《复试金融专业英语(传世版)知识总结》由会员分享，可在线阅读，更多相关《复试金融专业英语(传世版)知识总结（45页珍藏版）》请在金锄头文库上搜索。
1、专业英语汇总1. How to define the aggregate price level? 如何衡量价格指数？Three measures of the aggregate price level are commonly encountered in economic data.(1)The first is the GDP deflator (GDP 平减指数)，which is defined as nominal GDP divided by real GDP.(2)Another popular measure of the aggregate price level is
2、theProducer Price Index (生 产者价格指数)which is a measure of the cost of a basket of goods and services bought by firms.(3) The measure of the aggregate price level that is most frequently reported in the press is the Consumer Price Index (消费者价格指数 ),which is measured by pricing a basket of goods and serv
3、ices bought by a typical urban household.2. What s the disadvantage and advantage of holding equity rather than debt? 持有 股权的优劣？(1)The main disadvantage of owning a corporation s equities rather than its debans thal equity holder is a residual claimant (剩余求偿权),that is, the corporation must pay all it
4、s debt holders before it pays its equity holders .(2)The main advantage of holding equities is that equity holders benefit directly from any increases in the corporatioins profitability or asset value because equities confer ownership rights on the equity holders. Debt holders do not share in this b
5、enefit, because their payments are fixed.3. What s the difference between primary and secondary market?一级市场与二级市场的区别？(1)A primary market is a financial market in which new issues of a security, such as a bond or a stock, are sold to initial buyers by the corporation or government agency borrowing the
6、 funds.(2)A secondary market is a financial market in which securities that have been previously issued can be resold.4. What s the difference between foreign bond and Eurobond?外国债券和欧洲债券的区别？(1)Foreign bonds are sold in a foreign country and are denominated in that country s currency. For example, a
7、bond issued by a Chinese company denominated in U.S. dollars sold in New York.(2)Eurobond is a bond denominated in a currency other than that of the country in which it is sold. For example, a bond denominated in U.S. dollars sold in China.5. Whats asset transformation and diversification ? 资产转换和分散化
8、(1)Financial intermediaries create and sell assets with risk characteristics that people are comfortable with, and the intermediaries then use the funds they acquire by selling these assets to purchase other assets that may have far more risk. This process of risk sharing is referred as asset transf
9、ormation , becausein a sense, risky assetsare turned into safer assets for investors.(2)Diversification entails investing in a portfolio of assets whose returns do not always move together with the result that overall risk is lower than for individual assets. It also refers to You shouldnt put all y
10、our eggs in one basket ”. Diversification can eliminate firm-specificrisk the uncertainty associated with the specific companies. Butdiversification cannot eliminate market risk the uncertainty associatedwith the entire economy, which affects all companies traded on the stock market. For example, wh
11、en the economy goes into a recession, most companies experience falling sales, profit and low stock returns. Diversification reduces the risk of holding stocks, but it does not eliminate it.6. Explain the following concepts: asymmetric information, adverse selection and moral hazard.(1)A symmetric i
12、nformation (信息不对称)refers to that one party often does not know enough about the other party to make accurate decisions. For example, a borrower who takes out a loan usually has better information about the potential returns and risk associated with the investment projects for which the funds are inv
13、ested than the lender does.(2)Adverse selection (逆向选择)is the problem created by asymmetric information before the transaction occurs. Adverse selection in financial markets occurs when the potential borrowers who are the most likely to default are the ones who most actively seek out a loan and are t
14、hus most likely to be selected.(3)Moral hazard (道德风险)is the problem created by asymmetric information after the transaction occurs. Moral hazard in financial markets is the risk that the borrower might engage in activities that are undesirable from the lenders point of view, because they make it les
15、s likely that the loan will be paid back.7. What s the function of money? 货币的职能？Money has three primary functions in any economy: as a medium of exchange, as a unit of account, and as a store of value.(1)When money is used to pay for goods and services, it plays the role of a medium of exchange (流通手
16、段).The use of money as a medium of exchange promotes economic efficiency by minimizing the time spent in exchanging goods and services.(2)The second role of money is to providea unit of account (价值尺度),that is, it is used to measure value of goods and services in the economy.(3)Money also functions as a store of value (储藏手段).A store of value is used to save purchasing power from the time income is received until the time it is spen
