推荐复试金融专业英语传世版.docx

推荐复试金融专业英语传世版.docx

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推荐复试金融专业英语传世版

专业英语汇总

1.Howtodefinetheaggregatepricelevel?

如何衡量价格指数？

Threemeasuresoftheaggregatepricelevelarecommonlyencounteredineconomicdata.

（1）ThefirstistheGDPdeflator（GDP平减指数）,whichisdefinedasnominalGDPdividedbyrealGDP.

（2）AnotherpopularmeasureoftheaggregatepricelevelistheProducerPriceIndex（生产者价格指数）whichisameasureofthecostofabasketofgoodsandservicesboughtbyfirms.

（3）ThemeasureoftheaggregatepricelevelthatismostfrequentlyreportedinthepressistheConsumerPriceIndex（消费者价格指数）,whichismeasuredbypricingabasketofgoodsandservicesboughtbyatypicalurbanhousehold.

2.What’sthedisadvantageandadvantageofholdingequityratherthandebt?

持有股权的优劣？

（1）Themaindisadvantageofowningacorporation’sequitiesratherthanitsdebtisthatanequityholderisaresidualclaimant（剩余求偿权）,thatis,thecorporationmustpayallitsdebtholdersbeforeitpaysitsequityholders.

（2）Themainadvantageofholdingequitiesisthatequityholdersbenefitdirectlyfromanyincreasesinthecorporation’sprofitabilityorassetvaluebecauseequitiesconferownershiprightsontheequityholders.Debtholdersdo

notshareinthisbenefit,becausetheirpaymentsarefixed.

3.What’sthedifferencebetweenprimaryandsecondarymarket?

一级市场与二级市场的区别？

（1）Aprimarymarketisafinancialmarketinwhichnewissuesofasecurity,suchasabondorastock,aresoldtoinitialbuyersbythecorporationorgovernmentagencyborrowingthefunds.

（2）Asecondarymarketisafinancialmarketinwhichsecuritiesthathavebeenpreviouslyissuedcanberesold.

4.What’sthedifferencebetweenforeignbondandEurobond?

外国债券和欧洲债券的区别？

（1）Foreignbondsaresoldinaforeigncountryandaredenominatedinthatcountry’scurrency.Forexample,abondissuedbyaChinesecompanydenominatedinU.S.dollarssoldinNewYork.

（2）Eurobondisabonddenominatedinacurrencyotherthanthatofthecountryinwhichitissold.Forexample,abonddenominatedinU.S.dollarssoldinChina.

5.What’sassettransformationanddiversification？

资产转换和分散化

（1）Financialintermediariescreateandsellassetswithriskcharacteristicsthatpeoplearecomfortablewith,andtheintermediariesthenusethefundstheyacquirebysellingtheseassetstopurchaseotherassetsthatmayhavefarmorerisk.

Thisprocessofrisksharingisreferredasassettransformation,becauseinasense,riskyassetsareturnedintosaferassetsforinvestors.

（2）Diversificationentailsinvestinginaportfolioofassetswhosereturnsdonotalwaysmovetogetherwiththeresultthatoverallriskislowerthanforindividualassets.Italsorefersto“Youshouldn'tputallyoureggsinonebasket”.Diversificationcaneliminatefirm-specificrisk—theuncertaintyassociatedwiththespecificcompanies.Butdiversificationcannoteliminatemarketrisk—theuncertaintyassociatedwiththeentireeconomy,whichaffectsallcompaniestradedonthestockmarket.Forexample,whentheeconomygoesintoarecession,mostcompaniesexperiencefallingsales,profitandlowstockreturns.Diversificationreducestheriskofholdingstocks,butitdoesnoteliminateit.

6.Explainthefollowingconcepts:

asymmetricinformation,adverseselectionandmoralhazard.

（1）Asymmetricinformation（信息不对称）referstothatonepartyoftendoesnotknowenoughabouttheotherpartytomakeaccuratedecisions.Forexample,aborrowerwhotakesoutaloanusuallyhasbetterinformationaboutthepotentialreturnsandriskassociatedwiththeinvestmentprojectsforwhichthefundsareinvestedthanthelenderdoes.

（2）Adverseselection（逆向选择）istheproblemcreatedbyasymmetricinformationbeforethetransactionoccurs.Adverseselectioninfinancialmarketsoccurswhenthepotential

borrowerswhoarethemostlikelytodefaultaretheoneswhomostactivelyseekoutaloanandarethusmostlikelytobeselected.

（3）Moralhazard（道德风险）istheproblemcreatedbyasymmetricinformationafterthetransactionoccurs.Moralhazardinfinancialmarketsistheriskthattheborrowermightengageinactivitiesthatareundesirablefromthelenderspointofview,becausetheymakeitlesslikelythattheloanwillbepaidback.

7.What’sthefunctionofmoney?

货币的职能？

Moneyhasthreeprimaryfunctionsinanyeconomy:

asamediumofexchange,asaunitofaccount,andasastoreofvalue.

（1）Whenmoneyisusedtopayforgoodsandservices,itplaystheroleofamediumofexchange（流通手段）.Theuseofmoneyasamediumofexchangepromoteseconomicefficiencybyminimizingthetimespentinexchanginggoodsandservices.

（2）Thesecondroleofmoneyistoprovideaunitofaccount（价值尺度）,thatis,itisusedtomeasurevalueofgoodsandservicesintheeconomy.

（3）Moneyalsofunctionsasastoreofvalue（储藏手段）.Astoreofvalueisusedtosavepurchasingpowerfromthetimeincomeisreceiveduntilthetimeitisspent.Thisfunctionofmoneyisuseful,becausemostofusdonotwanttospendourincomeimmediatelyuponreceivingit,butratherprefertowaituntilwehavethetimeorthedesiretoshop.

8.What’stheFisherequationandFishereffect?

费雪等式与费雪效应？

（1）TheFisherequationstatesthatthenominalinterestrateequalstherealinterestrateplustheexpectedrateofinflation.Theequationtellsusthatallelseequal,ariseinacountry’sexpectedinflationratewilleventuallycauseanequalriseinthenominalinterestrate.Similarly,afallintheexpectedinflationratewilleventuallycauseafallinthenominalinterestrate.

（2）Thislong-runrelationshipbetweeninflationandinterestratesiscalledtheFishereffect.TheFishereffectimplies,forexample,thatifU.S.inflationweretorisepermanentlyfromaconstantlevelof5percentperyeartoaconstantlevelof10percentperyear,dollarinterestrateswouldeventuallycatchupwiththehigherinflation,risingby5percentagepointsperyearfromtheirinitiallevel.Thesechangeswouldleavetherealrateofreturnondollarassetsunchanged.TheFishereffectisthereforeanotherexampleofthegeneralideathatinthelongrun,purelymonetarydevelopmentsshouldhavenoeffectonaneconomy’srealvariables.

9.Howtoexplainthenegativerelationbetweenthequantityofmoneydemandedandtheinterestrate?

Wecanexplainthatthequantityofmoneydemandedandtheinterestrateshouldbenegativelyrelatedbyusingtheconceptofopportunitycost（机会成本）,theamountofrevenuesacrificedbytakingonecourseofactionratherthananother

.Astheinterestrateonbondsrises,theopportunitycostofholdingmoneyrises,thusmoneyislessdesirableandthequantityofmoneydemandedmustfall.

10.RiskPremium风险溢价

Thespreadbetweentheinterestratesonbondswithdefaultriskanddefault-freebonds,bothofthesamematurity,calledtheriskpremium,indicateshowmuchadditionalinterestpeoplemustearntobewillingtoholdthatriskybond.

11.Brieflyintroduceexpectationstheory,segmentedmarketstheoryandliquiditypremiumtheory.

（1）Theexpectationstheory（预期假说）ofthetermstructurestatesthefollowingproposition:

theinterestrateonalong-termbondwillequalanaverageoftheshort-terminterestratesthatpeopleexpecttooccuroverthelifeofthelong-termbond.

（2）Thesegmentedmarketstheory（市场分割假说）ofthetermstructureseesmarketsfordifferent-maturitybondsascompletelyseparateandsegmented.Theinterestrateforeachbondwithadifferentmaturityisthendeterminedbythesupplyofanddemandforthatbond,withnoeffectsfromexpectedreturnsonotherbondswithothermaturities.

（3）Theliquiditypremiumtheory（流动性溢价假说）ofthetermstructurestatesthattheinterestrateonalong-termbondwillequalanaverageofshort-termi

nterestratesexpectedtooccuroverthelifeofthelong-termbondplusaliquiditypremium.Itisalsocalledpreferredhabitattheory（偏好停留假说）.

12.What’sthedifferencebetweenadaptiveexpectationandrationalexpectation?

（1）Adaptiveexpectation（适应性预期）statesthatexpectationsformfrompastexperienceonlyandchangesinexpectationswilloccurslowlyovertimeaspastdatachange.Forexample,expectationsofinflationistypicallyviewedasbeinganaverageofpastinflationrates.Soifinflationhadformerlybeensteadyata5%rate,expectationsoffutureinflationwouldbe5%also.

（2）Rationalexpectation（理性预期）canbestatedasfollows:

expectationswillbeidenticaltooptimalforecasts（thebestguessofthefuture）usingallavailableinformation.

13.EfficientMarketHypothesis有效市场假说

Theefficientmarkethypothesisstatesthatcurrentpricesinafinancialmarketwillbesetsothattheoptimalforecastofasecurity’sreturnusingallavailableinformationequalsthesecurity’sequilibriumreturn,becauseinanefficientmarketallunexploitedprofitopportunitieswillbeeliminatedbyarbitrager（套利者）.

14.“LemonsProblem”次品问题

Aparticularaspectofthewaytheadverseselectionprobleminterfereswiththeefficientfunctioningofamarketiscalled“lemonsproblem”.

Wecanusetheused-carmarkettoillustratethisconcept.Potentialbuyersofusedcarsarefrequentlyunabletoassessthequalityofthecar,thatis,theycan’ttellwhetheraparticularusedcarisagoodcaroralemon（次品）.Thepricethatabuyerpaysmustthereforereflecttheaveragequalityofthecarsinthemarket,somewherebetweenthelowvalueofalemonandthehighvalueofagoodcar.Theownerofausedcar,bycontrast,ismorelikelytoknowwhetherthecarisagoodcaroralemon.Ifthecarisalemon,theownerismorethanhappytosellitatthepricethebuyeriswillingtopay,which,beingsomewherebetweenthevalueofalemonandagoodcar,isgreaterthanthelemonsvalue.However,ifthecarisag