金融考研复试专业英语终极版.docx

金融考研复试专业英语终极版.docx

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金融考研复试专业英语终极版

金融考研复试专业英语（终极版）

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）which

isameasureofthecostofabasketofgoodsandservicesboughtbyfirms.

（3）ThemeasureoftheaggregatepricelevelthatismostfrequentlyreportedinthepressistheConsumerPrice

Index（消费者价格指数）,whichismeasuredbypricingabasketofgoodsandservicesboughtbyatypicalurbanhousehold.

2.What’sthedisadvantageandadvantageofholdingequityratherthandebt?

持有股权的优劣,

（1）Themaindisadvantageofowningacorporation’sequitiesratherthanitsdebtisthatanequityholderisa

residualclaimant（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,a

bondissuedbyaChinesecompanydenominatedinU.S.dollarssoldinNewYork.

（2）Eurobondisabonddenominatedinacurrencyotherthanthatofthecountryinwhichitissold.Forexample,abonddenominatedinU.S.dollarssoldinChina.

5.What’sassettransformationanddiversification,资产转换和分散化

（1）Financialintermediariescreateandsellassetswithriskcharacteristicsthatpeoplearecomfortablewith,andtheintermediariesthenusethefundstheyacquirebysellingtheseassetstopurchaseotherassetsthatmayhavefarmorerisk.Thisprocessofrisksharingisreferredasassettransformation,becauseinasense,riskyassets

areturnedintosaferassetsforinvestors.

（2）Diversificationentailsinvestinginaportfolioofassetswhosereturnsdonotalwaysmovetogetherwiththeresultthatoverallriskislowerthanforindividualassets.Italsorefersto“Youshouldn'tputallyoureggsin

onebasket”.Diversificationcaneliminatefirm-specificrisk—theuncertaintyassociatedwiththespecific

companies.Butdiversificationcannoteliminatemarketrisk—theuncertaintyassociatedwiththeentire

economy,whichaffectsallcompaniestradedonthestockmarket.Forexample,whentheeconomygoesintoarecession,mostcompaniesexperiencefallingsales,profitandlowstockreturns.Diversificationreducestheriskofholdingstocks,butitdoesnoteliminateit.

6.Explainthefollowingconcepts:

asymmetricinformation,adverseselectionandmoralhazard.

（1）Asymmetricinformation（信息不对称）referstothatonepartyoftendoesnotknowenoughabouttheotherpartytomakeaccuratedecisions.Forexample,aborrowerwhotakesoutaloanusuallyhasbetterinformationaboutthepotentialreturnsandriskassociatedwiththeinvestmentprojectsforwhichthefundsareinvestedthanthelenderdoes.

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（2）Adverseselection（逆向选择）istheproblemcreatedbyasymmetricinformationbeforethetransaction

occurs.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,itisusedtomeasurevalueof

goodsandservicesintheeconomy.

（3）Moneyalsofunctionsasastoreofvalue（储藏手段）.Astoreofvalueisusedtosavepurchasingpower

fromthetimeincomeisreceiveduntilthetimeitisspent.Thisfunctionofmoneyisuseful,becausemostofusdonotwanttospendourincomeimmediatelyuponreceivingit,butratherprefertowaituntilwehavethetimeorthedesiretoshop.

8.What’stheFisherequationandFishereffect?

费雪等式与费雪效应,

（1）TheFisherequationstatesthatthenominalinterestrateequalstherealinterestrateplustheexpectedrateofinflation.Theequationtellsusthatallelseequal,ariseinacountry’sexpectedinflationratewilleventually

causeanequalriseinthenominalinterestrate.Similarly,afallintheexpectedinflationratewilleventuallycauseafallinthenominalinterestrate.

（2）Thislong-runrelationshipbetweeninflationandinterestratesiscalledtheFishereffect.TheFishereffect

implies,forexample,thatifU.S.inflationweretorisepermanentlyfromaconstantlevelof5percentperyeartoaconstantlevelof10percentperyear,dollarinterestrateswouldeventuallycatchupwiththehigherinflation,risingby5percentagepointsperyearfromtheirinitiallevel.Thesechangeswouldleavetherealrateofreturnondollarassetsunchanged.TheFishereffectisthereforeanotherexampleofthegeneralideathatinthelongrun,purelymonetarydevelopmentsshouldhavenoeffectonaneconomy’srealvariables.

9.Howtoexplainthenegativerelationbetweenthequantityofmoneydemandedandtheinterestrate?

Wecanexplainthatthequantityofmoneydemandedandtheinterestrateshouldbenegativelyrelatedbyusingtheconceptofopportunitycost（机会成本）,theamountofrevenuesacrificedbytakingonecourseofaction

ratherthananother.Astheinterestrateonbondsrises,theopportunitycostofholdingmoneyrises,thusmoneyislessdesirableandthequantityofmoneydemandedmustfall.

10.RiskPremium风险溢价

Thespreadbetweentheinterestratesonbondswithdefaultriskanddefault-freebonds,bothofthesamematurity,calledtheriskpremium,indicateshowmuchadditionalinterestpeoplemustearntobewillingto

holdthatriskybond.

11.Brieflyintroduceexpectationstheory,segmentedmarketstheoryandliquiditypremiumtheory.

（1）Theexpectationstheory（预期假说）ofthetermstructurestatesthefollowingproposition:

theinterestrateonalong-termbondwillequalanaverageoftheshort-terminterestratesthatpeopleexpecttooccuroverthelifeofthelong-termbond.

（2）Thesegmentedmarketstheory（市场分割假说）ofthetermstructureseesmarketsfordifferent-maturity

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bondsascompletelyseparateandsegmented.Theinterestrateforeachbondwithadifferentmaturityisthendeterminedbythesupplyofanddemandforthatbond,withnoeffectsfromexpectedreturnsonotherbondswithothermaturities.

（3）Theliquiditypremiumtheory（流动性溢价假说）ofthetermstructurestatesthattheinterestrateona

long-termbondwillequalanaverageofshort-terminterestratesexpectedtooccuroverthelifeofthelong-termbondplusaliquiditypremium.Itisalsocalledpreferredhabitattheory（偏好停留假说）.

12.What’sthedifferencebetweenadaptiveexpectationandrationalexpectation?

（1）Adaptiveexpectation（适应性预期）statesthatexpectationsformfrompastexperienceonlyandchangesin

expectationswilloccurslowlyovertimeaspastdatachange.Forexample,expectationsofinflationistypicallyviewedasbeinganaverageofpastinflationrates.Soifinflationhadformerlybeensteadyata5%rate,expectationsoffutureinflationwouldalsobe5%.

（2）Rationalexpectation（理性预期）canbestatedasfollows:

expectationswillbeidenticaltooptimal

forecasts（thebestguessofthefuture）usingallavailableinformation.

13.EfficientMarketHypothesis有效市场假说

Infinance,theefficient-markethypothesis（EMH）assertsthatfinancialmarketsare"informationallyefficient".Inconsequenceofthis,onecannotconsistentlyachievereturnsinexcessofaveragemarketreturnsonarisk-adjustedbasis,giventheinformationavailableatthetimetheinvestmentismade.

Therearethreemajorversionsofthehypothesis:

"weak","semi-strong",and"strong".Theweak-formEMHclaimsthatpricesontradedassets（e.g.,stocks,bonds,orproperty）alreadyreflectallpastpubliclyavailableinformation.Thesemi-strong-formEMHclaimsboththatpricesreflectallpubliclyavailableinformationandthatpricesinstantlychangetoreflectnewpublicinformation.Thestrong-formEMHadditionallyclaimsthatpricesinstantlyreflectevenhiddenor"insider"information.Criticshaveblamedthebeliefinrationalmarketsformuchofthelate-2000sfinancialcrisis.[1][2][3]Inresponse,proponentsofthehypothesishavestatedthatmarketefficiencydoesnotmeanhavingnouncertaintyaboutthefuture,thatmarketefficiencyisasimplificationoftheworldwhichmaynotalwaysholdtrue,andthatthemark