58cv网址导航bugs in c++... 用c++输出字符串中最长的单词 帮忙纠错。。。顺便解释一下错误信息是什么意思_百度知道
bugs in c++... 用c++输出字符串中最长的单词 帮忙纠错。。。顺便解释一下错误信息是什么意思
='d;{ for(i=0; char word[100]: missing 'MyProjects&#92: missing function header (old-MyProjects\Microsoft Visual Studio\a' else
i++;qvfca&#92.cpp(8) ;Microsoft Visual Studio\ gets(word).cpp(9) :Z'100;char'qvfca&#92: &#39:\ before type ' printf(&quot: ')&#39: function does not take 0 parametersC;count&#39: function does not take 0 parametersC;MyProjects\d;max)
m=n[i];MyProjects\ before type &#39:&#92.qvfca\)||(c&gt: error C2059;%c&Microsoft Visual Studio&#92.h&gt:Microsoft Visual Studio&#92: error C2660;MyProjects&#92#include &max' max(int);='d: &#39:MyProjects\Program Files\)&#39.cpp(9) ;C;i++) {
if(n[i]&d;Program Files\d;}int max(int m);A'd;&&c&z'Microsoft Visual Studio\ ;
count(char c)?)C?)Error executing cl,word[m]): error C2144;C,i=0;int main(){ int count(char c);i&lt.cpp(8) ;int'}void count(char c);Program Files\MyProjects&#92:\Program Files\qvfca\{ int n[100];))
n[i]++:&#92: missing function header (old-#include & ;=' int max(int): syntax error : ')&#39:\i++)
n[i]=0;i&lt:\qvfca&#92.cpp(28) ;qvfca\Microsoft Visual Studio&#92: error C: error C2447;&&c&Program Files&#92: error C2144; if((c&MyProjects\C.cpp(17) ;C;d: error C2447;
int m=0;Microsoft Visual Studio&#92:&#92.cpp(8) ;}C;;qvfca\Program Files\Microsoft Visual Studio&#92: missing 'd.h&gt:\)'qvfca&#92.cpp(9) : error C2660;=' return 0; } return (m); for(i=0;Program Files\Program Files\string
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string1);n& printf(&%c&);\,*i)，用strncpy函数输出到(&quotscanf(&可以一次读入整个字符串;;&#92。 另外你需要找出最长找出最长的;%s&quot
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词汇：杂七杂八的glossary
kimono 和服downsizing 减员streamline 精简on the job/in-service 在职pegging (the currency to US dollars) disposable 一次性think tank 智囊团round the clock service 全天候服务(free) convertibility （自由）兑换find a sugar daddy 傍大款Nordic 北欧non-renewable 不可再生out and out 彻头彻尾deadlock 僵局top notch tertiary industry 第三产业fair (market) value 市值refund 退款axis-of-evil 邪恶轴心(nuclear) nonproliferation 核不扩散holistic 整体的one-off 一次性（解决）的；一揽子的turnkey 总承包的；现成可使用的in-house 自有的；（in-house finance company)round-up 汇总？low-key overseas returnee 海归framework accord 框架协议WTO accession 加入WTOnon-exclusive license 非专用特许royalty free 无版权费的sublicense 转授权；转发许可证TBD to be decidedcreature comforts 衣食recapitalization 资产重组RPI（Retail Price Index） 零售物价指数overriding concern 高于一切的考虑Lanyard 系索copyright 著作权royalty 版权compliance 合规性extension 展期co-lead underwriter 副主承销商Advisory Board 咨询委员会Board of Councillors 理事会entrepreneur 创业者upmarket 高端的attorney general 首席检察官gain/assume an upper hand godsend windfallMfg. manufacturingwell positioned upscale 高端的clientele 客户群self starter 白手起家人mock up down round 筹资首轮mass market vs. submarket 总的市场/次级市场（比如根据某个标准分的客户群）dysfunctional letter/power of attorney 委任书Bloomberg competitor of R provider of realtime financial datamarket clout 市场影响（？）consumer shelf space Performance driven rehaul (a business) 重组；sell-back (与buy-out相对） monograph 专题（论述）take-away message the message that the audience should be receiving if your presentation is to be effectiveverbatim 逐字逐句的说法（比如销售“定式”用语）Liquidity Trap 流动性陷阱（宁愿把资金存放于银行拿取零利息的回报，也不愿再投资赔了）many a little makes a mickle 集腋成裘reservist 后备兵at eleventh hours 关键时刻misnomer 用词不当payoff 收益outperform 超过bailout 解决；救援（for instance, the bailout from IMF for South Korea and other SE Asian countries after financial crisis)blackout proliferation unlisted managed funds unbiased honor of N/R (notes receivable)/dishonor 到期兑现现金流折现（确定企业价值的方法之一，其他如净资产）residual claimant equity holder (who can only claim assets after debts and so on are paid)political cronies 政府人员办的关联企业value-based pricing 价值导向定价法（区别于cost-based pricing，指能为客户带来多少价值来确定价格，而不是消耗了多少成本，比如飞机票)clearinghouse like exchange（交换场所）value of synergy 企业兼并之后带来的利益post-investment values （注意post的用法）techie 做技术的人（与salesman相对）on-target 专注于最终目标的optimum 最适宜的pro professional (n.)overhead 还有一个意思是“投影”，类似powerpointsweat equity Equity acquired by a company's executives on favorable terms, to reflect the value the executives have added and will continue to add to the company. in line 与预期相符的YTD (year-to-date) 从Jan 1到目前的时间scorched earth 焦土政策economies of scope 范围经济（与economies of scale相比）toehold 小支点，起点industry observer 行业观察家networking 商业构建私人关系网at-door/site registration speaker podium conference backdrop 会议背景幕trade-up 升级ease of maintenance/repair 维修的容易度hammer out (a strategy, for instance) work outcap （金额）最高限度；upper limitlifetime （债券等的）存期secular long-termdouble dip recession 二次萧条（特指本次美国经济泡沫破灭后，还将面临的进一步衰退）fringe benefits 附加福利（除国家规定外的）annual leave 年假cant hypocrisydisposal of plant & equipment call to order 宣布开会；要求遵守秩序second the motion 附议motion carried 动议通过window dressing 粉饰end-state 最终状态scrap 废品（与rework相对）disagrregate 分解one-of-a-kind uniquesolidity 可靠性non-core business MIS (management information system) 管理信息系统in due course 稍后7-11便利店 numerator/denominator 分子/分母winding-up 结算；停业revolving door conflict of interestssubsidiary/member companies 下属公司coach 大客车OEM/aftermarket parts 汽车业的前/后配件assembly plant 汽车整车厂elevated rail 轻轨honorary 名誉hardliner overreaching deputy magistrate 副区长（虹口）size up 估计offer .. Advancement over 比。。。更高的优势litmus test 试金石money order 汇票pass/fail rates Actuary 精算师vignette /vi'njet/ 装饰图；花边文字China Resources 香港华润集团stagflation 通胀downplay 不予重视AAF (Asset Allocation Fund) this fund divides its investment in equity, bond, assets, etc.Fannie Mae Federal Home Loan Mortgage Corporation (a government-sponsored enterprise)World Bank i.e., International Bank for Reconstruction and Developmentsupranational (institution) 跨国组织，如World Bankprivate banking 私人银行（为其理财，通常针对大额储户）captive finance company 为大公司自有的金融公司Federal Reserve Board forward contract 远期合约（与期货的不同在于：1。标准化；2.在OTC上交易，而不是交易所；3.保证金；4.期货需每日结算，以控制头寸；spot price （期货中）现价money center bank drawing funds primarily from domestic and international money market instead of depositsforeclose preventtreasury secretary 财长rundown 纲要passbook 银行存折property & Casualty company 对应于life company（人寿保险公司而言）GIC (Guaranteed investment contract) floor 最低值，保底值investment grade；noninvestment grade (junk bond) 中等到高等credit rating的stock或bond（BBB以上）boutique specialized investment-related company, e.g., research firm, focused on high-tech, etc.crowding out effect 指政府增加expenditure之后造成利率上升、private investment反而减少的情况。bank run 挤兑velocity (of money) 货币周转率（=GDP/money supply）quantity theory of money 货币数量理论（指Velocity和output保持不变，因此money supply与price成反比）escalator clauses 自动调整条款（根据物价水平对wages等进行调整）ceilings/floors 上限/下限tax incidence 租税归宿（指由consumer还是supplier承担，有actural和statutory之分）deadweight loss 无谓损失elastic 伸缩度，（指demand和supply对price的敏感程度，越elastic，说明price的微小变动就能引起suppply/demand的巨大变动 The general formula for elasticity is: E = percent change in x / percent change in ymarginal utility 边际效用sunk cost / stranded cost = fixed costeconomic profit 超额利润（accounting profit超出opportunity cost的那部分，在pure competitive market中，长期超额利润为零，即zero economic profit)cold call 陌生电访（向推销员，找工作的人的撞大运式地乱打电话）Asian newly industrializing economies (NIE'S) brown field investment 即外资购买或租赁现有厂房进行生产shelf registration 总括申报; 暫擱註冊制度fourth market 指投资者直接交换股票third market 在OTC交易交易所上市股票basis point （bips） 基本点，相对于0.01%style box （基金）中指某类基金，如成长型大市值基金indenture/deed of trust 债券契约fast moving consumer goods 快速消费品Heavy Vehicle Technologies and Systems Group (HVTSG) Dana的一个新部门Roadranger Dana和Eaton的供应商（技术？）powertrain 动力传动系列（驱动轴、离合器、变速箱、差速器）victor reinz division Dana的一个部门actuator 作动器torque converter 变矩器aftermarket （汽车用）零配件零售市场；在证券市场中相当于secondary marketnamed/unnamed sources 有/无来源的消息China National Investment & Guaranty Corp. (I&G) 中国经济技术投资担保公司（简称中投保）grass bag 草袋bag frame wiring harness 固化在（汽车）上的电线muffler 消音器sub assembly 次组合件（注：assembly在配件中的含义为组合件的意思）gear case 齿轮箱exhaust tube 排气管sprocket 链齿轮lifter 升降机brake lever 手闸；刹车杆250cc cc: cubic centimeterATV （all terrain vehicle) 全地形车idler pulley 空转轮；惰轮worm gear 涡轮rear drive 后轮驱动Dinli 杭州鼎力机械有限公司FF式 Front engine front drive（前置引擎，前轮驱动）FR式 Front engine rear drive （前置引擎，后轮驱动）mesh 啮合universal joint 万向接头four-wheel drive 四轮驱动radiator 散热器wheel rim 钢圈halogen 卤素wheel base 轮距memorandum of association 公司组织大纲certificate of good standing 公司状况良好证明书；资信状；信任状Deere & Co. John Deererent seeking 寻租unencumbered assets 无负担资产fixture 固定装置trade name 商号；厂商名称promissory note 本票；期票 bank line 信用额度franchise 特许replication 大批量生产credit division 信贷部OEM financial arm OEM的金融机构model 车型（用于汽车业）OEM Original Equipment Manufacturer （在商业中指与分销机构相对的厂商；从别处获得零件进行组合生产最终产品的厂商）trade up （怂恿）买更贵的东西holdback rebate（回扣）indemnification 补偿non-exclusive 非独家的；一般的（exclusive为独家）standing 常务letter of engagement 工作关系证明earn out 收益外購法 (一種取決于公司既得收益的資產購置法，它允許個人目前只支付所購股票一半的成本，其余部分5年內付清。)concur with agree withElopak 一家挪威的食品公司，与Wayne Smith有来往deal sweetener 改善交易的措施downstream product 下游产品psi Pounds per square inch（每平方英寸磅）delivery firm (courier service) 快递公司print (of a product, e.g., rider) 图纸SKU stock keeping unit (库存单位）；即指单一货品，比如超市中摆在货架上的某个特定产品WIP work in process (drivetrain 动力传动系列（驱动轴、离合器、变速箱、差速器）nomenclature 命名法parking brake 停车闸 upshift 调高/低档shift lever 变速杆tridem 六轮的（与tandem对比）assembly 总成？？undisclosed sum 未披露的金额Eurobond 欧元债券Jt. Jointturnaround 回转rocker arm 摇臂clearance 间距cross country vehicle (CCV) 越野车fuel efficiency/economy 燃油效率（每加仑汽油英里数）gas mile standardhybrid car 汽油、电动混合型车fuel cell 电池型车extraordinary items 非常项目unusual expense (income) 非常规费用（收入）minority interest 少数股权equity in affiliates 附属公司权益discontinued operations 停止经营部分补偿费用(与continuing operations比较）diluted EPS 调整后/摊薄每股收益（指净利润除以年末普通股数，而（加权）每股收益则是指净利润除以年内的加权股数）；摊薄一般比加权收益低，但在回购情况下反而高。pro forma statements Financial statements as adjusted to reflect a projected or planned transactionamortization 摊销Mkt Cap 总市值52-wk range 52周价格波动范围capital lease obligations 资本性租赁下长期债务debt vs liabilities 债务/负债paid-in capital intermodal 联运的（各种交通方式混合的）Transamerica Pacific rim 太平洋周边地区Trac Lease PoolStat chassis management program non-core assets 非核心资产BOT build-operate-transfer (项目融资；国内成为特许权融资方式）Concession Agreement 特许权协议freight forwarder 货运公司legal proceedings 法律事项wire fence 丝网栏杆Stern Stewart 思腾思特公司MVA 市场增加值(比较EVA）TQM 全面质量管理total quality managementcontra account 抵消科目uncollectible account (bad debt, bad loan) 坏帐allowance for doubtful accounts, provision for bad debts 坏帐准备bad debts recovery salvage (residual) value 残值accumulated depreciation 累计折旧accrued expenses 应付费用(注意与accounts payable的不同）retained earnings (also called earned surplus or accumulated earnings or unappropriated profit) 保留盈余（又称未分配盈余、盈余公积、累计盈余或保留净利）Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt.deferred tax 递延税项（指因为采取不同会计原则而造成实际应税所得和会计利润不等的情况，最常见的情况就是根据税法采取加速折旧法，而为了报表好看又采用直线折旧法，这样造成的税差就作为负债出现。也可以出现在净利润增加、所有制权益项目下。Accrual Basis 权责发生制General Ledger 总分类帐Subsidiary Ledger 明细分类帐full disclosure 全面披露Allowance method 备抵法write-off/-up/-down 对资产的记账方法，off是指将assets value记为expense，up和down是指增加或减少资产价值Consignment 寄销Inventory overages 存货盈余（与shortage对比）Premium on bonds 债券溢价（discount折价）Construction-in-process 在建工程Units-of-production method (UOP) 工作量法（计算折旧的一种方法）Contingency 或有事项loss/profit contingency 或有损失（或有利得）additional paid-in capital；CPaid-in Capital in Excess of P Premium on Common stock 资本公积（是相对于capital stock，即按面值计算的股价与实际发行额之间的差值）Unrealized holding gains or losses 未实现的资产持有损益（即手中的股票的购买价与市价的差额）consolidated financial statements 合并财务报表deferred income tax liabilities 递延所得税负债（指某些所得税需要在日后支付）contingent liabilities 或有负债(like potential legal claims, debt guarantees)income stmt income statementreverse stock split 待摊费用预提费用（预提费用是指预先分月计入各月成本，费用，在以后才实际支付的费用，是应付而未付的费用。）refund 退款计提（指为了应付不利条件出现而准备的金额，类似坏帐准备）operating income 营业收入（相当于EBIT: earnings before interest pay also called operating profit)sales revenue 主营收入advance 预付款write down （资产账面价值）降低net of tax 扣除税的hedging 套期保值common size statement 共同比分析（以百分比来显示报表）treasury share 是涉及到diluted common stock的一种算法credit line 信用额度working capital 营运资金（等于现有资产减去现有负债）; working capital cycle管理，等于是对working capital的各个方面，即存货、A/R，A/P等加以管理。Working capital ratio = (Inventory+A/P-A/R)/sales.upfront 预付的，先期的tax deductibility 避税factoring 应收账款管理服务（有点类似L/C，保证销售方收到货款）factor即代理人。credit insurance 信用保险（与factoring对比）securitization 证券化（有financing securitization和assets两种，前者即指直接发行债券等；后者相当于利用资产作抵押，置换成证券）对于assets securitization来说，If the asset only plays as a pledge and the payment source is still the whole business, then the credit transaction of this kind is only the mortgaged
and If the payment source is the cash-flow from the asset which has been structured to be bankrupt remote, that is asset securitizaiton. private label 借助于其他（商铺）现成的服务/部件，打出自己的品牌；也可以采用co-branding的形式，即放弃自己的品牌，与合作方共用一个品牌；比如软件业中借助某个公用的东西，再自己定制一下，贴个牌就成了自己的产品，类似于OEMoff-balance sheet 表外处理revolver (revolving credit facilities) 滚动借贷 term credit facility 见上floor plan financing 为某种特定产品而融资in-house counsel internal counsel,公司自有律师reorganization 重组（POR，重组计划）fluid seal 流体密封steering shafts 转向轴mixer 混凝土搅拌车（heavy-duty vehicle的一种）pinion 小齿轮housing 外壳；壳体leading time 订货到交货的时间；加工准备时间inbound/outbound 向内/外出的module 比chassis低一级的总成，比product高一级speed to market 推想市场速度suspension 悬架LIBOR London InterBank Offered Rate(伦敦同业拆放利率)，作为基本的利率，通常再加上一定百分比ESOP (Employee Stock Ownership Plan) 员工持股计划（类似于MBO，不同之处在于是员工收购）equity carve-out 切股 Sometimes known as a partial spinoff, a carve out occurs when a parent company sells a minority (usually 20% or less) stake in a subsidiary for an IPO or rights offering.asset-backed securities (ABS) 资产抵押证券loan originator （sponsor?) recourse 追索权floating rate 浮动利率debenture Unsecured debt obligation, issued against the general credit of a corporation, rather than against a specific asset. marketability 流动性（变现性？）Sinking fund Money set aside by an issuer of bonds on a regular basis, for the specific purpose of redeeming debt. zero-coupon bond 零息债券Leverage The use of borrowed money to increase investing power. high-yield bond 夹层债券（在LBO中的含义）；高收益/垃圾债券reserve ratios （银行的）准备金率Federal Reserve Bank banker's bank (like People's Bank)life company/P&C company the two types of insurance companies, P&C stands for property and casualtyunderwriting income 保险收入bridge financing 短期融资（temporary funds loaned until permanent debt financing is completedMoney Market 货币市场（系指包括金融拆放市场以及一年期以下短期有价证券进行交易的公开市场）。Commercial Paper 短期及無抵押借據，一般由具信譽企業所發行HIS Hang Seng IndexRed Chip 在香港註冊和上市，但是控股權屬中國的公司。Support/resistance Level 支持價位/阻力价位。買家的數目總多於賣家的數目，使價格不能繼續下降時的價格。SEHK 香港聯合交易所有限公司Trust Deed 信託契約（信託成立的法律文件，清楚訂出信託的條款，信託人及受益人姓名。 ）bulge bracket 最大的投资银行集团red herring preliminary prospectus（非正式招股说明书）preemptive rights offering 优先配股（股票以比市价更低的价格出售给现有持股人）Shenzhen Development Bank 深发展payout carrier 运输商forwarder 运输商overseas foray 海外拓展axle gear 桥齿轮vehicular manufacturer 车辆制造商Dana Credit Corporation ground clearance 最小离地间距transfer case 分动箱（后备的，用来转移多余的Torque?)Differential(Auto) 差速器propeller shaft 传动轴NVH Noise, vibration, and harshness4WD (four wheel drive) 四轮驱动Gasket 衬板；衬垫ABS (Anti-Lock Brake System) 防 鎖 死 煞 車 系 統Mechatronic Systems 机电系统fluid power 流体continuous variable transmission 无级变速器planetary gear 行星齿轮coil spring 螺旋弹簧rear/side tipper 后/侧翻斗车tanker 罐式汽车；油罐车special purpose vehicle 特种车power takeoff (PTO) 取力器bevel gear 锥齿轮long-haul transport 长途运输Roadranger System a complete line of drivetrain components and truck systems, including manual and automatic transmissions, clutches, driveshafts, steer and drive axles, trailer axles and suspensions, brakes, anti-lock braking systems, tire pressure management systems and collision warning systemsCardan Joint 万向接头steering knuckle 转向节Buyout Fund 收购型基金MBI 管理层换购，指由一支新的管理队伍替换现任管理层，并由其收购、控制公司POE (public-owned enterprise) niche market 小而专的市场；小规模特定市场BCG Boston Consulting Groupequity kicker An offer of an ownership position (equity) in a deal involving a loan.BOC Bank of ChinaPIPE Private Investment in Public E已上市公司再向投資者募集資金ODM Original Design Manufacturerp.a. per annumbenchmarking 基准管理；标杆管理PCB printed circuit board (印刷电路板）Buyout 出让？return 资本利得SPC (special purpose corporation) 特设的机构, 即金融资产的买方(主要是投资银行)，再出售ABSQFII(Qualified Foreign Institutional Investors) 合格的外国投资者制度。中国台湾、韩国、印度、巴西等国家和地区在20世纪90年代初就设立和实施了这种制度。QFII制度是许多国家和地区，特别是新兴市场经济体普遍实施的在货币没有完全可自由兑换、资本项目尚未开放的情况下有限度地引进外资，开放资本市场的一项过渡性制度。它允许经核准的合格外国机构投资者（QFII）在一定的规定和限制下汇入一定额度的外汇资金，并转换为当地货币，通过严格监督管理的专门账户投资当地证券市场，其资本利得、股息等经审核后可转换为外汇汇出的一种市场开放模式。QFII制度本质上就是对进入本国证券市场的外资进行一定的限制。water utilities 水务consolidated statement 合并报表displacement （摩托车）排气量Bore Stroke 内径×行程Starting mode 启动方式sparking mode 点火方式compression ratio 压缩比(指气缸总容量与压缩室的容量比。)sports utility vehicle SUV (多用途车）MPV (multi-purpose vehicle) 商用车（能坐多人，比如别克的GL 7 seater)RV (Recreational vehicle) 休闲车（SUV是RV的一个分支）paint 喷漆press workshop 冲压车间body workshop 车身车间Daimler Chrysler （DCX） 戴克Aeolus Automobile 风神汽车centralized competitive pricing （auction bidding) （开盘）集合竞价ADR (American Depository Receipt) 美国存托凭证（外国投资者委托美国机构设立存托凭证，从而在美国的市场上进行交易，分为三级，级别越高，SEC的登记要求就越高）tombstone 墓碑广告（承销结束后在报纸上刊登的反映承销商地位的广告）broker/dealer/market maker (function is to maintain liquidity) 经纪商/自营商/作市商specialist 特许作市商（在一个市场上专门负责某个股票交易的作市商，比较多元作市商（一个股票有若干个作市商））asset-light strategy 轻资产战略sub-compact 微型车stamping 冲压（件）Newbridge Capital 新桥投资（新近接手了深发展）Bain Capital 贝恩投资Jia-Lu Yin MckinseyCOGS (cost of goods sold) 商品销售成本distributor 分销商（bigger than dealer)in house 指将诸如分销商、供应商等并入自己的公司hurdle rate 预设回报率；分割收益率carried interest 附带收益（按照获利的一定百分比拨给经理人（普通合伙人），从10%到30%不等，一般是年度获利的20%；而在20%扣除后，剩下的则按照出资在有限合伙人之间分配）performance fee （基金中）的绩效费（在扣除了preferred return之后,与management fee相对）preferred return 优先收益（基金中投资人应得的部分，6%)nil entry fee superannuation 超年金(政府年金之外建立的养老保险)soft landing 软着陆Bloomberg 彭博资讯premises 办公场所net profit margin 净边际利润率ROA/ROE/ROI 资产回报率/净资产回报率（股本回报率）/投资收益Valuation Modelling 估值模型private equity investment 私募股权投资withholding tax 预扣税；预提税（一个主权国家对外国资金的一种管理方式，可分为红利预提税（Dividend Withholding）和利息预提税（Interest Withholding Tax）money-laundering 洗钱custodian；custodian fee （基金）托管人；托管费stamp duties 印花税capital gains tax 资本收益税 （unrealized capital gains，为了逃避capital gains tax，很多assets没有变卖，所以也就成了未实现资本收益，同时也造成了locked-up capital ）；比如买股票之后卖掉就相对于实现了资本收益。比较：capital lossFederal Reserve Bank 联邦储备银行tax-exempt 免税的capital formation 资本结构；集资(investment) vehicle （在融资中）指用于融资的载体或工具debt financing vs. equity financing IRR 内部收益率（internal rate of return)=使投资的净现值等于零的贴现率business line 主营业务investment pipeline pro rata 按比例的，a "pro rata" sharetrust indenture （基金）的信托契约（规定基金的条款）financial holding company 金融控股公司（类似于混业经营的金融公司）promissary note；P/N （是notes receivable的一种） 本票，期票maturity date 到期日letter of Guarantee (L/G) （银行）保证书（函）NPV (net present value) 现净值（PV为现值）prospectus （在fund中相当于基金条款说明）；公开说明书redemption （基金单位unit）的赎回price/book value 市净率（市值/实际值），（上市公司指数：越高表示公司成长性越好）best practice 最佳的（比如best practive evaluation)limited/general partner (in funds) 有限/普通合伙人（基金）（有限合伙人即出资人，按所出的金额程度责任；普通合伙人为基金管理人，出资一般为1%，需要为资金负全部责任）screening 筛选deal structuring 交易构造（创业企业（即被投资企业）与投资基金之间的一系列协议，规定金融工具选择、交易价格、协议条款）Executive Summary 要点概述marketability 可操作性break-even 盈亏平衡点business valuation studies 公司评估mezzanine financing 夹层融资（Venture capital term used to describe a company which is somewhere between startup and IPO. ）owner-employee A sole proprietor or any individual who has ownership of at least one-fifth of the capital and/or profits associated with a given venture.EDGAR (Electronic Data Gathering, Analysis, and Retrieval) The SEC's system used by all public companies to transmit required filings, such as quarterly reports and annual reports and ongoing disclosure obligations. ROIC (return on invested capital) A measure of how effectively a company uses the money (borrowed or owned) invested in its operations. Calculated by: net income after taxes / (total assets less excess cash minus non-interest-bearing liabilities). Invested capital=noncurrent liabilities+shareholders' equity ETF (Exchange Traded Funds) 交易所交易基金，是一种在交易所买卖的有价证券，代表一揽子股票的所有权，通常基于某一指数进行完全被动式管理，兼具股票和指数基金的特色，所以也被称为指数股票或指数参与单位。它被分割为一定规模的投资单位，可以连续发售和用一揽子股票赎回，提高了市场的定价效率，节省了基金的运作费用。另外，交易所交易基金和封闭式基金和开放式基金均不同，它是在所包含的股票的净值附近运作。(注：比如开放式基金不能实时交易；而封闭式基金又经常偏离其价值（溢价或折价）；指数基金大概也不能实时买卖，另外管理费也比ETF高）merger/acquisition/consolidation 兼并/收购/合并（兼并涉及企业重组，而收购一般只是业务重组；兼并善意，收购恶意；合并则是A+B=C）spin-off/divestiture 分拆/剥离（分立为按照比例将资产和负债独立出去形成一个新公司；剥离则是出卖部分资产）spin-off: split-off（子股换母股；母公司仍然存在）；split-up（完全拆分；母公司不复存在，分为几个子公司）poison pill 毒药防御（收购）计划DCF (discounted cash-flow) 折现现金流量法（计算某一种投资标的，在未来一段时间内(通常10年)，预期可以得到的现金流量及残余价值，利用折现法折现成目前的价值。）tender offer （takeover bid) 公开股权收购（收购某公司的一种做法，也称hostile takeover）Bank of China International 中银国际控股有限公司fairness opinion 公正意见书job rotation 轮岗mandate 委任书（相当于将融资的选择权完全交给投行；mandated transaction, mandated bank)State Asset Regulatory Commission 国资委bookrunner 簿记管理人（指银团中的leading bank，负责单据的收发存放）(in) good faith 本着诚信的原则Steve Wang 即王玮letter of understanding/intent, MOU (memorandum of understanding) 意向书liquid food 饮料finance house 金融公司license agreement 许可协议financial advisor 财务顾问（注意：可以指某个机构，也可以指人）engagement letter （审计）委托/说明书earn-out 获利能力付款方案（指根据所收购公司的未来盈利能力来支付后期分期付款的支付方式。可以有首付款，也可以是零付款。不过这种方式对于卖方是比较吃亏的，因为等于是拿自己本来应该赚的钱来pay自己）（A clause in a contract between a large company that is buying the entire business of a small company. The clause may specify the small entrepreneur will realize additional money from the sale if the small company earnings exceed a specified amount after the buyout has occurred. ）installment sales 分期付款（出售一家公司）trailing twelve month (TTM) 过去所采用的财务12个月框架（The timeframe of the past twelve months (the past year) used for reporting financial figures.）Delaware 特拉华州（D'Long Capital的注册地）non-binding 不具约束力的Eco-power 经济型的short list （人数已经缩减的）候选人名单surety 担保demand deposit 活期存款（区别于term deposit)unit trust 单位信托基金 A unit trust is a collective investment scheme under which the investible securities of the fund are held on trust for the investors (similar to Mutual Fund). front-end load （购买基金时）先付手续费；销售费gear 相当于leverage，Measure of the degree to which a business is funded by debt rather than shareholders' equity. The US expression for the same thing is leverage. A highly geared, or highly leveraged, company carries a lot of debt.(mandatory) provident fund 准备基金（比如pension?)toll road 收费公路（算作基础设施）covenant-not-to-compete 竞业禁止协议 (an an agreement that restrains or prevents a person or business from performing a lawful profession, trade or business is generally considered to restrain free trade and is not favored by the courts. )Samurai bond 武士债券（即外国针对日本投资者在日本发行的以日元计价的债券，类似的还有Yankee bond）Merchant bank 在欧洲指investment bankABN 荷兰银行CICC (China International Capital Corporation Limited) 中国国际金融有限公司（中金公司）；中银则指BOCI, Bank of China International, 是中国本土的投行。sponsor 保荐人（类似于上市推荐人，香港通称保荐人，在联交所的主板上市规则中关于保荐人的规定也类似于上交所对于上市推荐人的规定，主要职责就是将符合条件的企业推荐上市）Tobin's Q 托宾Q值（＝公司市场价值/资产重置成本），如果Q值小于1，说明价值被低估；如果&1，则说明无形资产所占的比重。实践上广泛采用的是Q值的近似值， 即股票市值对公司净资产值的比率，净资产是公司资产中可归属于股东的部份。该比率即众所周知的“市值与面值”的比率，或简称估价比率。净债务（长短期银行贷款和其他借款扣除现金和现金等价物后的余额）golden parachute 镀金降落伞（为了防止恶意收购而采取的增加管理层解职代价的措施）severance package 遣散费 treasury stock 库藏股（指发行之后又被公司回购的股票，不计入资产，只算是股东权益的减少部分）convertible/redeemable preferred 可转/可赎回优先股senior/ subordinated debt 优先/次级证券taxable income/pretax accounting income 应税收入/税前收入（一个是呈交税务机构，一个是出现在利润表上的）unabsorbed overhead 指没有直接对利润做出贡献，但继续发生的管理费用。比如合同中途中止，但费用还在继续发生。CAGR (Compound Annual Growth Rate), e.g., 10-year CAGR 年综合增长率OEE Overall Equipment EffectivenessKAM Key Account Management （关键客户管理）debtor-in-possession (DIP) 债务人持有资产 A company that continues to operate while under the Chapter 11 bankruptcy process.chapter 11/chapter 7 chapter 11/7破产（美国），chapter 11规定由一个Creditor组成的委员会进行监管，但公司继续运营；而Chapter 7则规定公司进入清算（参考DIP）defensible niche 拥有巩固地位的市场；独霸的市场discharge/dischargeable (liabilities/debts) 可以豁免的（债务）2002A, 2003E, 2004P, 2002B 分别是Actual, Estimated, Projected, Budgetcapital expenditure (Cap. Ex.) 资本支出（指用于购买厂房、设备等的支出）EVP Executive VPheadcount 员工人数tranche 分期付款的份额？？escrow 公正第三人（相当于保证人？？）one-off 一次性付清cellular manufacturing 单元式制造；（kan ban（日语的signal的意思），利用它来降低废品率）Del Monte 菲律宾地扪公司（一家生产液体食品的公司）equity EBITDA 指去除少数股东权益之后的EBITDA部分，乘以一个百分比LTM last twelve months （LTM ended Feb 28, 2003)run rate 一个以当前业绩衡量未来盈利情况的估计值。How the financial performance of a company would look if you were to extrapolate current results out over a certain period of time. Covisint 福特公司的一个电子采购平台，向这个平台的Tier 1供货商发出订单之后，Tier 2/3的供货商就能相应调整生产deconsolidation 分拨（物流术语）PPM, parts per million 百万分之一YTD year to dateCKD/SKD CKD指全散件组装，SKD指半散件组装（semi/completely knocked down)EV/FV; enterprise value/firm value 计算方式为：market capitalization + debt + preferred shares - cashlog splitter 锯木机？FASB (Financial Accounting Standards Board) 美国财务会计准则委员会Merger Premium 兼并时所支付的超过market value的部分payback period 项目投资回收时间FCFF (free cash flow to the firm) 闲余现金流量 FCFF = NOP – Taxes – Net Investment – Net Change in Working CapitalPP&E Plant, property & equipmentWACC weighted average cost of capital 公司的debt, preferred stock, common stock的Beta coefficient Beta系数，用来衡量公司volatility的指标，&1表示比平均指数稳定，&1表示股价更容易波动 （zero-beta portfolio）CAPM, capital asset pricing model 衡量风险与收益之间关系的一个值，如果收益比风险低，说明某个security不值得投资risk-free return 无风险回报，相当于90天期国债回报amenities 公共福利设施vertical/horizontal integration vertical integration即将生产过程的上下游全部统一，而horizontal integration类似supply chain management，横向地选择最好的厂商加以合作Jenn Feng 正峰工業股份有限公司（台湾）Techtronics Industries 創科實業有限公司（收购了John Deere的Homelite）Simplicity 收购了Snapperadd-on 类似于收购，作为主业的补充？information memorandum 投资资讯备忘录（相当于指南性的投资资料）topline 指sales或revenue，相对于bottom lineload/no-load fund 指买入fund时是否需要支付feeGST; goods and service tax 货劳税PST; provincial sales tax 地方营业税corporate/market cannibalization 自相蚕食（指公司自己推出另外一个与本公司已有产品竞争的产品，从而导致自相竞争）Hummer 东风汉马（军用越野车）vanilla transaction “一般”交易，没有特殊条款的 to keep costs downlimited recourse financing 有限追索权融资quorum 法定人数apprise notifytender offer 标购；股权收购；（Tender Offer主要是指收购者面向股东，绕过管理层提出收购公司的价格建议。多个标购者会在价格竞争中表达自己的战略意图和管理能力，在股东和董事会的公开选择下胜出。所以许多经济学家把Tender Offer，称为对资本主义的修正，是资本主义的"修理厂"，可以提高资本主义的效率。很多企业特别是在繁荣的时候，更多想到成就感，买飞机、买游轮，高额消费，实际是损害股东利益，而股东又无法制约。因为在美国，股权是分散在千百万股民手里，不是公司的直接所有者，所以他只能"用脚投票"的方式选择公司而不是管理者，这样助长了管理层浪费公司资本的情况。(tax) incidence 归宿；承担者a priori probability 演绎/推理概率accounting profit 与implicit costs的对比；与economic profit相对；in the long run, the economic profit will equal zeroadaptive/rational expectations the former is based on recent years' results, thus easier to make systematic errors,addition rule P(A or B)=P(A)+P(B)-P(AB)allocative inefficiency alternative cost 即opportunity costalternative hypothesis 对立假设（即推翻null hypothesis之后即行成立的假设）American terms USD/FC, used only for GBP (Note: this European/American terms only refer to interbank market)bank run 挤兑Bayes' formula (theorum) 贝叶斯 P(I!O)*P(O) = P(O!I)*P(I)bells and whistles 修饰得更好的东西Beta 这是单个stock的系统风险，考虑了business, financial, liquidity, exchange rate, country/political risk, 再乘以上述基准即得到该股票的expected returnbid-ask spread (ask - bid)/ask %binomial distribution 二项分布block (minimum size)成批Board of Governors 美联储理事会BOP (balance of payments) 国际收支 国际收支平衡表（Balance of Payments Statement）是一个国家在一定时期内（一年、半年、一季或一个月）所有对外外汇收支的系统记录，并应用会计原则，是按照会计核算的借贷平衡方式编制，经过调整最终达到帐面上收付平衡的统计报表。它包括经常项目（Current Acount）、资本项目（Capital Account）、平衡项目三大类。经常项目是其中最重要、最基本的项目，是一个实项目，其所记录的各项交易都是以所有权的转移为特征的。资本项目反映的是以货币表示的债权、债务在国际问的变动，所记录的交易是以转换使用权而所有权不变为特征的。因此因借贷资本而衍生之利息、股利、利润等则属于经常项目项下的劳务收支。平衡项目则是对自主性交易出现缺口或差额时进行的弥补性交易的记录，以及为最终正式帐面平衡所进行会计调整的记录，其作用在于最终实现国际收支平衡表中外汇收入与外汇支出相等，达成帐面上的平衡。budget constraint line 预算约束线（与indifference curve的切点为最佳点（投入最少））caveat 警示语central limit theorem 声称sample mean接近population mean，而s等于s/n1/2 chebyshev's inequality 切比雪夫不等式(在k&1时，分布在k个standard deviation内的事件几率不小于1-1/k2(百分比表示）clearing house 清算中心；清算所closed-circuit TV 闭路电视coefficient of variation = s/X 变异系数（等于standard deviation除以mean），描述的是偏移量与均值之间的相对关系；越大说明偏移得越厉害collection 托收collusion the opp happened among oligoplistic companiesconfidence interval e.g., the 95% confidence interval is mean - 1.96s - mean +1.96sconsumer surplus 消费者愿意付出比market price多的部分contestable market market with low entry cost or barriercontinuously compounded rate of return 等于In(s1/s0)，注意，永远小于等于HPRcorrelation coefficient 关联系数=Cov/S1*S2critical value 临界值；实际上就是对应confidence interval的z值，也相当于standard deviation/error的倍数cross rate 因为interbank与local的quote方式不同而成为必要crowding-out effect 排挤效果。. 在经济学原理上，当政府施实扩张性财政政策（IS曲线右移）时，造成市场利率上升，反而使民间投资减少的的情况。cumulative density function (cdf) F(x)=(x-a)/(b-a) 累积分布函数currency board "货币发行局（机制） 在货币自由浮动的国家，一般都能享有货币政策的自主权，而货币政策（monetary policy）往往是影响经济的一种手段。例如经济疲弱，银行没有足够银根借予企业，便会将利率推高，于是企业可能会因为利率高企，而被迫裁员，甚至结业。对此情况，政府可透过货币政策去放宽银根，令银行有充足金钱去借给企业，达到刺激经济的目的。不过，在放宽银根的同时，亦会导致通胀上升，不利该国的货币，汇兑会有贬值的压力。一个国家货币汇率的稳定性是十分重要，特别是一个国家的国民生产总值若大部分与国际贸易有关，稳定的汇价对于出入口商进行国际贸易将更为方便。以港元为例，以1美元兑7.8港元的汇率进行兑换，出入口商便不用考虑美元兑港元的汇率风险。而货币发行局机制，基本是稳定汇率的一种办法。以港元为例，每发行一元港币便需有等值美元（根据7.8换算）支持。理论上，由于发行港币时要有美元支持，就算把港元全面收回，政府亦有足够的美元储备去应付，所以港元兑美元汇率可以固定在7.8的水平。不过，货币发行局机制的一个缺点，是政府会损失货币政策的自主性，因为汇价稳定，政府就不能用货币政策去干预市场。 "data set 数据集；subsetdeadweight loss 无谓损失；某个产品越elastic，则遭致的DWL就越大，因为consumer会去找替代品，而对于inelastic的产品，DWL小degree of freedom 等于sample size减去1，n-1dependent variable 因变量，也称explained/endogenous/predicted variabledeposit expansion multiplier 存款放大系数（等于reserve ratio的倒数）direct quote DC/FC, (standard)directive 指示discount rate the interest rate the central bank charges banks for short-term loansdiscrete uniform distribution 概率相等的离散分布discretely compounded rate of return 即HPR (holding period return) =(S1-S0)/S0discretionary account 自有支配的账户/客户？？ 指基金经理可以自行决定买卖，而无需根据某个principle，对比undiscretionarydiseconomies of scale 规模不经济（当marginal cost超过variable cost时造成成本上升）economic decision vs. statistical decision 前者要考虑transaction costsefficient frontier 效率前沿（投资上一定会考虑到风险及报酬，当我们在承担不同的风险点时，在每一个风险点一定有一个投资组合可以达到最大投资报酬率） elasticity （价格）弹性；是否有substituteEuropean Terms 指FC/USD （domestic currency/foreign currency), this is the standardexpectational vs. historical 这也就是为什么有两种计算variance的公式的原因：一种是估计值，所以的E(x)，用P(i)*R(iI)来计算；另外一种则是历史数据，所以要除以n（如是sample，则除以n－1）；另外Cov的计算方法也不一样，一种是Pi*(R(i)-E(i))，一种是除以N，总之区别就是一种用概率p，一种则是除以n。另外记住，Corr的公式是Cov/S1*S2。explicit/implicit costs fiscal policy 财政政策（试与monetary policy对比），其表现为tax，budget deficit/surplusfront running 先跑 利用掌握若干信息的優勢而優先處理若干買賣盤的這種違規行為 prisoner's dilemma 博奕理论; or "interactive decision"GATT General Agreement on Tariff and Tradegross of (or) net of 包含，或，不包含guesstimate 瞎猜high-net-worth individual rich manhistogram 柱状图historical simulation 利用历史数据，随机抽取，预测未来；缺点：1. 不能考虑某些特定情况； 2. 不能进行”what if"分析。impinge on 侵犯（independence）inaction 无作为income elasticity equals Qty change/income change, if &1, then necessity, if &1, then luxuryinconsistent probabilities 指两项资产的定价是根据同一事件的不同概率做出的，从而有套利的可能性independent events by definition: P(A!B)=P(A)independent variable 自变量，也称explanatory/exogenous/predicting variableindifference curve 无差异曲线（可以是苹果、梨子的组合，也可以是风险和回报的组合）；记住图形形状indirect quote FC/DC, used in UK and USinferior good 劣质产品intercept 截距interest rate parity theorem "利息平价理论 利率平价理论 (Interest Rate Parity) 指出，在汇率和利率之间应该有套戥的机会。它的意思是，一个货币的升值或贬值，都应该会随着利率的改变而被抵消。比方说，如果美元利率比日圆利率高的话，那么根据利率平价理论，美元兑日圆应该会下跌。它的理据是，由于持有日圆要付出利息，所以投资者便需要通过汇率下跌来得到相应的补偿。但是，自1990年以来，尽管美元利率比日圆利率高，可是美元兑日圆却升值了，所以利率平价理论被否定。其中一个理由是，投资者为了赚取更高的利息收入，而把资金转移到高息的货币，因此令该高息货币升值。这种买卖策略被称为 “carry trades”。"interval scale 等距尺度（按相等间距，例如温度，但零不表示任何意义）J-Curve effect 指本国货币贬值后，贸易差额暂时恶化（即更为逆差）的情况（因为合同是长期的，以贬值的货币去购买国外产品会更糟）kurtosis 峰度least square regression line 最小平方回归直线leptokurtic 尖峰状loanable funds lognormal distribution 对数常态分布 Y=ex 其中x是常态分布，但显然Y不是，特点：1. S 2. Always&0lowball 虚低价M0, M1, M2 M0为流通现金，M1为M0加上活期存款，M2为M1加上定期存款MAD（mean absolute deviation) 平均绝对离差marginal probability a.k.a., unconditional probabilitymarginal revenue product 边际收益产品（note：this is from the viewpoint of input) 等于边际收益乘以边际产品。如果厂商追加一单位投人进行生产并出售产品而得到一个额外收人，那么这个额外收人就是边际收益产品。（等于marginal product * final good price (in case of price taker)) ，实际上就是marginal revenue，只不过是从resource/input的角度来看marginal utility 边际效用market risk premium 这是将整个market视为一个portfolio，将其回报率（已经考虑了systematic risk）与nomial RF rate的差值作为基准，markup 涨价mode 众数monopolistic competition 介于monopoly/oligopoly和pure/perfect competition之间的一种市场形态，特点是多个独立厂商，生产不同质的产品Monte Carlo simulation 利用随机数，产生随机样本，以预测投资策略等； 之所以用simulation是因为mathematical计算可能过于复杂mosaic theory 通过各个公开渠道的信息得出某个结论MPC Marginal p expenditure multiplier = 1/(1-MPC)multiplication rule P(AB)=P(A!B)*P(B)mutually exclusive vs. independent mutually exclusive意指一次只能发生一个event，而independent指两个event互相不为条件，对于前者P(A or B)=P(A)+P(B); 对于后者P(A!B)=P(A), P(AB)=P(A)*P(B)natural monopoly 自然垄断；传统经济学理论定义的自然垄断是指如下情况：由于生产技术具有规模经济的特征，平均成本随产量的增加而递减，从而，最小有效规模要求只有一个企业生产。 一个厂商或一个行业的产品的平均成本，在其规模扩大的整个过程中都明显下降，例如地方电力传输。在这种场合，该行业若由一个厂商、或由一个垄断厂商来经营，就会比多个企业能更有效率地提供全部产出。 最重要的特点就是economies of scalenominal risk-free rate 即real RF rate再考虑inflation premium的因素 注意：是(1+a)(1+b)=1+c，近似为c=a+bnominal scale 名义尺度（没有顺序，随机）normal distribution 常态分布 features: 1. S 2. Skewness=0; 3. Kurtosis=3; 4. Fixed confidence interval (68%-1, 90%-1.65, 95%-1.96, 99%-2.58)null hypothesis 虚无假设（即意欲推翻的假设）odd lot 零星交易/股票odds 等于P(A)/(1-P(A))one-tailed, one-sided 推翻null hypothesis后，剩下的结论只是一边的，如a&0ordinal scale 顺序尺度（按次序）parameter （在统计学中），指总体（population）的一个属性performance bond 履约保证金permutation and combination 排列与组合 （即P与C）philips curve relations between inflation and unemployment rateplatykurtic 扁平状policy ineffectiveness theorem believes that policy changes only affect prices, not affecting ou therefore, non-activistpower of the test 等于1 - 出现Type II error的几率，如果有多个tests，应该选取最powerful，也即power of the test值最大的testpreclear, prior clearance 事先批准（比如防止雇员私自个人交易）price ceilings/floors tend to lead to shortage/surplusprice discrimination 价格歧视；差别定价price taker vs. price searcher price searcher生产的是differentiated products, while price taker manufactures the same products, therefore it is inelasticprincipal-agent problem 地主－佣工之矛盾probability density function (pdf) f(x)=1/(b-a) 几率密度函数proprietary trader （证券）自营商prospect prospective clientprovision "拨备“proxy voting 代理投票purchasing power parity 购买力平价理论 (Purchasing Power Parity) 指出，货币汇率应该按照每个国家之间的相对物价为标准，也就是说，两个货币的汇率应该等于这两个国家的物价水平（以一固定揽子的货物和服务来计算）的比例。因此，如果物价上升或出现通胀，货币就应该贬值，来抵消任何套戥的机会。而套戥机会的意思是，当同一件货物有不同的价钱，买方与卖方就可以在没有风险的情况下，通过短期的价格差距来获得的利润。quantile 分位数range 极差（统）；最大值减去最小值ratio scale 比例尺度（最好的表示法，例如钱）real risk-free rate 即利率referral fee 介绍人（客户）费required reserve ratio （银行）要求准备金safety-first rules sampling distribution sampling引起的不同mean的distribution，注意，这和underlying variable的distribution是不同的sampling error 相当于sample mean减去population meanscatter plot 分布图（两个变量作为X、Y轴）second law of demand 指从长期来看，price elasticity要比短期的大（因为短期不好找到substitute，而长期可以找到）Securities Firms with Concurrent Operations in （Futures Trading Business ） 他业兼营SFratio = (E(Rp)-Rl)/s 这里SF指satety first，该公式与Sharpe ratio很像（Rp-Rf)/s，区别是用threshold值代替了risk-free return，其含义是：同一个unit的风险，高于Rl的值越大，越好 注意：threshold的值取得不同，最佳portfolio的选取结果也是不一样的Sharpe ratio=(Rp-Rf)/standard deviation of portfolio It measures excess return per unit of risk, so that the quality of the return of different portfolios can be compared，描述每单位风险带来的收益。注意与变异系数的区别。shortfall risk （资产）价格掉到某个水平之下的风险sight L/C 即期信用证significance level 显著标准；用于衡量出现Type I 错误的几率；用Alpha表示 写为at a significance level of 5%simple linear regression 一个倚变数和一个自变数之间的线性关系simple random sampling 被选中的机会均等skewness 偏态（理解positive skew和negative skew的形成（是因为有非常大的outlier的存在，造成比如mean&median&mode, 对于positive而言）soft dollars products or services other than execution of securities transactions are obtained by an adviser from or through a broker-dealer in exchange for the direction by the adviser of client brokerage transactions to the broker-dealerspecial drawing rights (with IMF) 特别提款权spot 现货spurious correlation 伪关联SPV (Special Purpose Vehicle) 资产证券化是指将缺乏流动性但能够产生未来现金流的资产，通过结构性重组，转变为可以在金融市场上销售和流通的证券，并据以融资的过程。在这一过程中，原始权益人将被证券化的基础资产转移给特别目的载体（SPV），SPV以该基础资产所产生的现金流为支撑向投资者发行资产支撑证券，并用发行收入购买基础资产，最终以基础资产所产生的现金流偿还投资者。 squared error 平方误差stagflation 滞胀standard error 等于s/n1/2，因为是mean的s，所以要比underlying population的s要小很多，而且sample size越大，s越小standard error of sample mean 等于：s/n1/2 （s是population的standard deviation，而n是sample size） 相当于：不同sample means 的mean仍然是population的mean，但是sample means离polulation mean的standard deviation则要小了 如果population的s未知，则用sample的s近似替代 standard normal distribution 标准常态分布 features: 1. Mean=0; 2. S=1 (standard deviation)statutory (tax) incidence 政府规定是由买方还是卖方承担tax；不会影响实际的tax incidence或deadweight lossstratified random sampling 与simple的不同之处在于其是在strata中选取的sunk costs 即fixed coststest statistic 检定统计量（=(sample statistic - hypothesized value)/standard error)time series sample vs. cross-sectional data 一个是不同时间点，一个是同一个时间点trade-date accounting vs. settlement-date accounting 交易发生日 和 结算日t-test 条件比z-test更宽泛（sample size&30; not
population variance unknown)two-tailed, two-sided 推翻null hypothesis后，剩下的结论有两边，如a不等于0Type I error 推翻了原本正确的hypothesis的错误Type II error 错误的hypothesis而没有推翻unimodal, bimodal 单一众数；双众数Unitary elasticity 单位弹性（指价格和需求的反向变化正好抵消，也即价格×需求的值不变）usance L/C 远期信用证whisper number 谣言的数字（比如某个公司实际的盈利，但尚未披露）z-test 两个条件：1. Population variance已知；2. Normal distributionz-value =(x-mean)/s 由z的值判定该值的可能性落在哪个百分比之内，要注意的是，这个z值对应的是cumulative，不过用1减去对应的百分比就是反面的负值，从而可以得出一个分布的范围 同样要记住的是：z反映的是standard deviation的倍数voluntary export restraint 自动出口设限; a non-tariff barrier to tradeunified currency 统一货币，如欧元nostro account 国外同业帐户 A banking term to describe an account one bank holds with a bank in a foreign country, usually in the currency of that foreign countryHerstatt risk 跨国货币结算风险(或赫思塔特风险)summary suspension 立刻吊销？？cannibalization 市场侵蚀 Corporate cannibalism occurs when companies introduce new products into a market in which these products are already established. In effect, the new products are competing against their own incumbent products. floating cost 发行（股票）费用externality impact on (third party??)cash outlay 现金支出half-year convention 即3年的Depreciation期要延长为4年（因为头尾两年都是落在年中）accountability （董事）问责制TIE ratio (Times Interest Earned) = EBIT/Interest 利息倍数（衡量liquidity偿债能力）clean, qualified, adverse, disclaimer of opinions 无保留意见，保留意见，反面意见，拒绝表示意见（Audit Report中）intermediary 中介机构tax credit 免税/抵税（比如fuel credit）recoverability test Lessee's incremental borrowing rate the rate of interest the lessee would have to pay on a similar lease or, if that is not determinable, the rate that, at the inception of the lease, the lessee would incur to borrow over a similar term, and with a similar security, the funds necessary to purchase the asset.carrying cost 持有成本？boot strapping 用自己的钱投资创业；compared with "venture capital"corner the market 庄家控股pooling of interests (grant) indulgence 延期(through) consultations （通过）协商?? 权利主张?? 专享选择权?? 公契a quorum is not constituted 未达到法定人数abatement 减免Accountability System 问责制accrued obligations and rights 已生效的权利和义务ad valorem duty 从价税admissibility in evidence 作为证据可被接受adoption 通过advance 垫款affiliate 关联方AHU 空气处理（系统）allegation 主张，指控ancillary agreement 附属协议approval authority 审批机关arm's length 公平；但这里的公平更多的是independent的意思arranger 安排行？？assert (right) 主张assign 受让人audit committee 审计委员会authorized share capital 法定股本auto walk 自动扶梯be aware of 知悉be subject to
be held criminally liable 追究刑事责任binding on … 对…有约束力bonded warehouse 保税仓库book entry bond 记账式国债 （ Securities that are recorded in electronic records, called book entries, rather than as paper certificates. ）business registration certificate 公司注册登记证BVI (British Virgin Islands) cancel share(s) 注销股份capital adequacy ratio 资本充足率capital allowance 资本免税额capital verification report 验资报告carve-out ???Cash collateral 现金抵押(通常是由原始权益人在一个共管帐户（ESCREW ACCOUNT）中存入相当于发行规模一定比例的现金，比如6%10%,用于可能出现信用损失或流动性损失的弥补。)casting vote 决定票cease to have effect 停止有效Cement mortar 水泥砂浆Certificate for the use of state-owned land 国有土地使用证certified mail 挂号信certify to … as (being true, equal) 向…证明chairman 召集人China Banking Regulatory Commission 中国银监会circumstances 情况clamshell handset 翻盖式手机CMO (collateralized mortgage obligation) 抵押按揭债务凭证code of conduct 守则comfort letter 安慰函（政府或公司律师出具的证明公司良好的证明）communication 通信compensated use 有偿使用compliance dept. 监察稽核部composition 和解compound with 妥协；和解condemnation 征用conditions precedent 先决条件confer on (institution) 授予conscious of 知悉consideration 对价；约因 a vital element in the law of contracts, consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contract. Consideration must be of value (at least to the parties), and is exchanged for the performance or promise of performance by the other party (such performance itself is consideration). In a contract, one consideration (thing given) is exchanged for another consideration. Not doing an act (forbearance) can be consideration, such as "I will pay you $1,000 not to build a road next to my fence." Sometimes consideration is "nominal," meaning it is stated for form only, such as "$10 as consideration for conveyance of title," which is used to hide the true amount being paid. Contracts may become unenforceable or rescindable (undone by rescission) for "failure of consideration" when the intended consideration is found to be worth less than expected, is damaged or destroyed, or performance is not made properly (as when the mechanic does not make the car run properly). Acts which are illegal or so immoral that they are against established public policy cannot serve as consideration for enforceable contracts. Examples: prostitution, gambling where outlawed, hiring someone to break a skater's knee or inducing someone to breach an agreement (talk someone into backing out of a promise).constitutive 组织性continuing obligation 持续性义务contributions to 出资controlling shareholder 控股股东counterclaim 反索covenant 承诺covered warrant 备兑凭证credit 减免???credit certificate 资信证明credit underwriting 信用担保cumulative 累积性的currency indemnity 货币兑换赔偿currency of account 记账币种date of agreement 协议签署日deadlock 僵局deduction 扣减deed of guarantee 担保契约default interest 罚息Defaults 违约definition 释义development agreement 开发协议discharge (obligation, responsibility) 履行disciplinary proceeding 惩戒性程序dissenting view 异议dissolution 解散distress 扣押domestic enterprise 内资企业double tax treaty 避免双重征税协定Downspout 雨水管drawdown, rollover 提款，？？？due and payable 到期应付duly authorized 正式授权earnest money 保证金Electricity tariff 电费eminent domain proceeding 征收程序Employees' Assembly 职工代表大会emulsion painting 乳胶漆encumbrancer 负担权益人enforceability 可执行性escrow （第三方）托管 （for instance: escrow agreement, A certificate provided by an approved bank that guarantees the indicated securities are deposited at that particular bank. )evidence conclusively 结论性证据evidencing 证实examination and approval 审批exclusivity 排他性execute a contract 签署合同exempt 多半是“免税”的意思exposure 敞口expressly 明确地extraordinary shareholders meeting 临时股东大会facility 贷款、融通（工具）（for instance, Committed Facility: A credit facility whereby terms and conditions are clearly defined by the lending institution and imposed upon the borrowing company. In committed facilities, the borrowing companies must meet specific requirements set forth by the lending institution in order to receive the stated funds. failing agreement of the Parties 如双方未能共同认可fans 风机filing for record 报备案filing of… with… foreign invested enterprise 外资企业forthwith 立即franked dividends 税务减免股息fume exhaust cover 排油烟罩general law giving effect to ???good faith negotiations 诚意的商谈good title 妥善业权grease traps 隔油池gross negligence 严重疏忽hand-over 移交？have back 收回？？head office （银行）总行honorary title 荣誉称号illegal restriction of personal freedom 非法限制人身自由illegality 不合法immunity 豁免权improvement （建筑）增建imputation system, 归原税制in all respects ???in full force and effect 充分效力in witness whereof 以资证明indebtedness 债务In-house congress 企业法律顾问论坛injunctive relief 法令救济；禁止性救济input tax 进项税；投入税，实际上就是已经支付的税（特指GST？）input tax credit 因为进项税一般可以退，所以这是指可以退还的部分insolvency 资不抵债；无力偿债institute 仲裁院instrument 文书insurance of persons 人寿保险intercreditor interference 干预investment certificate 出资证明investment vehicle issued share capital 已发行股本jurisdiction 管辖权Know all men by these presents 特此由（presents）向（all men）公告landscaping 绿化lateral transfer 公司内部平级调整Law of Land Administration of the People's Republic of China 中华人民共和国土地管理法lawful money 法定货币letter of compliance 符合规定证明letter of offer 贷款献议书limitation of liability 责任上限liquidated damages 违约金？？lock-out （工厂）停工LOTUS 在CC指兴业银行M/E 机电management accounts 管理账目mandatory requirements 法定…要求manifest error 明显的错误Market Access 市场准入marketable title 可转让产权master agreement 总协定MBS Pass-Through 按揭支持过手证券mediation 调解memorandum of association （公司）组织大纲mogas motor gasoline, 车用汽油movable tangibles 动产NASD（National Association of Securities Dealers） 全美证券交易商协会nationalise 收归国有non-defaulting party 守约方non-exclusive jurisdiction 非排他性司法管辖权non-slip 防滑noticed 注意到notwithstanding anything to the contrary in … 即使…有任何相反的规定Notwithstanding the foregoing 尽管有以上规定Obligor borrower, guarantorofficer 人员on the faith of 凭…的信用；基于one-tier corporate tax system 单一公司税制； 公司的盈利在缴付公司税后，派发给股东的股息便不须缴税。换句话说，政府只向公司收税，显著简化了公司派发股息的过程，而对股东而言，股息收入将是免税的。ongoing operations 持续经营operating permit 经营许可证order 有“指令”的意思original 正本out of malice 出于恶意out of pocket expenditures 零星开支out-of-expenses ??? （零星开支）outstanding 未偿还的overdue amount 未缴款项own-brand 使用自己商标的pari passu 平等权利；同等权益；按相同比例partial invalidity 部分无效participation 参股pass on to 摊派passage of time 时间推移pay to the order of （实际上就是收款人）付XX公司…payable monthly in arrears 每月一欠Penalties 罚则pledge, or encumber 设置质押，设置担保practice 做法prescribed period 规定期限principal outstanding 未偿本金proceed against 起诉proceeding 程序proforma financial statement 试算财务报表promoter 发起人promotional literature 宣传资料publicly available laws ???Puttying 刮腻子ramp area 坡道receiver 接管人receivership 破产管理recurring, recurrent 经常性register of shareholders 股东名册reimbursement 偿付reinstate 复原remedy 修正remittance advice 汇款单representations 陈述repudiate, repudiation 否认resolved 特此决议rollover 展期？？rules and procedures 规则和程序SAFE (State Administration of Foreign Exchange) 国家外汇管理局safe-box 保管箱save as (disclosed) 除了 （披露） 的外seal affixed 加盖公章secured revolving loan credit facility 有抵押的贷款额度senior subordinated notes 优先次级本票sent by post 邮寄septic tanks 化粪池serve (order, summons) 送达serve consecutive terms 连任serve notice on 向…发通知set-off 抵消settlement 转让（契约）；因（契约）而转让shaft 管井share capital 股本side letter 单边保证函signed client 签约客户sliding door 自动门smoke exhaust 排烟soft dollar agreement Firm A uses research from Firm B in exchange for Firm B executing all of Firm A's trades.specific performance （守约方要求违约方继续）具体履行（某些条款）specimen signature 样签splitting (seperation) 分立square off 平盘 未平仓的合约 (Open Position) Squaring off is placing the opposite order to the position you currently hold staircase 楼梯间State Administration of Industry and Commerce 国家工商行政管理局State-owned Land Use Certificate 国有土地使用证statute of limitations 時效期間striking out 除名（从公司登记处）subject matter 题述事项subject to 受限于subsist 存在subsisting ????substantive law 实体法（与Procedural相对）successor 继承人supplementary articles 附则Supplementary Provisions 附则survival 继续生效syndicated loans 银团贷款（多家银行贷款，通常是固定利率加一个floating rate)takeover 接收tank farm 储油站tax credits 税务减免tax gross-up 包税tax regime tenant 承租人；（期限？）tenor 期限term of appointment 任期term of office 任期terms and conditions 条款和条件Tertiary treated wastewater 中水the Administrative Urban Real Property Laws of the People's Republic of China 城市房地产管理法there is and has been 现时和一直以来均third party financing tiles sticking 贴面砖To the best of the Seller's knowledge, information and belief 在卖方知悉、知晓和相信的范围内trial measure 试行trowelling 抹平under … (agreement) 在….项下under… 所载undersigned 下方签署人undertake to do 承诺undertaking 承诺undertaking 业务（比如与property并列）unilaterally 单方地Unincorporated Joint Venture 非法人型合资企业unsatisfied judgment 不执行生效判决warranty 保证wear and tear allowance 耗损免税额whereupon 届时willful misconduct 故意赎职winding-up 停业withholding 预缴、预扣without prejudice to 在不影响…的情况下，无损without reference to 不管，不论，与…无关writ 令状无伙伴关系连带责任担保(即银行放弃追索贷款人而直接要求担保企业归还银行贷款)primary liability 首要责任indulgence 有“延期”的意思contribution 出资Company Ordinances (香港）公司条例podium 裙楼ring road 环路Grade-A office complexes A级写字楼sense of place 地方感master planning 总体规划staggered 错开的availability 可得性expression 用语for the purpose of 为…之目的personal delivery 专人递送counterpart 复本non-availability 不可得avoidance 使无效，撤销Bankruptcy Remoteness 破产隔离”in good standing 存续；良好营业acknowledge 认知beneficially owned 实益拥有tenancy agreement 租约;（租期）surrender agreement 退租书co-terminus 同期限？？？official capacity 权能in furtherance of 促成relate to 叙述printed matter 出版物publicity 宣传knowingly 故意，蓄意instrumentality （政府）职能部门where applicable record keeping 簿记commitment letter restate, restatement 历史账目的重新编写（重排），因为出售等omit to do, omission, inaction 不作为specifiy 载明discretionary power 自主决定权power of sale 强制拍卖权in regard thereof 就此encumbrance 担保权益implied warranty 默示担保incidental damages 附带损害consequential damages 间接损害registered office 注册营业处agree as follows 约定如下release 豁免previous incarnation 前身serve consecutive terms 连任clear-cut captive power plant 自备电厂overhaul (bank sector) turnaround 逆转CBRC China Banking Regulatory Commissionoutsmart be smarter thancircumvent the rules inequality capital stock TFP, Total Factor Productivity 指在劳力和资金的投入没有变化的情况之下，所有能够改进生产方法来增加产出的因素。这些附加的因素包括了工艺技术，革新，优等的管理技术，专门化的贡献，增加的效率 megalopolis cherry-picking triggering thresholds business tunrover employee settlement plan private equity powerhouse the Carlyle Group company limited by shares 股份有限公司MOFTEC，现在更名为MOFCOM Ministry of Foreign Trade and Economic CooperationMOFCOM Ministry of CommerceADB (IFC) multi Asian Development Banksub-branch （银行）支行disbanding the transition management committee investee bank here investee means investedcapital adequacy ratio （银行）资本充足率provincial-level approval certificate rule-of-man/rule-of-law NGO Non-governmental organizationsMoody's 穆迪a.k.a also known asflotation 就是listingdown payment 首付oversubscription 超额认购disintermediation 去中间商（比如，银行的作用随着公司自身的finance company的出现而削弱）no-win ineffective measureintraday 当日的central enterprise 中央企业inter-bank 跨行FX 外汇in their entirety 全文fruit machine 吃角子老虎sweepstaker 赌博，彩票private plated car 私家牌照车comptroller 审计员arm's length 公平地capital allowances 资本免税额unabsorbed 未吸纳的nitty-gritty essenceprincipal trading vs. agency trading, means market maker or dealerinception 起期cast doubt on 质疑capital return 资本回收（与ROC对比）in net in summaryvalue delivery 价值让渡value proposition 价值主张copyright owner 著作人only …元整patent assignee 专利权人surety 担保人joint and several liability guarantee 连带责任担保onlending 转贷functioning department （企业的）职能部门obligatory relationships 债权债务关系standby L/C 备用信用证amount in word?? （英文）大写Land- Block / Lot / Parcel / Plot 好像是从大到小排列as is “按照现状”cap fee 封顶收费Ares Communications Tech.,Lnc 泓越科技股份有限公司signature card （银行）印鉴卡transfer voucher 转账凭证payee 收款人Rolling Slats Door 卷帘门We refer to…. 兹就……，特致此函。In view of the above, 鉴于以上所述，pay up 缴清(loans) delinquent in the payment of principal or interest for ninety (90) days 未偿付本金或利息达九十天的贷款circular 通函counterclaim 反诉present 现时的as of 截至claim against 物上请求权state-owned assets administrative authorities 国有资产管理机构documents verification 文件查验procure to deliver 备妥levelling of the land 场地平整express reference 明示communications 函件date/place of incorporation （公司）成立时间、地点subject to license where a license if required 涉及许可经营的凭许可证经营fully paid up 足额缴付；缴清removal and relocation 动迁damages 损害赔偿金priveleged communication 特许可以（在法庭上）不泄漏的信息
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