【原创】金融学申核资料！英语，完全原创！

水痕云意

时间：2005年11月7日
地点：北京·亮马河大厦
审核专业：金融
审核语言：英语
完成学期：六学期
审核成绩：OS+2,0

9月29日送材料到审核部，10月31日接到面试通知。
早上八点，我到了审核部，门口已经等了好几个等着交材料的人和一起同审的人。今天审核好象只有我一个文科专业的。八点半，一个JJ准时点名，进去一个小房间里填好了回邮信封，在那个保密纸条上签了字，就在里面静静等待了。我是最后一个审的，所以等的时间最长，加上前面的有时间上的误差，结果到我审的时候都已经十一点一刻了。小屋子里有饮水机，有杂志可以看，可以看看调节一下心情。好不容易等到一个高高的FRAU来叫我的名字，她笑着跟我说抱歉让我等了那么久，还说本来应该“LADY FIRST”的结果变成“LADY LAST”了。我跟她说没关系就被带进了一个很小的小房间，只有一张小桌子和椅子。然后把题单给我，有五道问答题，关于投资学的，无非是一些大政方针类的，平时多看点报纸也能答得上来。我就开始埋头苦答。结果五道题一共写了A4纸的一页半。写完以后还差五分钟左右吧，我也坐不住了，就开始东张西望。无聊了一会儿，高高FRAU就进来了，我正在看着天花板发呆，她笑着说“哈你都写完啦，还写了这么多！”我说“我还以为写得不够呢！”她说着就领我进了另一个房间。里面一个很卡通的秃头男做笔录，她让我先坐下，分别介绍了一下他们两人，然后就让我自我介绍了一下。我把准备了足有五分钟的自我介绍背到一分钟的时候就被她打断了，问我是想去奥地利还是德国，我当然说德国。然后就问我是否喜欢我自己的专业，问我想去哪里念书，想学什么专业，想学英语还是德语课程。然后就拿着我的成绩单，指着最后一学年的专业课问了几个。可能我回答得太快太溜了吧，她只问了小问题就没问了，每个问题我都回答不到两分钟的时间。最后她可能实在找不到问题了，就让我把刚才写的卷子上的答案念了一下，念完以后就很高兴地说祝我好运，我可以去吃饭了，不好意思把我留到那么晚云云。
要跟大家说的是，不要把审核想得太难，千万不要有压力，其实只要是学过的课程，只要课上的内容能说出个大概，哪怕是很小的一个点，都是可以的。口语不好的同学要特别注意发音和应变的能力，因为问题总是千变万化的，好的口语总是可以让人很容易听懂你要表达的意思，也就很容易过关。

下面是我所学过的课程的申核资料，希望对大家有所帮助。
Accounting 会计学
Classification: financial accounting; management accounting; interior audit; public accounting, etc.
Objective of accounting:
General Objectives－－economic Objectives(1. 盈利profit; 2. 投资收益率return on investment / assets; 3. 股东价值value of the firm’s common stock; 每股盈余：earnings per share of common stock; *  time value of money, capital scale , risk,)
Specific objective: satisfy the needs of the user of the accounting information满足会计信息使用者的需求
The function of accounting in management: 1. Reflecting the money measurement in the whole process, or ex ante, at the same time of the event and ex post,  in a holistic, systematic and continuous way; 2. Supervision
The elements of accounting of profit organizations－－盈利组织的会计要素: 1. assets; 2. liabilities; 3. stockholder’s Equity; 4. revenue; 5. expense; 6. profit
assets = liabilities + equity
Accounting postulate 会计假设: 1、Accounting Entities（会计主体）独立支配资金，独立核算; 2、going-concern  concept－－持续经营（不会破产）; 3、accounting period(fiscal period)－－会计分期（人为划定会计年度，便于比较和确定收入进行报告）; 4、money-measurement concept－－货币计量（保证会计计量的统一性，并使价值衡量成为可能）;
Principle of accounting:
1) Objectivity principle truth or reliability（客观性、真实性、可靠性）;
2) Relativity principle(usefulness) 相关性／有用性;
3) Timely principle及时性;
4) Perspicuous presentation principle 清晰性;
5) Comparative principle（可比性）;
6)consistency principle（一贯性）
7) Accrual system(basis) of accounting权责发生制（应计制）cash system (basis) of accounting 收付实现制（现金制）;
8）Historical cost principle(assets)历史成本first cost, original cost 原始成本actual cost  实际成本
9) Revenue expenditure and capital expenditure 收益性支出与资本性支出原则
10) matching principle(income and expense)    配比原则
11) Conservatism principle－－谨慎性原则(Recognize revenues (increases in retained earnings) only when they are reasonably certain.; Recognize expenses (decreases in retained earnings) as soon as they are reasonably possible.)
12） Materiality principle    （重要性）
13）economic Content over legal form（Finance lease）经济实质大于法律形式（融资租赁）
Accounts账户（T-structure）
Balance 账户余额
Account title会计科目
Double-entry Accounting复式记账（to affect two or more than two accounts经济业务影响两个或两个以上的帐户；to record the equal amount同时等额登记）
Single-entry Accounting（单式记帐法）
Debit－credit bookkeeping   借贷记帐法
借方（Debit）
贷方（Credit）
journalizing－－会计分录
cash journal  （现金日记帐）   
1. Current Assets（流动资产）：Assets which will be realized or consumed within one year of their acquisition, or within an operation cycle longer than a year.  （一年以内或长于一年的一个营业周期变现的资产）
Classification of Current Assets（流动资产的分类）
    1) quick assets and  inventory assets      （速动资产与存货）
    2) productive  assets and non productive assets       （生产性资产与非生产性资产）
Monetary Assets (cash on hand（库存现金） cash in bank（银行存款）other Monetary Assets（其他货币资金）)
  cash receipts（现金收入）
  cash payment（现金支出）
(1) check (cheque)－－支票
(2) bank casher order（银行本票）
(3) banker’s draft（银行汇票）
(4) remittance／conversion／exchange（汇兑）
(5) trust  settlement（委托收款）
(6) settlement via bank with purchaser’s acceptance（托收承付）
(7) letter of credit (L/C)－－信用证
(8) commercial  bill (Trade Bill)－－商业汇票
2. Receivable Items应收款项
  creditor’s rights（债权）
  （1）Notes Receivable（应收票据）
  （2） Accounts Receivable（应收帐款）
  （3） prepaid accounts （预付帐款）
  （4）other receivable items（其他应收款）
   note discount（票据的贴现）
   undue note（未到期票据）
   without resource（无追索权）
   entry value（入帐价值）
   bad debts（坏帐）
   write-off冲销
   prepaid accounts预付账款
3. inventories存货：Inventory refers to various assets that are stocked for the purpose of sale, production or consumption during the process of the production and operation for a business.
  perpetual inventory system－－永续盘存制a system that keeps a running, continuous record that tracks inventories and the cost of goods sold on a day-to-day basis
     benefit（好处）: A perpetual inventory system helps managers control inventory levels and prepare interim financial statements.
     Problem（问题）：complex
The inventory amount can be found at any given point in time.
  periodic inventory system－－定期盘存制：a system in which the cost of good sold is computed periodically by relying solely on physical counts without keeping day-to-day records of units sold or on hand
     benefit（好处）－－less costly（成本低）
Problem（问题）：
1）In a periodic system, no day-to-day inventory records are maintained.（缺乏系统记录，不利于存货日常管理与控制）
2）The physical count allows management to delete damaged or obsolete items and thus helps to reveal inventory shrinkage - inventory   reductions from theft, breakage, or losses of inventory.影响成本计算的真实性（损失混于销货成本之中），掩盖存货管理的问题）
  (physical inventory system)－－实地盘存制
Physical Inventory（财产清查）
inventory  valuation methods－－ unit cost（存货计价方法－－单价）
actual cost basis（实际成本基础）
A first-in, first out method (FIFO)－－先进先出法
B last-in, first-out method (LIFO)－－后进先出法
C weighted average method－－加权平均法
D specific identification method－－个别计价法
nonactual cost basis（非实际成本基础）
    A lower of cost or market rule (LCM) (net realizable value or replacement cost)
      成本与市价孰低法－－可变现净值或重置成本
    B gross profit method（毛利法）
C retail (price) inventory method （零售价格法）
  Weighted Average（加权平均法）
  Specific Identification（个别计价法）
inventory account （存货帐户）
  (1) inventory purchasing*(purchase account) 物资采购
  (2) goods in transit（在途物资）
  (3) raw material（原材料）
  (4) manufacturing cost（生产成本）  (goods in process of manufacture)
  (5) finished goods ( goods on hand )－－产成品
  (6) packaging material（包装物）
4. Short-term Investment: Short-term investment - a temporary investment of otherwise idle cash in marketable securities.
idle cash (temporarily)－－闲置资金
purpose投资目的: higher return than interest rate of bank deposit（获得高于银行存款的回报）
classification: bonds; stocks
Investment income投资收益
falling price provision for short-term investment短期投资跌价损失准备
5. Long-term Investment长期投资more than one year（长于1年）idle cash or other assets--larger amount 闲置资金－－数额较大
long-term equity investment (share / other)长期股权投资
Accounting of cost method（成本法的核算）
Accounting of equity method（权益法的核算）Equity method - records the investment at acquisition cost and adjusts the investment for the investor’s share of dividends and earnings or losses of the investee subsequent to the date of investment
The methods of amortisation（摊销方法）
  (1):straight line method of amortisation
  (2) actual rate of interest  method of amortisation实际利率法
6. Long-Lived Assets长期资产
Long-term investment（长期投资） Tangible assets（有形资产）Intangible assets（无形资产）
capital expenditures（资本性支出）
long-lived assets（长期资产）
Balance sheet（资产负债表要素）
revenue expenditure（收益性支出）
Depreciation折旧allocation of the cost of tangible assets to the periods in which the assets are used。
Amortization摊销 - allocation of the cost of intangible assets to the periods that benefit from these assets
finance lease（融资租赁）
residual value残值
the methods of computing depreciation  折旧的方法
  （1） the straight-line methods（直线法）
  （2）Accelerated depreciation methods（加速折旧法）
       Double-declining-balance (DDB) depreciation双倍余额折旧法 the most popular form of accelerated depreciation. It is computed by doubling the straight-line rate and multiplying the resulting DDB rate by the beginning book value.
7. Intangible Assets  无形资产 :  rights or economic benefits, non-monetary assets, that are not
physical in nature for operational use.
administration expense管理费用
8. liabilities
Current liabilities - obligations that fall due within the coming year or within the company’s normal operating cycle
Long-term liabilities - obligations that fall due beyond one year from the balance sheet date
welfare expense payable （应付福利费）
wage payable--gross wage（应付工资）
provision for expense（预提费用）
taxes payable（  应交税金）
value added tax payable（应交增值税）
consumption tax payable（应交消费税）  
operating tax payable（应交营业税）
resource tax payable （应交资源税）
income taxes payable (应交所得税－－个人／企业)
land appreciation tax payable  （应交土地增值税）
urban maintenance and construction tax payable  （应交城市维护建设税）
house property tax payable (应交房产税)
land use tax payable (应交土地使用税)
Income Taxes Payable应交所得税
unpaid dividend  应付股利（应付利润）
9. Long-term Liabilities  长期负债
Long-term loan（长期借款）
Bonds payable（应付债券）a formal certificate of indebtedness that is typically accompanied by
①        a promise to pay interest in cash at a specified annual rate
②        a promise to pay the principal at a specific maturity date
Long-term accounts payable   （长期应付款）
10. Owners’ Equity 所有者权益
资本公积（Capital reserve）
盈余公积（surplus from profit／surplus reserve）
未分配利润（undivided profit）
11. Revenue 收入
Trade discounts（商业折扣）
Cash discounts（现金折扣）
营业外收入（nonoperating revenue）
补贴收入（ subsidy revenue ）
12. Expense and cost费用与成本
Period costs期间成本
13. Financial Statement

Foundations of Finance金融学基础
Main intent: the logic and practice of financial management. It mainly tells about the system in the US.
1.        an introduction to the foundations of financial management
This part told us about the basic and primary knowledge on financial management.
Legal forms of corporation: sole proprietorship, partnership (general partnership and limited partnership) and corporation.
Sole proprietorship is a business owned by an individual.
General partnership: each partner is fully responsible for the liabilities incurred by the partnership.
Limited partnership: all partners are jointly liable without limitation. One or more of the partners have limited liability, restricted to the amount of capital invested in the partnership.
Corporation: is a kind of entities legally functions separate and apart from its owners.
Goal of the firm: profit maximization; maximization of shareholder wealth
Profit maximization: make the profit of the corporation as much as possible. It consumes there’s zero-risk and ignores the timing of the project. Therefore, it is not practical in real performance.
Maximization of shareholder wealth: this mainly considers the stock price of the corporation. Maximization of shareholder wealth is no more than the stock price of the corporation, which is influenced by many factors. Under this goal, good decisions are those that create wealth for the shareholders.
2.  the financial markets and interest rates.
Financial markets are institutions and procedures that facilitate transactions in all types of financial claims.
Financial markets exist in order to allocate the supply or savings in the economy to the demanders of those savings. The wealth of the economy would be less without the financial markets.
Financial assets: represent claims for futures payment on other economic units.
Real assets（有形资产）are tangible assets like houses, equipment, and inventories.
Primary markets（一级市场）are those in which securities are offered for the first time to potential investors.
Secondary markets（二级市场）represent trading in already existing financial claims.
Methods for finance: a. the direct transfer of funds; b. indirect transfer using the investment banker; c. indirect transfer using the financial intermediary.
Money market refers to all institutions and procedures that provide for transactions in short-term debt instruments.
Capital market refers to all institutions and procedures that provide for transactions in long-term financial instruments.
Organized security exchanges are tangible entities; financial instruments are traded on their premises.
Over-the-counter markets（OTC）include all security markets except the organized exchanges; raising long-term capital.
Investment banker is a financial specialist involved as an intermediary in the merchandising of securities.
Underwriting（承购）: The managing investment banker and its syndicate will buy the security issue from the corporation in need of funds. The syndicate’s objective is to sell the new issue to the investing public at a price per security greater than its cost.
Syndicate: is a group of other investment bankers who are invited to help buy and resell the issue.
Opportunity cost of funds: 资金的机会成本
Rates of return over long periods: 长期收益率
Inflation rate: 通货膨胀率
Nominal rate of interest名义利率
Real risk-free rate of interest 实际无风险利率（no risk and no inflation）
Nominal interest rate – inflation rate = real interest rate
Term structure of interest rate: a. the unbiased expectation theory (the term structure is determined by an investor’s expectations about futures interest rates); b. liquidity preference theory (investors require maturity premiums to compensate them for buying securities that expose them to the risks of fluctuating interest rates); c. market segmentation theory (the rate of interest for a particular maturity is determined solely by demand and supply for a given maturity and that it is independent of the demand and supply for securities having different maturities)
3. Evaluating a firm’s financial performance and measuring cash flow
Balance sheet provides a snapshot of the firm’s financial position at a specific point in time.  liabilities + owner’s equity = assets
Income statement measures the financial results of a firm’s operations for a specific period, such as a year.  Revenues + gains – expenses –losses = income
Cash flow statement shows the actual cash flows generated by the firm for the year.  
cash inflow – cash outflow = change in cash
Current ratio（流动性比率）= current assets/current liabilities
Acid-test ratio（速动比）= (current assets – inventories)/current liabilities
Operating income return on investment（资本金利润率） = operating income / total assets
Total asset turnover（总资本金周转率）= sales / total assets
Debt ratio（负债率）= total debt / total assets
Return on common equity（普通股净收益） = net income/ common equity
P91
4. the time value of money
Compound interest occurs when interest paid on the investment during the first period is added to the principal and then, during the second period, interest is earned on this new sum.
FVn = PV (1+i)n
Present value is the current value of a future payment.
Annuity is a series of equal dollar payments for a specified number of years.
Annuities due are ordinary annuities where all annuity payments have been shifted forward by one year.
Amortized loan分期贷款
Perpetuity终身年金 is an annuity that continues forever. PV = PP/i (stocks)
5. valuation and characteristics of bonds
A bond is a type of debt or long-term promissory note, issued by the borrower, promising to pay its holder a predetermined and fixed amount of interest per year.
Debentures无担保债券 applies to any unsecured long-term debt.
Subordinated debentures次级债券 are subordinated standing incase of insolvency（无力偿还债务）
Mortgage bond不动产抵押债券 is a bond secured by a lien on real property.
Eurobonds欧洲债券 issued in a country different from the one in whose currency the bond is denominated. (e.g. a bond that is issued in Europe or in Asia by an American company and that pays interest and principal to the lender in U.S. dollars)
zero and very low coupon bonds零息票债券bonds at a substantial discount from their face value with a zero or very low coupon rate.
junk bonds垃圾债券are high-risk debt with ratings of BB or below by Moody’s and Standard and Poor’s.
Par value本金
Coupon interest rate息票利率the percentage of the par value of the bond that will be paid out annually in the form of interest.
Maturity indicates the length of time until the bond issuer returns the par value to the bondholder and terminates or redeems the bond.
Indenture（契约）The legal agreement between the firm issuing the bonds and the bond trustee who represents the bondholders.
Current yield: refers to the ratio of the annual interest payment to the bond’s current market price.
Current yield = annual interest payments/market price of the bond
Bond ratings债券的评级
Book value（账面价值）the value of an asset as shown on a firm’s balance sheet.
Liquidation value（清算价值）the dollar sum that could be realized if an asset were sold individually and not as part of going concern.
Market value（市场价值）the observed value for the asset in the marketplace.
Intrinsic or economic value/fair value（内在价值）the present value of the asset’s expected future cash flows.
Efficient market（有效市场）one in which the values of all securities at any instant fully reflect all available public information, which results in the market value and the intrinsic value being the same.
Opportunity cost of funds（投资的机会成本）the rates of return available on similar investments.
Bond valuation  
Expected rate of return期望收益率the rate of return the investor will earn if the bond is held to maturity, or the yield to maturity.

水痕云意

上接金融学基础
6. valuation and characteristics of stock
preferred stock（优先股）a hybrid security because it has many characteristics of both common stock and bonds.
Features of preferred stock: multiple classes; priority over assets and incomes; cumulative feature（累积优先股） (all past unpaid preferred stock dividends be paid before any common stock dividends are declared); protective provisions（有保护优先股）(allow for voting rights in the event of nonpayment of dividends, or they restrict the payment of common stock dividends if sinking-fund payments are not met or if the firm is in financial difficulty); convertibility（可转换优先股）(at the discretion of the holder the stock can be converted into a predetermined number of shares of common stock); call provision（可回收）(entitles a company to repurchase its preferred stock or bonds from their holders at stated prices over a given time period); sinking-fund provision（偿债基金准备）(requires the firm periodically to set aside an amount of money for the retirement of its preferred stock)
Valuing preferred stock  
Common stock a certificate that indicates ownership in the corporation.
Features of common stock: claim on income; claim on assets; voting rights; preemptive rights（强制认购权）; limited liability
Valuation of common stock  
7. the meaning and measurement of risk and return
risk: the potential variability in future cash flows.
Standard deviation is the square root of the weighted average squared deviation of each possible return from the expected return.
Portfolio 投资组合
Beta: measures the average relationship between a stock’s returns and the market’s returns.


Corporate finance公司融资学
Some important questions that are answered using finance
What long-term investments should the firm take on?
Where will we get the long-term financing to pay for the investment?
How will we manage the everyday financial activities of the firm?
Financial Manager
Financial managers try to answer some or all of these questions
The top financial manager within a firm is usually the Chief Financial Officer (CFO)
Treasurer – oversees cash management, credit management, capital expenditures and financial planning
Controller – oversees taxes, cost accounting, financial accounting and data processing
Financial Management Decisions
Capital budgeting
What long-term investments or projects should the business take on?
Capital structure
How should we pay for our assets?
Should we use debt or equity?
Working capital management
How do we manage the day-to-day finances of the firm?
Forms of Business Organization
Three major forms in the united states
Sole proprietorship
Partnership
General
Limited
Corporation
S-Corp
Limited liability company
Sole Proprietorship
Advantages
Easiest to start
Least regulated
Single owner keeps all the profits
Taxed once as personal income
Disadvantages
Limited to life of owner
Equity capital limited to owner’s personal wealth
Unlimited liability
Difficult to sell ownership interest
Partnership
•        Advantages
–        Two or more owners
–        More capital available
–        Relatively easy to start
–        Income taxed once as personal income
•        Disadvantages
–        Unlimited liability
•        General partnership
•        Limited partnership
–        Partnership dissolves when one partner dies or wishes to sell
–        Difficult to transfer ownership
Corporation
•        Advantages
–        Limited liability
–        Unlimited life
–        Separation of ownership and management
–        Transfer of ownership is easy
–        Easier to raise capital
•        Disadvantages
–        Separation of ownership and management
–        Double taxation (income taxed at the corporate rate and then dividends taxed at personal rate)
Goal Of Financial Management
•        What should be the goal of a corporation?
–        Maximize profit?
–        Minimize costs?
–        Maximize market share?
–        Maximize the current value of the company’s stock?
•        Does this mean we should do anything and everything to maximize owner wealth?
Why Shareholder Value?
Increasing share-owner value is the job our economic system demands of us
Shareholders put us in business
Business distributes the lifeblood of our economic system--goods and services but also taxes, salaries, philanthropy
If we do our jobs, we can contribute to society in very meaningful ways
  Companies are expected to do good deeds, but   also good work--work focused on our mission to create value over time for owners
  Those owners include not only individual investors, but university endowments, philanthropic foundations, other non-profit organizations.  The more value created for them, the more good they can do
Focusing on creating value over the long term keeps us from acting shortsighted
  The long haul means being of value to consumers, customers, bottling partners, all other stakeholders
  Real conflict is not between shareholders and stakeholders, but between the long-term and short-term interests of both
  Coca-Cola has grown over 110 years because of discipline to its mission (value over the long haul for its owners)
“A billion hours ago, human life appeared on Earth.  A billion minutes ago, Christianity emerged.  A billion seconds ago, the Beatles changed music forever.  A billion Coca-Colas ago was yesterday morning.”
                                                --Roberto Goizueta
“What must we do to make a billion Coca-Colas ago be this morning? By asking this question, we discipline ourselves to the long term view...the best way to serve all our stakeholders...is by creating value over time for those who have hired us.”
The Agency Problem
Agency relationship
Principal hires an agent to represent their interest
Stockholders (principals) hire managers (agents) to run the company
Agency problem
Conflict of interest between principal and agent
Management goals and agency costs
Managing Managers
Managerial compensation
Incentives can be used to align management and stockholder interests
The incentives need to be structured carefully to make sure that they achieve their goal
Corporate control
The threat of a takeover may result in better management
Other stakeholders
Work the Web Example
The Internet provides a wealth of information about individual companies
One excellent site is finance.yahoo.com
Click on the web surfer to go to the site, choose a company and see what information you can find!
Financial Markets
Cash flows to the firm
Primary vs. secondary markets
Dealer vs. auction markets
Listed vs. over the counter securities
NYSE
NASDAQ



Insurance 保险学
Risk VS insurance
Risk is a probability of the happening of a certain kind of issue, which may lead to property or other sorts of loss.
Definition of insurance: protection against future loss
Insurance contract
Basic principles of insurance
Classification of insurance
Property insurance
Liability insurance
Life insurance
保险（Insurance）
以集中起来的保险费建立保险基金，用于补偿被保险人因自然灾害或意外事故所造成的损失，或对个人因死亡、伤残、疾病或者达到合同约定的年龄期限时，承担给付保险金责任的商业行为。
保险基金（Insurance Fund）
指为了补偿意外灾害事故造成的经济损失，或因人身伤亡、丧失工作能力等引起的经济需要而建立的专用基金。
保险合同（Insurance Contract）
指投保人支付规定的保险费，保险人对承保标的因保险事故所造成的损失，在保险金额范围内承担赔偿责任，或者在合同约定期限届满时，承担给付保险金义务的协议。
保险单（Policy）
保险人与被保险人顶立保险合同的正式书面证明。保险单必须完整地记载保险合同双方当事人的权利义务及责任。保险单记载的内容是合同双方履行的依据。
保险凭证（Insurance Certificate）
又称"小保单"，指在保险凭证上不印保险条款，实际上是一种简化的保险单。保险凭证与保险单具有同等效力，凡是保险凭证上没有列明的，均以同类的保险单为准。
保险条款（Insurance Clauses）
保险单上规定的有关保险人与被保险人的权利、义务及其他保险事项的条文。
保险标的（Insurance Subject）
指保险合同载明的投保对象，或者是保险保障的对象。例如家庭财产险中的有关家庭财产，人寿险中的人的寿命等等。
保险金额（Insured Amount）
又称"保额"，指保险合同双发当事人确定并在合同中载明的金额，也是保险人计算保险费的依据和负责赔款或给付保险金的最高限额。
保险金 insurance compensation
是指保险人赔偿或给付的金额。
保险价值（Insured Value）
指投保人与保险人订立保险合同时，作为确定保险金额基础的保险标的的价值，也即投保人对保险标的所享有的保险利益在经济上用货币估计的价值额。
保险期限（Insurance Period）
又称"保险期间"，指保险合同的有效期限，也即保险人依约承担保险责任的期限，也叫保险责任的起讫期限。
保险费（Insurance Premium）
签定保险合同的投保人或被保险人为取得保险保障而缴付给保险人的费用。
保险费率（Premium Rate）
指每一保险金额所应支付的对价比率，通常用百分率或千分率来表示，人寿保险则按每个人的年龄及保险期限的平均比率计算。保险人（Insurer）
又称"承保人"，保险合同当事人的一方，与投保人订立保险合同并承担赔偿或者给付保险金的责任。
被保险人（（Insured）
又称"保户"，保险合同的重要关系人，受保险合同保障，享有保险金请求权的法人或自然人。
保险代理人（Insurance Agent）an agent who sells insurance
依据保险人的委托，向保险人收取代理手续费，并在保险人的授权范围内代为办理保险业务（如展业、承保、理赔）的单位和个人。
保险经纪人（Insurance Broker）
指基于投保人的利益，为投保人与被保险人订立保险合同，提供中介服务并依法收取佣金的人。
补偿原则（Principle of Compensation）
指当被保险人发生损失时，通过保险人的补偿使被保险人的经济利益恢复到原来水平，被保险人不能因损失而得到额外收益的原则。
纯粹危险（Pure Risk）
又称"纯粹风险"，"投机危险"的对称，是指只有损失机会而无获利可能的危险。
重复保险（Multiple Insurance）
指投保人就同一保险标的的相同保险利益，分别向两家或两家以上的保险公司投保相同危险且保险期限重复的一种保险。
重置价值保险（Reinstatement Value Insurance）
财产保险中对房屋和机器按特定的价值进行保险的一种方式。一般的财产保险只保障保险标的当时的实际价值，不保重置价值。
偿付能力（Solvency）
指保险机构履行赔偿或给付责任的能力，也是保险机构资金力量与自身所承担的危险赔偿责任的比较。
承保（Approved， To Cover）
指保险人在投保人提出要保请求后，经审核认为符合承保条件并同意接受投保人申请，承担保单合同规定的保险责任的行为。
财产保险（Property Insurance）
又称"损害保险"，保险业务的一大分类，是以财产以及有关利益为保险标的的一种保险。
代位求偿权（Subrogation Right）
指因第三者对保险标的的损害而造成保险事故的，保险人自向被保险人赔偿保险金之日起，在赔偿金额范围内，有权代位行使被保险人对第三者请求赔偿的一种权利。
定值保险（Valued Insurance）
又称"定价保险合同"，"不定值保险"的对称，保险合同双方当事人事先确定保险标的的价值，并在合同中载明以确定保险金最高限额的财产保险合同。
复效（Reinstate）
属人身保险合同中的一般性条款。当保单所有人在缴费过了宽限期后，并且没有使用自动垫交保险费贷款，保险单便会失效，复效条款允许保单所有人恢复一份失效保险单的效力，但此权利的时效往往截至未缴保费的3～５年。我国一些保险险种规定在2年内可申请复效。
共同保险（Co-insurance）
又称"共保"，指两个或两个以上保险人共同承保同一笔保险业务。
近因（Proximate Cause）
造成保险标的的损失的最直接、最有效的原因，而不是指在时间上最接近损失的原因。近因原则是保险理赔过程中必须遵循的重要原则。
救助费用（Salvage Charge）
指保险标的遭遇保险责任范围内的灾害事故时，由保险人和被保险人以外的第三者采取救助行动而支付的费用。
理赔（Claim Settlement）
指保险事故发生后，保险人对被保险人所提出的索赔案件的处理。
弃权与禁止反言（Waiver and Estelle）
指合同一方任意放弃其在保险合同中可以主张的某种权利，将来不得再向他方主张这种权利。
人身保险（Personal Insurance）
以人的生命和身体为保险标的，以被保险人的生死、伤害、疾病作为保险事故的保险。
人寿保险（Life Insurance）
人寿保险一词在使用时有广义和狭义之分。广义的人寿保险就是人身保险，狭义的人寿保险是人身保险的一种，但不包括意外伤害保险和健康保险，仅是以人的生死为保险事件，保险人根据合同的规定负责对被保险人在保险期限内死亡或生存至一定年龄时给付保险金。狭义的人寿保险有三种基本形式：定期寿险、终身寿险和生死两全保险。
人身意外伤害保险（Life Accident Insurance）
在保险期内因发生意外事故致使被保险人死亡或伤残，保险人按合同规定给付保险金的一种保险。
人寿保险精算师（Life Insurance Actuary）
指受过数学、统计学、会计学和人寿保险学等专业训练并能从事寿险精算工作的专家。有些国家仅指取得精算协会资格鉴定的人。
人寿保险责任准备金（Life Insurance Reserve）
指为承担人寿保险规定的给付义务，保险人从应收的净保险费中逐年提存的一种准备金。
受益人（Beneficiary）
在保险合同中由被保险人或投保人指定，在被保险人死亡后有权领取保险金的人，一般见于人身保险合同。
损失率（Loss Ratio）
指保险公司某一业务年度或一定时期内赔款支出总数与同期保费收入总数的比率。赔付率是保险公司考核其业务经营成果的一项重要指标，也是调整费率的主要参考依据。
索赔（Lodge a Claim）
指投保人或被保险人在发生保险事故、遭受财产损失或人身伤亡以后，要求保险人履行赔偿或给付保险金义务的行为。
实际全损（Actual Total Loss）
“推定全损”的对称，即保险财产在物质形式或经济价值上已完全灭失的损失。
施救费用（Sue and Labor Expenses）
指当被保险标的遭遇保险责任范围内的灾害事故是，被保险人或其代理人、雇佣人员和受让人等采取措施抢救保险标的，以防止损失的扩大，其中因采取施救措施而支出的费用。
生死两全保险（Endowment Assurance）
又称“混合保险”或“储蓄保险”，以被保险人在保险期限内死亡或期满生存为条件，都可获得保险金的一种保险。
投保单（Application）
又称“投保书”、“要保书”，投保人向保险人申请顶立保险合同的书面要约。
投保人（Applicant）
又称“要保人”或“保单持有人”，与保险人订立保险合同，并按照保险合同负有支付保险费义务的人。
退保（To Cancel）
指在保单的有效期内，合同当事人的任何一方中途宣告（或要求）解除保险合同并注销保险单的行为。
推定全损（Constructive Total Loss）
“实际全损”的对称。保险标的受损后并未完全丧失，是可以修复或可以收回的，但所花的费用将超过获救后保险标的的价值，因此得不偿失。
危险（Risk）
又称风险，指某种随机事件发生后，给人们的利益造成损失的不确定性。
危险事故（Peril）
指给社会造成人员伤亡与财产损失的原因。
最大诚信（Utmost Good Faith）
有诚意、守信用，是任何商业性契约的双方当事人所必须遵守的先决条件。
责任保险（Liability Insurance）
一种以被保险人的民事损害赔偿责任作为保险对象的保险。
职业责任保险（Professional Liability Insurance）
承保各种专业技术人员因工作上的疏忽或过失，造成他们的当事人或其他人的人身伤害或财产损失所承担经济赔偿责任的一种保险。
自杀条款（Suicide Clauses）
寿险合同条款之一，即规定自杀不属于包责任范围，保险人不负给付保险金责任的条款。
再保险（ Reinsurance）
又称“分保”或“保险的保险”，指保险人将自己所承担的保险责任，全部或部分地转嫁给其他保险人承保的业务。

水痕云意

Econometrics计量经济学
Econometrics = economic measurement
Used to:
Estimate the magnitude of quantitative relationships among economic variables
Test economic hypotheses
Forecast future outcomes
Uses of econometrics
econometric techniques are used in many fields besides economics:
political science,
psychology,
history,
biology,
medical research, and
financial analysis.
Estimating the magnitude of quantitative relationships
Evaluating and comparing alternative economic models
are the predicted qualitative effects economically significant?
Keynesian vs. monetarist vs. new classical models
Market research: finding the parameters of demand or supply curves to compute own-price, cross-price, income, and supply elasticity
Estimating the magnitude of quantitative relationships
determining the return to a college degree
How do alternative government policies affect economic outcomes?
How does labor supply, employment, and investment respond to changes in taxes and other policy variables
How will a carbon tax affect pollution levels?
How will changes in penalties or conviction rates affect crime rates?
How will changing welfare rules affect income distribution, employment, poverty, and health care
Linear models
Initial model: bivariate linear model
Parameters:
Intercept
Slope
Example: lemonade demand










Scattergram = plot of observed data points
Error terms
observed data points do not fall exactly along a linear relationship
an error term, ui, is introduced to account for these deviations from a linear relationship: Yi = bo+ b1Xi + ui
Why is an error term needed?
captures the effect of other variables not included in the model
element of randomness in individual behavior
incorrect measure of variables
fitted equation may not reflect the actual functional relationship
Error terms












Dependent and independent variables
dependent variable is assumed to be determined by the independent variable(s)
dependent variable is on the left-hand side of a regression equation
independent variables appear on the right-hand side of a regression equation
Fitted values
Fitted value = value of the dependent variable predicted by the estimated regression line at a particular level of the independent variable
Fitted values are denoted with a “hat” over the variable (e.g.,      )
Estimated parameters
Estimated parameters are also represented using a “hat” over the corresponding model parameter
For example:
Observed error term
The observed error term can be expressed as:
Example: Consumption function
A simple Keynesian consumption function is given by:





       
Parameters of the consumption function
Intercept:
Slope:                    = marginal propensity to consume
       
Consumption function scatterplot:














Fitted consumption function















Hypothesis testing and the scientific method
Economists rely on the scientific method
Observe a phenomenon
Formulate a hypothesis, and
Test the hypothesis
If rejected, formulate a new hypothesis
If the hypothesis fails to be rejected, test the hypothesis again
Hypothesis testing
Hypothesis testing generally involves testing predictions concerning the magnitude or signs of model coefficients
Demand equation

Each slope coefficient represents the ceteris paribus effect of a change in that particular variable.
Possible hypothesis tests?
Are price and quantity demanded inversely related?
Are goods X and Y (or X and Z) substitutes and complements?
Is this a normal or inferior good?
Forecasting
Demand forecasting
Macroeconomic forecasting
Predicting the outcome of elections
Predicting outcomes of alternative policies
Formulating an econometric model
Model specification
endogenous variables
determined within the model
exogenous variables
determined outside of the model
Initially, it is assumed that the dependent variable is the only endogenous variable (all right-hand side variables assumed to be exogenous).
Specification error
Omitting relevant variables
Including irrelevant variables
Incorrect functional form
Example: Inflation and money growth
MV = PY

Types of data
Cross-sectional
Individual observations measured at a given point in time
Time-series
Observations measured at different points in time
Pooled
Mix of cross-sectional and time-series observations
Longitudinal (or panel)
A cross-section of observations is followed through time
Monetary growth/inflation model























Correlation and causation

水痕云意

微观经济学Microeconomics
宏观经济学Macroeconomics
Economics is the study of how society manages its scarce resources. In most societies, resources are allocated not by a single central planner but through the combined actions of millions of households and firms. Economists therefore study how people make decisions: how much they work, what they buy, how much they save,and how they invest their savings. Economists also study how people interact with one another. Finally, economists analyze forces and trends that affect the economy as a whole, including the growth in average income, the fraction of the population that cannot  find work, and the rate at which price are rising.
Scarcity：
Scarcity means that society has limited resources and therefore cannot produce all the goods and services people wish to have.
The field of economics is divided into two subfields: microeconomics and macroeconomics.
Microeconomics deals with the behavior of individual economic units. These units include consumers, workers, investors,owners of land,business firms---in fact, any individual or entity that pays a role in the functioning of our economy.
Ten Principles of Economics: How people make decisions
Principle #1:  People Face Tradeoffs
The first lesson about making decisions is summarized in the adage:” There is such thing as a free lunch.” To get one thing that we like, we usually have to give up another thing that we like. Making decisions requires trading off one goal against another.
Principle #2:  The Cost of Something is What You Give Up to Get It
Because people face tradeoffs, making decisions requires comparing the costs and benefits of alternative courses of action.
The opportunity cost of an item is whatever must be given up to obtain that item.
Principle #3: Rational people Think at the Margin
Decisions in life are rarely black and white but usually involve shades of gray. At dinnertime, the decision you face is not between fasting or eating like a pig, but whether to take that extra spoonful of mashed potatoes.When exams roll around, your decision is not between blowing them off or studying 24 hours a day, but whether to spend an extra hour reviewing your notes instead of watching TV.
Economists use the term marginal change to describe small incremental adjustments to an existing plan of action. Keep in mind that “margin” means “edge”, so marginal changes are adjustments around the decisions edges of what you are doing.
Individual and firms can make better decisions by thinking at the margin. A rational decisionmaker takes an action if and only if the marginal benefit of the action exceeds the marginal cost.
Principle #4: People Respond to Incentives
Because people make decisions by comparing cost and benefits, their behavior may change when the costs or benefits change. That is, people respond to incentives. When the price of an apple rises, for instance, people decide to eat more pears and fewer apples because the cost of buying an apple is higher. At the same time, apple orchards decide to hire more workers and harvest more apples, because the benefit of selling an apple is also higher As we will see, the effect price on the behavior of buyers and sellers in market.
How People Interact
Principle #5:Trade Can Make  Everyone Better Off
Trade allows each person to specialize in the activities he or she does best, whether it is farming, sewing, or home building.  By trading with others, people can buy a greater variety of goods and services at lower cost.  Trade can be mutually beneficial.
Principle #6: Markets are usually a Good Way to Organize Economic Activity
Market economy is en economy that allocates through the decentralized decisions of many firms and households as they interact in markets for goods and services.
In a market economy, the decisions of central planner are replaced by the decisions of millions of firms and households. Firm decide whom to hire and what to make.households decide which firms to work for and what to buy with their incomes. These firms and households interact in the marketplace, where prices and self-interest guide their decisions
Therefore, markets are usually a good way of coordinating trade among people.
Principle #7: Governments Can Sometimes Improve Market Outcomes
Although markets are usually a good way to organize economic activity, this rule has some important exceptions. There two broad reasons for a government to intervene in the economy----to promote efficiency and to promote equity. That is, most policies aim either to enlarge the economic pie or to change how the pie is divided.
How the Economy as a whole works
Principle #8:A country’s Standard of Living Depends on its Ability to Produce Goods and Services.
Almost all variation in living standards is attributable to differences in countries’productivity---that is, the amount of goods and services produced from each hour of a worker’s time. In nations where workers can produce a large quantity goods and services per unit of time, most people enjoy a high standard of living; in nations where workers are less productive, most people must endure a more meager existence.Similarly, the growth rate of a nation’s productivity determines the growth rate of its average income.
Principle #9rice Rise When the Government Prints Too Much Money.
When a government creates large quantities of the nation’s money,the value of the money falls,that is inflation.
Inflation refers to an increase in the overall level of prices in the economy.
Principle #10: Society Faces a Short-Run Tradeoff between Inflation and Unemployment
When the government increases the amount of money in the economy, one result is inflation. Another result, at least in the short-run, is a lower level of unemployment. Therefore ,society faces a short-run tradeoff between inflation and unemployment.

水痕云意

Financial Management财务管理
主要是融资和货币时间价值
会计衡等式
balance sheet
assets＝lialilities+ownership interest
financial statement
The financial management is all respects shown of the enterprise's fund activity in fact.
In general enterprises, the fund activity have four kinds：
Financing , investment , profit sharing , operational fund management.
Financing: have two ways , stock and bond.
*Stock: is the capital or fund that a corporation raises through the sale of shares that give the stockholder to dividends and to others rights of ownership.
*Bond: is the debt issued by a government or corporation assure payment of the investment plus interest by a specified future date .
* Share: any of the equal parts into which the capital stock of a corporation or company is devided.
1.Determined with which way to raise funds.
The stock of financing with low costs , not need mortage ,have no returning time limited , and no interest.
The bond is just opposite.
But financing by stock , must give apart of ownership to others.
2.Investment in financial management is about money's time value . money's time value is the money's increasing value after be invested and reinvested in certain time .
For example:
There is a project , if working now ,we can have ten million . after five years working , we can have sixteen million . so, if we don't think about the money's time value,we will believe working after five years is better.
But if we think about the money's time value , we know ,we can have ten million in the project now . then we can use the ten million invest other project . if we can have profit 15% , after five years we can have 20 million ( 1×1.15{5} =20 ) .it's better than 16 million.

水痕云意

HUMAN RESOURCE MANAGEMENT人力资源管理
THE FOLLOWING WILL BE COVERED:
        *        DEFINITION OF HRM-RELATED TERM
        *        FUNCTIONS OF HRM;
                -        ATTRACTING HUMAN RESOURCES
                -        RETENTION OF HUMAN RESOURCES
                -        DEVELOPMENT OF HUMAN RESOURCES
DEFINITION
HUMAN RESOURCE PLANNING (HRP):
        “ANTICIPATING AND PROVIDING FOR THE MOVEMENT OF PEOPLE (QUANTITY & QUALITY) INTO, WITHIN, AND OUT OF A FIRM” (DuBrin & Ireland,1993). AIM IS TO FACILITATE BUSINESS OPERATIONS
        IMPORTANT – FOCUS ON THE HRP DEFINITION GIVEN IN 6TH EDITION !!!
        *        INVOLVES ANTICIPATING PRESENT & FUTURE HUMAN  
                RESOURCES NEEDS (TO HELP ACHIEVE ORGANISATIONAL
                OBJECTIVES) AND FINDING EMPLOYEES WHO WILL MEET THOSE NEEDS.
HUMAN RESOURCE PLANNING
HUMAN RESOURCES PLANNING INVOLVES (SEE 3 STEPS COVERED IN 6TH EDITION):
        *        ANALYSING PRESENT POOL OF TALENT IN LIGHT OF   
                CURRENT & FUTURE NEEDS/ORGANISATIONAL GOALS
        *        ANTICIPATING VACANCIES DUE TO RETIREMENTS,
                PROMOTIONS, TRANSFERS, LAYOFFS, DEATHS, PARENTAL
                OR MATERNITY LEAVE.
        *        FORECASTING PERSONNEL NEEDS DUE TO NORMAL
                GROWTH, PLANNED EXPANSION, ACQUISITIONS, OR
                OTHER PREDICTABLE CHANGES.
        *        PLANNING LONG-TERM SUCCESSION IN CRITICAL JOBS &
                EMERGENCY REPLACEMENT AS NEEDED.
        *        FORECAST BUSINESS/ECONOMIC TRENDS & THEIR IMPACT
                ON HUMAN RESOURCES NEEDS.
ATTRACTING HUMAN RESOURCES
ATTACTING HUMAN RESOURCES INVOLVES:
        *        COMPONENTS OF HUMAN RESOURCES PLANNING;        
                - Job analysis – gathering detailed information about a specific job (interview,observation, questionnaire).
                - Job description – written output of a job analysis exercise (title, place, machinery to be used, w/conditions)
                - Job specification – qualifications, training & experience
                - Human resource forecasting – future economic/business conditions and implications on labor demand (economic growth/recession, technological change, availability of           special skills, etc).
                - Human Resource Plan – gives road map on how short, medium, and long term human resource plans can be provided for.
RECRUITMENT
        DEFINITION:
        “PROCESS OF FINDING & ATTRACTING PEOPLE WHO ARE CAPABLE OF AND INTERESTED IN FILLING JOB VACANCIES” (DuBrin & Ireland,1993).
Search for full-time, part-time, and temporary/contingent workers.
Can use several recruitment sources (present employees, referrals by employees, news paper advertisements, campus recruits, job hunters or employment agencies & Executive search  – 85% of jobs are often by word of mouth).
*        There are advantages and disadvantages of recruiting from inside & outside the organisation.   
CHECK RECRUITMENT TECHNIQUES EMPLOYED BY HRM MANAGERS IN 6TH EDITION;
        (Adverts, Consultants/labour agencies, existing employees, etc)
RECRUITMENT FROM INSIDE
ADVANTAGES;
        *        CAREER PLAN FOR EXISTING WORKERS & MORALES
        *        RELATIVELY EASIER ASSESSMENT OF APPLICANTS AS
                INFORMATION IS AVAILABLE
        *        REDUCED RECRUITMENT COSTS (TRAVEL EXPENSES)
DISADVANTAGES;
        *        EXISTING EMPLOYEES MAY NOT BRING-IN NEW IDEAS TO  
                THEIR NEW JOB.
        *        LOWER LEVEL EMPLOYEES MAY NOT HAVE CAPACITIES
                REQUIRED AT HIGHER JOBS. HIGH-POWERED EMPLOYEES
                MIGHT NOT BE ABLE TO WAIT LONG ENOUGH FOR THEIR TURN.
        *        INTERNAL STRIFE FOR THE POST MIGHT IMPACT NEGATIVELY
                ON POSSIBILITIES FOR TERM WORK AMONG EXISTING
                EMPLOYEES.  
RECRUITMENT FROM OUTSIDE
ADVANTAGES:
        *        OBJECTIVITY AND EXTENSIVE EFFORT PUT INTO THE  
                PROCESS LIKELY TO LEAD TO A BETTER CANDIDATE
                SELECTION.
        *        NEW IDEAS, WAY OF THINKING & APPROACHES THAT  
                MIGHT CHALLENGE EXISTING NORMS AND ACT AS
                CATALYST IN CONTINUOUS IMPROVEMENT/INNOVATION OF
                COMPANY OR FIRM.  
DISADVANTAGES:
        *        RELATIVELY HIGHER COSTS, RISKY OF GETTING THE
                WRONG PERSON, AND WRONG IMPACT ON EXISTING
                EMPLOYEES.
EMPLOYEE SELECTION
HAS TWO COMPONENTS – JOB SPECIFICATION & SELECTION TECHNIQUES:
SELECTION TECHNIQUES:

        *        PRELIMINARY SCREENING INTERVIEW (e.g., knock-out questions – are you willing to working week-ends/shop?). Important in quickly reducing the number of applicants who don’t meet job specifications.        
        *        PERSONNEL TESTS – wide varieties of tests are used to measure mental ability, special aptitudes, creativity, physic and personality characteristics, etc. Several issues of;
                *  Reliability – consistency or stability of test results
                *  Validity – does the test really measure what it claims to measure.
        *        JOB APPLICATION FORM -   a resume might be used instead of a formal application form. Gives information on ability of applicant to organize thoughts on paper.
        *        SELECTION INTERVIEW – widely used by companies. May take many forms.
        *        ASSESSMENT CENTERS – often involves job simulation experiments
FINAL SELECTION SHOULD LEAD TO SHORT-LISTING, REFERENCING, OFFER BEING MADE TO POSSIBLE BEST CANDIDATE, MEDICAL EXAMINATION, ETC. EXACT SEQUENCE MIGHT DIFFER FROM FIRM TO FIRM.
INDUCTION
INDUCTION IMPORTANT FOR QUICK INTEGRATION OF NEW EMPLOYEES INTO THE COMPANY OR ORGANISATION
Important to read corresponding section in the 6th edition.
        An Induction Programme will:
        *        Introduce new employees to colleagues, expediting socialisation
        *        Explain business’ policy, procedures and rules
        *        Inform new employees about company history, products and services, reputation in the market.
        *        Provide information on practical arrangements, i.e., payment procedures, overtime payment, incentive systems, etc.
        *        Explain the Organizational structure of the business & how an employee fits in.
RETAINING & DEVELOPING EMPLOYEES
WILL FOCUS ONLY ON PERFORMANCE MEASUREMENT, TRAINING & DEVELOPMENT
PERFORMANCE MEASUREMENT DEFINITION:
        “means by which managers ensure that employees’ activities and outputs are in line with the business goals” (p454, 5TH Edition)
        COMPRISES OF THREE COMPONENTS:
        *        DETERMINING DESIRED PERFORMANCE STANDARDS – JOB ANALYSIS
        *        MEASURE PERFORMANCE – PERFORMANCE APPRAISALS
        *        FEEDBACK TO EMPLOYEES
WHAT TO READ ON PERFORMANCE MANAGEMENT
THREE PURPOSES OF PERFORMANCE MEASUREMENT:
        (see corresponding section in 6th Edition)
        -        MEETING ORGANISATIONAL GOALS
        -        DEVELOPMENT OF EMPLOYEES
        -        HELP IN RETENTION OF STAFF/MORALE
THREE USES OF RESULTS OF PERFORMANCE APPRAISALS:
         *        Photocopied slide shown in class - see respective Section in the 6th Edition.
WHO SHOULD DO APPRAISALS;
        -        Managers/Supervisors.
-        Committee of supervisors, peers, subordinates, self evaluation, etc).
DEVELOPMENT & TRAINING OF EMPLOYEES
READ SECTION AS COVERED IN THE 6TH EDITION
DEFINITION:
        “DEVELOPMENT REFERS TO INCREASING THE CAPABILITIES OF EMPLOYEES IN ORDER TO IMPROVE THEIR FUTURE JOB PERFORMANCE. SPECIAL EMPHASIS IS PLACED ON INTERPERSONAL AND DECISION MAKING SKILLS” (DuBrin & Ireland,1993).
FOUR WAYS OF EXCUTING DEVELOPMENT ACTIVITIES – DEVLOPMENT OF EMPLOYEES?
        *        Photocopied slide shown in class.
        *        READ SECTION IN 6TH


International finance 国际金融
Financing International TradeBalance of Payments Accounts
A country’s balance of payments accounts records its international trading, borrowing and lending.
There are three balance of payments accounts:
Current account
Capital account
Official settlements account
  + in balance of payments = inflows of currency
  - In balance of payments = outflows of currency
Current account = net exports + net investment income + net transfers
Capital account = Foreign investment in U.S.- U.S. investment in foreign co.’s
Official settlements account = Increase in foreign co’s holdings of U.S. – increase in U.S. holdings of foreign currency
Current + Capital + official settlements = 0
The balance of payments (as a percentage of GDP) over the period 1983 to 2003.











Borrowers and Lenders, Debtors and Creditors
A country that is borrowing more from the rest of the world than it is lending to it
l        is a net borrower.
l        has a current account deficit and a capital account surplus (assume official settlements acc=0)
A country that is lending more to the rest of the world than it is borrowing from it
l        is a net lender.
l        has a current account deficit, and capital account surplus (assume official settlements=0)
The United States is currently a net borrower (but as late as the 1970s it was a net lender.)
A debtor nation is a country that during its entire history has borrowed more from the rest of the world than it has lent to it.
A creditor nation is a country that has invested more in the rest of the world than other countries have invested in it.
The difference between being a borrower/lender nation and being a creditor/debtor nation is the difference between stocks and flows of financial capital.
Being a net borrower is not a problem provided the borrowed funds are used to finance capital accumulation that increases income.
Being a net borrower is a problem if the borrowed funds are used to finance consumption.
Current Account Balance
The current account balance (CAB) is:
CAB = NX + Net interest income + Net transfers
The main item in the current account balance is net exports (NX).
The other two items are much smaller and don’t fluctuate much.
Net Exports
Net exports is exports of goods, X, and services minus imports of goods and services, M.
Net exports are determined by the government budget and by private saving and investment.
The government sector surplus or deficit is equal to net taxes, T, minus government purchases of goods and services G.
The private sector surplus or deficit is saving, S, minus investment, I.
Net exports is equal to the sum of private sector balance and government sector balance:
NX = T – G + S – I
Net exports for the U.S. for 2003 (–$506 billion) equals the sum of private sector balance—a surplus of $42 billion—and government sector balance—a deficit of $548 billion.
The private sector balance has moved in the opposite direction to the government balance.
There is not a strong relationship between net exports and the other two balances individually.











Is U.S. Borrowing for Consumption or Investment?
U.S. borrowing from abroad finances investment.
It is much less than private investment and almost equal to government investment in public infrastructure capital.
The Exchange Rate
We get foreign currency and foreigners get U.S. dollars in the foreign exchange market—the market in which the currency of one country is exchanged for the currency of another.
The price at which one currency exchanges for another is called a foreign exchange rate.
Currency depreciation is the fall in the value of the currency in terms of another currency.
Currency appreciation is the rise in value of the currency in terms of another currency.
How the exchange rate of the yen and the euro for the U.S. dollar have changed from 1993 to 2003.
Both currencies have fluctuated considerably against the U.S. dollar.

















Demand in the Foreign Exchange Market
The quantity of dollars that traders plan to buy in the foreign exchange market during a given period depends on:
The exchange rate
Interest rates in the United States and other countries
The expected future exchange rate
The Law of Demand for Foreign Exchange
The demand for dollars is a derived demand.
People in foreign countries buy dollars so that they can buy U.S.-made goods and services or U.S. assets.
Other things remaining the same, the higher the exchange rate, the smaller is the quantity of dollars demanded in the foreign exchange market.
As the exchange rate rises (f.c. per dollar), U.S. exports become more expensive for foreigners and the quantity of $ demanded falls.
The demand curve for U.S. dollars.













Changes in the Demand for Dollars
A change in any influence on the quantity of dollars that people plan to buy, other than the exchange rate, brings a change in the demand for dollars and a shift in the demand curve for dollars.
These other influences are:
Interest rates in the United States and in other countries
The expected future exchange rate
U.S. prices relative to foreign prices














Supply in the Foreign Exchange Market
Other things remaining the same, the higher the exchange rate (f.c. per $), the greater is the quantity of dollars supplied in the foreign exchange market.
As f.c. per $ increases, imports from foreign countries become cheaper to U.S., and U.S. wants to sell more $ to purchase imports.













Changes in the Supply of Dollars
A change in any influence on the quantity of dollars that people plan to sell, other than the exchange rate, brings a change in the supply of dollars and a shift in the supply curve of dollars.
These other influences are:
Interest rates in the United States and in other countries
The expected future exchange rate
U.S. prices relative to foreign prices
Market Equilibrium













If the exchange rate is too high, a surplus of dollars drives it down.
If the exchange rate is too low, a shortage of dollars drives it up.
The market is pulled (quickly) to the equilibrium exchange rate at which there is neither a shortage nor a surplus.












Changes in the Exchange Rate
Changes in demand and supply in the foreign exchange market change the exchange rate (just like they change the price in any market).
interest rates.
inflation rates
investment opportunities
expected future exchange rates
Exchange Rate Expectations
The exchange rate changes when it is expected to change.
But expectations about the exchange rate are driven by deeper forces. Two of them are
Purchasing power parity
Interest rate parity
Purchasing power parity:  A currency should buy the same amount of goods and services in every country.
If PPP does not hold, there may be an opportunity for profit-making through arbitrage.
Ex.  Gold costs $300 per ounce in U.S.;  200 Euros in Europe.    PPP exchange rate should be $300=200 Euros (i.e.  .67 Euros per dollar).  
If exchange rate is 1 Euro per dollar, how can profits be made?
If PPP holds, 得到 e = P in f.c./ P in $ 得到% ch in e = inflation in f.c. – inflation in U.S.
Interest rate parity A currency is worth what it can earn.
The return on a currency is the interest rate on that currency plus the expected rate of appreciation over a given period.
When the returns on two currencies are equal, interest rate parity prevails.
Market forces achieve interest rate parity very quickly.
Return in $ = return in f.c. - % change in P of $
If a German bond pays 10% over next year and value of $ increases 10%,  what’s return in $?
If a German bond pays 10% over next year and value of $ decreases 10%, what’s return in $?
Interest differentials across countries reflect expected movements in exchange rates.
e.g. If German bonds pay 10% and U.S. bonds pay 4%, what is expected movement in exchange rate?
The Fed in the Foreign Exchange Market
The U.S. interest rate is determined by the demand for and supply of money.
The Fed determines the supply of money and through its influence on the interest rate influences the exchange rate.
The Fed can also intervene directly in the foreign exchange market.
If the demand for U.S. dollars falls and the Fed wants to hold the exchange rate steady, it can do so by buying dollars in the foreign exchange market.
If the demand for dollars increases and the Fed wants to hold the exchange rate steady, it can do so by selling dollars in the foreign exchange market.

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Introduction to the Management of Commercial Banks商业银行学
Main content: how to allocate the financial assets to optimize the economics efficiency based on security, liquidity and efficiency principles in the management of commercial banks.
This course mainly gives us the basic knowledge of capital, liability, loan, security investment and off-balance sheet (settlement, agency, consulting and such risk-free activities) activities.
“International Convergence of Capital Measurement and Capital Standards” (Basel accord) 1988
Capital of commercial banks: capital adequacy ratio(资本充足率) =core capital / total risk assets>8%, if not, there might be risk.
VALUATION OF COMMERCIAL BANKS
Value of a commercial bank depends on its expected cash flows and required rate of return.
Expected cash flows are affected by
--economic growth
Increases household or business demand for loans
Banks move assets from T-bills and other securities to more profitable loans
Loan defaults tend to be lower during period of strong economic growth
--risk free interest rate
Interest rate movements are inversely related to a commercial bank’s cash flows:
Banks rely on interest-sensitive short-term deposits as a source of funds
Bank’s use of funds (such as loans) are less sensitive to interest rates than deposits
--prevailing industry conditions for the institution
One of the most important: regulation
If regulators reduce constraints, bank’s expected cash flows increase
Technological innovation
Improves efficiency
Level of competition
--the ability of the institution’s management
  The only one of the factors within bank’s control
Skillful managers enhance a bank’s cash flows
Required rate of return is affected by
--the risk-free rate (inflation expectations, economic growth, money supply, budget deficit)
--the risk premium (economic growth, prevailing industry conditions for the institution, the ability of the institution’s management)
THE PERFORMANCE VALUATION OF COMMERCIAL BANKS
l        Interest income and expenses
Gross interest income = interest income generated from all assets
Affected by market rates and the composition of a bank’s assets
Gross interest expenses = interest paid on deposits and borrowed funds
Affected by market rates and the composition of a bank’s liabilities
Net interest income = gross interest income –interest expenses
l        Noninterest income and expenses
Noninterest income results from fees charged  on services
Lockboxes, banker’s acceptances, cashier’s checks, foreign exchange transactions
Loan loss provision is a reserve account established in anticipation of future losses
Noninterest expenses include salaries, office equipment
Securities gains and losses
l        Net income
Return on assets
Net income as a percent of assets
Different for small banks vs.
Return on equity
Affected by ROA and leverage
ROE = ROA x leverage multiplier
l        How to Evaluate a Bank’s Performance
   Examination of Return on Assets (ROA)
l        Bank failures
Fraud
Embezzlement of funds
High loan default percentage
Excessive reliance on a specific industry such as oil, defense, agriculture
Recession periods
Liquidity crisis
Bank runs, panics
Increased competition
RISK EVALUATION OF BANKS
INTRODUCTION TO BASEL ACCORD
不断加剧的竞争使得银行资本比率降到危险的水平。
资本作为银行吸收损失的缓冲， 1988年7月G10国家的中央银行规定，银行资本必须达到风险资产的8%。其中，一级资本必须达到4%。
90年代，协议逐步被全世界银行界所接受，100多个国家采用
但问题越来越多：
监管资本≠经济资本，因为银行识别与衡量或管理风险能力不断提高；
监管套利；
对押品、担保及信用风险缓冲工具的漠视
2006年底为BASEL新资本协议实施的最后期限
Basel accord 1996 raises the theory of “three pillars” for a safe and sound financial system.
Three pillars:三大支柱
Pillar 1: Minimum Capital Requirements最低资本要求
Pillar 2: Supervisory Review监管检查
Pillar 3: Market Discipline市场约束
New Basel objectives:
Broad coverage of all forms of risk
Risk sensitive capital requirements
Spectrum of approaches
Wide scope: banks and investment firms in the EU

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Investment投资学
This course provides an introduction to modern finance theory and its applications within a unified framework.
Contents:
Introduction to finance and financial markets
--finance is about the bottom line of business activities. (create value; allocate assets to best meet economic need; VALUATION IS THE CENTRAL ISSUE OF FINANCE)
--financial markets: a market is a low cost way of exchanging assets, usually cash, for something of value. Different markets exist for different assets.
market efficiency and liquidity;
competition and allocation of capital;
primary market: for new securities. Securities are bought from the issuer, through an investment banker. Efficient and effective allocation of funds.
secondary markets: markets for existing assets. Provide liquidity and opportunity for investors.
PRIMARY MARKETS CANNOT EXIST WITHOUT SECONDARY MARKETS.
Over-the-counter market: negotiated market with no central location. Dealers deal directly with each other through the network.
--financial decision, unifying principal
unifying principal: no arbitrage; preference; optimization; market in equilibrium.
EACH ASSET IS DEFINED BY ITS CASH FLOW.
Time and uncertainty are two key elements in finance.
An arbitrage is a set of transactions such that: requires non-positive initial investment; yields non-negative payoffs; at least one of the inequalities is strict.
Preference: a complete ranking of pairs of consumption streams.
Market equilibrium determines security prices in terms of “fundamentals” 利用金融资产的供求曲线可用于定价
Asset pricing theory
--valuation: fixed income securities, stocks, forward and futures, options
--portfolio theory, CAPM, APT
risk-return indifference curves风险-收益无差异曲线
expected return期望收益
variance 方差
portfolio: forming portfolios can eliminate non-systematic risks. There is optimization of portfolio.
Efficient frontier有效边界
Two funds separation principle两基金分离定理
CAPM: capital asset pricing model provides a simple, yet elegant framework for the question of reward and risk.
Market portfolio: the portfolio of all risky assets traded in the market.
Security market l ine证券市场线
因素模型：有的资产价格之间会互相干扰，于是引入各种系统因素。
Factor model: a model of a return-generating process that relates returns on securities to the movement of one or more common factors. (one factor model and multiple factor models)
A factor is a measure of systematic risk.
APT: arbitrage pricing theory. Creation of riskless profits made possible by relative mispricing among securities.
Two types of arbitrage: 1. pay nothing today and receive positive future cash flow; 2. receive money today and zero future cash flow.
--risk management
Corporate finance issues
--efficient market hypothesis
--corporate financial decision
Topics in new finance
--behavioral finance
--law and finance
其余在金融学基础里都有过提及，不再赘述。

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Investment banking投资银行学
Investment Banking - Function
Investment Banking Function within a Investment Bank
also called “Corporate Finance”
Includes Advisory Services on M&A, Foreign Exchange, Valuation, Financial Strategy, Issuing Debt and Equity, etc
Client-driven industry
Separated from rest of bank by “Chinese Wall”
What do Investment Bankers Do?
Represent Companies for Sale
Value Company (Financial Models)
Write Selling Memo
Conduct Due Diligence
Identify and Contact Buyers
Create Management Presentation
Negotiate with Buyers
Close Transaction
What do Investment Bankers Do?
Represent Companies Buying Other Companies
Value Company (financial models)
Conduct Due Diligence
Draft terms and determine price offered
Negotiate with Seller
What do Investment Bankers Do?
Represent Companies issuing debt or equity (Underwriting)
Value Company (financial models)
Write Prospectus (or other SEC filings)
Create Management Presentation
Take Company on Roadshow
Associates Role
Essentially Responsible for EVERYTHING
Manage up (MDs, VPs) and down (Analysts) and outward (Clients)
Financial Modeling – Intricate (LBOs, structuring) to mundane (comps)
Excel Experts
Writing/Presentations – Selling memos, management presentations, commitment memos, Roadshows
Word and Powerpoint Experts
Putting Pitches together
All of the above (and including binding, copying page counting)
Research
Associates Role
Key Skill Area Requirements
People skills:                      High
Sales skills:                       Medium
Communication skills:        High
Analytical skills:                 High
Ability to synthesize:        High
Creative ability:                High/Low
Initiative:                        High/Medium
Work hours:                    80-120/week
Pros and Cons
l        Pros
“Doing Deals”
Fast paced/Intellectually Driven Environment
Meeting CEOs and CFOs
$$$
Skills
l        Cons
Hours, Hours, Hours
Work can be monotonous
Job security/Economic Environment
Strong Personalities

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Management Research管理学
It is a course that to assign and coordinate all resources that can be transfered in order to realizing the goal that can't be realized by single individual.
The function of manegment : infomation acquiring,decision making, plan ,organize,lead,control and innovate .
1.        The information acquiring is information acquire,dispose,keepand distribute. The ability of information acquiring is often determining to the efficiency of organizing management and the conditions of organizingoperation .At information age,for exercise the function of information acquiring ,need to set up information system and exercise information technology in organizing .
2.        The decision making is, the course of discerning and solving the problem and improving the occasion .Decision is the essence of management . Other functions of management can not doning without decision . For example in information acquiring,what kind of information to obtain,by what kind of way,where and when to obtain and so on,needs the manager to make decision.
3.        The plan is , appoints the goal and confirm the action to reach goal.The top managers is responsible for making total goal and strategy .middle managers and first_line managers make the plan to supporting the total strategy .The managers must make a plan to contol and harmonize the resource which they responsible .
4.        The organize is, the process that confirm the task ,who finishes,and how to manage and harmonize these tasks.The manager must organize the work groups and members , in order to let the information ,the resource and the task can change in organizing .The organizing art and the management of human Resources are very important for the function of organize.the most important is ,managers must design the organization structure,according to strategy object and operation object of organization. to improve ability to adapt changes .
5.        The lead is ,encourage and guide members in order to contribute for the goal of organizing .The manager need the ability of lead members towards the organizaion's object .The control is Go on and supervise to running situation and strategic plan that organize with performance of the business plan .The innovate is Change the current situation.

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Statistics 统计学
BUSINESS STATISTICS
There are four major topics:
1.        Descriptive Statistics：How to organize, summaries and present statistical data?
2.        Probability Theory：How to find out what is possible and how to judge what is probable?
3.        Estimation and Hypothesis Testing：How to make statements about some unknown properties of a large group of data observing only a relatively small part of the data?
4.        Regression and Correlation：How to determine the probable form and how to measure the strength of a relationship between variables?
STATISTICAL METHODS
Three basic categories
1.        Descriptive statistics：Methods used to summarize the masses of data available to us, so that we can easily and clearly see the overall ‘picture’.
Consider e.g. the BEO1106 students in semester 2, 2001 at the Footscray Park campus of VU.
     Many students
     Many interesting characteristics (e.g. age, income, gender,  mother tongue)     
Tabular, graphical and numerical summaries.
In this subject the following topics fall within this area:
Presentation of data;
Time-series analysis and forecasting;
Index numbers.
2.        Inferential statistics
Methods which facilitate the making of generalizations (i.e. inferences) about population characteristics from information obtained from a sample.
Population The complete set of items/data that are the focus of interest in a statistical investigation. (E.g. the ages of all BEO1106 students …)
Note:         there two important issues,
Population items
Variable (characteristic) of interest.
Sample:  A ‘small’ subset of the population.
         (E.g. the ages of BEO1106 students in tutorial group 1.)
Parameter:        A numerical summary measure of a population.
         (E.g. average age of all BEO1106 students.)
Statistic:        A numerical summary measure of a sample.
    (E.g. average age of the students in tutorial group 1.)
In this subject the following topics fall within this area:
        Probability theory
        Estimation
        Tests of hypotheses
        Correlation and regression.
3.        Sampling statistics
Methods of obtaining appropriate (i.e. typical, representative) samples from populations.
         (Tutorial group 1 may not represent all BEO1106 students properly.)
Note: Statistical studies are rarely conducted using the entire population data.
It might be impossible or very costly to observe each element.
TYPES OF DATA
Qualitative:        Data which indicates the category or group that an object or item is in.
Not measurable (e.g.  gender of students), but occasionally the categories can be ranked(e.g.  university degrees – Bac, Mas, Phd).
Quantitative:        Data which arises from a counting or measuring activity.
Numerical observations, and the basic arithmetic operations (+, –, x, ) make sense (e.g.  exam results).
Variable:    A complete set of responses to a particular question in a sample or census.
               Each column in the spreadsheet is a variable.
               (E.g. The answers to a particular question on a questionnaire filled in by all respondents)

水痕云意

金融学术语
acquiring company           收购公司
bad loan                    呆帐
chart of cash flow          现金流量表
clearly-established ownership      产权清晰
debt to equity              债转股
diversity of equities       股权多元化
economy of scale            规模经济
emerging economies          新兴经济
exchange-rate regime        汇率机制
fund and financing          筹资融资
global financial architecture         全球金融体系
global integration, globality    全球一体化，全球化
go public                   上市
growth spurt                （经济的）急剧增长
have one's "two commas"     百万富翁
hedge against               套期保值
housing mortgage            住房按揭
holdings                    控股，所持股份
holding company             控股公司
initial offerings           原始股
initial public offerings    首次公募
innovative business         创新企业
intellectual capital        智力资本
inter-bank lending          拆借
internet customer           网上客户
investment payoff period    投资回收期
joint-stock                 参股
mall rat                    爱逛商店的年轻人
means of production         生产要素
(the)medical cost social pool for major diseases     
大病医疗费用社会统筹
mergers and acquisitions    并购
mobile-phone banking        移动电话银行业
moods                       人气
net potato                  网虫
non-store seling            直销
offering                    新股
online-banking              网上银行业
online-finance              在线金融
online client               （银行的）网上客户
paper profit                帐面收益
physical assets            有形资产
project fund system        项目资本金制度
pyramid sale               传销
recapitalize               资产重组
regional corrency blocks   地区货币集团
regulate                   调控
sell off                   变现
share(stock) option        期权，股票认购权
smart card                 智能卡
slash prices               杀价
spare capacity             闲置的生产能力
strong growth              强劲的增长势头
switch trade               转手贸易
take…public               上市
tap the idle assets        盘活存量资产
transaction （银行的）     交易
transfer payment from the exchequer        财政转移支付
venture-capital            风险资本
virtual bank               虚拟银行
wire transfer              电子转帐  
D
打白条 issue IOU
大额存单 certificate of deposit（CD）
大额提现 withdraw deposits in large amounts
大面积滑坡 wide-spread decline
大一统的银行体制 （all-in-one）mono-bank system
呆账（请见“坏账”） bad loans
呆账准备金 loan loss reserves（provisions）
呆滞贷款 idle loans
贷款沉淀 non-performing loans
贷款分类 loan classification
贷款限额管理 credit control;to impose credit ceiling
贷款约束机制 credit disciplinary（constraint）mechanism
代理国库 to act as fiscal agent
代理金融机构贷款 make loans on behalf of other institutions
戴帽贷款 ear-marked loans
倒逼机制 reversed transmission of the pressure for easing monetary condition
道德风险 moral hazard
地区差别 regional disparity
第一产业 the primary industry
第二产业 the secondary industry
第三产业 the service industry;the tertiary industry
递延资产 deferrable assets
订货不足 insufficient orders
定期存款 time deposits
定向募集 raising funds from targeted sources
东道国（请见“母国”） host country
独立核算 independent accounting
短期国债 treasury bills
对冲操作 sterilization operation;hedging
对非金融部门债权 claims on non-financial sector
多种所有制形式 diversified ownership
E
恶性通货膨胀 hyperinflation
二级市场 secondary market
F
发行货币 to issue currency
发行总股本 total stock issue
法定准备金 required reserves;reserve requirement
法人股 institutional shares
法人股东 institutional shareholders
法治 rule of law
房地产投资 real estate investment
放松银根 to ease monetary policy
非现场稽核 off-site surveillance（or monitoring）
非银行金融机构 non-bank financial institutions
非赢利性机构 non-profit organizations
分税制 assignment of central and local taxes;tax assignment system
分业经营 segregation of financial business（services）;division of business scope based on the type of financial institutions
风险暴露（风险敞口） risk exposure
风险管理 risk management
风险意识 risk awareness
风险资本比例 risk-weighted capital ratios
风险资本标准 risk-based capital standard
服务事业收入 public service charges;user's charges
扶贫 poverty alleviation
负增长 negative growth
复式预算制 double-entry budgeting;capital and current budgetary account
G
改革试点 reform experimentation
杠杆率 leverage ratio
杠杆收购 leveraged buyout
高息集资 to raise funds by offering high interest
个人股 non-institutional shares
根本扭转 fundamental turnaround（or reversal）
公开市场操作 open market operations
公款私存 deposit public funds in personal accounts
公用事业 public utilities
公有经济 the state-owned sector;the public sector
公有制 public ownership
工业成本利润率 profit-to-cost ratio
工业增加值 industrial value added
供大于求 supply exceeding demand;excessive supply
鼓励措施 incentives
股份合作企业 joint-equity cooperative enterprises
股份制企业 joint-equity enterprises
股份制银行 joint-equity banks
固定资产贷款 fixed asset loans
关税减免 tariff reduction and exemption
关税减让 tariff concessions
关税优惠 tariff incentives;preferential tariff treatment
规范行为 to regularize（or standardize）…behavior
规模效益 economies of scale
国计民生 national interest and people's livelihood
国家对个人其他支出 other government outlays to individuals
国家风险 country risk
国际分工 international division of labor
国际收支 balance of payments
国有独资商业银行 wholly state-owned commercial banks
国有经济（部门） the state-owned（or public）sector
国有企业 state-owned enterprises（SOEs）
国有制 state-ownership
国有资产流失 erosion of state assets
国债回购 government securities repurchase
国债一级自营商 primary underwriters of government securities
过度竞争 excessive competition
过度膨胀 excessive expansion
过热迹象 signs of overheating
H
合理预期 rational expectation
核心资本 core capital
合资企业 joint-venture enterprises
红利 dividend
宏观经济运营良好 sound macroeconomic performance
宏观经济基本状况 macroeconomic fundamentals
宏观调控 macroeconomic management（or adjustment）
宏观调控目标 macroeconomic objectives（or targets）
坏账 bad debt
还本付息 debt service
换汇成本 unit export cost;local currency cost of export earnings
汇兑在途 funds in float
汇兑支出 advance payment of remittance by the beneficiary's bank
汇率并轨 unification of exchange rates
活期存款 demand deposits
汇率失调 exchange rate misalignment
混合所有制 diversified（mixed）ownership
货币政策态势 monetary policy stance
货款拖欠 overdue obligations to suppliers
J
基本建设投资 investment in infrastructure
基本经济要素 economic fundamentals
基本适度 broadly appropriate
基准利率 benchmark interest rate
机关团体存款 deposits of non-profit institutions
机会成本 opportunity cost
激励机制 incentive mechanism
积压严重 heavy stockpile;excessive inventory
挤提存款 run on banks
挤占挪用 unwarranted diversion of（financial）resources（from designated uses）
技改投资 investment in technological upgrading
技术密集型产品 technology-intensive product
计划单列市 municipalities with independent planning status
计划经济 planned economy
集体经济 the collective sector
加大结构调整力度 to intensify structural adjustment
加工贸易 processing trade
加快态势 accelerating trend
加强税收征管稽查 to enhance tax administration
加权价 weighted average price
价格放开 price liberalization
价格形成机制 pricing mechanism
减亏 to reduce losses
简化手续 to cut red tape;to simplify（streamline）procedures
交投活跃 brisk trading
缴存准备金 to deposit required reserves
结构扭曲 structural distortion
结构失调 structural imbalance
结构性矛盾突出 acute structural imbalance
结构优化 structural improvement（optimization）
结汇、售汇 sale and purchase of foreign exchange
金融脆弱 financial fragility
金融动荡 financial turbulence
金融风波 financial disturbance
金融恐慌 financial panic
金融危机 financial crisis
金融压抑 financial repression
金融衍生物 financial derivatives
金融诈骗 financial fraud
紧缩银根 to tighten monetary policy
紧缩政策 austerity policies;tight financial policies
经常账户可兑换 current account convertibility
经济特区 special economic zones（SEZs）
经济体制改革 economic reform
经济增长方式的转变 change in the main source of economic growth（from investment expansion to efficiency gains）
经济增长减速 economic slowdown;moderation in economic growth
经济制裁 economic sanction
经营自主权 autonomy in management
景气回升 recovery in business activity
境外投资 overseas investment
竞争加剧 intensifying competition
局部性金融风波 localized（isolated）financial disturbance
K
开办人民币业务 to engage in RMB business
可维持（可持续）经济增长 sustainable economic growth
可变成本 variable cost
可自由兑换货币 freely convertible currency
控制现金投放 control currency issuance
扣除物价因素 in real terms;on inflation-adjusted basis
库存产品 inventory
跨国银行业务 cross-border banking
跨年度采购 cross-year procurement
会计准则 accounting standard
L
来料加工 processing of imported materials for export
离岸银行业务 off-shore banking（business）
理顺外贸体制 to rationalize foreign trade regime
利率杠杆的调节作用 the role of interest rates in resource allocation
利润驱动 profit-driven
利息回收率 interest collection ratio
联行清算 inter-bank settlement
连锁企业 franchise（businesses）;chain businesses
良性循环 virtuous cycle
两极分化 growing income disparity; polarization in income distribution
零售物价指数 retail price index（RPI）
流动性比例 liquidity ratio
流动资产周转率/流通速度 velocity of liquid assets
流动资金贷款 working capital loans
流通体制 distribution system
流通网络 distribution network
留购（租赁期满时承租人可购买租赁物） hire purchase
垄断行业 monopolized industry（sector）
乱集资 irregular（illegal）fund raising
乱收费 irregular（illegal）charges
乱摊派 unjustified（arbitrary）levies
M
买方市场 buyer's market
卖方市场 seller's market
卖出回购证券 matched sale of repo
贸易差额 trade balance
民间信用 non-institutionalized credit
免二减三 exemption of income tax for the first two years ofmaking profit and 50% tax reduction for thefollowing three years
明补 explicit subsidy
明亏 explicit loss
名牌产品 brand products
母国（请见“东道国”） home country
N
内部控制 internal control
内部审计 internal audit
内地与香港 the mainland and Hong Kong
内债 domestic debt
扭亏为盈 to turn a loss-making enterprise into a profitable one
扭曲金融分配 distorted allocation of financial resources
农副产品采购支出 outlays for agricultural procurement
农村信用社 rural credit cooperatives（RCCs）
P
泡沫效应 bubble effect
泡沫经济 bubble economy
培育新的经济增长点 to tap new sources of economic growth
片面追求发展速度 excessive pursuit of growth
平衡发展 balanced development
瓶颈制约 bottleneck（constraints）
平稳回升 steady recovery
铺底流动资金 initial（start-up）working capital
普遍回升 broad-based recovery
配套改革 concomitant（supporting）reforms
配套人民币资金 local currency funding of…
Q
企业办社会 enterprises burdened with social responsibilities
企业集团战略 corporate group strategy
企业兼并重组 company merger and restructuring
企业领导班子 enterprise management
企业所得税 enterprise（corporate）income tax
企业效益 corporate profitability
企业资金违规流入股市 irregular flow of enterprise funds into the stock market
欠税 tax arrears
欠息 overdue interest
强化税收征管 to strengthen tax administration
强制措施 enforcement action
翘尾因素 carryover effect
切一刀 partial application
清理收回贷款 clean up and recover loans
（破产）清算 liquidation
倾斜政策 preferential policy
区别对待 differential treatment
趋势加强 intensifying trend
全球化 globalization
权益回报率 returns on equity（ROE）
缺乏后劲 unsustainable momentum
R
绕规模贷款 to circumvent credit ceiling
人均国内生产总值 per capita GDP
人均收入 per capita income
人民币升值压力 upward pressure on the Renminbi（exchange rate）
认缴资本 subscribed capital
软贷款 soft loans
软预算约束 soft budget constraint
软着陆 soft landing
W
外部审计 external audit
外国直接投资 foreign direct investment （FDI）
外汇储备 foreign exchange reserves
外汇调剂 foreign exchange swap
外汇占款 the RMB counterpart of foreign exchange reserves;the RMB equivalent of offcial foreign exchange holdings
外向型经济 export-oriented economy
外债 external debt
外资企业 foreign-funded enterprises
完善现代企业制度 to improve the modern enterprise system
完税凭证 tax payment documentation
违法经营 illegal business
委托存款 entrusted deposits
稳步增长 steady growth
稳健的银行系统 a sound banking system
稳中求进 to make progress while ensuring stability
无纸交易 book-entry（or paperless/scriptless）transaction
物价监测 price monitoring
X
吸纳流动性 to absorb liquidity
稀缺经济 scarcity economy
洗钱 money laundering
系统内调度 fund allocation within a bank
系统性金融危机 systemic financial crisis
下岗工人 laid-off employees
下游企业 down-stream enterprises
现场稽核 on-site examination
现金滞留（居民手中） cash held outside the banking system
乡镇企业 township and village enterprises（TVEs）
消费物价指数 consumer price index（CPI）
消费税 excise（consumption）tax
消灭财政赤字 to balance the budget;to eliminate fiscal deficit
销货款回笼 reflow of corporate sales income to the banking system
销售平淡 lackluster sales
协议外资金额 committed amount of foreign investment
新经济增长点 new sources of economic growth
新开工项目 new projects;newly started projects
新增贷款 incremental credit; loan increment; credit growth; credit expansion
新增就业位置 new jobs;new job opportunities
信贷规模考核 review the compliance with credit ceilings
信号失真 distorted signals
信托投资公司 trust and investment companies
信息不对称 information asymmetry
信息反馈 feedback（information）
信息共享系统 information sharing system
信息披露 information disclosure
信用扩张 credir expansion
信用评级 credit rating
姓“资”还是姓“社” pertaining to socialism or capitalism;socialist orcaptialist
行政措施 administrative measures
需求膨胀 demand expansion; excessive demand
虚伪存款 window-dressing deposits
削减冗员 to shed excess labor force
寻租 rent seeking
迅速反弹 quick rebound
Y
养老基金 pension fund
一刀切 universal application;non-discretionary implementation
一级市场 primary market
应收未收利息 overdue interest
银行网点 banking outlets
赢利能力 profitability
营业税 business tax
硬贷款（商业贷款） commercial loans
用地审批 to grant land use right
有管理的浮动汇率 managed floating exchange rate
证券投资 portfolio investment
游资（热钱） hot money
有市场的产品 marketable products
有效供给 effective supply
诱发新一轮经济扩张 trigger a new round of economic expansion
逾期贷款 overdue loans;past-due loans
与国际惯例接轨 to become compatible with internationally accepted
与国际市场接轨 to integrate with the world market
预算外支出（收入） off-budget （extra-budgetary） expenditure（revenue）
预调 pre-emptive adjustment
月环比 on a month-on-month basis; on a monthly basis
Z
再贷款 central bank lending
在国际金融机构储备头寸 reserve position in international financial institutions
在人行存款 deposits at （with） the central bank
在途资金 fund in float
增加农业投入 to increase investment in agriculture
增势减缓 deceleration of growth;moderation of growthmomentum
增收节支措施 revenue-enhancing and expenditure control measures
增长平稳 steady growth
增值税 value-added tax（VAT）
涨幅偏高 higher-than-desirable growth rate;excessive growth
账外账 concealed accounts
折旧 depreciation
整顿 retrenchment;consolidation
政策工具 policy instrument
政策性业务 policy-related operations
政策性银行 policy banks
政策组合 policy mix
政府干预 government intervention
证券交易清算 settlement of securities transactions
证券业务占款 funding of securities purchase
支付困难 payment difficulty
支付能力 payment capacity
直接调控方式向 to increase the reliance on indirect policy instruments
间接调控方式转变职能转换 transformation of functions
职业道德 professional ethics
指令性措施 mandatory measures
指令性计划 mandatory plan;administered plan
制定和实施货币政策 to conduct monetary policy;to formulate and implement monetary policy
滞后影响 lagged effect
中介机构 intermediaries
中央与地方财政 delineation of fiscal responsibilities
分灶吃饭重点建设 key construction projects;key investment project
周期谷底 bottom（trough）of business cycle
周转速度 velocity
主办银行 main bank
主权风险 sovereign risk
注册资本 registered capital
逐步到位 to phase in;phased implementation
逐步取消 to phase out
抓大放小 to seize the big and free the small（to maintain close oversight on the large state-ownedenterprises and subject smaller ones to market competition）
专款专用 use of funds as ear-marked
转贷 on-lending
转轨经济 transition economy
转机 turnaround
转折关头 turning point
准财政赤字 quasi-fiscal deficit
准货币 quasi-money
资本不足 under-capitalized
资本充足率 capital adequacy ratio
资本利润率 return on capital
资本账户可兑换 capital account convertibility
资不抵债 insolvent;insolvency
资产负债表 balance sheet
资产负债率 liability/asset ratio;ratio of liabilities to assets
资产集中 asset concentration
资产贡献率 asset contribution factor
资产利润率 return on assets （ROA）
资产质量 asset quality
资产组合 asset portfolio
资金成本 cost of funding;cost of capital;financing cost
资金到位 fully funded （project）
资金宽裕 to have sufficient funds
资金利用率 fund utilization rate
资金缺口 financing gap
资金体外循环 financial disintermediation
资金占压 funds tied up
自筹投资项目 self-financed projects
自有资金 equity fund
综合国力 overall national strength（often measured by GDP）
综合效益指标 overall efficiency indicator
综合治理 comprehensive adjustment（retrenchment）;over-haul
总成交额 total contract value
总交易量 total amount of transactions
总成本 total cost
最后贷款人 lender of last resort

水痕云意

暂时就这么多了，其他一些专业课，因为我是自己手写总结的，所以没有电子版，希望大家见谅。另外有些总结得有点冗长，我也并不是完全按这些内容复习的，希望大家采用的时候有所挑选。一些知识上的错误还请大家原谅。

g0g0

金融学申核资料够全的。看来楼主下了一番苦功啊！

skytaotao

谢谢楼主，我是市场营销专业的，还是有很多相通的地方
辛苦楼主了
楼主已经通过审核了吗？

teresairis

楼主太厉害了
好好研究下

cloudia328

lz 好强哦！~　谢谢哈！～ 拿去用了！~ :shaxiao:

inner

呵呵 我是学国贸的  在等通知  借用你的一些资料了 :hua:  :hua:

因缘如烬

好人啊～～～看得我内牛满面的……

mupu

谢谢LZ

sunshine1924

谢谢楼主^^

gaochao

谢谢楼主！我也是学金融的  在准备中

doriscc

O(∩_∩)O谢谢楼主~~

爱都绯

叹为观止

夏小猪

谢谢楼主。。。