60 financial terms

In fact, the annualized rate of return is only calculated by converting the current rate of return (daily rate of return, weekly rate of return, monthly rate of return) into annual rate of return, which is a theoretical rate of return, not a real rate of return. For example, if a product claims that the annualized rate of return of 9 1 day is 3. 1%, then if you buy 1 ten thousand yuan, the interest you can actually receive is 1 ten thousand x 3.1%x 91/30.

2. Shadow banking

Generally speaking, it refers to those non-bank financial institutions that have some banking functions, but are not regulated or less regulated. Simply understood, shadow banking is a financial institution that can provide credit but does not belong to banks. China shadow banking mainly includes off-balance-sheet businesses such as trust companies, guarantee companies, pawn shops, money market funds, various private equity funds, microfinance companies and various financial institutions. Features: many institutions, small scale, low leverage but rapid development.

3. producer price index

PPI (Producer Price Index) is a producer price index, which measures the (average) price of products produced by domestic producers. The rise in PPI means that the production price index of enterprises has risen. PPI will have some influence on CPI (Consumer Price Index). It reflects the price level of production links, while CPI reflects the price level of consumption links. Generally, the fluctuation of the overall price level first appears in the production field, then spreads to the downstream industries through the industrial chain, and finally affects the consumer goods in the circulation field.

4.LOF fund

LOF fund, the English full name is "Listened Open-Ended Fund", also known as "listed open-end fund", that is, after issuing listed open-end fund, the capital is invested. In other words, investors can purchase and redeem fund shares at designated outlets or buy and sell funds on exchanges. However, if investors want to sell the fund shares purchased at designated outlets, they must go through certain transfer custody procedures; Similarly, if you want to redeem the fund shares you bought online on the exchange and redeem them at designated outlets, you must also go through certain transfer custody procedures.

5、QFll

QFll (Qualified Foreign Institutional Investors) is short for qualified foreign institutional investors, and QFLL mechanism refers to the accreditation system for foreign professional investment institutions to invest in China. In some countries and regions, especially emerging market economy countries, because the currency has not been fully convertible and the capital account has not been opened, foreign investment intervention may have a greater negative impact on their securities markets, so QFIlI system is adopted to introduce foreign investment to a limited extent, open the capital market and carry out reverse repurchase;

6. Positive repurchase and reverse repurchase

Throwing money in the open market is the behavior of the central bank and a way to adjust monetary policy. Repurchase is a trading bank in which the People's Bank of China sells securities to primary dealers and agrees to repurchase securities on a specific date in the future. Recovering liquidity from the market is an operation of the central bank, and the expiration of repurchase is an operation of the central bank to put liquidity into the market. Reverse repurchase is a trading behavior that the People's Bank of China buys securities from a primary dealer and agrees to sell them to the primary dealer on a specific date in the future. Putting liquidity into the market is the operation of the central bank, and the expiration of reverse repurchase is the operation of the central bank to recover liquidity from the market.

7. Hot money

Also known as hot money or speculative short-term capital, it usually refers to short-term capital that flows rapidly for the purpose of speculative profit, and it is often easy to induce market and even financial turmoil between its entry and exit. The investment targets of hot money are mainly foreign exchange, stocks, precious metals and their derivatives markets. It is characterized by strong speculation, quick liquidity and strong concealment.

8. Roadshow

Roadshow is a widely used way to promote securities issuance in the world, which refers to the promotion activities for institutional investors before securities issuers issue securities. During the activity, the company introduced the company's performance, products and development direction to investors in detail, and fully expounded the investment value of listed companies, so that prospective investors could have a deeper understanding of the specific situation and answer the concerns of institutional investors. The purpose of roadshow is to promote communication and exchange between investors and stock issuers, so as to ensure the profitability of stock issuance. Stock issuers and underwriters can objectively determine the circulation, issue price and issue opportunity through roadshows.

9. Blue chip stocks

Blue chip refers to the shares issued by Dagong Land 1, which have a dominant position in their respective industries, excellent performance, sharp turnover rate and rich dividends. The word "blue chip" originated from western casinos. Blue chip is the most valuable chip, so investors applied it to stocks and formed the word "blue chip".

10, policy bank

Policy banks generally refer to non-profit financial institutions established by the government to implement national industrial policies and regional development policies. From 65438 to 0994, three policy banks were established in China-China Development Bank, Export-Import Bank of China Agricultural Development Bank and China Agricultural Development Bank. China Development Bank was transformed into a commercial bank on February 6, 2008.

1 1, P/E ratio

P/E ratio refers to the ratio of stock price to earnings per share in a survey period (usually 12 months). Investors usually use this ratio to estimate the investment value of a stock. Generally speaking, the reciprocal of P/E ratio is the return on investment.

12, offshore finance

Offshore finance refers to the financial activities of non-residents (overseas individuals, legal persons, government agencies, international organizations, etc.). ) Participate in "projects for joint ventures and sex buildings" and provide financial services such as settlement, lending, capital flow, insurance, brokerage, securities and derivatives trading, which are not restricted by the general financial laws and regulations of the country where the market is located and the country where the currency is issued. The main business of offshore finance is to absorb the funds of non-residents and serve their financing needs, so it is vividly called "double-headed" financial business, and the formed market is called offshore financial market.

13, financial disintermediation

Financial disintermediation means that the supply of funds bypasses the media systems such as commercial banks and is directly transmitted to the demanders and financiers, resulting in the extracorporeal circulation of funds. For example, when an enterprise needs funds, it issues bonds, stocks or short-term commercial bills directly in the market instead of directly obtaining loans from commercial banks. From the perspective of financing methods, financial disintermediation is a process in which social financing gradually changes from indirect financing to direct financing. It should be said that the phenomenon of financial disintermediation is an objective law of the development of China's market economy and national economy, and it is an inevitable trend for the government to promote the innovation and development of financial markets.

14 "one board", "two boards" and "three boards"

First board market: also known as the main board market, refers to the traditional securities market, which is the main place for securities issuance, listing and trading in a country or region. The main board market is the most important part of the capital market, which can reflect the economic development to a great extent and is known as the "barometer of the national economy". Most of its listed companies are large and mature enterprises with large capital scale and stable profitability.

Second board market: it is mainly set up for small and medium-sized growth emerging companies, and the listing requirements are generally wider than "first board". Compared with the main board market, the second board market has the characteristics of foresight, high risk, strict regulatory requirements and obvious high-tech industry orientation. The GEM of Shenzhen Stock Exchange belongs to the second board market.

Third board market: namely, handling share transfer business refers to the special transfer service provided by securities companies that are approved by China Securities Association and have the qualification to handle share transfer business of unlisted companies by electronic transaction. Its service targets are new third board analysis enterprises, high-tech enterprises and K. What our i 7 is seeing now is what is often said as "new third board, less plum, same species". It is the share quotation transfer system of Zhongguancun Science Park unlisted company limited.

15, corporate bonds and corporate bonds

(1) Issuer: Corporate bonds are bonds issued by joint stock limited companies or limited liability companies; Corporate bonds are bonds issued by institutions affiliated to central government departments, wholly state-owned enterprises or state-controlled enterprises.

(2) Pricing: the corporate bonds are approved by the CSRC, and the issuer and sponsor determine the issue price through market inquiry; Corporate bonds are audited by the National Development and Reform Commission.

(3) Issuance: Corporate bonds can be approved once and issued many times. Corporate bonds are required to be issued within one year after approval, and the amount of bonds issued is not less than 654.38 billion yuan.

(4) Credit: The credit source of corporate bonds is that the issuing company's corporate bonds have implemented government credit through the "state-owned" mechanism, and the actual credit rating is not much different from other government bonds through the administrative enforcement of the guarantee mechanism.

16 short-term financing wins the ticket

Short-term financing bills and medium-term notes. "Short-term financing" refers to the securities issued by non-financial enterprises with legal personality in the inter-bank bond market (that is, purchased by banks but not issued to the society) and traded, and agreed to repay the principal and interest within one year. "Zhongpiao" is the abbreviation of "medium-term note", which refers to a debt financing tool issued by a non-financial enterprise with legal personality in the inter-bank bond market and agreed to repay the principal and interest within a certain period of time. Its issuance period is mostly 1 year, usually 3-5 years.

17, inter-bank bond market

The national inter-bank bond market refers to the market that relies on the National Inter-bank Funding Center and China Securities Depository and Clearing Corporation, including commercial banks, rural credit cooperatives, insurance companies, securities companies and other financial institutions for bond trading and repurchase. The inter-bank bond market has now become an important part of the bond market in China. Most book-entry treasury bonds and policy financial bonds are issued and traded in this market.

18, interbank lending market

The interbank lending market, also known as the interbank lending market, refers to the market where financial institutions borrow money to finance short-term funds. Generally speaking, it is a market where financial institutions lend to each other.

19, monetary policy

The word monetary policy is often used as a metaphor for the monetary policy of the central bank. The monetary policy adopted by the central bank to reduce credit supply, raise interest rates and eliminate inflationary pressure caused by excessive demand is called tight monetary policy. On the contrary, the monetary policy adopted to prevent economic recession is called loose monetary policy by increasing credit supply, lowering interest rates, promoting investment and promoting economic growth.

20. What's the difference between the central bank, the People's Bank and the Bank of China?

The central bank is the highest monetary and financial management institution in a country and occupies a dominant position in the financial systems of various countries. The function of the central bank is to formulate and implement monetary policies, maintain financial stability and provide financial services, and its business is non-profit. The central bank of China is the People's Bank of China. China Bank is one of the state-owned commercial banks, similar to CCB, ABC and ICBC.

2 1, OTC trading

OTC(Over The Counter) is the OTC market, also known as OTC market. A long time ago, banks also engaged in stock trading: because of the practice of selling stocks to customers at the bank counter, this market was called OTC market. Now it generally refers to the market traded outside the exchange, also known as OTC market.

22. Credit enhancement

Increasing trust is increasing trust. Bond issuers can improve the credit rating, enhance the bond credit, reduce the default rate of bonds or reduce the default losses through various credit enhancement means or measures, thus reducing the default risks and losses borne by bondholders. Through credit enhancement, enterprises with lower credit ratings can obtain financing, and bond investors also receive multiple guarantees. There are many ways to increase the credit of bonds, among which the most common ones are third-party guarantee, collateral guarantee, bond insurance, bond trust and credit reserve.

23. Counterguarantee

Counterguarantee is also called "claim guarantee", repayment agreement or guarantee. Refers to the guarantee set to ensure that the guarantor other than the debtor will realize the right of recourse against the debtor after assuming the guarantee responsibility in the future. For example, a guarantee company or guarantor guarantees your loan. If you can't repay the loan, the guarantee company or guarantor will be liable for compensation, so they need you to provide them with certain assets to protect their rights and interests. This process is counter-guarantee.

24 Public Offering of Fund and private equity funds

Public Offering of Fund is a securities investment fund that is supervised by the competent government department and publicly issued to unspecified investors. Under the strict supervision of the law, these funds have industry norms such as information disclosure, profit distribution and operation restrictions. Private equity fund is a kind of collective investment that is not open to the public and raises funds from specific investors in a private way.

negative interest rate

Simply put, the money in the bank will become less and less valuable even if interest is included. The so-called negative interest rate refers to the rapid rise of the price index (CPI), which leads to the negative interest rate of bank deposits. The deposit bank's interest rate can't keep up with the inflation rate, so it becomes negative.

26. Consumer Finance Corporation

A non-bank financial institution established in China, which does not absorb public deposits and provides loans for consumption purposes for individual residents in China on the principle of small amount and dispersion. The registration threshold of a consumer finance company is 300 million yuan or equivalent convertible currency, and it is a one-time paid-in monetary capital. The business of consumer finance companies mainly includes personal durable consumer goods loans and general-purpose personal consumption loans, credit asset transfer and interbank lending, and issuance of financial bonds.

27. Trust loans and entrusted loans

The trust shall be handled by the trust company. Entrusted loans are handled by banks. Trust loans refer to loans granted by trust institutions to self-approved units and projects with their own funds such as trust deposits within the scope prescribed by the state. Entrusted loans refer to loans provided by government departments, enterprises, institutions, individuals and other clients, which are issued, supervised and recovered by commercial banks (i.e. trustees) according to the loan object, purpose, amount, term and interest rate determined by the clients.

28. Trust companies and trust products

The so-called trust company is a multilateral credit behavior based on trust entrustment, with the management of monetary funds and physical property as the form, and the combination of financing and financing. We can roughly understand that this is an organization that designs products. There are two main types of specific products, one is fixed expected income, and the common ones are real estate, minerals and creditor's rights. They used their own assets as collateral to apply to the trust company for launching products, and the funds raised were used for designated production. Another kind of floating income, such as PE and sunshine private placement, is more common.

29. Capital adequacy ratio

The capital adequacy ratio of a bank refers to the ratio of its capital to its risky assets. It reflects the extent to which commercial banks can bear the losses with their own capital after the assets of depositors and creditors suffer losses.

30.location

It means money, which is a popular term in finance and business. Commonly used in securities, stocks and futures trading. For example, the bulls and bears often mentioned in stock futures are actually short for bulls and bears.

3 1, financial supermarket

It refers to a comprehensive business model that organically integrates all kinds of products and services of financial institutions, and provides many financial products and value-added services for enterprises or individual customers through cooperation with various social institutions and departments such as insurance, securities, evaluation, mortgage registration and notarization.

32. Venture capital and angel investment

The investment stages of venture capital and angel investment are different. Angel investment mostly invests in the start-up period of enterprises or the initial stage of projects, and the investment amount is relatively small. Venture capital often comes in after the enterprise or project has been in operation for a period of time. Maybe your product has passed the market test, or maybe your brand has a certain popularity, which has played a certain role in boosting, making the enterprise stronger and bigger, and investing heavily.

33. What's the difference between bonds and stocks?

(1) Issuer; No matter the state, local social organizations or enterprises, they can issue bonds; Shares can only be issued by joint-stock enterprises.

(2) Stable income: before the bond is purchased, the interest rate is fixed, and the fixed interest is obtained at maturity; The dividend yield of general stocks is uncertain before purchase, and the dividend income depends on the profitability of the joint-stock company.

(3) Capital preservation ability: the principal can be recovered when the bond matures; Once the stock principal is handed over to the company, it cannot be recovered. Once a company goes bankrupt, it depends on the liquidation of its remaining assets.

(4) Economic benefits: bonds represent a kind of creditor's rights to the company; Stock represents the ownership of the company. Deposit insurance system

34. Deposit insurance system

If a deposit insurance system is established, when the bank implementing the system is unable to pay the depositor's deposit due to poor cash flow or bankruptcy, according to the terms of the insurance contract, the insured bank can obtain compensation or financial assistance from the deposit insurance institution, or be accepted or merged, and the depositor's deposit loss will be minimized as much as possible.

35. Debt financing instruments for non-financial enterprises

Refers to the securities issued by non-financial enterprises with legal person status in the inter-bank bond market, and agreed to repay the principal and interest within a certain period of time. At present, the types of debt financing instruments include short-term financing bills, medium-term bills and SME collective bills.

36. Securitization of credit assets

It is the process of converting the original non-circulating financial assets into negotiable capital market securities. For example, a bank A borrowed a lot of housing loans. After the combination, A sells the mortgage securities to the public (A sells the securities and recovers the loans from the public), and the public (investors) who buy the securities get the principal and interest transferred by A from the borrower; Bank A provides services for borrowers and investors, charging service fees.

37、PMI

The full English name of PMI is PurchaseManagement Index, and the Chinese translation is Purchasing Managers Index. PMI is a comprehensive economic monitoring index system released every month. PMI is an index summarized through the monthly survey of purchasing managers, which reflects the changing trend of the economy.

38. Secondary market

The primary market of financial market is the financial market where companies or government agencies that raise funds sell their newly issued securities, such as stocks and bonds, to initial buyers. In other words, raising funds by issuing new securities is a primary market transaction. The secondary market is another name of the securities trading market, also known as the securities circulation market and the secondary market, which refers to the market where the issued securities are traded, transferred and circulated.

39. Economic soft landing

It means that after a period of over-expansion, the national economy has steadily dropped back to the moderate growth range. Generally speaking, when the economic growth rate is too fast and there is serious inflation, a country will use austerity policies to curb inflation. At this time, the decline in total social demand slows down the economic growth or causes negative growth, which can be vividly called economic "landing".

40. Stagflation

It is called stagnant inflation, "stagnation" refers to the stagnation of economic growth, and "inflation" refers to inflation. In macroeconomics, it refers to the economic phenomenon that economic stagnation coexists with high inflation, unemployment and depression. Generally speaking, prices are rising, but the economy is stagnant. Is the result of the long-term development of inflation.

4 1, hedging

Hedging is a kind of trading behavior to hedge the commodity operation in the spot market by hedging futures contracts. The term "hedging" here mainly refers to the fact that the same producer or operator buys or sells a certain amount of spot commodities in the spot market, and at the same time sells or buys futures commodities (futures contracts) of the same variety and quantity in opposite directions in the spot market, so as to avoid the price risk when adverse price changes occur in the spot market.

42 family financial assets

Family assets are mainly divided into financial assets and non-financial assets. Financial assets include bank deposits, bonds, stocks, investment funds, retirement funds, life insurance and various management assets. Non-financial assets include owner-occupied houses, non-owner-occupied houses, commercial assets, automobiles, durable consumer goods, gold, silver, jewelry, antiques and artworks.

43. Capital account convertibility

It means that a currency can be freely converted into other currencies not only in the current balance of payments, but also under capital and financial accounts such as direct investment, indirect investment and securities investment.

44. Foreign exchange reserves

Foreign exchange appropriation refers to the domestic currency invested by the central bank of the recipient country when purchasing foreign exchange assets. For our country, because the people's market is a non-convertible currency, foreign capital needs to be converted into RMB to enter circulation. The country has to invest a lot of money in foreign exchange, thus increasing the demand for money and forming a foreign exchange account.

45.commodities

Bulk commodities refer to material commodities that can enter the circulation field, but are not retail links, have commodity attributes, and are widely used in industrial and agricultural production and consumption. In the financial investment market, bulk commodities refer to homogeneous, tradable commodities such as crude oil, nonferrous metals, agricultural products, iron ore and coal, which are widely used as industrial basic raw materials. Including three categories, namely energy commodities, basic raw materials and agricultural and sideline products.

46. MBO

MBO (Management Buy-out) is short for "Management Buy-out". That is, the manager or manager of the target company uses external financing capital to buy the company's equity, thus changing the company's owner structure, control structure and asset structure, and then realizing the company's restructuring and obtaining the expected income. After completing MBO, former managers will become today's shareholders.

47. Refinancing business

Generally speaking, the so-called refinancing means that banks, funds and insurance companies provide funds and securities, and securities companies as intermediaries provide these funds and securities to investors for financing or securities lending.

Transitional funds.

Bridge fund is a kind of short-term financing with a term of 6 months, which is a kind of fund connected with long-term funds. The purpose of providing bridge funds is to achieve the conditions of docking with long-term funds through the financing of bridge funds, and then replace bridge funds with long-term funds. Crossing the bridge is only a temporary state. Its characteristics are short term, high gold content, high capital return and easy risk control.

49. loan-to-deposit ratio

The ratio of total loans of commercial banks divided by total deposits, that is, total bank loans/total deposits. From the perspective of bank profitability, the higher the loan-to-deposit ratio, the better, because deposits have to pay interest. If banks have more deposits and less loans, it means high costs, but low returns and poor profitability. However, judging from the bank's ability to resist risks, the case of loan-to-deposit ratio should not be too high.

50. deleveraging

The so-called leverage, in a narrow sense, refers to the ratio of assets to shareholders' equity; Broadly speaking, it refers to controlling larger assets with smaller capital through debt, thus expanding profitability or purchasing power. The so-called "deleveraging" means that enterprises or individuals reduce the use of financial leverage and return the original "borrowed" money in various ways.

5 1、BOT

BOT (Build-Operate-Transfer) refers to the franchise granted by the government to private enterprises (including foreign enterprises) through contracts for a certain period of time, allowing them to finance the construction and operation of specific public infrastructure, and allowing them to repay loans, recover investment and earn profits by charging users or selling products; When the concession period expires, the infrastructure will be handed over to the government free of charge.

52. Non-performing assets of banks

The non-performing assets of banks are also often called non-performing debts, the most important of which is non-performing loans, which refer to loans that customers cannot repay the principal and interest on time and in quantity. In other words, the loan issued by the bank cannot recover the principal and interest according to the agreed period and interest rate.

53. The basic point of "exchange rate change"

According to market practice, the price of foreign exchange rate usually consists of five significant figures, and the last figure is called the base point, which is the smallest unit of exchange rate change. Such as: 1 Euro = 1.28 17 USD; When the euro changed from 1.28 17 to 1.28 19, we said that the euro rose by two basis points against the US dollar.

54. Savings Bank

Refers to banks that engage in financial business by absorbing savings deposits. Savings bank is an ancient financial institution, which evolved from mutual assistance and cooperation financial organizations. Mutual savings bank means that depositors deposit funds in banks, and banks provide loans to depositors in preferential forms.

55.b shares

The official name of B shares is RMB special shares. It is a foreign-funded stock denominated in RMB, subscribed and traded in foreign currency, and listed and traded in China (Shanghai, Shenzhen) Stock Exchange. B-share companies are registered and listed in China. Before 200 1, investors were limited to foreigners. After 200 1, domestic individual residents are allowed to invest in B shares. The "B" of B shares is only compared with the "A" of A shares, which has no practical significance.

56. "Do not lift the ban"

"Size" refers to non-tradable shares, that is, restricted shares. Small non-tradable shares: a small number of shares banned from listing and circulation, accounting for less than 5% of the total share capital, can only be circulated after one year of share reform, and will not be sold on a large scale after one year, and a small number will be sold in limited quantities to avoid a greater impact on the secondary market. Daihatsu, which accounts for more than 5% of the total share capital, will not circulate for more than two years after the share reform.

57, reinsurance

Reinsurance, also known as reinsurance, is a way for insurance companies to transfer some risks and responsibilities by signing reinsurance contracts on the basis of the original insurance contracts. For example, you bought 6,543,800 yuan of property insurance from an insurance company, which is called original insurance. In order to spread risks, this insurance company insured 800,000 yuan of property insurance with other insurance companies, which is reinsurance.

58. Strategic investors

It refers to large domestic and foreign enterprises and groups that have the advantages of capital, technology, management, market and talents, can promote the upgrading of industrial structure, enhance the core competitiveness and innovation ability of enterprises, expand the market share of enterprise products, commit themselves to long-term investment cooperation, and seek long-term returns and sustainable development of enterprises.

59. syndicated loans

It is a banking group led by one or more banks that are allowed to operate loan business, and many banks and non-bank financial institutions participate in it. It uses the same loan agreement and provides financing to the same borrower according to the agreed terms and conditions.

60. Group investors

In China, institutional investors refer to legal institutions engaged in securities investment in the financial market, including insurance companies, pension funds and investment funds, securities companies, banks and so on. The most active ones are securities institutions with securities proprietary business qualifications and investment management funds in line with relevant national policies and regulations.