1.2.3.1 证券及证券市场相关概念
1.Bad loan 不良贷款
Spain’s bad loan ratio had peaked in December 2013, when it had reached 13.61 percent with a total of 197.04 billion euros of bad debt as a result of the country’s financial crisis, real estate sector debt and high unemployment.(http://www.xinhuanet.com/english/2017-09/26/c_136640516.htm)
西班牙的不良贷款率在2013年12月达到顶峰，当时由于该国的金融危机、房地产部门的债务和高失业率，西班牙的不良贷款率达到13.61％，总计1970.4亿欧元。
相关术语：immovable property=real estate=real property不动产；compensation for demolition拆迁补偿费；removal expense拆迁费用；urban housing provident fund城镇住房公积金；low-cost housing低价住房；property ownership certificate房产证
2.Lender of last resort 最后贷款者
The ECB must also act as a lender of last resort and provide liquidity to support Eastern European currencies.(www.ftchinese.com)
注：The European Central Bank （ECB）欧洲中央银行（欧洲央行），总部位于德国法兰克福，成立于1998年6月1日，负责欧盟欧元区的金融及货币政策，是为适应欧元发行流通而设立。
3.Long-term liabilities 长期债务
Such investors have long coveted the accompanying inflation-linked investment returns,which match their long-term liabilities.
长期以来，这些投资者一直渴望获得与通胀挂钩的投资回报，这与他们的长期负债持平。
注：通胀挂钩债券（inflation-indexed bond）是香港政府发行为期三年的零售债券。通胀挂钩债券每手面值10 000港元，每半年派息一次，其息率分浮息及定息，浮息与香港最近六个月的通胀率（以综合消费物价指数为准）挂钩，定息为一厘，最终派息率以高者为准。
4.Liquidation 清算
Without rarely granted special approval, registered capital may not be withdrawn prior to liquidation.(www.ftchinese.com)
在未得到政府特别批准（这种情况相当罕见）的情况下，注册资本不能在清算之前撤出。
注：（1）registered capital注册资本/法定资本，是公司制企业章程中规定的全体股东或发起人认缴的出资额或认购的股本总额，并在公司登记机关依法登记；（2）相关术语：minimum registered capital最低注册资本；crime of misstating the registered capital 虚报注册资本；validation of registered capital验证注册资本
5.Liquidity 流动性
Hedge funds have cut their borrowings sharply, reducing the amount of liquidity being provided to the financial system.(www.ftchinese.com)
对冲基金大幅削减借款规模，从而减少了提供给金融体系的流动性。
注：（1）financial system金融系统，是有关资金的流动、集中和分配的一个体系。它是由连接资金盈余者和资金短缺者的一系列金融中介机构和金融市场共同构成的一个有机体。（2）相关术语：financial intermediary金融中介；financial market金融市场；financial institution金融机构；financial instrument金融票据
6.Credit line 信贷额度
Austria’s Oberbank will grant one billion euro of credit line for financing investment projects in Iran.(http://www.xinhuanet.com/english/2017-06/12/c_136359728.htm)
奥地利中央银行将为伊朗的投资项目提供10亿欧元的信贷额度。
注：奥地利第一储蓄银行（Erste Group Bank）；奥地利中央合作银行（Raiffeisen Zentralbank）；奥地利联合信贷银行（UniCredit Bank Austria AG）；巴瓦克银行（BAWAG P.S.K.）
7.Derivatives 衍生品
The London Stock Exchange and Deutsche Börse formally announced their intention to merge, which would boost their businesses in derivatives, clearing houses and other financial services.(economist/2016/3/19/http://blog.sina.com.cn/s/ blog_44ced7990102w0rf.html)
伦敦证券交易所和德意志证交所正式宣布合并意向，这将推动它们在衍生品、清算所和其他金融服务领域的业务。
注：（1）clearing house清算所，指金融机构交换支付指令或者其他金融证券的一个中心地点或者一种中央处理机制。金融机构根据清算所的章程和办法在指定的时间交换要结算的凭证。在一些情况中，清算所作为清算系统的重要订约方，或承担清算系统的金融及风险管理的责任。
（2）merge：合并，并购
（3）相关术语：acquisition 收购；takeover接管；leveraged buyout融资收购
8.Hover 徘徊
Demand for German 10-year bunds is so heavy that their yields hover above 1％ and the government bonds of once crisis-wracked Spain are near 200-year lows.(www.kekenet.com)
市场对德国10年期国债的需求是如此之大，以至于其收益率徘徊在1％ 以上，而一度遭受危机重创的西班牙国债收益率则接近200年低点。
注：（1）government bonds政府债券，是政府为筹集资金而向出资者出具并承诺在一定时期支付利息并偿还本金的债务凭证，包括国家债券即中央政府债券、地方政府债券和政府担保债券等。美国联邦政府发行的各种债券，包括国库券（treasury bill）、国库本票（treasury notes）和联邦政府公债（treasury bonds）。
（2）yield 收益；yield curve收益曲线；direct hours yield 直接工时产出率
9.Holder of record 注册股票持股人
Holder of Record Owner of stock recorded in a company’s books as of a certain date.
在某一日期登记在公司账目上的注册股票持股人（也是股东）。
10.Holding the market 托盘
Holding the market is hard to pull off these days because any one person would have to have very deep pockets to make a significant impact on a security’s price.(www.investopedia.com)(www.daowen.com)
如今托盘很难成功，因为任何一个人都必须拥有非常雄厚的资金才能对证券价格产生重大影响。
注：（1）security证券，是多种经济权益凭证的统称，也指专门的种类产品，是用来证明券票持有人享有某种特定权益的法律凭证，主要包括资本证券、货币证券和商品证券等。（2）相关术语：security-based swap agreement 以证券为基础的互换协议；stock index futures 股票指数期货；financial futures 金融期货；financial derivative instrument金融衍生工具；spot market 现货市场
11.Growth stocks 成长型股票
The 40m GLG Technology Equity fund (formerly SG Technology) favours small-cap growth stocks.(www.ftchinese.com)
掌管4 000万英镑的GLG科技股本基金（GLG Technology Equity，以前名为SG科技基金）青睐小盘成长型股票。
注：GLG科技股本基金，基金经理：休·格里夫斯（Hugh Grieves）。
12.Investment grade 投资级别
Their investment grade ratings of many subprime mortgage-backed securities were a primary cause of the current financial crisis.(www.ftchinese.com)
对许多次级抵押贷款证券化的投资评级是当前金融危机的主要原因。
注：（1）mortgage backed securities抵押贷款证券化（2）相关术语：financial turmoil金融危机；Freddie Mac 房地美（联邦住房抵押公司）；Fannie Mae房利美（联邦国民抵押贷款协会）；Office of Federal Housing Enterprise Oversight（OFHEO）美国联邦住房企业监督办公室；Government Sponsored Enterprises（GSE）政府发起企业；credit crunch 信贷紧缩；foreclosure 止赎权，丧失赎取权；lagged effect 滞后影响；swap lines 互惠额度
13.Overheating 过热经济
Worried about overheating, her government is trimming 50 billion real from this year’s budget.(The Economist: Measuring Brazil’s Economy)
注：（1）budget guideline ratio 财政预算案准则；budget proposal 财政预算案建议；budget revenue 财政预算案收入；budgetary criterion 开支预算准则；budgetary deficit 财政预算赤字
（2）Real雷亚尔，是1993年巴西发行的新货币，之前的货币克鲁塞罗雷亚尔只流通了一年半的时间。雷亚尔在1994年7月1日正式采用，1雷亚尔等于2 750克鲁塞罗雷亚尔，之后又有所回升。
14.Offering date 发行日期
Under a look-back provision, the stock price is keyed to the offering date or the purchase date, whichever is lower.(WSJ: Getting Going: Buying Stock From the Boss)
在一项回购条款中，股票会以发行日价格或购买日价格更低者来定价。
15.Near money 近钱
It is weakly overseen without an independent audit and thus is able to intermediate the transformation of bad, liquid assets into money (and near money) and then back again into valuable financial assets, all done secretly and anonymously.(Forbes: Is the Federal Reserve Using Money-Laundering Techniques to Cleanse Banks’ Balance Sheets?)
在没有独立审计的情况下达不到有效监管，因此能够将不良资产、非流动性资产转化为货币（或者准货币），然后再转变为有价的金融资产，这些都是在秘密和匿名的情况下进行的。
16.Overvalue 高估
These recurring extremes of yield establish undervalue and overvalue price levels.(Forbes)
这些反复出现的极端情况导致价格被低估和价格被高估。
He said the current net-long position is roughly 43％ of the total open interest in futures.(Forbes: FOCUS: Speculators Add To Bullish Gold, PGM Positions For Seventh Straight Week—CFTC Data)
他表示，目前净多头头寸约占期货交易未结算权益的43％。
18.Management fee 管理费
Ackman charges his investors an annual management fee of 1.5％ and, importantly, a 20％ performance fee.(Forbes: The Most Serious Accusation Carl Icahn Made Against Bill Ackman In Their CNBC Deathmatch)
阿克曼向投资者收取每年1.5％的经办费，重要的是，还同时收取20％的绩效费。
1.2.3.2 融资手段
1.Bear raid 抛空
The practice of bear raid has its roots in the 17th-century Dutch Republic (https://en.wikipedia.org/wiki/Bear_raid)
大量抛空做法起源于17世纪荷兰共和国。
2.Dilution 摊薄
To see the effect of stock disposals and dilution, consider eight founder-run firms:Alibaba, Alphabet, Amazon, Facebook, Netflix, Tencent, Tesla and SoftBank.(The Economist/2017/12/19/ https://item.btime.com/m_2s1cmatho1e)
要看股权出售和摊薄影响，我们来看八家创始人运行的公司：阿里巴巴、Alphabet、亚马逊、Facebook、Netflix、腾讯、特斯拉和软银。
3.New issue 新股发行
Italy raised 5bn euros from a new issue of bonds on Thursday, but had to pay an interest rate of 6.087％ to borrow the money for one year.(BBC: Eurozone’s growth has stalled, says EU)
意大利周四发行新债券筹集了50亿欧元，但必须为一年期债券支付6.087％的利率。
免责声明：以上内容源自网络，版权归原作者所有，如有侵犯您的原创版权请告知，我们将尽快删除相关内容。
