金融词汇(ppt96)(1)

1金融词汇之一Abandonment(弃权)Controllingpartygivinguprightstopropertyvoluntarily.Abandonmentoption(清算期权)Theoptionofterminatinganinvestmentearlierthanoriginallyplanned.Abandonmentvalue（清算价值）Thevalueofaprojectiftheproject'sassetsweresoldexternally;oralternatively.itsopportunityvalueiftheassetswereemployedelsewhereinthefirm.ABCagreementAcontractbetweenanemployeeandabrokeragefirmoutliningtherightsofthefirmpurchasinganNYSEmembershipforthatemployee.ABCmethodofinventorycontrol（存货控制的ABC方法）Methodwhichcontrolsexpensiveinventoryitemsmorecloselythanlessexpensiveitems.Abilitytopay（偿债能力）Referstotheborrower'sabilitytomakeinterestandprincipalpaymentsondebts.Abnormalreturn（超常回报）Thecomponentofthereturnthatisnotduetosystematicinfluences(market-wideinfluences).Inotherwords,abnormalreturnsareabovethosepredictedbythemarketmovementalone.Absolute-priorityrule（绝对优先权准则）Theruleinbankruptcyorreorganizationthatclaimsofasetofclaimholdersmustbepaid,infullbeforethenext.junior.setofclaimholdersmaybepaidanything.AbsorbedUsedincontextofgeneralequities.Securitiesareabsorbedaslongastherearecorrespondingorderstobuyandsell.Themarkethasreachedtheabsorptionpointwhenfurtherassimilationisimpossiblewithoutanadjustmentinprice.Accelerateddepreciation（加速折旧）Methodsofdepreciationthatwriteoffthecostofacapitalassetfasterthanunderstraight-linedepreciation.Acceptance（汇票）Contractualagreementinstigatedwhenthedraweeofatimedraftacceptsthedraftbywritingthewordacceptedthereon.Thedraweeassumesresponsibilityastheacceptorandforpaymentatmaturity.Accommodativemonetarypolicy(适应性货币政策)FederalReserveSystempolicytoincreasetheamountofmoneyavailabletobanksforlending.AccountsPayable（应付账款）Amountsofmoneyowedtootherfirmbecausebuyinggoodsorservicesoncreditfromthefirm.Acurrentliability,theaccountspayableisalsocalledpayables.Accountsreceivable（应收账款）Amountsofmoneyowedtoafirmbycustomerswhohaveboughtgoodsorservicesoncredit.Acurrentasset,theaccountsreceivableaccountisalsocalledreceivables.Accountsreceivableturnover(应收账款周转率)Theratioofnetcreditsalestoaverageaccountsreceivable,whichisameasureofhowquicklycustomerspaytheirbills.Accountstatement(账户表)2Inthecontextofbanking,referstoasummaryofallbalances.Inthecontextofsecurities,asummaryofalltransactionsandpositions(longandshort)betweenabroker/dealerandaclient.Accountingearnings(会计利润)Earningsofafirmasreportedonitsincomestatement.Accountinginsolvency(资不抵债)Totalliabilitiesexceedtotalassets.Afirmwithanegativenetworthisinsolventonthebooks.Accretion(ofadiscount)(增值)Inportfolioaccounting,astraight-lineaccumulationofcapitalgainsonadiscountbondinanticipationofreceiptofparatmaturity.Accrualbasis(应收应付制)Inthecontextofaccounting,practiceinwhichexpensesandincomeareaccountedforasiftheyareearnedorincurred,whetherornottheyhavebeenreceivedorpaid.Antithesisofcashbasisaccounting.Accrualbond(一次还本付息债券)Abondonwhichinterestaccruesbutisnotpaidtotheinvestorduringthetimeofaccrual.Theamountofaccruedinterestisaddedtotheremainingprincipalofthebondandispaidatmaturity.Accruedexpenses(累积费用，应计费用)Amountsowedbutnotyetpaidforwages.taxes,interest,anddividends.Theaccruedexpensesaccountisashort-termliability.Accruedinterest(应计利息)Appliesmainlytoconvertiblesecurities.Interestthathasaccumulatedbetweenthemostrecentpaymentandthesaleofabondorotherfixed-incomesecurity.Atthetimeofsale,thebuyerpaysthesellerthebond'spriceplusaccruedinterest,calculatedbymultiplyingthecouponratebythefractionofthecouponperiodthathaselapsedsincethelastpayment.Accumulateddividend(累积股利)Adividendthathasreacheditsduedate,butisnotpaidout.Acid-test(quick)ratio(速动比例，酸性测试比例)Currentassetslessinventoriesdividedbycurrentliabilities.Itshowsafirm'sabilitytomeetcurrentliabilitieswithitsmostliquid(quick)assets.Acquisition(收购)Whenafirmbuysanotherfirm.Acquisitioncost(收购成本)Referstotheprice(includingtheclosingcosts)topurchaseanothercompanyorproperty.Inthecontextofinvestments,referstopriceplusbrokeragecommissions,ofasecurity,orthesaleschargeappliedtoloadfunds.Acrosstheboard（全盘）Movementortrendinthestockmarketthataffectsalmostallstocksinallsectorstomoveinthesamedirection.Activityratios(周转率)Ratiosthatmeasurehoweffectivelythefirmisusingitsassets.Activeportfoliostrategy(积极投资组合策略)Astrategythatusesavailableinformationandforecastingtechniquestoseekbetterperformancethanabuyandholdportfolio.3Actuals(实货)Thephysicalcommoditiesunderlyingafuturescontract.Cashcommodity,physicalasset.Additionalpaid-incapitalFundsreceivedbyacompanyinasaleofcommonstockthatareinexcessoftheparorstatedvalueofthestock.Adjustedpresentvalue(APV)(调整净现值）Thesumofthediscountedvalueofaproject'soperatingcashflows(assumingequityfinancing)plusthevalueofanytax-shieldbenefitsofinterestassociatedwiththeproject'sfinancingminusanyflotationcosts.Adjustable-ratepreferredstock(ARPs)（浮动股利优先股）AnARPsprovidestheholderwithdividendratesthataretiedtosomeinterestrate,suchasashort-termTreasureBill.Theseissuethusprovidetheopportunityforincreaseindividendpayments.AdverseSelectionProblem（逆选择问题）Referstoasituationinwhichsellershaverelevantinformationthatbuyerslack(orviceversa)aboutsomeaspectofproductquality.Aft