复试金融专业英语传世版.docx
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复试金融专业英语传世版.docx
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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.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).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-terminterestratesexpectedtooccuroverthelifeofthelong-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,ifthecarisagoodcar,the
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