资源描述
Chapter 1American Economic Review美国经济评论Journal of Finance金融学报The Wealth of Nations国富论acquisition收购adjust risk调整风险aggressive target激进（性）的目标asset资产asset allocation资产配置bidder出价者，竞标者Black-Scholes options pricing formulaB-S期权定价公式business finance企业财务（金融）capital budgeting资本预算capital expenditure资本支出capital structure资本结构cash flow现金流chief executive officer（CEO）首席执行官chief financial officer（CFO）首席财务官（财务总监）claims权益（证）、索取权利classical economics古典经济学common stock普通股competitive stock market竞争性的股票市场conflict of interest利益冲突consumption and saving decisions消费和储蓄决策consumption preference消费偏好controller审计员convertible securities可转换证券corporation（有限责任）公司corporation finance公司财务（金融）debt outstanding未清偿贷款（债务）derivative securities衍生证券diversify risk分散风险dividend and financial policies 红利（股利）和财务政策economic value经济价值entertainment industry娱乐行业（产业）entity实体equity权益（与Liability（负债对应）evaluation of cost成本估算（评价）exclusive goal唯一目标executive compensation program管理者补偿（薪酬）计划extended family大家庭finance金融, 财政, 金融学finance system金融系统financial advisory firm金融咨询公司financial capital金融资本financial contracting订立金融合约（合同）Financial Executive Institute财务执行官组织financing筹措资金（融资）financing decision融资决策general partner一般合伙人going concern关注效应infrastructure基础设施、架构initial outlay初始投入integrated financial program完整的财务计划investment decision投资决策ITT corporation国际电报电话公司learning curve学习曲线liability负债、债务、责任limited liability有限责任limited partner有限责任合伙人long-lived asset长期资产long-range incentive system长期激励系统market discipline市场规则market interest rate市场利率market risk premium市场风险价格market value of shares股票市场价值（简称市值）marketing营销maximize the wealth（使）财富最大化merger兼并，合并mortgage loan抵押贷款multinational conglomerate跨国企业集团mutual fund共同基金net worth净资产operating margin营业利润option期权original core business原始的核心业务partnership合伙企业pension liabilities养老金负债personal investing个人投资physical capital实物资本pool联营；集中使用的（资金，物）portfolio投资组合portfolio of asset资产组合preferred stock优先股president总裁primary commitment首要（基本）任务private corporation私人（非公众）公司professional managers职业经理人profit利润profit-maximization criterion利润最大化标准proposition命题public corporation公众公司quantitative model定量模型regulatory body监管机构resource allocation decision资源配置决策retail outlet零售摊点return回报，收益risk-averse风险厌恶（规避）security price证券价格share price appreciation股价上涨（增值）shareholder-wealth-maximization股东财富最大化sole proprietorship个体（业主制）企业spin-off配股spread out over time跨时间分布stake资助，资金stock option股票期权strategic planning战略规划supplier供货商takeover接管the exchange of assets and risks资产和风险的交换the set of markets and other institutions市场及其它机构的集合trade off权衡uncertain benefit不确定性收益unlimited （limited） liability无（有）限责任vice-president for financial财务副总裁voting right（股东）投票权welfare福利well-functioning capital market高效的资本市场working capital management营运资本管理Chapter 2accounting procedure会计程序adverse selection逆向选择American Express美国运通信用卡arithmetic mean算术平均数asymmetry不对称average risk premium平均风险升水（溢价）Bank for International Settlement（BIS）国际清算银行banking panic银行危机bartern. 易货贸易；v. 讨价还价board of directors董事会by-product副产品call option买入期权（看涨期权）capital gain（loss）资本收益（损失）Capital market资本市场（即长期资金市场）cash dividend现金股利（红利）central bank中央银行charge price要价clearing and settling payment清算和结算支付closed-end封闭式的collateral担保品collateralization以担保commercial loan 商业贷款commercial loan rate商业贷款利率credit card信用卡default违约、托债、弃权default risk违约风险deficit unit赤字部门defined-benefit pension plan规定收益型养恤金制defined-contribution pension plan规定缴费型养恤金制depository savings institution存款储蓄机构（系统）derivative衍生（证券）Deutsche Bank德意志银行dissemination推广、传播dividend reinvestment红利（股利）再投资dollar-denominated asset以美元计价的资产double-entry-bookkeeping复式记账法equity权益equity-kickers权益条件expected rates of return期望（预期）收益率Federal Reserve System联邦储备系统Finance Accounting StandardsBoard财务会计标准委员会financial instrument金融工具financial intermediary金融中介financial market parameters金融市场参数financial variable金融（财务）变量fixed-income-instruments固定收益证券flow of fund资金流flow of fund资金流foreign exchange外汇formation extraction信息提取forward contract远期合约functional perspective（从）功能（的角度或观点）future期货German marks德国马克go public上市incentive problem激励问题index fund指数（化）基金index-linked bonds（与物价）指数联系的债券information service信息咨讯（服务）insurance company保险公司interest rate利息率（简称利率）interest rate arbitrage利率套利interest rate equalization利率平价intermediary 中介International Bank forReconstruction and Development国际复兴开发银行International Monetary Fund（IMF）国际货币基金组织International Swap Dealers Association国际掉期交易商协会intertemporal跨期的（多阶段的）IOUI owe you的简称，喻指“借条”issuing stock发行股票Japanese yen日元life annuity人寿年金limited liability有限责任liquidity流动性maturity（票据）到期日；期限money market 货币市场（即短期资金市场）moral-hazard道德风险mortgage抵押mortgage rate抵押利率mutual fund共同基金New York Stock Exchange纽约股票交易所nominal interest rate 名义利率offset弥补、抵消open-end开放式的option期权Osaka Options and Futures Exchange大阪期货期权交易所over-the-counter-market（OTC）场外（交易）市场parties to contract合约的参与者pool or aggregate联营；集中使用的（资金或物品）；premium升水、溢价price appreciation增值principal-agent problem委托代理问题pro rata按比例的put option卖出期权（看跌期权）qusai-准、半rate of exchange汇率rates of return收益（回报）率rating agency评级机构real interest rate实际利率real rate of return实际收益率redeem赎回、偿还residual claim剩余索取（求偿）权risk aversion风险厌恶（规避）risk premium风险升水（溢价）security dealer证券交易商shed specific risk规避（分散）特定（或私有）风险standard deviation标准差standardized option contract（经）标准化的期权合约surplus unit盈余部门trade-off权衡trust company信托公司U.S Treasury Bills美国国库券underwrite认购、包销unit of account计值单位universal bank全能银行（指兼做中央银行和商业银行业务的银行）volatility波动性well-information信息充分的yen rate of return（以）日元（记值）的收益率yield curve收益（率）曲线yield spread收益价差Chapter 3accounting earnings 会计收入accounting rule会计规则accrual应计的accrual accounting应计制（权责发生制）accumulated depreciation累计折旧amortize摊销、分期偿还apocryphal伪经的、假冒的asset turnover（ATO）资产周转率（销售收入/总资产）audit查账、审计balance sheet资产负债表benchmark（比较）基准bond-rating债券评级book value账面价值capital structure资本结构capital-incentive utility资本密集型的公用事业（公司）cash and equivalents现金及其等价物cash budget现金预算cash cycle time现金循环周期cash inflow现金流入cash outflow现金流出common stock outstanding流通在外的普通股contingent liability或有负债（如：可能发生的诉讼赔偿等）current asset流动资产current liability 流动负债current ratio流动比率depreciation折旧、贬值disclose披露dividend payout rate股利支付率earnings before interest and tax （EBIT）息税前利润（=毛利- GS&A）earnings per share 每股盈余（收益）earnings retention rate（收益）留存比率expiration date到期日external financing外部融资（比如，发行股票和债券）financial distress财务危机（困境）financial leverage财务杠杆（率）financial ratio财务比率financial statement财务报表general, selling, and administrative expenses（GS&A）管理及销售费用goodwill商誉gross margin毛利（润）（=销售收入-产品销售成本）income statement损益表income tax所得税intangible asset无形资产inventory库存、存货inventory turnover存货周转率liquidity流动性long-term debt长期负债market to book市值价值/账面价值marking to market盯住市场net income（or net profit）净利润（即税后利润= EBIT-利息-所得税）net working capital净营运资本（=流动资产-流动负债）net worth净资产（即权益，=资产-负债）off-balance-sheet表外项目operation income 营运收益（营业利润）opportunity cost机会成本owners equity所有者权益paid-in capital实收资本payable应付账款percent-of-sales method销售（收入）百分比法planning horizon计划（时间）跨度price to earnings市盈率（价格/盈余）profitability盈利能力、盈利性property土地、地产、所有权quick ratio速动比率receivable 应收账款receivables turnover应收账款周转率retained earnings留存收益ROA（return on asset）资产收益率（EBIT/资产）ROE（return on equity）净资产收益率（即权益报酬率，=税后利润/净资产）ROS（return on sales）销售利润率（EBIT/销售收入）short-term debt短期负债specify performance target设定业绩目标statements of cash flow现金流量表sustainable growth rate持续增长率taxable income应税收益（即税前利润=EBIT-利息）times interest earned利息保障倍数Tobins Q托宾Q值（=资产市值/重置成本）total shareholder returns总的股东收益（率）Chapter 4after-tax interest rate税后利率amortization分期偿还、摊销annual percentage rate（APR）年度百分比（利率）annuity年金before-tax interest rate税前利率compound interest复利compounding复和（与discounting 相反的概念）discount rate折现率、贴现率discounted cash flow（DCF）折现现金流discounting折现、折扣effective annual rate（EFF）有效年利率exchange rate汇率future value终值future value factor终值系数（即由现值计算终值的换算因子）growth annuity增长年金immediate annuity即付年金implied interest rate隐含利率installment分期付款internal rate of return（IRR）内部报酬率market capitalization rate市场资本化利率（简称市场利率）net present value（NPV）净现值opportunity cost of capital资本的机会成本ordinary annuity普通年金（即后付年金）original principal（初始）本金outstanding balance未平头寸payback period回收期perpetual annuity（or perpetuity）永续年金present value现值present value factor（终值）现值系数（终值系数的倒数）reinvest再投资simple interest单利tax-exempt免税的time value of money（TVM）货币（或资金）的时间价值yield to maturity到期收益率Chapter 5bequest遗赠、遗赠物break-even得失相当的，盈亏平衡的deductible可扣除（或抵扣）的explicit cost显性成本feasible plan可行（的）计划human capital人力资本implicit cost隐性成本incremental增量的、增值的intertemporal budget constraint跨期预算约束optimization model优化模型permanent income永久性收入provision条文、条款tax deferred税收（可）延缓的tax exempt免税的trial-and-error试错 Chapter 6after-tax cash flow税后现金流all-equity-financed firm全权益融资公司annualized capital cost年金化资本成本appropriation拨款、占用break-even point盈亏平衡点capital budgeting资本预算cost of capital资本成本coupon bond息票债券cumulative present value累计现值full-fledged完备的、正式的horizontal axis横轴（或横坐标）labor-intensive劳动密集型的liquidate清算、清偿market-related risk市场相关（或者承认予以补偿）的风险，即系统风险（systematic risk）prototype模型、原型residual value残值risk premium风险溢价risk-adjusted discount rate（经）风险调整的折现率sensitivity analysis敏感性分析vertical axis纵轴（或纵坐标）zero-inflation零通涨（率） Chapter 7Arbitrage套利arbitrageurs套利（交易）者beverage饮料bona fide真正的bond债券default risk违约风险default-free无违约（风险）的earnings per share每股盈余efficient markets hypothesis（EMH）有效市场假说fetch售得fixed-income securities固定收益证券foreign exchange market外汇市场fundamental value基础价值information set信息集interest-rate arbitrage利率套利intrinsic value内在价值laundry洗衣店Law of One Price一价定律price/earnings multiple市盈率（倍数）real estate房地产、不动产sibling兄弟、同胞、氏族成员tautologically同意反复地transaction costs交易成本triangular arbitrage三角套利vending售货well-informed信息充分的Chapter 8abscissa横坐标ask price卖价、要价（报价）bid price买价、出价（询价）callable bond可赎回债券convertible bond可转换债券coupon bond带息债券、息票债券current yield即期收益（率）discount bond折价债券face value/ par value面值maturity到期日ordinate纵坐标par bond平价债券premium bond溢价债券pure discount bond纯折现债券quote牌价redeem赎回、偿还risk-free interest rate无风险利率yield curve收益（率）曲线yield to maturity到期收益（率）zero-coupon bond零息（票）债券Chapter 9New York Stock Exchange纽约股票交易所cash dividend现金股利（或红利、分红）closing price收盘价Constant-Growth-Rate DDM不变增长率股利折现模型current/existing stockholders现有股东、老股东discounted-dividend model（DDM）股利折现模型dividend policy股利政策dividend yield分利收益率ex-dividend price除息（即股息）价格expected rate of return期望收益率（或报酬率）infinite无穷（或无限）的internal equity financing内部权益融资Investment opportunity投资机会market capitalization rate市场资本化利率odd lots零星（交易量）per se亲自、亲身perpetual永久的price/earnings ratio市盈率Reinvested earnings 再投资收益required rate of return必要报酬率（或收益率）risk-adjusted discount rate（经）风险调整折现率round lots整批（交易量）share repurchase股票回购skeptical怀疑的stock dividend股票股利stock splits股票分割Chapter 10actuary精算师caterer酒席承办人colossal巨大的、异常的confidence intervals置信区间consortium社团、合伙continuous probability distribution连续概率分布diversification分散化（投资）diversifying分散化、多样化dunce笨蛋、书呆子ex ante事先的ex post事后的expected rate of return期望收益率（报酬率）flexibility灵活性、柔性forward contract远期合约hedger（套期）保值者、对冲者hedging保值、对冲、对两方下注以防止（赌博、冒险等）的损失insuring投保、给保险jurisdiction司法、权力、权限layoff解雇、失业materialize实现mean均值normal distribution正态分布overview概述perverse故意作对的、任性的portfolio投资组合precautionary saving预防性储蓄probability distribution概率分布quadrupleadj. 四倍的；v. 使（增加）四倍recrimination反责refund退还risk assessment风险评估risk aversion风险规避risk avoidance风险避免risk exposure风险暴露risk identification风险识别risk management风险管理risk retention风险保留risk transfer风险转移sinful有罪的、过错的、不道德的speculator投机者square root平方根stakeholder利益相关者standard deviation标准差swap互换volatility波动率 Chapter 11American-type option美式期权call option买入期权（简称“买权”）cap（利率）上限condominium公寓私有的共有方式co-payment共同支付counterparty交易对手credit guarantee信用担保credit risk信用风险deductible/deduction免赔额delivery交割delivery date交割日derivative衍生工具diversifiable risk可分散的风险diversification principle分散化（或多元化）原则European-type option欧式期权exclusion除外责任expiration date到期日expire到期face value面值fictitious虚构的firm-specific risk（公司）私有（或特有）风险forward contract远期合约forward price远期价格future contract期货合约guarantee保证、保证人、担保、担保品loan guarantee债务保单long position多头market risk市场风险non-diversifiable risk不可分散的风险premium保险费、附加费、溢价proceedn. 盈利put option卖出期权（简称“卖权”）rolling over滚动（式）的short position空头shortfall不足之数、赤字spot price即期价格standardized（经）标准化的strike price/ exercise price执行价格、行权价swap contract互换合约、调期合约 Chapter 12decision horizon决策（修正）期限efficient portfolio有效组合efficient portfolio frontier有效组合前沿expected return期望收益率mean-variance model均值方差模型minimum-variance portfolio最小方差组合mutual fund共同基金optimal combination of risky assets风险资产最优组合planning horizon计划期、规划期point of tangency切点portfolio selection（投资）组合选择risk premium风险溢价risk tolerance风险容忍（度）riskless asset无风险资产risky-asset portfolio风险资产组合set of的集合tangency portfolio切线组合target expected return目标期望收益率trade-off权衡、平衡trading horizon交易（间隔）期限Chapter 13active investment strategies积极投资策略active portfolio selection strategy积极的组合选择策略Arbitrage Pricing Theory（APT）套利（定价）理论beat the market打败市场benchmark基准benchmark portfolio基准组合Capital Asset Pricing Model（CAPM）资本资产定价模型capital market line（CML）资本市场线consensus一致、一致同意cost of capital资本成本covariance协方差equilibrium asset price均衡（的）资产价格equilibrium expected return均衡（的）期望收益率equilibrium price均衡价格equilibrium risk premium均衡风险溢价indexing指数化irreducible不能减少的、难复位的marginal contribution边际贡献market portfolio市场组合market-related risk市场相关的（或承认的）风险multifactor Intertemporal Capital Asset Pricing Model（ICAPM）多因子、跨期资本资产定价模型mutual fund共同基金non-market risk非市场风险passive investing消极投资passive portfolio selection strategy消极的组合选择策略pension fund养老基金regression coefficient回归系数reward-to-risk ratio风险补偿比率security market line（SML）证券市场线short-sale卖空systematic risk系统风险unsystematic risk非系统风险 Chapter 14arbitrageur套利者bountiful慷慨的、充足的casino卡西诺赌场、小别墅closing out （ones/a） position平仓continuous compounding连续复利cost of carry持有成本daily marking to market逐日盯市（即每日无负债清算制度）delivery交割delivery date交割日delivery price交割价格expectations hypothesis期望假说financial future金融期货（即标的物为金融产品的期货合约）foreign-exchange parity relation汇率平价关系forward contract远期合约forward price远期价格forward-spot price-parity relation远期-即期价格间的平价关系future contract期货合约future price期货价格future spot price将来的现货价格hedger套期保值者intrinsic value 内在价值margin 保证金open interest未平仓合约数、头寸开放权益数position头寸posting of margin（对）保证金（进行）过帐quasi-arbitrage准套利（机会）replicate复制speculator投机者spoilage损坏spot price即期价格、现货价格spread价差、差额the wall street journal华尔街日报Chapter 15American-type option美式期权arrear应付欠款、储备物at the money option两平期权Black-Scholes model布莱克-斯科尔斯期权定价模型boom繁荣的bullish乐观的call （option）买入期权（简称买权）、看涨期权capital-gain资本（性）收益cash settlement现金结算Chicago Board Options Exchange（CBOE）芝加哥期权交易所commission佣金Contingent Claims或有权益（简称或有权、或然权）credit guarantee信用保证（或承诺）de facto实际的、实际上decision tree决策树delinquency失职、违法行为dividend yield股利收益率dividend-adjusted option formula股利调整期权（定价）公式embedded option嵌入式期权European put option欧式卖权European-type option欧式期权evasion逃避、躲避Exchange-traded option场内（即在交易所交易的）期权exercise price/strike price执行价格/敲定价格expiration date/maturity date到期日explicit外生的flexibility灵活性、柔性Future Options/Option on Futures期货期权growth option增长期权guarantor保证人hedge ratio对冲比率、套期比率implicit内生的implied volatility隐含波动率in the money option虚值期权incremental增量的、增加的index option指数期权intrinsic value/tangible value内在价值、执行价值junk bond垃圾债券litigation诉讼、争论mainline主流的、传统的natural logarithm自然对数normal distribution正态分布Option期权out of the money option实值期权Over-the-counter option场外（交易的）期权payoff diagrams支付图plaintiff起诉人provision条文、条款put （option）卖出期权（简称卖权）、看跌期权put-call parity relation买（权）与卖（权）间的平价关系real option实物期权recession衰退self-financing investment strategy自融资投资策略sequel续篇、后果shortfall不足之数、赤字stochastic随机的swap互换time value 时间价值truncate截断two-state（binomial）option pricing model两状态（二项式）期权定价模型underlying asset标的资产、基础资产Chapter 16account payable应付账款accrued wage应计工资adjusted present value（APV）（经）调整的现值after-tax incremental cash flow税后增量现金流agency cost代理成本allegiance忠诚、忠贞all-equtiy financing全权益融资bankruptcy cost破产成本bankruptcy proceeding破产程序、破产诉讼Capital Structure 资本结构capital structure irrelevance proposition资本结构无关性定理circumvent绕过、智胜collateral担保品common stock普通股corporate income tax公司所得税cost of financial distress财务危机（危难）成本debt financing债务融资entity实体、本质、存在equity financing权益融资external financing外部融资（筹资）fiduciary受信托的financial distress财务危机（危难）financing instrument金融工具franchise特许权free cash flow自由现金流frictionless无摩擦的gourmet供美食家的享用的、美食家imminent临近的、迫在眉睫的interest tax shield（债务）利息税盾internal financing内部融资（筹资）issuing new stock发行新股leveraged investment杠杆投资（即投资额中有部分债务融资）long-term lease长期租赁M & M propositionMM 定理market debt-to-equity ratio（用）市场（价值表示的）债务-权益比率market-value/economic balance sheet（用）市场价值（表示的）资产负债表Modigliani & Miller （M & M）莫迪里阿尼和米勒optimal capital structure最优资本结构pension liability养老金（形式的）债务perk额外补贴personal income tax个人所得税preferred stock优先股prestige威信、声望pro rata按比例的realized capital gains已实现资本收益redeploy重新部署（布置、调派）repurchase stock回购股票residual claim剩余索取权（求偿权）retained earning留存收益scrutiny细致检查secured debt安全债务stock option股票期权subsidy津贴、财政援助、特别津贴voting right投票权warrant认股权证、认股权weighted average cost of capital（WACC）加权资本成本Chapter 17acquisition收购bargainv. 讲价、讨价还价；n. 便宜货、交易、协定breakup分散、中止、崩溃consolidation合并、联合、巩固consummate完成、使完美contest竞争、争夺corroborate加强证实、巩固、支持discretion决定权、谨慎、判断力divest使脱去information set信息集loss carry-forward亏损递延malevolence恶意、坏影响merger兼并opaqueness不透明real option实物期权spin-off派生出、让产易股、抽资脱离synergy协同增效takeover接管
展开阅读全文