致读者 1
一、资本证券 1
不同股息的股票 different dividend stock 1
抵押证券 mortgage securities 1
供股 share right offer 1
供股权价值 right price 2
股份转让 stock transfer 2
股票 share certificate，或stock 3
股票的市值 stock price 3
股票的溢价与折让 premium and discount 4
股票的整批与零星 round lot and odd lot 4
股票的正股 ordinary shares 4
股票分级 share grading 5
股票总资本额 dedicated capital 5
股权 share right 5
混合证券 mixed securities 6
流动收益选择票据 liquid yield option note，LYON 6
美国存托凭证 American depository receipt，ADR 6
普通股 common stock 6
普通股权益 common equity 7
全球存托凭证 global depository receipt，GDR 7
权益证券与负债证券 equity securities and debt securities 7
剩余请求权 residual claim 8
授权普通股 authorized common stock 8
有价证券 securities 8
次位信用债券 subordinated debenture 10
地方政府债券 local government bonds 10
浮动利率债券 floating rate bonds，或floaters 10
高息债券 high rate bonds 11
公司债券 company's bonds 11
均衡附息票债券 level coupon bonds 11
可赎回债券 callable bonds 11
可转股债券 convertible bonds 12
垃圾债券 junk bonds 12
零息债券 zero coupon bonds，或zeroes 12
卖回债券 put bonds 13
欧洲债券 Eurobonds 13
平价债券 par value bonds 13
收益债券 income bonds 13
外国债券 foreign bonds 14
信用债券 debenture 14
溢价债券与折让债券 premium bonds and discount bonds 14
债券 bonds 14
债券的保护契约 protective covenant 15
债券的不记名形式 bearer bonds 15
债券的偿债基金 sinking funds 15
债券的到期年限 maturity 16
债券的到期日 maturity day 16
债券的到期收益率 yield to maturity，YTM 16
债券的等级 bond rating classes 16
债券的抵押品 mortgage for bonds 18
债券的递延赎回 deferred call 19
债券的负面契约 negative covenant 19
债券的合约 indenture 19
债券的换新 bond refunding 20
债券的记名形式 registered form 20
债券的价格 bond price 20
债券的价值变动 bond value change 20
债券的面值 face value，或par value 21
债券的票面息 coupon 21
债券的赎回溢价 call premium 21
债券的违约风险 risk on break contract 21
债券的无风险报酬 risk free return 21
债券的正面契约 positive covenant 22
债券的孳息 yield 22
债券回报的因素 relative factors to return 23
中央政府债券 central government bonds 23
二、股份发行 24
包销承销 firm commitment underwriting 24
超额认股权 over subscription privilege 24
超额资本 capital in excess of par value 25
成长股 growth stock 25
承销价差 underwriters spread 25
承销商 underwriters 25
初次新发行 unseasoned new issue 26
初级市场 primary market 26
创业板风险 risk in growth enterprise market 26
次级市场 secondary market 27
存架式注册 shelf registration 27
代销承销 best efforts underwriting 28
点滴方法 dribble method 28
发行成本 floating cost，或issue cost 29
反向分割 reverse split 30
负面的信号 bad signal 30
附权发行 offering with right 30
公开发行 public offering 31
公开说明书 prospectus 31
管理资讯 management information 32
柜台交易 over the counter，或OTC market 32
红字书 red herring 32
后续市场 aftermarket 32
竞争发行 competitive offer 33
联合承销 syndicate 33
墓碑广告 tomb stone advertisement 33
墓碑阶层 tomb stone bracket 33
评论书 letter of comment 33
上市申请书 registration statement 34
私下募集 private placement 34
特权认股 privileged subscription 35
现金发行 general cash offer 35
新证券发行基本程序 IPO procedure 35
议价价格 negotiated offer 36
余股包销 standby underwriting 36
再次新发行 seasoned new issue 36
招股书 prospectus for placing and new issue 36
主板与创业板 main board and growth enterprise market 38
三、市场操作 40
暗盘 trade before IPO 40
补仓 add money 40
超买与超卖 over buy and over sell 41
当日有效盘 good for day 41
笃手指 quick trading 42
高水与低水 premium and discount 42
公告（宣告） announcement 42
股份持仓h old position 43
股份除牌 deleted from listing 43
股份买盘与卖盘 buy order and sale order 43
股份抛空 short sale 44
股份染红 capitalized by China company，或dye in red 44
股份停牌 trading suspense 45
股价干升干跌 price changing without substantial reason 45
股价异动 price unusual moving 46
股票触价盘 market if touched，MIT 46
股票换马 switching 47
股票交收T+2 settlement T+2 47
股票交收时间 settlement time 47
股票经纪与证券行 broker and securities company 48
股票平均线 average line 48
股票射仓 send stocks to other account 48
股票收集与派发 collecting and distributing 49
股票斩仓 stop loss 49
股票周期 stock price cycle 50
股票孖展 stock margin 51
股市出口术 make rumor 51
股市搭棚 helper to make market 51
股市风险月份 risk months 52
股市竞价盘 order before market open 52
股市开市前时段 time before market open 53
股市捞底 buy in at bottom 53
股市唛价 mark price 53
股市收市价 market closing price 54
股市缩盘 cancel order 54
股市挟仓 cornering the market 55
股市震仓 shake pursuers 55
股市指数 stock index 56
股市周期 market cycle 56
股市庄家 market maker 56
股市庄家股 maker's stock 57
股数单位：“手”与“球” lot size and million share 57
红筹公司 red chip company 57
货 stock 58
即日鲜 day trading 58
价格套利 price arbitrage 58
交叉盘 cross trade 59
交易盘代号 trade code 59
蓝筹公司 blue chip company 60
老鼠仓 rat trading 60
美国主要经济指标 main index of American economy 61
纳斯达克 Nasdaq 62
牛市与熊市 bull market and bear market 63
热钱 hot money 64
市价面值比 price book value ratio，P/B 65
停牌公告 announcement for trading suspense 65
投资风险程度 risk level in investment 66
限价买盘与限价卖盘 buy limit order and sell limit order 66
相对强弱指数 RSI 66
香港H股 “H”stock in HongKong market 67
移动平均聚散线 moving average convergence divergence，MACD 68
银行股数据 bank stock data 69
止蚀盘 stop loss order 70
指数移动平均线 exponential moving average，EMA 70
重大事项披露 major event disclosure 70
坐盘造市 take main position to make market 71
四、公司接收 72
暗地收集 collect shares secretly 72
白衣武士 white knight 72
边沿产品策略 edging product strategy 73
标的反购 targeted repurchase 73
并购程式 formula of merger 73
并购形态 forms of merger 74
并购诱因 reasons of acquisition（merger） 74
超多数修正 supermajority amendment 75
出价公司与目标公司 bidder and target firm 75
垂直整合 vertical integration 75
董事选举 director election 76
毒药 poison pill 76
对价 consideration 76
恶意收购与善意合并 malicious merger and friendly merger 76
防御策略 resistance strategy 77
公开要约让渡 tender offer 77
公司控制 company control 78
购股会计法 purchase accounting method 78
股权计划 share right plan，SRP 79
固定选择 lock up 79
冠上明珠 crown jewels 79
管理层买入 management buyouts，MBO 80
合并 merger 80
合并溢酬 merger premium 80
黄金降落伞 golden parachutes 81
集团式收购 conglomerate acquisition 81
焦土策略 scorched earth strategy 81
接收 take over 81
金色握手 happy shake hands 82
累计投票选举法 cumulative voting 82
利益结合会计法 pooling of interest accounting 83
绿色盔甲 greenmail 84
轮回选举 staggered election 84
买“壳”上市 buy“shell”listing，或back door listing 84
买票 buy shares 85
免税收购与应税收购 tax free acquisition and taxable acquisition 86
排他性自我让渡 exclusionary self tender 86
全面收购 general offer 86
全面收购触发点 the point of general offer 87
鲨鱼反抗 shark repellent 87
商誉 goodwill 87
胜利者的诅咒 winner's curse 87
剩余资金使用 surplus fund usage 88
市场占有率 market share 88
水平收购 horizontal acquisition 88
私有化交易 going private transactions 88
滩头策略 beach head strategy 89
同意转让股份 agree to transfer shares 89
吞并 annex 89
委托书与委托书争夺战 proxy and proxy fight 89
未利用的免税额 unused tax free line 90
未使用的负债额 unused debt line 90
无条件现金收购 unconditional cash offer 90
无投票权股票 share without voting right 91
暂停付款协议 standstill agreement 91
直接投票选举 straight voting 91
追击手 raider 92
资本利得效果 capital gain effect 92
资产收购 acquisition of assets 92
资产增值效果 write up effect 93
五、财务管理 94
安全存货 safety stock 94
本金 principal 94
本票 promissory note 95
边际成本 marginal cost 95
边际收益 marginal revenue 95
变动成本 variable cost 96
补偿性余额 compensating balance 97
财困成本 financial distress cost 97
财务风险 financial risk 97
财务杠杆 financial leverage 97
财务困难 financial difficulties 98
策略性选择 strategic option 98
常态分配 normal distribution 98
超额报酬 excess return 99
沉入成本 sunk cost 99
持有成本与短缺成本 carrying cost and shortage cost 99
重复生息 compounding 100
呆账准备 provision for doubtful debt 100
代理成本 agency cost 101
代理关系 agency relationship 101
代理问题 agency problem 101
独立需求 independent demand 101
独立原则 stand alone principle 102
独占公司 proprietary company 102
非理性亢奋 irrational exuberance 102
非流动资产的折旧 depreciation of non-current asset 103
非市场索求权 non-marketed claim 104
非系统风险 unsystematic risk 104
非资金负债 unfunded debt 104
费雪效果 Fisher effect 104
分散投资 diversification 105
分摊间接费用 spreading overhead 105
风险溢酬 risk premium 105
浮差 float 105
负债 liabilities 106
负债成本 debt cost 106
负债与业主权益 liability and owner's equity 107
副作用 side effect 107
公用事业 public enterprise 107
购买力平价理论 purchasing power parity，PPP 108
孤注一掷法 pure play approach 108
固定成本 fixed cost 109
规模经济 economic of scale 109
国际公司 international corporation 109
合伙 partnership 109
和解 composition 110
互斥投资 mutually exclusive investment 110
汇率风险 exchange rate risk 111
货币交换 currency swap 111
机会成本 opportunity cost 112
及时存货 just in time，JIT inventory 112
即期汇率 spot exchange rate 112
交叉汇率 cross rate 113
交易动机 transaction motive 113
金融交换 swap 113
金融交换合约 swap contract 113
金融交换交易商 swap dealer 114
金融交换选择权 swaptions 114
经济反弹形态V、U、L economic rebounding appearance V、U、L 114
经济风险 economic exposure 115
净利与净损 net income and net loss 115
净营运资金 net working capital 115
绝对优先法则 absolute priority rule，APR 116
开支与收入 expenditure and revenue（income） 116
库藏股 treasury stock 116
历史成本 historical cost 117
利害关系人 stakeholders 117
利率交换 interest rate swap 117
利率上限和利率下限 interest rate cap and floor 117
流动负债 current liability 118
流动资产与非流动资产 current assets and non-current assets 118
免税投资者 tax free investor 119
名目报酬 nominal return 119
偏价股 mispriced stock 120
破产 bankruptcy 120
破产成本 bankruptcy cost 121
破产的间接成本 indirect bankruptcy cost 121
破产的直接成本 direct bankruptcy cost 122
破产清算 bankruptcy liquidation 122
破产重整 bankruptcy reorganization 122
情境分析 scenario analysis 123
取得延误 availability delay 123
权益减损 dilution 123
三角套利 triangle arbitrage 124
商业汇票 commercial draft 124
商誉的归类 goodwill 124
时间趋势分析 time trend analysis 125
市场索求权 marketed claims 125
事先包装的破产 premeditated bankruptcy 126
收益递减规律 the law of diminishing return 126
授信 credit 127
双重课税 double taxation 127
私下信息 private information 127
同业分析 peer group analysis 127
投机动机 speculative motive 128
投资、投机与赌博 investment、speculative and gambling 128
投资回报 return on investment 129
投资组合风险 portfolio risk 129
投资组合权数 portfolio right 129
未来值 future value 129
无限偿还责任 unlimited liability 130
无形资产 intangible assets 130
系统风险 systematic risk 130
系统风险原则 systematic risk principle 130
现金来源 sources of cash 130
现金使用 uses of cash 131
效率市场假说 efficient market hypothesis，EMH 131
效率资本市场 efficient capital market 131
新意 innovation 132
信用额度 line of credit 132
信用风险 credit risk 133
信用证 letter of credit，L/C 133
循环信用协议 revolving credit arrangement，或revolver 133
业务风险 business risk 133
银行同业拆款利息 interbank offered rate，IBOR 133
应收账款融资 accounts receivable financing 134
营业杠杆 operating leverage 134
有限公司与独占及合伙公司 corporations versus proprietorship and partnership 134
预防动机 precautionary motive 135
预期回报和非预期回报 expected return and unexpected return 136
远期汇率 forward exchange rate 136
增额保留利润 addition to retained earnings 136
展期 extension 136
账面价值 book value 137
政治风险 political risk 137
质押 collateral 137
钟形曲线 bell curve 138
资本结构决策 capital structure decision 138
资本密集项目 capital intensive project 138
资本配额 capital rationing 138
资本支出与收益支出 capital expenditures and revenue expenditures 139
资产 assets 139
资产与资本 assets and capital 141
资金成本 cost of capital 141
资源共享 share the same resources 141
资源互补 make use of the same resources 142
自营商市场与拍卖市场 dealer market and auction market 142
总成本 total cost 142
总括抵押 blanket mortgage 143
最差状况与最佳状况 worst case and best case 143
六、业绩审核 144
EBITDA 144
百分比回报 percentage return 144
保留利润 retained earnings，或retained profit 145
保留利润比率 retained earning ratio 145
报酬金额 dollar return 146
贝塔系数 beta coefficient 146
变异数与标准差 variance and standard deviation 146
财务资料披露 financial information disclosure 147
长期负债与股东资本比率 long term debt/shareholder's capital 147
超常成长 supernormal growth 148
存货周转率 inventory turnover 148
董事酬金占纯利润百分比 directors'fees/net profit 148
法定股数和已发行股数 legal shares and issued shares 149
非经常性盈亏 unusual gain/（loss） 149
股东应占利润 net profit to shareholders 149
股东资金回报率 return on shareholder's funds 149
过去3年派息及发债记录 record of dividends and liabilities in past 3 years 150
合法避税 avoid tax by legal way 150
还本期间 payback period 150
获利能力衡量值 profitability measures 151
获利指数法 profitability index，或PI 151
经营边际利润率 profit margin from operating activities 151
净资产周转比率 net asset turnover 152
利息支付能力比率 time interest covered 152
流动比率 current ratio 152
每股现收益率 current yield 153
每股盈利 earnings per share，或EPS 153
年度报告 annual report 154
派息比率 dividend payout ratio 155
权益回报率与资产回报率的区别 difference between ROE and ROA 155
权益回报率 return on equity，ROE 156
审计师报告 report of the auditors 157
市盈率 price earnings ratio，或P/E ratio 157
速动比率 quick ratio 157
特殊收益处理 dispose of special gains 158
息税前盈利 earning before interest and taxes，或EBIT 158
应收账款周转率 accounts receivable turnover 158
盈利警告 earning warning 159
盈利预测 earning forecast 159
营业总额 general turnover 160
营运资金 working capital 160
预期回报率 expected return，或return 160
折旧摊销与营业额比率 depreciation and amortization/turnover 161
中期业绩报告书 interim report 161
资本利得收益率 capital gains yield 162
资产回报率 return on assets，或ROA 162
资产净值 net asset value 163
总负债对股东资本比率 total liabilities to equity ratio 163
总收益 total revenue，或total gain and loss 163
七、息利分配 164
持有人 holder 164
除净 ex-all 164
除权 ex-right 165
除息 ex-dividends 165
除息日 ex-dividends date 165
大额股票股息 large stock dividends 166
登记日 date of record 166
发放日 date of payment 166
非累积股息 non-cumulative dividends 166
分配 distribution 166
高股息与基金 high dividends rate and fund 167
股东权益 shareholder's equity 167
股票分割 stock split 168
股票股息 stock dividends 168
股票买回避税 repurchase stock to avoid tax 168
股票买回和 EPS EPS in stock repurchase 169
股息发放程序 procedure of dividends pay 169
股息类别 dividends kinds 170
股息投资 invest by dividends 171
股息与股息发放率 dividends and payout ratio 172
股息与利息 dividends and interests 172
股息政策与市场反应 dividends policy and market reflection 173
顾客群效果 clientele effect 174
累积股息 cumulative dividends 174
零成长股息 zero growth dividends 174
派息 dividends distribute 175
偏爱低股息因素 reasons of preference to lower dividends 175
偏爱高股息因素 reasons of preference to higher dividends 175
普通现金股息 regular cash dividends 176
清算股利 liquidation dividends 176
如何收息 how to get dividends 176
剩余股息法 residual dividends approach 177
特别股股息 preferreds stock dividends 177
特别股特征 preferreds stock feature 178
特别股与债券 preferred stock and bond 178
小额股票股息 small stock dividends 179
循环股息政策与稳定股息政策 cyclical dividends and stable dividends policy 179
应计利息 calculative interests 179
优先权 seniority 179
优先认股权 preemptive right 180
自动股息再投资计划 automatic dividends reinvestment plans，ADRs，或DRIPs 180
八、基金投资 181
保本基金 capital preservation funds 181
保守基金 conservative funds 182
保证基金 guaranteed funds 183
标准普尔“Micropal”星号评级 S＆P“Micropal”rating classes 183
标准普尔货币基金评级 S＆P money（currency）funds rating classes 184
标准普尔债券基金评级及分类 S＆P bond funds rating classes 184
传统股票基金 traditional equity funds 184
单位信托基金与互惠基金 unit trust funds and mutual funds 185
对冲基金（传统） hedge funds（traditional） 185
对冲基金（现代） hedge funds（new style） 186
对冲基金的手段 hedge method 187
非认可基金 unauthorized funds 187
封闭式基金 close-ended funds 188
高风险投机基金 high risk speculative funds 188
共享利润基金 mutual bonus funds 189
国库债券基金的稳定性 stability of treasury funds 189
货币基金 money（currency）funds 190
基金单位 fund units 190
基金经营机构 fund management organization 191
基金买卖收费 fund trade fee 191
基金套利策略 fund arbitrage strategy 191
基金投资法 fund invest method 192
基金销售方式 fund sale method 193
开放式基金 open-ended funds 193
开放式基金的稳健性 stability of open-ended funds 194
可转股债券套利基金 convertible bond funds 194
免佣互惠基金 non-commission mutual funds 195
欧洲大陆基金 European continental funds 195
欧洲股票基金 European equity funds 196
全球新兴市场债券基金 global emerging market bond funds 197
认可基金 authorized funds 198
认可基金管理人 administrator of authorized funds 198
套利基金与对冲基金 arbitrage funds and hedge funds 199
外汇基金债券 foreign currency fund bonds 200
外汇基金债券庄家 market maker of foreign currency fund bonds 200
由上而下投资法 top down approach 200
由下而上投资法 bottom up approach 201
债券基金风险 risk of bond funds 201
债券基金个性 individuality of bond funds 201
债券基金类别 fund kinds 202
债券基金与债券的差别 different between bond funds and bonds 202
指数基金 index funds 203
中国概念基金 China concept funds 203
中性市场基金 neutral market funds 204
附：索罗斯操市小记 204
主要参考文献 206