金融英语练习答案 (1).doc 29页

'《金融英语》练习题答案以下答案仅供参考，不应作为唯一的标准答案。Unit1FinanceandYourCareer1.Answerthefollowingquestionsbasedonthetext(1)AccordingtoBesleyandBrigham,thethreemainareasoffinancearefinancialmarkets,investments,andmanagerialfinance(orbusinessfinance).(2)Careeropportunitiesinfinancialmarketsincludeworkingforfinancialinstitutions,suchasbanks,insurancecompanies,savingsandloanassociations,creditunions,mutualfunds,investmentbanks,etc.Careeropportunitiesininvestmentsinvolveworkingforstockbrokeragefirms,financialinstitutions,investmentcompanies,orinsurancecompanies.Managerialfinanceoffersthegreatestnumberofjobsandmainlydealswithdecisionsthatfirmsmakeconcerningtheircashflows.(3)GraduatesinfinanceinChinacanfindjobsinbothfinancialandnon-financialareas.Majorityofthemcanandarewillingtofindjobsinvariousfinancialinstitutionsincludingbanks,insurancecompanies,securitiesfirms,etc.Theycanalsoworkinaccountingorauditingfirmsorinthedepartmentoffinanceinvariousenterprises.Jobopportunitiesininternationaltrade,administrativemanagement,humanresourcemanagement,andevenmarketingarealsoavailable.Someevenstarttheirownsmallbusinesses.(4)Becausefinanceplaysanimportantroleinmanagement.Forexample,strategicplanningcannotachieveitsgoalswithoutconsideringhowsuchplanswillaffecttheoverallfinancialwell-beingofthefirm.(5)Itisforthestudentstoanswer.2.TranslatethefollowingpassagesintoEnglish(1)Theanalysisontheemploymentoffinancialgraduatesin2007showedthatfinancialgraduateshadchosenthefollowinginstitutionsfortheirfirstjobs:a)commercialbanks,includingthefourlarge-sizedstate-ownedcommercialbanks,joint-stockcommercialbanks,citycommercialbanks,andtherepresentativesorbranchesofforeignbanksinChina;b)securitiescompanies,fundmanagementcompanies,andsecuritiesandfuturesexchanges;c)trustandinvestmentcompanies,financialinvestmentholdingcompanies,investmentconsultingcompanies,andlargefinancialcompanies;d)financialholdinggroups,thefourassetsmanagementcompanies,financialleasingcompanies,andguaranteecompanies;e)insurancecompaniesandinsurancebrokeragecompanies;f) financialregulatoryauthorities,suchasthePeople’sBankofChina,ChinaBankingRegulatoryandSupervisoryCommission,ChinaSecuritiesRegulatoryandSupervisoryCommission,andChinaInsuranceRegulatoryandSupervisoryCommission;g)policybanks,suchastheStateDevelopmentBankandtheAgriculturalBankofChina;h)thesocialsecuritiesfundmanagementcentersorbureaus;i)Statecivilservantsingovernmentalorganizations,suchasthedepartmentsofpublicfinance,auditing,andcustoms;j)facultyofthefinancialdepartmentsofhighereducationalinstitutionsandresearchersinresearchinstitutions;k)thesecuritiesandfinancialdepartments,representativesofsecuritiesaffairs,andsecretariestochairmenoftheboardsoflistedcompaniesorcompaniesthatwillbelistedsoon.(1)Atpresent,thequalificationexaminationsofthefinancialpractitionersinChinainclude:SecuritiesPractitionersCertificate,CertifiedInternationalInvestmentCertificate(CIIA),CharteredFinancialAnalysis(CFA),SponsorQualificationCertificate,FuturesPractitionersCertificate,InsuranceBrokerageandAssessmentPractitionersCertificate,FinancialPlanningAnalyst,andtheFinancialEnglishCertificateTest(FECT).3.TranslatethefollowingpassagesintoChinese(1)当你报名参加注册金融分析师考试时，你就成为一名应试者。作为应试者，你需要学习应试指定的课程，然后相继参加三个等级的考试。若你通过了所有这些考试，达到了专业和道德标准，并且成为注册金融分析协会的一名正式会员，你就成为一名注册金融分析师资格证持有者。世界各地的考点均举行各个等级的考试。一级考试在六月和十二月举行，二级和三级考试只在六月份举行。(2)参加美国注册会计师统一考试的资格由各州会计委员会来确定。通常要求具有美国学士学位，包括需要多修一个学年且在会计和管理方面有最低资格学时的要求。这项五学年的要求就是著名的“150学时规则”，已经被大多数州的会计委员会所采用，尽管有一些例外。这项强制150学时的要求已经被45个州采纳。Unit2Money1.Answerthefollowingquestionsbasedonthetext(1)Thefourbasicfunctionsofmoneyaremediumofexchange,unitofaccount,storeofvalue,andstandardofdeferredpayment.(2)M1isthenarrowestmeasureofmoney,includingcurrency,checkingaccountdeposit,andtraveler’schecks.Thesecanbeuseddirectlyasamediumofexchange.M2=M1+otherassets,suchasmoneymarketdepositaccounts, moneymarketmutualfundshares,small-denominationtimedeposits,savingsdeposits,overnightrepurchaseagreements,andovernightEurodollars.Theseassetsareextremelyliquidbecausetheycanbeturnedintocashquicklyatverylittlecost.M3=M2+somewhatlessliquidassets,suchaslarge-denominationtimedeposits,termrepurchaseagreements,termEurodollars,andinstitutionalmoneymarketmutualfundshares.(1)Goldstandardisamonetarysysteminwhichcurrenciesarepeggedtogoldandconvertibilityisguaranteed.Undergoldcoinstandard,mintsfreelyacceptgoldfromthepublicandmanufacturecoins,andgoldcoinislegaltender.Undergoldbullionstandard,goldcoinsdonotcirculate,buttheauthoritieshaveagreedtosellgoldbullionondemandatafixedpriceinexchangeforthecirculatingcurrency.(2)In1944,forty-fourcountriesattendedaninternationalconferenceinBrettonWoodstorestructureinternationalfinanceandcurrencyrelationship.Theconferencecreatedanewinternationalfixedexchangerateregime–theBrettonWoodsSystem.Withthenewregime,theUnitedStatesdefinedthevalueofitsdollarintermsofgold,andoneounceofgoldwasequaltoUS$35.AllothermembershadtorevaluetheircurrenciesintermsofU.S.dollarsorgold.Essentiallythiswasanadjustablepegsystemwithparitysetwithinabandofplusorminus1percentofpar.(3)TheSmithsonianAgreementplacedtheG-10countriesonaninconvertiblepaperstandard,the“dollarstandard”.NinecurrencieswererevaluedrelativetotheU.S.dollar,makingthemconvertibleintothedollar,withthedollarnotconvertibleintogold.Asanexception,theCanadiandollarwasnotpeggedtoU.S.dollarbutallowedtofloat.2.TranslatethefollowingpassagesintoEnglish(1)Thegoldstandardbegantoprevailinthemid-19thcentury.Therewerethreevariationsofgoldstandardinhistory:goldcoinstandard,goldbullionstandard,andgoldexchangestandard.Amongthem,goldcoinstandardwasthemosttypicalone.(2)UndertheBrettonWoodsSystem,U.S.dollarcouldbeconvertedintogoldandothercountriescarriedoutanadjustablepegsystem.Theywerethetwobackbonesofthesystem.TheInternationalMonetaryFund(IMF)isthecentralorganizationtomaintainthenormalrunningofthesystem.ThethreefunctionsofIMFaresupervisingexchangerates,providinginternationalcredits,andcoordinatinginternationalcurrencies.(3)Underthefloatingexchangeratesystem,thecountriesdonotstipulatethebandsofexchangeratefluctuationsandthecentralbanksarenolongerobligedto maintaintheratecapsandfloors.Theexchangeratesfreelyfloatandselfadjustbasedonthesupplyanddemandintheforeignexchangemarkets.3.TranslatethefollowingpassagesintoChinese(1)特别提款权（SDR）是国际货币基金组织于1969年设立的，其目的在于支撑“布雷顿森林体系”下的固定汇率制度。加入该体制的成员国需要官方储备——政府或中央银行持有的黄金或者普遍可接受的外币——在国际外汇市场上购买本国货币来维持其汇率。但是两大储备资产美元和黄金的国际供给证明不足以维持世界贸易扩张和正在进行的金融发展。因此，在国际货币基金组织的支持下，国际社会决定设立一种新的国际储备资产。(2)贝宝（PayPal）是通过互联网进行支付与资金转移的电子商务平台。贝宝账户的资金可以从银行账户电子借记，也可以由信用卡提供。一笔贝宝交易的收款人要么要求贝宝支票，确定他们自己的贝宝存款账户，要么要求直接支付到他们的银行账户。Unit3FinancialMarket1.Answerthefollowingquestionsbasedonthetext(1)Generallyspeaking,theparticipantsinthefinancialmarketcanbedividedintoborrowersandsavers.Savershaveexcessfundswhileborrowershaveashortageoffunds.Fromtheperspectiveofinvestmentintention,theparticipantscanbedividedintoinvestorsandspeculators.Fromtheperspectiveofinvestmentsize,theparticipantscanbedividedintoinstitutionalinvestorsandindividualinvestors.Institutionalinvestorsarebanks,insurancecompanies,retirementfunds,hedgefunds,ormutualfunds.(2)Theprimaryfunctionoffinancialmarketistochannelfundsfromindividualsandbusinessesthathavesurplusfundstoindividuals,businesses,andgovernmentsthathaveashortageoffunds.Otherfunctionsincludepricedetermination,informationaggregationandcoordination,risksharing,liquidity,andefficiency.(3)Adebtinstrumentisacontractualagreementtherebytheborrowerrepaysthelendertheprincipalandinterestatregularintervalsuntilthematuritydate,regardlessofthesuccessorfailureofanyinvestmentprojectsforwhichtheborrowedfundsareused.Itcanbeconsideredtemporaryfunding.Equityisnotaspecificcontractguaranteeingthatcashdistributionswillbemadeorthattheinvestmentwillberepaid.Equityismorepermanentbecauseithasnospecificmaturity.Equityusuallymakesdividendstotheirholders.(4)Commonstockprovidestheholdervotingrightsandentitlestheholdertoashareofthecompany’ssuccessthroughdividendand/orcapitalappreciation.Thereturnthatacommonstockholderreceivesdependsonthesuccessoftheissuing company’sperformance.Apreferredstockholderdoesnotenjoyvotingright,butreceivesafixeddividendexpressedasapercentageoftheparvalue,althoughthecompanydoesnothavetopaythisdividendifitlacksthefinancialabilitytodoso.(1)Theprimarymarketiswherenewsecuritiesaresoldtothepublic.Theinvestmentbankerhelpstheinitialsaleofsecuritiesbyunderwritingsecuritiesandguaranteesthesalesofpartorwholeofacorporation’ssecuritiesandthensellsthemtothepublic.(2)Theover-the-countermarketisanintangibleonethatconsistsofanetworkofbrokersanddealerslocatedaroundtheworld.Dealersatdifferentlocationswhohaveaninventoryofsecuritiesstandreadytobuyandsellsecurities“overthecounter”toanyonewhocomestothemandarewillingtoaccepttheirpricesinanover-the-countermarket.1.TranslatethefollowingpassagesintoEnglish(1)ThemarketplayersofChina’sfinancialmarketscontinuedtogrowrapidly,withinstitutionalinvestorsconstantlyincreasingandbecomingstrongerandparticipantsmorediversified.Thesehavechangedthehomogeneityofmarketparticipantsandimprovedthemarketstructure.Bytheendof2007,thenumberofinstitutionalinvestorsinthenationalinterbankbondmarkethadreached7,095,including2,215financialinstitutionsand4,940non-financialcorporations.(2)Themarketmakersystemisatradingsysteminwhichthebusinesslegalpersonwithacertainfinancialstrengthandcredibilityinsecuritiesmarketandforeignexchangemarketkeepsprovidingdealerswithbidandaskpricesofsomekindoffinancialproducts,isreadytobuyandsellatquotedprices,andassumestheobligationtomaintainthemarketliquidityandenjoycertainprivileges.Experienceindevelopedcountriessuggeststhatthemarketmakersystemcanefficientlyimprovemarketliquidityandmeetmarketdemand.Itisoneofthemostimportantsystemsintheover-the-countermarket.2.TranslatethefollowingpassagesintoChinese(1)美国财政部的基本职能包括：1）管理联邦财政；2）为美国政府征税聚资并替政府买单；3）货币职能；4）管理政府账户和公共债务；5）监管国内银行和储蓄机构；6）为国际国内金融、货币、经济、贸易以及税收政策提供建议；7）执行联邦金融与税收法律；8）调查和起诉逃税、伪造以及造假者。(2)香港联合交易所有限公司是香港交易及结算所有限公司全资拥有的子公司。为了加强首次公开发行股票申请流程的透明度，联交所于今日出版了相关的指导材料。这些指导 材料是为了简化上市申请流程所做的长期努力的一部分，也是由今年六月出版的《有关建议修改股本证券上市有关存档及核对清单规定的咨询文件》所引起的。与市场参与者的讨论导致了公众咨询，这表示许多人都期望在更多的主题上看到相应的指导。作为回应，联交所编撰了这些指导材料。Unit4FinancialInstitutions1.Answerthefollowingquestionsbasedonthetext(1)Acommercialbankisafinancialinstitutionthatacceptsdeposits,makesloans,andoffersrelatedservices.Itraisesfundsprimarilybyissuingcheckabledeposits,savingsdeposits,andtimedeposits.(2)Thedifferencebetweenasavingsandloanassociationandasavingsbankliesinthecorporatestructure.Thesavingsandloanassociationsarealwaysstructuredas“mutuals”orcooperatives.(3)Lifeinsurancecompaniessellannuitiesandprovidepeoplewithprotectionagainstthepossibilityofuntimelydeath,illnessesandretirement.Propertyinsuranceinvolvesinsurancecoveragerelatedtothelossofrealandpersonalproperty.Casualtyinsuranceconcernsprotectionagainstlegalliabilityexposures.(4)Theauthordividesthesecuritiesindustryintothreetiers.Thefirsttieristhelargestfirms,theso-callednationalfull-linefirms,whichserveasbroker-dealersforretailcustomersandunderwritersforcorporatecustomers.Thesecondtieristhenationalfull-linefirmsthatspecializemoreincorporatefinanceandarehighlyactiveintradingsecurities.Thethirdtieristhosefirmswhicharespecializedinvestmentbanksubsidiariesofcommercialbankholdingcompanies,specializeddiscountbrokersthateffecttradesforcustomerswithoutofferinginvestmentadviceortips,andregionalsecuritiesfirmsthatconcentrateonservicingcustomersinaparticularregion.(5)Anopen-endfundisamutualfundthathasnolimitonthenumberofsharesitissues.Itissuesandredeemssharesondemand.Thenetassetvalueofsharesisdeterminedsolelybythechangesinpricesofthestocksorbondsthefundowns,notthesizeofthefunditself.(6)Therearethreetypes–salesfinanceinstitutions,personalcreditinstitutions,andbusinesscreditinstitutions.Salesfinanceinstitutionsspecializeinmakingloanstothecustomersofaparticularretailerormanufacturer.Personalcreditinstitutionsspecializeinmakinginstallmentandotherloanstoconsumers.Businesscreditinstitutionsarecompaniesthatprovidefinancingtocorporations,especiallythroughequipmentleasingandfactoring,inwhichfinancecompanypurchasesaccountsreceivableatadiscountfromtheirvaluefromcorporatecustomers. 1.TranslatethefollowingintoEnglish(1)Thefinancialtsunamiemergedinthesecondhalfof2008annihilatedthefivelargestinvestmentbanksintheWallStreet.TheBearStearnsCos,thefifthlargestinvestmentbankintheWallStreetandwithahistoryof85years,wassoldtoJ.P.MorganChase&Coatlowprice.The94-year-oldMerrillLynchwaspurchasedbytheBankofAmerica.The158-year-oldLehmanBrothersdeclaredabankruptcy.The139-year-oldGoldmanSachsandthe73-year-oldMorganStanleywerebothturnedfrominvestmentbanksintobankholdingcompanies.(2)ChinaBankingRegulatoryCommission(CBRC)wasestablishedonApril28,2003.ItisfromthisyearthattheIndustrialandCommercialBankofChina,theBankofChina,ChinaConstructionBank,andtheBankofCommunicationsconsecutivelystartedall-roundjoint-stockreformsandsuccessfullylistedwithstockexchanges.Thesebankskeptconstantlynarrowingthegapwithinternationaladvancedbanksincorporategovernance,developmentstrategy,operatingperformance,etc.BytheendofDecember2007,thetotalassetsoffinancialinstitutionsinthebankingindustryhadincreasedfromRMB23.7trillionyuanattheendof2002toRMB52.6trillionyuan.Theratioofnon-performingloansofmajorcommercialbankshaddecreasedfrom23.6%attheendof2002to6.7%.Thenumberofbanksmeetingthecapitaladequacyrequirementhadincreasedfrom8attheendof2003to136attheendofSeptember2007.Accordingly,theratioofthesebanks’capitaltothetotalcapitalofthebankingsectorhadincreasedfrom0.6%to78.9%.2.TranslatethefollowingpassagesintoChinese(1)联邦存款保险公司(FDIC)不接受国会拨款，其资金来源于银行和储蓄机构缴纳的存款保险费和投资美国财政部证券所获得的收益。联邦存款保险公司仅对存款进行保险。它不对银行和存款机构所提供的证券、投资基金以及其他类似的投资进行保险。在这些机构倒闭时，联邦存款保险公司会提供多种解决方案，其中最常用的一种方法就是将破产机构的存款和贷款出售给另外一家机构。破产机构的客户就自动转变为购买存款和贷款机构的客户。在大多数情况下，这种过渡从客户的角度来看是无缝对接。(2)欧盟委员会于周四（7月23日）发布了一项关于银行接受政府资助的新的指导方针，其目的在于防止银行部门内部竞争造成的扭曲。自去年9月雷曼兄弟倒闭以来，欧盟成员国内就有大约30家银行接受了政府的资助得以存活，但条件是这些银行要在6个月内提交重组计划。这些接受政府资助的银行同时也要面对一系列的行为限制，以保证国家资助资金不会被用来与其它银行竞争以提供像低价的抵押贷款这样的金融产品。 Unit5MoneyMarket1.Answerthefollowingquestionsbasedonthetext(1)Treasurybills,alsocalledT-bills,areshort-termobligationsbackedbyU.S.governmentwithmaturitieslessthanoneyear.Treasurybillisquotedonadiscountbasisbecauseoftheshortmaturity.Forsuchshortmaturity,itwillbeinconvenientandexpensivetosetupthearrangementsforpayinginterestinthenormalway.(2)Commercialpaperisanunsecured,short-termloanissuedbyacorporation,typicallyforfinancingaccountsreceivableandinventories.Duetotheeasybanklendingmarket,thehighlydevelopeddiscountmarket,andtheBankofEngland’sstandingreadytobuymanybills,theUKcommercialpapermarkethasremainedcomparativelyunderdeveloped.(3)Negotiablecertificateofdepositisatimedepositissuedbyabankandcanbetradedtootherinvestorspriortomaturity.Itcanberedeemedbywhoeverownsthematmaturity.(4)FederalfundsarefundsdepositedtoregionalFederalReserveBanksbycommercialbanks,includingfundsinexcessofreserverequirements.TheinterestrateassociatedwiththeovernightloansbetweenbanksisknownastheFederalfundsrate.(5)Repoistheabbreviationofrepurchaseagreement.Itisanagreementwherebyonefirmsellssomeofitsfinancialassetstoanotherfirmwithapromisetorepurchasethesecuritiesatahigherpricelater.Firmsarethemajorparticipantsintherepomarket.2.TranslatethefollowingpassagesintoEnglish(1)Moneymarketisamarketwhereshort-termfundisraised.Moneymarketconsistsofinterbankmarket,repurchaseagreementmarket,commercialpapermarket,banker’sacceptancemarket,short-termgovernmentbondmarket,andcertificateofdepositmarket.(2)Whenasecurityholderhasatemporaryshortageoffundsandifhedoesnotwanttogiveuphissecurity,heorshemaysellthesecuritybyrepurchasecontractandatthesametimesignacontractwiththebuyertomaintainhisrighttobuythesecuritybackatthepromisedpriceinaperiodoftimewithinterest.(3)Mutualfundisafinancialorganizationthatpoolsmoneyfrommanysmallinvestors.Thefundisrunbyprofessionalmanagersandallocatesprofitsaccordingtotheholdingtimeandthenumberofshares.Moneymarketmutualfundsarefundsmainlyoperatedinmoneymarket. 1.TranslatethefollowingpassagesintoChinese(1)LIBOR即伦敦银行同业拆放利率是世界上最活跃的利率市场。它是由各个银行在伦敦货币市场上相互间借贷短期存款的利率所决定的。LIBOR也被用来确定许多其他金融衍生品的价格，包括利率期货、互换和欧洲美元。鉴于伦敦作为全球金融中心的重要性，LIBOR不仅仅适用于英镑，同时适用于世界其他主要货币如美元、瑞士法郎、日元以及加元。(2)个人、公司以及机构用来存放现金的货币市场基金是这场金融危机的另一个受害者。随着利率的下降和成本的上升，一些金融公司抽回了资金。这令投资者争先恐后地为他们的资金寻找其他安全且高收益的投资。Unit6BondMarket1.Answerthefollowingquestionsbasedonthetext(1)Foreignbondisabondthatisissuedinadomesticmarketbyaforeignentity.Forexample,YankeebondisabonddenominatedinU.S.dollarsbutissuedintheUnitedStatesbyforeignbanksandcorporations.(2)Individualinvestorsarepeople,whileinstitutionalinvestorsaremutualfunds,brokers,andcorporations.Institutionalinvestorshavefarmoreimpactonthemarketsincetheybuyandsellmuchlargevolumesofstock.(3)Themajordifferenceliesinthematuritiesoftheinstruments.ThematurityofTreasurybillislessthanoneyear,thematurityofTreasurynoteisfromonetotenyears,andthematurityofTreasurybondisovertenyears.(4)Bothofthemaremunicipalbonds.Thedifferenceiswhethertherearespecificassetsorprojectsassecurity.Generalobligationbondsdonothavesuchassetsorprojectsbutarebackedbythegovernmentabilitytotaxitscitizens.Revenuebondsareusedtoraisefundsforprojectsthatgeneraterevenuesandbackedbythecashflowoftheparticularrevenue-generatingproject.(5)Mortgagebondisbackedbyfixedassetsassecurity,whiledebenturesarelong-termunsecuredbondsthatarebackedonlybythegeneralcreditworthinessoftheissuer.(6)Intheeventofbankruptcy,subordinateddebthasclaimsonassetsonlyafterseniordebthasbeenpaidoff.(7)BondsaboveMoody’sBaaorStandard&Poor’sBBBratingareconsideredofinvestmentgrade.(8)Asinkingfundisapoolofmoneysetasidebyacorporationtohelprepayabondissue.Bondagreementusuallyrequiresacompanytomakeperiodicinterestpaymentstobondholdersthroughoutthelifeofthebond,andthenrepaytheprincipalamountofthebondatmaturity.Inthisway,thesinkingfundprovisionis beneficialtothebondholder.1.TranslatethefollowingpassagesintoEnglish(1)Municipalbondsarebondsissuedbylocalgovernmentsortheirauthorizedinstitutionsoragencies,includinggeneralobligationbondsandrevenuebonds.Generalobligationbondsaresecuredbyallthefuturetaxesofthelocalgovernmentasasourceofrepayment,whilerevenuebondsaresecuredbythefeescollectedfromtheusersoftheinfrastructureandthefeesarecalculatedbasedontheconstructioncost.(2)Sinkingfundisapoolofmoneythatissetasideperiodicallybeforethematuritybythebondissuertoensurethecompanytohaveenoughmoneytorepaytheprincipaltothecreditorsatmaturity.Themoneyisdepositedwithaselectedbankwhichservesasatrusteetousethemoneytoinvest,andtheinvestmentreturnswilladdtothefund.2.TranslatethefollowingpassagesintoChinese(1)投资者利用债券互换来实现各种收益。互换，即同时售出一项资产和买入另一项资产，可以用来改变到期日，提升资产组合的信用质量，以及增加货币收入，或者可以用来实现许多其他的目标。最常用的互换是用来节省税款。任何拥有债券的人，以低于债券购买价卖出债券且同时获得资本收益或其他的收入，而这些收益或收入可能部分或全部由税收损失所抵消，因而可以从税收互换中获益。在这两个步骤中，投资者以低于之前购买价的价格卖出债券，并且同时以相同的价格买入类似的债券。(2)赎回条款是诸多债务协议的重要组成部分，它赋予发行者在债券到期前的某一点提前赎回或偿还债券的权利。赎回条款的目的是在合理的程度上保护贷款人在贷款之后不受因借款人引起的不利情况的影响。贷款人通常不会使用赎回条款，除非借款人很快便不能够履行贷款合同的条款。在行使赎回条款时，贷款人经常先控制用于担保贷款的抵押品，至少可以用抵押品来清偿部分欠款。Unit7StockMarket1.Answerthefollowingquestionsbasedonthetext(1)Thedifferencesbetweencommonstockandpreferredstockareasfollows:a)Commonstockrepresentsanownershipinterestinthefirmanditsholdersvoteandreceivedividends.Thepreferredstockisasecuritywithcharacteristicsin-betweenabondandacommonstockanditsholdersdonotusuallyvoteunlessthefirmhasfailedtopaythepromiseddividend.b)Preferredstockholdershaveagreaterclaimtoacompany’sassetsandearnings.Whentherearedistributionstobemade,preferredstockholdersmustbepaidbeforecommonstockholders.Inthe eventthatthecompanygoesbankrupt,commonstockholdersarelastinlineforthecompany’sassets.Theywillnotreceiveanymoneyuntilafterthepreferredstockholdersarepaidout.c)Dividendsofpreferredstocksarepaidatregularintervalsandgenerallygreaterthanthoseofcommonstocks.(1)IPOmeansinitialpublicoffering.ThemarketforstockthathasrecentlygonepubliciscalledtheIPOmarket.Whenaprivatecorporation’sstockisofferedtothepublicforthefirsttime,itneedstouseanIPOmarket.(2)ThecommissionbrokersareindividualsemployedbybrokeragefirmsthataremembersoftheNYSE.Thefloorbrokersareindependent,freelancebrokerswhoworkforthemselvesratherthanforabrokeragefirm.(3)TheNYSEisanauction-basedmarketwheretradersmeetontheflooroftheexchange,usingperson-to-person, telephoneorders orelectronicorders.TheNasdaq,ontheotherhand,isstrictlyanelectronicexchange,anintangibleorganization.(4)Marginrequirementistheamountthataninvestormustdepositinamarginaccountbeforebuyingonmarginorsellingshort,asrequiredbytheFederalReserveBoard’sRegulationT.1.TranslatethefollowingpassagesintoEnglish(1)TheShanghaiStockExchange(SSE),whichwasfoundedonNovember26,1990andcameintooperationonDecember19atthesameyear,isanon-profitcorporationdirectlygovernedbytheChinaSecuritiesRegulatoryCommission(CSRC).TheSSEadoptstheelectronicauctiontradingmodeandthebuyingandsellingofallthelistedsecuritiesmustbemadebypublicbiddingthroughthemainframecomputer.Itisthemainframecomputerthatmatchesthedealsinaccordancewiththeprincipalofprice-timepriority.BytheendofDecember2007,theSSEpossessed1,125listedsecuritiesand860listedcompanies,withacombinedmarketcapitalizationofRMB26,983.9billionyuan.(2)DowJonesIndustrialAverageisoneofthestockindexescreatedbyCharlesDow,thefounderofTheWallStreetJournalandtheDowJones&Company.ItreflectsthegeneraltrendoftheUSstockmarket,coveringsuchindustriesasfinance,manufacturing,scienceandtechnology,entertainment,andretail.2.TranslatethefollowingpassagesintoChinese(1)卖空股票涉及使用借入的资金，这就是人们所知的保证金交易。当进行卖空交易时，你开立一个保证金账户，有了这个账户你就可以用你的投资作为抵押从经纪公司借入资金。当用保证金账户做多的时候，你很难控制损失，因为你必须满足25%的最低维持保证金的要求。如果账户余额低于这个标准，你就会收到追加保证金的通知，你将被迫要么存入更多的现金，要么 清算头寸。(1)周一美国主要股票指数收盘略高，这是由最后一分钟的买盘拉起的。道琼斯工业平均指数连续11天增长。周一，由30只股票构成的道琼斯工业平均指数收盘在9,108.51点的更高点位，上涨15.26点，涨幅0.17%。标准普尔500指数收盘在982.18点，增加了2.92点，增幅0.30%。高科技重工业纳斯达克综合指数上涨1.93点，以1,967.89点收关，涨幅为0.10%。Unit8MortgageMarket1.Answerthefollowingquestionsbasedonthetext(1)Amortgageisapledgeofpropertytosecurepaymentofadebt.Itmayrefertoaloansecuredbyamortgageonrealproperty.(2)Themortgagesareoriginatedbythemortgageoriginators,suchasthrifts,commercialbanks,mortgagebankers,lifeinsurancecompanies,etc.Thepossiblefeestheoriginatorscollectincludeoriginationfeeandservicingfee.(3)Thedifferencebetweenfixedratemortgagesandadjustable-ratemortgagesliesinthattheformer’sinterestrateandmonthlypaymentdonotvaryoverthelifeofthemortgage,buttheinterestrateonthelatteristiedtosomemarketinterestrateandthereforechangesovertime.(4)Aballoonmortgagedoesnotfullyamortizeoverthetermoftheloan,andthebalancewillbepaidatmaturity.Thefinalpaymentiscalledballoonpaymentbecauseofitslargesize.(5)Assetsecuritizationisafinancialinnovationthatusesamortgageorapoolofmortgagesascollateralforissuingasecurityorsecurities.Differentfromtraditionalsystemforfinancingtheacquisitionofassets,itcallsforafinancialintermediarytooriginatealoan,retaintheloaninitsportfolio,andservicetheloanandobtainfundsfromthepublic.(6)Apass-throughisasecuritythatiscreatedwhenoneormoreholdersofmortgagesfromapoolofmortgagessellsharesorparticipationcertificatesinthepool.Itwascreatedbecauserisk-averseinvestorspreferinvestinginapoolofmortgages.Apass-throughisconsideredmoreliquidthananindividualmortgage.(7)TrancheisaFrenchwordmeaning“slice”or“portion”.Itisusedtodescribeasecuritythatcanbesplitupintosmallerpiecesandsubsequentlysoldtoinvestors.ThenumberoftranchesofcollateralizedmortgageobligationsdependsonhowmanymaturityclassestheCMOisdividedinto.Usually,trancheswithafirstlienontheassetsoftheassetspoolareseniortranchesandaresaferinvestment,andtrancheswitheitherasecondlienornolienarejuniornotesandmoreriskyinvestment. 1.TranslatethefollowingpassagesintoEnglish(1)Assetsecuritizationistheactoftransferringtheassetsthatlackliquidityintosecuritiesthatcanbetradedfreelyinthefinancialmarket.Forexample,themortgageoriginatorcansellamortgagetotheinvestorwhowantstoputthemortgageinapoolofmortgagesandthenissuessecuritiesusingthepoolascollateral,orthemortgageoriginatorcanissueasecurityusingthemortgageascollateral.Ineithercase,onceamortgageisusedascollateraltoissueasecurity,themortgageissecuritized.(2)Adjustable-ratemortgageisamortgageloanthattheinterestrateofthebalancesisadjustedtothespecificbenchmarkrateaccordingtotheloancontract.Adjustable-ratemortgageallowstheborrowertopayalowerdownpaymentifheorsheiswillingtobeartheriskofinterestratefluctuations,sothattheborrowercanborrowmoremoneyintheloan.Buttherepaymentamountswillincreaseasthelendingrategoesup.2.TranslatethefollowingpassagesintoChinese(1)这次危机可以归咎于那些许多年来一直充斥着住房和信贷市场的各种因素。导致危机的原因包括：房屋所有者主要因可调利率抵押贷款利率的重新设定而丧失了偿还抵押贷款的能力，借款人的力不从心，掠夺性的贷款，在经济繁荣时期的投机和住房的超量建设，高风险的抵押产品，过高的个人和公司债务水平，分散乃至隐藏抵押违约风险的金融产品，货币政策，国际贸易失衡，以及政府监管（或者缺乏政府监管）等。(2)2-28贷款是可调利率抵押贷款，其利率基于伦敦银行同业拆借利率且在前两年是固定不变的。在余下的28年中，该贷款利率将会调整，通常每6个月调整一次，并且在之后的几年会显著增长。这种贷款提供给那些信用较低的客户。Unit9ForeignExchangeMarket1.Answerthefollowingquestionsbasedonthetext(1)Foreignexchangemarketisaworldwidedecentralizedover-the-countermarketforthetradingofcurrencies.(2)Theparticipantsinforeignexchangemarketincludebanks,commercialcompanies,centralbanks,hedgefunds,investmentmanagementfirms,retailforeignexchangebrokers,andotherparticipantslikethenon-bankforeignexchangecompanies.(3)Aspotcontractrepresentsabindingcommitmentforanexchangeoffundswithnormalsettlementanddeliveryinoneortwobusinessdaysfromtradedate. Aforwardcontractisanagreementmadetodayforanobligatoryexchangeoffundsatsomespecifiedtimeinthefuture.(1)Itisanagreementbetweentwopartiestoexchangetwocurrenciesatacertainexchangerateatacertaintimeinthefuture.Forexample,ifacompanyknowsthatitwillneedBritishpoundsinthefutureandanothercompanyknowsthatitwillneedU.S.dollars,theyagreetoswapthetwoattheagreed-uponexchangerate.Thiseliminatestheriskthattheexchangeratewillchangeinawaythatisdisadvantageoustoonepartyortheother.(2)Arbitrageisthesimultaneous,ornearlysimultaneous,purchaseofsecuritiesinonemarketforsaleinanotherwiththeexpectationofarisk-freeprofit.Supposethattheexchangerates(aftertakingoutthefeesformakingtheexchange)inLondonare£5=$10=¥1,000andtheexchangerateinTokyoare¥1,000=$12=£6.Converting¥1,000to$12inTokyoandconverting$12into¥1,200inLondon,foraprofitof¥200,wouldbearbitrage.1.TranslatethefollowingpassagesintoEnglish(1)Foreignexchangemarketisamarketwhereparticipatingfinancialinstitutionslikebanks,self-managementbrokers,andlargemultinationalcorporationsarelinkedbytheintermediariesortelecommunicationsystemsandallkindsofcurrenciesaretraded.Theymaybetangible,suchasexchangesorbourses,andintangible,suchastheinterbankforeignexchangemarkettradingthroughtelecommunicationsystems.(2)Arbitragehasbecomeamajormeansoftradingininternationalfinancialmarkets,andduetoitsstableprofits,theriskofarbitrageisrelativelylow.Majorityoflargefundshaveadoptedarbitrageorpartialarbitragetotradeinfuturesoroptionsmarkets.WiththestandardizationanddevelopmentofChina’sfuturesmarketandthediversificationoflistedproducts,themarketcontainsalargenumberofarbitrageopportunitiesandarbitraryhashencebecomeaneffectivewayforsomelargeinstitutionstoparticipateinthefuturesmarket.2.TranslatethefollowingpassagesintoChinese(1)本年度美元对美国六大贸易伙伴国的货币交易均处于最低水平，因为预期全球经济正在摆脱二战以来最严重的萧条，降低了对安全的需求。在报告显示上个月新房销售量是8年来的最大值之后，美元对欧元的交易触及7周的低点。由于分析师两年来首次提升美国公司利润估值，鼓励了日本投资者到海外寻求更高的投资回报，日元对其主要对手货币的比率下降。(2)在进行外汇交易时，通常是将两种货币组合起来进行交易。进行交易的货币通常是但并不总是高价值的货币。在进行美元对新加坡元的交易时，通常的做法是买入或卖出一笔固定数目的美元，如1,000,000美元。在 平仓时，进行相反的交易，即卖出或者买入1,000,000美元。在这两次交易中，利润或亏损将明显反映在贷记和借记的新加坡元的数目上。Unit10ExchangeRateRegimes1.Answerthefollowingquestionsbasedonthetext(1)Dollarizationmeanstheuseofforeigncurrencyasthenationalcurrency.(2)Underafixedpegsystem,thecountrypegsitscurrencyatafixedratetoanothercurrencyorabasketofcurrenciesofitsmajortradingorfinancingpartners,weightedtoreflectthegeographicaldistributionoftrade,service,orcapitalflows.Theratemayfluctuatewithinanarrowbankofplusorminus1%aroundtherate.Underacrawlingpegsystem,thecurrencyisadjustedperiodicallyinsmallamountsatafixedrateorinresponsetochangesinselectivequantitativeindicators.Therateofcrawlcanbesettogenerateinflation-adjustedchangesintheexchangerate,oritcanbesetatapreannouncedfixedrateand/orbelowtheprojectedinflationdifferentials.(3)Thetrilemmaisthatacountrycanachieveonlytwoofthefollowinggoals:exchangeratestability,fullfinancialintegration,andmonetaryindependence.(4)Itishardtosaywhichoneisbetter.Itdepends.Thefixedexchangeratesystemcanhelpestablishthecredibilityofaprogramtobringdowninflation.Theriskisthatthepegwillbecomeunsustainableifconfidenceintheauthorities’willingnessorabilitytomaintainitislost.Aflexibleexchangerateprovidesgreaterroomformaneuverinavarietyofways.Thedangerhereisthatitwillprobablybehardertoestablishacrediblepolicytocontrolinflation,andtheexpectationsofhigherinflationoftenbecomeself-fulfilling.(5)Itdepends.Inaworldoffloatingexchangeratesamongthemajorcurrencies,itismorelikelytohaveasinglecurrencypegifthepegistothecurrencyofthedominanttradingpartner.Bypeggingtoacurrencybasketinstead,acountrycanreducethevulnerabilityofitseconomytofluctuationinthevaluesoftheindividualcurrenciesinthebasket.2.TranslatethefollowingpassagesintoEnglish(1)OurcountryhascarriedoutamanagedfloatingsystembasedonmarketsupplyanddemandandadjustabletoabasketofcurrenciessinceJuly21,2005.RMBnolongerpegstothesingleU.S.dollar,buthasformedintoamoreflexibleexchangerateregime.ThePeople’sBankofChinadeclarestheclosingpricesofdollarandothercurrenciesagainstRMBintheinterbankforeignexchangemarketafterthemarketisclosedeveryday.ThesepriceswillbeusedasmiddlepricesofthecurrenciesagainstRMBforthenextday. (1)Thefloatingexchangerateregimecanbedividedintofreefloatingandmanagedfloating.Freefloatingmeansthatthemonetaryauthoritieshardlyinterveneintheforeignexchangemarketandtheexchangeratefluctuateswithmarketsupplyanddemand.Managedfloatingmeansthatthemonetaryauthoritiestakevariousmeasuresandmeanstoinfluencetheforeignexchangemarketandmaketheexchangerateconducivetotheireconomicdevelopment.1.TranslatethefollowingpassagesintoChinese(1)实行钉住汇率制的国家往往具有不成熟的资本市场和薄弱的监管机构。因此钉住汇率制可以帮助他们在这样的条件下创造稳定。要维持浮动汇率制必须有一个更强大的制度和成熟的市场。当一国被迫对货币贬值时，它也被要求进行某种形式的经济改革，如提供更高的透明度，以努力巩固其金融机构。(2)与中央银行不同，货币局并不持有那些可以赚取利息和产生利润的银行存款。因此，货币局不是银行体系的最后贷款人：如果一家银行要倒闭，货币局是不会解救它的。尽管商业银行不一定被要求持有甚至1%的准备金以抵补债务（对存款的提取），但是一些人认为，在传统的货币局制度下，很少看到有商业银行破产。Unit11FederalReserveSystem1.Answerthefollowingquestionsbasedonthetext(1)Theseven-memberBoardofGovernorsistheheadoftheFederalReserveSystem.ThesevengovernorsareappointedbythePresidentbuthavetobeconfirmedbytheSenate.Theyservenon-renewable14years,withonegovernor’stermexpiringeveryotherJanuary.Thisdesignisintendedtoinsulatethegovernorsfromthepoliticalpressures.(2)TheresponsibilitiesoftheBoardmembersinclude:a)toformulatemonetarypolicy;b)tosetreserverequirementsandeffectivelycontroloverthediscountratebythe“reviewanddetermination”process;c)toregulateandsupervisebanksthataremembersoftheFederalReserveSystem,bankholdingcompanies,internationalbankingfacilitiesinUnitedStates,EdgeActandagreementcorporationsandsoon;d)toensurethesmoothfunctioningandcontinueddevelopmentofthenation’svastpaymentsystem;ande)toberesponsibleforthedevelopmentandadministrationofregulationsthatimplementmajorfederallawsgoverningconsumercredit.(3)EdgeActCorporationmeansasubsidiaryofabankorabankholdingcompanyorfinancialholdingcompanythatischarteredbytheFederalReserveunderSection25AoftheFederalReserveAct,asamendedin1916,toengageinforeignbankingactivities.AgreementCorporationmeansafinancialinstitutionchartered byastatetoengageininternationalbankingservicesandtheinstitution“agrees”withtheFederalReserveBoardtolimititsactivitiestothoseallowedanEdgeActcorporation.(1)TheFOMCitselfdoesnotcarryoutsecuritiespurchasesorsales;instead,itissuesdirectivestothetradingdeskattheFeralReserveBankofNewYork,wherethemanagerfordomesticopenmarketoperationssupervisesthosewhoexecutethepurchasesandsalesofthegovernmentoragencysecurities.ThemanagercommunicatesdailywiththeFOMCmembersandtheirstaffsconcerningtheactivitiesofthetradingdesk.(2)TheprimaryresponsibilitiesofFederalReserveBanksinclude:a)clearingchecks;b)issuingnewcurrency;c)withdrawingdamagedcurrencyfromcirculation;d)administeringandmakingdiscountloanstobanksintheirdistricts;e)evaluatingproposedmergersandapplicationsforbankstoexpandtheiractivities;f)actingasliaisonsbetweenthebusinesscommunityandtheFederalReserveSystem;g)examiningbankholdingcompaniesandstate-charteredmemberbanks;h)collectingdataonlocalbusinessconditions;andi)usingtheirstaffsofprofessionaleconomiststoresearchtopicstotheconductofmonetarypolicy.(3)Discountwindowisaninstrumentofmonetarypolicythatallowseligibleinstitutionstoborrowmoneyfromthecentralbank,usuallyonashort-termbasis,tomeettemporaryshortagesofliquiditycausedbyinternalorexternaldisruptions.Institutionslikecommercialbanks,mutualsavingsbanks,savingsandloanassociations,andcreditunionsthatsubjecttoreserverequirementssetbytheFed,areallowedtousethewindow.(4)SincenointerestwaspaidonreservesdepositedattheFederalReservebanks,itwascostlytobeamemberofthesystem,andastheinterestratesrose,therelativecostofmembershiprose,andthusmoreandmorebanksleftthesystem.1.TranslatethefollowingpassagesintoEnglish(1)ThreetoolscanbeusedbytheFedtoadjustandcontroltheU.S.economy.First,theFedbuysandsellsAmericanTreasurysecuritiestocurbinflationorstimulatedeflation.Whenitbuyssecurities,moneysupplywillincrease;whenitsellssecurities,moneysupplywilldecrease.Thedealshappenvirtuallyeveryday.Second,theFedmayrequirecommercialbankstoreserveacertainpercentageofmoneyas“reserve”.ThereservecanbevaultcashordepositedinspecialaccountoftheFed’s“reservesettlement”.Asbankscannotusereserves,theFedcanchangethereserverequirementratiotoguidebankstolendmoreorlessmoneytothemarket.Third,theFedwillsetadiscountrateatwhichbankscanborrowmoneyfromtheFed.BankscanturntothediscountwindowoftheFedforloans sothattheywillhavemorefundsforlending.(1)EuropeanCentralBankistheworld’sfirstcentralbanktomanageasupranationalcurrency.Independenceisitsdistinctivefeature.NeitherdoesitacceptthedirectivesoftheEUgoverningbody,norisitsubjecttothesupervisionofgovernmentsofEUmembers.ItistheonlyqualifiedinstitutionthatisallowedtoissuetheeurowithintheEuropeanUnion.Whenitwasestablished,therewere11memberswithintheeurozone.BytheendofJanuary2009,thenumberofeurozonemembershadincreasedto16.朗读显示对应的拉丁字符的拼音 字典-查看字典详细内容1.代词1.it1.TranslatethefollowingpassagesintoChinese(1)国际清算银行是促进国际货币和金融合作的经济组织，是一家为各国中央银行服务的银行。国际结算银行主要作为促进各国中央银行和国际金融机构之间研讨和政策分析的论坛、经济与货币研究的中心、在金融交易中的中央银行的主要对手方、以及与国际金融业务联系的代理人或受托人等，来实现其职能。(2)在合适的情况，各中央银行与相关监管当局合作，将采取最有效的步骤来促使国内市场私营部门未来两年内有令人满意的行为。此外，在适当或可行的情况下，各中央银行将落实或寻求实现各国支付系统的关键性的提升，并将考虑采取其他措施，以促进为降低私营部门风险而做出的努力。这使人们认识到可能需要公共当局鼓励单个银行和行业团体的行动，并与这些团体合作以取得及时的并且是整个市场的进步。Unit12FinancialFutures1.Answerthefollowingquestionsbasedonthetext(1)Afuturecontractisastandardized,transferable,exchange-tradedcontractthatrequiresdeliveryofacommodity,bond,currencyorstockindexataspecifiedpriceonaspecifiedfuturedate.Financialfuturesarefuturescontractbasedonfinancialinstruments,suchasTreasurybonds,certificatesofdeposit,currenciesorindexes.(2)Longpositionmeansthesituationinwhichaninvestorpurchasesthefinancialfuturesandholdstheminanticipationofapriceincrease.Shortpositionmeansthesituationwheretheinvestorpromisestosellacertainquantityofagoodataparticularpriceinthefuture.(3)Currencyfuturesaretradedviaexchanges,suchastheChicagoMercantileExchange,butthecurrencymarketsaretradedviacurrencybrokersandarethereforenotascontrolledasthecurrencyfutures.Ascurrencyfuturesarebasedupontheexchangeratesoftwocurrencies,theyaresettledincash,intheunderlyingcurrency. (1)IMMistheabbreviationofInternationalMonetaryMarket,adivisionofChicagoMercantileExchange.(2)Aninterestratefuturecontractisafuturecontractwhoseunderlyingassetsaredifferentinterest-bearinginstrumentslikeT-Notes,T-Bills,T-Bonds,deposits,andsoon.Bysellinginterestratefutures,knownasshorthedging,aninvestorcanprotecthimselfagainstanincreaseininterestrates;bybuyinginterestratefutures,knownaslonghedging,aninvestorcanprotecthimselfagainstadeclineininterestrates.(3)Stockindexfutures,orindexfutures,arefuturescontractswheretheunderlyingcommodityisastockindex,suchastheDowJonesortheFTSE100.“Tick”istheminimalincrementthatfuturescontractsmovein.1.TranslatethefollowingpassagesintoEnglish(1)Bondsfutures,asakindofinterestratefutures,isastandardizedcontractwherebybothpartiespromisetobuyandsellaspecifiedquantityofcertaininterestraterelatedproductsattheagreedpriceonafuturedate.Theinterestraterelatedproductsareusuallymediumtolong-termbonds.ThecommoditymixofbondsfuturesinCBOTisthemostcompleteone,includingshort,medium,andlong-termU.S.Treasurybondfuturescontracts.Itsshortestcontractis2yearsandthelongest30years,andthe10-yearcontractisofthelargesttradingvolume.(2)Investorsinstockinvestmentsarefacedwithtworisks:systematicrisksandnon-systemicrisks.Investorscanbetteravoidnon-systemicrisksbyinvestmentportfolios,butcannoteffectivelyavoidthestockmarketdeclinecausedbysystemicrisks.Stockindexfuturesallowsinvestorsinthestockmarketandstockindexfuturesmarkettodotheoppositeoperationstooffsettherisksofpricefluctuation.2.TranslatethefollowingpassagesintoChinese(1)在芝加哥交易所有两种交易方法：公开喊价和电子平台。公开喊价的方法是由在交易所的交易池内的交易员喊出订单、报价以及特定商品的数量。交易员身穿不同颜色的马夹来表示他们在场内的不同职能（交易商、跑单者、芝加哥交易所的员工等）。他们通常会运用复杂的手势。交易池是交易所内较低的区域以便于沟通，并且根据交易量的情况可以升降。(2)由于对未来12个月通胀的低估，巴西的利率期货收益率下降，促使经济学家下调明年年末基准利率的预测。在隔夜利率期货市场，2011年1月到期的合约收益率下降4个基点，即0.04个百分点，在纽约时间下午5:01至9.77%。根据彭博数据，于2011年1月到期的当地货币零息债券收益率下降4个基点至9.87%。 Unit13FinancialStatements1.Answerthefollowingquestionsbasedonthetext(1)Abalancesheetconsistsofthreeparts:assets,liabilities,andshareholder’sequity.(2)Anincomestatementcanbedividedintooperatingsection,non-operatingsection,irregularitems,andearningspershare.(3)Itisanaccountingtechniqueusedbyfirmstoassesstheprofitsearnedbytheirinvestmentsinothercompanies.Thefirmreportstheincomeearnedontheinvestmentonitsincomestatementandthereportedvalueisbasedonthefirm’sshareofthecompanyassets.Thereportedprofitisproportionaltothesizeoftheequityinvestment.Thisisthestandardtechniqueusedwhenonecompanyhassignificantinfluenceoveranother,usually20-50%inassociatecompanies.(4)Themostcommonlyusedformatforthecashflowstatementistodivideitintothreesections:cashflowsfromoperatingactivities,cashflowsfrominvestingactivities,andcashflowsfromfinancingactivities.(5)Thedirectmethodandtheindirectmethod.Underthedirectmethod,youarebasicallyanalyzingyourcashandbankaccountstoidentifycashflowsduringtheperiod.Butundertheindirectmethod,youarebasicallyanalyzingyourincomeandexpenseaccounts,andworkingcapital.2.TranslatethefollowingpassagesintoEnglish(1)Theformationofaccountingisinfluencedbyitsenvironment.Differentcountrieshavedifferentaccountingsystemsastheyhavedifferentpolitical,economic,andculturalsystems.Acountry’saccountingsystemevolvesasaresponsetothecountry’sdemandforaccountinginformation.InmanyEuropeancountries,thegovernmentregulationrequiresthatenterprisesannouncedetailedinformationoftrainingandemploymentpolicies,whiletheUnitedStateshasnosimilarrequirement.(2)Cashflowstatementreflectstheinflowsandoutflowsofcashandcashequivalentsofanenterpriseinacertainaccountingperiod.Itisoneofthethreebasicfinancialstatementswhichexpressestheincreaseanddecreaseofcash(includingbankdeposits)inafixedperiod(usuallymonthlyorquarterly).Itmainlyreflectstheimpactsofvariousitemsinthebalancesheetoncashflows,andcanbedividedintothethreecategoriesasoperating,investingandfinancingaccordingtotheiruses.3.TranslatethefollowingpassagesintoChinese(1)金融行动特别工作组是一个政府间的跨国机构，其宗旨是发展和推动国内国际政策，以打击洗黑钱及恐怖分子筹资的活动。金融行动特别工作组监控各成员国在实施必要措施上的进展，审核它们 检查洗钱及恐怖分子筹资活动的技术和应对措施，并促进它们在全球范围内采取和执行适当的措施。在这些活动中，金融行动特别工作组与其他进行反洗钱和恐怖分子融资的国际组织进行合作。(1)在企业财务报告中，损益表总结了公司每个季度和会计年度的收入和支出。表中最后的净值及许多其他的数据是投资界最感兴趣的。损益表有两种基本格式：多步法和单步法。在多步法中，四种盈利方法由企业经营的四个重要环节所揭示——总收入、营业收入、税前及税后利润。在单步法中，总收入与营业收入在表中没有被给出，但是可以通过表中的数据计算出来。Unit14FinancialCrisis1.Answerthefollowingquestionsbasedonthetext(1)Thefourtypesoffinancialcrisesrefertocurrencycrisis,bankingcrisis,foreigndebtcrisis,andsystemicfinancialcrisis.(2)Abankingcrisisisusuallyintheformofbankrun.Abankrunoccurswhenalargenumberofbankcustomerswithdrawtheirdepositsbecausetheybelievethebankis,ormightbecome,insolvent.Theresultingchainofbankruptciescancausealong-termeconomicrecession.Acurrencycrisisoccurswhenthevalueofacurrencychangesquickly,underminingitsabilitytoserveasamediumofexchangeorastoreofvalue.Currencycrisescanbeespeciallydestructivetosmallopeneconomiesorbiggerbutnotsufficientlystableones.(3)ItstartedwiththeWallStreetcrashonOctober29,1929.ThecausesoftheGreatDepressionarestillamatterofactivedebateamongeconomists,althoughthepopularbeliefisthattheGreatDepressionwascausedbythecrashofthestockmarket.TheDepressionbecameaworldwidebusinessdownturnofthe1930sthataffectedalmostallcountries.Internationalcommercedeclinedquickly.Therewasasharpreductionintaxrevenues,profitsandpersonalincomes.Itaffectedbothcountriesthatexportedrawmaterialsandindustrializedcountries.Itledtoasharpdecreaseinworldtradeaseachcountrytriedtoprotecttheirownindustriesandproductsbyraisingtariffsonimports.Governmentsreducedtheirspending,whichledtodecreasedconsumerdemand.Constructioncametoastandstillinmanynations.Somenationschangedtheirheadsandtheirtypeofgovernment.Worldtradecollapsedwithtradein1939stillbelowthe1929level.(4)TheUSsubprimemortgagecrisiswasoneofthefirstindicatorsofthe2007-2010financialcrisis,characterizedbyariseinsubprimemortgagedelinquenciesandforeclosures,andtheresultingdeclineofsecuritiesbackedmortgages.Approximately80%ofU.S.mortgagesissuedtosubprimeborrowerswereadjustable-ratemortgages.AfterU.S.housepricespeakedinmid-2006andbegan theirsteepdeclinethereafter,refinancingbecamemoredifficult.Asadjustable-ratemortgagesbegantoresetathigherrates,mortgagedelinquenciessoared.(1)BecausetheresulthasbeenalargedeclineinthecapitalofmanybanksandU.S.governmentsponsoredenterprises,tighteningcreditaroundtheworld.1.TranslatethefollowingpassagesintoEnglish(1)Thefirst-generationmodelofcurrencycrisisimpliesthatexpansionarymacroeconomicpoliciesleadtohugedeficits,and,inordertocoverthedeficits,thegovernmenthastoincreasemoneysupplyandatthesametimecontinuetosellforeignexchangereservestomaintaintheexchangeratestability.Oncetheforeignexchangereservesreducetoacriticalpoint,speculatorswillattackthecurrencyofthecountryandmaketheforeignexchangereservesexhaustedintheshortrun.Then,thegovernmenteitherfloatsordevaluesitscurrency.Atlast,thefixedexchangerateregimecollapsesandhencethecurrencycrisis.(2)Beitcurrencycrisis,bankingcrisis,orexternaldebtcrisis,whenthecrisisbreaksout,thereexistsomesimilarmacroeconomicreasons,suchasthehighinflationrate,theexpandingcurrentaccountdeficits,theexcessiveexpansionofdomesticborrowing,andtheinflationofassetprices.Thethreetypesofcrisesmaysometimesoccursimultaneously,suchasthe1997AsianCrisisandtheArgentineCrisisof2000-2007.2.TranslatethefollowingpassagesintoChinese(1)国际货币基金组织应其成员国的要求提供政策建议和财政支持。国际货币基金组织的成员小分队会到达该国分析那些受影响的部门（例如，政府财政、金融机构、企业部门）并同该国当局讨论应对政策。讨论的内容包括估算该国（不能被私营部门满足的）融资规模。一旦在政策和融资方案方面达成共识，他们就会建议国际货币基金组织的执行董事会批准该项目并提供贷款。此程序可以在货币基金组织的“紧急筹资程序”下加急办理。(2)一项针对国际货币基金组织的批评在于他们的援救努力加剧了经济学家称之为道德风险的问题。当人们认为事情出错时总是有人解救他们，那么他们就会行事鲁莽，由此产生道德风险。批评者指出，在上世纪九十年代的繁荣时期，许多日本和西方银行过于乐意借出大量资金给亚洲的公司，致使这些公司超杠杆借贷。批评者认为，这些银行现在要为他们鲁莽的借款政策付出代价，即使这意味着某些银行必须倒闭。Unit15FinancialRegulation1.Answerthefollowingquestionsbasedonthetext(1)Regulationreferstotheactionofcontrollingfirmstomaketheirprivatedecisions toconsiderthepublicinterest.Financialregulationmeansthatthegovernmentmayinterveneinthefinancialmarkettopreservetheorderandsoundnessofthemarket.Specifically,thegovernmentmayenforceapplicablelaws,prosecutecasesofmarketmisconduct,licenseprovidersoffinancialservices,protectclientsandinvestigatecomplaintsandmaintainpublicconfidenceinthefinancialsystem.(1)Itmayprotectagainstmonopoliesbylawstopromoteormaintainmarketcompetitionandregulationonanti-competitiveconduct.(2)Systemichazard,orsystematicrisk,referstotheriskofcollapseofanentirefinancialsystemorentiremarket,asopposedtotheriskassociatedwithanyoneindividualentity,grouporcomponentofasystem.Thistypeofriskhasthepotentialtoimpactanentiremarketsegmentoreventhewholemarket,andcannotbeavoidedwiththeuseofvariousinvestmentstrategies.(3)Prudentialregulationisaformofregulationbywhichthesupervisingauthorityseekstoensurethatdepositorsremainprotectedbyrequiringregulatedentitiestoholdaminimumamountofcapitaltooffsetitsrisks.Conductofbusinessregulationisdesignedtoestablishrulesandguidelinesaboutappropriatebehaviorsandbusinesspracticesindealingwithcustomers.(4)ThethreepillarsoftheNewBaselCapitalAccordare:minimumcapitalrequirements,supervisoryreview,andmarketdiscipline.(5)Accordingtothetext,theNewBaselCapitalAccordmayincreasethecostsofexternalfinancingformanydevelopingcountries.Theprocyclicalityofcapitalflowstodevelopingcountriescanincreasewiththeuseofinternalratingsbyinternationalactivebanks.1.TranslatethefollowingpassagesintoEnglish(1)Theseparateregulationmodeistosetuparegulatorybodyresponsibleforprudentialregulationandconductofbusinessregulationineachofthesectorsofbanking,securitiesandinsurancerespectively.Theunifiedregulationmodeistosetupaunifiedregulatorybodytomonitorallthefinancialsectors,financialinstitutions,andbusinesses.Theuniformregulatorybodycanbethecentralbankorotherinstitutions.Atpresent,ourcountryadoptstheseparateregulationmode.ThePeople’sBankofChina,ChinaSecuritiesRegulatoryCommission,andChinaInsuranceRegulatoryCommissionrespectivelysupervisethesectorsofbanking,trust,securities,andinsurance.Amongthem,thePeople’sBankofChinaisnotonlythecentralbank,butalsoresponsibleforthedevelopmentandimplementationofmonetarypolicy.(2)Theso-called“NewCapitalAccord”,the“NewBaselCapitalAccord”formallyissuedbytheBaselCommitteeonBankingSupervision,isrelativetothe1988 promulgationofthe“BaselAgreement”.TheNewBaselCapitalAccordproposedthreepillarsforeffectiveregulationofbanks–minimumcapitaladequacyrequirements,externalsupervision,andmarketdiscipline.AccordingtothetimetableoftheimplementationoftheNewCapitalAccordmadebyChinaBankingRegulatoryCommission,largedomesticbankswillimplementthenewCapitalAccordinadvancebytheendof2009,andalltheotherdomesticbankswillfullyimplementitnolaterthan2013.1.TranslatethefollowingpassagesintoChinese(1)巴塞尔银行监管委员会为银行监管事宜的常规合作提供了一个讨论平台。其目的是提高对关键的监管问题的认识，改善全球银行监管的质量。它通过在国家监管事项、方法以及技术间的信息交流达成此目的，以期促进共同理解。有时，委员会使用该共识在他们认为合适的地区发展指导方针和监管标准。在这方面，委员会因以下三个方面而著名：资本充足率的国际标准、有效银行监管的核心原则、以及跨境银行监管的协约。(2)很多年来大多数中央银行都集中精力用单一工具利率来达成单一的目标，即物价稳定。他们忽略了或者说是没有意识到巨大的资产泡沫和银行的神风行为。如今，很明显中央银行家们不仅要考虑经济而且要考虑经济背后的金融监测情况。通过使用银行资本规则以及信贷控制等工具，中央银行可以预防再次出现资产泡沫的过度积累。Unit16Insurance1.Answerthefollowingquestionsbasedonthetext(1)Insurancecompanyisafinancialinstitutionthatsellsinsurance.Aninsurancebrokerisnottheagentorrepresentativeoftheinsurancecompany.Aninsurancebrokerfindssourcesfor(brokers)contractsofinsuranceonbehalfoftheircustomers.(2)Thethreemajorcomponentsofaninsurancecompanyare:homeoffice,investment,anddistributionorsales.(3)Outsourcingmeanscontractingaprocess,suchasproductdesignormanufacturing,toathirdparty.Insurancecompaniesareincreasinglyoutsourcingpartsoftheirinvestmentportfoliooreventheentireportfoliotoexternalindependentinvestmentmanagers.(4)Thedifferencesbetweenastockinsurancecompanyandamutualinsurancecompanyinclude:a)Astockinsurancecompanyisownedbyindependentshareholdersandhastheobjectiveofmakingprofits;Mutualinsurancecompanieshavenostockandexternalowners.b)Theshareholderscareonlyabouttheperformanceoftheirshares;thepolicyholderscareprimarilyorevensolelyabout theperformanceontheirinsurancepolicies,notablythecompany’sabilitytopayonthepolicy.c)Ashareholder’sholdingperiodmaybeshort;thepolicyholder’sviewmaybeoflongterm.(1)Annuityreferstoaregularstreamofincomepaidtoanindividualusuallybythecompanytheyworkedfororincomederivedfromtheirinsurancepolicies.Itisoftenusedasincomeduringretirement.Afixedannuityisaninsuranceproductdesignedtoprovidelong-term,taxdeferredsavings.Itcanprovideaguaranteedrateofreturnbutmayhavefewinvestmentoptions.Avariableannuityisalong-terminvestmentdesignedtocreateguaranteedincomeinretirement,butinvestmentreturnswillfluctuateandtheprincipalvalue,whenredeemed,maybeworthmoreorlessthantheoriginalinvestment.1.TranslatethefollowingpassagesintoEnglish(1)Insurablerisksareconfinedtopurerisks.Theso-calledpureriskreferstotheuncertaintythatthereareonlylosspossibilitiesbutnoprofitopportunities.However,notallthepurerisksareinsurablerisks.Pureriskbecominginsurableriskmustmeetthefollowingrequirements:a)Highlosses.Onceithappens,itwillbringpeoplegreateconomichardship.b)Lowprobability.c)Certainprobabilitydistribution.d)Agreatnumberofinsuranceobjectswithhomogeneousrisks.e)Accidentaloccurrence.f)Determinableandmeasureable,i.e.,thereason,thetime,andtheplaceoflossoccurrencecanbedeterminedandthelossamountcanbeestimated.g)Lossescannotoccursimultaneously.(2)Annuityisasupplementarypensioninsurancesystemvoluntarilysetupbyanenterpriseanditsemployeesbasedonthebasicpensioninsurance.Theenterpriseanditsemployeesjointlycontributetotheannuity.Thecontributionsbytheenterpriseareusuallynomorethanone-twelfthofthetotalwagesofthefirsthalfoftheyear,andthetotalcontributionsbytheenterpriseanditsemployeesarenomorethanone-sixthoftheannualpayrollsofthefirsthalfoftheyear.(3)Ourcountry’senterpriseannuitysystemhasdevelopedrapidlysinceitsestablishment,withtheaccumulatedamountreachingRMB100billionyuan.Asearlyas2004,theannuityoftheIndustrialandCommercialBankofChinahadenteredtheinter-bankbondmarket.Afterthat,theannuitiesofallfinancialinstitutionshavebeenallowedtoentertheinter-bankbondmarket.Bytheendof2006,theamountofannuitiestrustedtotheIndustrialandCommercialBankofChinaandChinaMerchantsBankhadamountedtooverRMB21.5billionyuan,andinthesameyear,theamountofbondtrustedintheinter-bankbondmarkethadreachedtoRMB9.25trillionyuan.OnFebruary28,2007,hundredsofbillionsyuanofannuitieswasallowedtoinvestintheinter-bankbonds. 1.TranslatethefollowingpassagesintoChinese(1)精算师是分析风险所带来的经济后果的专业人士。精算师运用数学、统计以及金融理论来研究未来不确定的事件，特别是那些与保险和养老项目有关的事件。他们估算出这些事件发生的可能性，设计出有效的方法来减少这种可能性，以及减轻那些一定会发生的不利事件所带来的影响。精算师是雇用他们的公司管理团队的重要组成部分。精算师的工作要求具有强大的分析技能、业务知识、以及对人类行为的理解，进而设计出并管理可以控制风险的程序。(2)一般保险公司可以进一步分为以下两个子类：标准的保险公司与额外的保险公司。在美国，标准的保险公司是保险产业的主流，通常销售常见的保险产品，如汽车保险、房屋保险和商业保险等。额外的保险公司则以标准保险没有理赔的风险为主要业务。Unit17BehavioralFinance1.Answerthefollowingquestionsbasedonthetext(1)Behavioralfinanceisafieldoffinancethatproposespsychology-basedtheoriestoexplainstockmarketanomalies.Behavioralfinanceexpertsthinkthattheinformationstructureandthecharacteristicsofmarketparticipantssystematicallyinfluenceindividual’sinvestmentdecisionsaswellasmarketoutcomes.(2)Heuristicisamethodofusingexperienceandpracticalknowledgetosolveaproblemandrapidlycometoasolutionthatisclosetothebestpossibleoroptimalanswer.Animportantexampleofheuristiciswhentradingflooreconomistsandtradershavetointerpretincominginformationrapidly.Theyhavenochoice,especiallyif,onacertainday,theU.S.and/orothercountriesmaypublishfiveorsixcriticaleconomicindicatorsatthesametime.(3)Mentalaccountingtheorypurportsthatindividualsdividetheircurrentandfutureassetsintoseparateandnon-transferablementalaccountsandassigndifferentlevelsofutilitytoeachassetgroups.Thedivisionwillaffecttheirconsumptionbehaviors.(4)Anchoringisusedinpsychologytodescribethecommonhumantendencytorelyonknowledgethatisrapidlyavailablewhenmakingdecisions.Duringnormaldecisionmaking,individualsanchoronspecificinformationoraspecificvalueandthenadjusttothatvaluetoaccountforotherelementsofthecircumstance.Oncetheanchorisset,thereisabiastowardthatvalue.(5)Holdingtheloserstoolongreflectsthatpeoplehavetheaversiontorecognizingbaddealsandcuttinglosses.Investorsareunwillingtorecognizelosses,butaremorewillingtorecognizegains. (1)Endowmenteffectisknownasstatusquobias,whichmeansthatmostpeoplewoulddemandahigherpricetosellaproductthantheywouldbewillingtopaytobuyit;butthestandardeconomictheorymeansthataperson’swillingnesstopayforagoodshouldbeequaltotheirwillingnesstoacceptcompensationtobedeprivedofthegood.(2)Duetolossaversion,peoplestronglypreferavoidinglossesthanacquiringgains.Somestudiessuggestthatlossesaretwiceaspowerfulandpsychologicalasgains.1.TranslatethefollowingpassagesintoEnglish(1)RichardH.Thalerthinksthatbehavioralfinanceisnolongeracontroversialtopicbecausefinancialeconomistshavetakenhumanbehaviorsintoaccountwhentheystudystockprices.Thus,whenwelookback,thediscussionofbehavioralfinanceoveradecadeagowasreallyafuss.Itispredictedthatinthenearfuturetheterm“behavioralfinance”willbeconsideredacumbersomeexpression,aseconomistsalltake“behaviors”intothemodelswhentheyobservetherealworld;otherwise,itwillbeirrational.(2)Economistsoftenuse“herdingeffect”todescribetheeconomicpsychologythatindividualsfollowthetrend.Incapitalmarkets,“herdingeffect”meansthatonesingleinvestoractsaccordingtoothersimilarinvestors’actionsinaninvestmentgroup.Heorshewillbuywhenothersbuy,andsellwhenotherssell.Herdingeffectisastrangephenomenoninsecuritiesmarkets,havingagreatinfluenceonthestabilityandefficiencyofthemarket.2.TranslatethefollowingpassagesintoChinese(1)从历史上来看，在美国和其他地方的股权溢价一直很高。例如，投资1美元在1926年1月1日的美国国债，现在的价值是14美元；投资1美元在同一天的大型美国股票，现在价值超过2000美元。尽管人们对股票的回报期望更高，因为股票比国库券的风险大，但是年77%的收益差别太大了，以至于不能用风险单方面来解释。(2)有效市场假说被认为是现代金融理论的基础之一。由于假设证券的市场价格能反映所有发布的相关信息的影响，该假设没有解释非理性问题。行为金融学最著名的批判者是市场有效理论的创始人尤金·法玛。法玛教授认为，即使有一些不能被现代金融理论解释的异常现象，市场效率理论也不应该完全被摒弃而由行为金融学所取代。Unit18FinancialEthics1.Answerthefollowingquestionsbasedonthetext(1)Ethicsmeanswellbasedstandardsofrightandwrongthatprescribewhathumansoughttodo,usuallyintermsofrights,obligations,benefitstosociety,fairness,or specificvirtues.Nothingcanbeaccomplishedwithoutnormsorstandards.(1)Ethicaldilemmasandethicalviolationsinfinancecanbeattributedtoaninconsistencyintheconceptualframeworkofmodernfinancial-economictheoryandthewidespreaduseofaprincipal-agentmodelofrelationshipinfinancialtransactions.(2)Themostfrequentlyoccurringethicalviolationsinfinancerelatetoinsidertrading,stakeholderinterestversusstockholderinterest,investment,andcampaignfinancing.(3)Mostbankshavesetuptheirowncodesofethicsorethicsofconduct,andsomeevenconducttrainingprogramsonethics.Theyasktheiremployeestoadheretolawsandregulations.(4)It’sforstudentstodiscuss.1.TranslatethefollowingpassagesintoEnglish(1)ThefinancialscandalsofsomeU.S.companieshaveledtotheemergenceofanewseniormanager:chiefethicalofficer.Thataseniormanagerisresponsibleforcorporateethicsandcomplianceissuessoundslikeagoodsolution.However,thecriticsdoubtwhetherachiefethicalofficercantaketheresponsibilityforcultivatingcorporatecultureinaccordancewithethics.Advocatesbelievethatsettingupthepositionofchiefethicalofficerinenterprisesindicatesthattheenterprisehasattachedgreatimportancetocorporateethics.(2)Theconceptsofcorporatesocialresponsibilityandstakeholdersemergedintheearly1900sintheUnitedStates.Corporatesocialresponsibilitymeansthatnotonlyshouldanenterprisemakemoneyandberesponsibleforshareholders’interests,butalsoassumesocialresponsibilitiesforitsemployees,society,andenvironment,particularlyincludingcompliancewithbusinessethics,productionsafety,occupationalhealth,protectionoflegitimaterightsandinterestsoflaborers,savingresources,etc.Themaindifferencebetweenstakeholdertheoryandthetraditionaltheoryofshareholdersupremacyliesthattheformerthinksthatnocompanycandevelopwithouttheinputorparticipationofvariousstakeholders,suchasshareholders,creditors,employees,consumers,suppliersandsoon.Enterprisesshouldnotonlyservetheinterestsofshareholders,butalsoprotecttheinterestsofotherstakeholders.2.TranslatethefollowingpassagesintoChinese(1)伦理道德困境和金融违法行为可以归因于现代金融经济理论概念框架与在金融交易中委托代理关系模型的广泛使用的不一致性。作为现代资本主义制度基础的金融经济理论是建立在理性最大化范例上的，它认为个人追求私利（利己）且人们在寻求自身利益最大化时是理性的。委托代理关系模型则是 这样一种安排，即一方作为另一方的代理，代表另一方执行特定的职能。这种安排是现代经济和金融体系的组成部分，并且很难想象没有它们该体系将如何运行。(1)伦理学不仅要和管理学一起学习，而且两者之间联系紧密。企业管理是关于做出正确决策的学科。那么两者之间的区别是什么呢？管理学关心的是决策如何影响公司，而伦理学关心的是决策如何影响一切事物。管理工作是在特定的公司情境中运行，而伦理是在世界这个大情境下运作。因此，管理学是伦理学的一部分。企业经理如果不懂管理学和一般伦理学，他就不能做出正确的决定。商业道德就是在现实世界中进行的管理学。这就是为什么企业经理应该学习伦理学。'