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名词解释
1
、
Financial
market
（金融市场）
is a
market in which
financial assets
(securities) such as stocks and
bonds
can be purchased or sold.
2
、
Those
participants
that
provide
funds
are
called
surplus
units
（盈余方）
.
3
、
Participants
that
enter
financial
markets
to
obtain
funds
are called
deficit
units
（赤字方）
4
、
Those
financial
markets
that
facilitate
the
flow
of
short-term funds (with maturities of
less than one year)
are known as
money
markets
（货币市场）
.
5
、
Those that
facilitate the flow of long-term funds are
known as
capital
markets
（资本市场）
.
6
、
Primary
markets
（一级市场）
facilitate the issuance
of
new securities. The issuance of new corporate
stock
or
new
treasury
securities
is
a
primary
market
transaction.
7
、
Secondary
markets
（二级市场）
facilitate the trading
of
existing
securities.
The
sale
of
existing
corporate
stock or treasury security holdings by
any business or
individual is a
secondary market transaction.
8
< br>、
liquidity
（流动性）
,
which
is
the
degree
to
which
securities can easily be liquidated
(sold) without a loss
of value.
9
、
over-the-
counter (OTC)
market
（场外市场）
,
which
is a telecommunications network.
10
、
A secondary
stock offering
（二次发行）
is a new
stock offering by a
specific firm whose stock is already
publicly traded.
11
、
Money Market
Securities
（货币市场证券）
are debt
securities that
have a maturity of one year or less.
12
、
Capital
Market
Securities
（
资
本
市
场<
/p>
证
券
）
secu
rities
with
a
maturity
of
more
than
one
year
are
called Capital Market
Securities.
13
、
Bonds
（
债券）
are long-term debt obligations issued
by
corporations
and
government
agencies
to
support
their operations.
(Treasury notes and bonds).
14
、
Mortgages
（
抵
押
贷
款
）
are
long-term
debt
obligations
created
to
finance
the
purchase
of
real
estate
15
、
Stocks
（股票）
(also referred to as equity securities<
/p>
股
权
类
证
券
)
are
certificates
representing
partial
ownership
in
the
corporations
that
issued
them.
They
are classified as capital market
securities.
16
、
Derivative
securities
（衍生证券）
are
financial
contracts whose values are derived from
the values of
underlying
assets
(such
as
debt
securities
or
equity
securities).
17<
/p>
、
Speculation
（投机）
:
derivative securities allow
an
investor
to
speculate
on
movements
in
the
underlying
assets without
having to purchase those assets.
18
、
H
edging
（套期保值）
:
Derivative securities can be
used in a
manner to generate gains if the value of the
underlying assets declines.
19
、
Foreign
exchange
rates
（外汇汇率）
:
is
the price
of one money in terms of
another one.
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20
、
Mutual
Funds
（共同基金）
:
they
sell
shares
to
surplus units and use the
funds received to purchase a
portfolio
of securities.
21
、
The
Loanable
Funds
th
eory
（可贷资金理论）
,
commonly
used
to
explain
interest
rate
movements,
suggests that the market interest rate
is determined by
the
factors
that
control
the
supply
of
and
demand
for
loanable funds.
22
、
This
relationship between interest rate and expected
inflation is often referred to as
the
Fisher
Effect
（费舍
效应）
.
23
、
Crowding-out
effect.
（挤出效应）
Given a certain
amount
of
loanable
funds
supplied
to
the
market(
through
saving),
excessive
government
demand for these
funds tends to “crowd out” the private
demand (by consumer and corporation)
for funds.
24
、
Repurchase
Agreements
（购回协议）
The Trading
Desk
purchases
Treasury
securities
from
government
securities
dealers
with
an
agreement
to
sell
back
the
securities
at
a
specified
date
in
the
near
future
—
to
ensure adequate liquidity
25
、
The Federal
Reserve System (the Fed)(
联邦储备
系统
)
,
as the
central bank of the United States, has the
responsibility for conducting national
monetary policy.
26
、
Commercial
paper
（
商业票据）
is a short-term debt
instrument issued only by well-known
creditworthy firms
and is typically
unsecured.
27
、
Negotiable
Certificates of Deposit
(NCDs)
（可转
让存单）
are
issued
by
large
commercial
banks
and
other
depository
institutions
as
a
short-term
source
of
funds.
28
、
Repo
（回购）
refers
that one party sells
securities
to
another
with
an
agreement
to
repurchase
the
securities at a specified date and
price.
29
、
Federal
funds
（
联邦基金）
market allows depository
institutions to effectively lend or
borrow short-term funds
from each other
at the so-called federal funds rate.
30
、
A
banker’s
acceptances
（银行承兑）
indicates that
a bank
accepts responsibility for a future payment. They
are commonly used for international
trade transactions.
31
、
The U.S.
dollar deposits in non
-U.S. banks is
called
Eurodollar certificates of
deposit or
Eurodollar CDs
（欧<
/p>
洲美元存款）
.
32
、
Bond
markets(
债券市场
)
facilitate
the
flow
of
long-term
debt from surplus units to deficit units.
33
、
Bearer
bonds
（无记名债券）
: require the
owner to
clip
coupons
attacked
to
the
bonds
and
send
them
to
the
issuer to receive coupon payments.
34
、
Registered
bonds
（记名债券）
:
require the issuer
to
maintain
records
of
who
owns
the
bond
and
automatically send coupon payments to
the owners.
35
、
An
initial
public
offering
（首次公开募股）
is
a
first-time
of shares by a specific firm to the public.
36
、
Over-the-
Counter
Market
（场外交易市场）
:Trades
through a telecommunications network
37
、
Financial
futures
markets
（<
/p>
金
融
期
货
市
场
）
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