部分金融詞匯

1、精品 料推薦部分金融詞匯infusion of capitalization資本注入融資融券margin Trading大小非解禁unlock the nontradable stock退市 delist股權(quán)分置改革stock reform創(chuàng)業(yè)板 Growth board中小板 SME board定向增發(fā)Private Placement帳簿管理人 (Book Runner)非公開發(fā)行股票（Private Equity Placement）（又被稱為定向增發(fā)私募 (Private Placement)是相對于公募(Public offering)破發(fā) Broken IPOs跌破發(fā)行 (Brea

2、k issue)描述新股跌破發(fā)行價的術(shù)語Quoting股票報價一種股票在一個交易日的價格（包括叫價及出價）highest valuations最高估值題材股 theme stockTrina Solar（TSL ）, China Sunergy（CSUN ） , LDK Solar（LDK ）, Yingli Green Energy Holding（YGE ）, and JA Solar（JASO ）天合光能、中電光伏、江西賽維、英利新能源以及晶澳太陽能公司Proceeds融資收益Companies go public to raise money. The money raised is

3、referred to as proceeds. In every prospectus there is a section entitled Use of Proceeds. Investors should read this section to find out whether the company plans to use the money it raises in the IPO for capital investment (good) or to pay off insiders (bad).Sarbanes-Oxley薩班斯奧克斯利法案Class Actions集體訴訟

4、案prospectus for a secondary offering二次募股招股說明書issuers企業(yè) , 股票發(fā)行人moffshore listing海外上市外管局 State Administration of Foreign Exchange,簡稱：外管局GP 管理團隊GP（創(chuàng)投管理人員）; LP （基金投資人）;LP 出資人Funding & Divestment Stay Offshore (兩頭在外 )1精品 料推薦引 金 matching funds (引 基金 )外 VC 以 “兩 在外 ”的模式運作，即 “海外募 投 中國公司的海外控股公司 海外上市退出 ”。fundi

5、ng, investing, value add to portfolio, and divestment基金成立、基金投 、被投 目上市、上市退出 富、德同、戈壁、智基等多家境外基金掌上靈通 LinktoneIPO 即 initial public offerings(首次公開 行股票，或者 新股上市）外 VC 以 “兩 在外 ”的模式運作，即 “海外募 投 中國公司的海外控股公司 海外上市退出 ”。上市退出 divestment母基金（ Fund of Funds）有限合伙人（ LP）”概念（ 期投 ，不參與管理，利益分成），Merrill Lynch（MER ）bank reserve

6、ratio存款準(zhǔn) 金率 行價 (Issue Price)Proceeds 收益Insider trading內(nèi)幕交易Crossing network 子通信網(wǎng) 或者 券交叉網(wǎng) 配股（ placement）.Imbalance information私募基金翻 成private placement fund停 (Suspension)由于即將 布文告而 停交易。Broker券商Capital raising融 bear trap空 陷阱：當(dāng)股票下跌 ，引起大量拋售，然后價格又上 。turn-keyintraday當(dāng)天波 集束（ volatility clustering）Connected tr

7、ansaction關(guān) 交易Allotment配股CSRC中國 券 督管理委 會籌 (Float)介 新公共公司 股票交易，以從公眾籌集 金。目前國外股票首次公開 行(IPOs) 的研究主要集中于三種普遍 象，即股票首次公開 行定價 低(IPOs Underpricing)，股票首次公開 行后的 期弱 (Long Run Underperformance of IPOs)以及股票首次公開 行的 市 (Hot Issue Markets)。 2精品 料推薦包括證券市場的運行效率(efficiency run)與證券市場的配置效率(efficiency allocation)IPO即 initial

8、 public offerings(首次公開發(fā)行股票，或者說新股上市）Definition of IPO - initial public offeringInitial Public Offering or IPO is the first sale of stock by a private company to the public. IPOs are often smaller, younger companies seeking capital to expand their business.the big board大盤 the ups and downs of the stoc

9、k market股市行情blue chip績優(yōu)股component index成份指數(shù)deceptive accounting虛假帳務(wù)earning report業(yè)績報表financial irregularities /improprieties金融違規(guī)行為financial reorganization金融重組financial statement財務(wù)報表fund custodian bank基金托管銀行fund manager基金經(jīng)理 / 管理公司high-tech sector高科技板塊income statement損益表industrial stock工業(yè)股票inflate pro

10、fits虛報盈利listed company / delisted company上市公司 / 被摘牌的公司record high（股票指數(shù)）創(chuàng)歷史新高3精品 料推薦red chips紅籌股return on equity股本回報率share, equity, stock股票、股權(quán)closed-end securities investment fund封閉式證券投資基金open-end securities investment fund開放式證券投資基金PE”即 Private Equity，我們將其譯為“私募股權(quán) ”。凈資產(chǎn)收益率（Rate of Retern on Common Sto

11、ckholders Equity,簡稱 ROE ）低市值公司股 , Small-Cap stocksrisk check風(fēng)險控制粒(Marketable Lot)溢價 (Premium)經(jīng)紀(jì)費，傭金(Brokerage)股票經(jīng)紀(jì)人因其買或賣股票服務(wù)而收取的費用。股票買賣通知書(Contract Notes)市場負(fù)債 / 權(quán)益比率 (Debt/Equity Ratio)金融桿杠或資本負(fù)債比率的指標(biāo)。用于比較債權(quán)人資產(chǎn)與股東資產(chǎn)。由共同股東權(quán)益的長期負(fù)債決定。折舊 (Depreciation)長期資產(chǎn)在使用期內(nèi)注回成本。稀釋 ( Dilution)因發(fā)行新股而使收益或股息減少。折價 (Discou

12、nt)掛牌股票價格低于票價值。與“溢價 ”相反。股息 (Dividend)董事分配給股東的公司利潤部分，可以是現(xiàn)金也可以是股票。通常表達為相關(guān)資本名義價格的百分比。股息收益率 ( Dividend Yield)年股息除以股價。股利保證倍數(shù)、凈利與股息比率 ( Dividend Cover)公司凈利與公司總股息的比率。4精品 料推薦每股股息 (Dividend Per Share)付給每股普通股的股息。到期日 - 股票(Due Date)買或賣的結(jié)算日，或非對敲的簿記日。目前是交易日加三個市場日。每股收益 (Earnings Per Share)每股普通股的利潤。以凈收入除以普通股數(shù)量計算。股票

13、電子支付( Electronic Payment for Shares (EPS)通過直接貸記銀行帳戶，及通過自動柜員機借記結(jié)算模式。無股息 (Ex-Dividend)資本負(fù)債比率，資本結(jié)合率(Gearing)借入資本與股東權(quán)益比率?？梢杂秘?fù)債/ 權(quán)益比率衡量。增長股票 (Growth Stocks)通指每股收益和股價增長高于平均增長率的股票。套期保值 (Hedging)通過使用購買期權(quán)、賣出期權(quán)、賣空或期貨合同來規(guī)避風(fēng)險的一項策略。其目的是減少資產(chǎn)組合的易變性，以及減少虧損風(fēng)險。通貨膨脹 ( Inflation)貨物和 / 或服務(wù)的價格持續(xù)上漲。內(nèi)在價值 ( Intrinsic value)

14、股票的內(nèi)在或真實價值。在投資中，這是市場股價圍繞波動的價值。不可償還 ( Irredeemable)指發(fā)行公司在預(yù)定日期前不償還所負(fù)的債款。發(fā)行資本 (Issued Capital)指發(fā)行的資本，通常與名義或額定資本不同。后者為已額定但未發(fā)行、印花稅已交的資本。清算 ( Liquidation)公司清盤或?qū)①Y產(chǎn)轉(zhuǎn)換為現(xiàn)金。流動性 ( Liquidity)迅速將資產(chǎn)轉(zhuǎn)換為現(xiàn)金的能力。多頭，買超 ( Long Position)持有證券或商品，希望其價格會上升。市場資本總額(Market Capitalization)掛牌公司總市場價值。以每股市價乘以股數(shù)計算。證券數(shù)量代表在新加坡證券交易所交易名

15、義單位。零星股 ( Odd Lot)股價高于帳面價值，與“折價 ”相反。5精品 料推薦本益比 (Price-Earnings Ratio)股價和公司每股收益的比率。用于衡量投資者資本支出以股息形式或保留利潤收回的年數(shù)。初級市場 (Primary Market)新發(fā)行股票的每一個買主在初級市場購買股票。接下來的股票交易在二級市場進行。私下配售 (Private Placement)發(fā)行公司和投資者之間的直接交易。反彈(Rally)股價在下跌或鞏固后回升?？勺儸F(xiàn) (Realizable)指通過清理資產(chǎn)變成現(xiàn)金。已實現(xiàn)利潤 / 虧損 (Realized Profit/Loss)拋售證券的利潤或虧損。

16、重估 (Revaluation)公司資產(chǎn)帳面價值變化反映現(xiàn)有市場價值。* 縱 (Rigging)通過市場活動和謠言非法* 縱股價。附加股 (Rights Issue)按其持有的固定比例以某一價格發(fā)行股票給現(xiàn)有股東。股東有權(quán)選擇執(zhí)行或拒絕其權(quán)利。整粒 (Round Lot)在某一特定股市交易的基礎(chǔ)單位。在新加坡證券交易所，為1000 股。上漲 (Run)市場術(shù)語用于形容股價增值。無票交易 (Scripless Trading)不須交換股票的交易。二級市場 (Secondary Markedt)買或賣以前擁有的股票的市場，如主板和新加坡自動報價股市。證券 (Security)一種表明所有權(quán)的票據(jù)（

17、如股票、債券或期權(quán)），表明債權(quán)持有人和公司或政府的關(guān)系。賣空 (Short-sell)賣方拋售其并不據(jù)有的股票。新股套利 (Stag)投機者認(rèn)購新股后馬上拋售以賺取利潤，與那些長期持有股票的投資者不同。股票指數(shù) (Stock Index)衡量股市股價變化的統(tǒng)計組合。6精品 料推薦執(zhí)行價格，履約價格(Striking Price)期權(quán)價格。停盤 (Suspension)證券包銷商 (Underwriter)保證認(rèn)購所有發(fā)行的新股的公司。積極成長型（ Aggressive Growth Funds）：積極成長型基金以追求獲取最大資本利得為目AAllocationThis is the amount

18、 of stock in an initial public offering (IPO) granted by the underwriter to an investor. For most IPOs, the allocation is significantly less than the indication of interest. The allocations are meted out based on commissionvolume, trading history and type of investor.AftermarketTrading in the IPO su

19、bsequent to its offering is called the aftermarket. Trading volume in IPOs is extremely high on thefirst day due to flipping and aftermarket purchases. Trading volume can decline precipitously in the following days.企業(yè)第一次向公眾發(fā)行股票被稱為IPO （Initial Public Offering）。即企業(yè)通過一家股票包銷商（underwriter）以特定價格在一級市場（ pri

20、mary market）承銷其一定數(shù)量的股票，此后，該股票可以在二級市場或店頭市場(aftermarket)買賣。首次公開招股是指一家私人企業(yè)第一次將它的股份向公眾出售。通常，上市公司的股份是根據(jù)向相應(yīng)證券會出具的招股書或登記聲明中約定的條款通過經(jīng)紀(jì)商或做市商進行銷售。一般來說，一旦首次公開上市完成后，這家公司就可以申請到證券交易所或報價系統(tǒng)掛牌交易。另外一種獲得在證券交易所或報價系統(tǒng)掛牌交易的可行方法是在招股書或登記聲明中約定允許私人公司將它們的股份向公眾銷售。這些股份被認(rèn)為是 自由交易 的，從而使得這家企業(yè)達到在證券交易所或報價系統(tǒng)掛牌交易的要求條件。 大多數(shù)證券交易所或報價系統(tǒng)對上市公司

21、在擁有最少自由交易股票數(shù)量的股東人數(shù)方面有著硬性規(guī)定。Venture CapitalVenture Capital firms invest in private companies that need capital to develop and market their products. In return for this investment, the venture capitalists exact a price - significant ownership of the company and seats on the board of7精品 料推薦directors. F

22、or the most part, venture capitalists focus on companies in the technology, medical and retail sectors. Venture capitalists raise money from institutional investors, state pension funds and high-net worth individuals, usuallyin the form of partnerships. Investors should look at the venture capital f

23、irms track record and expertise when evaluating an IPO.Back-door ListingA strategy of going public used by a company that fails to meet the criteria for listing on a stock exchange. To get onto the exchange, the company desiring to go public acquires an already listed company.A plan for mid-sized br

24、okerage Changjiang Securities to obtain a backdoor stock market listing has been approved by Chinas securities regulator, a company involved in the scheme said on Saturday.Shijiazhuang Petrochemical Co. said the China Securities Regulatory Commission passed its plan to merge with Changjiang by issui

25、ng new shares, in a deal which it previously estimated would value Changjiang at 10.3 billion yuan ($1.37 billion).Under the plan, Shijiazhuang will separate itself from its parent firm, oil refining giant Sinopec Corp. Sinopec will buy all of Shijiazhuangs assets by assuming debts estimated at 3.7

26、billion yuan.The merger, which is subject to conditions specified by the commission, will provide Changjiang with Shijiazhuangslisting on the Shenzhen Stock ExchangeCITIC Trust, an arm of China s largest financial conglomerate, China International Trust and Investment Corp. (CITIC),will seek a backd

27、oor stock market listing, a Chinese company involved in the deal said yesterday.Anxin Trust & Investment Co. plans to issue up to 1.5 billion new A shares to CITIC and two other local companies,including Anxin s current controlling shareholder, Anxin said in a statement.As part of the deal, Anxin wo

28、uld obtain 100 percent ownership of CITIC Trust, while CITIC would become the controllingshareholder in Anxin.“ CITIC Trust would then be a listed company, paving the way for the further development of itstrust business,” Anxin said.The placement of Anxin shares would be priced atno less than 90 per

29、cent of Anxin s average traded stock market pricein the past 20 days, subject to approval by shareholders and regulators.Anxin noted that the deal might fall apart because the firm had been under investigation by regulators since September 2005 for possible violations of securities laws.8精品 料推薦Its s

30、hares have been suspended since Nov. 22, when they closed at 4.79 yuan. Based on the stock-day movings20average on its last trading day, the placement of Anxin shares could raise about 5.67 billion yuan.The money would be used to shore up Anxin s capital base and improve its profitability, the compa

31、ny said.Many Chinese securities and other financial companies are seeking backdoor stock market listings as faster and easieralternatives to the process of conducting initial public offers.Cash-Hungry Developers Try the Back Door05-08 14:36 Caijing MagazineAccessing capital markets in the face of ti

32、ghter controls on IPOs is possible for Chinese real estate developers willing to try a back-door listing technique.By staff reporter Zhang YingguangPressured by Chinas increasingly sluggish real estate market and tightening credit, Chinese real estate developers are increasingly choosing to raise fu

33、nds through back-door listings as an alternative to initial public offerings.Developers hungry for financing have been turning to the capital markets with a sense of urgency for several years. Butthe governments recently tightened monetary policies have made it difficult to list new enterprises on t

34、he stock exchange, dampening enthusiasm for IPOs.According to domestic media, scores of developers have completed back-door listings since late 2006. Statistics show that about half of the 100 property companies listed on the Shanghai and Shenzhen exchanges came in through theback door.An investment

35、 banker told Caijing that many Chinese real estate developers prefer the alternative due to a broad rangeof macroeconomic controls in the property sector as well as soaring land prices, which have increased the need for financing.For example Rongan Group, a private developer based in Ningbo, listed

36、on the Shenzhen exchange April 14 through a back-door move. And reportedly, Beijing Huayuan Property Co. Ltd. will soon launch a back-door listing through the shell company Hubei Xingfu Industry Co. Ltd. (SSE: 600743).9精品 料推薦In addition Beijing Pengrun Real Estate Development Co. Ltd. - controlled b

37、y Huang Guangyu, one of Chinas wealthiest businessmen and founder of the countrys largest home appliance retailer Gome - decided to launch a back-door listingafter scrapping plans for a Hong Kong IPO.Pengrun plans to transfer its assets to a publicly listed shell company called Beijing Centergate Te

38、chnologies (Holding)Co. Ltd. (SZSE: 000931), which will allow Pengrun to raise funds on the market. Both are owned by the same parent,Beijing Pengtai Investment Co. Ltd., which Huang controls.Centergate plans to issue up to 1.227 billion shares through a non-public offering at 14.67 yuan per share,

39、raising about 18 billion yuan.Pengrun expects its net profits to reach 350 million yuan this year and 600 million in 2009 after the listing. Last year, the company reported a net profit of 35 million yuan. Pengrun has reported 3.48 billion yuan in assets and 140 million yuan worth of debt.1 yuan = 1

40、4 U.S. centsA reverse takeoveroccurs when a publicly-traded smaller company acquires ownership of a larger company. Ittypically requires reorganization of capitalization of the acquiring company.In the event the larger company is not publicly traded, the reverse takeover results in a privately heldc

41、ompany becoming a publicly held company by circumventing the traditional process of filing a prospectus and undertaking an initial public offering (IPO). It is accomplished by the shareholders of the private company selling their shares in the private company to the public company in exchange for sh

42、ares of thepublic company.Because of Chinas stock market boom, a string of brokerages is seeking listings through initial public offers of shares or backdoor listings, which can be quicker and cheaper than IPOs.French bank BNP Paribas previously had a partnership with Changjiang but severed ties in

43、January, saying the two companies had different views on the development of a joint venture in China.Prev:Beijing to cut subway fares to boost public transportNext:3Com to Be Sold; Huawei to Take Stake與一般企業(yè)相比，上市公司最大的優(yōu)勢是能在證券市場上大規(guī)?；I集資金，以此促進公司規(guī)模的快速增長。因此，上市公司的上市資格已成為一種 “稀有資源 ”，所謂 “殼”就是指上市公司的上市資格。由于有些上市公司機制轉(zhuǎn)換不徹底，不善于經(jīng)營管理，其業(yè)績表現(xiàn)不盡如人意，喪失了在證券市場進一步籌集資金的能力，要充分利用上市公司的這個“殼”資源，就必須對其進行資產(chǎn)重組，買殼上市和借殼上市就是更充分地利用