佛科院10级金融英语考试资料(名词解释)

e selection: The problem created by asymmetric information before a transaction
occurs : the people who are the most undesirable from the other party’s point of view are the ones
who are most likely to want to engage in the financial transaction.
逆向交易：在交易发 生之前与信息不对称引起的问题：从交易对手的视角看最不受欢迎的人
是最有可能积极参与金融交易的人 。

tric information : The inequality of knowledge that each party to a transaction has
about the other party.
信息不对称：交易各方对彼此情况的掌握程度存在不对等的现象。

oral finance : The field of study that applies concept from other social sciences,such as
anthropology, sociology, and particularly psychology, to understand the behavior of securities
prices.
行为金融学：该项研究借用其他社会科学的概念，如 人类学，社会学，特别是心理学的概念
来解释证券价格的表现。

-rating agencies: Investment advisory firms that rate the quality of corporate and
municipal bonds in terms of the probability of default.
信用评级机构：一种根据违约概率来划分公司和市政债券质量等级的投资咨询公司。

rationing : A lender’s refusing to make loans even though borrowers are willing to pay
the stated interest rate or even a higher rate or restricting the size of loans to less than the amount
being sought.
信贷配给：即使借款人愿意支付既定利率甚至更 高的利率水平，贷款人也拒绝向其发放贷款，
或者限制贷款规模使其小于借款人希望得到的数量。

deflation : A situation in which substantial decline in the price level sets in , leading to a
further deterioration in firms’ net worth because of the increased burden of indebtedness.
债务收缩：在价格水平急剧下降的情况下，因公司债务负担加剧，导致公司净值进一步恶化。

ent market hypothesis: The hypothesis that prices of securities in financial market fully
reflect all available information.
有效市场假说：假设金融市场中证券的价格完全反应了所有可以得到的信息。

ial intermediaries : Institutions (such as banks, insurance companies ,mutual funds,
pension funds, and finance companies) that borrow funds from people who have saved and then
make loans to others.
金融中介：从储蓄人手中借入资金然后向其他 人发放贷款的机构。（例如银行，保险公司，
共同基金，养老基金和财务公司）

9. financial intermediation: The process of indirect finance whereby financial intermediaries link
lender-savers and borrower spenders.
金融媒介：金融中介将贷款人-储蓄者和借款人-支出者连接在一起的间接融资过程。

ity premium theory : The theory that the interest rate on a long-term bond will equal an
average of short-term interest rates expected to occur over the life of the long-term bond plus a
positive term (liquidity) premium.
流动性溢价理论：该理论认为长期债券的利率应当等于该债券到期之前的短期利率预期的平
均值 加上期间的（流动性）溢价。

hazard : The risk that one party to a transaction will engage in behavior that is
undesirable from the other party’s point of view.
道德风险：交易一方从事另一方不欢迎的活动的风险。

walk : The movements of a variable whose future changes cannot be predicted
because, given today’s value, the variable is just as likely to fall as to rise.
随机游走：变量的变动在未来不可预测，因 为在现值给定的情况下变量既有可能上升也有可
能下降。

pal-agent problem : A moral hazard problem that occurs when the managers in
control(the agent) act in their own interest rather than in the interest of the owners (the principals)
due to differing sets of incentives.
委托-代理问题：由于激励不一致，有控制权的经理（代理 人）以自身利益而不是以所有人
的利益为准则行事时发生的道德风险问题。