股票收回英语怎么说
THE last time a corporate-finance concept went mainstream was during the financial crisis,......接下来具体说说
收回英语怎么说:
take back 释义:退回;退还;归还;收回,撤回
音标:英 [teɪk bæk] 美 [teɪk bæk]
Retrieve 释义:取回;索回;检索数据;扭转颓势;挽回;找回
音标:英 [rɪˈtriːv] 美 [rɪˈtriːv]
收回英语怎么说例句:
1、Take back what you said about Jeremy!
收回你说的关于杰里米的话。
2、If you don't take back what you said about me, I'm going to knock your head off.
要是不把说你的话收回,我就要狠狠揍你。
3、Computer companies like Lenovo and Dell will be asked to take back their old computers.
联想(Lenovo)和戴尔(Dell)等电脑公司将被要求收回旧电脑。
4、I'm sorry for being rude to you yesterday; now I take back everything I said.
我很抱歉昨天对你无礼,现在我收回我说的话。
5、I take it back, I think perhaps I am an extrovert
我收回说过的话,我想也许我是外向型的人。
6、Sometimes I want to take back what I said.
我有的时候会想收回我说的话。
7、His cellular function is starting to take back control.
他的细胞功能在开始收回控制权。
8、And I'm here to take back my town.
我就是来这里收回我的镇。
9、I take back everything I said about you before we met.
我收回在我们认识之前我所说的有关你的一切。
10、I take back everything I thought about you.
我收回之前诋毁你的话。
11、Perhaps it is time to take back the word "entrepreneur".
或许现在是收回“企业家”这个词的时候了。
12、I take back every rotten thing I ever said about christmas.
我收回所有关于圣诞节的腐朽的话。
13、The men were trying to retrieve weapons left when the army abandoned the island.
士兵们正试图找回军队从该岛撤退时留下的武器。
14、But I, also must a bit faster retrieve oneself.
而我呢,也要快点找回自己。
15、He couldn't retrieve even one memory.
他甚至不能找回一点点记忆。
16、Retrieve data to support ad hoc and recurring queries.
找回数据到支持特别和疑问。
17、No way to retrieve it.
也没有办法找回。
18、A gun dog trained to locate or retrieve birds.
训练用于寻找或找回鸟的猎狗。
19、Retrieve all packages from the server, but do not install/ upgrade anything.
找回服务器上的所有包,但是不安装/新任何东东。
20、Come to retrieve your vastly superior stuff?
来找回你们无比先进的东西?
21、Will someone retrieve this unfortunate child?
会有人找回这个可怜的孩子吗?
22、Retrieve a lost piece of luggage.
炒股 Speculate in stocks
老鼠仓 Rat Trading
原始股 Initial offerings
抄底 go bottom fishing
创业板 Second board
红马甲 floor broker; floor trader
黄马甲 Exchange personnel
红马甲是券商,黄马甲是交易所的工作人员
熊市 bear market
蓝筹股,绩优股 blue chips
开/收盘价 opening/closing price
上市公司 listed firm
原始股 initial share
每日停板限额 daily limit
散户 retail / private investor
券商 broker/dealer
套牢 lock
一篮子备兑证 Basket Covered Warrants
入限价买盘 Buy Limit Order
三角形 Triangle
三底 Triple Bottoms
三顶 Triple Tops
下降楔形 Falling Wedge
下降旗形 Falling Flag
下降轨 Downward Trendline
下跌风险 Downside Risk
上升楔形 Rising Wedge
上升旗形 Rising Flag
上升轨 Upward Trendline
上升风险 Upside Risk
大手成交 Large Transaction
大利市机 Teletext
中央结算系统 Central Clearing and Settlement System
互惠基金 Mutual Funds
分拆 Spin-off
升水 Premium
引伸波幅 Implied Volatility
手 Lot Size
支持线 Support Line
止蚀盘 Stop Loss Order
止赚盘 Stop Profit Order
牛市 Bull Market
出限价沽盘 Sell Limit Order
可换股债券 Convertible Bonds
市价盘 Market Order
市盈率 Price-to-earnings Ratio (P/E Ratio)
平价 At the Money
未平仓合约 Open Interest
生产物价指数 Producer Price Index (PPI)
交叉盘 Cross Trade
名义利率 Nominal Interest Rate
合并 Merger
回报 Return
成分股 Constituent Stock
成交量 Volume
收市价 Closing Price
自动对盘 Automatching
行使价 Exercise Price
优先股 Preferred Stock
价外 Out of the Money
价内 In the Money
孖展户口 Margin Account
庄家 Market Maker
低水 Discount
利率 Interest Rate
即日鲜 Day Trading
批股 Share Placement
折让 Discount
投资组合理论 Portfolio Theory
投资银行 Investment Banker
杠杆比率 Gearing Ratio
每日波幅限额 Daily Fluctuation Limit
系统性风险 Systematic Risk
供股 Right Issue
供股 Right Issue
供股权 Rights
固定资产 Fixed Asset
定息债券 Fixed Income Securities
所有普通股指数 All-Ordinaries Index
招股书 Prospectus
拋空 Short Sale
拆出利率 Offer Rate
注资 Asset Injection
沽空 Short Sale
波浪理论 Wave Theory
波幅 Volatility
股市指数 Stock Index
股份回购 Share Buyback/Repurchase
股息 Dividend
股票市场 Stock Market
股票孖展 Share Margin
股东股本利益 Shareholer’s Equity
金管局 Hong Kong Monetary Authority
阻力区 Resistance Level
阻力线 Resistance Line
信贷评级机构 Credit Rating Institution
按金户口
指数备兑证 Index Covered Warrants
柱状图 Bar Chart
流动比率 Current Ratio
流动负债 Current Liabilities
流动资产 Current Asset
相反理论 Contrarian Theory
美国联邦贴现率 Federal Discount Rate
背驰 Divergence
衍生工具 Derivatives
限价盘 Limit Order
香港银行同业拆息 Hong Kong Interbank Offer Rate (HIBOR)
恒生一百指数 Hang Seng 100 Index
恒生中国企业指数 Hand Seng China-affiliated Corp Index (HSCCI)
恒生中资企业指数 Hang Seng China Enterprises Index (HSCEI)
恒生五十中型股指数 Hang Seng Midcap 50 Index
恒生指数 Hang Seng Index
套戥 Arbitrage
息率 Dividend Yield
效率市场假设 Efficient Market Hypothesis
核数师意见 Auditor Opinion
消费物价指数 Consumer Price Index (CPI)
特殊项目 Exceptional Items
特别成交 Special Trade
神奇数字 Fibonacci Number
追击手 Raider
除息 Ex-dividend
除净 Ex-all
除权 Ex-right
高水 Premium
停版 Limit
停牌 Suspension
商人银行 Merchant Banker
啤打系数 Beta Coefficient
基本利率 Base Rate
球 Million Share
移动平均线 Moving Average
靠前市场 Primary Market
靠前市场直接批股 Direct Placement
第二市场 Secondary Market
通胀 Inflation
最优惠利率 Prime Rate
循环理论 Cyclical Theory
普通股 Common Stock
期交所 Hong Kong Futures Exchange Limited (HKFE)
期权 Options
期货 Futures
期货合约 Futures Contract
程序买卖 Programme Trading
裂口 Gap
超买 Over Bought
超卖 Over Sold
集资 Capital Raising
楔形 Wedge
溢价 Premium
碎股 Odd Lot
道氏理论 Dow Theory
撇帐 Provisioning
旗形 Flag
熊市 Bear Market
碟形底 Saucer Bottom
碟形顶 Saucer Top
增长股 Growth Stock
箱形 Box
亚当理论 Adam's Theory
产负债表 Balance Sheet
伦敦港股 London Market for Hong Kong Stocks
债券风险溢价 Risk Premium for Bonds
兑换率 Conversion Ratio
内幕交易 Insider Trading
单日转向 One-day Reversal
单位信托基金 Unit Trusts
双底 Double Bottoms
双顶 Double Tops
国民生产总值 Gross National Product (GNP)
国企股 H Stock
国企指数 Hang Seng China Enterprises Index
国内生产总值 Gross Domestic Product (GDP)
圆形底 Rounding Bottom
圆形顶 Rounding Top
场外交易市场 Over-the-Counter (OTC)
备兑认股证 Covered Warrants
备兑证 Equity Warrants
头肩底 Head and Shoulders Bottom
头肩顶 Head and Shoulders Top
实质利率 Real Interest Rate
对冲 Hedge
对冲比率 Hedge Ratio
对冲基金 Hedge Fund
岛形转向 Island Reversal
挟仓 Cornering the Market
损益表 Statement of Income
换马 Switching
斩仓 Stop Loss
热钱 Hot Money
现金户口 Cash Account
红股 Bonus Share
红筹股 Red Chip
红筹指数 Hang Seng China-Affilated Corporation Index
纯利 Net Profit
线形图 Line Chart
结算价 Final Settlement Price
综合财政报表 Consolidated Financial Statement
联交所 Stock Exchange of Hong Kong Limited (SEHK)
联系汇率 Linked Exchange Rate
营业额 Turnover
蓝筹股 Blue Chip
认沽期权 Put Options
认股证 Warrants
认购期权 Call Options
证监会 Securities and Futures Commission (SFC)
负债比率 Debt Ratio
财务报表 Financial Statement
货币政策 Monetary Policy
货币发行局机制 Currency Board System
贴现率 Discount Rate
贴现窗 Discount Window
资本增值 Capital Gain
资本减值 Capital Loss
资产净值 Net Asset value (NAV)
资产负债表 Balance Sheet
转势 Reversal
银团贷款 Syndicated Loans
长方形 Rectangle
长期负债 Long-term Liabilities
长仓 Long Position
阴阳烛 Candlestick Chart
随机走势假设 Random Walk Hypothesis
随机走势理论 Random Walk Theory
随机指数 Stochastic
风险 Risk
风险溢价 Risk Premium
Shanghai Composite Index 上证综合指数
Shenzhen Component Index 深证成份股指数
Hong Kong's Hang Seng Index 香港恒生指数
A-share market A股市场
B-share market B股市场
bourse 证券交易所
trading 交易,买卖
turnover 成交额
trading volume 交易额,成交量
weighting 权重
morning session 早盘
afternoon session 午盘
insider trading 内幕交易
trader 交易者
speculator 投机者
investor 投资者
broker 证券经纪人
brokerage 券商(股民开立账户的地方)
margin finance account 保证金融资账户(相当于借钱炒股)
securities regulator 证券监管机构
surge 大涨
gain 上涨
soar 飞涨
climb 攀升
rally 回升
buoy 提振
bullish 看涨的;上扬的
fund inflow 资金流入capital inflow 资金流入
outperform 跑赢(大盘)
hover 徘徊
returns 收益,回报
pick up 回升
edge up 微升
slump 暴跌
tumble 暴跌
slip 下跌
retreat 下跌
fall 下跌
drop 下降
decline 下降
bearish 看跌的,下跌的lose ground 下跌
edge down 微降
dip 微降
equities bubble 股市泡沫
the characteristic of legal right 合法权力性
shareholders’ congress 股东大会
members of the board of directors 董事会成员
negotiable securities 有价证券
share interest(dividend)股息
bonus红利
periodical revenue定期收入
pledge抵押品
the characteristic of universal circulation普遍流通性
the characteristic of monetary speculation金融投机性
the price of stock股票价格
the characteristic of investment risk投资冒险性
issue stocks发行股票
subscribe stocks认购股票
securities exchange证券交易所
investor投资者
stockbroker经纪人
securities company证券公司
to raise funds for the enterprise 为企业筹集资金
to be conducive to the decentralization of proprietary rights 有助于所有权的分散
to provide a means of equal distribution of social wealth 提供一种平等分配社会财富的手段
to promote the long-term investment of international funds 促进国际资金的长期投资
to accelerate the turnover of international capital 加速各国之间资金的周转
to further the advancement of world economy and international trade 促进世界经济和国际贸易的发展
to coordinate international relations 协调国际经济关系
executive director of board 执行董事
concurrent director of board 兼职董事
chairman of the board of directors (general director) 董事主席(董事长)
director manager 董事经理
permanent director of board 永久董事
acting director of board代理董事
ordinary shares (common stock) 普通股
merit-based shares 优绩股
developmental shares 成长股
speculative shares 投机股
preference shares 优先股
accumulative preference shares 累积优先股
non- accumulative preference shares非累积优先股
transferable preference shares 可调换优先股
accumulative- transferable preference shares 累积调换优先股
substantial shares 实质股
craze shares热门股
the par value of shares 股票面值
the net value of shares股票净值
the market value of shares 股票市值
the sum of shares 股份总数
the money paid for shares 股金
the serial number of shares 股票编号
open an account with the stockbroker 开户
completion of a business transaction 交割
transferring ownership 过户
liquidation of stocks 股票的清算
crisscross deal 交叉交易
selective shares deal 股票选择交易
date declare 宣布日
date of record 股权登记日
date payable 派息日
superior shares 优良股
buying up 多头
short sales (short position) 空头
opening price 开盘价
closing price收盘价
suspension of business in case of skyrocketing of stock prices 涨停板
suspension of business in case of slump of stock prices 跌停板
settlement and compensation 清偿
spot transaction (over-the-counter deal) 现货交易
credit deal 信用交易
forward business (future trades) 期货交易
investment trust company 投资信托公司
petty investors with limited means 小户投资者
principal quotation 主要行情
secondary quotation 次要行情
routine quotation (blackboard quotation) 日常行情(黑板行情)
reasonable quotation 合理行情
irrational quotation不合理行情
THE last time a corporate-finance concept went mainstream was during the financial crisis, when banks’ capital became a subject you could raise in yoga studios or biker bars without being hushed or hospitalised. Now there is a new candidate: share buy-backs, which reached $189bn in the three months to March for firms in the S&P; 500 index, a record high. They may rise even further when a wave of cash comes home in response to America’s new tax rules, which encourage firms to repatriate the $1trn of funds they have parked in foreign subsidiaries. Apple plans to spend $100bn on buy-backs, for example.
“企业融资”概念大肆流行的时间还是在金融危机期间,银行资本成为在瑜伽馆或骑友酒吧的谈资,避免尬聊。现在又出现一个新词:股票回购。准普500指数企业在1月到3月期间的股票回购达到1890亿美元,创下历史新高。为了应对美国的税收新政——鼓励企业将存放在外国下属企业的1万亿美元资金汇回国内,会有一大笔现金回流美国,股票回购的数额会进一步推高。例如,苹果计划斥资1000亿美元回购股票。
As the sums rise, so does the controversy. In a buy-back a firm acquires its own stock to return cash to its shareholders. To critics they are a financial voodoo that exacerbates inequality and depresses investment. Elizabeth Warren, a left-leaning senator, wants them partially banned. But among investors such hostility is seen as a “derangement syndrome”, to quote Cliff Asness, the boss of AQR, an investment firm. The financiers are right. Buy-backs are a sensible tool. They largely reflect economic imbalances, such as bloated profit margins, rather than cause them.
回购股票数额越多,争议也就越大。在回购股票过程中,企业购买自己的股票,给股东现金。批评人士认为这是一种金融巫术,会加剧不平等性,抑制投资。左翼参议员伊丽莎白·沃伦希望部分禁止一部分股票回购行为。不过,从投资者角度来看,用投资机构AQR的老板克里夫·阿斯内斯的话来说,这种敌对态度可看作是“精神错乱综合症”。金融家的看法是正确的。回购是一种明智手段,在很大程度上反映了经济失衡(利润率膨胀),而不是经济失衡的原因。
First permitted by American regulators in 1982, buy-backs are now widely used. Some 97% of firms in the S&P; 500 indulged over the past decade, slightly more than paid dividends. Even holdouts, such as Berkshire Hathaway, have no objection in principle. Of the $8trn returned to shareholders in this period, just over half was via share repurchases. A fifth of buy-back activity was by ten big spenders, including Apple, Microsoft and Exxon.
美国监管机构在1982年首次允许股票回购,到现在已普遍使用。过去十年,有97%的标普500企业大肆回购股票,略高于支出的分红。即使是像伯克希尔·哈撒韦这样的拒不妥协者,在大体上也不反对。在上述时间里返还给股东的8万亿美元中,只有一半以上是通过股票回购。有五分之一回购活动来自十家回购大户,包括苹果,微软和埃克森。
The recent surge is clear to see but also skewed. Buy-backs rose by 41% in the last quarter compared with the prior year. The share of gross cashflow paid out as buy-backs rose to 48%, versus a ten-year average of 30% (excluding financial firms). However, an elite of 20-odd firms with piles of cash stashed abroad accounted for a third of this rise. If you also exclude a monster buy-back by Amgen, a drugs company, the share of cashflow spent on repurchases by the remainder has risen more modestly.
最近的股票回购活动数量暴涨现象很明显,但也有偏差。与去年同期相比,上一季度的股票市回购行为增长了41%。回购支付的总现金流份额升至48%,而十年平均值为30%(不包括金融企业)。然而,20多家在海外拥有大量现金的企业占到了这次股票回购潮的三分之一。如果将回购狂人,药品企业安进公司排除在外,其他回购股票的企业用于回购的现金流份额只是略有增加。
The debate over buy-backs is bedevilled by six muddles. The first is an inchoate sense that firms buying themselves is unnatural. In fact buy-backs are like dividends: cash moves from the firm to its owners. Their advantage is flexibility. Unlike with dividends, shareholders can elect whether to participate, and firms can turn the tap on and off without disappointing investors.
关于回购的争论集中在六个误解。靠前是初期认识,人们认为回购股票不合常理。实际上,股票回购就像是分红:现金从公司转移到其股东,有灵活优势。与红利不同,股东拥有决策权,企业可以自主操作,不会让投资者失望。
The second confusion is that buy-backs create shareholder wealth. That is like saying that withdrawing dollars from an ATM makes you richer. Buy-backs can transfer wealth between shareholders—if you sell at a price that later turns out to be low, the remaining owners benefit. They can also send signals about how managers intend to allocate capital. But they do not significantly change the underlying worth of America Inc or its shareholders.
第二是股票回购为股东创造了财富。这就像是说从ATM机上取款能让你更有钱。回购股票可以在股东之间转移财富——如果你卖出时价格在未来变得更低,那么其他的股东将会受益。股票回购行为还可以显示基金经理们资金分配的信号。不过,它们并没有根本性地改变美国公司或其股东的潜在价值。
The third mix-up is that firms’ main motivation is to manipulate either their stock prices or their earnings-per-share (EPS), which can be cosmetically boosted as the number of shares falls. The charge is hard to sustain, in aggregate, because buy-backs are small relative to the stockmarket, worth 2% of its value and 1% of shares traded for S&P; 500 firms each year. Rules prevent firms from dominating trading in any given day. True, if executive-pay schemes are poorly designed around EPS, they can artificially encourage buy-backs. But of the 20 largest repurchasers today, three-quarters do not have EPS as a main element of their pay plans.
第三是企业的主要动机是操纵股票价格,还是操纵每股收益(EPS),因为每股收益会在股票数量减少的情况下提升,起码是表面上如此。总体而言,这种说法很难维持,因为相对于股票市场而言,回购的数量相对较小,价值为其估值的2%,占到标普500企业每年的股票交易量的1%。有规则能有效遏制企业在某一天垄断交易。诚然,如果围绕EPS的高管薪酬方案设计不好,他们会人为地鼓励回购股票。不过,在今天最大的20家股票回购企业中,有四分之三的企业没有将EPS作为其薪酬方案的主要内容。
A fourth muddle is the idea that the world would be a better place if the same firms doing huge buy-backs reinvested the money instead. The trouble is that buy-backs are dominated by firms that specialise in intellectual property, which would be unable to reinvest all their profits. For example, had Apple reinvested the sums it has repurchased in the past decade, its physical plant would be six times larger than it is. A healthy economy is one in which abnormally high profits are recycled by the financial system, not one in which fat incumbents get ever more sprawling.
第四个是如果进行巨额回购企业用同样资金进行再投资,那么世界将会变得更美好。麻烦的是,主要进行股票回购的企业主要从事知识产,无法将所有利润再投资。例如,如果苹果公司在过去十年里用于回购的资金总额用于投资,那么它的工厂将比现在大6倍。一个运行良好的经济体可以通过金融系统回收反常的高收益,而不是将那些臃肿的现有企业变得更加的杂乱无章。
The fifth confusion is that buy-backs lead to low investment. A study by Federal Reserve economists in 2017 found little evidence of this. As firms’ cash flow has risen relative to GDP since the 1990s, a lower proportion has been spent on investment. But this reflects the denominator rising, not the numerator shrinking: investment relative to GDP is in line with 1990s levels. Surges in buy-backs and investment may sometimes even be complements, not substitutes. They can happen at the same time, such as in the second half of 2007. Today, buy-backs and investment are rising sharply again, in tandem. In the most recent quarter 64% of firms that boosted buy-backs also boosted investment—indeed they were slightly more likely to do so than other firms.
第五是股票回购会导致低投资率。2017年,美联储经济学家的一项研究发现能证明这个说法的证据不多。自20世纪90年代以来,与GDP相比,企业的现金流量上升,投资的比例较低。不过,这反映了分母增加,而不是分子减小:与GDP的投资相比,投资水平与20世纪90年代相一致。回购和投资的迅猛增加有时会是相互补充,而不是相互替代。它们可以同时发生,如在2007年下半年。现在回购和投资再次大幅上升。在最近一个季度,64%的提升回购的企业也增加了投资,实际上他们比其他企业更有可能这样做。
The sixth muddle is that buy-backs are a good measure of whether corporate-tax reform was in the public interest. They are not. Better alternatives are whether overall investment rises by more than the annual $100bn tax break (this looks possible in 2018), whether firms’ wage bills are rising (yes, but not much faster than before) and whether these effects will last (debatable).
第六个是回购是衡量企业税改是否符合公共利益的一个很好衡量标准。并非如此。更好的选择是总体投资是否超过每年1000亿美元的税收减免(这看起来有可能在2018年实现),企业的工资数额是否在上升(是的,但不比之前快很多)以及这些影响是否会持续(存在争议)。
Born to be wild
生而不凡
Most criticism of buy-backs is motivated by legitimate concerns about serious problems, including excessively high profits and squeezed wages, the concentrated ownership of firms and the reluctance of the financial industry to back more capital-hungry startups (Tesla and Uber are exceptions). All are important but none would be solved by obliging already profitable firms to hoard even more cash. Indeed, the most important signal sent by surging buy-backs is rather different. Leverage is creeping up, as 54% of firms spent and invested more than they earned in the last quarter. And when firms splurge on their own stock it is usually a sign of peak optimism: the last time they did was right before the 2008 crash. That’s worth mentioning the next time you chat during a downward dog or are quizzed by a Hell’s Angel.
大多数对股票回购的批评都是对一些严重问题的合理担忧,包括利润过高和工资缩减,公司的集中所有权,还有金融行业不愿资助更多资本匮乏的创业企业(特斯拉和优步等例外)。一切都很重要,但没有一个可以通过迫使盈利企业囤积更多现金来解决。实际上,通过汹涌的回购股票行为所发出的最重要信号是相当不同的。杠杆率正在逐步上升,因为54%的企业花费和投资超过了上一季度的收入。当企业大肆挥霍回购自家股票时,这通常是乐观情绪达到巅峰的标志:上一次出现这种现象是在2008年的股市崩盘之前。值得一提的是,下一次你聊的时候是会在股市下行行情,或受到地狱天的质问。
编译:王硕
编辑:翻吧君
来源:经济学人(2018.05.31)
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