金融專(zhuān)業(yè)英語(yǔ)復(fù)習(xí)1

1、一、名詞解釋1、Financial system金融體系: 指一個(gè)經(jīng)濟(jì)體中資金流動(dòng)的基本框架，它是資金流動(dòng)的工具（金融資產(chǎn)）、市場(chǎng)參與者（中介機(jī)構(gòu)）和交易方式（市場(chǎng)）等各金融要素構(gòu)成的綜合體。P42、Treasury bill國(guó)庫(kù)券:a short-term obligation that is not interest-bearingP24 3、fiat money不可兌現(xiàn)貨幣：指由政府發(fā)行的不能兌換成黃金或白銀的貨幣，其購(gòu)買(mǎi)力完全來(lái)自政府的權(quán)威和信譽(yù) money that the government declares to be legal tender although it cann

2、ot be converted into standard specie.P234、Monetary policy貨幣政策： the process by which the government,central bank,or monetary authority of a country controls the supply of money,availability of money, and interest rate ,in order to keep growth and stability of the economy. P375、discount loan貼息貸款:A loa

3、n on which the interest and financing charges are deducted from the face amount when the loan is issued P376、Chinese Banking Regulatory Commission:the watchdog for banks in china,responsible for making the rules and regulations for the financial and banking institutions it supervises. P507、consolida

4、tion合并：the merger or acquisition of many smaller companies into much larger ones P508、P/B ratio市凈率:a ratio used to compare a stocks market value to its book value. P66 9、H-shares:shares of companies in chinas mainland that are listed on Hong Kong Stock Exchange. P6610、Risk management:the process of

5、identification,analysis and either acceptance or mitigation of uncertainty in investment decision-making. 11、trust fund:property,especially money and securities,held or settled in trust. P7812、Quota配額:in international trade,a government-imposed limit on the quantity of goods and services that may be

6、 exported over a specified period of time.(不確定P90) 13、Balance of payments: 14、Eurodollar歐洲美元:the dollar-denominated deposit in foreign banks outside the United States banks. P105 15、Time deposit定期存款:the fixed-maturity account that cannot be withdrawn without advance notice. P10516、Floating exchange

7、rate浮動(dòng)匯率:a type of exchange rate regime wherein a currencys value is allowed to fluctuate according to the foreign exchange market. P11417、Draft匯票：a written order from one person (the payer)to another,signed by the person giving it,requiring the person to whom it is addressed to pay on demand or at

8、some fixed future date ,a certain sum of money,to either the person identified as payee or to any person presenting the bill. P14018、Secondary market: a financial market in which securities that have been previously issued can be resold. P15219、Security證券，抵押品：an investment instrument issued by a cor

9、poration,government,or other organization which offers evidence of debt or equity. P152 20、common stock普通股:a share of ownership in a corporation carrying voting rights that can be exercised in corporate decisions. P163 21、Futures期貨:a standardized contract,traded on a futures exchange,to buy or sell

10、a certain underlying instrument at a certain date in the future,at a specified price. 22、Option期權(quán):a privilege sold by one party to another that offers the buyer the right,but not the obligation,to buy or sell a security at an agreed-upon price during a certain period of time or on a specific date.二、

11、課后翻譯題：1、共同基金是向大眾出售股票的機(jī)構(gòu)，并用由此所得的收益選擇購(gòu)買(mǎi)各種類(lèi)型的股票或者債券，或者投資組合，或者同時(shí)購(gòu)買(mǎi)股票和債券的投資組合。共同基金的股東接受與投資組合相關(guān)的所有風(fēng)險(xiǎn)和收益。并且如果投資組合價(jià)值升高，股東收益也隨之增長(zhǎng)；如果投資組合價(jià)值降低，股東就會(huì)遭受損失 P7A mutual fund is an institution that sells shares to the public and uses the proceeds to buy a selection,or portfolio,of various types of stocks,bonds,or bot

12、h stocks and bonds.The shareholder of the matual fund accepts all the risks and returns associated with the portfolio.If the value of the portfolio rises,the shareholder benefits；if the value of the portfolio falls,the shareholder suffers the loss.2. 中央銀行執(zhí)行國(guó)家所選擇的貨幣政策。其中最基礎(chǔ)的就是要確定一國(guó)的貨幣形態(tài)，即法定貨幣，與黃金掛鉤的貨

13、幣（國(guó)際貨幣基金組織成員不允許使用這種貨幣），貨幣局或是貨幣聯(lián)盟。當(dāng)一國(guó)貨幣確定之后，就涉及到某種形式的標(biāo)準(zhǔn)化貨幣的發(fā)行。標(biāo)準(zhǔn)化貨幣本質(zhì)上是一種本票，在一定條件下用票據(jù)交換貨幣的承諾。Central banks implement a countys chosen monetary policy.At the most basic level,this involves establishing what form of currency the country may have,whether a fiat currency,gold-backed currency(disallowed f

14、or countries with membership of the IMF),currency board or a currency union.when the country has its own national currency,which is essentially a form of promissory note：a promise to exchange the vote for “money” under certain circumstances. 3、對(duì)于中央銀行應(yīng)該是私有銀行還是政府機(jī)構(gòu)這一問(wèn)題存在嚴(yán)重的分歧。在這些問(wèn)題上的激烈爭(zhēng)論最后導(dǎo)致了一個(gè)妥協(xié)方案的產(chǎn)生

15、。按照美國(guó)傳統(tǒng)，美國(guó)國(guó)會(huì)將相互制衡的系統(tǒng)進(jìn)行了詳細(xì)闡述，并寫(xiě)進(jìn)1913年的聯(lián)邦儲(chǔ)備法，建立了擁有12個(gè)地區(qū)儲(chǔ)備銀行的聯(lián)邦儲(chǔ)備系統(tǒng)。Serious disagreements existed over whether the central bank should be a private bank or a government institution.Because of the heated debates on these issues,a compromise was struck.In American tradition,Congress wrote an elaborate sy

16、stem of checks and balances into the Federal Reserve Act of 1913,which created the Federal Reserve System with its 12 regional Federal Reserve Banks. 4、面對(duì)國(guó)內(nèi)外復(fù)雜嚴(yán)峻的經(jīng)濟(jì)形勢(shì)，中國(guó)人民銀行在中共中央、國(guó)務(wù)院的正確領(lǐng)導(dǎo)下，深入學(xué)習(xí)、實(shí)踐科學(xué)發(fā)展觀，切實(shí)履行中央銀行職責(zé)，妥善應(yīng)付國(guó)際金融危機(jī)的強(qiáng)烈沖擊，積極推進(jìn)金融監(jiān)管協(xié)調(diào)機(jī)制建設(shè)，著力加強(qiáng)金融風(fēng)險(xiǎn)監(jiān)測(cè)和評(píng)估工作，加快推進(jìn)存款保險(xiǎn)制度設(shè)計(jì)工作，強(qiáng)化中央銀行資產(chǎn)管理，推動(dòng)理財(cái)產(chǎn)品健康發(fā)展，有力地

17、保障了國(guó)家金融體系的穩(wěn)定和安全。Faced with the complicated and severe economic situation both at home and abroad,in line with the changing situation,the PBC,under the leadership of the CPC Central Committee and the State Council,resolutely studied and implemented the scientific development approach,earnestly fulfil

18、led its responsibilities as the central bank,responded promptly to the intense impact of the international financial crisis,pressed ahead with developing the coordination mechanism for financial regulation,strengthened the monitoring and assessment of financial risks,speeded up the designing of the

19、deposit insurance system,enhanced the central bank asset management,promoted healthy development of wealth management products,and effectively maintained financial stability and safety. 5、通過(guò)公開(kāi)發(fā)行上市，上述四家銀行建立了以市場(chǎng)為導(dǎo)向的資本供給機(jī)制，規(guī)范了信息披露，加強(qiáng)了對(duì)高層管理人員的績(jī)效監(jiān)測(cè)。因此資本市場(chǎng)在建立高效的現(xiàn)代金融企業(yè)運(yùn)行機(jī)制中發(fā)揮著越來(lái)越突出的作用。此外，中國(guó)銀行和中國(guó)工商銀行在A股市場(chǎng)的相

20、繼上市也增強(qiáng)了市場(chǎng)的整體投資價(jià)值。Through public listing,the aforementioned four banks have established market-oriented capital supply mechanism,standardized information disclosure,and strengthened restrictions on the performance of senior management.So,the capital market played an increasingly prominent role in est

21、ablishing efficient operation mechanism of modern financial enterprises.In addition,the consecutive listing of BOC and ICBC on the A share market also enhanced the overall investment value on the market.6、 更概括地講，國(guó)際貨幣基金組織的任務(wù)是確保國(guó)際貨幣金融體系的穩(wěn)定，即能夠促進(jìn)國(guó)家之間國(guó)際收支和貨幣匯率制度的穩(wěn)定。基金組織旨在促進(jìn)經(jīng)濟(jì)穩(wěn)定，防止危機(jī)發(fā)生；危機(jī)發(fā)生時(shí)幫助解決危機(jī)；推動(dòng)經(jīng)濟(jì)增長(zhǎng)

22、，減少貧困。為了達(dá)到這些目標(biāo)，基金組織行使三項(xiàng)主要職能監(jiān)督，技術(shù)支持和借款。More generally,the IMF is responsible for ensuring the stability of the international monetary and financial systemthe system of international payments and exchange rates among national currencies that enables trade to take place between countries.The Fund seeks

23、 to occur,and to promote growth and alleviate poverty.It employs three main functionssurveillance,technical assistance,and lendingto meet these objectives.7、 回購(gòu)協(xié)議，金融機(jī)構(gòu)或大公司從銀行購(gòu)買(mǎi)國(guó)庫(kù)券，并同意在將來(lái)某個(gè)時(shí)間以約定的價(jià)格，包括利息，再賣(mài)回給銀行。Repurchase agreements (repos) that are loans in which a financial institution or large corp

24、oration purchase a Treasury Bill from a bank and agrees to sell it back at a future date at the agreed price,which includes the interest.8、 在使用直接標(biāo)價(jià)法的情況下，如果一個(gè)國(guó)家的貨幣走強(qiáng)，越來(lái)越有價(jià)值，那么匯率就降低，這說(shuō)明該國(guó)貨幣升值了；相反，如果外幣走強(qiáng)，匯率增大，則說(shuō)明該國(guó)貨幣貶值了。If the home currency becomes strong and become more valuable using direct quotation

25、,the exchange rate number decreases,which indicates that the home currency is appreciating.Conversely,if the foreign currency becomes strong,the exchange rate number increases,which indicates that the home currency is depreciating.9、 從出口商的利益考慮，即期付款交單比見(jiàn)票后付款交單更有利，而付款交單比承兌交單更有利。在實(shí)際貿(mào)易中，選擇托收付款應(yīng)慎重。通常在進(jìn)口商財(cái)

26、力雄厚的情況下，或是出口商為了在國(guó)外市場(chǎng)上進(jìn)行促銷(xiāo)，再或者是交易額很小的情況下才使用托收。除此之外，一般應(yīng)選擇信用證。As far as the exporters interest is concerned,D/P at sight is more favorable than D/P after sight,and D/P is more favorable than D/A.In actual trade,payment by collection should be accepted with discretion.It is usually used when the financi

27、al standing of the importer is sound,or when the exporter wishes to push the sale of his goods,or when the transaction involves only a small quantity.Otherwise,the letter of credit is generally preferred. 10、 貨幣市場(chǎng)交易沒(méi)有特定的特點(diǎn)。相反，交易商們通常會(huì)通過(guò)電話安排買(mǎi)賣(mài)活動(dòng)，因此交易過(guò)程實(shí)現(xiàn)了電子化。正是因?yàn)檫@一特點(diǎn)，貨幣市場(chǎng)證券通常有一個(gè)非常靈活的二級(jí)市場(chǎng)?；钴S的二級(jí)市場(chǎng)使貨幣市場(chǎng)上

28、的交易證券成為了一種非常靈活的金融工具，可以滿(mǎn)足短期融資的需求。Money market transactions do not take place in any one particular location or building.Instead, traders usually arrange purchases and sales between participants over the phone and complete them electronically.Because of this characteristic, money market securities usu

29、ally have an active secondary market.An active secondary market makes money market securities very flexible instruments to use to fill short-term financial needs.11、 場(chǎng)外交易衍生產(chǎn)品是買(mǎi)賣(mài)雙方之間直接私下協(xié)商和買(mǎi)賣(mài)的衍生產(chǎn)品合約，不通過(guò)交易所或者其他金融中介。諸如掉期合約，遠(yuǎn)期利率合約，奇異期權(quán)合約幾乎都是以這種方式交易的。場(chǎng)外交易數(shù)量巨大。根據(jù)國(guó)際清算銀行的統(tǒng)計(jì)，美國(guó)2005年全國(guó)未清償交易總量達(dá)到298萬(wàn)億美元。Over-th

30、e-counter(OTC)derivatives are contracts that are traded(and privately negotiated )directly between two parties,without going through an exchange or other intermediary.Products such as swaps,forward rate agreements,and exotic option are almost always traded in this way.The OTC derivatives market is h

31、uge.According to the Bank for International Settlements(BIS),the total outstanding national amount is USD 298 trillion(as of 2005). 12、 保險(xiǎn)的運(yùn)作機(jī)制是保險(xiǎn)人可以向處于相同情況下的一組投保人收取保險(xiǎn)費(fèi)，而在任何一年內(nèi)，并非所有的投保人都會(huì)遭受損失。保險(xiǎn)人會(huì)將這些保險(xiǎn)費(fèi)聚集起來(lái)，用來(lái)賠償投保人的損失。這樣一來(lái)，損失就由所有投保人共同承擔(dān)，而非僅僅落在個(gè)別不幸的投保人身上。Insurance works because the insurer can collec

32、t premiums from a group of people in similar circumstances,not all of whom will suffer losses in any one year.These premium are then pooled together,and used by the insurer to pay losses.Losses are thus shared out among all the policyholders rather than borne solely by the unlucky few.三、計(jì)算題：1、考察公司績(jī)效

33、測(cè)評(píng)指標(biāo)，譬如ROCE,EPS,P/E的計(jì)算以及股價(jià)估值模型；ROCE已占用資本回報(bào)率=PBIT稅前利潤(rùn)/capital employed已占用（動(dòng)用）資本EPS（earnings per share）=profit after tax and preference divided/number of equity shares in issue發(fā)行在外的普通股股數(shù)Example: EPSHere is an extract from M plcs income statement for 20X9. 注: extract vt. 提??；取出；摘錄；榨取 n. 汁；摘錄；榨出物；The com

34、pany has 80,000 ordinary shares and 20,000 preference shares. Calculate earnings per share in 20X9.Be aware that the EPS ratio is also used in another ratio which can be used to assess the performance of a company the P/E ratio.P/E市盈率=Market price per share/earnings per shareA high P/E number indica

35、tes that investors are content with a relatively low current return from the share.A high P/E ratio shows that the market is confident about the future prospects of the company. 2、購(gòu)買(mǎi)力平價(jià)理論與利率平價(jià)理論？3、貨幣的時(shí)間價(jià)值Free cash flow valuationThe valuations based on discounting forecast free cash flows also relate

36、 the cost of equity to market share price. DiscountingThe time value of money means that $100 income received in one years time is worth less in real terms to an investor than $100 received now. They can do this by discounting future income streams to convert them to their net present value.The disc

37、ount rate (or discount factor) is calculated as:The appropriate discount rate to use will depend on the specific circumstances of a calculation, but it is likely to be the interest rate or the cost of capital. When a discount rate has been applied to a stream of future earnings, the adjusted cash fl

38、ows are known as the discounted cash flow (DCF). Exampleif $1,000 is to be received for each of the next three years, and the discount rate is 10%, the calculation of the discounted cash flow will The present value of the earnings that an investment project is expected to generate can be compared to

39、 the cost of the investment to see the overall net present value (NPV) of the project. be as follows.The discounted cash flows for the three years are $909, $826 and $751 respectively. The present value of the earnings is then obtained by adding together all the discounted cash flows. In this case t

40、he PV would be $2,486. The present value of the earnings that an investment project is expected to generate can be compared to the cost of the investment to see the overall net present value (NPV) of the project. If the NPV is positive the project should be regarded as cash generating and allowed to

41、 proceed.So, for example, lets say an investment of $2,000 was required to generate these discounted cash flows of $2,486, the net present value of the project would be $2,486 $2,000 = $486 positive.The free cash flow to the firm (FCFF) is the after tax cash generated by the business and available f

42、or distribution to the equity holders and debt holders of the company. It is calculated in its simplest form from the Profit before interest and tax (PBIT) by adding back non-cash items such as depreciation and subtracting taxes and capital expenditure FCFF = PBIT + DEPRECIATION TAX CAPITAL EXPENDIT

43、URE.The free cash flow to equity (FCFE) represents the potential income that could be distributed to the equity holders of a company, as opposed to dividends which measures the actual cash disbursements to shareholders.The free cash flow to equity (FCFE) is calculated in the same way as free cash fl

44、ow to the firm (FCFF) except that interest payments due to debt holders have to be deducted as FCFE = FCFF INTEREST PAYMENTS TO DEBT HOLDERS.Exercise 1The following information is available on a company. PBIT 5,000,000, Interest Expenses 500,000 Taxes 1,000,000, Capital Expenditure 300,000 FCFF is ?

45、 FCFE is ?Exercise 2 Flo plcs directors have forecast the companys expected levels of earnings in their medium term strategic plan. The earnings figures for the next three years are given below. The company has 2,400,000 ordinary shares in issue. The equity shareholders require a rate of return on t

46、heir investment of 17%. What should the companys current market value and ordinary share price be?4、根據(jù)即期匯率，及貼水，升水，計(jì)算遠(yuǎn)期匯率。Forward rates are not always quoted in full, but may be quoted at a discount or premium to the spot rates.Direct Quotation:forward rate =spot rate +premium (- discount)Indirect Quotation :forward rate =spot rate -premium (+ discount)Example1: Discounts and premiums The $/ spot rate is currently quoted at 1.5900 1.6100 and the 1 month forward rate at 0.0006 0.0010 discount. Required Calculate the actual f