4. Interest Rate Risk

有用的金融术语翻译financial markets 金融市场savings and loans 储蓄存款与借款credit unions 信用社mortgages 抵押贷款（指房屋，土地等）auto loans 汽车消费贷款certificates of deposit 存款单银行对存款人将资金存放于银行一定期间所发给的证明文件，可分为可转让定存单(Negotiable CD)与不可转让定存单(Non-negotiable)managerial finance 财务管理wave of mergers 合并风浪，公司或组织的合并Common equity 普通股Par value股票的面值Retained earnings保留盈餘資產負債表中股東權益重要項目之一，表示公司的獲利保留，未以股利方式配發，並將保留盈餘做為公司長期營運資金或固定投資的資金來源。

（又稱未分配盈餘、盈餘公積、累計盈餘或保留淨利）Additional paid-in capital 附加的缴入资本（属于所有者权益）Discounted securities折价证券Treasury bills 国库券Repurchase agreement重购回协定。

Repurchase Agreement。

指资产的卖方同意在某特定日期，以特定价格再买回其所卖出资产的协议。

...Federal funds 联邦资金Banker’s acceptance银行承兑Commercial paper商业票据Certificate of deposit存款单Negotiable CD 可转让存单Eurodollar deposit 欧元存款Money market mutual funds货币市场的开放式资金Term loan定期贷款Coupon rate 票面利率General obligation bond市政债券可分两大类: (1)一般信用担保债券(generalobligation bond): 并无与特别项目挂钩的市政债券,其本息的偿付来自发行当局的综合收入--主要为地方政府的各种税收;Debenture 公司债券Subordinated debenture subordinated debenture次位债券. 一种无担保债券，发行机构万一破产，求偿顺位低于其他债券。

An Example of an Interest Rate
Swap
Consider this example of a “plain vanilla” interest rate swap.
Bank A is a AAA-rated international bank located in the U.K. and wishes to raise $10,000,000 to finance floating-rate Eurodollar loans.
Swap Bank
10 ½%
per year on $10 million
LIBOR – ¼%
for 5 years and we will
Company
pay you LIBOR – ¼ %
B
per year on $10 million
for 5 years.
COMPANY B BANK A
Fixed rate
In 2001 the notational principal of:
Interest rate swaps was $58,897,000,000. Currency swaps was $3,942,000,000
The most popular currencies are:
– U.S. dollar – Japanese yen – Euro – Swiss franc – British pound sterling
-10 3/8 + 10 + (LIBOR – 1/8) =
LIBOR – ½ % which is ½ % better than they can borrow floating without a swap.

CFA考试名词介绍（固定收益部分）Step-Up NotesWHAT ARE STEP-UP NOTES?Step-up notes are callable debt securities with interest rates that increase over time. If the notes are not called by the issuer, their coupons increase according to a predefined schedule.WHEN SHOULD YOU CONSIDER STEP-UP NOTES?If you want to obtain potentially higher current income as well as position your fixed-income portfolio for rising interest rates, consider step-up notes.WHAT ARE THE BENEFITS OF STEP-UP NOTES?Increase potential income∙Step-up notes initially pay a fixed coupon for a certain period of time, typically until the first call date. If the issuer chooses not to redeem the notes, then the coupons rise to a predetermined rate.Depending upon the issue, the coupons may increase once or continue to rise according to a particular schedule until the notes mature or are called.∙Although step-up notes are generally subject to a call anytime after the first call date, the date of the call may vary. If the notes are not called, investors will receive par at maturity.∙In a declining interest-rate environment, there's a greater likelihood that the issuer will call the securities versus comparable fixed-rate callable securities.Reduce interest-rate riskAlthough step-up notes are sensitive to interest rate changes (i.e., their market price tends to decline when rates rise), they offer some protection against rising rates because, unlike fixed-rate bonds, step-up note coupons will increase over time. When rates rise, so does the likelihood that the issuer will not call the notes and the investor will receive the higher coupon.Diversify your fixed-income portfolio∙Step-up notes offer you a way to diversify your fixed-income portfolio beyond conventional fixed-rate bonds.∙While the largest issuers of step-up notes are government agencies such as Fannie Mae, Freddie Mac and the Federal Home Loan Bank, some corporations issue step-up notes as well.∙You can balance a portfolio that's heavily weighted in fixed coupon notes with notes that will pa y higher coupons over time, unless called by the issuer.∙You have a choice of issues with varying coupons, maturities and credit quality.Make a small minimum investment∙To participate in the step-up note market, start with a low minimum investment of jus t $1,000 per issue.∙Step-up notes typically are issued at par.Hypothetical example of a step-up note1Corporation XYZ issues a step-up note with the following features:Maturity date: February 25, 2025Interest frequency: SemiannuallyInitial call date: February 25, 2013Initial interest rate: 5.25%Subsequent interest rates:WHAT ELSE SHOULD YOU KNOW ABOUT STEP-UP NOTES?∙Payment on step-up notes is subject to the securities issuer's credit risk.∙Step-up notes are not listed on an exchange. Since they have limited liquidity, they are most suitable for purchasing and holding to maturity. If sold prior to maturity, the price at which they are sold in the secondary market may be higher or lower than the original purchase price due to market conditions and other factors.∙The timing of the principal payment of step-up notes is uncertain due to the call feature. In general, step-up notes will be called prior to maturity unless interest rates rise significantly. Certificate of DepositWHAT IS A CERTIFICATE OF DEPOSIT?A certificate of deposit (CD) is a time deposit, issued by a bank or savings association, that typicallyoffers a fixed interest rate for a specified period of time.CDs purchased through Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch), a registered broker-dealer, are held in a Merrill Lynch brokerage account. Unlike brokerage investment products, CDs are issued by banks and savings associations and are insured by the Federal Deposit InsuranceCorporation (FDIC) up to applicable limits.WHEN SHOULD YOU CONSIDER A CERTIFICATE OF DEPOSIT?If you want to create a diversified portfolio, or your investment objective is to preserve your wealth or obtain a steady income stream and FDIC insurance, consider a CD.WHAT ARE THE BENEFITS OF A CERTIFICATE OF DEPOSIT?Diversify your portfolio with FDIC-insured investments∙An FDIC-insured CD is ideal for both conservative investors and investors who want to balance their portfolios with secure investments.∙CDs generally have maturities ranging from one month to 30 years. There are various types of CDs:o—Noncallable CDs, which cannot be redeemed by the issuer before their maturity dateo—Callable CDs, which generally offer a higher yield than noncallable CDs because the issuer can redeem them before their maturity dateo—Interest-bearing CDso—Zero-coupon CDsAccess CDs of multiple issuers through Merrill Lynch∙You can gain access to CDs issued by numerous banks and savings associations through Merrill Lynch for a minimum investment of $1,000.∙If CDs bought through Merrill Lynch must be sold before maturity, it may be possible to do so in the secondary market. Merrill Lynch maintains a secondary market in CDs, although it is not obligated to do so.∙All interest and principal payments are credited to your Merrill Lynch account.∙CDs purchased through Merrill Lynch are available only in book-entry form, evidenced by one or more master certificates issued by the depository institution, each representing a number of individual CDs. These master certificates are held by the Depository Trust Company (DTC). Merrill Lynch, as deposit broker and custodian, keeps records of your CD ownerships and provides you with account statements and written confirmations of your CD holdings and purchases.Secure your investment1∙CDs purchased through Merrill Lynch are insured by the FDIC up to a maximum of $250,000 through Dec. 31, 2013,2 for both principal and interest, for all deposits held in the same capacity per depository institution. Any accounts or deposits maintained directly with a particular depository institution or through any other intermediary are combined for purposes of the insurance limit.∙You can obtain FDIC insurance on a significant portfolio by purchasing CDs of various banks and savings associations. Our range of offerings enables you to meet the FDIC-insurance limit without having to transfer $250,000 increments to different banks. Your CD investments purchased through us can be displayed in a single Merrill Lynch account statement.∙Deposit insurance is determined based on depositor (owner) and on account ownership categories per bank. The FDIC's rules and regulations for deposit insurance recognize severalcategories (or ownership and rights), including:o—Single ownership accountso—Joint accountso—Revocable trust accountso—Irrevocable trust accountso—Certain self-directed retirement accounts, such as traditional and Roth individual retirement accounts (IRAs), self-directed Keoghs and certain other qualified retirement accountso—Employee benefit plan accountso—Corporations, partnerships and unincorporated associations For additional information about deposit insurance and all account ownership categories, please refer to the FDIC Web site at .Use CDs to achieve specific goals and objectivesYour Merrill Lynch Financial Advisor can help you develop strategies for incorporating CDs into adiversified investment portfolio. Depending on your goals and objectives, your Financial Advisor can help you:∙— Use short-term CDs to obtain attractive returns on the portion of your portfolio allocated to cash equivalents.∙— Stagger maturity dates.∙— Create a portfolio with different interest payment dates.∙— Use CDs in individual retirement accounts.WHAT ELSE SHOULD YOU KNOW ABOUT A CERTIFICATE OF DEPOSIT?∙CDs have limited liquidity and are most suitable for purchasing and holding to maturity.∙Because CDs are time deposits, early withdrawals generally are not allowed except in limited instances, such as death or adjudication of incompetence. If you sell your CD prior to the maturity date in the secondary market, the price you receive is subject to market conditions, may be higher or lower than the price you originally paid, and you could lose a significant portion of your invested principal.∙ A callable CD is subject to early redemption by the issuing bank. If you plan to purchase callable CDs in the secondary market at a premium to their par value, be sure you know their "yield to call" before you invest. The yield to call is particularly important in a declining interest rate environment because it is more likely that the issuer would redeem the CD early in that event.∙ A CD issuer may become undercapitalized, or be of non-investment grade quality, increasing that issuer's insolvency risk.∙When CDs are purchased in the secondary market at a premium to their maturity value (or to their underlying accreted value in the case of zero-coupon CDs), that premium is not FDIC insured.∙CDs also may be redeemed for less than the purchase price if they were bought in the secondary market at a premium to the par amount (or accreted value in the case of zero-coupon CDs). ∙CDs purchased through Merrill Lynch pay simple interest; that is, interest is not compounded.。

英汉对照金融词汇社交等级abnormal return 特殊回报absolute return 绝对回报acceptances 认购accepting house 承兑商行accounting rate of return ARR会计收益率accounting standards 会计标准accrual principle 权责发生制accruals 应付款项accrued interest 应计利息，待付利息acid test ratio 酸性测试比率acquisition 收购acquisitive growth 收购增长active investing 积极投资activist shareholder 维权股东actuary 保险精算师adjusted EPS 调整后每股收益adjusted operating profit 调整后营运利润adjusted present value 调整后净现值administrative receivership 接管人adverse opinion 否定意见adverse selection （保险业）反向选择advertising elasticity 广告弹性advisory broking 咨询经纪affinity fraud 关联欺诈行为agency cross 交叉代理agency theory 代理理论algorithmic trading 算法交易all or nothing order 最低限量交易allotment 分配alpha fund 阿尔法基金alternative investments 另类投资American options 美式期权annual effective rate AER 实际年利率annual general meeting 年度股东大会annual report 年度报告annuity 年金arbitrage 套利arbitrage pricing theory APT套利定价理论arbitraguer 套利者arithmetic mean 算术平均值asset allocation 资产配置asset backed securities ABS资产抵押证券asset stripping 资产拆卖asset turnover 资产周转率assets disposal 资产处置assets restructuring 资产重组assets under management AUM 管理资产规模，管理资产额associated company 联营公司assurance （对必定发生之事如人寿）保险At the money 平价期权，等价期权audit opinion 审计意见automated trading system 自动交易系统available seat kilometers ASK 可售座位公里available tonne kilometers （航空公司）可利用吨公里average cost 平均成本average down （向下）摊平，均值下移average revenue per user ARPU平均每用户收入average up 向上摊平back office 后勤部门back testing 回溯测试backfill bias 回填偏差backward integration 后向一体化backwardation 现货溢价bad news 利空消息bancasurance 银行保险Barrel of Oil Equivalent BOE油当量桶barrier options 障碍期权barrier to entry 进入壁垒basic earning per share 基本每股收益basis point 基点basis risk 基差风险bear raid 空头袭击bear sqeeze 空仓压力，空头轧平bear trap 空头陷阱bearer securities 不记名证券behavioral finance 行为金融学benchmarking 基准化分析方法BMKbeneficial owner 受益所有人beta 贝塔系数，评估证券系统风险性的工具bid price 买房价格bid-offer spread 买卖价差billion barrels of oil equivalent BBOE亿桶油当量binary options 二元期权，固定收益期权FRO，数字期权DO black swan 黑天鹅效应blue chip 蓝筹股bond duration 债券存续期，久期，持续期bonus issue 红股book to bill ratio 订货出货比book value 账面价值bottom fishing 抄底boutique 小型投资银行brand dilution 品牌淡化brand extention 品牌延伸break even 收支相抵brent crude 布伦特原油building society 抵押银行bulge bracket 大型投资银行bull run 牛市bulldog bond 猛犬债券（非英国企业在伦敦发行的债券）bullet bond 一次性偿还债券，最普通的债券vanilla bond bundling 捆绑销售buy and hold 买入并持有buy in management buy out BIMBO内部外部管理者联合收购buy-side analyst 买方分析师cable 英镑同美元兑换比例称之cable call auction 集合竞价call options 看涨期权cannibalism （企业几个部门内部）自我竞争capex capital expenditure 资本支出capital adequacy 资本充足率capital asset pricing model CAPM资本资产计价模型capital gains 资本回报率capital reduction 减资capitalisation issue, scrip issue 资金股本化carried interest 附带权益carry trade 利差交易cash conversion cycle 现金周转周期cash cost 现金成本cash flow per share 每股现金流cash shell 空壳公司cashflow statement 现金流量表catastrophe bonds 灾难债券cathode metal 阴极金属CDO squared 二次合成抵押债务契约central counterparty 共同对手方Ceteris paribus 假定其他条件不变chartered financial analyst CFA特许金融分析师chartist 行情预测专家chinese wall 中国墙churning 炒单circuit breaker 熔断制度claims equalisation reserve 理赔准备金claims ratio 赔付率clean price 净价交易clearing and settlement 结算clearing house 结算所clinical trials 临床检验close period 封闭期close position 平仓closet tracker 本应是积极投资但过于保守与指数基金很像cockroach theory 蟑螂效应collateral bond obligation 担保债券凭证collateral loan obligation CLO担保贷款凭证collateralized debt obligation CDO担保债务凭证collective investment vehicle 集体投资组合工具combined ratio 综合赔付率commercial paper CP商业票据commoditization 商品化company secretary 公司秘书complementary goods 互补商品compound annual growth rate CAGR复合年增长率compounding 复利compulsory aquisition 强制收购concert party 协同控股人confirmation bias 确认偏误conglomerate 混合联合企业conglomerate discount 集团折价，consolidated account statement 合并会计报表constructive liability 推定责任contango 期货溢价Contingent convertible bonds coco bonds或者有可转换债券contingent liability 或者有债务continuing operations 持续性经营continuous time finance models 持续时间金融模型contract for difference CFD差价合约，一种金融衍生品contrarian investing 逆向投资法contribution margin 边际收益control premium 操纵权溢价conversion ratio 转换比率convertible arbitrage 可转换套利convertible bonds 可转换债券core and satellite 核心-卫星管理办法core business 核心业务corporate action 公司行为corporate social responsibility CSR企业社会责任correction 股市调整correlation coefficient 关联系数cost income ratio 成本收入比率cost of capital 资本成本cost of goods sold COGS主营业务成本cost-plus pricing 成本加成定价法counter-cyclical 反周期counterparty risk 交易对手风险coupon 票息coupon rate 票面利率covered interest arbitrage 抵补套利covered warrants 备兑认股权证crash 股市崩盘creative accounting 创意性会计credit default swap CDS信贷违约掉期、信贷违约互换credit rating 信用评级credit risk 信用风险creditor days 应付账款天数cross elasticity 需求交叉弹性cross licensing 交叉许可cross selling 交叉销售cumulative preference share 积存优先股current assets 流淌资产current assets ratio 流淌资产比率=流淌资产/流淌负债current cost accounting 现行成本会计current liabilities 流淌负债custodian bank 托管银行customer aquisition cost 客户购置成本customer relationship management CRM 客户关系管理cyclical 周期性（相对防御性、反周期性）cyclically adjusted PE ratio CAPE经周期性调整市盈率dark fibre 暗纤dark pool 黑池交易data revenues 数据业务收入day trading 日内交易dead cat bounce 死猫式反弹debenture 公司债券，无担保债券debt asset ratio 资产负债率debt covenant, banking covenant 债务契约debt service cover ratio 债务偿付比率debt/equity ration 债务股本比debtor days 预收账款天数de-equitization 去股权化defensive patent 防御性专利deferred income 递延收益deferred shares 延迟派息股deferred tax 延递税项delivery 交割delivery vs. payment DVP 货银应付制度delta Delta=期权价格变化/期货价格变化delta hedging delta对冲dematerialized securities 无纸化证券demerger 分拆diluted EPS 摊薄每股收益direct cost 直接成本disclosure 披露discount broker/execution only 折扣经纪人discounted cash flow 贴现现金流discrete time finance models 离散时间金融模型discretionary broking 全权委托经纪diseconomies of scale 规模不经济disruptive technology 颠覆性技术distributable reserve 可分配储备金diversifiable risk 可分散风险dividend discount model 股息贴现模型dividend irrelevance theory 红利无关理论dividend re-investment plan 股息再投资计划dividend yield ratio 股息率Dogs of the Dow 狗股理论double entry 复式记账法dow jones industrial averages DJIA道琼斯工业平均指数drug pipeline 新药开发项目储备dry natural gas 干燥天然气，成品天然气dual listing 两地上市due diligence 财务尽职调查duopoly 双寡头垄断Dutch disease 荷兰病dynamic hedge 动态对冲dynamic provisioning 动态准备金earnings accretive （收购）业绩增厚earnings before interest and tax EBIT息税前利润earnings dilutive （收购）业绩摊薄earnings yield 收益率EBITDA 息税折旧及摊销前利润EBITDA margin 息税折旧摊销前利润率econometrics 计量经济学economic added value EV A经济附加值effective gearing 有效杠杆率efficient frontier 有效前沿efficient market hypothesis 有效市场假说efficient portfolio 有效资产组合electronic communication network 电子通讯网络embedded computers 嵌入式电脑embedded value 内含价值enhanced index 增强型指数基金enterprise resource planning 企业资源计划（软件）enterprise value 企业价值EPS earnings per share 每股收益equity risk premium 股权风险溢价ethical investing 道德投资eurobond 国际债券eurocurrency 欧洲货币eurodollar 欧洲美元european options 欧式期权exceptional item 特殊项目excercise price 行使价格excess return 额外回报exchange rate risk 汇率风险Exchange Traded Funds 交易所交易基金ex-dividend 除息execution risk 执行风险exotic options 奇异期权expected return 预期收益，预期回报expense ratio 开支比率，费用率ex-rights 除权extroadinary general meeting 股东特别大会extroadinary item 非经常项目F score Piotroski 皮氏分数fabless semiconductor company 无厂半导体公司face value （股票）票面价值factoring 保付代理，保理fair value 公允价格fast market 速动市场fat tails 厚尾fill or kill FOK 成交或者取消finance lease 融资租赁资产financial economics 金融经济学first in first out FIFO 先进先出first mover advantage/pioneer advantage 先驱优势Fisher hypothesis 费雪效应fixed asset turnover 固定资产周转率fixed assets 固定资产fixed costs 固定成本fixed interest rate 固定利率fixed odds betting terminals 固定赔率终端机floating interest rate 浮动利率floating rate note FRN浮动利率本票footfall 客流量forward contract 远期合约forward integration 前向一体化forward rate 远期汇率forwardation 期货溢价free asset ratio 自由资产比率free cash flow 自由现金流free float 自由浮动front office 管理部门front running 抢先交易FTSE index 富时指数fundamental analysis 基本面分析fungible 可互换的gamma Gamma=delta的变化／期货价格的变化GDP delfator GDP平减指数gearing 杠杆比率generally accepted accounting principles GAAP通常公认会计准则generic drug 通用名药物geometric mean 几何平均值Giffen good 吉芬商品，生活必需品global depository receipt 全球存托凭证going concern 持续经营golden share 黄金股good news 利好消息goodwill 商誉Gordon growth model 戈登增长模型government bonds 国库券greater fool 最大笨蛋理论greeks 希腊字母delta,gamme,etc. green mail 绿票讹诈gross margin 毛利率gross price/dirty price 含息价格gross profit 毛利growth investing 成长型投资guaranteed debt 担保债券haircut 估值折扣，剃头harmonized index of consumer index 调与消费者物价指数hedonic price index 特征价格指数high frequency trading 高频交易historical cost 原始成本historical PE 历史市盈率horizontal integration 横向一体化，水平一体化hybrid security 混合证券iceberg order 冰山指令Imbedded Value 内含价值immediate or cancel order 立即执行或者取消指令impairment （某项资产）减损implied volatility 隐含波动性in the money 实值期权income effect 收入效应income elasticity 收入弹性index futures 指数期货index tracker 指数基金inferior good 劣质商品initial public offerings 首次公开募股initial share 原始股insolvent 无债务偿还能力inter-dealer broker 交易商经纪interest coverage 利息覆蓋率=EBITDA÷利息支出interest margin 利息收益率interest rate parity 利率平价interest rate risk 利率风险interest spread 利差交易internal rate of return 内部报酬率International Financial Reporting Standard IFRS国际财务报告准则International Securities Identification Number ISIN国际证券识别码intra-market arbitrage 跨市套利intrinsic value （期权）内在价值investment trust 信托投资基金investor relations 投资者关系invoice discounting 发票贴现Islamic Banking 伊斯兰银行joint venture 合资企业JP Morgan Chase 摩根大通junior debt 次级债务junk bond 垃圾债券key performance indicators KPI关键绩效指标Laffer curve 拉弗曲线last in first out LIFO 后进先出leveraged buy-out 杠杆收购limit 涨跌停板limit order 限价指示单limited liability 有限责任liquidity premium 流淌性升水理论Lloyd's of London 劳合社Loan Life Coverage Ratio LLCR负债偿债能力比率long position 多头仓位long term liabilities 长期债务look ahead bias 前视偏误macroeconomic derivatives 宏观经济衍生品majority shareholder 多数股东management buy in 外部管理者收购management buy out 管理层收购mandatory offer 强制要约marginal cost 边际成本marginal revenue 边际收益mark to market 逐日盯市mark to model 按模型定价market based security MBS住房抵押贷款证券market capitalization 市值market maker 做市商，庄家market neutral （对冲基金）市场中性策略market order 市价订单market penetration 市场渗透market portfolio 市场投资组合market size 市场规模mean reversion （股票）均值回归mechanical investing 机械化投资media convergence 媒介融合median （数列的）中值megatrend 大趋势merger arbitration 合并套利mezzanine fund 夹层基金middle market 中型投资银行middle office 中间部门mid-price 中间价minority interests 少数股东利益model risk 模型风险Modified Internal Rate of Return 修正后内部报酬率momentum investment 惯性投资money market fund, money fund 货币基金money multiplier credit multiplier货币乘数monoline insurance 单一险种保险monopsony 买方垄断moral hazard 道德风险Morgan Stanley Capital International MSCI摩根斯坦利国际资本指数moving average 移动平均multi manager fund 多元经理人基金mutual funds 共同基金，投资基金Nash Equilibrium 纳什均衡negative carry 负盈利net asset value NA V资产净值Net Operating Profit After Tax NOPAT税后净营业利润net position 持仓净额net present value NPV净现值net realisable value 可变现净值network effects 网络效应，网络外部性new issue 新发行nominal interest rates 名义利率non-interest income 非利息收入non-recourse debt 无追索权债务normal distribution 正态分布notes to accounts 账项附注off-balance sheet accounting 表外会计off-balance sheet financing 表外融资offer price 卖出价，卖方价格oligopoly 寡头垄断oligopsony 寡头买主垄断，采购权垄断OPEC basket price 欧佩克石油平均价open ended investment company OEIC开放式投资公司open market operations 公开市场业务open offer 公开供股open outcry 公开喊价operating cash flow 营运现金流operating cash flow ratio 经营现金流量比率operating gearing 经营杠杆operating margin 营业利润率option 期权option writer, option seller 期权卖方ore concentrate 铁精矿organic growth 内生增长，内部增长orphan drugs （治罕见病的）“孤儿药”OTC 非处方类药物out of the money 虚值期权outstanding accounts 未清账项overnight rate 隔夜利率overtrading 过量交易，炒单pair trade 配对交易par value 票面价值Pareto Optimal 帕累托最优pari passau 权利相等passenger load factor 客座率，乘客运载率passive investing 消极投资patent troll 专利蟑螂，专利流氓payback period 投资回收期法payout ratio 股息支付率PEG 市盈率增长率perpetuity 永久年金PLUS market 英国PLUS市场point of sale 销售点终端机poison pill （恶意收购的）毒丸计划portable alpha 可转移阿尔法portfolio investment 证券投资portfolio mandate 投资委托书possible reserves （石油）可能储量post-modern portfolio theory 后现代投资组合理论pre-emption rights 优先认股权premium 保险费,（期货）贴水premium written 签单保费prepayments 预付账款price elasticity 价格弹性price sensitive 价格敏感度price/book value 市净率price/cashflow 市现率primary market 一级市场prime brokerage 机构经纪primer operating cost 主营业务成本principal 本金private equity 私募股权投资probable reserves （石油）概算储量product differentiation 产品差异化profit margin 边际利润profit margin 销售净利率profit warning 利润预警profit-taking 获利回吐project finance 项目融资propriety trading 自誉交易prospective PE 预估市盈率、未来市盈率prospectus 招股说明书proven oil reserves 已探明石油储量provisions 准备金psychographics 心理变数public switched telecom network PSTN公共电话交换网purchase method 购买法pure play 单一经营法，单一业务put options 看跌期权put-call parity 买卖权平价关系qualified audit opinion 保留审计意见quality of earnings 收益质量quantitative easing 量化宽松quantitative finance 数量金融、计量金融quote driven 报价驱动quoted company 上市公司random walk 随机漫步理论real estate investment trust 不动产投资基金real interest rates 实际利率real option 实质选择权real option 实物期权realised volatility 实际波动率receiver 接管人record date 股权登记日recovery （石油、矿产）采收red chip 红筹股redeemable 可赎回的redemption yield, yield to maturity YTM到期收益率reducing balance 余额递减法registered security 实名股regulatory capital arbitrage 监管资本套利regulatory capture theory 规制俘虏理论reinsurance 再保险reinsurance retention ratio 再保险自留比率relative PE 相对市盈率relative returns 相对回报replacement cost 重置成本replacement cycle （设备）重置周期repo rate 再买回利率repurchase agreement Repo附买回协议research and development R&D研发reserve replacement ratio （石油）储量替代率reserve requirement 银行存款准备金比率resistence line 阻力线（向下回调的高点）resource curse “资源诅咒”retail format 零售业态retained earning 储存利润，未分配利润retained profit 保留盈余、资本公积return on assets 资产回报率return on average assets 平均资产回报return on capital employed ROCE已动用资本回报return on equity 股本回报率return on investment 投资回报率revaluation reserve 重估储备revenue recognition 收入确认reverse takeover 反向收购rights issue 股票认购权发行risk aversion 规避风险risk diversification 分散风险risk free rate 无风险收益率risk premium 风险溢价risk weighted assets 风险加权资产sale and leaseback 售后租回sales mix 销售组合scenario planning 情景规划scrip dividend 以股代息second board market 创业板sector PE 行业平均市盈率secular trend 长期趋势securities market line 证券市场线securitisation 证券化selection bias 选择性偏差sell-side analyst 卖方分析师semi-variable costs 半变动成本senior debt 优先级债务sequential growth 环比增长share consolidation 股票合并share split 股票分割shareholder's fund 股东资金short selling 卖空shrinkage 库存缩水single premium 趸交保费single price 一价定律small cap 小盘股solvency margin （保险公司的)偿付能力额度solvency ratio 清偿能力比率sovereign risk 主权风险sovereign wealth fund 主权财富基金special dividend 特别红利spin off/demerger 分拆（公司）spot price 现货价格spread 价差stamp duty 印花税standard deviation 标准偏差static hedge 静态对冲statistical arbitrage 统计套利stock turnover/ inventory turnover 存货周转率stop loss 斩仓strike price 行使价格structured investment vehicle 结构性投资工具structured notes 结构化票据style drift 风格漂移style index 风格指数subordinated debt 次级债务subsidiary company 子公司substitution effect （商品的）替代效应sum of parts valuation （给公司）分类加总的估值方法sunk costs 沉没成本support levels 支撑位（向上反弹的低点）survivorship bias 生存偏差swaps 掉期synergy 协同效应systemic risk 系统性风险take position 开仓tangible common equity 有形普通股tax shield 税盾thin capitalisation 资本弱化tier 1 capital/ core capital 核心资本、一级资本tier 2 capital 二级资本total cost of ownership 总体拥有成本tracking error 追踪误差tracking stock 追踪股票trading profit 营业利润trailing twelve months TTM最近十二个月transfer pricing 转移定价treasury bill 短期国库券treasury shares 库存股triple witching 股价指数期货、期权及个股期权同时到期。