自考金融理论与实务名词解释汇总

自考金融理论与实务名词解释汇总 第一章 货币与货币 货币的演变形式从商品货币到信用货币 实物货币是指以自然界中存在的某种物品或人们生产的某种商品来充当货币 足值货币即作为货币商品的各类实物和金、银、铜等金属的自身商品价值与其作为货币的购买价值相等 不足值货币即作为货币商品的实物，其自身的商品价值低于其作为货币的购买价值。 信用货币 纸币、银行券、存款货币、电子货币。信用货币的产生与发展弥补了金属货币数量无法伴随商品数量增长而相应增长的弊端，逐渐取代了金属货币，成为货币主要的存在形式。 第三节 货币制度 货币制度是指国家对货币的有关要素、货币流通的组织和管理等进行的一系列规定。国家制定货币制度的目的是保证货币和货币流通的稳定，为经济的正常运行提供一个稳定的货币环境。 计价单位:货币作为计价单位，就是指用货币去计量商品和劳务的价值，赋予商品、劳务以价格形态。 交易媒介:在商品流通中，起媒介作用的货币，被称为交易媒介，马克思称其为流通手段。 支付手段:在商品买卖行为与货款支付行为相分离的情况下，货币不再是商品流通中的交易媒介，而是补足交换的一个独立的环节，此时货币发挥的是支付手段功能。 货币单位:当货币作为计价单位为商品和劳务标价时，其自身也需要一个可以比较不同货币数量的单位，这就是货币单位。 主币 辅币 无限法偿:是指法律保护取得这种能力的货币，不论每次支付数额多大，不论属于何种性质的支付，支付的对方均不得拒绝接收 有限法偿:是指在一次支付行为中，超过一定金额，收款人有权拒收，在法定限额内，收则不受法律保护。 第二章 信用 信用含义:以偿还本金和付息利息为条件的借贷行为。特征:偿还性、付息性。 直接融资:如果货币资金供求双方通过一定的信用工具直接实现货币资金的互通有无，则这种融资形式被称为直接融资。 间接融资;如果货币资金供求双方通过金融机构间接实现货币资金的相互融通，则这种融资形式被称为间接融资 信用风险:指债务人因各种原因未能及时、足额偿还债务本息而出现违约的可能性 第二节 现代信用形式 商业信用:工商企业间以赊销货预付货款等形式相互提供的信用。赊销和预付货款是两种基本形式 商业风险:是工商企业间以赊销货预付货款等形式相互提供的信息。 商业票据:是在商业信用中被广泛使用的表明买卖双方债权债务关系的凭证。 商业本票:是一种承诺式票据，通常是由债务人签发给债权人承诺在一定时期内无条件支付款项给收款人或持票人的债务证书。 商业汇票:是一种命令式票据，通常由商业信用活动中的卖方对买方或买方委托的付款银行签发，要求买方于规定日期支付货款。 comply with the corresponding requirements of materials and manufacturing standards. (4) all pipes, pipe fittings, valves, welding material must be carried out according to specifications, such as Visual inspection, after passing the qualifying marks; required strength and tightness of valves, seals after qualifying, required testing and adjusting the opening pressure of the relief valve, when they debug, seals; records and safety valve fill valve test debug logging. Stainless steel pipe and components shall not be in contact with carbon steel during storage. (5) building materials, such as sand, stones and other submission submitted in a timely manner, and keep the test report. (6) all materials are neatly stacked, by category, and clearly identified. 1.2 high pressure pipeline construction 1.2.1 prefabricated pipe (1) high pressure high pressure pipes should be tested before the pipe prefabrication, magnetic study after passing inspection, after passing the magnetic exploration, precast. (2) high-pressure pipeline isometric, factory prefabricated, and leaving the closed mouth, spot welding. (3) after the high pressure piping prefabrication, require heat treatment heat treatment should be carried out promptly. (4) after the high pressure piping prefabrication should be in time for the piping piping on number and order number on the same line marking. (5) the completion of prefabricated sections, inside should be cleaned and should be promptly closed nozzle. 1.2.2 construction before the conditions of (1) started reporting approved by the departments concerned or under the license file. (2) drawings and technical information relating to the range, and after drawing and design intentions. (3) with respect to pipeline construction is completed and the a and b have checked, "three connections and one leveling" construction requirements have been met, and pipe connection device is looking for 银行信用:。是银行或其他金融机构以货币形态提供的间接信用 国家信用:是以政府作为债权人或者债务人的信用。 国家信用工具 中央政府债券 地方政府债券 地方担保债券 中央政府债券亦称国债，是一国中央政府为弥补财政赤字或筹措建设资金而发行的债券。 地方政府债券的发行主体是地方政府，也被称为市政债券。 市政债券有两种:一般责 任债券和收益债券。 一般责任债券没有特定的资产来源为该债券提供担保，地方政府许诺利用各种可能的收入来源，如税收、行政规费等清偿债券。 收益债券有特定的盈利项目作保证，通常以某一特定工程或某种特定业务的收入作为偿债资金的来源 消费信用:是工商企业、银行和其他金融机构向消费者个人提供的、用于其消费支出的一种信用形式。赊销、分期付款、消费信贷是消费信用的典型形式 赊销 分期付款 消费信贷:是银行及其他金融机构采用信用放款或抵押放款方式对消费者个人发放的贷款 第三章 利息与利率 所谓货币的时间价值，就是指同等金额的货币其现在的价值要大于其未来的价值。利息是货币时间价值的体现 利息转化为收益的一般形态发挥着非常重要的作用，它可以将任何有收益的事物通过收益与利率的对比倒算出该事物相当于多大的资本金额，这便是收益的资本化 市场基准利率，即通过市场机制形成的无风险利率。所谓无风险利率，是指这种利率仅反映货币的时间价值，即仅反映市场中货币资金的供求关系，不包含对任何风险因素的补偿。通常选用安全性较高、风险性较低的货币市场利率作为无风险利率的代表例如，国债利率、同业拆放利率等 固定利率是指在整个借贷期限内不随市场上货币资金供求状况的变化而相应调整的利率。适用于短期借贷 浮动利率则是指在借贷期内会根据市场上货币资金供求状况的变化情况而定期进行调整的利率。适用于长期借贷。然较好地为借贷双方避免了利率风险，但却因手续复杂，计算依据多样而增加费用开支 实际利率是指在物价不变从而货币的实际购买力不变条件下的利率; 名义利率则是包含了通货膨胀因素的利率。用公式表示:r=i+p 第四章 外汇与汇率 外汇 动态含义:是指国外汇兑，即人们通过特定的金融机构将一国货币兑换成另一种货币，借助于各种金融工具对国际债权债务关系进行非现金结算的行为。 静态含义:是指一切以外国货币表示的资产，包括外国货币、外币有价证券(如外国政府债券、信用级别比较高的外国公司债券和股票等)、外币支付凭证等。各国政府与国际货币基金组织等国际金融机构大都从这个角度来界定外汇。 国际货币基金组织的外汇定义是:外汇是货币行政当局(中央银行、货币机构、外汇平准基金组织及财政部)以银行存款、国库券、长期政府债券等形式所保有的在国际收支逆差comply with the corresponding requirements of materials and manufacturing standards. (4) all pipes, pipe fittings, valves, welding material must be carried out according to specifications, such as Visual inspection, after passing the qualifying marks; required strength and tightness of valves, seals after qualifying, required testing and adjusting the opening pressure of the relief valve, when they debug, seals; records and safety valve fill valve test debug logging. Stainless steel pipe and components shall not be in contact with carbon steel during storage. (5) building materials, such as sand, stones and other submission submitted in a timely manner, and keep the test report. (6) all materials are neatly stacked, by category, and clearly identified. 1.2 high pressure pipeline construction 1.2.1 prefabricated pipe (1) high pressure high pressure pipes should be tested before the pipe prefabrication, magnetic study after passing inspection, after passing the magnetic exploration, precast. (2) high-pressure pipeline isometric, factory prefabricated, and leaving the closed mouth, spot welding. (3) after the high pressure piping prefabrication, require heat treatment heat treatment should be carried out promptly. (4) after the high pressure piping prefabrication should be in time for the piping piping on number and order number on the same line marking. (5) the completion of prefabricated sections, inside should be cleaned and should be promptly closed nozzle. 1.2.2 construction before the conditions of (1) started reporting approved by the departments concerned or under the license file. (2) drawings and technical information relating to the range, and after drawing and design intentions. (3) with respect to pipeline construction is completed and the a and b have checked, "three connections and one leveling" construction requirements have been met, and pipe connection device is looking for 时可以使用的债权。 我国2008年修订的《外汇管理条例》的定义为:外汇是指以外币表示的可以用作国际清偿的支付手段和资产，包括外币现钞(包括纸币、铸币)、外币支付凭证或者支付工具(包括票据、银行存款凭证、银行卡等)、外币有价证券(包括债券、股票等)、特别提款权和其他外汇资产。 外币有价证券 外币支付凭证 特别提款权 自由外汇是指无需货币发行国货币管理当局批准，就可以随时自由兑换成其他国家的货币或者向第三国办理支付的外汇美元、日元。欧元、瑞士法郎、港元 非自由外汇 不经货币发行过货币管理局批准，不能自由兑换成其他货币或对第三进行支付的外汇 即期外汇买卖双方成交后的当日或两个营业日之内进行外汇交割，这种即期外汇交易所使用地汇率就是即期汇率，也叫现汇。 远期外汇 汇率:是一国货币折算成另一国货币的比率，或者说是一国货币相对于另一国货币的价格。将两国货币兑换比率表示出来的方法叫汇率标价法。目前，国际上使用的汇率标价方法有两种:直接标价法和间接标价法。 直接标价法:是指以一定单位(100或1000)的外国货币作为，折算成若干单位的本国货币来表示汇率。包括我国在内的世界上大多数国家都采用直接标价法。 间接标价法:是指以一定单位的本国货币为标准，折算成若干单位的外国货币来表示的汇率。如英国 基准汇率:各国往往会选定一种或几种外国货币作为关键货币，制定各关键货币与本国货币的兑换比率，这个汇率即被称为基准汇率。关键货币的选择标准一般是:可以自由兑换，在本国国际收支中使用较多，在外汇储备中占比大。美元、欧元、日元等货币在较多国家被选为关键货币。我国基准汇率有:人民币对美元、欧元、日元、港币、英镑的汇率。 套算汇率:又称交叉汇率，是根据本国基准汇率套算出本国货币对国际金融市场上其他货币的汇率，或套算出其他外币之间的汇率。买卖双方成交后的当日或2个营业日内(后)进行外汇交割 即期外汇: 远期汇率未来一定时间内进行交割，而实现由买卖双方签订达成的汇率 即期汇率:一般的外汇交易实在买卖双方成交后的当日或两个营业日之内进行外汇交割，这种即期外汇交易所使用地汇率就是即期汇率，也叫现汇汇率。 买入汇率是银行向同业或客户买入外汇时所使用的汇率，卖出汇率是银行向同业或客户卖出外汇时所使用的汇率。买入汇率与卖出汇率的算术平均数是中间汇率。 卖出汇率:是银行向同业或客户卖出外汇时所使用的汇率。买入汇率与卖出汇率的算术平均数平均数是中间汇率。 官方汇率亦称法定汇率，是指国家货币管理当局所公布的汇率。这种汇率具有法定性质，政府往往规定一国官方的外汇交易都应以该汇率为准。 市场汇率是指在外汇市场上由外汇供求决定的汇率。 实际汇率等于名义汇率用外国与本国价格水平之比调整后的值，公式为:实际汇率=名义汇率×(外国价格指数?本国价格指数)。 名义汇率 102 实际汇率 102 comply with the corresponding requirements of materials and manufacturing standards. (4) all pipes, pipe fittings, valves, welding material must be carried out according to specifications, such as Visual inspection, after passing the qualifying marks; required strength and tightness of valves, seals after qualifying, required testing and adjusting the opening pressure of the relief valve, when they debug, seals; records and safety valve fill valve test debug logging. Stainless steel pipe and components shall not be in contact with carbon steel during storage. (5) building materials, such as sand, stones and other submission submitted in a timely manner, and keep the test report. (6) all materials are neatly stacked, by category, and clearly identified. 1.2 high pressure pipeline construction 1.2.1 prefabricated pipe (1) high pressure high pressure pipes should be tested before the pipe prefabrication, magnetic study after passing inspection, after passing the magnetic exploration, precast. (2) high-pressure pipeline isometric, factory prefabricated, and leaving the closed mouth, spot welding. (3) after the high pressure piping prefabrication, require heat treatment heat treatment should be carried out promptly. (4) after the high pressure piping prefabrication should be in time for the piping piping on number and order number on the same line marking. (5) the completion of prefabricated sections, inside should be cleaned and should be promptly closed nozzle. 1.2.2 construction before the conditions of (1) started reporting approved by the departments concerned or under the license file. (2) drawings and technical information relating to the range, and after drawing and design intentions. (3) with respect to pipeline construction is completed and the a and b have checked, "three connections and one leveling" construction requirements have been met, and pipe connection device is looking for 有效汇率:是指某种加权平均汇率，它是一种货币与其他多种货币双边汇率的加权平均数。 固定汇率制:是指两国货币的汇率基本固定，汇率的波动幅度被限制在较小的范围内，各国货币当局有义务维持本币币值基本稳定的汇率制度。 维持固定汇率波动幅度的手段:动用外汇储备、外汇管制、举借外债、签订互换货币协议等 浮动汇率制是指一国货币当局不再规定本国货币与外国货币的比价，也不规定汇率波动的幅度，汇率由外汇市场的供求状况自发决定的一种汇率制度。在浮动汇率制度下，货币当局不再承担维持汇率波动界限的义务分为自由浮动 管理浮动 第五章 金融市场 金融市场:金融市场是资金供求双方借助金融工具进行货币资金融通与配置的市场。 采用直接融资方式融通资金所形成的市场被称为直接金融市场。采用间接融资方式融通资金所形成的市场被称为间接金融市场。 直接金融市场:资金的需求者通过发行债券和股票等直接融资工具直接从资金所有者那里融通资金由此形成的市场。 间接金融市场:资金所有者将其手中的资金存放在银行等金融中介机构，然后再由这些机构转贷给资金需求者，由此形成的市场。 广义金融市场既包括直接金融市场，又包括间接金融市场;狭义金融市场则仅包括直接金融市场。 债券是政府、金融机构、工商企业等直接向社会借债筹措资金时，向投资者出具的、承诺按约定条件支付利息和到期归还本金的债权债务凭证。债券可分为政府债券、金融债券和公司债券三大类 。 ?政府债券:是指由中央政府和地方政府发行的债券，它以政府的信誉作保证，因而通常无需抵押品，其风险在各种债券中是最低的，利率水平也低于金融债券和企业债券。 ?金融债券。 金融债券的发行主体是银行或非银行金融机构。 金融债券发行的目的一般是为了筹集长期资金。 ?公司债券。 公司债券又被称为企业债券，是由公司企业为筹集资金而发行的债券。按有关规定，公司企业要发行债券必须先参加信用评级，级别达到一定标准才可发行。 公司债券的风险相对较大，其利率水平也高于政府债券和金融债券。 按抵押担保状况可分为信用债券和抵押债券。 信用债券完全凭公司信誉，不需要提供任何抵押品而发行的债券。 抵押债券以土地房屋等不动产为抵押品而发行的一种公司债券。 按内含选择权可分为可转换债券、可赎回债券、偿还基金债券和带认股权证的债券。 可转换债券:公司债券附加可转换条款，赋予债券持有人在一定的期限内按一定的比 例将债券转换为该公司普通股的选择权。 可赎回债券是指该债券的发行公司被允许在债券到期之前，以事先确定的价格和方式 赎回部分或全部债券。 comply with the corresponding requirements of materials and manufacturing standards. (4) all pipes, pipe fittings, valves, welding material must be carried out according to specifications, such as Visual inspection, after passing the qualifying marks; required strength and tightness of valves, seals after qualifying, required testing and adjusting the opening pressure of the relief valve, when they debug, seals; records and safety valve fill valve test debug logging. Stainless steel pipe and components shall not be in contact with carbon steel during storage. (5) building materials, such as sand, stones and other submission submitted in a timely manner, and keep the test report. (6) all materials are neatly stacked, by category, and clearly identified. 1.2 high pressure pipeline construction 1.2.1 prefabricated pipe (1) high pressure high pressure pipes should be tested before the pipe prefabrication, magnetic study after passing inspection, after passing the magnetic exploration, precast. (2) high-pressure pipeline isometric, factory prefabricated, and leaving the closed mouth, spot welding. (3) after the high pressure piping prefabrication, require heat treatment heat treatment should be carried out promptly. (4) after the high pressure piping prefabrication should be in time for the piping piping on number and order number on the same line marking. (5) the completion of prefabricated sections, inside should be cleaned and should be promptly closed nozzle. 1.2.2 construction before the conditions of (1) started reporting approved by the departments concerned or under the license file. (2) drawings and technical information relating to the range, and after drawing and design intentions. (3) with respect to pipeline construction is completed and the a and b have checked, "three connections and one leveling" construction requirements have been met, and pipe connection device is looking for 偿还基金债券它要求发行公司按发债总额每年从盈利中提取一定比例存入信托基金， 定期偿还本金，即从债券持有人手中购回一定量的债券 带认股权证的债券是指公司债券可把认股权证作为合同的一部分附带发行。 按债券利率的确定方式可分为固定利率债券、浮动利率债券和指数债券。 固定利率债券 浮动利率债券 指数债券 股票是股份有限公司在筹集资本金时向出资人发行的，用以证明其股东身份和权益的一种所有权凭证。 股票按持有者所享有的权利不同可划分为优先股和普通股两类。 ?普通股是股份有限公司的股票。目前在我国上海证券交易所和深圳证券交易所上市流通的股票都是普通股。 ?优先股是股份有限公司发行的具有收益分配和剩余资产分配优先权的股票 场内交易方式:交易所交易方式。交易所由金融管理部门批准建立，为金融工具的集中交易提供固定场所和有关设施，制定各项规则，监督市场交易活动，管理和公布市场信息。交易所的种类主要有证券交易所、期货交易所等。 场外交易方式:场外交易方式是相对于交易所方式而言的，凡是在交易所之外的交易都可称作场外交易。主要通过电讯方式完成 发行市场又称一级市场和初级市场，是票据和证券等金融工具初次发行的场所 流通市场:二级市场或次级市场，是对已发行金融工具进行转让交易的市场 现货市场:交易双方达成成交协议后，在1,3日内(后)进行付款交割。 期货市场:在期货交易中，成交与交割的时间相分离，金融工具价格的波动会引起交易双方的损失或收益，风险较高 有形市场有固定交易场所的市场一般指交易所市场 无形市场是指对交易所外进行的金融交易的统称，他的交易一般通过现代化的电子工具在各金融结构、证券商及投资者进行 第六章 货币市场 货币市场期限在一年以内的金融工具为媒介进行短期资金融通的市场。特点:交易期限短，流动性强;安全性高，交易额大。 同业拆借市场是金融机构同业间进行短期资金融通的市场。其参与主体仅限于金融机构。金融机构以其信誉参与资金拆借活动，也就是说，同业拆借是在无担保的条件下进行的，是信用拆借，因此市场准入条件往往比较严格 同业拆借利率:是货币市场的基准利率，被视为观察市场利率趋势变化的风向标 同业拆放利率 回购协议:证券持有人在卖出一定数量证券的同时，与证券买入方签订协议，双方约定在将来某一日期由证券的出售方按约定的价格再将其出售的证券如数赎回。从表面上看，回购协议是一种证券买卖，但实际上是以一笔证券为质押品而进行的短期资金融通。 逆回购协议，即证券的买入方在获得证券的同时，与证券的卖方签订协议，双方约定在comply with the corresponding requirements of materials and manufacturing standards. (4) all pipes, pipe fittings, valves, welding material must be carried out according to specifications, such as Visual inspection, after passing the qualifying marks; required strength and tightness of valves, seals after qualifying, required testing and adjusting the opening pressure of the relief valve, when they debug, seals; records and safety valve fill valve test debug logging. Stainless steel pipe and components shall not be in contact with carbon steel during storage. (5) building materials, such as sand, stones and other submission submitted in a timely manner, and keep the test report. (6) all materials are neatly stacked, by category, and clearly identified. 1.2 high pressure pipeline construction 1.2.1 prefabricated pipe (1) high pressure high pressure pipes should be tested before the pipe prefabrication, magnetic study after passing inspection, after passing the magnetic exploration, precast. (2) high-pressure pipeline isometric, factory prefabricated, and leaving the closed mouth, spot welding. (3) after the high pressure piping prefabrication, require heat treatment heat treatment should be carried out promptly. (4) after the high pressure piping prefabrication should be in time for the piping piping on number and order number on the same line marking. (5) the completion of prefabricated sections, inside should be cleaned and should be promptly closed nozzle. 1.2.2 construction before the conditions of (1) started reporting approved by the departments concerned or under the license file. (2) drawings and technical information relating to the range, and after drawing and design intentions. (3) with respect to pipeline construction is completed and the a and b have checked, "three connections and one leveling" construction requirements have been met, and pipe connection device is looking for 将来某一日期由证券的买方按约定的价格再将其购入的证券如数返还。 国库券市场 商业票据是一种由企业开具，无担保、可流通、期限短的债务性融资本票。由于无担保，所以只有信誉卓越的大公司才有资格发行商业票据。商业票据的期限较短，通常在20天至45天之间。 贷款承诺，也叫信用额度，即银行承诺在未来一定时期内，以确定的条款和条件向商业票据的发行人提供一定数额的贷款，为此，商业票据的发行人要向商业银行支付一定的承诺费。 承兑，是指商业汇票到期前，汇票付款人或指定银行确认票据记明事项，承诺在汇票到期日支付汇票金额给汇票持有人并在汇票上签名盖章的票据行为。 如果是银行在汇票上签名盖章，承诺在汇票到期日承担最后付款责任，则此汇票为银行承兑汇票，是货币市场中的一种重要金融工具。 贴现:是指汇票持有人在持有银行承兑汇票期间有融资的需要，它可以将还没有到期的银行承兑汇票转让给银行，银行按票面金额扣除贴现利息后将余额支付给汇票持有。转贴现是指银行承兑汇票到期前贴现银行也出现了融资的需要，则贴现银行可以将这张银行承兑汇票向其他金融机构进行转让给其他银行;转让给中央银行叫再贴现。 大额可转让定期存单(缩写为CD)，是由商业银行发行的具有固定面额、固定期限、可以流通转让的大额存款凭证。顾名思义，大额可转让定期存单市场就是发行与流通转让大额可转让定期存单的市场。 第七章 资本市场 债券发行市场(初级市场)是组织新债券发行的市场，其基本功能是将政府、金融机构和工商企业为筹集资金而发行的债券分散发行到投资者手中。 债券的发行方式有两种:公募发行和私募发行 公募发行:又称公开发行，是由承销商组织承销团将债券销售给不特定的投资市者的发行方式。 私募发行:又称定向发行或私下发行，即面向少数特定投资者发行债券。 场内交易市场 场外交易市场 (三)债券收益率的衡量指标 ? 一般情况下，衡量债券收益的指标有名义收益率、现时收益率、持有期收益率和到期收益率等。 名义收益率:债券的票面收益率。其计算公式为: 名义收益率=票面年利息?票面金额×100% 现时收益率:是债券的票面年收益与当期市场价格的比率，计算公式为: 现时收益率=票面年利息?当期市场价格×100% comply with the corresponding requirements of materials and manufacturing standards. (4) all pipes, pipe fittings, valves, welding material must be carried out according to specifications, such as Visual inspection, after passing the qualifying marks; required strength and tightness of valves, seals after qualifying, required testing and adjusting the opening pressure of the relief valve, when they debug, seals; records and safety valve fill valve test debug logging. Stainless steel pipe and components shall not be in contact with carbon steel during storage. (5) building materials, such as sand, stones and other submission submitted in a timely manner, and keep the test report. (6) all materials are neatly stacked, by category, and clearly identified. 1.2 high pressure pipeline construction 1.2.1 prefabricated pipe (1) high pressure high pressure pipes should be tested before the pipe prefabrication, magnetic study after passing inspection, after passing the magnetic exploration, precast. (2) high-pressure pipeline isometric, factory prefabricated, and leaving the closed mouth, spot welding. (3) after the high pressure piping prefabrication, require heat treatment heat treatment should be carried out promptly. (4) after the high pressure piping prefabrication should be in time for the piping piping on number and order number on the same line marking. (5) the completion of prefabricated sections, inside should be cleaned and should be promptly closed nozzle. 1.2.2 construction before the conditions of (1) started reporting approved by the departments concerned or under the license file. (2) drawings and technical information relating to the range, and after drawing and design intentions. (3) with respect to pipeline construction is completed and the a and b have checked, "three connections and one leveling" construction requirements have been met, and pipe connection device is looking for 持有期收益率:是指从买入债券到卖出债券之间所获得的收益率，在此期间的收益不仅包括利息收益，还包括债券的买卖差价。其计算公式为: 持有期收益率=,(卖出价–买入价)?持有年数+票面年利息,?买入价格×100% 到期收益率:是采用复利法计算的以当期市场价格买入债券持有到债券到期能够获得的收益率 做市商交易制度也称报价驱动制度，是指证券交易的买卖价格均由做市商给出，证券买卖双方并不直接成交，而是向做市商买进或卖出证券。做市商的利润主要来自买卖差价。做市商要根据买卖双方的需求状况、自己的存货水平以及其他做市商的竞争程度来不断调整买卖报价，直接决定了价格的涨跌。 竞价交易制度也称委托驱动制度，买卖双方直接进行交易或将委托通过各自的经纪商送到交易中心，由交易中心进行撮合成交。 竞价交易制度又有集合竞价制度和连续竞价制度两种 在集合竞价制度下，交易中心将规定时段内收到的所有交易委托集中起来，在该时段结束时统一进行交易，因此，集合竞价制度只有一个成交价格，所有委托价在成交价之上的买进委托和委托价在成交价之下的卖出委托都按该唯一的成交价格全部成交。成交价的确定原则通常是最大成交量原则，即在所确定的成交价格上满足成交条件的委托股数最多。集合竞价制度是一种多边交易制度，其最大优点在于信息集中功能，即把所有拥有不同信息的买卖者集中在一起共同决定价格。当市场意见分歧较大或不确定性较大时，这种交易制度的优势就较明显。因此，很多交易所在开盘、收盘和暂停交易后的重新开市都采用集合竞价制度。 连续竞价制度是指证券交易可在交易日的交易时间内连续进行。在连续竞价过程中，当新进入一笔买进委托时，若委托价大于等于已有的卖出委托价，则按卖出委托价成交;当新进入一笔卖出委托时，若委托价小于等于已有的买进委托价，则按买进委托价成交。若新进入的委托不能成交，则按“价格优先，时间优先”的顺序排队等待。这样循环往复，直至收市。连续竞价制度是一种双边交易制度，其优点是交易价格具有连续性。我国的证券交易所实行的是竞价交易制度。 现金流贴现法是从股票内在价值定义出发演绎出来的一种评估方法:既然投资股票的目的是为了在未来取得投资收益，那么，未来可能形成收益的多少就在本质上决定了股票内在价值的高低。 市盈率估值法是一种相对简单的评估股票内在价值的方法。市盈率是股票的每股市价与每股盈利的比率， 非系统性风险:是指由某一特殊的因素引起，只对个别或少数证券的收益产生影响的风险。 系统性风险:是指由全局性的共同因素引起的投资收益可能变动，这种因素以同样的方式对所有证券的收益产生风险。 股票交易方式 (1)现货交易。 现货交易:是指股票买卖成交后，交易双方在1—3个交易日内办理交割手续的交易方式。 现货交易有以下几个显著的特点:第一，成交和交割基本上同时进行。第二，是实物交易，即卖方必须实实在在地向买方转移证券，没有对冲。第三，在交割时，购买者必须支付现款。第四，交易技术简单，易于操作，便于管理。 comply with the corresponding requirements of materials and manufacturing standards. (4) all pipes, pipe fittings, valves, welding material must be carried out according to specifications, such as Visual inspection, after passing the qualifying marks; required strength and tightness of valves, seals after qualifying, required testing and adjusting the opening pressure of the relief valve, when they debug, seals; records and safety valve fill valve test debug logging. Stainless steel pipe and components shall not be in contact with carbon steel during storage. (5) building materials, such as sand, stones and other submission submitted in a timely manner, and keep the test report. (6) all materials are neatly stacked, by category, and clearly identified. 1.2 high pressure pipeline construction 1.2.1 prefabricated pipe (1) high pressure high pressure pipes should be tested before the pipe prefabrication, magnetic study after passing inspection, after passing the magnetic exploration, precast. (2) high-pressure pipeline isometric, factory prefabricated, and leaving the closed mouth, spot welding. (3) after the high pressure piping prefabrication, require heat treatment heat treatment should be carried out promptly. (4) after the high pressure piping prefabrication should be in time for the piping piping on number and order number on the same line marking. (5) the completion of prefabricated sections, inside should be cleaned and should be promptly closed nozzle. 1.2.2 construction before the conditions of (1) started reporting approved by the departments concerned or under the license file. (2) drawings and technical information relating to the range, and after drawing and design intentions. (3) with respect to pipeline construction is completed and the a and b have checked, "three connections and one leveling" construction requirements have been met, and pipe connection device is looking for (2)期货交易。 货交易中，买卖双方就买卖股票的数量、成交的价格及交割时间达成协议，但双方并不在期 马上进行交割，而是在规定的时间履行交割，买方交付款项，卖方交付股票。 (3)期权交易。 期权实际上是一种选择权交易，规定期权的买方在支付一定的期权费后，其有权在一定期限内按交易双方所商定的协议价格购买或出售一定数量的股票。对期权的买方来说，期权合约赋予他的只有权利，而没有任何义务;对期权的卖方来说，他只有履行合约的义务，而没有任何权利。 信用交易又称垫头交易或保证金交易，是指股票的买方或卖方通过交付一定数额的保证金，得到证券经纪人的信用而进行的股票买卖。我国股票市场酝酿多时的“融资融券”业务实际上就是信用交易。 信用交易分为保证金买长交易和保证金卖短交易两种。 保证金买长交易，是指对某一股票市场行情看涨的投资者交付一定比例的初始保证金，其余款项由经纪人垫付，为他买进指定股票的交易。 保证金卖短交易，是指对某一股票行情看跌的投资者在本身没有股票的情况下，向经纪人交纳一定比率的初始保证金(现金或证券)，从经纪人处借入股票在市场上卖出，并在未来股价下跌后买回该股票归还经纪人的交易。 证券投资基金，是指通过发售基金份额，将众多投资者的资金集中起来，形成独立资产，由基金托管人托管，基金管理人管理，以投资组合的方式进行证券投资的一种利益共享、风险共担的集合投资方式。 它是指依据一定的信托契约而组织起来的代理投资行为,契约型基金又称为信托投资基金, 投资者通过购买收益凭证的方式成为基金的收益人。目前我国公开发售的基金都是契约型基金。 公司型基金是指依据公司法组建、通过发行股票或受益凭证的方式来筹集资金并将资金投资于有价证券获取收益的股份公司,投资者通过购买该公司的股份而成为基金公司的股东并以股份比例承担风险、享受收益。公司型基金主要存在于美国。 开放式基金是指基金可以无限地向投资者追加发行基金份额，并且随时准备赎回发行在外的基金份额，因此基金份额总数是不固定的。 封闭式基金的基金份额总数固定，且规定封闭期限，在封闭期限内投资者不得向基金管理公司提出赎回，而只能寻求在二级市场上挂牌转让 成长型基金是以追求资本的长期增值为目标的投资基金，主要投资于具有良好发展潜力，但目前盈利水平不高的企业股票。其特点是风险较大，可以获取的收益也较大，适合能承受高风险的投资者。 收入型基金是指以追求稳定的经常性收入为基本目标的基金，它主要投资于盈利长期稳定、分红高的质优蓝筹股和公司债券、政府债券等稳定收益证券，适合较保守的投资者。 平衡型基金界于成长型基金与收入型基金之间，它将一部分资金投资于成长性好的股票，又将一部分资金投资于业绩长期稳定的质优蓝筹股。 指数型基金与ETF comply with the corresponding requirements of materials and manufacturing standards. (4) all pipes, pipe fittings, valves, welding material must be carried out according to specifications, such as Visual inspection, after passing the qualifying marks; required strength and tightness of valves, seals after qualifying, required testing and adjusting the opening pressure of the relief valve, when they debug, seals; records and safety valve fill valve test debug logging. Stainless steel pipe and components shall not be in contact with carbon steel during storage. (5) building materials, such as sand, stones and other submission submitted in a timely manner, and keep the test report. (6) all materials are neatly stacked, by category, and clearly identified. 1.2 high pressure pipeline construction 1.2.1 prefabricated pipe (1) high pressure high pressure pipes should be tested before the pipe prefabrication, magnetic study after passing inspection, after passing the magnetic exploration, precast. (2) high-pressure pipeline isometric, factory prefabricated, and leaving the closed mouth, spot welding. (3) after the high pressure piping prefabrication, require heat treatment heat treatment should be carried out promptly. (4) after the high pressure piping prefabrication should be in time for the piping piping on number and order number on the same line marking. (5) the completion of prefabricated sections, inside should be cleaned and should be promptly closed nozzle. 1.2.2 construction before the conditions of (1) started reporting approved by the departments concerned or under the license file. (2) drawings and technical information relating to the range, and after drawing and design intentions. (3) with respect to pipeline construction is completed and the a and b have checked, "three connections and one leveling" construction requirements have been met, and pipe connection device is looking for 指数型基金是股票型基金中的一种特殊品种基金，是指以目标指数中的成分股为投资对象，目的是取得与指数同步收益的基金。 指数基金的目标是获取大体上相当于市场平均水平的投资回报。 ETF是指数型基金中的一个品种。一般译为“交易型开放式指数基金”。ETF与普通指数基金的区别在于ETF是在交易所上市交易,交易手续与股票完全相同 2 LOF与FOF LOF意为“上市型开放式基金”。它是开放式基金中的一个类型，该类型的基金发行结束后,投资者既可以在指定网点申购与赎回基金份额,也可以在交易所买卖该基金。 FOF是意为“基金中的基金”，是金融机构推出的一种理财产品组合。它投资于各种不同类型的基金，并根据市场波动情况及时调整和优化基金组合，力争使基金组合能达到一个有效的配置。 第八章 金融衍生工具 金融衍生工具，又称金融衍生产品，与基础性金融工具相对应，是指在一定的基础性金融工具的基础上派生出来的金融工具，一般表现为一些合约，其价值由作为标的物的基础性金融工具的价格决定。 套期保值是一种有意识的风险防御性措施，它是通过现货市场与期货等金融衍生工具市场的反方向运作，形成现货与期货一盈一亏的结果，经过盈亏相抵，达到减少或规避价格变动风险的目的。 远期利率协议是交易双方承诺在某一特定时期内按双方协议利率借贷一笔确定金额的 名义本金的协议。 金融远期外汇合约是指交易双方约定在未来某一个确定的时间，按照某一确定的价格买卖一定数量的某种金融资产的合约。 金融期货合约是指交易双方同意在约定的将来某个日期按约定的条件买入或卖出一定标准数量的某种金融工具的标准化合约。 金融期货的标准化合约，是指期货合约的合约规模、交割日期、交割地点等都是标准化的，即在合约上明确规定交易的规模、交割日期、交割地点等，无须双方再商定。交易双方所要做的唯一工作是选择适合自己的期货合约，并通过交易所竞价确定成交价格。价格是期货合约的唯一变量。 外汇期货:是以外汇为标的物的期货合约，是金融期货中最早出现的品种。每一份外汇期货的资产标的物是一定数量的该种货币。 利率期货:其标的物是一定数量的与利率相关的某种金融工具，即各种固定利率的有价证券。利率期货主要是为了规避利率风险而产生的。固定利率有价证券的价格受到现行利率和预期利率的影响，价格变化与利率变化一般呈反向变动关系。 股票价格指数期货:是金融期货中产生最晚的一个类别，是20世纪80年代金融创新中出现的最重要、最成功的金融工具之一。股票价格指数是反映整个股票市场上各种股票市场价格总体水平及其变动情况的统计指标，而股票价格指数期货即是以股票价格指数作为标的物的期货交易 股票期货 193 comply with the corresponding requirements of materials and manufacturing standards. (4) all pipes, pipe fittings, valves, welding material must be carried out according to specifications, such as Visual inspection, after passing the qualifying marks; required strength and tightness of valves, seals after qualifying, required testing and adjusting the opening pressure of the relief valve, when they debug, seals; records and safety valve fill valve test debug logging. Stainless steel pipe and components shall not be in contact with carbon steel during storage. (5) building materials, such as sand, stones and other submission submitted in a timely manner, and keep the test report. (6) all materials are neatly stacked, by category, and clearly identified. 1.2 high pressure pipeline construction 1.2.1 prefabricated pipe (1) high pressure high pressure pipes should be tested before the pipe prefabrication, magnetic study after passing inspection, after passing the magnetic exploration, precast. (2) high-pressure pipeline isometric, factory prefabricated, and leaving the closed mouth, spot welding. (3) after the high pressure piping prefabrication, require heat treatment heat treatment should be carried out promptly. (4) after the high pressure piping prefabrication should be in time for the piping piping on number and order number on the same line marking. (5) the completion of prefabricated sections, inside should be cleaned and should be promptly closed nozzle. 1.2.2 construction before the conditions of (1) started reporting approved by the departments concerned or under the license file. (2) drawings and technical information relating to the range, and after drawing and design intentions. (3) with respect to pipeline construction is completed and the a and b have checked, "three connections and one leveling" construction requirements have been met, and pipe connection device is looking for 金融期权,是指赋予其购买方在规定期限内按买卖双方约定的价格(简称协议价格或执行价格)购买或出售一定数量某种金融资产的权利的合约。期权购买方为了获得这个权利，必须支付期权出售方一定的费用，称为期权费或期权价格。 所谓期权费，又称权利金、期权价格或保险费，是指期权买方为获得期权合约所赋予的权利而向期权卖方支付的费用。它的大小取决于期权合约的性质、到期月份及执行价格等多种因素。 看涨期权也称买权，是指赋予期权的买方在给定时间或在此时间以前的任一时刻以执行价格从期权卖方手中买入一定数量的某种金融资产权利的期权合约。投资者通常会在预期某种金融资产的价格将要上涨时买入看涨期权。 看跌期权也称卖权，是指赋予期权的买方在给定时间或在此时间以前的任一时刻以执行价格卖给期权卖方一定数量的某种金融资产权利的期权合约。投资者通常会在预期某种金融资产的价格将要下跌时买入看跌期权 欧式期权是只允许期权的持有者在期权到期日行权的期权合约，美式期权则允许期权持有者在期权到期日前的任何时间执行期权合约。对期权的买方来说 美式期权比欧式期权更为有利，美式期权的期权费通常比欧式期权的期权费要高一些 金融互换是指交易双方利用各自筹资机会的相对优势，以商定的条件将不同币种或不同利息的资产或负债在约定的期限内互相交换，以避免将来汇率和利率变动的风险，获取常规筹资方法难以得到的币种或较低的利息，实现筹资成本降低的一种交易活动 利率互换是指交易双方对两笔币种与金额相同，期限一样但付息方法不同的资金进行互相交换利率的一种预约业务 货币互换是指交易双方互相交换金额相同、期限相同、计算利率方法相同，但货币币种不同的两笔资金及其利息的业务 政策性金融机构是指:专门从事政策性金融活动，支持政府发展经济，促进社会全面进 步，配合宏观经济调控的金融机构。我国现有的政策性金融机构有国家开发银行、中国农业发展银行、中国进出口银行。 第十章 商业银行 商业银行依照本法和《中华人民共和国公司法》设立的吸收公众存款、发放贷款办理结算等业务的企业法人 股份制商业银行 独资商业银行 单一制商业银行 总分行制商业银行 控股公司制商业银行 普通金融债券商业银行在金融市场上发行的、按约定还本付息的有价证券统称为金融债券。这里我们把除次级债券、混合资本债券和可转换债券以外的其他金融债券称之为普通金融债券。 comply with the corresponding requirements of materials and manufacturing standards. (4) all pipes, pipe fittings, valves, welding material must be carried out according to specifications, such as Visual inspection, after passing the qualifying marks; required strength and tightness of valves, seals after qualifying, required testing and adjusting the opening pressure of the relief valve, when they debug, seals; records and safety valve fill valve test debug logging. Stainless steel pipe and components shall not be in contact with carbon steel during storage. (5) building materials, such as sand, stones and other submission submitted in a timely manner, and keep the test report. (6) all materials are neatly stacked, by category, and clearly identified. 1.2 high pressure pipeline construction 1.2.1 prefabricated pipe (1) high pressure high pressure pipes should be tested before the pipe prefabrication, magnetic study after passing inspection, after passing the magnetic exploration, precast. (2) high-pressure pipeline isometric, factory prefabricated, and leaving the closed mouth, spot welding. (3) after the high pressure piping prefabrication, require heat treatment heat treatment should be carried out promptly. (4) after the high pressure piping prefabrication should be in time for the piping piping on number and order number on the same line marking. (5) the completion of prefabricated sections, inside should be cleaned and should be promptly closed nozzle. 1.2.2 construction before the conditions of (1) started reporting approved by the departments concerned or under the license file. (2) drawings and technical information relating to the range, and after drawing and design intentions. (3) with respect to pipeline construction is completed and the a and b have checked, "three connections and one leveling" construction requirements have been met, and pipe connection device is looking for 次级金融债券。是指商业银行发行的、本金和利息的清偿顺序列于商业银行其他负债之后、先于商业银行股权资本的债券。这类债券的期限比较长，一般为10年，最低不低于5年。所筹集到的资金可以按规定计入银行的附属资本。 混合资本债券。和次级金融债券一样，发行混合资本债券所筹集到的资金也可按规定计入银行的附属资本。不同的是，混合资本债券的清偿顺序位于次级金融债券之后，且期限更长，一般不低于15年。 可转换债券。是指银行依照法定程序发行、在一定期间内依据约定的条件可以转换成银行股份的金融债券。由于可转换债券附有一般债券所没有的选择权，因此，其利率一般低于普通债券，银行发行这种债券有助于降低筹资成本。 贷款是商业银行出借给贷款对象，并以按约定利率和期限还本付息为条件的货币资金。 正常贷款 关注贷款 次级贷款 可以贷款 损失贷款 现金资产 表外业务是指商业银行所从事的、按照通行的会计准则不记入资产负债表内、不会形成银行现实的资产或负债但却能影响银行当期损益的业务。 证券承销 代销 包销 兼并 收购 保险利益 商业银行表外业务:商业银行所从事的不列入资产负债表且不影响资产负债总额的经营活动。 商业银行中间业务:也称中介业务、代理业务、居间业务。指银行不运用或较少运用自己的资财，以中间人的身份替客户办理收付或其他委托事项，为客户提供各类金融服务并收取手续费的业务。包括:汇兑业务、结算业务;代理业务、信托业务、租贷业务、银行卡业务等。 51、 信托:是财产的所有者为了达到一定的目的，通过签订合同，将其财产委托给信托机构全权代为经营、管理和处理的行为。 52、 信托关系:指信托行为形成的以信托财产为中心的当事人之间的特定的法律关系。 53、 信托财产含义:信托关系的中心，它是指委托人通过信托行为转移给受托人，并由受托人按照信托合同规定的目的进行管理和处理的财产，还包括管理和处理财产所获得的收益。如利润、利息等。 61、 保险含义:是以契约形式确立双方经济关系，以多数单位和个人缴纳保险费建立起来的保险基金，对保险合同规定范围内的灾害事故所造成的损失，进行经济补偿或给付的一种经济形式。 。 第11章 投资银行 证券承销是投资银行最为传统与基础的业务，它是指投资银行帮助证券发行人就发行证券进行策划，并将公开发行的证券出售给投资者以筹集到发行人所需资金的业务活动。 comply with the corresponding requirements of materials and manufacturing standards. (4) all pipes, pipe fittings, valves, welding material must be carried out according to specifications, such as Visual inspection, after passing the qualifying marks; required strength and tightness of valves, seals after qualifying, required testing and adjusting the opening pressure of the relief valve, when they debug, seals; records and safety valve fill valve test debug logging. Stainless steel pipe and components shall not be in contact with carbon steel during storage. (5) building materials, such as sand, stones and other submission submitted in a timely manner, and keep the test report. (6) all materials are neatly stacked, by category, and clearly identified. 1.2 high pressure pipeline construction 1.2.1 prefabricated pipe (1) high pressure high pressure pipes should be tested before the pipe prefabrication, magnetic study after passing inspection, after passing the magnetic exploration, precast. (2) high-pressure pipeline isometric, factory prefabricated, and leaving the closed mouth, spot welding. (3) after the high pressure piping prefabrication, require heat treatment heat treatment should be carried out promptly. (4) after the high pressure piping prefabrication should be in time for the piping piping on number and order number on the same line marking. (5) the completion of prefabricated sections, inside should be cleaned and should be promptly closed nozzle. 1.2.2 construction before the conditions of (1) started reporting approved by the departments concerned or under the license file. (2) drawings and technical information relating to the range, and after drawing and design intentions. (3) with respect to pipeline construction is completed and the a and b have checked, "three connections and one leveling" construction requirements have been met, and pipe connection device is looking for 全额包销是指由投资银行与发行人签订协议，由投资银行按约定价格买下发行的全部证券，然后以稍高的价格向社会公众出售，即低价买进高价售出，中间差额为投资银行赚取的利润。 如果到期投资银行不能将证券全部销售出去，则投资银行承担相应风险。 2) 余额包销是指投资银行与发行人签订协议，在约定的期限内发行证券，并收取佣金，到定 的销售期满，售后剩余的证券，由投资银行按协议价格全部认购。 余额包销实际上代理包销。 保险的概念从本质上来讲，保险是运用互助共济(大数法则)的原理，将个体面临的风险通过一定的组织形式、根据合同约定的权利与义务由群体来分担的一种经济行为。《 广义上的保险是指保险人向投保人收取保险费，建立专门用途的保险基金，并对投保人负有法律或者合同规定范围内的赔偿或者给付责任的一种经济保障制度。广义概念上的保险既包括商业保险又包括政策性保险。 所谓保险利益,是指投保人对投保标的具有法律上承认的利益，它体现了投保人或被保险人与投保标的之间的利害关系。例如你对你所拥有的房屋具有保险利益，一旦你的房屋遭遇火灾或者其他自然灾害，你就会蒙受一定程度上的经济损失。保险利益原则规定，投保人或者被保险人要对保险标的具有法律上承认的利益，否则不能签订保险合同，即使签订了，保险合同也无效 损失补偿原则是指在财产保险中投保人通过购买保险，将其自身原来承担的特定风险转移给保险人来承担，当保险事故发生时，保险人给予被保险人的经济赔偿恰好填补被保险人因遭受保险事故所造成的经济损失。 第十二章 货币供给与货币需求 货币需求我们可以将“货币需求”界定为在一定的资源(如财富拥有额、收入、国民生产总值等)制约条件下，微观经济主体和宏观经济运行对执行交易媒介和资产职能的货币产生的总需求。 名义货币需求是指个人、家庭、企业等经济主体或整个社会在一定时点所实际持有的货币数量， 实际货币需求则是指名义货币数量在扣除了物价变动因素之后的货币余额，它等于名义货币需求除以物价水平。 货币供给是指一定时期内一国银行系统向经济中投入或抽离货币的行为过程。这个过程体现为一种货币供给的形成机制。 基础货币又称强力货币或高能货币，含义是指这种货币是整个银行体系内存款扩张、货币创造的基础，其数额大小对货币供给总量具有决定性的作用。 原始存款一般是指商业银行接受的客户以现金方式存入的存款和中央银行对商业银行的资产业务而形成的准备金存款。从原始存款的概念可以看出，基础货币与原始存款有着紧密的联系，或者说是对同一个事物的两种不同称谓。 派生存款与原始存款相对，是指在原始存款的基础上，由商业银行发放贷款等资产业务comply with the corresponding requirements of materials and manufacturing standards. (4) all pipes, pipe fittings, valves, welding material must be carried out according to specifications, such as Visual inspection, after passing the qualifying marks; required strength and tightness of valves, seals after qualifying, required testing and adjusting the opening pressure of the relief valve, when they debug, seals; records and safety valve fill valve test debug logging. Stainless steel pipe and components shall not be in contact with carbon steel during storage. (5) building materials, such as sand, stones and other submission submitted in a timely manner, and keep the test report. (6) all materials are neatly stacked, by category, and clearly identified. 1.2 high pressure pipeline construction 1.2.1 prefabricated pipe (1) high pressure high pressure pipes should be tested before the pipe prefabrication, magnetic study after passing inspection, after passing the magnetic exploration, precast. (2) high-pressure pipeline isometric, factory prefabricated, and leaving the closed mouth, spot welding. (3) after the high pressure piping prefabrication, require heat treatment heat treatment should be carried out promptly. (4) after the high pressure piping prefabrication should be in time for the piping piping on number and order number on the same line marking. (5) the completion of prefabricated sections, inside should be cleaned and should be promptly closed nozzle. 1.2.2 construction before the conditions of (1) started reporting approved by the departments concerned or under the license file. (2) drawings and technical information relating to the range, and after drawing and design intentions. (3) with respect to pipeline construction is completed and the a and b have checked, "three connections and one leveling" construction requirements have been met, and pipe connection device is looking for 活动衍生而来的存款。派生存款产生的过程，也就是商业银行创造存款货币的过程。 K通常被称为存款派生乘数，表示一笔原始存款经过商业银行的派生最大可能扩张的倒 数。公式显示，存款派生乘数是法定存款准备金率的倒数。 货币乘数的含义是指货币供给量对基础货币的倍数关系，即基础货币每增加或减少一个单位所引起的货币供给量增加或减少的倍数。 外生变量 287 内生变量 287 第十三章 货币的均衡与失衡 货币均衡，是指一国在一定时期内货币供给与货币需求基本相适应的货币流通状态。 货币失衡是指一国一定时期内货币供给与货币需求相偏离，两者之间不相适应的货币流通状态。 国际收支是一国居民与非居民之间在一定时期内(通常为1年)进行的全部交易的货币价值，是一国对外经济活动的综合反映。 经常账户:反映一国居民与非居民之间实际资源的转移，是一国国际收支平衡表中最基本、最重要的项目，包括货物、服务、收入和经常转移四个明细项目。 资本项目反映资产在居民与非居民之间的转移，包括资本转移，非生产、非金融资产的收购或出售两项。资本转移又包括投资捐赠和债务注销。 金融项目反映了居民与非居民之间由于直接投资、证券投资和借贷等经济交易引起的外汇收支变化。 贸易账户差额是包括货物与服务在内的商品、服务进出口之间的差额，等于商品和服务出口-商品和服务进口。如果差额为正,称为贸易账户顺差;如果差额为负，称为贸易账户逆差;如果差额为零，则称贸易账户平衡 通货膨胀是指在纸币流通的条件下由于货币供给过多而引发货币贬值，物价全面、持续上涨的货币现象。 通货紧缩作为与通货膨胀相对应的一种经济现象，应该表述为由于货币供给不足而引起货币升值，物价普遍、持续下跌的货币现象。由此，物价水平的持续下降是判断通货紧缩是否发生的主要标准。 第14章 货币政策 货币政策是指中央银行为实现特定的经济目标，运用各种政策工具调控货币供给量和利率所采取的方针和措施的总称。 总体来看，货币政策主要包括四个方面的内容，即政策目标、政策工具、操作指标与中介指标、政策传导机制。货币政策四个内容之间的关系:中央银行运用货币政策工具，作用于货币政策的操作指标与中介指标，进而通过中介指标的变化实现货币政策的最终目标。这个过程实际上也是货币政策的传导过程。 一般性货币政策工具中央银行经常使用的且能对深灰的货币信用总量进行调节的工具主要包括法定存款准备金率、再贴现政策和公开市场业务三大政策工具，俗称中央银行的“三大法宝”。 再贴现是指商业银行等金融机构为了取得资金，将已贴现的未到期票据再以贴现方式向comply with the corresponding requirements of materials and manufacturing standards. (4) all pipes, pipe fittings, valves, welding material must be carried out according to specifications, such as Visual inspection, after passing the qualifying marks; required strength and tightness of valves, seals after qualifying, required testing and adjusting the opening pressure of the relief valve, when they debug, seals; records and safety valve fill valve test debug logging. Stainless steel pipe and components shall not be in contact with carbon steel during storage. (5) building materials, such as sand, stones and other submission submitted in a timely manner, and keep the test report. (6) all materials are neatly stacked, by category, and clearly identified. 1.2 high pressure pipeline construction 1.2.1 prefabricated pipe (1) high pressure high pressure pipes should be tested before the pipe prefabrication, magnetic study after passing inspection, after passing the magnetic exploration, precast. (2) high-pressure pipeline isometric, factory prefabricated, and leaving the closed mouth, spot welding. (3) after the high pressure piping prefabrication, require heat treatment heat treatment should be carried out promptly. (4) after the high pressure piping prefabrication should be in time for the piping piping on number and order number on the same line marking. (5) the completion of prefabricated sections, inside should be cleaned and should be promptly closed nozzle. 1.2.2 construction before the conditions of (1) started reporting approved by the departments concerned or under the license file. (2) drawings and technical information relating to the range, and after drawing and design intentions. (3) with respect to pipeline construction is completed and the a and b have checked, "three connections and one leveling" construction requirements have been met, and pipe connection device is looking for 中央银行进行转让的票据行为。中央银行的再贴现政策主要包括两方面的内容:一是再贴现利率的确定与调整;二是再贴现资格的规定与调整 选择性货币政策工具是中央银行采取的旨在影响银行资金运用方向和信贷资金利率结构的各种措施。主要包括消费者信用控制、不动产信用控制、证券市场信用控制、优惠利率、预缴进口保证金等。 消费者信用控制是指中央银行对不动产以外的各种耐用消费品的销售融资予以控制，用以影响消费者有支付能力的货币需求 证券市场信用控制是指中央银行对有关证券交易的各种贷款和信用交易的保证金比率进行限制，并随时根据证券市场的状况加以调整，目的在于控制金融市场的交易总量，抑制过度的投机。 不动产信用控制是指中央银行对金融机构在房地产方面放款的限制措施。不动产信用控制可以在经济高涨时期抑制房地产过度投机行为 优惠利率是指中央银行对国家重点发展的产业和部门，如出口工业、农业等，所采取的鼓励措施，借以优化经济结构、合理配置资源。 预缴进口保证金是指中央银行要求进口商预缴相当于进口商品价值总额一定比例的存款，以抑制过快的进口增长。预缴进口保证金多为国际收支经常出现逆差的国家所采用 直接信用控制是指中央银行以行政命令或其他方式，直接对金融机构尤其是商业银行的信用活动所进行的控制。其手段包括信用配额、直接干预、流动性比率、利率最高限等。 道义劝告是指中央银行利用其在金融体系中的特殊地位和威望，通过对商业银行及其他金融机构发出通告、指示或与各金融机构的负责人举行面谈的方式，以影响其放款的数量和投资的方向，从而达到控制和调节信用的目的。道义劝告既能控制信用的总量，也能调整信用的构成，即在质和量两方面均能起作用。 窗口指导是指中央银行根据产业行情、物价趋势和金融市场的动向，规定商业银行每季度贷款的增减额，并要求其执行，如果商业银行不按规定的增减额对产业部门贷款，中央银行可削减向该银行贷款的额度，甚至采取停止提供信用等制裁措施。虽然窗口指导没有法律约束力，但是其作用有时候也很大。 comply with the corresponding requirements of materials and manufacturing standards. (4) all pipes, pipe fittings, valves, welding material must be carried out according to specifications, such as Visual inspection, after passing the qualifying marks; required strength and tightness of valves, seals after qualifying, required testing and adjusting the opening pressure of the relief valve, when they debug, seals; records and safety valve fill valve test debug logging. Stainless steel pipe and components shall not be in contact with carbon steel during storage. (5) building materials, such as sand, stones and other submission submitted in a timely manner, and keep the test report. (6) all materials are neatly stacked, by category, and clearly identified. 1.2 high pressure pipeline construction 1.2.1 prefabricated pipe (1) high pressure high pressure pipes should be tested before the pipe prefabrication, magnetic study after passing inspection, after passing the magnetic exploration, precast. (2) high-pressure pipeline isometric, factory prefabricated, and leaving the closed mouth, spot welding. (3) after the high pressure piping prefabrication, require heat treatment heat treatment should be carried out promptly. (4) after the high pressure piping prefabrication should be in time for the piping piping on number and order number on the same line marking. (5) the completion of prefabricated sections, inside should be cleaned and should be promptly closed nozzle. 1.2.2 construction before the conditions of (1) started reporting approved by the departments concerned or under the license file. (2) drawings and technical information relating to the range, and after drawing and design intentions. (3) with respect to pipeline construction is completed and the a and b have checked, "three connections and one leveling" construction requirements have been met, and pipe connection device is looking for