复试金融专业英语传世版Word文档格式.docx
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复试金融专业英语传世版Word文档格式.docx
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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.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,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.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,itisusedtomeasurevalueofgoodsandservicesintheeconomy.
(3)Moneyalsofunctionsasastoreofvalue(储藏手段).Astoreofvalueisusedtosavepurchasingpowerfromthetimeincomeisreceiveduntil
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