PAGEPAGE6PreparationoutlineforfinaltestⅠTeststructureofFinalExam1.True/False.Write‘T’ifthestatementistrueand‘F’ifthestatementisfalse,detectandcorrectthemistakesifthereareany.(10marks，1foreach)注意判斷正誤后，如果判定為錯誤的題目一定要改正，否則不計分！2.Fillintheblanks.(10marks,2foreach)3.MultipleChoicesingleanswerquestions.PleaseselectONEBESTanswer(18marks,1foreach)4.TranslatethefollowingtermsfromEnglishintoChineseandviceversa(10marks,1foreach)5.Definethefollowingterms.Pleaseanswerbriefly(12marks,3foreach)6.TranslatethefollowingsentencesintoChinese.(24marks,4foreach)7.Calculationandexplanation(16marks)ⅡkeyTerms(Explanation)Chapter1introductionInvestmentAnInvestmentisthecurrentcommitmentofmoneyorotherresourcesintheexpectationofreapingfuturebenefits2-portfolioAnaccumulationofassetsownedbytheinvestoranddesignedtotransferpurchasingpowertothefuture3-riskRiskreferstotheuncertaintythattheactualreturntheinvestorrealizeswilldifferfromtheexpectedreturn4-financialriskistheriskassociatedwithhowthefirmfinancesitsassets.5-businessriskistheriskassociatedwiththenatureofthefirm’soperations6-diversificationreferstotheprocessofaccumulatingdifferentsecuritiestoreducetheriskofloss.7-liquidityreferstotheeaseofconvertinganassettocash.8-marketriskistheriskduetothetendencyofsecuritypricestomovetogether.Chapter2-3Securitiesmarket:1-privateplacementThedirectsaleofanentireissueofbondsorstocktoaninvestor(orgroupofinvestors)ortoafinancialinstitution2-brokerAbrokerisanagentwhohandlesbuyandsellordersforaninvestor3-LimitOrderAnorderplacedwithabrokertobuyorsellataspecifiedprice4-Underwritingtheprocessbywhichsecuritiesaresoldtothegeneralpublicandinwhichtheinvestmentbankerbuysthesecuritiesfromtheissuingfirm5-Commissionsfeeschargedbybrokersforexecutingorders6-oddlotaunitoftradingthatissmallerthanthegeneralunitofsale7-Margintheamountthataninvestormustputdowntobuysecuritiesoncredit8-OTCMarketTheinformalsecondarymarketforunlistedsecurities.9-SecondaryMarketAmarketforbuyingandsellingpreviouslyissuedsecurities.10-MarketorderAnordertobuyorsellatthecurrentmarketpriceorquoteChapterFive-CorporateStock1-dividendApaymenttostockholdersthatisusuallyincashbutmaybeinstockorproperty2-RightsOfferingSaleofnewsecuritiestoexistingstockholders3-ex-dividenddateThedayonwhichastocktradesexclusiveofanydividends4-stockdividendAdividendpaidinstock.5-votingrightsTherightsofstockholderstovotetheirsharesⅢVocabularyChapter1IntroductionRealasset實物資產Financialasset金融資產Investment投資portfolio投資組合Derivative衍生金融工具efficientmarkethypothesis(EMH)有效市場假說PrimaryMarket初級市場Secondarymarket二級市場Liquidity流動性Marketability流通性、市場性Speculation投機CapitalGain資本利得Systematicrisk系統風險Unsystematicrisk非系統風險Portfoliorisk組合風險Diversifiedportfolio分散化投資組合Purchasingpower購買力Financialmarket金融市場Chapter2andchapter3:financialmarketsPrivateplacement私募Initialpublicoffering(IPO)初始公開發行Issue發行Underwrite承銷Besteffortagreement代銷Firmcommitment包銷Listedcompany上市公司Marketmaker做市商Finalprospectus最終招股書Preliminaryprospectus初始招股說明書Limitorder限價指令Marketorder市價指令Long(bull)position多頭頭寸short(bear)position空頭頭寸Stoporder止損指令Bid-AskSpread買賣差價Streetname街名、行號代名Cashaccount現金賬戶Blocktrade大宗交易Delivery交割Maintenancemargin維持保證金Closeposition平倉NationalAssociationofSecuritiesDealersAutomatedquotationsystem（NASDAQ）全國證券交易商自動報價系統（納斯達克）ChapterFive-CorporateStockCashdividend現金股利Stockdividend股票股利Payoutratio股利支付率Retentionratio留存收益比率Dateofrecord股東登記日exdividenddate除息日Distributiondate派息日Stocksplit股票拆分Cumulativepreferredstock累積優先股Preemptiverights優先認股權ⅣImportantSentencesChapterone-introduction1.Theeaseofconvertinganassettocashisanasset’sliquidity資產的流動性指將資產輕易變現的可能性。2.Factorsaffecttheconstructionofaportfolioincludethefinancialgoalsoftheinvestor,therisksinvolved,andaknowledgeoftheavailableopportunitiesandalternativeinvestments.影響投資組合構建的因素包括投資者的理財目標，面臨的風險以及對可能投資機會和不同投資工具的了解。3.Riskisconcernedwiththeuncertaintythatyourrealizedreturnwillnotequalyourexpectedreturn.風險指實際收益可能與預期收益不等而帶來的（收益）不確定性。4．Youcanavoidexchangerateriskbynotacquiringforeignassetsandofcourse,misstheopportunitiessuchinvestmentsmayoffer.你可以不購置國外資產，從而規避外匯風險，當然，同時也錯過了這些投資工具可能帶來的贏利機會。5.Speculationreferstoaninvestmentthatoffersapotentiallylargereturnbutisalsoveryrisky;投機指提供大額收益機會的投資，但這種投資風險性也極高。Chapter2-3Securitiesmarket1.Thedirectsaleofanentireissueofbondsorstocktoaninvestorortoafinancialinstitutioniscalledaprivateplacement.將計劃發行的全部股票或債券直接發售給特定投資者或金融機構的過程，稱為私募。2Theinvestmentbankermaymakeabest-effortagreementinwhichtheyagreetomaketheirbestefforttosellthesecuritiesbutdonotguaranteethataspecifiedamountofmoneywillberaise.投資銀行可選擇簽署代銷協議。在該協議下，他們承諾盡力銷售證券，但不保證能募集到確定數量的資金。3.Theinvestortakesalongpositioninthesecurityinanticipationofthepriceincrease.當投資者預期證券的價格上漲時，他就會持有該證券的多頭頭寸。4．Marketmakertrytoquoteanequilibriumpricethatequatesthesupplywiththedemand.做市商力求報出使供求匹配的均衡價格。5.Theinvestormayenteralimitbuyorderandspecifyapricebelowthecurrentaskingprice.投資者可以下達限價買入委托指令，設定買入價格的上限，該價格低于當前賣方報價。6.Interestrateriskistheriskduetothetendencyofsecurityprices,especiallyfixed-incomesecurities,tomoveinverselywithchangesintherateofinterest.利率風險指由于證券（特別是固定收益證券）價格隨利率變動反向變動的趨勢帶來的風險。ChapterFive-Corporatestock1.Ifafirmdoespoorly,anotherfirmmayoffertobuytheoutstandingstockheldbythepublic.一家公司如果經營不善，可能就會有另外一家公司出價買入由公眾持有該公司的流通股。2.Afirm’searningsmaybedistributedtoshareholdersintheformofcashdividends,ortheymayberetainedbythecorporation.公司收益可以現金紅利的形式向股東分配，也可以由公司留存3.Aminoritygroupofshareholderscanusethecumulativemethodofvotingtoelectarepresentativetothefirm’sboardofdirector.少數股東能行使累積投票權，選舉公司董事會的代表。4.Preferredstockholdersreceivedividendpaymentsbeforecommonstockholdersand,incaseofliquidation,arecompensatedbeforecommonstockholders.優先股股東比普通股股東先收到紅利支付款，而且，當公司破產清算時，優先股股東在普通股股東之前得到償付。5.Stockdividenddoesnotincreasethewealthofstockhol