lbo funds final version jan2007

国际会计第七版英文版课后答案（第七章）预览说明:预览图片所展示的格式为文档的源格式展示,下载源文件没有水印,内容可编辑和复制Chapter 7Financial Reporting and Changing PricesDiscussion Questions Solutions1.Historical-based financial statements may be misleading during periods of significant inflation.Many resources may have been acquired in periods when the purchasing power of the monetary unit was much higher. These expenses then typically are deducted from revenues that reflect current purchasing power. The resulting income number is unintelligible. Another problem for statement readers is that the value of assets recorded at their historical acquisition cost is typically understated as a result of inflation. Understated asset values produce understated expenses and overstated earnings.Financial trends are also difficult to interpret, as trend statistics generally include monetary units of different purchasing power. A positive trend in sales may be due to price changes, not real increases in sales.2. A price index is a cost ratio, that is, the ratio of a representative “basket” of goods and servicesconsumed by an average family, compared to the price of that same basket in a benchmark (“base”) year. The price index is invaluable in enabling a statement reader to translate sums of money paid in the past to their current purchasing power equivalents.3.This statement is partly true and shows the confusion thatsurrounds inflation accounting. Inaccounting for changing prices, users must distinguish between general price changes and specific price changes. General prices refer to the prices of all goods and services in the economy. The object of accounting for general price level changes is to preserve the general purchasing power of a company’s money capital. Specific price changes refer to changes in the prices of specific commodities. The object of accounting for specific price changes is to preserve a company’s productive capacity or operating capability.4.The congressman is wrong. The object of inflation accounting is to clarify the distinction betweencapital and income, not to minimize corporate taxes. Inflation accounting shows how much money the company can pay in expenses, taxes, and dividends, while keeping enough resources to maintain its capital.5.Although it is generally conceded in principle that price level-adjusted financial statements are moreuseful than conventional accounting statements during periods of significant inflation, it is a judgment call to identify exactly when price level-adjusted statements become more meaningful. Asa rule of thumb, executives in Brazil use an inflation rate greater than 10 % per month. Investors inGermany or Switzerland may believe that 5 % inflation per year is alarming. Unfortunately, no one has yet developed a formal, rigorous, easy-to-apply definition of meaningfulness.How does one determine whether the benefits of price level-adjusted accounting information exceed the costs? While the costs to generate such information can be measured, it is muchharder to quantify the benefits. Financial accounting deals with information produced by business enterprises for use by external decision makers. Consequently, measurement of the benefits of price level-adjusted information must cover all user groups in an economy. Multiple user groups, uneven distributions of benefits (both within and between groups), and favorable economy-wide spillover effects of price level information complicate the task. Adding international dimensions makes the problem even worse.6.The U.S. approach resembles the price-level adjusted current cost model, whereas the U.K.approach embraces the current cost model. While both require disclosure of the impact ofchanging prices on monetary items, the U.S. approach basically uses the general price level index to compute monetary gains and losses, whereas the U.K. employs specific prices changes by way of its gearing adjustment.1.The International Accounting Standards Board sanctions use of the general price level model orthe current cost framework. Whichever method is employed, these inflation adjustments must be expressed in terms of constant purchasing power as of the balance sheet date. Purchasing powergains or losses are to be included in current income. Firms adjusting their accounts for changingprices must disclose, at a minimum: a) the fact that end-of-period purchasing power adjustmentshave been made, b) the asset valuation framework employed in the primary financial statements,c) the type of inflation index or indexes employed and theirlevel at the end of the period as wellas their movements during the period, and d) the net purchasing power gain or loss on netmonetary items held during the period. Given the options that are available, analysts mustunderstand the differences between the approved inflation accounting methods to be able tocompare companies choosing one option over the other and to assure proper interpretation ofinflation adjusted amounts.2.The historical cost-constant dollar model measures the impact of general price level changes on afirm's reported performance and financial position. The current cost model examines the impact of specific price changes on enterprise income and wealth.The two measurement frameworks are similar in that both attempt to clarify the distinction between capital and income. They differ in reporting objectives. Whereas the historical cost/constant dollar model attempts to preserve the general purchasing power of a firm's original money capital, the current cost model attempts to preserve an entity's physical capital or productive capacity.3.Your authors think that restating foreign and domestic accounts to their current cost equivalentsproduces information that is far more helpful to investor decisions than historical cost methods, whether or not adjusted for changes in general price levels. Such information provides a performance measure that signals the maximum amount of resources that enterprises can distribute without reducing their productive capacity. It also facilitates comparisons ofconsolidated data.10. The gearing adjustment is an inflation adjustment that partially offsets the additional charges toincome associated with assets whose values are restated for inflation (e.g., higher depreciation and cost of sales). This adjustment recognizes that borrowers generally gain from inflation because they can repay their debts with currency of reduced purchasing power. Hence, it is unnecessary to recognize the higher replacement cost of inventory and plant and equipment in the income statement so far as they are financed by debt.11. Accounting for foreign inflation differs from accounting for domestic inflation in two major ways.First, foreign rates of inflation often are higher than domestic rates, which increases potential distortions in an entity's reported results from changing prices. Second, as foreign exchange rates and differential national rates of inflation are seldom perfectly negatively correlated, care must be taken to avoid double-dipping when consolidating the results of foreign operations.12.Double-dipping refers to methods that count the effects of foreign inflation twice in reportedearnings. Earnings are reduced once when cost of sales is adjusted upwards for inflation, andagain when inventories are translated to domestic currency using a current exchange rate, whichyields a translation loss. Since the change in the exchange rate itself was caused by inflation, the result is a double charge for inflation.Exercise Solutions1.This exercise is a good way to test students’ understanding of the various approaches toaccounting for changin g prices. Vestel’s earnings numbers are based on the general price levelmodel whereas Infosys is measuring its performance based on a current cost framework. Modello goes a step further and adjusts its current cost statements for changes in the general price level.Some may feel that current cost data, which is based on the notion of replacement costs, is toosubjective a notion to be reliable. Since general price level data are based on general price level indices, the numbers appearing in Vestel’s income statement are much more objective andfacilitates comparisons among companies using a similar methodology. Moreover, Vestel’sstatements do not violate the historical cost doctrine. Others will argue that the value of stockinvestments are based on discounted future cash flows. Accordingly, the current cost framework provided by Infosys is more germane to investor decisions as it measures the amount of earnings that could be distributed as dividends without reducing the firm’s future dividend gen eratingpotential. Moreover, current cost earnings, including the gearing adjustment , reflects how thefirm is impacted by prices that are more germane to the firm, as opposed to the general public.Some will argue that Modello’s income statement combin es the best of both worlds. However,there is merit to the argument that the income statementshould measure the performance of thefirm and that this is best accomplished with the current cost framework. Since individualinvestors are affected by the g eneral price level, they should adjust their share of a firm’s current cost earnings distributions for general inflation.2. a.Income Statement Historical Price Level Historical Cost-Cost Adjustment Constant Dollar Revenue MXP 144,000,000 420/340 MXP 177,882,353 Operating expenses (86,400,000) 420/340 (106,729,412) Depreciation (36,000,000) 420/263 (57,490,494)Operating income MXP 21,600,000 MXP 13,662,447a Monetary gains(losses) - (73,248,759)Net income MXP 53,280,000 MXP(59,586,312)Balance SheetCash MX(P 157,600,000 420/420 MXP 157,600,000Land 180,000,000 420/263 287,452,471Building 720,000,000 420/263 1,149,809,885Acc. Depreciation (36,000,000) 420/263 (57,490,494)Total MXP 1,021,600,000 MXP 1,537,371,862Owners' equity(beg.) MXP1,000,000,000 rolled forward b MXP 1,596,958,174Net income (loss) 21,600,000 (59,586,312)Owner's equity MXP 1,021,600,000 MXP 1,537,371,862(end)a Monetary loss:CashBeginning balance 1,000,000,000 420/263 1,596,958,174 Purchase ofreal estate ( 900,000,000) 420/263 (1,437,262,356)Rental revenues 144,000,000 420/340 177,882,353Operating expenses (86,400,000) 420/340 106,729,412)157,600,000 230,848,759-157,600,000 Monetary loss (73,248,759)b Beginning equity x price level adjustment = adjusted amount= P 1,000,000,000 x 420/263 = P 1,596,958,1742.b.Cost HC/Constant DollarReturn on Assets 21,600,000 (59,586,312)1,021,600,000 1,537,371,862= 2.1% = -3.9%Cost-based profitability ratios tend to provide a distorted (overstated) picture of a company's operating performance during a period of inflation.3.20X7 20X8Cash MJR 2,500 MJR 5,100Current liabilities (1,000) (1,200)LT-Debt (3,000) (4,000)Net monetary liabilities MJR (1,500) MJR (100)Zonolia Enterprise’s net monetary liability position changed by MJR1,400 during the year (MJR100) –(MJR1,500).4.Nominal Restate for ConstantMJR’s Majikstan GPL MJR’sNet monetary liab.'s MJR 1,500 x 32,900/30,000 = MJR1,645 12/31/X7Decrease during year (1,400) = (1,400)Net monetary liab.'s MJR 100 x 32,900/36,000 = MJR 9112/31/X8Monetary (general purchasing power) gain MJR 1545. Historical Current Cost Current Income Statement Cost Adjustment Cost Revenues MXP 144,000,000 - MXP 144,000,000 Operating expenses 86,400,000 - 86,400,000 Depreciation (36,000.000) 1.8 64,800,000 Net Income (loss) MXP 21,600,000 MXP (7,200,000)Balance SheetCash MXP 157,600,000 - P 157,600,000 Land 180,000,000 1.9 342,000,000 Building 720,000,000 1.8 1,296,000,000 Acc. Depreciation (36,000,000) 1.8 (64,800,000) Total MXP1,021,600,000 MXP 1,730,800,000 Owners' Equity Beg. Balance MXP1,000,000,000 MXP 1,000,000,000 OE revaluation a - 738,000,000Net income (loss) 21,600,000 (7,200,000) Total MXP1,021,600,000 MXP 1,730,800,000a Revaluation of land MXP 162,000,000Revaluation of building 576,000,000MXP 738,000,0006. Solution in 000,000's:MJR8,000 X 137.5/100.0 = MJR11,00020X7 20X8Current cost MJR8,000 MJR11,000Acc. depreciation (1,600) (3,300)aNet current cost MJR6,400 MJR7,700a Current cost depreciation = MJR800 X 137.5/100.0 = 1,100per year for 3 years.7. As no new assets were acquired during the year, we must determine to what extent the MJR3,000 increase in the current cost of Zonolia's equipment exceeded the change in the general price level during the year. The appropriate calculation follows: MJR11,000 - [MJR8,000 X 36,000/30,000]= MJR11,000 - MJR9,600= MJR1,400Alternatively, if we follow the FASB’s sug gested methodology, where calculations are expressed in average (20X8) dollars, current cost depreciation would be computed by reference to the average current cost of the related assets. Thus, Current cost, 12/31/X7 MJR8,000,000Current cost, 12/31/X8 11,000,000MJR19,000,000Average current cost MJR19,000,000/2 = MJR9,500,000Current cost depreciation at 10% = MJR950,000Increase in current cost of equipment, net of inflation (000's): Current Restate for Current cost/Cost Inflation Constant Zonos Current cost, net12/31/X7 MJR6,400 X 32,900/30,000 MJR7,019Depreciation (950) (950)Current cost, net12/31/X8 7,700 X 32,900/36,000 7,037MJR 2,250 MJR968The increase in the current cost of equipment, net of inflation is MJR968. The difference between the nominal renge amount (MJR2,250) and constant renges (MJR968) is the inflation component of the equipment's current cost increase.8. Restate-translate method:Constant Translate $ Equivalentsrenges of constantrengesIncrease in currentcost of equip., netof inflation MJR968,000 X 1/4,800 = $202Translate-restate method:CC (MJR) Translate CC ($) Restate CC/ Constant $U.S. GPLCC, net MJR 6,400,000 x 1/4,800 = $1,333 x 292.5/281.5 = $1,38512/31/X7Dep. (950,000) x 1/4,800 = (198) = (198)CC, net 7,700,000 x 1/4,800 = 1,604 x 292.5/303.5 = 1,54612/31/X8MJR 2,250,000 $ 469 $ 3599.20X7 20X8￡m ￡mTrade receivables 242 270-Trade payables (170) (160)Net monetary working capital 72 110Change in monetary working capital = ￡38 (￡110 - ￡72) Nominal Restate for Constant￡British PPI ￡Net monetary W/C 72 X 110/100 = 79.212/31/20X7Increase during year 38 = 38.0Net monetary W/C 110 X 110/120 = 100.812/31/20X8Monetary working capital adjustment = (16.4)aa This amount is added to the current cost adjustments for depreciation and cost of sales because trade receivables exceeded trade payables, thus tying up working capital in an asset that lost purchasing power.Gearing adjustment:[(TL – CA)/(FA + I + MWC)] [CC Dep. Adj. + CC Sales Adj. + MWCA]where TL = total liabilities other than trade payablesCA = current assets other than trade receivables and inventoryFA = fixed assets including investmentsI = inventoryMWC = monetary working capitalCC Dep. Adj. = current cost depreciation adjustmentCC Sales adj. = current cost of sales adjustmentMWCA = monetary working capital adjustment= [(128 – 75)/(479 + 220 + 110] [￡m 216]= [.066 ] [216]= ￡14.3The only number I could readily identify in problem 9 is inventory of 220. The next number I could come close on is fixed assets. Looks like the solution above says 479, the text for 08 indicates 473. I could not see where the 110 (MWC) came from. Neither is it clear where the other 3 items in brackets came from. The solution needs to be clearer before I can check the numbers.This gearing adjustment of ￡14.3 million is subtracted from the current cost of sales and depreciation adjustments. It represents the purchasing power gain from using debt to finance part of the firm's operating assets.a.Nominal Thai Historical Translation U.S.baht inflation c ost/constant rate dollaradjustment baht equivalentInven-tory BHT500,000 x 100/200 = BHT250,000 x .02 = $5,000b.Nominal Translation U.S. U.S. Historicalbaht rate dollar inflation c ost/constantequivalent adjustment dollarsInven-tory BHT500,000 x .02 = 10,000 x 180/198 = $9,090Sorry this seems confusing compared to number 2 where the year end index was in the numerator and either the beginning or average index was in the denominator (e.g. 420/340 or 420/263). It is not clear why we do the opposite here where the Thai price level doubles and we put the 200 in the denominator and 100 in the numerator.c. Most students will prefer the restate-translate method. This approach has merit if general and specific pricelevels move in tandem. If not, neither approach is satisfactory as both are based on a historical cost valuation framework that is generally irrelevant for investment decisions.d. For reasons enumerated in this chapter, we favor restating local currency assets for specific price changesand then translating these current cost equivalents to dollars using the current exchange rate.11. We assume that Doosan Enterprises translates its inventory at the current rate and adjusts its cost ofsales for inflation by simulating what it would have been ona LIFO basis. Two adjustments are necessarybecause local inflation impacts exchange rates used to translate foreign currency inventory balances to dollars.With FIFO inventories, a translation loss is recorded in "as reported" earnings when it is originally translatedto U.S. dollars by a current exchange rate that changed (devalued) during the period. This translation loss isan indirect charge for local inflation. The inflation adjustment (simulated LIFO charge) to increase "as reported" cost of sales to a current cost basis is an additional charge for inflation. Absent some offsettingentry, consolidated results would be charged twice for inflation. To avoid this double charge, the translation loss embodied in reported earnings is deducted from the simulated LIFO charge to arrive at a net U.S. dollarcurrent cost of sales adjustment. Steps in the adjustment process are as follows:1. FIFO inventory subject to simulated LIFO charge KRW10,920,0002. Restate line 1 to January 1 currency units(KRW10,920,000 x 100/120). The result is anapproximation of December 31 LIFO inventory KRW9,100,0003. Difference between FIFO and LIFO inventorybalances (line 1 minus line 2) is the additionallira LIFO expense (current cost adjustment)for the current year. KRW1,820,0004. Translate line 3 to dollars at the January 1exchange rate (KRW1,820,000 ÷ 900). The resultis the additional dollar LIFO expense for thecurrent year $ 2,0225. Calculate the translation loss on FIFO inventory(line 1) that has already been reflected in "asreported" results:a. Translate line 1 at Januaryexchange rate (KRW10,920,000 ÷ KRW900) $ 12,133b. Translate line 1 at December 31exchange rate (L 10,920,000 ÷ KRW1,170) $ 9,333c. The difference is the translationloss in “as reported” results $ (2,800)6. The difference between lines 4 and 5c isthe cost of sales adjustment in dollars:a. Additional dollar LIFO expense fromline 4. $ 2,022b. Less: Inventory translation loss alreadyreflected in "as reported” results (fromline 5c) $ (2,800)c. The difference is the net dollar currentcost of sales adjustment $ (778)Here, the current cost of sales adjustment is negative (i.e., reduces the dollar cost of sales adjustment). This is because the won devalued by more than the differential inflation rate (assuming a U.S. inflation rate close to zero). If the lira devalued by less than the differential inflation rate, the cost of sales adjustment would have been positive.12.1. Cost of fixed assets at 12/31 EUR20,0002. FIFO inventory at 12/31 EUR 8,0003. Total EUR28,0004. Less: Owners' equity at 12/31 EUR 2,0005. Liabilities used to financefixed assets and inventory EUR26,0006. Restate liabilities to beginningof period markka (EUR26,000 X300/390) EUR20,0007. Purchasing power gain EUR 6,0008. Purchasing power gain inpounds (EUR 6,000/EUR 1.5) ￡4,0009. Translation gain on appliedliabilities(EUR 26,000/EUR 1.5 -EUR26,000/EUR1.95) ￡4,00010. Net purchasing power gain ￡ -0-In this case the translation gain on liabilities used to finance nonmonetary assets equals the purchasing power gain because the currency devaluation matched the differential inflation of 30%. Hence, no purchasing power gains would be recognized.Case 7-1 SolutionCase 7.1 Kashmir Enterprises1.a–cHistorical Price Level HistoricalCost Adjustment Cost ConstantIncome Statement RupeesRevenues INR6,000,000 160/144 I NR6,666,667Cost of Sales 2,560,000 160/128 3,200,000Selling & Admin. 1,200,000 160/144 1,333,333Depreciation 160,000 160/128 200,000Interest 240,000 160/160 240,000Monetary gains (losses)a - 741,666Net Income INR1,840,000 INR2,435,000Balance SheetCash INR2,480,000 160/160 I NR2,480,000 Inventory 480,000 160/128 600,000Building 3,200,000 160/128 4,000,000Accu. depreciation (160,000) 160/128 (200,000) Total INR6,000,000 INR6,880,000Accounts payable INR 620,000 160/160 I NR 620,000 Notes payable 2,400,000 160/160 2,400,000 Owners' equity 2,980,000 3,860,000INR 6,000,000 INR6,880,000a Monetary gains/(losses):CashBeg. balance INR 720,000 160/128 INR1,150,000 Down payment (800,000) 160/128 (1,000,000) Sales 6,000,000 160/144 6,666,667Selling & Adm. exp. (1,200,000) 160/144 (1,333,333) Payment on account (2,200,000) 160/144 (2,444,444) Interest (240,000) 160/160 (240,000)INR 2,480,000 INR2,798,890-2,480,000Monetary loss INR (318,890)a Monetary gains and losses:Accounts PayableBeg. balance INR 420,000 160/128 INR525,000 Purchases 2,400,000 160/128 3,000,000Payments on account (2,200,000) 160/144 (2,444,444) INR 620,000 INR1,080,556- 620,000Monetary gain INR 460,556a Monetary gains/(losses):Notes PayablePurchase warehouse INR 2,400,000 160/128 INR 3,000,000 - 2,400,000Monetary gain INR 600,000Net monetary loss: INR(318,890) + INR460,556 + INR600,000 = INR741,666.Current Cost Financial StatementsHistorical Adjustment Current Cost Income Statement Cost F actor EquivalentsRevenues INR6,000,000 - INR 6,000,000Cost of Sales 2,560,000 1.3 3,328,000Selling and adm. 1,200,000 - 1,200,000Depreciation 160,000 1.4 224,000Interest 240,000 - 240,000Net Income INR 1,840,000 INR1,008,000Balance SheetCash INR 2,480,000 - INR 2,480,000Inventory 480,000 1.3 624,000Building 3,200,000 1.4 4,480,000Acc. depreciation 160,000 1.4 224,000Total INR 6,000,000 INR 7,360,000Accounts payable INR 620,000 - INR 620,000Notes payable 2,400,000 - 2,400,000Owners' equity 2,980,000 4,340,000INR 6,000,000 INR 7,360,0002. Your authors favor current cost over historical or historical cost/constant dollar financial statements. Finance theory states that investors are interested in a firm's dividend-generating potential, as the value of their investment depends on future cash flows. A firm's dividend-generating potential, in turn, is directly related to its productive capacity. Unless a firm preserves itsproductive capacity or physical capital(e.g.,plant, equipment, inventories), dividends can’t be sustained over time. Under these circumstances, current cost financial statements give investors information important to their decisions. They show the maximum resources that a firm can distribute to investors without impairing its operating capability.3.Translate-Restate MethodBalance Sheet, Jan. 1Local Currency Trans. Dollar Inflation Historical costRate Equivalents Adjustment Constant $Cash INR 920,000 .025 $23,000 - $23,000Inventory 640,000 .025 16,000 - 16,000 Total INR1,560,000 $39,000 $39,000A/P INR 420,000 .025 $10,500 - $10,500 Owners' equity 1,140,000 .025 28,500 - 28,500 Total INR 1,560,000 $39,000 $ 39,000Income StatementDec. 31Revenues INR 6,000,000 .022 $ 132,000 108/104 $ 137,077 Cost of sales 2,560,000 .022 56,320 108/100 60,825Selling & Adm. 1,200,000 .022 26,400 108/104 27,415 Depreciation 160,000 .022 3,520 108/100 3,802 Interest 240,000 .022 5,280 108/108 5,280Net Income INR 1,840,000 $ 40,480 $ 39,755 Monetary gains (losses)a - - 4,468$44,223a Monetary gains/(losses):CashBeg. Bal INR 920,000 .02 $ 18,400 108/100 $ 19,872Downpayment (800,000) .02 (16,000) 108/100 (17,280) Sales 6,000,000 .02 120,000 108/104 124,615Selling & Adm. (1,200,000) .02 (24,000) 108/104 (24,923)Payments on Acc. (2,200,000) .02 (44,000) 108/104 (45,692) Interest (240,000) .02 (4,800) 108/108 (4,800)INR 2,480,000 $ 49,600 51,792-49,600Monetary loss $ (2,192) Accounts PayableBeg. Bal. INR 420,000 .02 $ 8,400 108/100 $ 9,072Purchases 2,400,000 .02 48,000 108/100 51,840Pmt. on acc. (2,200,000) .02 (44,000) 108/104 45,692INR 620,000 $ 12,400 $ 15,592- 12,400Monetary gain $ 2,820Notes payablePur. W/house Rpe 2,400,000 .02 $ 48,000 108/100 $ 51,840 48,000Monetary gain $ 3,840Netmonetary gain: $(2,192) + $2,820 + $3,840 = $4,468.Balance Sheet Local Trans. Dollar Inflation Historical cost- Dec. 31 Currency Rate Equiv. Adjustment Constant $Cash INR 2,480,000 .02 48,600 108/108 $ 48,600 Inventory 480,000 .02 9,600 108/100 10,368 Building 3,200,000 .02 64,000 108/100 69,120Acc. Dep. 160,000 .02 3,200 108/100 3,456Total INR 6,000,000 $120,000 $ 124,632Acc. payable 620,000 .02 12,400 108/108 $ 12,400Notes payable 2,400,000 .02 48,000 108/108 48,000Trans. adj.b - (9,380) (9,978)Owners' equity c 2,980,000 68,980 74,210Total INR 6,000,000 $120,000 $124,632________________________________________________________________ __b Translation adjustment:Beginning net assets Rpe 1,140,000 (.02 - .025) = $ (5,700) X 108/100 = $(6,156)Increase in net assets Rpe 1,840,000 (.02 - .022) = (3,680) X 108/104 = $(3,822)$(9,380) $(9,978) c Balancing residualRestate - Translate MethodBalance Sheet Local Inflation Historical Cost- Trans. D ollar Jan 1. Currency Adjustment Constant rupee Rate equivalents Cash INR 920,000 128/128 INR 920,000 .025 $ 23,000 Inventory d 640,000 128/128 640,000 .025 16,000Total INR1,560,000 INR1,560,000 $ 39,000Acct. payable INR 420,000 128/128 INR 420,000 .025 $ 10,500Owner's equity 1,140,000 1,140,000 28,500Total INR 1,560,000 INR 1,560,000 $ 39,000d Assumes inventory acquired near year-end.Income StatementYear ended Dec. 31Revenues INR 6,000,000 160/144 INR 6,666,666 .022 $ 146,667Cost of Sales 2,560,000 160/128 3,200,000 .022 70,400 Selling & Adm. 1,200,000 160/144 1,333,333 .022 29,333 Depreciation 160,000 160/128 200,000 .022 4,400Interest 240,000 160/160 240,000 .022 5,280Net Income INR1,840,000 INR1,693,334 $ 37,254 Monetary gains(losses)a- 741,666 .022 16,317INR2,435,000 $ 53,571Balance SheetDec. 31Cash INR 2,480,000 160/160 INR 2,480,000 .02 $ 49,600Inventory 480,000 160/128 600,000 .02 12,000Building 3,200,000 160/128 4,000,000 .02 80,000Acc. deprec. 160,000 160/128 200,000 .02 4,000Total INR 6,000,000 INR 6,880,000 $137,600Acc. payable INR620,000 160/160 INR 620,000 .02 $ 12,400 Notes payable 2,400,000 160/160 2,400,000 .02 48,000Owner's equity 2,980,000 3,860,000 87,770 Translation adj.b - (10,570)Total INR 6,000,000 INR 6,880,000 $137,600________________________________________b Beginning net assets INR1,140,000 (.02 - .025) = $ (5,700)Change in net assets 2,435,000 ).02 - .022) = $(4,870)$(10,570)Both methods are inadequate for American investors because they are based on the historical cost valuation framework. A better reporting procedure is to restate local accounts to their current cost equivalents, then translate these amounts to the reporting currency using the year-end (current) foreign exchange rate. This is illustrated here.Restate (current cost)/Translate (current rate)Cash INR 920,000 - INR 920,000 .025 $ 23,000Inventory 640,000 - 640,000 .025 16,000Total INR 1,560,000 INR1,560,000 $ 39,000Acc. payable INR 420,000 - INR 420,000 .025 $ 10,500Owner's equity 1,140,000 - 1,140,000 28,500。

国际金融中英文版Chapter 2:Payments among NationsSingle-Choice QuestionsA country’s balance of payments records: 一个国家的国际收支平衡记录了 BThe value of all exports of goods and services from that country for a period of time.All flows of value between that country’s residents and residents of the rest of the world during a period of time.在一定时间段里,一个国家居民的资产和其它世界居民资产的流动All flows of financial assets that cross that country’s borders during a p eriod of time.All flows of goods into that country during a period of time.A credit item in the balance of payments is: 在国际收支平衡里的贷项是AAn item for which the country must be paid.一个国家必须收取的条款An item for which the country must pay.Any imported item.An item that creates a monetary claim owed to a foreigner.Every international exchange of value is entered into the balance-of-payments accounts __________ time(s). 每一次国际等价交换都记进国际收支帐户２次B1234A debit item in the balance of payments is: 在国际收支平衡中的借项是BAn item for which the country must be paid.An item for which the country must pay.一个国家必须支付的条款Any exported item.An item that creates a monetary claim on a foreigner.In a nation's balance of payments, which one of the following items is always recorded as a positive entry? D在国际收支中,下列哪个项目总被视为有利条项Changes in foreign currency reserves.Imports of goods and services.Military foreign aid supplied to allied nations.Purchases by foreign travelers visiting the country.国外游客在本国发生的购买The sum of all of the debit items in the balance of payments: 在收支平衡中,所有贷项的总和 BEquals the overall balance.Equals the sum of all credit items.等于所有借项的总和Equals the sum of credit items minus errors and omissions.Which of the following capital transactions are entered as debits in the U.S. balance of payments? 下列哪个资本交易在美国的收支平衡中当作借项？ BA U.S. resident transfers $100 from his account at Credit Suisse in Basel (Switzerland) to his account at a San Francisco branch of Wells Fargo Bank.A French resident transfers $100 from his account at Wells Fargo Bank in San Francisco to his Credit Suisse account in Basel.一个法国居民在旧金山的Fargo Bank用其帐户转帐１００美金到位于巴塞尔的瑞士信贷户口A U.S. resident sells his IBM stock to a French resident.A U.S. resident sells his Credit Suisse stock to a French resident.An increase in a nation's financial liabilities to foreign residents is a: 一个国家对另一个国家金融负债的增加是一种CReserve inflow.Reserve outflow.Capital inflow.资本流入Capital outflow.___A_______ are money-like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可.Official international reserve assets 官方国际储备资产Unofficial international reserve assetsOfficial domestic reserve assetsUnofficial domestic reserve assetsWhich of the following is considered a capital inflow? 下列哪项被视为资本流入 AA sale of U.S. financial assets to a foreign buyer.美国一金融资产卖给一外国买家A loan from a U.S. bank to a foreign borrower.A purchase of foreign financial assets by a U.S. buyer.A U.S. citizen’s repayment of a loan from a foreign bank.In a country’s balance of payments, which of the following transactions are debits?一个国家的收支平衡表中,哪个交易属于借项？ ADomestic bank balances owned by foreigners are decreased.外国人拥有的国内银行资产的下降Foreign bank balances owned by domestic residents are decreased.Assets owned by domestic residents are sold to nonresidents.Securities are sold by domestic residents to nonresidents.The role of ___D_______ is to d irect one nation’s savings into another nation’s investments: 资金流的作用是指导一个国家的储蓄进入到另一个国家的投资Merchandise trade flowsServices flowsCurrent account flowsCapital flows资金流Capital account.Current account.经常账目（户）Trade balance.Official reserve balance.The net value of flows of financial assets and similar claims (excluding official international reserve asset flows) is called the: 金融资产和类似的资产（官方国际储备资产流除外）的净值流叫AFinancial account.金融帐Current account.Trade balance.Official reserve balance.The financial account in the U.S. balance of payments includes: 美国国家收支表中的金融帐包括： BEverything in the current account.U.S. government payments to other countries for the use of military bases.美政府采用其它国家军事基地所需支付款项Profits that Nissan of America sends back to Japan.New U.S. investments in foreign countries.ＡU.S. resident increasing her holdings of a foreign financial asset causes a:一个美国居民增持一外国金融资产会引起DCredit in the U.S. current account.Debit in the U.S. current account.Credit in the U.S. capital account.Debit in the U.S. capital account.美国资本帐的借帐A foreign resident increasing her holdings of a U.S. financial asset causes a:一个美国居民增持本国一金融资产会引起 CCredit in the U.S. current account.Debit in the U.S. current account.Credit in the U.S. capital account.美国资本帐的贷帐Debit in the U.S. capital account.A deficit in the current account: 经常帐户中的赤字 ATends to cause a surplus in the financial account.会导致金融帐中的盈余Tends to cause a deficit in the financial account.Has no relationship to the financial account.Is the result of increasing exports and decreasing imports.In September, 2005, exports of goods from the U.S. decreased $3.3 billion to $73.4 billion, and imports of goods increased $3.8 billion to $144.5 billion. This increased the deficit in:20xx年8月,美国商品出口降低了33亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字？CThe balance of payments.The financial account.The current account.经常帐户Unilateral transfers.Which of the following would contribute to a U.S. current account surplus? 以下哪项有助于美国现金帐的盈余？ BThe United States makes a unilateral tariff reduction on imported goods.The United States cuts back on American military personnel stationed in Japan.美国削减在日本的军事人员U.S. tourists travel in large numbers to Asia.Which of the following transactions is recorded in the financial account?以下哪个交易会被当作金融帐AA Chinese businessman imports Ford automobiles from the United States.A U.S. tourist spends money on a trip to China.The New York Yankees are paid $10 million by the Chinese to play an exhibition game in Beijing, China.If a British business buys U.S. government securities, how will this be entered in the balance of payments? 如果一英国商人购买了美国政府的债券,那么这个交易在收支平衡表中会被当作是？ CIt will appear in the trade account as an import.It will appear in the trade account as an export.It will appear in the financial account as an increase in U.S. assets held by foreigners.会被当作是外国人所有的美国资产增长It will appear in the financial account as a decrease in U.S. assets held by foreigners.In the balance of payments, the statistical discrepancy or error term is used to: 在收支平衡表中, 统计差异与错误项目会用来确保借帐总和跟贷帐总和一致 AEnsure that the sum of all debits matches the sum of all credits.Ensure that imports equal the value of exports.Obtain an accurate account of a balance-of-payments deficit.Obtain an accurate account of a balance-of-payments surplus.Official reserve assets are: 官方储备资产是 BThe gold holdings in the nation’s central bank.Money like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可Government T-bills and T-bonds.Government holdings of SDR’sGold.Special Drawing Rights.IMF Reserve Positions.Foreign Currencies.外汇（币）The net accumulation of foreign assets minus foreign liabilities is: 海外净资产的积累减去外债等于CNet official reserves.Net domestic investment.Net foreign investment.国外投资净值Net foreign deficit.A country experiencing a current account surplus: 一个国家经历经常帐户的盈余 BNeeds to borrow internationally.Is able to lend internationally.就有能力向外放贷Must also have had a surplus in its "overall" balance.The ___C_______ measures the sum of the current account balance plus the private capital account balance. 官方结算差额是指经常帐户余额的总和加上私人资本帐（B=CA+FA,FA:为非官方投资和储备）Official capital balanceUnofficial capital balanceOfficial settlements balance官方结算差额Unofficial settlements balanceIf the overall balance is in __A________, there is an accumulation of official reserve assets by the country or a decrease in foreign official reserve holdings of the country's assets. 如果综合差额处于盈余，那么会出现本国官方储备资产的积累或者国外官方储备的减少（B=CA+FA,B+OR=0，OR:官方储备金额）Surplus盈余DeficitBalanceForeign handsWhich of the following is the current account balance NOT equal to? 以下哪项不等同于现金帐 DThe difference between domestic product and domestic expenditure.The difference between national saving and domestic investment.Net foreign investment.The difference between government saving and government investment. 政府储蓄与政府投资的差值True/False QuestionsCapital inflows are debits and capital outflows are credits. 资金流入是借项，资金外流是贷项The net flow of financial assets and similar claims is the private current account balance. 金融资产和类似的资产的净值叫经常帐目余额The majority of countries' official reserves assets are now foreign exchange assets, financial assets denominated in a foreign currency that is readily acceptable in international transactions. (T)大部份官方储备资产作为以外汇资产和金融资产为命名的外币在世界上交易与流通.A country's financial account balance equals the country's net foreign investment.一个国家的金融帐差额相当于一个国家的净国外投资A country has a current account deficit if it is saving more than it is investing domestically.一个国家如果在国内的储蓄比投资要大,那么会出现经常账目赤字The official settlements balance measures the sum of the capital account balance plus the public current account balance. 官方结算差额是资金帐户余额的总额加上公共经常帐户余额A nation's international investment position shows its stock of international assets and liabilities at a moment in time. (T)一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.A nation is a borrower if its current account is in deficit during a time period. (T)在一段时间内,如果一个国家的经常帐出现赤字,那么它就是借方.A nation is a debtor if its net stock of foreign assets is positive. 如果一个国家的国外资产净储备是正数,那么它是借方（债务方）A transaction leading to a foreign resident increasing her holdings of a U.S. financial asset will be recorded as a debit on the U.S. financial account.如果一项交易引起一外国居民增持美国金融资产的股份,那么这项交易在美国金融帐中会被当作借项A credit item is an item for which a country must pay. 贷项是指一个国家必须还款的条项Gold is a major reserve asset that is currently often used in official reserve transactions. 黄金作为主要的储备资产,常被用在官方储备交易当中.The current account balance is equal to the difference between domestic product and national expenditure.(T)经常项目余额等于国民生产与国民支出的差额In 2007 U.S. households, businesses and government were buying more goods and services than they were producing.(T)____年,美国家庭,商业,政府购买的商品和服务比他们生产（商品和服务）的要多.6。

安本環球基金公開說明書二Ｏ一Ｏ年四月* 本公開說明書中譯本僅供參考。

本公開說明書中譯本之內容與英文公開說明書若有歧異，以英文公開說明書之內容為準。

* 本公開說明書應與管理機構西元2009年1月7日及西元2009年4月2日出具之切結書併同閱讀。

目錄重要聲明 (3)詞彙表 (4)摘要 (6)安本的組織 (6)安本環球基金董事會 (7)ABERDEEN GLOBAL SERVICES S.A. 董事會 (8)行政與管理 (8)安本環球基金的主要特性 (10)主要合約 (12)基金資訊 (14)一般風險因素 (23)安本環球基金的股份交易 (26)收費及費用 (31)股息政策 (33)投資收益淨值的計算 (34)支付股息 (35)稅項 (35)股價之公告 (36)會議及報告 (37)備查文件 (37)附錄 A −投資限制 (38)附錄 B −資產淨值的計算 (44)附錄 C −一般資料 (47)附錄Ｄ−股份類別及股息 (53)附錄 E −首次申購費及管理費 (54)附錄F −透過模里西斯附屬公司投資 (55)附錄G −有關投資者之額外訊息 (58)本公開說明書應於申請股份前完整地閱讀。

如果您對本公開說明書的內容有任何疑問，應諮詢您的股票經紀人、銀行經理、律師、會計師或其他經授權的專業財務顧問。

董事們盡其所知及所信（各董事亦盡一切努力確保的確如此），本公開説明書所載資訊均以事實為依據且無忽略任何重大影響此等資訊重要性之內容。

據此，安本環球基金之董事就本公開説明書所載資訊負責。

本公開說明書所作的陳述是根據盧森堡大公國現行有效的法律和實務，並依其法律和實務變更。

安本環球基金獲授權為2002年法律第 I 部分項下可轉讓證券集體投資事業，並為合格之UCITS。

股份的發行僅根據目前公開說明書所載資訊及最新年度報告和帳目或中期報告和帳目（若比年度報告和帳目為新）所載之經審核之財務報表，以及安本環球基金後續未經審核之中期報告（之後若有發表），此等文件可於安本環球基金於盧森堡之註冊辦事處、全球及英國經銷商索得。

Conversation With a Money Master 作者：BILL MILLERBill Miller （CFA）作为雷格梅森资产管理公司（Legg Mason Capital Management Inc.）董事长兼首席执行官，被Money杂志评为20世纪90年代最伟大的理财大师。

以下问答部分，Fred H. Speece (CFA) 就投资组合管理特别是价值投资这一主题对Miller进行了采访。

问: 作为投资组合经理人，你的业绩长期以来很抢眼。

在目前高效发展的市场中，我们是否还有选股的空间？答: 我们认为市场是务实而高效的，这意味着市场竞争极其激烈，积极型的资金经理人通常会被淘汰。

例如，2006年1月30日之前12个月内，只有不到35%的大盘资金经理人在市场中胜出，过去五年中这一比例不到30%，过去十年中大约为20%，过去15年中大约为22%。

因此，平均来说，在一年多的时间内，市场已经淘汰了70%多的积极型的资金经理人。

资金经理人如果一开始就认为他们要积极地管理资金，强于大势，那么他们成功的几率就不高。

但是，对于积极型的资金经理人来说，市场还是有他们施展才华的空间。

消极型管理不能给投资者带来指数的回报，而是指数回报减去成本。

所以，资金被消极管理的时间越长，它们的表现与指数表现的差距就越大。

反对积极型管理的观点认为这种做法会弱于市场表现。

但是，每年消极型管理的表现都弱于市场表现，指数回报与投资者回报的差距也越来越大。

为使资金的表现优于市场表现，投资者应该对一部分资金采取积极型管理。

在目前市场上，我认为其中的一个变化是对冲基金的出现使得市场在短期内信息传递方面效率提高了。

这样就提供了“时间套利”的机会，这意味着，从长远（3到5年）内考虑公司的业绩，而非仅仅考虑公司一年的业绩，这样可以提高你优于市场表现的胜算。

换句话说，在一个短期内信息传播高效的市场中，考虑三年要比考虑3到6个月会使你的投资行为更有效。

附件四：境内外币支付系统报文格式标准外币支付系统接口报文格式标准V中国人民银行科技司二〇〇八年四月目录1报文标准概述............................................... 错误!未定义书签。

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海外文献推荐-第一期参考文献：[1] I-Cheng Yeh, Che-Hui Lien, Tao-Ming Ting, 2015, Building multi-factor stock selection models using balanced split regression trees with sorting normalisation and hybrid variables, Foresight and Innovation Policy, V ol. 10, No. 1, 48-74[2] Eugene F.Fama, KennethR.French, 2015, A Five-factor Asset Pricing Model, Journal of Financial Economics 116, 1-22[3] Achim BACKHAUS, Aliya ZHAKANOV A ISIKSAL, 2016, The Impact of Momentum Factors on Multi Asset Portfolio, Romanian Journal of Economic Forecasting XIX (4), 146-169[4] Francisco Barillas, Jay Shanken, 2016, Which Alpha? Review of Financial Studies海外文献推荐-第二期参考文献：[1] PRA VEEN KUMAR, DONGMEI LI, 2016, Capital Investment, Innovative Capacity, and Stock Returns, The Journal of Finance, VOL. 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ResearchGate海外文献推荐-第七十八期参考文献：[1] Joel Hasbrouck. High-Frequency Quoting: Short-Term V olatility in Bids and Offers. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS海外文献推荐-第七十九期参考文献：[1] Tarun Gupta and Bryan Kelly. Factor Momentum Everywhere. Institutional Investor Journals海外文献推荐-第八十期参考文献：[1] MICHAEL A. BABYAK , P H D. What You See May Not Be What You Get: A Brief, Nontechnical Introduction to Overfitting in Regression-Type Models. S T A T I S T I C A L C O R N E R海外文献推荐-第八十一期参考文献：[1] Eric Jondeau , Qunzi Zhang , Xiaoneng Zhu. Average Skewness Matters.海外文献推荐-第八十二期参考文献：[1] JOHN A. HASLEM. Morningstar Mutual Fund Measures and Selection Model. THE JOURNAL OF WEALTH MANAGEMENT海外文献推荐-第八十三期参考文献：[1] EUGENE F. FAMA and KENNETH R. FRENCH. Luck versus Skill in the Cross-Section of Mutual Fund Returns. THE JOURNAL OF FINANCE海外文献推荐-第八十四期参考文献：[1] How Transparent Are ETFs?[2] Lara Crigger. Nontransparent Active: Next ETF Revolution?.海外文献推荐-第八十五期参考文献：[1] Olivier Rousse and Benoît Sévi. 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财务英语十四N:Nagoya Stock Exchange名古屋证券交易所naked short selling无担保沽空；无担保卖空Nanyang Commercial Bank Limited南洋商业银行有限公司Nanyang Finance Company Limited南洋财务有限公司narrow definition of money狭义货币供应narrow margin arbitrage低利套汇；薄利套汇narrower profit margin较小利润幅度narrowing of spread收窄息差national accounting国民经济核算national accounts国民帐户；国民核算national accounts framework国民经济核算架构National Association of Securities Dealers [United States]全国证券交易商协会〔美国〕National Association of Securities Dealers Automated Quotations [United States] 全国证券交易商自动报价协会〔美国〕National Australia Bank, Limited澳洲国民银行National Automated Payment System [NAPS] [China]国家自动支付系统〔中国〕National Bank of Canada加拿大国家银行National Bank of Pakistan巴基斯坦银行National Commercial Bank Limited浙江兴业银行national income国民收入national income account国民收入帐户National Institute of Economic and Social Research国立经济及社会研究所national insurance contribution [United Kingdom]国民保险供款〔英国〕National Market System [United States]全国市场系统〔美国〕National Measurement Accreditation Service [NAMAS] [United Kingdom] 国家计量认可服务处〔英国〕National Westminster Bank plc国民西敏寺银行NationsBank, National Association美国众国银行native bank order本地银行付款令票nature of business业务性质near money近似货币；准货币near monopoly近乎专利；近乎垄断Nedcor Asia Limited莱利亚洲有限公司negative factor利淡因素；不利因素negative growth负增长negative interest负利息negative interest rate负利率negotiable可转让；可流转negotiable bill of lading可转让提单；流通提单negotiable certificate of deposit [NCD] 可转让存款证negotiable debt instrument可转让债务票据negotiable instrument可转让票据；可流转票据negotiable letter of credit可转让信用证；流通信用证negotiable paper可流转的票据negotiable securities可流转证券negotiable security可流转的抵押品negotiating bank议付银行net净额；净值；实额net additional allowance额外免税实额net admissible assets可接纳资产净值net aggregated value of an estate 遗产总值净额net amount净额net assessable income应评税入息实额net assessable profit应评税利润实额net assessable value应评税净值net assets净资产；资产净值net assets increase资产净值的增长net assets value [NA V]资产净值net balance净余额net balance of capital movement 资金流动净额；资金流动净差额net basis净额基准net book value帐面净值net borrower净借方；净借贷的一方net capital资本净值；资本净额net cash balance现金结余净额net chargeable income应课税入息实额net claims paid已偿付申索净额net clearing balance净结算差额net commission payable须付的佣金净额net cost净成本；成本净额；费用净额net currency translation difference 外币折算净差额net deficit净额赤字net earnings净收益；净盈利net equity权益净额net estatenet exchange loss汇兑损失净额net export of services 出口服务净额net external balance对外贸易净差额net favourable balance 顺差净额net flow of fund资金流动净额net indebtedness净负债额net inflow of fund资金流入净额net insurance liabilities 保险负债净额net interest margin净利率差距net interest paid实付利息net liabilities净负债；负债净额net open position未平仓合约净额net operating profit营业纯利；营业净利net outflow of fund资金外流净额净产出；净产值；净产量net payment支出净额net position持仓净额net price净价格；实价net proceeds净收入net profit纯利net profit after taxation税后纯利net provisional tax暂缴税实额net public financial assets政府金融资产净值；政府财务资产净值net rate of exchange净汇率net realizable value可变现净值net realization净变现额net receipt净收入；收入净额net reinsurance premium再保险保费净额net rent租金净额net residue净余额net savings节省款项净额；节省开支净额；节省净额net spot foreign currency position外币现货净额net sum净款额net supply供应净额net tangible assets有形资产净值net total income入息实额；收入实额net transfer to fund拨入基金的款项净额net underwriting commitment包销承担净额net unfavourable balance逆差净额net value净值net worth净值；资产净值net/gross ratio净额／总额比率netting净额结算New Airport Division [Economic Services Bureau]新机场部〔经济局〕new capital account commitment非经常帐新承担额new capital account subhead非经常帐新分目new capital account subventions subhead非经常帐资助金新分目；非经常帐下的资助金新分目new commitment新承担额；新承担项目new commodity新商品New Companies Section [Companies Registry]新公司注册组〔公司注册处〕new grant新增补助金new issue account新股发行帐户new issue of shares发行新股new money新增款项；新注入的资金new non-recurrent commitment非经常开支新承担额new other non-recurrent subhead其他非经常开支新分目New Products Committee [Hong Kong Futures Exchange Limited] 新产品委员会〔香港期货交易所有限公司〕new recurrent account subhead经常帐新分目new recurrent account subventions subhead经常帐资助金新分目；经常帐下的资助金新分目new special expenditure subhead特别开支新分目New Taiwan Dollar [TWD]新台币New York Cotton Exchange, Inc.纽约棉花交易所有限公司New York Futures Exchange纽约期货交易所New York Mercantile Exchange [NYMEX]纽约商品交易所New York Produce Exchange, Inc.纽约农产品交易所有限公司New York Stock Exchange纽约证券交易所New Zealand Dollar [NZD]新西兰元New Zealand Futures and Options Exchange新西兰期货及期权交易所New Zealand Stock Exchange新西兰证券交易所newly authorized fund新认可的基金newly authorized trust新认可的信托newly formed trust新成立的信托next day net settlement system翌日净额交收系统Next Step--Hong Kong as a Financial Risk Management Centre, The 《向前迈进──香港稳居金融风险管理中心的地位》night depository夜库Nikkei 225 Index日经225指数Nikkei Index日经指数Nikkei Stock Average日经平均指数nil-paid share未缴股款的股份Nishi-Nippon Bank, Ltd.西日本银行Nishi-Nippon Finance (Hong Kong) Limited西日本财务（香港）有限公司N.M. Rothschild & Sons (Hong Kong) Limited洛希尔父子（香港）有限公司no-loss level无亏损水平nominal account名义帐户；虚帐户nominal amount面额；象征式款额nominal and effective exchange rates for the Hong Kong dollar港元的名义及实际汇率nominal capital名义资本nominal consideration象征式代价nominal earnings名义收益；名义入息额；理论上入息额nominal increase名义上增加；理论上增加nominal price虚价；名义价格；按盘价nominal share capital注册股本；名义股本nominal value面值；名义值；票面值；理论上价值Nominating Committee [Hong Kong Futures Exchange Limited, Stock Exchange of Hong Kong Limited]提名委员会〔香港期货交易所有限公司；香港联合交易所有限公司〕nominee代名人nominee account代名人户口non-acceptance不承兑non-bank investor非银行投资者non-banking sector银行以外的机构non-bankruptcy certificate非破产证明书non-business day非营业日non-capitalization weighted index非资本值加权指数non-cash acquisition非现金投资所得的资产non-cash assets非现金资产non-cash-limited subhead没有现金支出限额的分目non-certificated share无证书股份non-clearing member非结算会员non-collateralized derivatives warrant非抵押衍生认股权证non-conforming tender不符合要求的投标non-consumption item非消费项目non-cumulative redeemable preference share 非累积的可赎回优先股non-dealing partner非经营合伙人non-discretionary account非全权委托户口；非全权代客买卖帐户non-distributable reserve不可分配的储备金non-essentials非必需品non-executive director非执行董事；非执行理事non-interest-bearing certificate of indebtedness无息负债证明书non-interest-bearing debt securities无息债务证券non-interest-bearing note无息票据non-interventionism不干预政策non-investment-linked life insurance policy非与投资挂钩的人寿保单non-liquid form of deposit定期存款non-listed company非上市公司non-member shareholder非会员股东non-monetary gold非货币黄金；非作货币用途的黄金non-negotiable bill of lading不可转让提单；非流通提单non-negotiable, non-interest-bearing promissory note 不可转让的无息期票non-OECD stock market非经济合作及发展组织国家的证券市场non-payment不缴付；不付款non-performing assets非营运资产non-performing loan非营运贷款；不履约贷款non-profit-distributing body非分配利润的组织non-profit-making非牟利non-proportional treaty非比例协约non-proportional treaty reinsurance非比例协约再保险non-realizable savings不可变现的节省额non-recourse debt无追索权债项non-recurrent cost非经常费用non-recurrent expenditure非经常开支non-recurrent grant非经常补助金non-recurrent revenue非经常收入non-resident corporation非本地注册的公司；非本地注册的法人团体non-resident institution非驻港机构non-subsidy principle无津贴原则non-tradables非贸易品non-unit liabilities非单位负债non-voting share无表决权股份non-works capital expenditure 基本工程外的非经常开支Nordic Investment Bank北欧投资银行normal expenditure正常开支normal fidelity insurance一般忠诚保险normal value正常价值Norwegian Krone [NOK]挪威克郎nose dive暴泻not negotiable不可转让not trading for profit非牟利notarial act of honour公证承付notary公证人note票据；纸币；钞票note issuance facility票据发行融通note issue纸币发行；发钞note issue mechanism发行钞票机制Note Security Fund纸币保证基金note-issuing bank发钞银行Notes on Computation of Salaries Tax/Personal Assessment 有关薪俸税／个人入息课税计算办法说明Notice for Payment of Provisional Tax暂缴税缴纳通知书Notice for Recovery of Tax追收税款通知书notice of a trust信托通知notice of additional assessment补加评税通知书Notice of Adjudication of Proof of Debt裁定债权通告notice of assessment评税通知书Notice of Assessment and Demand for Additional Tax评定及缴纳补加税款通知书Notice of Assessment and Demand for Tax评税及缴纳税款通知书Notice of Assessment for Property Tax物业税评税通知书Notice of Change of Particulars更改注册事项通知书Notice of Change of Registered Office更改注册办事处通知书Notice of Correction to the V aluation List更正估价册通知书Notice of Deletion删除估价册内物业通知书notice of demand付款通知书notice of deposit有关缴存款项的通知notice of dishonour不兑现通知notice of intended dividend有关拟宣布摊还债款的通知Notice of Intended Payment to Creditors and Intended Application to Recission of Receiving Order拟发还偿款予债权人及拟申请撤销接管令通告Notice of Intention to Amend Valuation List拟修正估价册记录通知书Notice of Intention to Assess Additional Tax拟评定补加税的通知书Notice of Interim Valuation临时估价通知书notice of objection反对通知书Notice of Personal Assessment个人入息课税通知书Notice of Rateable Value应课差饷租值通知书Notice of Revised Assessment修订评税通知书Notice of Situation公司更改地址通知书notice of transfer转让通告Notice of Valuation估价通知书notifiable interest须具报的权益notifiable transaction须予公布的交易noting of bills汇票的拒付记录notional annual mid-point salary [NAMS] 按薪级中点估计的年薪值notional annual mid-point salary committed 已拨用的按薪级中点估计的年薪值notional annual mid-point salary spent已动用的按薪级中点估计的年薪值notional annual salary cost at mid-point按薪级中点估计的年薪开支notional cost估计费用；名义成本notional mid-point cost估计的中点费用novation约务更替；债务更替文件nugatory expenditure不必要开支number of cash-sweep chances现金彩票活动的中彩机会的数目number of cash-sweep tickets sold 现金彩票活动售出的彩票数目numbered ticket号码彩票。

增强型积极投资策略——“120-20”策略的20大误区Bruce I. Jacobs Kenneth N. Levy CFA随着基金经理和投资者对积极型操作中增加alpha机会的不断探索，增强型积极投资股票策略(enhanced active equity strategy)（包括120-20 和130-30长短仓组合）受到越来越多的重视，但是金融界对这种策略存在着一些误解。

此项策略如何使投资者更加灵活地进行买多和卖空操作？其与市场中性型长短仓( market-neutral long-short) 策略孰优孰略？与传统的只做多头 (long-only) 策略相比，增强型积极投资股票策略是否由于卖空和杠杆的使用，风险大大增加？本文将对普遍存在的种种误区一一明辨。

增强型积极投资股票策略，例如120-20和130-30，原理是建立与相对与本金一定比例的空头头寸（通常是20%或30%，但是也可以达到100%）以及相同比例杠杆多头头寸。

这一策略在现代主要经纪业务结构下才得以实行，因为允许将卖空收益用来做多，而购买多头头寸不够的本金也无需进行保证金交易。

以120-20组合为例，本金100元，卖空20元，用此收益加本金购买120元的多头头寸。

空头的20元和杠杆产生的20元多头相互抵消，投入市场的还是100元。

这一组合与市场变动同步（beta等于1）而同时获得完全的市场回报。

如果投资组合经理能够甄别跑赢大盘和跑输大盘的股票，120-20的组合就可以获得高于市场的回报(当然风险也更高)。

在可比的投资理念下，120-20组合也可以超过只做多头的策略，因为前者对做空的要求降低，使投资者可以进行在只做多头中无法进行的做空操作，而由于可以将做空收益购买多头头寸，120-20组合可以进行在无杠杆的只做多头(unleveraged long-only) 中无法进行的加仓操作。

总的来说，与只做多头的策略相比，增强型积极投资股票策略为基金经理在建仓等方面提供了更多的灵活性，使其能够更好地落实自己的理念，同时又提供了更多的风险-回报选择空间。

注册国际投资分析师[CIIA]·2007年09月试卷一考试真题与标准答案考试科目：1、经济学2、公司财务3、财务会计与财务报表分析4、股票估值与分析问题1：经济学 (36分)MD-Cons是为大型跨国企业和政府提供宏观经济咨询服务的顾问机构。

他们目前正在给Sandland政府做咨询。

尽管Sandland经济很多年来已经积累了大量实物资本，但其经济增长在过去的几年里还是低于平均水平。

该国政府对此经济增长下滑保持关注。

MD-Cons累积了过去30年Sandland经济长期增长表现的数据：名义GDP年增长率：5.3%年通涨率：2.2%他们还搜集了同期资本存量和劳动力增长的信息：劳动力年增长率：0.25%资本存量年增长率：4.4%a)MD-Cons 估算出宏观经济生产函数，建立起实际GDP增长率同资本存量和劳动增长率之间的关系。

该生产函数呈现规模报酬不变，产出对劳动的弹性为0.7。

因此，产出对资本的弹性为0.3（即=1 – 0.7）。

技术进步（或生产力增长率）作为残差度量。

a1) 请建立过去30年实际GDP增长率同三种要素投入（劳动、资本存量和生产率）增长的函数关系。

使用增长核算等式计算三种要素的各自贡献值。

(6分)a2) MD-Cons建议Sandland政府采取措施提高储蓄率，以支持投资和资本形成（即资本存量增长）。

你是否同意这是Sandland取得更高增长的适当政策？请论证以支持你的观点。

（提示：可以使用投资、资本的边际生产率、单位劳动产出和消费水平等概念）(5分)a3) 通常认为推动全要素生产率增长的因素是哪些？简要描述政策制定者可以怎样影响这些因素。

(5分)b)Sandland政府认为目前的潜在GDP 增长率水平低于历史平均数。

预测者也指出目前的失业率高于自然失业率。

b1) IB-Smart是MD-Cons的竞争者，他们建议政府在此状况下应当增加支出以推动经济增长。

请解释这种主张。

以IS-LM 和AS-AD 模型支持你的分析。