An undisclosed fee or sales charge, which is often hidden in the fine print of a fund's prospectus or in an insurance contract. In some cases, investors and clients do not realize they are paying the hidden load, as explicit attention is never drawn to the issue. A hidden load is a cost that a customer is typically never told about. For example, most investors are unaware of the 12b-1 fee that mutual funds often charge. With this hidden load, the investor will pay an small, annual charge to cover the fund's promotional and advertising expenses.
什么是经济周期波动 经济周期波动是指总体经济活动沿着经济增长的总体趋势而出现的有规律的扩张和收缩。在经济的复苏和繁荣阶段，经济上可能出现的一般特征是，伴随经济增长速度的持续的提高，投资持续的增长，产量不断的提高，市场需求旺盛，就业机会增多，企业利润，居民收入和消费水平都有不同的提高，但也常常伴随着通货膨胀。经济波动的一般原因：投资率的变动，消费需求的变动，技术进步的状况，预期的变化，经济体制的变动。 目录 1 经济周期波动的特征 2 经济周期波动的形成原因与传导机制 3 经济周期波动的宏观调控对策 经济周期波动的特征 经济周期波动，如果从经济运行总体特征上把握，可以表达为：总体经济不可避免的，超出一定幅度的，有规律的波动性增长。 其特征： (1)这是一个在较长时期内考察的经济波动，是由经济运行的特殊机制，而不是偶然因素造成。 (2)作为一个周期的波动总量由许多经济活动几乎同时扩张，继而又普遍收缩，这两个差别明显的阶段构成扩张和收缩循环的交替。 (3)各周期在相同阶段上有着一般性的相似特征。 (4)在较长时间内，周期波动的间隔是大体稳定的。 经济周期波动的形成原因与传导机制 (一)经济周期波动的一般原因 1.大工业生产与大规模投资的相互推动作用。 2．供求约束的制约作用。 (二)我国经济周期波动的成因及传导机制 1．固定资产投资的波动是经济周期波动的生长点。 2．农业生产的波动是经济周期波动的基础。 3.产业结构的矛盾是经济周期波动的重要环节。 4．经济开放将不同程度地输入经济波动。 5．人为因素对经济波动的影响。 经济周期波动的宏观调控对策 （一）采取与经济周期相配合的有弹性的之宏观经济政策 （二）搞好与经济周期相配合的经济体制改革
In currencies, this is the abbreviation for the Papua New Guinea Kina. |||The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion.
The premium charged upon the second term or portion of a compound option. In other words, the back fee is the fee paid by the owner of a compound option to the owner of the underlying option when the compound option is exercised.
A mutual fund that adopts an alternative investment strategy, much like a hedge fund. Hedge-like mutual funds aim to increase investor returns by utilizing investment methods typically used by hedge funds, while maintaining the convenience and availability to investors wishing to invest in mutual funds. The key differences between hedge-like mutual funds and hedge funds are that hedge-like funds are regulated by the SEC, and potential investors in hedge-like funds do not need to be considered accredited investors to invest. Hedge-like mutual funds can use many different alternative strategies to be considered hedge-like. For example, a hedge-like mutual fund may employ a long-short strategy, or a market neutral strategy in order to achieve better than benchmark returns. These funds are not typically able to use excess leverage in their strategies due to their regulatory status under the SEC, whereas hedge funds are not under the same restrictions.
An option used to hedge against fluctuations in exchange rates by averaging the spot rates over the life of the option and comparing that to the strike price of the option. Average rate options are typically purchased for daily, weekly or monthly time periods. Upon maturity, the average of the spot prices is compared to the strike price. If the average rate is less favorable than the strike price, the option issuer will pay the difference. If the average rate is more favorable then the option will expire worthless with no payment being made. Average rate options are often used by companies that receive payments over time that are denominated in a foreign currency. For example, a U.S. manufacturer agrees to import materials from a Chinese company for 12 months, and pays the supplier in yuan. The monthly payment is 50,000 yuan. The manufacturer budgets for a particular exchange rate, and purchases an ARO that matures in 12 months to hedge against the exchange rate falling below the budgeted level. At the end of each month, the manufacturer purchases 50,000 yuan on the spot market to pay the supplier. Upon maturity of the ARO, the strike price of the ARO is compared to the average rate that the manufacturer has paid for the purchase of 50,000 yuan. If the average is lower than the strike, the option issuer will pay the manufacturer the difference between the strike price and average price.
The currency abbreviation or currency symbol for the Papua New Guinea kina (PGK), the currency of Papua New Guinea. The Papua New Guinea kina is made up of 100 toea and is often represented with the symbol K. The name "kina" comes from the kina shell that was historically used as a currency in the region. |||In 1975, the Papua New Guinea kina replaced the Australian dollar (AUD) at par. Both the AUD and the kina traded as legal tender the following year, until January of 1976 when the AUD was no longer accepted as currency in the country.
什么是红筹架构 红筹架构是历史最为悠久的私募交易架构。自九十年代末就开始使用红筹架构，2003年中国证监会取消对红筹上市的境内审查程序后直接刺激了红筹模式的广泛使用，直至2006年8月商务部等6部委发布《关于外国投资者并购境内企业的规定》（简称“10号令”）为止，红筹架构是跨境私募与海外上市的首选架构。 使用红筹架构的私募股权投资，先由国内公司的创始股东在英属维京群岛、开曼群岛设立离岸壳公司（法律上称为“特殊目的公司”），然后利用这家特殊目的公司通过各种方式控制境内权益，最后以这家特殊目的公司为融资平台发售优先股或者可转股贷款给基金进行私募融资，乃至最终实现该境外特殊目的公司的海外上市。红筹上市又称为“造壳上市”。 在红筹架构下，根据控制境内权益的方式不同发展出不少变种，其中以“协议控制”模式最为知名。“协议控制”，又称“新浪模式”、“搜狐模式”、“VIE架构”，在2006年以前主要应用于互联网公司的境外私募与境外上市。由于外商直接投资增值电信企业受到严格限制（法律要求投资的外商必须是产业投资者，基金这种财务投资者不属于合格投资人），而互联网业务在我国法律上又归属于“增值电信业务”，聪明的基金为了绕开这些限制，发明了协议控制这种交易架构，后来该架构得到了美国GAPP的认可，专门为此创设了“VIE会计准则”，即可变利益实体准则，允许该架构下将国内被控制的企业报表与境外上市企业的报表进行合并，解决了境外上市的报表问题，故该架构又称“VIE架构”。有说法说是搜狐最先使用了该方法，也有说法说是新浪最先使用了该方法，故有前述两种别称。 10号令对于跨境私募与海外上市的影响深远。10号令出台后，由于增加了海外上市的行政审批环节，海外红筹架构上市对于广大中小民企不再具有太大的吸引力。在业绩的压力下，海外投行与国内中介机构为国内企业设计了一些规避适用10号令的上市架构，如安排外资纯现金收购国内企业、代持、期权等等，但是，严格意义上这些方法都具有法律瑕疵，对国内企业家的法律风险也很大。
登录
工商服务
危机公关
金融律师
app开发
财税服务
金融牌照
网站建设
知识产权
企业征信
审计评估