财务缩略语nkr.docx

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1、Top of FormFinanciial GllossarryAFifth lletterr of aa Nasddaq sttock ssymboll speccifyinng Claass A sharees.AAIISee: Ammericaan Asssociattion oof Inddividuual InnvestoorsABOSee: Acccumullated Bennefit ObliggationnABSSee: Auutomatted Boond SyystemACATSee: Auutomatted Cuustomeer Acccount TranssferACES

2、See: Addvancee Compputeriized EExecuttion SSystemmACHSee: Auutomatted Cllearinng HouuseACRSSee: Acccelerrated cost recovvery ssystemmACUSee: Assian ccurrenncy unnitsADBSee: Addjusteed Debbit BaalanceeADRSee: Ammericaan Deppositoory ReeceipttADSSee: Ammericaan Deppositoory ShhareAEXSee: Ammsterddam E

3、xxchanggeAFMSee: Ammman FFinanccial MMarkettAIBDAssociaation of Innternaationaal Bonnd DeaalersAONSee: Alll or none orderrAOSSee: Auutomatted Orrder SSystemmAMEXSee: Ammericaan Stoock ExxchanggeAMPSSee: Auuctionn Markket Prreferrred SttockAPRSee: Annnual Perceentagee RateeAPTSee: Arrbitraage Prricin

4、gg TheooryAPTSee: Auutomatted Piit TraadingAPVSee: Addjusteed Preesent ValueeAPYSee: Annnual Perceentagee YielldARMSee: Addjustaable-rrate mmortgaageARPSSee: Addjustaable-rrate ppreferrred sstockARPSSee: Auuctionn ratee prefferredd stocckARRSee: Avveragee ratee of rreturnnASESee: Atthens Stockk Exch

5、hange.ASXSee: Auustrallian SStock ExchaangeATPSee: Arrbitraage Trradingg ProggramAbandonnmentControllling partyy giviing upp righhts too propperty volunntarilly.Abandonnment optioonThe opttion oof terrminatting aan invvestmeent eaarlierr thann origginallly plaanned.ABC agrreemenntA contrract bbetwee

6、en an emplooyee aand a brokeerage firm outliining the rrightss of tthe fiirm puurchassing aan NYSSE memmbershhip foor thaat empployeee.Abilityy to ppayRefers to thhe borrrowerrs abbilityy to mmake iintereest annd priincipaal payymentss on ddebts. See: Fixeed chaarge ccoveraage raatio. In conttext oo

7、f munnicipaal bonnds, rreferss to tthe isssuers preesent and ffuturee abillity tto creeate ssufficcient tax rrevenuue to fulfiill itts conntracttual oobligaationss, acccountiing foor munnicipaal inccome aand prropertty vallues. In conttext oof taxxationn, nottion tthat ttax raates sshouldd be ddeter

8、mmined accorrding to inncome or weealth.Abnormaal retturnsThe commponennt of the rreturnn thatt is nnot duue to systeematicc inflluencees (maarket-wide influuencess). Inn otheer worrds, aabnormmal reeturnss are abovee thosse preedicteed by the mmarkett moveement alonee. Rellated: exceess reeturnss.A

9、bove pparSee: Paar.Absolutte priiorityyRule inn bankkruptccy prooceediings rrequirring sseniorr credditorss to bbe paiid in full beforre junnior ccredittors rreceivve anyy paymment.AbsorbeedUsed inn conttext oof genneral equitties. Securritiess are absoorbed as llong aas theere arre corrrespoondingg

10、 ordeers too buy annd selll. Thhe marrket hhas reeachedd the absorrptionn poinnt wheen furrther assimmilatiion iss impoossiblle witthout an addjustmment iin priice. SSee: SSell tthe boook.Abusivee tax sheltterA limitted paartnerrship that the IIRS juudges to bee claiiming tax ddeducttions illeggally

11、.Accelerrated cost recovvery ssystemm (ACRRS)Schedulle of depreeciatiion raates aalloweed forr tax purpooses.Accelerrationn clauuseA contrract sstatinng thaat thee unpaaid baalancee becoomes ddue annd payyable if sppecifiic acttions transspire, suchh as ffailurre to make interrests paymeents oon tim

12、me.Accelerrated depreeciatiionAny deppreciaation methood thaat prooducess largger deeductiions ffor deepreciiationn in tthe eaarly yyears of a assetts liife. AAcceleeratedd costt recoovery systeem (ACCRS), whichh is aa deprreciattion sscheduule alllowedd for tax ppurposses, iis onee suchh exammple.A

13、cceptaanceContracctual agreeement instiigatedd whenn the draweee of a timme draaft aacceptts thhe draaft byy writting tthe woord aacceptted tthereoon. Thhe draawee aassumees ressponsiibilitty as the aaccepttor annd forr paymment aat matturityy. Seee: Lettter oof creedit aand baankers accceptannce.Ac

14、commoodativve monnetaryy poliicyFederall Reseerve SSystemm poliicy too incrrease the aamountt of mmoney availlable to baanks ffor leendingg. Seee: Monnetaryy poliicy.AccounttIn the conteext off bookkkeepiing, rreferss to tthe leedger pagess uponn whicch varrious assetts, liabbilitiies, iincomee, and

15、d expeenses are rrepressentedd. In the conteext off inveestmennt bannking, refeers too the statuus of securritiess soldd and ownedd or tthe reelatioonshipp betwween ppartiees to an unnderwrritingg synddicatee. In the ccontexxt of securritiess, thee relaationsship bbetweeen a cclientt and a brooker/d

16、ealeer firm aallowiing thhe firrms eemployyee too be tthe cllients buyying aand seellingg agennt. Seee: Acccountt execcutivee; accoount sstatemment.Accountt balaanceCreditss minuus debbits aat thee end of a reporrting periood.Accountt execcutiveeThe brookeragge firrm empployeee who handlles sttock o

17、rderrs forr clieents. See: Brokeer.Accountt recoonciliiationnThe revviewinng andd adjuustingg of tthe baalancee in aa perssonal checkkbook to maatch yyour bbank sstatemment.Accountt stattementtIn the conteext off bankking, referrs to a summmary of alll ballancess. In the conteext off secuuritiees, a

18、 summaary off all transsactioons annd possitionns (longg and shortt) bettween a brooker/dealeer andd a cllient. See also: Optiion aggreemeent.Accounttantss opinnionA signeed staatemennt froom an indeppendennt pubblic aaccounntant afterr examminatiion off a fiirms recorrds annd acccountss. Thee opinn

19、ion mmay bee unquualifiied orr quallifiedd. Seee: Quaalifieed opiinion.Accountting eearninngsEarninggs of a firrm as reporrted oon itss incoome sttatemeent.Accountting eexposuureThe chaange iin thee valuue of a firrms fforeiggn currrencyy-denoominatted acccountts duee to aa channge inn exchhange rat

20、ess.Accountting iinsolvvencyTotal lliabillitiess exceeed tootal aassetss. A ffirm wwith aa negaative net wworth is innsolveent onn the bookss.Accountting lliquiddityThe easse andd quiccknesss withh whicch asssets ccan bee convvertedd to ccash.Accountts payyableMoney oowed tto suppplierrs.Accountts r

21、ecceivabbleMoney oowed bby cusstomerrs.Accountts recceivabble fiinanciingA shortt-termm finaancingg methhod inn whicch acccountss receeivablle aree colllateraal forr cashh advaances. See: Facttoringg.Accountts recceivabble tuurnoveerThe rattio off net crediit salles too averrage accouunts rreceivvab

22、le, whicch is a meaasure of hoow quiickly custoomers pay ttheir billss.Accrediited iinvesttorRefers to a wealtthy innvestoor (neet worrth $77 milllion oor annnual iincomee 2000,000) who does not ccount to thhe maxximum of 355 peopple alllowedd to iinvestt in aa privvate llimiteed parrtnersship.Accre

23、tiion (oof a ddiscouunt)In porttfolioo accoountinng, a straiight-lline aaccumuulatioon of capittal gaains oon a ddiscouunt boond inn antiicipattion oof recceipt of paar at maturrity.Accruall basiisIn the conteext off accoountinng, prracticce in whichh expeenses and iincomee are accouunted for aas if

24、 they are eearnedd or iincurrred, wwhetheer or not tthey hhave bbeen rreceivved orr paidd. Anttithessis off cashh basiis acccountiing.Accruall bonddA bond on whhich iintereest acccruess but is noot paiid to the iinvesttor duuring the ttime oof acccrual. The amounnt of accruued innteresst is addedd t

25、o tthe reemainiing prrincippal off the bond and iis paiid at maturrity.Accruedd beneefitsThe pennsion beneffits eearnedd by aan empployeee accoourdinng to the yyears of thhe empployeees seervicee.Accruedd inteerestAppliess mainnly too convvertibble seecuritties. Interrest tthat hhas acccumullated be

26、tweeen thhe mosst reccent ppaymennt andd the sale of a bond oor othher fiixed-iincomee secuurity. At tthe tiime off salee, thee buyeer payys thee selller thhe bonnds pprice plus accrrued iintereest, calcuulatedd by mmultipplyingg the coupoon ratte by the ffractiion off the coupoon perriod tthat hhas

27、 ellapsedd sincce thee lastt paymment. (If aa bonddholdeer recceivess $40 in cooupon paymeents pper boond seemiannnuallyy and sellss the bond one-qquarteer of the wway innto thhe couupon pperiodd, thee buyeer payys thee selller $110 as the llatterrs prroporttion oof intterestt earnned.)Accruedd mark

28、ket diiscounntThe risse in the mmarkett valuue of a disscountt bondd as iit appproachhes maaturitty (whhen itt is rredeemmable at paar) annd nott becaause oof fallling markeet intterestt ratees.AccumullateBroker/analyyst reecommeendatiion thhat coould mmean sslighttly diiffereent thhings depennding

29、on thhe brooker/aanalysst. Inn geneeral, it meeans tto inccreasee the numbeer of sharees of a parrticullar seecuritty oveer thee nearr termm, butt not to liiquidaate otther pparts of thhe porrtfoliio to buy aa secuurity that mightt skyrrockett. A bbuy reecommeendatiion, bbut noot an urgennt buyy.Acc

30、umullated Beneffit Obbligattion (ABO)An apprroximaate meeasuree of tthe liiabiliity off a peensionn plann in tthe evvent oof a tterminnationn at tthe daate thhe callculattion iis perrformeed. Reelatedd: Proojecteed bennefit obliggationn.Accumullated dividdendA dividdend tthat hhas reeachedd its due

31、ddate, but iis nott paidd out. See: Cumuulativve preeferreed stoock.Accumullated profiits taaxA tax oon earrningss keptt in aa firmm to pprevennt thee highher peersonaal inccome ttax raate thhat woould oobtainn if pprofitts werre paiid outt as ddivideends tto thee owneers.AccumullationnIn the contee

32、xt off corpporatee finaance, referrs to profiits thhat arre addded too the capittal baase off the compaany raather than paid out aas divvidendds. Seee: Acccumullated profiits taax. In the conteext off inveestmennts, rreferss to tthe puurchasse by an innstituutionaal brooker oof a llarge numbeer of s

33、harees oveer a pperiodd of ttime iin ordder too avoiid pusshing the pprice of thhat shhare uup. In the conteext off mutuual fuunds, referrs to the rregulaar invvestinng of a fixxed ammount whilee reinnvestiing diividennds annd cappital gainss.Accumullationn areaaA pricee rangge witthin wwhich a buyy

34、er acccumullates sharees of a stoock. SSee: OOn-ballance volumme andd disttributtion aarea.Acid teest raatioAlso caalled the qquick ratioo, thee ratiio of curreent asssets minuss inveentoriies, aaccruaals, aand prrepaidd itemms to curreent liiabiliities.Acquireed surrplusThe surrplus acquiired wwhen

35、 aa comppany iis purrchaseed in a poooling of innteressts coombinaation, i.e. the net wworth not cconsiddered to bee capiital sstock.AcquireeeA firm that is beeing aacquirred.AcquireerA firm or inndividdual tthat iis acqquirinng sommethinng.AcquisiitionWhen a firm buys anothher fiirm.Acquisiition co

36、stRefers to thhe priice (iincludding tthe cllosingg costts) too purcchase anothher coompanyy or pproperrty. In the conteext off inveestmennts, rreferss to pprice plus brokeerage commiissionns, off a seecuritty, orr the saless charrge apppliedd to lload ffunds. See: Tax basiss.Acquisiition of asssets

37、A mergeer or consoolidattion iin whiich ann acquuirer purchhases the ssellinng firrms aassetss.Acquisiition of sttockA mergeer or consoolidattion iin whiich ann acquuirer purchhases the aacquirrees stockk.Across the bboardMovemennt or trendd in tthe sttock mmarkett thatt affeects aalmostt all stockk

38、s in all ssectorrs to move in thhe samme dirrectioon.Acting in cooncerttInvestoors woorkingg togeether and pperforrming identtical actioons too attaain thhe samme invvestmeent gooal.Act of statee docttrineThis dooctrinne sayys thaat a nnationn is ssovereeign wwithinn its own bborderrs, annd itss dom

39、eestic actioons maay nott be qquestiioned in thhe couurts oof anoother natioon.ActiveA markeet in whichh therre is frequuent ttradinng.Active accouuntRefers to a brokeerage accouunt inn whicch manny traansacttions occurr. Brookeragge firrms maay levvy a ffee iff an aaccounnt genneratees an inadeequa

40、tee leveel of activvity.Active bond crowddRefers to meemberss of tthe boond deepartmment oof thee NYSEE who tradee the most bondss. Anttithessis off cabiinet ccrowd.Active boxSecuritties tthat aare heeld inn safeekeepiing annd aree avaiilablee as ccollatteral for ssecuriing brrokerss loaans orr cust

41、tomerss marrgin posittions.Active portffolio strattegyA strattegy tthat uuses aavailaable iinformmationn and foreccastinng tecchniquues too seekk bettter peerformmance than a buyy and hold portffolio. Relaated: Passiive poortfollio sttrateggy.Actual markeetUsed inn conttext oof genneral equitties. F

42、irm markeet. Anntitheesis oof Subbject markeet.ActualssThe phyysicall commmoditiies underrlyingg a futtures contrract. Cash commoodity, physsical assett.A-DAdvancee-Declline, or meeasureement of thhe nummber oof isssues tradiing abbove ttheir previious cclosinng priices lless tthe nuumber tradiing b

43、eelow ttheir previious cclosinng priices oover aa partticulaar perriod. As a technnical measuure off markket brreadthh, thee steeepnesss of tthe A-D linne inddicatees wheether a strrong bbull oor beaar marrket iis undder waay.Additioonal bbonds testA test for eensuriing thhat boond issueers caan mee

44、et thee debtt servvice rrequirrementts of issuiing anny neww addiitionaal bonnds.Additioonal hhedgeA proteectionn agaiinst bborrowwer faalloutt riskk in tthe moortgagge pippelinee.Adequaccy of coverrageA test that measuures tthe exxtent to whhich tthe vaalue oof an assett is pproteccted ffrom ppoten

45、ttial lloss eeitherr throough iinsuraance oor heddging.Adjustaable rrateAppliess mainnly too convvertibble seecuritties. Referrs to interrest rrate oor divvidendd thatt is aadjustted peeriodiicallyy, usuually accorrding to a standdard mmarkett ratee outsside tthe coontroll of tthe baank orr saviings

46、 iinstittutionn, succh as that prevaailingg on TTreasuury boonds oor nottes. TTypicaally, such issuees havve a sset flloor oor ceiiling, callled caaps annd colllars that limitts thee adjuustmennt.Adjustaable-rrate mmortgaage (AARM)A mortggage tthat ffeaturres prredeteermineed adjjustmeents oof thee loann inteere