英語詞匯 中文釋義 詳細(xì)注解
applicable federal rate 適用聯(lián)邦利率 Interest rates set by the U.S. Treasury for determining imputed interest. These are published monthly, and the rate most commonly used is the lowest rate for the month of the transaction as well as the two months before.
application for quotation 上市申請(qǐng) 公開（招股）公司向證券交易所提出的正式申請(qǐng)書，要求將其發(fā)行的股票列入該交易所每日出版的正式牌價(jià)表，只有經(jīng)過批準(zhǔn)，公司才可在該交易所進(jìn)行交易。
applied economics 實(shí)用經(jīng)濟(jì)學(xué) Employing economic theories in real-world business.
applied research 應(yīng)用研究 Utilizing pure research to develop real-world products.
appointed foreign exchange bank 指定外匯銀行 經(jīng)中央銀行指定辦理外匯業(yè)務(wù)的銀行，相當(dāng)于實(shí)施外匯管制國家的授權(quán)銀行（authorized bank),一般稱為外匯銀行。指定外匯銀行是外匯市場(chǎng)的主體，簡稱為appointed bank,即指定銀行。
appraisal 評(píng)估 評(píng)價(jià) 1.評(píng)估：對(duì)投資項(xiàng)目進(jìn)行投資前研究的最后階段。一般由投資者、政府計(jì)劃部門或提供投資貸款的銀行，在項(xiàng)目可行性研究的基礎(chǔ)上，對(duì)投資項(xiàng)目的產(chǎn)品市場(chǎng)、生產(chǎn)建設(shè)條件、技術(shù)和設(shè)計(jì)、財(cái)務(wù)效益、經(jīng)濟(jì)效益等各個(gè)方面進(jìn)行全面系統(tǒng)地分析評(píng)價(jià)，以作出是否上這個(gè)項(xiàng)目或是否對(duì)項(xiàng)目提供貸款的決策。
2評(píng)價(jià)：世界銀行貸款項(xiàng)目周期的第三階段，一般在項(xiàng)目的“準(zhǔn)備”（preparation)工作完成以后，由世界銀行派遣評(píng)估團(tuán)對(duì)項(xiàng)目的技術(shù)、管理體制、財(cái)務(wù)效益和經(jīng)濟(jì)效益進(jìn)行全面系統(tǒng)地分析審查，認(rèn)為此項(xiàng)目可行以后，才進(jìn)入第四階段“談判”（negotiation).
3.A professional opinion, usually written, of the market value of a property, such as a home, business, or other asset whose market price is not easily determined. Usually required when a property is sold, taxed, insured, or financed.
appraisal ratio 估價(jià)比率 預(yù)測(cè)分析時(shí)使用的信號(hào)--噪音比率，即阿爾法與剩余標(biāo)準(zhǔn)差的比率。
appraiser 評(píng)價(jià)者 A person qualified by education, training, and experience to provide appraisals. also called evaluator.
appreciation 升值 上浮 1.一種商品、票據(jù)或者是貨幣（相對(duì)另一種貨幣）價(jià)值的升高。注意：appreciation與depreciation是以市場(chǎng)供求關(guān)系為前提的貨幣升貶值。
2.The increase in value of an asset. opposite of depreciation.
appreciation of currency 貨幣升值 即通貨升值。貨幣升值的本來含義是指增加本國貨幣的法定含金量，使之與黃金或外匯兌換比率上升，以提高貨幣價(jià)值的措施。但在現(xiàn)代信用貨幣制度下，由于黃金非貨幣化，各國紙幣的發(fā)行不再規(guī)定含金量，這樣，對(duì)貨幣升值的觀察便需要分為對(duì)內(nèi)升值和對(duì)外升值。貨幣對(duì)內(nèi)升值根據(jù)國內(nèi)消費(fèi)品物價(jià)指數(shù)（CPI)的下降幅度來確定，貨幣對(duì)外升值則根據(jù)該國貨幣與外國貨幣兌換比例的上升確定。
貨幣升值從表面上看是貨幣價(jià)值的提高，但卻又顯示出幣值不穩(wěn)的一面，尤其是貨幣對(duì)外升值，將導(dǎo)致進(jìn)口增加，使本國商品出口競爭能力削弱，同時(shí)，本國的外匯儲(chǔ)備及即期流入的外匯資產(chǎn)只能折合較少的本國貨幣，從而造成經(jīng)濟(jì)損失。
appreciation rate 貨幣升值率 貨幣增值率 指貨幣升值后，單位貨幣增加的含金量占單位貨幣原有含金量的比例。它是反映貨幣升值的指標(biāo)。一般采取以下方法計(jì)算：
貨幣升值率=（單位貨幣現(xiàn)有含金量/單位貨幣原有含金量-1）X100%
approved list 核準(zhǔn)上市證券 1.法定的或非法定的上市一覽表，其中包括了受信托者可能獲得的授權(quán)投資項(xiàng)目。
2.List of legal investments for savings banks and trust funds; determined by each state. also called legal list. opposite of nonlegal.
arbitrage 套利 套息 套匯 1.利用現(xiàn)行不合理的價(jià)格或是由于預(yù)期金融工具之間價(jià)格關(guān)系的異常變化，同時(shí)買賣不同的金融工具以獲取利潤的方法。或利用兩個(gè)市場(chǎng)某一個(gè)地方（例如價(jià)格、利率、風(fēng)險(xiǎn)水平等）的差異，借以牟取利潤或避免風(fēng)險(xiǎn)的業(yè)務(wù)活動(dòng)?；痉绞绞窃谝粋€(gè)市場(chǎng)低價(jià)購進(jìn)或借入一種東西（例如黃金、金融票據(jù)等），同時(shí)在另一個(gè)市場(chǎng)高價(jià)沽出（或貸出）這種東西的相同數(shù)量，利用兩市的差異來套取利潤。套利活動(dòng)的進(jìn)行應(yīng)在同一時(shí)空內(nèi)，同一物品的價(jià)格在不同市場(chǎng)上的價(jià)格差異會(huì)趨于交易成本的幅度。
a.價(jià)格套利（price arbitrage):最常見的套利方式。即在同一時(shí)間在價(jià)格較廉的市場(chǎng)買入，并在另一價(jià)格較高的市場(chǎng)沽出，以賺取兩者的差價(jià)。
b.套息（interest arbitrage):出現(xiàn)于同一種貨幣在不同金融市場(chǎng)的息率存在差異的套利活動(dòng)。套利者可以低息介入，同時(shí)以高息貸出相同貨幣來套取利率差異。
c.套匯（exchange rate arbitrage):在不同的場(chǎng)合有不同含義。外匯市場(chǎng)中的套匯是指利用同一時(shí)刻不同外匯市場(chǎng)的匯率差異，通過買入和賣出外匯賺取利潤的行為，分為直接套匯（direct arbitrage)和間接套匯（indirect arbitrage)。外匯會(huì)計(jì)中所說的套匯，是指根據(jù)客戶的要求，將一種外幣兌換成另一種外幣的業(yè)務(wù)。中國外匯管理?xiàng)l例中所說的套匯，是指采用各種手段騙取和截取國家應(yīng)得外匯的違法行為。
2.In the municipal market, the difference in interest earned on funds borrowed at a lower tax-exempt rate and interest on funds that are invested at a higher-yielding taxable rate. Under the 1986 Tax Act, with very few exceptions, arbitrage earnings must be rebated back to the federal government.
arbitrage certificate 套利證書 Transcript certificate evidencing compliance with the limitations on arbitrage imposed by the Internal Revenue Code and the applicable regulations.
arbitrage house 套利公司 A financial institution which engages in arbitrage. Such firms look for market inefficiencies and securities which they feel are mispriced, and then undertake trades which allow them to make riskless profits. Arbitrage opportunities are often very difficult to detect, since mispricings can be very small. Further, arbitrage opportunities tend to disappear almost immediately since market forces act to reverse the opportunity. Given these characteristics of arbitrage, many arbitrage houses are equipped with very sophisticated computer software and hardware to help them identify potential opportunities and act on them very quickly. Many arbitrage houses also develop complex software-driven mathematical models to identify mispricings and market inefficiencies.
Arbitrage Pricing Theory 套利定價(jià)理論 1.最早由耶魯大學(xué)的斯蒂芬.羅斯（Stephen Ross)教授提出。該理論遵循資本資產(chǎn)定價(jià)模型（Capital Asset Pricing Model,CAPM)的假設(shè)，即投資者獲得的回報(bào)是對(duì)承受系統(tǒng)風(fēng)險(xiǎn)（不能被分散的市場(chǎng)風(fēng)險(xiǎn)）的補(bǔ)償。資本資產(chǎn)定價(jià)理論是以證券收益率相對(duì)于市場(chǎng)指數(shù)的敏感程度來定義系統(tǒng)風(fēng)險(xiǎn)。套利定價(jià)理論則認(rèn)為，系統(tǒng)風(fēng)險(xiǎn)來自于主要經(jīng)濟(jì)因素的不可預(yù)期性，例如通貨膨脹、工業(yè)生產(chǎn)和收益率曲線的變化和不同信用等級(jí)債券之間的差價(jià)等。因此，如果資產(chǎn)組合的收益率可以用“要素模型”來描述，其預(yù)期收益率就可以用它與要素收益率的協(xié)方差來表示。
2.APT. An alternative asset pricing model to the Capital Asset Pricing Model. Unlike the Capital Asset Pricing Model, which specifies returns as a linear function of only systematic risk, Arbitrage Pricing Theory may specify returns as a linear function of more than a single factor.
arbitrage rate 套匯匯率 指兩國貨幣間的匯率是通過兩國貨幣各自與某一第三國貨幣間的匯率間接計(jì)算而得。
arbitrageur 套利者 1.經(jīng)常被簡寫為“Arb”。套利者常被描繪成為了追求短期利益而破壞長期繁榮的魔鬼。事實(shí)上，套利者只是希望利用金融工具間不合理的差價(jià)獲利而已。他們的行為可以消除不合理的差價(jià)，使市場(chǎng)更富效率。
2.A person or company which practices arbitrage.
arbitration 仲裁 公斷 A process in which a disagreement between two or more parties is resolved by impartial individuals, called arbitrators, in order to avoid costly and lengthy litigation.
arbitrator 仲裁人 公斷者 A private, neutral person chosen to arbitrate a disagreement, as opposed to a court of law. An arbitrator could be used to settle any non-criminal dispute, and many business contracts make provisions for an arbitrator in the event of a disagreement. Generally, resolving a disagreement through an arbitrator is substantially less expensive than resolving it through a court of law.
applicable federal rate 適用聯(lián)邦利率 Interest rates set by the U.S. Treasury for determining imputed interest. These are published monthly, and the rate most commonly used is the lowest rate for the month of the transaction as well as the two months before.
application for quotation 上市申請(qǐng) 公開（招股）公司向證券交易所提出的正式申請(qǐng)書，要求將其發(fā)行的股票列入該交易所每日出版的正式牌價(jià)表，只有經(jīng)過批準(zhǔn)，公司才可在該交易所進(jìn)行交易。
applied economics 實(shí)用經(jīng)濟(jì)學(xué) Employing economic theories in real-world business.
applied research 應(yīng)用研究 Utilizing pure research to develop real-world products.
appointed foreign exchange bank 指定外匯銀行 經(jīng)中央銀行指定辦理外匯業(yè)務(wù)的銀行，相當(dāng)于實(shí)施外匯管制國家的授權(quán)銀行（authorized bank),一般稱為外匯銀行。指定外匯銀行是外匯市場(chǎng)的主體，簡稱為appointed bank,即指定銀行。
appraisal 評(píng)估 評(píng)價(jià) 1.評(píng)估：對(duì)投資項(xiàng)目進(jìn)行投資前研究的最后階段。一般由投資者、政府計(jì)劃部門或提供投資貸款的銀行，在項(xiàng)目可行性研究的基礎(chǔ)上，對(duì)投資項(xiàng)目的產(chǎn)品市場(chǎng)、生產(chǎn)建設(shè)條件、技術(shù)和設(shè)計(jì)、財(cái)務(wù)效益、經(jīng)濟(jì)效益等各個(gè)方面進(jìn)行全面系統(tǒng)地分析評(píng)價(jià)，以作出是否上這個(gè)項(xiàng)目或是否對(duì)項(xiàng)目提供貸款的決策。
2評(píng)價(jià)：世界銀行貸款項(xiàng)目周期的第三階段，一般在項(xiàng)目的“準(zhǔn)備”（preparation)工作完成以后，由世界銀行派遣評(píng)估團(tuán)對(duì)項(xiàng)目的技術(shù)、管理體制、財(cái)務(wù)效益和經(jīng)濟(jì)效益進(jìn)行全面系統(tǒng)地分析審查，認(rèn)為此項(xiàng)目可行以后，才進(jìn)入第四階段“談判”（negotiation).
3.A professional opinion, usually written, of the market value of a property, such as a home, business, or other asset whose market price is not easily determined. Usually required when a property is sold, taxed, insured, or financed.
appraisal ratio 估價(jià)比率 預(yù)測(cè)分析時(shí)使用的信號(hào)--噪音比率，即阿爾法與剩余標(biāo)準(zhǔn)差的比率。
appraiser 評(píng)價(jià)者 A person qualified by education, training, and experience to provide appraisals. also called evaluator.
appreciation 升值 上浮 1.一種商品、票據(jù)或者是貨幣（相對(duì)另一種貨幣）價(jià)值的升高。注意：appreciation與depreciation是以市場(chǎng)供求關(guān)系為前提的貨幣升貶值。
2.The increase in value of an asset. opposite of depreciation.
appreciation of currency 貨幣升值 即通貨升值。貨幣升值的本來含義是指增加本國貨幣的法定含金量，使之與黃金或外匯兌換比率上升，以提高貨幣價(jià)值的措施。但在現(xiàn)代信用貨幣制度下，由于黃金非貨幣化，各國紙幣的發(fā)行不再規(guī)定含金量，這樣，對(duì)貨幣升值的觀察便需要分為對(duì)內(nèi)升值和對(duì)外升值。貨幣對(duì)內(nèi)升值根據(jù)國內(nèi)消費(fèi)品物價(jià)指數(shù)（CPI)的下降幅度來確定，貨幣對(duì)外升值則根據(jù)該國貨幣與外國貨幣兌換比例的上升確定。
貨幣升值從表面上看是貨幣價(jià)值的提高，但卻又顯示出幣值不穩(wěn)的一面，尤其是貨幣對(duì)外升值，將導(dǎo)致進(jìn)口增加，使本國商品出口競爭能力削弱，同時(shí)，本國的外匯儲(chǔ)備及即期流入的外匯資產(chǎn)只能折合較少的本國貨幣，從而造成經(jīng)濟(jì)損失。
appreciation rate 貨幣升值率 貨幣增值率 指貨幣升值后，單位貨幣增加的含金量占單位貨幣原有含金量的比例。它是反映貨幣升值的指標(biāo)。一般采取以下方法計(jì)算：
貨幣升值率=（單位貨幣現(xiàn)有含金量/單位貨幣原有含金量-1）X100%
approved list 核準(zhǔn)上市證券 1.法定的或非法定的上市一覽表，其中包括了受信托者可能獲得的授權(quán)投資項(xiàng)目。
2.List of legal investments for savings banks and trust funds; determined by each state. also called legal list. opposite of nonlegal.
arbitrage 套利 套息 套匯 1.利用現(xiàn)行不合理的價(jià)格或是由于預(yù)期金融工具之間價(jià)格關(guān)系的異常變化，同時(shí)買賣不同的金融工具以獲取利潤的方法。或利用兩個(gè)市場(chǎng)某一個(gè)地方（例如價(jià)格、利率、風(fēng)險(xiǎn)水平等）的差異，借以牟取利潤或避免風(fēng)險(xiǎn)的業(yè)務(wù)活動(dòng)?；痉绞绞窃谝粋€(gè)市場(chǎng)低價(jià)購進(jìn)或借入一種東西（例如黃金、金融票據(jù)等），同時(shí)在另一個(gè)市場(chǎng)高價(jià)沽出（或貸出）這種東西的相同數(shù)量，利用兩市的差異來套取利潤。套利活動(dòng)的進(jìn)行應(yīng)在同一時(shí)空內(nèi)，同一物品的價(jià)格在不同市場(chǎng)上的價(jià)格差異會(huì)趨于交易成本的幅度。
a.價(jià)格套利（price arbitrage):最常見的套利方式。即在同一時(shí)間在價(jià)格較廉的市場(chǎng)買入，并在另一價(jià)格較高的市場(chǎng)沽出，以賺取兩者的差價(jià)。
b.套息（interest arbitrage):出現(xiàn)于同一種貨幣在不同金融市場(chǎng)的息率存在差異的套利活動(dòng)。套利者可以低息介入，同時(shí)以高息貸出相同貨幣來套取利率差異。
c.套匯（exchange rate arbitrage):在不同的場(chǎng)合有不同含義。外匯市場(chǎng)中的套匯是指利用同一時(shí)刻不同外匯市場(chǎng)的匯率差異，通過買入和賣出外匯賺取利潤的行為，分為直接套匯（direct arbitrage)和間接套匯（indirect arbitrage)。外匯會(huì)計(jì)中所說的套匯，是指根據(jù)客戶的要求，將一種外幣兌換成另一種外幣的業(yè)務(wù)。中國外匯管理?xiàng)l例中所說的套匯，是指采用各種手段騙取和截取國家應(yīng)得外匯的違法行為。
2.In the municipal market, the difference in interest earned on funds borrowed at a lower tax-exempt rate and interest on funds that are invested at a higher-yielding taxable rate. Under the 1986 Tax Act, with very few exceptions, arbitrage earnings must be rebated back to the federal government.
arbitrage certificate 套利證書 Transcript certificate evidencing compliance with the limitations on arbitrage imposed by the Internal Revenue Code and the applicable regulations.
arbitrage house 套利公司 A financial institution which engages in arbitrage. Such firms look for market inefficiencies and securities which they feel are mispriced, and then undertake trades which allow them to make riskless profits. Arbitrage opportunities are often very difficult to detect, since mispricings can be very small. Further, arbitrage opportunities tend to disappear almost immediately since market forces act to reverse the opportunity. Given these characteristics of arbitrage, many arbitrage houses are equipped with very sophisticated computer software and hardware to help them identify potential opportunities and act on them very quickly. Many arbitrage houses also develop complex software-driven mathematical models to identify mispricings and market inefficiencies.
Arbitrage Pricing Theory 套利定價(jià)理論 1.最早由耶魯大學(xué)的斯蒂芬.羅斯（Stephen Ross)教授提出。該理論遵循資本資產(chǎn)定價(jià)模型（Capital Asset Pricing Model,CAPM)的假設(shè)，即投資者獲得的回報(bào)是對(duì)承受系統(tǒng)風(fēng)險(xiǎn)（不能被分散的市場(chǎng)風(fēng)險(xiǎn)）的補(bǔ)償。資本資產(chǎn)定價(jià)理論是以證券收益率相對(duì)于市場(chǎng)指數(shù)的敏感程度來定義系統(tǒng)風(fēng)險(xiǎn)。套利定價(jià)理論則認(rèn)為，系統(tǒng)風(fēng)險(xiǎn)來自于主要經(jīng)濟(jì)因素的不可預(yù)期性，例如通貨膨脹、工業(yè)生產(chǎn)和收益率曲線的變化和不同信用等級(jí)債券之間的差價(jià)等。因此，如果資產(chǎn)組合的收益率可以用“要素模型”來描述，其預(yù)期收益率就可以用它與要素收益率的協(xié)方差來表示。
2.APT. An alternative asset pricing model to the Capital Asset Pricing Model. Unlike the Capital Asset Pricing Model, which specifies returns as a linear function of only systematic risk, Arbitrage Pricing Theory may specify returns as a linear function of more than a single factor.
arbitrage rate 套匯匯率 指兩國貨幣間的匯率是通過兩國貨幣各自與某一第三國貨幣間的匯率間接計(jì)算而得。
arbitrageur 套利者 1.經(jīng)常被簡寫為“Arb”。套利者常被描繪成為了追求短期利益而破壞長期繁榮的魔鬼。事實(shí)上，套利者只是希望利用金融工具間不合理的差價(jià)獲利而已。他們的行為可以消除不合理的差價(jià)，使市場(chǎng)更富效率。
2.A person or company which practices arbitrage.
arbitration 仲裁 公斷 A process in which a disagreement between two or more parties is resolved by impartial individuals, called arbitrators, in order to avoid costly and lengthy litigation.
arbitrator 仲裁人 公斷者 A private, neutral person chosen to arbitrate a disagreement, as opposed to a court of law. An arbitrator could be used to settle any non-criminal dispute, and many business contracts make provisions for an arbitrator in the event of a disagreement. Generally, resolving a disagreement through an arbitrator is substantially less expensive than resolving it through a court of law.