国际金融专业术语注解_进出口培训-国际贸易培训－外贸知识库

Notes On Financial Expressions-A(1)金融专业术语注解

英文词汇	中文释义	详细注解
a basket of currencies	“一篮子”货币	又称为“一篮子”货币或合成货币，由各国货币所组成的一个大的货币篮子。每种货币在“货币篮子”里所占比例，是按照各国在世界贸易中所占比重来确定的。这种合成货币一般不能直接用于国际贸易和非贸易支付。如“欧洲货币单位”、“特别提款权”等都是合成货币。
ABA transit number	美国银行家协会交换号码	分配给一家金融机构例如一家银行的编号，该编号在美国支票右上角的支票分区号码上方注明。
Abandonment	弃权	1. 指资产所有权人自动放弃其权利。例如：选择权的买方在选择权利期间结束时，不予以执行交易特定资产的权利，而任其权利作废。股票持有人于除权除息日之前，将持股出售而无法享有发行公司所分配股息等。 2.To choose not to exercise or sell an option. Abandonment occurs when the option is out of the money on the expiration date. 3.To voluntarily relinquish the rights of property ownership, usually real estate.
abandonment option	放弃选择权	The option to close out an investment prior to the fulfillment of the original conditions for termination.
abatement	减少减免冲销	1. 减免：指对一项税收的减免。 2. 冲销：指一项临时性收益从成本中冲销。 3.A reduction in or reprieve from a tax, debt or any other payment obligation. An abatement is sometimes included in a contract, for example abatement of rent in the event that a building is destroyed by fire, flood or other accident.
ABC agreement	ABC 协议	1. 证券商以员工名义取得纽约证券交易会员席位，而与该员工之间约定公司权益的协议。由于只有以个人身份才能取得纽约证券交易所会员席位，证券商通常以该公司员工挂名，而由公司支付购买席位的费用。 2.An agreement between a brokerage firm and an employee detailing the rights of the firm when it purchases an NYSE if he/she leaves but must buy another seat for an individual named by the firm; B) sell the seat but return the proceeds to the firm; or C) transfer the seat to another employee of the firm.
abeyance	暂时无效	The suspension of a title to real estate while lawful ownership is being determined.
Ability to borrow	借款能力	指机构或个人再增加债务的能力。借款能力与借款人的偿债能力有关，借款人的信用程度愈佳。偿债能力愈佳，其再行举借债务的能力也愈高。
Ability to pay	支付能力	1. 对于借款人而言，指的是如期偿还本息的能力。在税务上，支付能力则作为税率制定之参考因素，如所得税之累进税率。 2.A borrower‘s ability to meet his/her current and future debt obligations.
ability to service debt	偿债能力	指企业有足够的流动资金或现金，能够偿还到期的债务。
abnormal return	非常规收益	不能单从市场运动规律中预测的股票报酬。累积的非常规报酬是围绕信息的公告或发布的一段时间总的非常规报酬。
aboriginal cost	原始成本	指资产所有者的实际支出款项，不包括资产取得后发生的成本调整或折旧等。
Above full carry market	超过持有成本市场	指不同到期月份的期货和约价格差距，超过该期间总持有成本的市场型态。例如 6 月燕麦现货价格为每吨 1000 元、 9 月份燕麦期货价格为每吨 1100 元；若持有燕麦现货期间 3 个月的持有成本为 80 元，则 9 月份交割的燕麦期货价格应是 1080 元，低于燕麦期货的市场价格，即形成超过持有成本市场。这种市场的产生来自于投资人预期燕麦即将缺货，或因投资人过度投机所致。
Above par value	超过面值	1. 指发行股票、债券等有价证券时，以高于该证券面值（ face value; par value ）之价格发售。 2.Having a current price above face value. This would generally be the case if the coupon paid on the bond exceeds the discount rate applicable, or if market interest rates fall after the bond is bought. If the bondholder had bought at a price above par, then he/she will suffer a capital loss upon maturity since the bond will only be redeemed at face value. 参考： par, at par, below par
above the line(item)	线上（项目）税前的收入和支出	在编制国际收支平衡表、资产负债表和利润表时的习惯划分法。 1. 在编制国际收支平衡表中，线上（项目），又称自主性交易（ autonomous transaction) 或事前交易（ ex-ante), 是经常账户（ current account) 、资本和金融账户（ capital and financial account) 各项目的统称。 2. 在资产负债表中，线上的应收票据项目是指应列为流动资产的应收票据。 3. 在利润表中是指计算毛利时所必须计入的项目。
absolute advantage	绝对优势	The name for the ability of one entity to engage in more efficient production than another entity. Assuming equal inputs, the entity with an absolute advantage will have a greater output.
absolute endorsement	无条件背书	指债务人无偿还能力的情况，其含义是债务人不能立即偿还债务，并且在任何情况下都不能全数偿还债权人。
absolute priority rule	绝对优先权条款	The idea that creditors‘ claims take precedence over shareholders‘ claims in the event of a liquidation or reorganization. shareholders are compensated only after debtors have been fully paid off.
Absorbed	吸收	1. 公司将成本以费用形态自行吸纳，而不转嫁给消费者。 2. 被购并者所收购的公司。 3. 和产品生产无直接从属关系的间接制造成本。 4. 编制财务报表时，被性质相近的账户合并的账户，报表使用者无法自报表上知悉明细。又称为吸收账户（ absorption account ）或从属账户（ adjunct acount ） 5. 指新发行的证券已由承销商销售完毕。 6.Treated as an expense, rather than passing the cost on to customers. 7. A business that is merged into an another company due to acquisition. 8.In the equities market, the process of trading securities without affecting the market price.

Notes On Financial Expressions-A(2)金融专业术语注解

英语词汇	中文释义	详细注解
absorption approach	吸收论	国际收支吸收分析法的简称，是詹姆士 . 爱德华 . 米德（ James Edward Meade) 和亚历山大（ S.S.Alexander) 于 1952 年在凯恩斯的国民收入方程式的基础上提出来的一种分析方法。
absorption rate	吸收比率	The rate at which properties are able to be leased or sold in a given area.
abstract of title	产权契约摘要	A set of documents which record the ownership through time of a property.
abusive tax shelter	违规避税	A tax shelter which the IRS feels is being used to claim illegal deductions, such as inflating the value of acquired property above its market value.
Abusive trading practice	违规交易操作	泛指证券或期货交易违反交易所制定的规则；例如内线交易。
Academic arbitrage	理论套利	指投资人利用相同证券或商品，在不同市场上价格的差异，买高卖低赚取利润，而投资人并不须要实际投入资金就可完成该套利交易。
accelerated amortization	加速摊销	以快与正常水平的速度摊销成本，由此可减少税收。同样，通过特殊规定可以加速债务的还款日期。
accelerated benefits	加速受益	In some life insurance policies, benefits available before death, in such events as long-term, catastrophic or terminal illness. This benefit first became available when companies offering viatical settlements purchased the life insurance policies of terminally ill individuals from the insurance companies which issued the policies. After extracting a portion of the value of the policy for costs and profits, these companies offered the remainder of the death benefit to terminally ill policy holders. Insurance companies have different rules about how much money can be extracted and how close to death the holder must be to receive benefits early. The remainder of the value of the policy, minus interest charges, is awarded to the beneficiaries upon the death of the holder. also called living benefits.
Accelerated cost recovery system (ACRS)	加速成本回收制	1. 根据 1986 年美国的赋税改革法案（ TAX REFORM ACT OF 1986 ），对于一些符合规定的资产，提列折旧时可以加速折旧方式处理，因而这类资产的折旧提列年限得以短于其耐用年限，并于资产使用初期可以享有较高的节税利益。 2.Accelerated Cost Recovery System. Depreciation methods applied to limited partnership assets placed in service in 1986 or before. Replaced by the less-favorable Modified ACRS.
Accelerated Depreciation	加速折旧	1. 以比直线折旧法更快的速度注销固定资产的成本。资产使用年限后期的高维修费用被早期的税收好处所抵消，由此使得该资产所产生的现金流更为平稳。企业可以通过这种方式得到税收好处。加速折旧法优化了资本支出，促进了企业的发展。 2.A depreciation method which allows faster write-offs than the straight line method. These methods provide a greater tax shield effect than straight line depreciation, and so companies with large tax burdens might like to use accelerated depreciation methods, even if it reduces the income shown on financial statement. Accelerated depreciation methods are popular for writing-off equipment that might be replaced before the end of its useful life since the equipment might be obsolete (e.g. computers). One example of an accelerated depreciation method is the Modified Accelerated Cost Recovery System (MACRS).
acceleration	加速到期	由于债务人或合约一方的违约，债务比事先约定的期限提前到期或是衍生性交易因而中止的现象。加速到期也可能由信用等级的下降或其他原因引起。
acceleration clause	加速偿还条款	1. 指债务契约上所记载的一种条款，该条款指明当债务人发生无法按期支付本息的情况下，债务人的未到期债务自动到期，应立即偿还。 2 该条款是说，如果债务人无法偿还利息、本金或支付沉淀成本，或者丧失偿付能力，或者无力承担抵押财产的税收负担，那么该抵押合同未偿付的余额或其他相关合同将被视为到期。 3.A provision that allows a lender to demand payment of the total outstanding balance or demand additional collateral under certain circumstances, such as failure to make payments, bankruptcy, nonpayment of taxes on mortgaged property, or the breaking of loan covenants.
acceleration theory	加速理论	消费水平的变动将导致购买力和生产水平的更大变动。这被视为造成某种形式通货膨胀的推动力。
Acceptance	承兑	1. 在远期汇票上签署，正式确认按时支付汇票金额之责任，称之为承兑。签署人即为承兑人。承兑人若为一般工商企业，该承兑汇票称为商业承兑汇票（ trade acceptance bill ） , 若承兑人为银行，该汇票称为银行承兑汇票（ banker ' s acceptance ）。 2.The contractual agreement entered into when the drawee of a time draft writes "accepted" on the document and specifies a payment date. The drawee, thereby known as the acceptor, is responsible for making the payment at maturity.
acceptance bank	承兑银行	保证汇票付款责任的银行。
Acceptance bill	承兑汇票	经工商企业或银行承兑，确认如期支付之汇票。一般而言，银行承兑汇票之信用程度较商业承兑汇票为佳，在货币市场发达的国家，银行承兑汇票可于公开市场转让贴现，是一种较为普遍的短期融资工具。
acceptance credit	承兑信用安排	国际贸易融资的信用安排之一。银行可允许客户发出汇票让银行承兑，然后在市场转让贴现来获得资金。开证行或指定的付款行收到符合信用证条款规定的单据时，并不立即付款，只有在承兑人承兑后，并且在汇票到期时才履行付款义务。根据承兑人的不同，承兑信用证可分为：（ 1 ）银行承兑信用证。（ 2 ）商号承兑信用证。
Acceptance fee	承兑费	银行对汇票进行承兑时，所收取的手续费。
acceptance market	承兑市场	货币市场的一部分。汇票经纪人等用贴现的办法对承兑过的汇票进行买卖。
Acceptance risk	承兑风险	远期汇票的持票人向受票人要求付款承兑时，遭到受票人拒绝的风险。

Notes On Financial Expressions-A(3)金融专业术语注解

英语词汇	中文释义	详细注解
Accepted date	接受日期	指商业交易的远期汇票的承兑日期；或证券经纪商接受客户交易委托的日期
accepting/acceptance house	承兑商行	又称承兑所，指办理汇票承兑、接受汇票融通资金或对他人开出的汇票进行背书的金融机构。承兑商行以英国最为发达，在 18 世纪末就已出现，主要通过承兑汇票业务为工商业、贸易进行融资。承兑商行通常只收取手续费而不垫付资金，经过承兑商行承兑或背书的汇票可以按市场上最低的贴现率办理贴现。 20 世纪 70 年代后，承兑商行的业务范围不断扩大，目前也可从事组织新证券的发行与认购新发行的证券、外汇买卖等金融业务。
accidental death benefit	人寿保险的以外死亡双重赔偿条款	A life insurance policy provision that calls for an additional payment, usually equal to the face amount of the insurance, in the event of accidental death. also called double indemnity.
accommodating account	调节性账户	在国际收支中为弥补商品、劳务和资本等自发交易产生的国际收支失衡而产生的抵消账户。调节性账户记录调节性交易（ accommodating transaction）的发生。在国际收支发生逆差时，调节性交易通过包括中央银行出售黄金或外汇，减少官方储备的方式，或由中央银行向外国政府贷款，增加官方储备的方式，以弥补国际收支逆差。
accommodation	融通	中央银行在市场银根紧缩时给予商业银行的信用援助，也指商业银行之间的信用调节。
Accommodation endorser	融通担保人	指以自己的名义为他人之债务提供担保的个人或机构。一般都是在期票（ promissory note ）或汇票（bill of exchange）上背书，确认保证如期兑现之责任。
Accommodation paper	融通票据	1. 指经由第三者背书作为融通担保之票据。 2.A negotiable instrument signed by a party without receiving something of value in return. Used to assist another party to secure financing.
Accommodative monetary policy	宽松货币政策	1. 指中央银行视总体经济状况而实行的增加货币供应量的措施。使用时机大多是市场利率过高、景气不振且通货膨胀仍处于合理水准的情况。货币供给量增加之后，金融体系的资金供给增加，有助于引导市场利率下降，降低工商企业取得资金之成本，提振民间投资意愿。 2.A central bank policy designed to stimulate economic growth by lowering short term interest rates, making money less expensive to borrow. also called loose credit or easy monetary policy. opposite of tight monetary policy.
Account	客户；账户	1 指委托证券经纪商从事证券交易的顾客。 2 在会计上，则为各项资产、负债、收入、费用的交易记录。 3.A record of financial transactions for an asset or individual, such as at a bank, brokerage, credit card company, or retail store. 4.More generally, an arrangement between a buyer and a seller in which payments are to be made in the future.
account aggregation	账户汇总	An online service provided to individuals, allowing them to consolidate a range of accounts, bills, credit cards, and other financial information into one interface, in order to simplify the managing of personal finances.
Account balance	账户余额	1. 指财务报表上借贷方之净额；也可以用于其他不同性质账户，如信用卡账户、银行存款、证券交易账户等余额。 2.The amount of money in an account, equal to the net of credits and debits at that point in time for that account. also called balance.
account day	交割日结算日	股票和商品交易所确定的各成员之间结算的日子。
account executive	账户经理	1. 经纪公司职员，为客户提供咨询和执行委托。在为客户执行委托前， AE 必须在全国证券交易商协会（ National Association of Securities Dealers,NASD) 注册。也称为注册代理人（ registered representative,RR) 或股票经纪人（ stockbroker). 2.An individual who is licensed to sell securities and has the legal power of an agent, having passed the Series 7 and Series 63 examinations. Usually works for a brokerage licensed by the SEC, NYSE, and NASD. also called registered representative.
Account reconciliation	账户调节	1. 将支票存款之公司账上余额及银行月结单之间的差额调整一致的过程。产生差异的原因多为一方未记账所造成，银行已记账而公司未记账的情况有银行代收票据、存款利息、代付款项、扣收手续费等；公司已记账而银行未记账的情况如：公司存入票据而银行未记账的在途存款、企业开立支票而持票人未向银行提示的未兑现支票。另外也可能来自公司或银行的错误所致。 2.The act of confirming that the balance in one‘s checkbook matches the corresponding bank statement.
Account statement	账户报表	1. 在银行业务方面，是指各种账户收支之明细及其余额的汇总。证券交易上，则是指各种交易账户在某一段期间，所有的证券交易记录。 2.A record of transactions and their effect on account balances over a specified period of time, for a given account. A bank account statement lists the debits and credits that took place over the relevant time period, while a brokerage account statement lists the long positions and short positions, purchases and sales, and other transactions.
accountability	问责性	中央银行必须依法向特定的其他公共机构陈述其政策和行为，并论证其合理性。
account-account dealing	对账作业	用于处理两个银行彼此之间发生同业往来账款的清算，不涉及第三个银行。
accountant	会计师	One who is skilled in the practice of accounting or who is in charge of public or private accounts. An accountant is responsible for reporting financial results, whether for a company or for an individual, in accordance with government and regulatory authority rules.
Accountant's opinion	会计师意见	A letter preceding a financial report, written and signed by an independent accountant, which describes the scope of the statement and presents an opinion on the quality of the data presented. also called accountant‘s letter.
accounting	会计学　清算账目	The systematic recording, reporting, and analysis of financial transactions of a business.

Notes On Financial Expressions-A(4)金融专业术语注解

英语词汇	中文释义	详细注解
accounting equation	会计等式	The fundamental balance sheet equation: assets = liabilities + net worth.
Accounting principles board (APB)	会计准则委员会	由美国会计师协会（ American Institute of Certified Public Accoutans ）指派之会计团体，其主要功能是制定经济交易事项的会计原则。该团体于 1973 年已由财务会计准则委员会（ Financial Accounting Standards Board ; FASB ）取代。
Accounts payable	应付账款	1. 公司以赊账方式购进商品、原物料及其他交易事项所产生的应付未付款。应付账款一般于短期必须偿付，会计上列为流动负债，在财务的观点，应付账款可视为视供应商对公司的短期资金融通。 2.Money which a company owes to vendors for products and services purchased on credit. This item appears on the company‘s balance sheet as a current liability, since the expectation is that the liability will be fulfilled in less than a year. When accounts payable are paid off, it represents a negative cash flow for the company.
accounts receivable aging	应收账款账龄	A periodic report showing all outstanding receivable balances, broken down by customer and month due.
Accounts receivable financing	应收账款融资	1. 企业将销货或营运产生之应收账款让售（ factoring ）以取得短期资金的一种融通方式。 2.The selling of a company‘s accounts receivable, at a discount, to a factor, who then assumes the risk of the account debtors and receives cash as the debtors settle their accounts. A firm that sells its accounts receivable may not be confident of its ability to collect those debts, or might think that the cost of collecting that debt is more than the discount which must be provided to the factor when of selling their receivables. also called accounts receivable financing.
accounts receivable turnover	应收账款周转次数	The average duration of an account receivable, equal to total credit sales divided by accounts receivable.
Accounts receivable	应收账款	公司以赊账方式销售商品、提供劳务或其他交易事项所产生的应收未收款。应收账款一般于短期内收现，列为流动资产，是公司日常营运的必要投资，也是公司对客户的短期资金融通。
accredited investor	合格投资者	The SEC designation for an individual or entity meeting any of the criteria listed below. Certain restricted offerings, limited partnerships, and angel investor networks are open only to accredited investors. opposite of nonaccredited investor. SEC criteria: Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer or general partner of a general partner of that issuer. Any natural person whose individual net worth, or joint net worth with that person's spouse, at the time of his purchase exceeds $1,000,000. Any natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year. Any trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase of the securities is directed by a person who has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment. Any organization that was not formed for the purpose of acquiring the securities being sold, with total assets in excess of $5,000,000. And, any entity in which all of the equity owners are Accredited Investors.
accreted value	递增价值	The current value of your zero-coupon municipal bond, taking into account interest that has been accumulating and automatically reinvested in the bond.
accreting swap	递增互换	非标准利率互换的一种，递减互换的对称，指在整个互换交易期间，资本额由小到大逐步增加的一种非标准利率互换。递增互换比较适合借款额在项目期内逐渐增多的要求。
Accretion	增值	1. 折价债券在到期时，由于价格逐渐接近面值所累积的资本利得。 2.Asset growth, by internal expansion or acquisition.
accretion bond	递增债券	Often the last tranche in a CMO, the accretion bond, or Z-tranche, receives no cash payments for an extended period of time until the previous tranches are retired. While the other tranches are outstanding, the Z-tranche receives credit for periodic interest payments that increase its face value but are not paid out. When the other tranches are retired, the Z-tranche begins to receive cash payments that include both principal and continuing interest.
Accrual accounting	权责会计	在发生的时点认列收益或费用，而非以现金收付与否为准的会计方法。也称为应记基础会计。
accrual basis	（权责）发生制原则（权责）应计基准	1. 会计记账方法，按收入和支出权责的实际发生时间来记账，而不理会是否已经收到或支出款项。与此方式相对的另一种记账方法为现金准则（ cash basis) 记账法。 2.The most commonly used accounting method, which reports income when earned and expenses when incurred, as opposed to cash basis accounting, which reports income when received and expenses when paid. Under the accrual method, companies do have some discretion as to when income and expenses are recognized, but there are rules governing the recognition. In addition, companies are required to make prudent estimates against revenues that are recorded but may not be received, called a bad debt expense.
Accrual bond	应记债券	1. 又称 Z 债券，是担保抵押债券的一个分类，通常以远远低于面值的价格出售。它以事先约定的利率计息，但利息不是直接支付给投资者，而是计入尚未偿付的本金余额。这一累积过程一直持续到债券价值接近本金，后发的债券已购回，累积债券变成持续付款的债券。此时，累积债券开始偿付本金。 2.A bond which pays no coupons, is sold at a deep discount to its face value, and matures at its face value. An accrual bond has the important advantage of being free of reinvestment risk, though the downside is that there is no opportunity to enjoy the effects of a rise in market interest rates. Also, such bonds tend to be very sensitive to changes in interest rates, since there are no coupon payments to reduce the impact of interest rate changes. In addition, markets for zero-coupon bonds are relatively illiquid. Under U.S. tax law, the imputed interest on a zero-coupon bond is taxable as it accrues, even though there is no cash flow. also called zero-coupon bond.
accrual discount	应计贴现	1. 低于面值购入的贴现债券，每年应将贴现收入摊入账面价值。 2.The annual addition to book value contributed by bonds purchased below.
accrued benefit	应计收益	Pension benefit that an employee has earned based on his or her years of service at a company. Accrued benefits are often calculated in relation to the employee‘s salary scale.
accrued dividend	应计股利	A regular dividend that is considered to be earned but not declared or payable.
Accrued interest	应付利息待付利息	1. 已发生而尚未支付的利息费用。 2. 自上次利息支付后累计的债券利息。这种债券的购买者要支付市场价加累计的应计利息。被违约债券和收益债券不在此例。 3.Interest that is due on a bond or other fixed income security since the last interest payment was made. This often occurs for bonds purchased on the secondary market, since bonds usually pay interest every six months, but the interest is accrued by the bondholders on a day-to-day basis. When a bond is sold, the buyer pays the seller the market price plus the accrued interest, for which the buyer will be reimbursed when the issuer pays next pays interest. Accrued interest is calculated on a 30-day month/360-day year for corporate bonds and municipal bonds, and on actual-calendar-days for Government bonds. Income bonds and bonds in default trade without accrued interest. When calculating accrued interest on a bond that is being sold, it is conventional to consider the time period from the most recent payment up to, but not including, the date on which the bond sale is settled. 4.Interest that a company owes, a current liability on the balance sheet.
Accrued market discount	应计市场折价	1. 指折价发行的债券随着到期日的接近，而产生的债券价值的上升利得。 2.An increase in the market price of a discounted bond resulting from an approaching maturity date, rather than from declining interest rates. The increase occurs because the bond holder will also receive payout at par upon maturity, so the price of the bond will increase gradually as maturity approaches.

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Notes On Financial Expressions-A(5)金融专业术语注解

英语词汇	中文释义	详细注解
accrued rent	应计租金	出租方根据租赁合同中的租费率对出租物件在全部租赁时间内应当收取的租金总额。
Accruel expense	应计费用	1. 已发生但未付款的费用；例如应付薪资、应付所得税等。 2.An expense that is incurred, but not yet paid for, during a given accounting period.
Accumulate	累积、分购	1 指在一段期间内购买某家公司相当数量的股份。 2 公司利润未作股利发放，累积在公司自有资本。 3 共同基金的投资人定期定额购买基金，且将各期基金收益再投入购买基金股份。
Accumulated depreciation	累积折旧	1. 固定资产各期提列折价的总和。累积折旧在资产负债表上列为固定资产毛额的减项，扣除累积折旧金额即为固定资产净额。 2.The depreciation that has taken place on a particular asset up to the present time.
accumulated distribution	累计分配	资金投入到信托基金中，等待日后分配。资金最初投资时需要纳税，但信托基金分配时不再纳税。
Accumulated dividend	累积红利	A dividend due, but not yet paid, to a preferred stock holder.
accumulated earnings	累积收益	Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. also called earned surplus or unappropriated profit or retained earnings.
accumulated earnings tax	累积收益税	1. 政府对公司的保留盈余金额超过一定标准时，对超过的保留盈余课征的税负。边际税率较高的股东通常希望公司降低股利支付水准，以降低租税负担，累积盈余税旨在防止公司过度保护高税率股东。 2.An additional tax on earnings that a business retains in an attempt to avoid the higher income taxes the owners would be subject to if the earnings were paid out to them as dividends. also called accumulated profits tax.
Accumulated position	累积部位	指不断朝同一个方向累积投资部位。如持续买进某证券。
accumulated preferred stock	累积优先股	公司不能支付股利时，可对此种股票的股利累积到下一期一并补发。在未补足优先股股利之前，普通股不得分配股利。
accumulated surplus	累积盈余	公司没有用于再投资而持有的超额利润。
accumulation	累积	1. 指利息加本金，或指年度净收益加留存盈余。 2. 在美国证券交易中以折价方式买进债券的成本与其面值之间的差额。 3. 吸收市场中过多的股票供应量，由此增加股票的需求。累积通常发生在股票价格下跌并稳定下来之后，这样可以增加需求。在一段时间内累积有价证券，可以避免引起他人的注意 4.Buying over a period of time. For example, this might be done by an institutional investor to avoid making a single substantial purchase that might drive up the market price, or by a retail investor who wants to reduce risk by dollar cost averaging. 5.Retaining profits within a company, as opposed to paying them out as dividends. 6.More generally, any buying.
Accumulation area	分购区域	证券购买者持续购买某种证券累积投资部位的期间。技术分析者利用累积区域的观察，建议投资人在证券价格徘徊于累积区域时，应即时购买该证券。
accumulation bond	累积债券	A bond which is sold at a price below its face value and returns its face value at maturity. also called discounted bond.
accumulation period	累积期	The years of an individual‘s working life when he/she is making regular contributions to a deferred annuity or retirement plan. The period ends when the income payments begin.
accumulation profit	累积利润	公司或企业保留的净利润，即未用于支付股利或其他损耗的保留利润。
acid test	酸性测试速动测试	将申请贷款企业极易变现的速动资产（ quick assets) 与流动负债（ current liabilities) 作比较。贷款机构以此测试借款单位的近期偿债能力。
acid test ratio	酸性测验比率	1. 速动资产与流动负债的比率。 2.The ratio of current assets less inventories to total current liabilities. This ratio is the most stringent measure of how well the company is covering its short-term obligations, since the ratio only considers that part of current assets which can be turned into cash immediately (thus the exclusion of inventories). The ratio tells creditors how much of the company‘s short term debt can be met by selling all the company‘s liquid assets at very short notice. also called acid-test ratio.
acknowledge	公证，确认	Certify the authenticity of a signature on a brokerage or bank document, such as for an account transfer.
acquisition	收购	1. 指一家企业以取得另一家公司（称为目标公司）之股票或其他资产而取得对该目标公司之控制权。 2.Acquiring control of a corporation, called a target, by stock purchase or exchange, either hostile or friendly. also called takeover.

Notes On Financial Expressions-A(6)金融专业术语注解

英语词汇	中文释义	详细注解
Acquisition cost	取得成本	1 指取得公司、不动产，或其他资产的价格。 2 收费型基金或证券购买的价格及相关手续费。 3.The cost of equipment or property after adjustments for incentives, discounts, or closing costs, but before any sales tax.
Across the board	全盘	1. 指证券市场的各个证券价格走势与大盘一致者。 2. 对许多商品的价格或税率进行调整。例如，全面调整关税税率（ across-the-board tariff change) 3.Applying to all items in a group in approximately the same way, such as when nearly all stocks move in the same direction on a given day.
Acting in concert	一致行动	指两个以上的投资人采取相同的操作行为，以达成相同目的。例如，同时购买某家公司股权，以达到接管该公司的目的。或如同时交易特定证券，以达到控制证券价格，谋取非法利益。
action	动态	The price movement and volume of a stock or overall market.
action to quiet title	对所有权的诉讼	A court action to establish ownership of property.
active account	活跃账户	A brokerage account in which there are many transactions. Often, brokerages will charge a certain flat fee on accounts that are not very active. For a brokerage, this is a chance to generate revenues from accounts that would otherwise not be generating revenues.
active arbitrage	主动套利	银行为从各种不同到期日的年率差价中赚取利润所做的套利操作。
active asset	活动资产	1. 在总资产中连续用于生产活动的部分。 2.An asset which is used in the daily operations of the business.
active balance of payment	国际收支顺差	国与国之间清算一定时期内（一般为一年）的债权、债务关系而发生的外汇收支，称为国际收支。当收大于支时，其差额称为国际收支顺差。
Active bond crowd	热络债券交易商	纽约证券交易所债券部门内，负责交易活络债券的会员。
active bonds	活动债券	从发行日起利率固定不变并按期支付利息的债券。
active box	活动箱	指证券经纪商供客户借贷的证券之存放地点。也称为开放箱（ open box ）。
active business	银行授信业务主动业务	银行从社会吸收存款资金，然后以债权人的身份将资金贷给借款人，即将信用授予借款人，或银行接受票据贴现，进行证券投资等授信业务。因授信业务主动权掌握在银行手中，故有此称。
active circulation	流通额	指在市面上流通使用的钞票数量。它区别于存放在银行作为准备金的钞票金额。
active control	主动性外汇管制	为外汇管制最重要的部分，指影响特定交易及结算的数额、国别或性质的一切措施。主动性外汇管制包括： 1. 结算的管制（ control on settlement), 指对付款方式及汇率的管制； 2. 对外贸易的管制（ control on foreign trade) ； 3. 对非贸易交易的管制（ control on non-trade transaction), 指对无形贸易、资本交易等的管制。
active equilibrium	积极均衡	一国在国际收支发生逆差时，通过扩大出口以及其他各种有利于国民经济的措施进行平衡。
Active investing	积极投资法	指资金管理者积极运用资金，以期获得高于市场平均水准的报酬。
active management	积极管理	1. 通过选择市场、产业部门和证券来追求超越市场表现的管理手段。例如，积极的股票基金管理者企图以独到的选股来获取高于市场的收益率，而不是安排投资组合来模仿股价指数。债券管理者则利用利率水平、收益率曲线形状或不同市场间的差价来获利。 2.A money-management approach based on informed, independent investment judgment, as opposed to passive management (indexing) which seeks to match the performance of the overall market (or some part of it) by mirroring its composition or by being broadly diversified. 3.The buying and selling of bonds, as opposed to holding them to maturity.
Active market	活跃市场	1. 指交易活络，买卖数量众多的证券市场。这类市场的交易频繁，买卖价格差距较小，大额证券持有人，如机构投资者、公司大股东等，在市场上大量交易该证券，对其市场影响较小，而对这类市场有较高的兴趣。 2.Heavy volume for a specific security or an entire exchange. In general, the more active a market is, the more liquid it is and the smaller the bid/ask spread is.
active money	流通货币	1. 被大众用来购买商品或劳务，因而在市面上流通的货币。亦称活动货币。 2.Currency in circulation.

Notes On Financial Expressions-A(7)金融专业术语注解

英语词汇	中文释义	详细注解
active participant	积极参与者	An individual who participates in a retirement plan sponsored either by his/her employer or, if self-employed, by himself or herself. A person would be considered an active participant if his/her account balance in the retirement plan has received any contributions at all in a given year.
active portfolio	积极型资产组合	在特雷纳 - 布莱克模型中，由分析得出阿尔法值为非零的股票混合成的资产组合，这种资产组合最终会与消极的市场指数资产相混合。
active ratios	活动比率	各种财务比率中的一种，用来衡量企业运用其资源的有效程度，包括销售额同各种资产账户中投资的比较，如存货周转率、流动资本周转率、资产周转率、平均收款期、固有资本周转率和总资本周转率等。
active securities	活跃证券	具有持续市场（ continuous market) 、挂牌向公众出售、交易频繁、买卖差价较低的证券。活跃证券如果是股票，则称为活跃股票（ active stock).
active stock/securities	活跃股票	指具有持续市场、买卖方便、交易量大的股票。
active tranche	(国际货币基金贷款划分的)活跃部分	A CMO tranche that is currently paying principal payments to investors.
Activity	活动性比率	1. 衡量公司各个账户转换成现金或销货的速度。例如存货周转率（ inventory turnover ）、固定资产周转率（ fixed asset turnover ）等，衡量公司存货及固定资产管理效能的财务比率。 2.The volume of a stock or exchange over a given period of time.
activity charge	账户手续费	国外一些银行对活期存款不计利息，而且要求存款人在账户中保留最低的平均余额，以便银行使用其利息补偿处理该账户各项业务的费用，因而银行在处理这些业务，如进行支票结算时，向存户收取手续费。
activity price	实际交易价格	指在证券交易所中由证券经纪人买卖证券成交的价格。
actual	实际天数法	根据实际经过的天数来计算天数的方法。比如，闰年应计为 366 天，而不是 365 天。
actual cash value	实际现金价值	修复或重置受损坏的保险财产所需的金额，通常按重置成本减去财产的折旧、损耗、过时折算来计算，但其他因素也往往影响实际现金价值。
actual loss	实际损失	在保险业务中，指确实发生的损失，而不是根据推算或账面反映的损失。
actual market	现金交易市场	A market in which commodities, such as grain, gold, crude oil, or RAM chips, are bought and sold for cash and delivered immediately. also called cash market or spot market.
actual price	实价	指证券商同意购进或出售的价格。
actual price money	实价货币足值货币	面值同实际价值相符的货币。金属本位制下的本位货币，其面值与所含的金属价值完全一致。实价货币可以作为价值储藏的手段，自发调节货币流通，使流通中的货币量适应流通的需要。
actual rate	实际汇率	名义汇率的对称，由货币实际代表的价值量所决定的汇率。
Actuals	实货现货	1. 指实际的商品。如黄金、农牧产品、原油等，实货交易合约到期时，买方实际取得这些商品，金融市场上许多交易标的商品，到期时仅以现金收受而不以实际商品交割，如股价指数期货即为一例。 2.An actual physical commodity which is delivered at the completion of a contract, as opposed to a futures contract on that commodity. A futures contract will specify the number of units of the cash commodity that must be delivered, and also the specific features of the cash commodity. also called cash commodity.
actuarial assumption	现实的假设	In the case of retirement plans, an estimate made for the purposes of calculating benefits. Possible variables include life expectancy, return on investments, interest rates, and compensation. By calculating the possible payout of benefits, the actuary can determine what premium to charge and what amount the insurance company should set aside as readily available cash or liquid securities.
actuarial equivalent	精算等值	The condition in which two or more payment streams have the same present value based on the appropriate actuarial assumptions.
actuarial evaluation	精算估值	A life-expectancy calculation by a professional actuary.

Notes On Financial Expressions-A(8)金融专业术语注解

英语词汇	中文释义	详细注解
Actuary	精算师	1. 指保险公司所聘雇的一种专门技术人员，其职责是为保险公司测度各类保险事件发生之风险程度、计算保险商品的费率、衡量保险准备金的提列额度、新种保险商品之开发与设计、业务人员报酬之拟题，通常都必须通过相关资格检定方可执行精算业务。 2.A specialist in the mathematics of risk, especially as it relates to insurance calculations such as premiums, reserves, dividends, and insurance and annuity rates. They work for insurance companies to evaluate applications based on risk.
Ad valorem tax	从价税	1. 依据课税标的资产的价值之一定百分比课税的税制。 2.A tax based on the value (or assessed value) of real property. 3.A tax, duty, or fee which varies based on the value of the products, services, or property on which it is levied.
adaptive expectation	适应性期望	一种预测价格走势的模式。指市场对未来价格的期望会因最新消息或走势而不断调整。
addendum	补充书	订约双方对已订立的合同或协议加以补充或修改而制定的书面文件。补充书为正式合同或协议的一个组成部分。
Addition bond test	增加债券测试	指衡量债券增加发行的上限。例如以资产或以特定收益来源担保发行的债券，若要增加债券发行额度，必须检验该资产或收益来源能否配合。
additional facility	附加贷款	项目贷款的一种方式。为防止因利率过高而影响项目正常进行，银行同意在基本信贷以外另给项目借款人信贷额度，即附加贷款。在利率超过一定限度时动用，每年可提取 50% 用于偿付利息，并与基本信贷一样分期偿还。
Additional paid-in capital	额外投入资本附缴资本	1. 股东以超过股票面值的价格认购股票，其超过面值的部分。也称为资本公积（ capital surplus ）、投入资本（ paid-in capital ）。 2.Capital received from investors for stock, equal to capital stock plus paid-in capital. also called contributed capital or paid-in capital.
additional principal payment	额外本金支付	A payment by a borrower of more than the scheduled principal amount due in order to reduce the principal. This also enables the borrower‘s future interest payments to be reduced.
additional security	追加保证金	原存入的保证金不能满足金额担保要求时需要追加缴存的款项。
Additional voluntary contributins	额外自愿贡献	员工参加税负递延储蓄账户，如退休金账户，所投入的资金高于该账户要求的标准。
Add-on	追加	投资人购买定期存单之后，再追加资金投资于原存单。
Add-on interest	附加利率	将贷款金额与全部贷款利息加总，再将之平均分摊于贷款期间的分期还款方式。每期偿还的金额相同，唯贷款本金随着逐期还款而逐渐减少，因此其有效利率（）比名目利率高。以附加利率计息之贷款每期还款金额计算如下：每期还款 = （贷款本金 * 利率 + 贷款本金） / 退款期数
add-on rate	附加利息	根据本金的一定比率计算的利息成本。该利息及本金的数额构成借款人必须偿还的金额。
add-on rate method	附加率法	计算租金的一种方法。指租赁资产的概算成本再附加上一项特定的比率来计算租金的方法。其特点为每期期末等额支付租金，并且对于分期偿还的租金在整个租赁期内照常收取利息。
add-on service	附加服务	The non-monetary services provided by a venture capitalist, such as helping to assemble a management team and helping to prepare the company for an IPO.
adequacy of coverage	保护适足性	1. 指投资人以避险或保险方式，对证券或其他资产价值的保障程度。 2.A test of how well an asset‘s value is insulated from loss, such as through hedging.
adjudication	判决　宣告	The process of examining the facts in a disagreement and rendering a decision.
adjustable life insurance	可调整的人寿保险	Life insurance for which the policyholder can change the details of the plan, including the face amount, premium, and coverage period.
Adjustable peg	可调整钉住	汇率制度的一种，是一种较广义的固定汇率制度，在可调整会率制度下，将汇率长期钉住于狭小范围内，货币管理当局在外汇市场上，按照订定的价格无限制的买卖外汇以维持汇率于目标范围内小幅波动。不过这种制度下，无法避免外汇黑市交易的发生。
adjustable rate	浮动利率	Any interest rate that changes on a periodic basis. The change is usually tied to movement of an outside indicator, such as the prime interest rate. Movement above or below certain levels is often prevented by a predetermined floor and ceiling for a given rate. For example, you might see a rate set at "prime plus 2%". This means that the rate on the loan will always be 2% higher than the prime rate, which changes regularly to take into account changes in the inflation rate. For an individual taking out a loan when rates are low, a fixed rate loan would allow him or her to "lock in" the low rates and not be concerned with fluctuations. On the other hand, if interest rates were historically high at the time of the loan, he or she would benefit from a floating rate loan, because as the prime rate fell to historically normal levels, the rate on the loan would decrease.

Notes On Financial Expressions-A(9)金融专业术语注解

英语词汇	中文释义	详细注解
adjustable rate convertible	浮动利率可转换债券	以高于到其价值的价格发行的一种债务凭证。该债券可以与等同于其初始价值的普通股相交换。
adjustable rate convertible securities	可调整利率可转换证券	1 泛指具有浮动利率性质的可转换证券。 2 没有转换溢价（ conversion premium ） , 这种债券推出的目的是以股利替代利息，而希望该股利支付可以视为费用而产生节税效果。
Adjustable Rate Mortgage (ARM)	可调整利率抵押贷款	1. 一种定期调整借贷利率的抵押贷款。这类贷款的利率每隔一段期间会依据某个基准利率（如过库券利率或抵押贷款平均利率）来调整，调整期间则固定，如每一年、每二年、每三年调整一次，当预期市场利率长期走低时，借款人较偏好这种计息方式。 2.ARM. A mortgage with an interest rate that may change, usually in response to changes in the Treasury Bill rate or the prime rate. The purpose of the interest rate adjustment is primarily to bring the interest rate on the mortgage in line with market rates. The mortgage holder is protected by a maximum interest rate (called a ceiling), which might be reset annually. ARMs usually start with better rates than fixed rate mortgages, in order to compensate the borrower for the additional risk that future interest rate fluctuations will create.
adjustable rate preferred stock	浮动股利优先股	1. 这种浮动股利的优先股会根据参考利率（如美国短期国库券利率）的变化，对股利进行调整。这种优先股常采取上限的规定来限制股利的调整范围。 2.Preferred stock whose dividend changes, usually quarterly, according to changes in the Treasury Bill rate or a similar benchmark. The changes in the dividend are determined by a pre-set formula. Like floating rate debt, adjustable rate preferred stock tends to have stable prices, since the dividend amount can be can changed to offset price changes.
Adjusted balance method	调整余额法	依据还款后的账户余额作为计算财务费用基准的方法。
Adjusted basis	调整基础	1. 以针对特定事项发生的影响而调整的资产取得价格，该价格也时计算投资损益的基准。例如股票投资人因股利发放、股票股利、股票分割等事项，若对股票持有人有利，则可降低取得成本，以作为税负计算的准据。 2.The base price of an asset or security that reflects any deductions taken on or improvements to the asset or security, used to compute the gain or loss when sold.
adjusted bonds	改组债券重整债券	通常在公司改组时，发行这种债券以减轻公司的利息负担，挽救公司，防止破产。在得到债权人同意的前提下，以较低的利率发行改组公司债券，换回以前发行的利率较高的债券。这种债券只有在公司获得足够利润时才支付利息。
adjusted book value	可调整的账面价值	The book value on a company‘s balance sheet after assets and liabilities are adjusted to market value. also called modified book value.
Adjusted debit balance (ADB)	调整借方余额	1. 投资人融券卖券所产生的账上利得，及其他账户余额的净额。经纪商根据 ADB 的金额，计算投资人可以取回的现金金额。 2.Value used to determine a margin account‘s position, as required by Regulation T. This is the amount a customer owes a broker, minus profits on short sales and balances in a special miscellaneous account. If the adjusted debit balance is very small, the customer can withdraw cash or securities from a margin account.
Adjusted exercise price	调整执行价格	以美国政府全国抵押协会（）证券为履约标的的选择权合约，其履约价格依据 GNMA 的抵押贷款利率调整。例如若标准的 GNMA 抵押贷款证券利率为 6 ％，选择权标的 GNMA 证券的利率若为 10 ％，则选择权的履约价格必须调整，使得两种 GNMA 证券提供的收益率相同。
adjusted forecast	调整预测	对不准确的（微观或宏观的）预测进行的调整。
adjusted futures price	调整期货价值	The cash-price equivalent reflected in the price of a futures contract
adjusted gross income	调整毛收入	1. 纳税人的税前收入扣除膳食费支付、对退休金账户支付等项目之后的余额。 2.AGI. The amount used in the calculation of an individual‘s income tax liability; one‘s income after certain adjustments are made, but before standardized and itemized deductions and personal exemptions are made.
adjusted strike price	调整后的执行价格	调整股票期权的执行价是为了反映作为期权基础资产的股票在资本结构上的变动，例如拆股。
adjusting entry	调整记录	A bookkeeping entry made at the end of an accounting period to assign income and expenses to a different period. These entries are made under the accrual accounting systems in order to correctly reflect the timings of income and expenditure. Some adjusting entries include accounts receivable, accounts payable, depreciation and amortization.
Adjustment bond	调整债券	陷入财务危机的公司重整债务时，为收回流通在外的债券所新发行的债券。
adjustment credit	调整性信贷	会员银行为暂时调整其准备金而向联邦储备银行所借的短期贷款（通常只是几天）。借款的原因一般是意外的贷款需求增加，突然的存款损失，或者在金融市场上获取资金遇到暂时的困难。
adjustment date	可调整日期	The date on which the interest rate changes on an adjustable rate mortgage.
Adjustment in conversion terms	调整转换条件	可转换证券因故调整转换的股票数量。例如发行公司股票以 2 ： 1 分割，可转换证券的转换价格应调整为之前的一半，使其转换证券的数量增加一倍，以维持对公司股份的所有权比率不变。
adjustment of exchange rate	汇率调整	一国政府采取各种手段改变本国货币与其他货币比率的做法。它有行政手段和经济手段之分。行政手段，如用法令的形式规定货币的贬值和升值，对不同的交易对象、不同性质的交易，规定不同汇率，以达到协调和干预外汇市场的目的。经济手段，如建立外汇平准基金，看准时机买进或卖出外汇，调整国际收支差额等。

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Notes On Financial Expressions-A(10)金融专业术语注解

英语词汇	中文释义	详细注解
adjustment price at swap center	外汇调剂价格	指在外汇调剂市场形成的买卖外汇的价格。外汇调剂价格根据外汇供求状况实行浮动，必要时国家外汇管理局规定最高限价。为了防止外汇调剂价格大起大落，除公开的外汇市场外，主要有以下做法： 1 公布全国各地和本地区外汇调剂价格表，供买卖双方参考。 2 外汇调剂中心公布指导价格，允许在一定范围内上下浮动。 3 国家外汇管理局代中央银行进行外汇买卖，以平抑价格。
administrative systems	管理系统	Internal office and accounting functions.
administrator	管理人　行政官	1.An individual appointed by a probate court to handle the estate of a person who died intestate. They have the same duties as an executor. 2.More generally, an individual who carries out the policies of an organization.
admission by investment	接受（新）投资	指合伙企业接受新的合伙人，以便对企业贡献现金投入、增加资产和扩充股东人数。
admitted carrier	被接纳承办人（保险公司）	An insurance company authorized to sell insurance in a given state.
adoption credit	选定贷款	An available tax credit for expenses associated with the adoption of a child. A larger credit is available for the adoption of a child with special needs.
ADV form	ADV（注册投资顾问）表格	A form filed with the SEC that contains information about a Registered Investment Advisor.
Advance	向前放款垫款预支款上升股	1. 指证券价格上涨。 2. 指个人给予的贷款或银行通过透支、放款、贴现和信用卡等方式，给予客户并收取利息的贷款；中间商或代理人收到有关发票及提单后，预付给寄售人的部分货款；出版商因估计获得版税而预付给作者的稿费；因发薪日适逢假日而提前发给员工薪金，以及证券市场行情表中表示价格上升的股票等。 3.An increase in price; opposite of decline. 4.A payment made before it is due.
advance against collection	托收垫款	银行对出口商托收票据的预付行为。银行承办出口托收业务时，在出口票款收妥前，先预付出口商部分或全部货款，出口商待托收款收回后归还款项并支付利息。
advance by overdraft	透支	银行允许其存款户在事先约定的限额内，超过存款金额支用款项的一种放款形式。透支主要有：在透支时提供抵押品的“抵押透支”和无抵押品的“信用透支”，以及作为银行同业之间相互融通资金方式的“同业透支”。
Advance decline line (ADL)	腾落指数	计算股票上涨与下跌公司家数的差，以一段期间的累积数衡量股价指数。其绘制方法为将当日股价上涨家数减下跌家数，再以一段期间为观察期，将每日的上涨与下跌家数差累积即得；也可以进一步将该累积值绘制成趋势曲线。在应用时必须搭配股价指数一起分析，其原则为：若 ADL 上升且股价指数上涨，则短期内股价可能持续上涨；若 ADL 下跌且股价指数下跌，短期内股价可能下跌；若 ADL 下跌但股价指数上涨，则意味上升趋势可能即将结束；若 ADL 上升且股价指数下跌，则为股价即将反弹的讯号。
Advance decline ratio (ADR)	涨跌比率	利用股价上涨与下跌公司家数，作为研判证券价格走势的技术分析工具； ADR 的基本原理在于投资人有追涨杀跌的倾向，若上涨家数过多，表示股票的供给越大，越易造成下跌；反之，若下跌家数过多，表示证券的需求量加大，将累积上涨的空间；其计算公式如下： N 日 ADR= N 日内股价上涨之累积公司家数 / N 日内股价下跌之累积公司家数 X 100%。
advance payment	预付	国际货物买卖中的支付方法之一。指货款在交货之前支付，一般采用信汇、电汇或票汇等方式。
advance payment guarantee	预付款保函预付款保证	预付款保函的开具一般有两种情况：一种是进出口贸易中的定金保函，在买卖双方签订合同之后，出口方从自身的利益考虑，在交货以前，一般先要求进口方支付部分或全部的货款；而进口商在支付该笔款项时，则要求出口商提供一份由银行出具的还款保证书，保证一旦出口商不履行合同时应能偿还进口商预付的款项及利息。另一种是承包工程项目中的预付款保函。为了保证工程预付款及时用于实施项目，在合同中一般都规定承包商必须向业主提供由银行出具的预付款保函。
advance rate	放款率	The maximum amount of advances that will be made to a company, as a percentage of the value of some collateral.
advance ratio	放款比率	银行放款总额占其存款总额的百分比。根据银行的放款比率，中央银行可衡量信贷市场的状况，以调整市场货币供应量。
Advance refunding	提前融资提前换债预先偿还	1. 固定收益证券在到期日之前转换成另一种证券的做法，其目的在于通过发行新债券获得更低的利率。 2. 在旧债券未到期或未届第一个赎回日之前，先发行新债券取得赎回旧债券所需的资金。提前融资的时间通常比第一个赎回日提前数月。 3.A financing structure under which new bonds are issued to repay an outstanding bond issue prior to its first call date. Generally, the proceeds of the new issue are invested in government securities, which are placed in escrow. The interest and principal repayments on these securities are then used to repay the old issue, usually on the first call date.
Advanced funded pension plan	提前准备退休金计划	指在股价即将分配利益之前，预先将该应流出的资金与退休金分离以独立账户持有，以配合资金流出的时间。
advance-decline line	涨跌	1. 指在特定时期内，股票上涨下跌的指标。如果股价上涨，分析家认为市场处于“牛市”；如果股价下跌，则认为市场处于“熊市” 2.A technical analysis tool considered a good measure of the overall market‘s direction. Equal to the number of stocks which rose divided by the number of stocks which fell during some specified period. Considered bullish if greater than 1, or bearish if less than 1.
advance-decline theory	涨跌理论	运用上涨股票数与下跌股票数的净差与总股票数相比这一指标来确定买卖时机的市场理论。

Notes On Financial Expressions-A(11)金融专业术语注解

英语词汇	中文释义	详细注解
advances versus declines	涨跌股票比	收盘价高于前一个交易日的股票数与收盘价低于前一个交易日的股票数之比。也可用当日内的数字。
advancing	（价格）上涨	指市价已经上升，并处在继续上升过程中，且进一步看涨。
advancing market	上涨市场	指市场价格普遍上涨，并且有迹象表明市场仍将保持上升趋势。
adventure capitalist	合资企业家	An entrepreneur who helps other entrepreneurs financially, and often plays an active role in the company‘s operations (such as by occupying a seat on the board of directors).
adverse opinion	查帐报告中的反面意见	An independent auditor‘s belief that a company‘s financial statements are not accurate.
Adverse selection	逆选择	1. 在交易之前，信息不对称造成的问题会导致逆向选择。金融市场上的逆向选择指的是：那些最可能造成不利（逆向）结果即造成信贷风险的借款者，常常就是那些寻找贷款最积极，而且是最可能得到贷款的人。 2. 指预期有潜在事故的透不如，向保险公司购买该事故的保险。例如例如健康状况不佳者越有意愿向保险公司购买健康险 .
Adversers sentiment	顾问感觉	越多数投资顾问对证券市场后势的预期越一致，则证券市场走势越有可能与预期反向的理论。
advertising	广告	Description or presentation of a product, idea, or organization, in order to induce individuals to buy, support, or approve of it.
advertising sales ratio	广告销售比率	Total advertising expenditure divided by total sale over some time period. Useful for evaluating how effective the company‘s advertising campaigns have been at generating sales; all other things being equal, the lower the ratio, the better.
advertorial	社论式广告	An advertisement disguised as editorial.

Notes On Financial Expressions-A(12)金融专业术语注解

英语词汇	中文释义	详细注解
advice	通知书	银行在替客户进行支付、收款、转账等业务后发出的通知证明文件。例如替客户收妥款项入账后发出入账通知书（ credit advice) ，于转账支付后发出付款通知书（ debit advice) 等。
advising bank	通知行	接受信用证开证银行（ opening bank) 的委托，负责将信用证转交或将信用证内容转达给受益人的银行，称为通知行。通知行仅负通知转达之责，对证内条款不负任何责任；但若它依照开证银行的授权而对信用证的承兑责任予以确认，则成为确认或保兑银行（ confirming bank).
advising charges	通知手续费	通知银行向信用状收益人转达或转交信用状时对受益人所收取的手续费用。
advisor	顾问	A person or organization employed by an individual or mutual fund to manage assets or provide investment advice. also called financial advisor or investment advisor or investment counsel. sometimes spelled adviser.
Advisory account	建议帐户	经纪商所获得若干特定交易无须客户指示的有限授权帐户。
advisory fee	顾问费	指共同基金的投资人对基金管理公司支付的管理费用。
advisory funds	委托投资资金	客户存放在银行并委托银行与其协商后代为投资的资金。此种资金存放在瑞士银行的数额很大，这些银行把资金投放于欧洲债券市场，从而提高了银行协助发行新债券的能力。亦称自定投资资金或机构内部资金。
advisory letter	建议信函	1. 对投资人发布的有关经济情势、证券市场，或个别证券的新闻信函。 2.A publication providing financial advice, such as market commentary or investment recommendations, to its subscribers. also called newsletter.
advisory service	咨询服务	为顾客提供市场信息和具体的买卖建议，并为此收取费用的服务。
Advisting Bank	通知银行	在贸易上接受信用状开状银行的委托，负责将信用状内容转知收益人的银行。通知银行仅负通知之责，对于信用状内所载条款不负任何责任。

Notes On Financial Expressions-A(13)金融专业术语注解

英语词汇	中文释义	详细注解
affidavit	宣誓书　书面陈述	A statement written and sworn to in the presence of someone authorized to administer an oath, such as a notary public.
affiliate	附属联营公司	1. 泛指股权上有关联，但又不构成子母公司控制关系的公司。 2 指两家公司结合，其中持股低于多数股权的公司；或两家公司同时成为第三家公司的子公司。 3.A company in which another company has a minority interest. 4More generally, a company which is related to another company in some way.
affiliated bank	联属银行	指银行为了开展业务、吸收存款、便利汇款和资金调拨、运用，在国内外设立的分支机构，是相互之间的直称和统称。
affiliated chains	联锁点	Noncompeting retail stores that act as a single entity when purchasing products and services, to realize economies of scale.
Affiliated corporation	附属公司	指附属于其他机构的公司。
affiliated person	关联人	1. 任何处于影响公司决策位置上的人，包括理事、总裁、主要持股人以及他们的直系亲属。他们的股票常被称为控制股（ control stock). 2.A person who is able to exert influence on a corporation, often as a result of minority ownership.
affiliated wholesalers	联锁批发商	Noncompeting wholesalers that act as a single entity when purchasing products and services, to realize economies of scale.
affiliates	附属机构附属公司	参与公司的子银行或子公司。它与海外分行不同，是在海外的独立法人，包括商业银行、投资银行、商人银行、信托公司、金融公司、租赁公司、代理公司、保险公司、甚至包括部分工商业公司。一般来说，直接或间接拥有 5% 或更多已发行的有投票权股票的公司即为附属公司。
affinity fraud	关联欺诈行为	A name for a type of scam that targets members of a specific demographic. Perpetrators may attempt to relate to or exploit characteristics common to the demographic. Targeted groups can include the elderly, ethnic groups, and religions. Perpetrators attempt to portray themselves as members of this group or people who can relate to the members of the group in order to gain trust and eventually money. Ponzi schemes and pyramid schemes are sometimes combined with affinity fraud.
affirmative obligations	应尽职责	NASD requirements imposed on Nasdaq market makers, including: maintaining two-sided markets on a continuous basis, quoting firm bid and ask prices, participating in the Small Order Execution System, and reporting price and volume data for each Nasdaq security transaction within 90 seconds of execution.

Notes On Financial Expressions-A(14)金融专业术语注解

英语词汇	中文释义	详细注解
affordability analysis	购买住宅能力分析	A detailed examination of an individual‘s ability to afford a house, taking into consideration income, liabilities, available funds, mortgage type, home price and closing costs.
Affordability index	支持指数	1. 美国房地产经纪人对消费者购买住宅能力所编制的指数。指数 100 代表该消费者的购屋能力为全国收入的平均值，恰可承担一般房屋的抵押贷款。 2.A measure of the financial ability of U.S. families to buy a house. 100 means that families earning the national median income have just the amount of money needed to qualify for a mortgage on a median-priced home; higher than 100 means they have more than enough and lower than 100 means they have less than enough.
affregate supply	总和供给	总体经济学上指在一段期间内，各种价格之下对应的财货与劳务供给总数量。也称为总产出（ total output ）。
After acquired clause	事后取得条款	1. 在抵押贷款契约内载明抵押人（ mortgagor ）在契约签定后所取得任何可供抵押的资产，均可自动成为原抵押契约之承押人（ mortgagee ）的附加抵押品。这类条款对于承押人提供较大之保障，对抵押人之债信等级之提高与借款利率之降低有直接的帮助。 2.A clause in a mortgage contract specifying if the mortgagor acquires additional mortgageable property after the mortgage is signed, such property will be treated as additional collateral for the mortgage.
after sight	见票后	指汇票受票人（即付款人）于见到汇票提交起若干日才须付款的贸易条件，是一种计算汇票到期日的用语。
after-acquired collateral	附属担保	A provision in an agreement that automatically collateralizes certain assets acquired after the agreement.
after-hours trading	业余时间交易	The practice of buying and selling securities during a period of time when the major markets are officially closed. Once reserved for institutional investors, individual investors may now participate. Stocks are traded after hours on ECNs, which match buyers and seller with a computer system in order to execute trades.
Aftermarket	相继市场次级市场发行后市场	1. 证券首次公开发行之后，在场外或交易所交易的市场。 2.A market in which an investor purchases a security from another investor rather than the issuer, subsequent to the original issuance in the primary market. also called secondary market. 参考： secondary market [ 次级市场 ]
after-tax	税后	1. 扣除所得税以后的收益额或收益率。例如，税后收益（ after-tax income) 和税后投资收益率（ after-tax rate of return) 可以反映企业或投资人的实际收益水平。 2.An amount (usually income) after taxes have been subtracted.
after-tax basis	按税后	The comparison of investment returns after factoring in the tax consequences, such as when comparing the return on a taxable corporate bond with the return on a tax-exempt municipal bond.

Notes On Financial Expressions-A(15)金融专业术语注解

英语词汇	中文释义	详细注解
after-tax contributions	税后退休金	Contributions to a retirement plan which are subject to federal income tax. also called voluntary contributions.
Against the box	锁定利润出售股份	投资者为了避免由所有权、信息披露带来的问题，或为了享受某些税收优惠，将股份出售的行为。
aged fail	逾期未结	指证券商之间超过结算日若干日（在美国为 30 天）以上，而仍未结算的合约。
agency	代理代理关系	1. 指企业或个人委托代理机构经办业务。前者称为委托人（ principal), 后者称为代理人（ agent) 。股东与企业管理人员的关系亦为一种代理关系，企业管理人员代理股东行使企业经营管理的职权。 2.Name for the arrangement where an agent intermediates between buyers and sellers and charges a commission for his participation. The agent buys and sells for the account of the client, but the client assumes all risk. 3.More generally, the relationship between a principal and an agent.
agency bank	代理银行代开银行	1. 国际押汇交易中，一家银行代表另一家银行（通常在海外）收取款项，则前者是后者的代理银行。 2. 参与发行另一机构名下信用卡的计划，这家银行便是发行机构的代理银行。 3. 信用证结算方式的当事人之一，是代理开证银行换开信用证的银行。开证银行有时要求另一家银行根据其本身所开的信用证重新换开信用证，以便提高所开信用证的资信。代开银行通常为出口方所在地银行。
agency bond	机构债券	A bond, issued by a U.S. government-sponsored agency. The offerings of these agencies are backed by the U.S. government, but not guaranteed by the government since the agencies are private entities. Such agencies have been set up in order to allow certain groups of people to access low cost financing, especially students and first-time home buyers. Some prominent issuers of agency bonds are Student Loan Marketing Association (Sallie Mae), Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac). Agency bonds are usually exempt from state and local taxes, but not federal tax.
agency business	代理业务	接受委托办理的业务。例如：代收票据托收款、解付汇款以及其他国际结算业务等。
agency commission	代理手续费	办理委托业务收取的佣金或手续费。
agency debt	机构债务	在美国指除了财政部和联邦储备银行发行公债向公众举借的债务以外，经法律许可，由联邦政府的其他机构向公众举借的债务。
agency problem	代理问题	股东、债券持有人和经理之间的利益冲突。

Notes On Financial Expressions-A(16)金融专业术语注解

英语词汇	中文释义	详细注解
agency risk	代理风险	指公司的经理人员没有以股东利益为最高考量的行为。例如经理人选择风险极低而潜在利润也极有限的投资方案。
agency security	代理证券	1. 由中央政府附属的机构所发行的证券。 2.A security, usually a bond, issued by a U.S. government agency. Agency securities are exempt from state and local taxes. also called U.S. Government Agency Security.
agency services	代理业务	属银行业务的一类。信托公司以及商业银行附设的信托部所经营的业务多为代理业务性质。
agency transaction	委托交易	A sale and purchase of bonds in which the dealer places bonds with the buyer on a commission basis rather than selling bonds that the dealer owns.
agent	代理人	1. 指代理国库发行债券的机构。 2. 根据授权者的指示，代为行使某些行为的个人或机构。例如股东委托专业经理人代为经营公司，经理人即为代理人；或如接受客户指示代理客户帐户的证券交易之经纪商或代理商。 3.An individual or firm authorized to act on behalf of another (called the principal), such as by executing a transaction or selling and servicing an insurance policy. The agent does not assume any financial risk in the transaction, as a dealer would.
agent bank	代理银行	1. 在银行团联合贷款中的代表银行。代理银行于贷款合约签定后，成为借款人与参贷银行之间沟通的桥梁，且负有管理该项贷款之责，包括通知银行团成员有关借款人之借款要求、贷款利率之订定、监督借款人遵从贷款契约之规定等。代理银行可透过这些服务之提供而获取代理费用（ agency fee ）。 2. 银行参与另一家机构之信用卡发行计划而成为该发行机构之代理银行。 3 在国际贸易押汇业务上，代表另一家银行收取款项的银行。 4.A bank that has been authorized by an individual to act as his/her agent. An agent bank would typically provide services such as back-office operations, processing of credit applications, and verification services.
agent commission	代理佣金	进出口商对其代理人支付的报酬。可分为出口代理佣金和进口代理佣金。支付代理佣金时必须注意外汇管制问题，因为有些国家规定，对外国代理商支付的佣金不得超过贸易额的若干百分比。
agent fee	代理费	中长期银团贷款的借款人付给代理行的报酬。
age-weighted plan	年龄加权退休金计划	A retirement plan characterized by the fact that both the age and compensation level of an employee are used to determine benefits. Usually the weighting is toward older employees, who therefore accumulate more benefits per year.
aggregate corporation	社团法人	A corporation with more than one shareholder.