.Regular Checking Accounts Management Consulting Services NOW Accounts Letters of CreditPassbook Savings Deposits Business Inventory Loans Certificates of Deposit Asset-Based Commercial Loans Money Market Deposits Discounting of Commercial Paper Automobile Loans Plant and Equipment Loans Retirement Savings Plans Venture Capital LoansNonauto Installment Loans to IndividualsResidential Real Estate Loans Leasing Plans for Business Property and EquipmentHome Improvement Loans Security Dealing and Underwriting Personal Trust Management Services Discount Security BrokerageCommercial Trust Services Institutional Trust Services Foreign Currency Trading and ExchangePersonal Financial Advising Personal Cash-Management ServicesInsurance Policy Sales (Mainly Credit-Life)Insurance Today (Except in Some States)) Standby Credit Guarantees Acceptance FinancingTo help the new bank decide which services to offer it would be helpful to gather information about some of the following items in the local community:School Enrollments and Growth in School EnrollmentsEstimated Value of Residential and Commercial PropertyRetail SalesPercentage of Home Ownership Among Residents in the AreaNumber and Size (in Sales and Work Force) of Local Business Establishments Major Population Locations (i.e., Major Subdivisions, etc.) and Any Projected Growth AreasPopulation Demographics (i.e., Age Distribution of the Area)Projected Growth Areas of Industries in the AreaEssential services the bank would probably want to offer right from the beginning includes:Regular Checking Accounts Home Improvement Loans Automobile and other Consumer-type Money Market Deposit Accounts Installment Loans Retirement Savings PlansNOW Accounts Business Inventory LoansPassbook Savings Deposits Discounting of High-QualityCommercial NotesResidential Real Estate LoansCertificates of DepositAs the bank grows, opportunities for the profitable sale of additional services usually increase, especially for trust services for individuals and smaller businesses and personal financial advising as well as some commercial (plant and equipment) loans and leases. Further growth may result in the expansion of commercial trust services as well as a widening variety of commercial loans and credit guarantees.The bank would want to develop an advertising campaign that sends a message to potential customers that the new bank is, indeed, different from its competitors. Small banks often have the advantage of offering highly personalized services in which their customers are known and recognized and services are tailored to each individual customer's special financial needs. Quality and reliability of banking service are often more important to individual customers than is price. A new bank must try to sell prospective customers, most of who will come from other banks in the area, on personalized services, quality, and reliability - all three of which should be emphasized in its advertising program.2. Leading money center banks in the United States have accelerated their investment banking activities all over the globe in recent years, purchasing corporate debt securities and stock from their business customers and reselling those securities to investors in the open market. Is this a desirable move by these banking organizations from a profit standpoint? From a risk standpoint? From the public interest point of view? How would you research their question? If you were managing a corporation that had placed large deposits with a bank engaged in such activities, would you be concerned about the risk to your company's funds? What could you do to better safeguard those funds?In the 1970's and early 1980's investment banking was so profitable that commercial bankers were lured into the investment banking business largely because of its greater profit potential than possessed by more traditional commercial banking activities. Later foreign banks, particularly the British and Japanese banking firms, began to attract away large corporate customers from U.S. banks, who were restrained by regulation from offering many investment banking services. Thus, U.S. banks ran into severe difficulty in simply trying to hold onto their traditional corporate credit and deposit accounts because they could not compete service-wise in the investment banking field. Today, banks are allowed to underwrite securities through either a subsidiary or through a holding company structure. This change occurred as part of the Gramm-Leach-Bliley Act (Financial Services Modernization Act).Unfortunately, if investment banking is more profitable than traditional banking product lines, it is also more risky, consistent with the basic tenet of finance that risk and return are directly related. That is why the Federal Reserve Board has placed such strict limits on the type of organization that can offer these services. Currently, the underwriting of most corporate securities must be done through a subsidiary or as a separate part of the holding company so that, in theory at least, the bank is not responsible for any losses incurred. For this reason there may be little reason for depositors (including large corporate depositors) to be concerned about risk exposure from investment banking. Moreover, the ability to offer such services may make U.S. banks more viable in the long run which helps their corporate customers who depend upon them for credit.On the other hand, opponents of investment banking powers for bank operations inside the U.S. have some reasonable concerns that must be addressed. There are, for example, possible conflicts of interest. Information gathered in the investment banking division could be used to the detriment of customers purchasing other bank services. For example, a customer seeking a loan may be told that he or she must buy securities from the bank's investment banking division in order to receive a loan. Moreover, banks could gain effective control over some nonblank industrial corporations which might subject them to added risk exposure and place industrial firms not allied with banks at a competitive disadvantage. As a result theGramm-Leach-Bliley Act has built in some protections to prevent this from happening.3. The term bank has been applied broadly over the years to include a diverse set of financial-service institutions, which offer different financial service packages.Identify as many o f the different kinds of “banks” as you can. How do the “banks” you have identified compare to the largest banking group of all – the commercial banks? Why do you think so many different financial firms have been called banks? How might this terminological confusion affect financial-service customers?The general public tends to classify anything as a bank that offers some sort of financial service, especially deposit and loan services. Other institutions that are often referred to as a bank without being one are savings associations, credit unions, money market funds, mutual funds, hedge funds, security brokers and dealers, investment banks, finance companies, financial holding companies and life and property/casualty insurance companies. All of these institutions offer some of the services that a commercial bank offers, but generally not the entire scope of services. Since providers of financial services are normally called banks by the general public they are able to take away business from traditional banks and it is of utmost importance for commercial banks to clarify their unique position among financial services providers.4. What advantages can you see to banks affiliating with insurance companies? How might such an affiliation benefit a bank? An insurer? Can you identify any possible disadvantages to such an affiliation? Can you cite any real world examples of bank-insurer affiliations? How well do they appear to have worked out in practice?Before Glass-Steagall banks used to sell insurance services to their customers on a regular basis. in particular, banks would sell life insurance companies to loan customers to ensure repayment of the loan in case of death or disablement. These reasons still exist today and the right to sell insurances to customers again benefits banks in allowing them to offer their customers complete financial packages from financing the home or car to insure it, from giving investment advice to selling life insurance policies and annuities for retirement planning. Generally, a bank customer who is already purchasing a service from a bank might feel compelled to purchase an insurance product, as well. On the other hand, insurance companies sometimes have a negative image, which makes it more difficult to sell certain insurance products. Combining their products with the trust that people generally have in banks will make it easier for them to sell their products. The most prominent example of a bank-insurer affiliation is the merger of Citicorp and Traveler’s Insurance to Citigroup. However, given that Citigroup has sold Traveler’s Insurance indicates that the anticipated synergy effects did not materialize.5. Explain the difference between consolidation and convergence. Are these trends in banking and financial services related? Do they influence each other? How? Consolidation refers to increase in the size of financial institutions and the decline in the number of small independently owned banks and financial service providers. Convergence is the bringing together of firms from different industries to createconglomerate firms offering multiple services. Clearly, these two trends are related. In their effort to compete with each other, banks and their closest competitors have acquired other firms in their industry as well across industries to provide multiple financial services in multiple markets.6. What is a financial intermediary? What are their key characteristics? Is a bank a type of financial intermediary? Why? What other financial-services companies are financial intermediaries? What important role within the financial system do financial intermediaries play?A financial intermediary is a business that interacts with deficit spending individuals and institutions and surplus spending individuals and institutions. For that reason any financial service provider (including banks) is considered a financial intermediary. In their function as intermediaries they act as a bridge between the deficit and surplus spending units by offering financial services to the surplus spending individuals and then loaning those funds to the deficit spending individuals. Financial intermediaries accelerate economic growth by increasing the pool of available funds and lowering the risk of investments through diversification.。

recognized market structureRecognized Market StructureThe concept of recognized market structure is crucial in the field of economics, business, and policy. It refers to the patterns of competition that exist within a given market, which determine how businesses interact, compete, and operate.Markets can have different structures, depending on the number of competitors, their size and market share, barriers to entry and exit, product differentiation, and other factors. The two main types of market structure are monopoly and competition.In a monopoly market, there is only one producer of a given product or service, meaning that the producer has complete control over pricing and output. Monopolies can be natural, like gold or oil, or can be the result of patents or exclusive licenses. Monopolies are often criticized for their potential to restrict competition and lead to higher prices and lower quality products.On the other hand, competition is the most common market structure. In this structure, multiple producers offer similar products or services, competing for consumers' dollars. Competition can lead to lower prices, better quality products, and more innovative offerings. However, excessive competition can also lead to predatory pricing, price wars, and other negative outcomes.Other market structures include oligopoly (a market dominated by a few large producers) and monopolistic competition (a market with many producers, but with significant product differentiation). Each market structure has its own unique characteristics and challenges that businesses and policymakers must navigate.Recognizing the market structure is important for businesses because it helps them understand their competitors, pricing strategies, and the overall environment in which they operate. It also informs policymakers about potential anti-competitive practices or market failures that may require regulatory intervention. Understanding market structure is fundamental to creating effective businessstrategies and policies that promote economic growth and consumer welfare.。

You are allowed ten minutes before the start of the examination to acquaint yourself with the instructions below and to read the question paper.Do not write anything until the invigilator informs you that you may start the examination. You will be given five minutes at the end of the examination to complete the front of any answer books used.January 2008 ICM232 2007/8 A 001One Answer SheetOne Answer BookOnly Texas BAII Plus seriescalculators are permittedNo other calculators are permittedTHE UNIVERSITY OF READINGFinal Examination for MSc,Course in Investment ManagementFINANCIAL ANALYSISThree hoursAnswer ALL of the following questions in each Section.Instructions to accompany ICM 232 2007/8 A 001For multiple choice tests your answers are marked on an EDPAC ANSWER SHEET. The completed sheets are fed into a DRS Edit machine which electronically reads your details, calculates your answers and produces the results in an Excel database. It is important to follow the instructions carefully for completing the EDPAC sheet - the machine does not make mistakes – you do. An incorrectly filled in answer will affect your result.At the test please fill in your FAMILY name – 1 letter in each of the boxes on the top left side of the form and put a clear line through the corresponding letters in the columns below. Do the same in the INITS box - initial letter(s) of your first name(s) - on the right. If you know more than one person has the same family name as you please also write your full first name in the box beside “candidate name” It is not necessary to fill in your candidate number. In the Subject box write the test which you are sitting, e.g. International Securities Markets or ISM.Please pencil a clear line across the A, B, C, or D:1 [A] [B] [C] [D]2 [A] [B] [C] [D]3 [A] [B] [C] [D]4 [A] [B] [C] [D]5 [A] [B] [C] [D]It is important to use pencil as you cannot erase ink if you change your mind about the answer. Please do not circle Ⓐ, cross B tick √ or scribble across your answer as the DRS Edit machine cannot read these marks.Section AThe questions in this section must be answered using the EDPAC ANSWER SHEET.Macroeconomics – multiple choice questions (2 marks each, total 14 marks)1. The law of demand indicates that as the price of a good increases,(a) suppliers sell less of it.(b) suppliers sell more of it.(c) buyers buy less of it.(d) buyers buy more of it.2. In a supply and demand graph, the triangular area that represents thedifference between the maximum price consumers were willing to pay for a good and the market price is called:consumersurplus.(a)surplus.producer(b)cost.(c)marginaltriangulararbitrage.(d)3. The total economic cost of producing a good or service is called the(a) comparative value of construction.(b) social consequence of resources.(c) marginal valuation of output.(d) opportunity cost of production.4. Economic efficiency requires that(a) individuals produce at their maximum level.(b) only long-lasting, high-quality products be produced without regardcost.to(c) income be distributed equally among consumers.(d) all economic activity generating more benefits than costs beundertaken.ICM232 2007/8 A 0015. Which of the following correctly describes the external benefit resultingfrom an individual’s purchase of a winter flu shot?(a) The flu shot is cheaper than the cost of treatment when you get theflu.(b) The income of doctors increases when you get the flu shot.(c) The flu shot reduces the likelihood others will catch the flu.(d) The flu shot reduces the likelihood you will miss work as the result ofsickness; therefore, you will earn more income.6. What would be the effect of a decrease in the real interest rate and anincrease in the expected inflation rate?(a) Both changes would decrease aggregate demand.(b) Both changes would increase aggregate demand.(c) Both changes would increase short-run aggregate supply.(d) Both changes would increase long-run aggregate supply.7. If the federal government is running a budget deficit,(a) the national debt will decline.(b) it will have to either raise taxes or reduce expenditures next year.(c) the government will finance the deficit by issuing additional bonds.(d) the supply of money will increase and the general level of prices willrise.Microeconomics – multiple choice questions (2 marks each, total 6marks)8. Time costs, unlike money prices, differ among individuals. Therefore,(a) money prices are essentially irrelevant when time costs matter.(b) high-wage consumers generally choose fewer time-intensivecommodities than do low-income consumers.(c) low-wage consumers generally choose more time-saving commoditiesthan do persons with higher time costs.(d) there is no predictable relationship between income level and theamount of time-saving commodities chosen by a consumer.Turn001over 2007/8ICM232A9. In economic theory, the word “demand” refers to:(a) the amount people are willing to purchase at various prices.(b) those wants or needs that are urgent or pressing.(c) wants that are economic in character rather than social, cultural, or spiritual.(d) the desire of persons for a good, regardless of whether they’re willingto purchase the good.10. In the real world, most firms are:pricesearchers.(a)takers.price(b)competitive.purely(c)monopolies.(d)Section BThe questions in this section must be answered using the Answer Booklet.1. Provide a brief definition/explanation of the following terms (3 markseach, total 30 marks):(a) Law of demand(b) Crowding out effect(c) Price elasticity of demandDifferentiationstrategy(d)Matchingprinciple(e)securities(f) MarketableCapitalisation(g)contractsExecutory(h)data(i) Segmented(j) Defined contribution plan001AICM2322007/82. Industry Structure and Competition (10 marks)You are a retail bank licensed to do business in Italy and regulated by theBanca d’Italia. You have been very successful in your banking business inItaly but have never expanded outside of your home market. Also, foreignbanks have found it very difficult to expand into Italy as they have beenunable to get central bank authorisation to do business. However, theEuropean regulatory framework is about to change at the start of next yearand any bank in an EU country will be allowed to conduct business in anyother EU country and be regulated by its ‘home regulator’. Thus, theBanca d’Italia will no longer be able to restrict other European banks fromcompeting in Italy.Discuss the potential impact of this legislation on your bank within thedomestic Italian retail banking sector industry. In particular, brieflydiscuss it along the lines of the Porter competition model and using his fiveheadings:(a) Current structure and competition of the Italian retail bankingindustry(b) Bargaining power of buyers(c) Bargaining power of suppliers(d) Threat of new entrants(e) Threat of substitute productsTurnover 001A2007/8ICM2323. Accounting – revenue and assets. (14 marks)ABC Ltd. Balance Sheet 2005 2006 Income Statement2006Cash 1,000 1,100 Revenue 10,000Accounts Receivable 1,500 1,650 COGS -6,000 Inventory 2,000 2,200 Depreciation -600Total CA 4,500 4,950 S,G&A-1,000 Fixed Asset at Cost 11,000 12,150 Int. Expense -600 Accum. Depreciation -4,500 -5,100 EBT 1,800 Net Fixed Assets 6,500 7,050 Taxes -720Total Assets 11,000 12,000 NetIncome 1,080 Accrued Liabilities 800 880 Accounts Payable 1,200 1,320 Notes Payable 5,500 6,050Total CL 7,500 8,250Long term debt 2,000 1,602 Common Stock 1,000 1,000 Retained Earnings 500 1,148Total Sources of Finance 11,000 12,000Given the above Balance Sheet and Income Statement for ABC Ltd. create a statement of cash flows for 2006 using the indirect method.ICM232 2007/8 A 001Page 74. Accounting - liabilities. (12 marks)ABC Ltd. - Analysis ofInventory Quarter Units Unit Total Unit Purchased Cost Cost Sales 1 200 £22.00 £4,400.00 200 2 300 £24.00 £7,200.00 200 3 300 £26.00 £7,800.00 200 4 200 £28.00 £5,600.00 200 1000 £25,000.00 800 Beginning Inventory 400 @ £20.00 eachEnding inventory 600unitsGiven the above information on ABC Ltd. calculate the following using both the FIFO and LIFO methods. (a) Reported inventory at year end. (b) Cost of goods sold for the year and comment on which method will show the highest reported net income for the year and why.ICM232 2007/8 A 001 Turn overPage 85. Accounting - liabilities. (14 marks)BP plc issued a zero coupon bond on January 1, 2008, due December 31,2012 (assume exactly five years for any calculations).The face value of thebond was £75.0 mio. The bond was issued at an effective annual rate of5.0%.(a) Calculate the cash proceeds of the bond issue (assume no issuancecosts).(b) Complete the following table on a pre-tax basis, assuming that anyinterest payable is paid in the year it is due:N.B. All figures in000s. 2007 2008 2009 2010 2011 EBIT £50,000.00 £50,000.00 £50,000.00 £50,000.00 £50,000.00 CFO before interestand taxes £60,000.00 £60,000.00 £60,000.00 £60,000.00 £60,000.00 CFOTimes interestearnedTimes interestearned - cash basis(c) Now, as an alternative scenario, assume that BP had raised the sameamount of initial cash proceeds as the zero coupon bond in (a) butwith a ‘regular’ bond paying a 5.0% coupon (annually) with principalrepaid at maturity. Complete the same (below) table under thisscenario.differentcontinued)(Question001A2007/8ICM232Page 95. (Continued)N.B. All figures in000s. 2007 2008 2009 2010 2011 EBIT £50,000.00 £50,000.00 £50,000.00 £50,000.00 £50,000.00 CFO before interestand taxes £60,000.00 £60,000.00 £60,000.00 £60,000.00 £60,000.00 CFOTimes interestearnedTimes interestearned - cash basis(d) Using the results from the two tables in parts (b) and (c), discuss theimpact on reported CFO and Times Interest Earned (regular and cashbasis) of the two scenarios.[End of question paper]ICM232 2007/8 A 001。

1外文资料翻译译文欧盟国内外银行盈利能力影响因素分析摘要：本文使用银行级数据，通过1995 - 2001年期间国内和外国银行在15个欧盟国家的商业运营情况来了解银行的具体特点和整体银行业环境对影响盈利能力。

结果表明, 国内和外国银行的盈利能力不仅受银行具体特点的影响，也受金融市场结构和宏观经济条件的影响。

除了在集中情况下国内银行利润, 所有的变量都是有重大意义的，尽管它们的影响和关系对国内和国外银行并不总是相同。

1 介绍在过去的几年许多的因素造成了欧盟银行业竞争日益激烈。

最重要的因素之一是针对服务、建立、运行和监督信贷机构的第二个欧洲指令出台，在银行和金融领域放松管制。

这个指令为所有欧洲银行机构在单一欧洲金融市场和提供了平等的竞争条件，因此银行正在先前无法预料的国内外竞争之中。

另外, 最近一些的技术进步对规模经济和范围提供了更多的机会，而采用欧元也加速了行业的变化。

此外,宏观经济政策后大多数国家通货膨胀率和利率逐步降低。

最后,在越来越多的欧洲国家非金融公司被允许提供传统的银行服务,并且在竞争中进一步提高，银行被迫产生新的产品和寻找新客户。

许多银行为了参加欧洲市场和银行业扩大被迫增加规模，通过合并和收购的方式进行了前所未有的整合。

在环境快速变化的情况下，这些变化给在欧盟的银行带来很大的挑战，因此影响了他们的效能。

格林指出，充足的收益是必要的条件让银行保持偿付能力,在一个合适的环境生存、发展和繁荣。

考虑到银行业的健康发展和经济知识增长，影响银行的盈利能力的潜在因素不仅和管理者有关，而且和众多利益相关者如中央银行,银行家协会、政府以及其他金融当局有关。

2 文献综述参考文献与本文可分为三大类。

第一部分是研究集中于银行的盈利能力的决定因素。

第二部分包括研究欧洲银行的利润和成本效率。

第三由研究比较国内外银行。

在下面几个部分中,我们讨论这些类别中的每一个。

3 决定因素和变量选择3．1 因变量本研究使用平均资产回报率(ROAA)来评估银行的性能。

商业银行管理彼得S.罗斯第八版课后答案chapter_01CHAPTER 1AN OVERVIEW OF BANKS AND THE FINANCIAL-SERVICES SECTORGoal of This Chapter: In this chapter you will learn about the many roles financial service providers play in the economy today. You will examine how and why the banking industry and the financial services marketplace as a whole is rapidly changing, becoming new and different as we move forward into the future. You will also learn about new and old services offered to the public.Key Topics in This ChapterPowerful Forces Reshaping the IndustryWhat is a Bank?The Financial System and Competing Financial-Service InstitutionsOld and New Services Offered to the PublicKey Trends Affecting All Financial-Service FirmsAppendix: Career Opportunities in Financial ServicesChapter OutlineI. I ntroduction: P owerful Forces Reshaping the IndustryII. W hat Is a Bank?A. D efined by the Functions It Serves and the Roles It Play:B. B anks and their Principal CompetitorsC. Legal Basis of a BankD. D efined by the Government Agency That Insures Its DepositsIII.The Financial System and Competing Financial-Service InstitutionsA.Savings AssociationsB.Credit UnionsC.Money Market FundsD.Mutual FundsE.Hedge FundsF.Security Brokers and DealersG.Investment BankersH.Finance CompaniesI.Financial Holding CompaniesJ.Life and Property/Casualty Insurance CompaniesIV. T he Services Banks and Many of Their Closest Competitors Offer the PublicA. S ervices Banks Have Offered Throughout History1.Carrying Out Currency Exchanges2.Discounting Commercial Notes and Making Business Loans3.Offering Savings Deposits4.Safekeeping of Valuables and Certification of Value5.Supporting Government Activities with Credit6.Offering Checking Accounts (Demand Deposits)7.Offering Trust ServicesB. S ervices Banks and Many of Their Financial-Service Competitors HaveOffered More Recently1.Granting Consumer Loans2.Financial Advising3.Managing Cash4.Offering Equipment Leasing5.Making Venture Capital Loans6.Selling Insurance Policies7.Selling Retirement PlansC. Dealing in Securities: Offering Security Brokerage and Investment Banking Services1. Offering Security Underwriting2. Offering Mutual Funds and Annuities3. Offering Merchant Banking Services4. Offering Risk Management and Hedging ServicesV. Key Trends Affecting All Financial-Service FirmsA. S ervice ProliferationB. R ising CompetitionC. G overnment DeregulationD. A n Increasingly Interest-Sensitive Mix of FundsE. T echnological Change and AutomationF. C onsolidation and Geographic ExpansionG. C onvergenceH. G lobalizationVI. T he Plan of This BookVII. S ummaryConcept Checks1-1. What is a bank? How does a bank differ from most other financial-service providers?A bank should be defined by what it does; in this case, banks are generally those financial institutions offering the widest range of financial services. Other financial service providers offer some of the financial services offered by a bank, but not all of them within one institution.1-2. Under U.S. law what must a corporation do to qualify and be regulated as a commercial bank?Under U.S. law, commercial banks must offer two essential services to qualify as banks for purposes of regulation and taxation, demand (checkable) deposits and commercial loans.More recently, Congress defined a bank as any institution that could qualify for deposit insurance administered by the FDIC.1-3.Why are some banks reaching out to become one-stop financial service conglomerates? Is this a good idea in your opinion?There are two reasons that banks are increasingly becoming one-stop financial service conglomerates. The first reason is the increased competition from other types of financial institution s and t he erosion of banks’ traditional service areas. The second reason is the Financial Services Modernization Act which has allowed banks to expand their role to be full service providers.1-4. Which businesses are banking’s closest and toughest com petitors? What services do they offer that compete directly with banks’ services?Among a bank’s closest competitors are savings associations, credit unions, money market funds, mutual funds, hedge funds, security brokers and dealers, investment banks, finance companies, financial holding companies, and life and property-casualty insurance companies. All of these financial service providers are converging and embracing each other’s innovations. The Financial Services Modernization Act has allowed many of these financial service providers to offer the public one-stop shopping for financial services.1-5. What is happening to banking’s share of the financial mark etplace and why? What kind of banking and financial system do you foresee for the future if present trends continue?The Financial Services Modernization Act of 1999 allowed many of the banks’ closest competitors to offer a wide array of financial services thereby taking away market share from “traditional” banks. Banks and their closest competitors areconverging into one-stop shopping for financial services and this trend should continue in the future1-6. What different kinds of services do banks offer the public today? What services do their closest competitors offer?Banks offer the widest range of services of any financial institution. They offer thrift deposits to encourage saving and checkable (demand) deposits to provide a means of payment for purchases of goods and services. They also provide credit through direct loans, by discounting the notes that business customers hold, and by issuing credit guarantees. Additionally, they make loans to consumers for purchases of durable goods, such as automobiles, and for home improvements, etc. Banks also manage the property of customers under trust agreements and manage the cash positions of their business customers. They purchase and lease equipment to customers as an alternative to direct loans. Many banks also assist their customers with buying and selling securities through discount brokerage subsidiaries, the acquisition and sale of foreign currencies, the supplying of venture capital to start new businesses, and the purchase of annuities to supply future funding at retirement or for other long-term projects such as supporting a college education. All of these services are also offered by their closest competitors. Banks and their closest competitors are converging and becoming the financial department stores of the modern era.1-7. What is a financial department store? A universal bank? Why do you think these institutions have become so important in the modern financial system? Financial department store and universal bank refer to the same concept. A financial department store is an institution where banking, fiduciary, insurance, and security brokerage services are unified under one roof. A bankthat offers all these services is normally referred to as a universal bank. These have become important because of convergence and changes in regulations that have allowed financial service providers to offer all services under one roof1-8. Why do banks and other financial intermediaries exist in modern society, according to the theory of finance?There are multiple approaches to answering this question. The traditional view of banks as financial intermediaries sees them as simultaneously fulfilling the financial-service needs of savers (surplus-spending units) and borrowers(deficit-spending units), providing both a supply of credit and a supply of liquid assets. A newer view sees banks as delegated monitors who assess and evaluate borrowers on behalf of their depositors and earn fees for supplying monitoring services. Banks also have been viewed in recent theory as suppliers of liquidity andtransactions services that reduce costs for their customers and, through diversification, reduce risk. Banks are also critical in the payment system for goods and services and have played an increasingly important role as a guarantor and a risk management role for customers.1-9. How have banking and the financial services market changed in recent years? What powerful forces are shaping financial markets and institutions today? Which of these forces do you think will continue into the future?Banking is becoming a more volatile industry due, in part, to deregulation which has opened up individual banks to the full force of the financial marketplace. At the same time the number and variety of banking services has increased greatly due to the pressure of intensifying competition from nonbank financial-service providers and changing public demand for more conveniently and reliably provided services. Adding to the intensity of competition, foreign banks have enjoyed success in their efforts to enter countries overseas and attract away profitable domestic business and household accounts.1-10. Can you explain why many of the forces you named in the answer to the previous question have led to significant problems for the management of banks and other financial firms and their stockholders?The net result of recent changes in banking and the financial services market has been to put greater pressure upon their earnings, resulting in more volatile returns to stockholders and an increased bank failure rates. Some experts see banks' role and market share shrinking due to restrictive government regulations and intensifying competition. Institutions have also become more innovative in their service offerings and in finding new sources of funding, such as off-balance-sheet transactions. The increased risk faced by institutions today, therefore, has forced managers to more aggressively utilize a wide array of tools and techniques to improve and stabilize their earnings streams and manage the various risks they face. 1-11. What do you think the financial services industry will look like 20 years from now? What are the implications of your projections for its management today? There appears to be a trend toward continuing consolidation and convergence. There are likely to be fewer financial service providers in the future and many of these will be very large and provide a broad range of financial services under one roof. In addition, global expansion will continue and will be critical to the survival of many financial service providers. Management of financial service providers willhave to be more technologically astute and be able to make a more diverse set of decisions including decisions about mergers, acquisitions and global expansion as well as new services to add to the firm.Problems and Projects1. You have just been hired as the marketing officer for the new First National Bank of Vincent, a suburban banking institution that will soon be serving a local community of 120,000 people. The town is adjacent to a major metropolitan area with a total population of well over 1 million. Opening day for the newly chartered bank is just two months away, and the president and the board of directors are concerned that the new bank may not be able to attract enough depositors and good-quality loan customers to meet its growth and profit projections. There are 18 other financial-service competitors in town, including two credit unions, three finance companies, four insurance agencies, and two security broker offices. Your task is to recommend the various services the bank should offer initially to build up an adequate customer base. You are asked to do the following:a.Make a list of all the services the new bank could offer, according to current regulations.b.List the type of information you will need about the local community tohelp you decide which of the possible services are likely to have sufficientdemand to make them profitable.c.Divide the possible services into two groups--those you think are essentialto customers and should be offered beginning with opening day, and thosethat can be offered later as the bank grows.d. Briefly describe the kind of advertising campaign you would like to run tohelp the public see how your bank is different from all the other financialservice providers in the local area. Which services offered by the nonblankservice providers would be of most concern to the new bank’smanagement?Banks can offer, if they choose, a wide variety of financial services today. These services are listed below. However, unless they are affiliated with a larger bank holding company and can offer some of these services through that company, it may be more limited in what it can offer.Regular Checking Accounts Management Consulting Services NOW Accounts Letters of CreditPassbook Savings Deposits Business Inventory Loans Certificates of Deposit Asset-Based Commercial Loans Money Market Deposits Discounting of Commercial Paper Automobile Loans Plant and Equipment Loans Retirement Savings Plans Venture Capital LoansNonauto Installment Loans to IndividualsResidential Real Estate Loans Leasing Plans for Business Property and EquipmentHome Improvement Loans Security Dealing and Underwriting Personal Trust Management Services Discount Security BrokerageCommercial Trust Services Institutional Trust Services Foreign Currency Trading and ExchangePersonal Financial Advising Personal Cash-Management ServicesInsurance Policy Sales (Mainly Credit-Life)Insurance Today (Except in Some States)) Standby Credit Guarantees Acceptance FinancingTo help the new bank decide which services to offer it would be helpful to gather information about some of the following items in the local community:School Enrollments and Growth in School EnrollmentsEstimated Value of Residential and Commercial PropertyRetail SalesPercentage of Home Ownership Among Residents in the AreaNumber and Size (in Sales and Work Force) of Local Business Establishments Major Population Locations (i.e., Major Subdivisions, etc.) and Any Projected Growth AreasPopulation Demographics (i.e., Age Distribution of the Area) Projected Growth Areas of Industries in the AreaEssential services the bank would probably want to offer right from the beginning includes:Regular Checking Accounts Home Improvement Loans Automobile and other Consumer-type Money Market Deposit Accounts Installment Loans Retirement Savings Plans NOW Accounts Business Inventory LoansPassbook Savings Deposits Discounting of High-QualityCommercial NotesResidential Real Estate LoansCertificates of DepositAs the bank grows, opportunities for the profitable sale of additional services usually increase, especially for trust servicesfor individuals and smaller businesses and personal financial advising as well as some commercial (plant and equipment) loans and leases. Further growth may result in the expansion of commercial trust services as well as a widening variety of commercial loans and credit guarantees.The bank would want to develop an advertising campaign that sends a message to potential customers that the new bank is, indeed, different from its competitors. Small banks often have the advantage of offering highly personalized services in which their customers are known and recognized and services are tailored to each individual customer's special financial needs. Quality and reliability of banking service are often more important to individual customers than is price. A new bank must try to sell prospective customers, most of who will come from other banks in the area, on personalized services, quality, and reliability - all three of which should be emphasized in its advertising program.2. Leading money center banks in the United States have accelerated their investment banking activities all over the globe in recent years, purchasing corporate debt securities and stock from their business customers and reselling those securities to investors in the open market. Is this a desirable move by these banking organizations from a profit standpoint? From a risk standpoint? From the public interest point of view? How would you research their question? If you were managing a corporation that had placed large deposits with a bank engaged in such activities, would you be concerned about the risk to your company's funds? What could you do to better safeguard those funds?In the 1970's and early 1980's investment banking was soprofitable that commercial bankers were lured into the investment banking business largely because of its greater profit potential than possessed by more traditional commercial banking activities. Later foreign banks, particularly the British and Japanese banking firms, began to attract away large corporate customers from U.S. banks, who were restrained by regulation from offering many investment banking services. Thus, U.S. banks ran into severe difficulty in simply trying to hold onto their traditional corporate credit and deposit accounts because they could not compete service-wise in the investment banking field. Today, banks are allowed to underwrite securities through either a subsidiary or through a holding company structure. This change occurred as part of the Gramm-Leach-Bliley Act (Financial Services Modernization Act).Unfortunately, if investment banking is more profitable than traditional banking product lines, it is also more risky, consistent with the basic tenet of finance that risk and return are directly related. That is why the Federal Reserve Board has placed such strict limits on the type of organization that can offer these services. Currently, the underwriting of most corporate securities must be done through a subsidiary or as a separate part of the holding company so that, in theory at least, the bank is not responsible for any losses incurred. For this reason there may be little reason for depositors (including large corporate depositors) to be concerned about risk exposure from investment banking. Moreover, the ability to offer such services may make U.S. banks more viable in the long run which helps their corporate customers who depend upon them for credit.On the other hand, opponents of investment banking powers for bank operations inside the U.S. have some reasonableconcerns that must be addressed. There are, for example, possible conflicts of interest. Information gathered in the investment banking division could be used to the detriment of customers purchasing other bank services. For example, a customer seeking a loan may be told that he or she must buy securities from the bank's investment banking division in order to receive a loan. Moreover, banks could gain effective control over some nonblank industrial corporations which might subject them to added risk exposure and place industrial firms not allied with banks at a competitive disadvantage. As a result the Gramm-Leach-Bliley Act has built in some protections to prevent this from happening.3. The term bank has been applied broadly over the years to include a diverse set of financial-service institutions, which offer different financial service packages.Identify as many o f the different kinds of “banks” as you can. How do the “banks” y ou have identified compare to the largest banking group of all – the commercial banks? Why do you think so many different financial firms have been called banks? How might this terminological confusion affect financial-service customers?The general public tends to classify anything as a bank that offers some sort of financial service, especially deposit and loan services. Other institutions that are often referred to as a bank without being one are savings associations, credit unions, money market funds, mutual funds, hedge funds, security brokers and dealers, investment banks, finance companies, financial holding companies and life and property/casualty insurance companies. All of these institutions offer some of the services that a commercial bank offers, but generally not the entire scope ofservices. Since providers of financial services are normally called banks by the general public they are able to take away business from traditional banks and it is of utmost importance for commercial banks to clarify their unique position among financial services providers.4. What advantages can you see to banks affiliating with insurance companies? How might such an affiliation benefit a bank? An insurer? Can you identify any possible disadvantages to such an affiliation? Can you cite any real world examples of bank-insurer affiliations? How well do they appear to have worked out in practice?Before Glass-Steagall banks used to sell insurance services to their customers on a regular basis. in particular, banks would sell life insurance companies to loan customers to ensure repayment of the loan in case of death or disablement. These reasons still exist today and the right to sell insurances to customers again benefits banks in allowing them to offer their customers complete financial packages from financing the home or car to insure it, from giving investment advice to selling life insurance policies and annuities for retirement planning. Generally, a bank customer who is already purchasing a service from a bank might feel compelled to purchase an insurance product, as well. On the other hand, insurance companies sometimes have a negative image, which makes it more difficult to sell certain insurance products. Combining their products with the trust that people generally have in banks will make it easier for them to sell their products. The most prominent example of a bank-insurer affiliation is the merger of Citicorp and Traveler’s Insurance to Citigroup. However, given that Citigroup has sold Traveler’s Insurance indicates that the anticipated synergy effects did notmaterialize.5. Explain the difference between consolidation and convergence. Are these trends in banking and financial services related? Do they influence each other? How? Consolidation refers to increase in the size of financial institutions and the decline in the number of small independently owned banks and financial service providers. Convergence is the bringing together of firms from different industries to createconglomerate firms offering multiple services. Clearly, these two trends are related. In their effort to compete with each other, banks and their closest competitors have acquired other firms in their industry as well across industries to provide multiple financial services in multiple markets.6. What is a financial intermediary? What are their key characteristics? Is a bank a type of financial intermediary? Why? What other financial-services companies are financial intermediaries? What important role within the financial system do financial intermediaries play?A financial intermediary is a business that interacts with deficit spending individuals and institutions and surplus spending individuals and institutions. For that reason any financial service provider (including banks) is considered a financial intermediary. In their function as intermediaries they act as a bridge between the deficit and surplus spending units by offering financial services to the surplus spending individuals and then loaning those funds to the deficit spending individuals. Financial intermediaries accelerate economic growth by increasing the pool of available funds and lowering the risk of investments through diversification.。

第1篇The field of economics is rich with specialized terminology and phrases that are essential for understanding various aspects of the economy, from basic concepts to complex theories. Below is a comprehensive list of economic terms and phrases, categorized for easy reference.Basic Economic Concepts:1. Economy - A system of production, resource distribution, and consumption within a society.2. Market - A place or situation where buyers and sellers come together to trade goods and services.3. Supply - The quantity of a good or service that is available for sale at a given price.4. Demand - The quantity of a good or service that consumers are willing and able to purchase at a given price.5. Equilibrium - The state in which the quantity supplied equals the quantity demanded.6. Price - The amount of money that must be paid to acquire a good or service.7. Cost - The expenditure of resources required to produce a good or service.8. Value - The importance or usefulness of a good or service.9. Resource - Any input used in the production of goods and services, such as labor, land, and capital.10. Productivity - The efficiency of production, measured by the amount of output per unit of input.Macroeconomic Terms:1. Gross Domestic Product (GDP) - The total value of all goods and services produced within a country over a specific period.2. Inflation - The rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.3. Deflation - The opposite of inflation, where the general level of prices for goods and services is falling.4. Unemployment - The state of being without a job, seeking for work, and available for work.5. Growth - An increase in the production of goods and services over time.6. Contraction - A decrease in economic activity, often indicated by a decline in GDP.7. Stagflation - A situation where an economy experiences both high inflation and high unemployment simultaneously.8. Recession - A significant decline in economic activity, often marked by a drop in GDP for two consecutive quarters.9. Depression - A severe and prolonged recession.10. Crisis - A situation where the economy faces extreme difficulty, such as a financial crisis or a systemic economic breakdown.Microeconomic Terms:1. Consumer Behavior - The study of how individuals make decisions about what to buy and how much to buy.2. Producer Behavior - The study of how firms make decisions about what to produce and how much to produce.3. Market Structure - The characteristics of a market, such as the number of buyers and sellers, the type of products, and the degree of competition.4. Monopoly - A market structure where there is only one seller of a good or service.5. Oligopoly - A market structure where a few large firms dominate the market.6. Perfect Competition - A market structure where many small firms sell identical products, and no single firm has control over the market price.7. Elasticity - A measure of how much the quantity demanded or supplied changes in response to a change in price.8. Opportunity Cost - The cost of forgoing the next best alternative when making a choice.9. Marginal Cost - The additional cost of producing one more unit of a good or service.10. Marginal Revenue - The additional revenue obtained from selling one more unit of a good or service.Economic Policies and Theories:1. Fiscal Policy - Government policies that use government spending and taxation to influence the economy.2. Monetary Policy - The actions of a central bank to control the money supply and interest rates.3. Keynesian Economics - A theory that suggests government intervention can stabilize the economy during recessions.4. Monetarism - A theory that emphasizes the role of the money supply in determining economic activity.5. Supply-Side Economics - A theory that suggests reducing taxes and regulations can stimulate economic growth.6. Free Market - A market where the prices of goods and services are determined by the forces of supply and demand without government intervention.7. Mixed Economy - An economy that combines elements of both a free market and government intervention.8. Economic Growth - An increase in the production of goods and services over time.9. Economic Development - The process by which a nation improves the economic well-being of its people.10. Sustainable Development - Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.These terms and phrases provide a foundation for understanding the complexities of the economic world. Whether you are a student of economics, a business professional, or a general enthusiast,familiarizing yourself with this vocabulary will help you navigate the economic landscape with greater ease and insight.第2篇Economics is a complex field that involves the study of how societies allocate resources to satisfy their needs and wants. To navigate this field effectively, it is essential to have a comprehensive understanding of the relevant vocabulary and phrases. Below is a list of economic terms and phrases, categorized for easy reference.Basic Economic Concepts1. Economy - The system of production, resource distribution, and consumption within a society.2. Economic System - The way a society organizes the production, distribution, and consumption of goods and services.3. Market - A place where buyers and sellers interact to exchange goods and services.4. Supply - The quantity of a good or service that producers are willing to supply at a given price.5. Demand - The quantity of a good or service that consumers are willing to buy at a given price.6. Equilibrium - The point at which the quantity demanded equals the quantity supplied, leading to a stable price.7. Scarcity - The limited availability of resources relative to the demand for them.8. Opportunity Cost - The value of the next best alternative that is forgone when making a choice.9. Efficiency - The state of producing the maximum output from the least amount of inputs.10. Growth - An increase in the production and consumption of goods and services over time.Economic Indicators1. GDP (Gross Domestic Product) - The total value of all goods and services produced within a country in a given period.2. GNP (Gross National Product) - The total value of all goods and services produced by the residents of a country, regardless of where they are located.3. Inflation - The rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.4. Deflation - The opposite of inflation, where the general level of prices for goods and services is falling.5. Unemployment - The state of being without a job, actively seeking work, and available to work.6. Consumer Price Index (CPI) - A measure that indicates the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.7. Producer Price Index (PPI) - A measure of the average change over time in the selling prices received by domestic producers for their output.8. Interest Rates - The percentage at which money is borrowed or lent, usually expressed as an annual percentage rate (APR).9. Exchange Rates - The rate at which one currency can be exchanged for another.Macroeconomic Policies1. Monetary Policy - The actions of a central bank, such as the Federal Reserve in the United States, to control the money supply and influence interest rates.2. Fiscal Policy - The use of government spending and taxation to influence the economy.3. Stabilization Policy - Measures taken to counteract economic fluctuations, such as inflation or recession.4. Austerity Measures - Government policies that aim to reduce government spending and debt, often through cuts in public services and benefits.5. Quantitative Easing - A monetary policy in which a central bank creates new money to purchase government securities or other financial assets.Microeconomic Concepts1. Marginal Cost - The additional cost of producing one more unit of a good or service.2. Marginal Revenue - The additional revenue generated by selling one more unit of a good or service.3. Profit Maximization - The goal of a firm to maximize its profits.4. Cost-Benefit Analysis - An assessment of the benefits and costs of a project or policy.5. Market Failure - A situation where the market does not allocate resources efficiently, often due to externalities, monopolies, or public goods.Business and Industry Terms1. Market Share - The percentage of total sales or units sold by a company within a particular market.2. Brand Loyalty - The degree to which customers are committed to purchasing products from a particular brand.3. Diversification - The practice of spreading investments across various types of assets to reduce risk.4. Mergers and Acquisitions - The process of combining companies or acquiring one company by another.5. Vertical Integration - The process of a company owning or controlling multiple stages of the production process.6. Horizontal Integration - The process of a company merging with or acquiring competitors in the same industry.7. Oligopoly - A market structure with a few large firms dominating the industry.8. Monopolistic Competition - A market structure with many firms selling similar but not identical products.9. Monopoly - A market structure with a single seller and many buyers.10. Perfect Competition - A market structure with many sellers and buyers, where no single entity has control over the market price.Economic Theories1. Classical Economics - The economic theory developed in the 18th and 19th centuries, emphasizing free markets and minimal government intervention.2. Keynesian Economics - An economic theory developed by John Maynard Keynes, advocating for government intervention to stabilize the economy.3. Supply-Side Economics - An economic theory that focuses on reducing taxes and regulations to stimulate economic growth.4. Behavioral Economics - The study of the effects of psychological, social, cognitive, and emotional factors on economic decisions.5. Game Theory - The study of strategic interactions where the outcome for each participant depends on the actions of others.ConclusionUnderstanding economic vocabulary and phrases is crucial for anyone interested in economics, whether as a student, professional, or general consumer. By familiarizing yourself with these terms, you will be better equipped to engage in discussions, analyze economic data, and make informed decisions. Remember that economics is a dynamic field, and new terms and concepts are continually emerging. Stay informed and keep expanding your economic vocabulary.第3篇Economics is a complex field that encompasses a wide range of terms and phrases. Whether you are studying economics, working in the financial sector, or simply interested in understanding the world of economics, it is essential to be familiar with these key terms and phrases. Below is a comprehensive list of economic vocabulary and phrases, categorized for easy reference.1. Basic Economic Terms- Economy - The system of production, resource distribution, and consumption within a society.- Market - A place where goods and services are bought and sold.- Supply - The amount of a good or service that producers are willing to sell at a given price.- Demand - The amount of a good or service that consumers are willing to buy at a given price.- Price - The amount of money that must be paid to purchase a good or service.- Value - The worth of a good or service in terms of its ability to satisfy a want or need.- Gross Domestic Product (GDP) - The total value of all goods and services produced within a country in a specific time period.- Inflation - The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.- Deflation - The opposite of inflation, where the general level of prices for goods and services is falling.- Unemployment - The state of being without a job and actively seeking employment.- Wage - The amount of money paid to an employee for work performed.- Interest - The cost of borrowing money, typically expressed as a percentage of the principal amount.- Capital - Money or other assets used to create wealth or income.- Investment - The allocation of money or resources with the expectation of a profit or return.- Economic growth - An increase in the value of goods and services produced by an economy over time.- Economic recession - A significant decline in economic activity, typically visible in real GDP, real income, employment, etc.2. Macroeconomic Terms- Inflation rate - The rate at which the general level of prices for goods and services is rising.- GDP deflator - A measure of the level of prices of all new, domestically produced, final goods and services in an economy.- Aggregate demand - The total amount of goods and services that households, businesses, the government, and foreign buyers are willing to buy at a given price level.- Aggregate supply - The total amount of goods and services that all firms in an economy are willing to supply at a given price level.- Balance of payments - A record of all economic transactions between residents of one country and the rest of the world over a certain period of time.- Trade deficit - A situation where a country's imports exceed its exports.- Trade surplus - A situation where a country's exports exceed its imports.- Fiscal policy - Government policies that use taxes and spending to influence the economy.- Monetary policy - The actions of a central bank, such as the Federal Reserve in the United States, to control the money supply and influence interest rates.- Stagflation - A situation where there is a combination of highinflation and high unemployment, often accompanied by stagnant economic growth.3. Microeconomic Terms- Marginal cost - The cost of producing one additional unit of a good or service.- Marginal benefit - The additional benefit gained from consuming one more unit of a good or service.- Opportunity cost - The value of the next best alternative that is foregone when making a choice.- Consumer surplus - The difference between the maximum price a consumer is willing to pay for a good and the actual price paid.- Producer surplus - The difference between the minimum price a producer is willing to accept for a good and the actual price received.- Market equilibrium - The state where the quantity supplied equals the quantity demanded at a particular price.- Monopoly - A situation where a single firm dominates the market for a particular good or service.- Oligopoly - A market structure where a few large firms dominate the market for a particular good or service.- Perfect competition - A market structure where there are many buyers and sellers, and no single participant has the power to influence the price.4. Financial Terms- Stock - A share in the ownership of a corporation.- Bond - A debt security issued by a company or government to raise money.- Interest rate - The cost of borrowing money, expressed as a percentage of the principal amount.- Dividend - A portion of a company's earnings distributed to shareholders.- Portfolio - A collection of investments held by an individual or organization.- Mutual fund - A type of investment company that pools money from many investors to purchase securities.- Exchange rate - The value of one currency relative to another currency.- Foreign exchange - The conversion of one currency into another currency.- Capital gains - The profit made on the sale of an asset that has increased in value since its purchase.- Capital losses - The loss incurred on the sale of an asset that has decreased in value since its purchase.5. Economic Theories and Concepts- Supply and demand - The fundamental economic model that explains how prices are determined in a market.- Opportunity cost - The cost of forgoing the next best alternative when making a choice.- Elasticity - A measure of how much the quantity demanded or supplied of a good responds to a change in price.- Marginal analysis - The process of analyzing the additional benefits and costs associated with producing or consuming one more unit of a good or service.- Cost-benefit analysis - The process of comparing the benefits and costs of a project or policy.- Game theory - The study of strategic interactions where the outcomefor each participant depends on the actions of others.- Behavioral economics - The study of the effects of psychological, social, cognitive, and emotional factors on economic decisions.- Keynesian economics - An economic theory that advocates for active government intervention in the economy to stabilize it during recessions.- Supply-side economics - An economic theory that focuses on policies that increase the productive capacity of the economy.Understanding these economic terms and phrases is crucial for anyone interested in the field of economics. Whether you are analyzing market trends, formulating economic policies, or simply trying to make informed decisions about your personal finances, a solid grasp of this vocabulary will serve you well.。