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1、金融词汇之一Abandonment(弃权) Controlling party giving up rights to property voluntarily. Abandonment option(清算期权) The option of terminating an investment earlier than originally planned. Abandonment value（清算价值） The value of a project if the projects assets were sold externally ;or alternatively. its opport
2、unity value if the assets were employed elsewhere in the firm. ABC agreement A contract between an employee and a brokerage firm outlining the rights of the firm purchasing an NYSE membership for that employee. ABC method of inventory control（存货控制的ABC方法） Method which controls expensive inventory ite
3、ms more closely than less expensive items. Ability to pay（偿债能力） Refers to the borrowers ability to make interest and principal payments on debts. Abnormal return（超常回报） The component of the return that is not due to systematic influences (market-wide influences). In other words, abnormal returns are
4、above those predicted by the market movement alone. Absolute-priority rule（绝对优先权准则） The rule in bankruptcy or reorganization that claims of a set of claim holders must be paid, in full before the next. junior. set of claim holders may be paid anything. Absorbed Used in context of general equities. S
5、ecurities are absorbed as long as there are corresponding orders to buy and sell. The market has reached the absorption point when further assimilation is impossible without an adjustment in price. Accelerated depreciation（加速折旧） Methods of depreciation that write off the cost of a capital asset fast
6、er than under straight-line depreciation. Acceptance（汇票） Contractual agreement instigated when the drawee of a time draft accepts the draft by writing the word accepted thereon. The drawee assumes responsibility as the acceptor and for payment at maturity. Accommodative monetary policy(适应性货币政策) Fede
7、ral Reserve System policy to increase the amount of money available to banks for lending. Accounts Payable （应付账款 ） Amounts of money owed to other firm because buying goods or services on credit from the firm. A current liability, the accounts payable is also called payables. Accounts receivable（应收账款
8、） Amounts of money owed to a firm by customers who have bought goods or services on credit. A current asset, the accounts receivable account is also called receivables. Accounts receivable turnover (应收账款周转率) The ratio of net credit sales to average accounts receivable, which is a measure of how quic
9、kly customers pay their bills. Account statement(账户表) In the context of banking, refers to a summary of all balances. In the context of securities, a summary of all transactions and positions (long and short) between a broker/dealer and a client. Accounting earnings (会计利润) Earnings of a firm as repo
10、rted on its income statement. Accounting insolvency(资不抵债) Total liabilities exceed total assets. A firm with a negative net worth is insolvent on the books. Accretion (of a discount) (增值) In portfolio accounting, a straight-line accumulation of capital gains on a discount bond in anticipation of rec
11、eipt of par at maturity. Accrual basis(应收应付制) In the context of accounting, practice in which expenses and income are accounted for as if they are earned or incurred, whether or not they have been received or paid. Antithesis of cash basis accounting. Accrual bond(一次还本付息债券) A bond on which interest
12、accrues but is not paid to the investor during the time of accrual. The amount of accrued interest is added to the remaining principal of the bond and is paid at maturity. Accrued expenses(累积费用，应计费用) Amounts owed but not yet paid for wages. taxes, interest, and dividends. The accrued expenses accoun
13、t is a short-term liability. Accrued interest (应计利息) Applies mainly to convertible securities. Interest that has accumulated between the most recent payment and the sale of a bond or other fixed-income security. At the time of sale, the buyer pays the seller the bonds price plus accrued interest, ca
14、lculated by multiplying the coupon rate by the fraction of the coupon period that has elapsed since the last payment. Accumulated dividend(累积股利) A dividend that has reached its due date, but is not paid out. Acid-test (quick) ratio(速动比例，酸性测试比例 ) Current assets less inventories divided by current lia
15、bilities. It shows a firms ability to meet current liabilities with its most liquid (quick) assets. Acquisition (收购) When a firm buys another firm. Acquisition cost(收购成本) Refers to the price (including the closing costs) to purchase another company or property. In the context of investments, refers
16、to price plus brokerage commissions, of a security, or the sales charge applied to load funds. Across the board （全盘） Movement or trend in the stock market that affects almost all stocks in all sectors to move in the same direction. Activity ratios(周转率) Ratios that measure how effectively the firm is using its assets. Active portfolio strategy (积极投资组合策略) A strat
