金融考研复试专业英语终极版.docx
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金融考研复试专业英语终极版.docx
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金融考研复试专业英语终极版
金融考研复试专业英语(终极版)
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)which
isameasureofthecostofabasketofgoodsandservicesboughtbyfirms.
(3)ThemeasureoftheaggregatepricelevelthatismostfrequentlyreportedinthepressistheConsumerPrice
Index(消费者价格指数),whichismeasuredbypricingabasketofgoodsandservicesboughtbyatypicalurbanhousehold.
2.What’sthedisadvantageandadvantageofholdingequityratherthandebt?
持有股权的优劣,
(1)Themaindisadvantageofowningacorporation’sequitiesratherthanitsdebtisthatanequityholderisa
residualclaimant(剩余求偿权),thatis,thecorporationmustpayallitsdebtholdersbeforeitpaysitsequityholders.
(2)Themainadvantageofholdingequitiesisthatequityholdersbenefitdirectlyfromanyincreasesinthecorporation’sprofitabilityorassetvaluebecauseequitiesconferownershiprightsontheequityholders.Debtholdersdonotshareinthisbenefit,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,a
bondissuedbyaChinesecompanydenominatedinU.S.dollarssoldinNewYork.
(2)Eurobondisabonddenominatedinacurrencyotherthanthatofthecountryinwhichitissold.Forexample,abonddenominatedinU.S.dollarssoldinChina.
5.What’sassettransformationanddiversification,资产转换和分散化
(1)Financialintermediariescreateandsellassetswithriskcharacteristicsthatpeoplearecomfortablewith,andtheintermediariesthenusethefundstheyacquirebysellingtheseassetstopurchaseotherassetsthatmayhavefarmorerisk.Thisprocessofrisksharingisreferredasassettransformation,becauseinasense,riskyassets
areturnedintosaferassetsforinvestors.
(2)Diversificationentailsinvestinginaportfolioofassetswhosereturnsdonotalwaysmovetogetherwiththeresultthatoverallriskislowerthanforindividualassets.Italsorefersto“Youshouldn'tputallyoureggsin
onebasket”.Diversificationcaneliminatefirm-specificrisk—theuncertaintyassociatedwiththespecific
companies.Butdiversificationcannoteliminatemarketrisk—theuncertaintyassociatedwiththeentire
economy,whichaffectsallcompaniestradedonthestockmarket.Forexample,whentheeconomygoesintoarecession,mostcompaniesexperiencefallingsales,profitandlowstockreturns.Diversificationreducestheriskofholdingstocks,butitdoesnoteliminateit.
6.Explainthefollowingconcepts:
asymmetricinformation,adverseselectionandmoralhazard.
(1)Asymmetricinformation(信息不对称)referstothatonepartyoftendoesnotknowenoughabouttheotherpartytomakeaccuratedecisions.Forexample,aborrowerwhotakesoutaloanusuallyhasbetterinformationaboutthepotentialreturnsandriskassociatedwiththeinvestmentprojectsforwhichthefundsareinvestedthanthelenderdoes.
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(2)Adverseselection(逆向选择)istheproblemcreatedbyasymmetricinformationbeforethetransaction
occurs.Adverseselectioninfinancialmarketsoccurswhenthepotentialborrowerswhoarethemostlikelytodefaultaretheoneswhomostactivelyseekoutaloanandarethusmostlikelytobeselected.(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,itisusedtomeasurevalueof
goodsandservicesintheeconomy.
(3)Moneyalsofunctionsasastoreofvalue(储藏手段).Astoreofvalueisusedtosavepurchasingpower
fromthetimeincomeisreceiveduntilthetimeitisspent.Thisfunctionofmoneyisuseful,becausemostofusdonotwanttospendourincomeimmediatelyuponreceivingit,butratherprefertowaituntilwehavethetimeorthedesiretoshop.
8.What’stheFisherequationandFishereffect?
费雪等式与费雪效应,
(1)TheFisherequationstatesthatthenominalinterestrateequalstherealinterestrateplustheexpectedrateofinflation.Theequationtellsusthatallelseequal,ariseinacountry’sexpectedinflationratewilleventually
causeanequalriseinthenominalinterestrate.Similarly,afallintheexpectedinflationratewilleventuallycauseafallinthenominalinterestrate.
(2)Thislong-runrelationshipbetweeninflationandinterestratesiscalledtheFishereffect.TheFishereffect
implies,forexample,thatifU.S.inflationweretorisepermanentlyfromaconstantlevelof5percentperyeartoaconstantlevelof10percentperyear,dollarinterestrateswouldeventuallycatchupwiththehigherinflation,risingby5percentagepointsperyearfromtheirinitiallevel.Thesechangeswouldleavetherealrateofreturnondollarassetsunchanged.TheFishereffectisthereforeanotherexampleofthegeneralideathatinthelongrun,purelymonetarydevelopmentsshouldhavenoeffectonaneconomy’srealvariables.
9.Howtoexplainthenegativerelationbetweenthequantityofmoneydemandedandtheinterestrate?
Wecanexplainthatthequantityofmoneydemandedandtheinterestrateshouldbenegativelyrelatedbyusingtheconceptofopportunitycost(机会成本),theamountofrevenuesacrificedbytakingonecourseofaction
ratherthananother.Astheinterestrateonbondsrises,theopportunitycostofholdingmoneyrises,thusmoneyislessdesirableandthequantityofmoneydemandedmustfall.
10.RiskPremium风险溢价
Thespreadbetweentheinterestratesonbondswithdefaultriskanddefault-freebonds,bothofthesamematurity,calledtheriskpremium,indicateshowmuchadditionalinterestpeoplemustearntobewillingto
holdthatriskybond.
11.Brieflyintroduceexpectationstheory,segmentedmarketstheoryandliquiditypremiumtheory.
(1)Theexpectationstheory(预期假说)ofthetermstructurestatesthefollowingproposition:
theinterestrateonalong-termbondwillequalanaverageoftheshort-terminterestratesthatpeopleexpecttooccuroverthelifeofthelong-termbond.
(2)Thesegmentedmarketstheory(市场分割假说)ofthetermstructureseesmarketsfordifferent-maturity
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bondsascompletelyseparateandsegmented.Theinterestrateforeachbondwithadifferentmaturityisthendeterminedbythesupplyofanddemandforthatbond,withnoeffectsfromexpectedreturnsonotherbondswithothermaturities.
(3)Theliquiditypremiumtheory(流动性溢价假说)ofthetermstructurestatesthattheinterestrateona
long-termbondwillequalanaverageofshort-terminterestratesexpectedtooccuroverthelifeofthelong-termbondplusaliquiditypremium.Itisalsocalledpreferredhabitattheory(偏好停留假说).
12.What’sthedifferencebetweenadaptiveexpectationandrationalexpectation?
(1)Adaptiveexpectation(适应性预期)statesthatexpectationsformfrompastexperienceonlyandchangesin
expectationswilloccurslowlyovertimeaspastdatachange.Forexample,expectationsofinflationistypicallyviewedasbeinganaverageofpastinflationrates.Soifinflationhadformerlybeensteadyata5%rate,expectationsoffutureinflationwouldalsobe5%.
(2)Rationalexpectation(理性预期)canbestatedasfollows:
expectationswillbeidenticaltooptimal
forecasts(thebestguessofthefuture)usingallavailableinformation.
13.EfficientMarketHypothesis有效市场假说
Infinance,theefficient-markethypothesis(EMH)assertsthatfinancialmarketsare"informationallyefficient".Inconsequenceofthis,onecannotconsistentlyachievereturnsinexcessofaveragemarketreturnsonarisk-adjustedbasis,giventheinformationavailableatthetimetheinvestmentismade.
Therearethreemajorversionsofthehypothesis:
"weak","semi-strong",and"strong".Theweak-formEMHclaimsthatpricesontradedassets(e.g.,stocks,bonds,orproperty)alreadyreflectallpastpubliclyavailableinformation.Thesemi-strong-formEMHclaimsboththatpricesreflectallpubliclyavailableinformationandthatpricesinstantlychangetoreflectnewpublicinformation.Thestrong-formEMHadditionallyclaimsthatpricesinstantlyreflectevenhiddenor"insider"information.Criticshaveblamedthebeliefinrationalmarketsformuchofthelate-2000sfinancialcrisis.[1][2][3]Inresponse,proponentsofthehypothesishavestatedthatmarketefficiencydoesnotmeanhavingnouncertaintyaboutthefuture,thatmarketefficiencyisasimplificationoftheworldwhichmaynotalwaysholdtrue,andthatthemark
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