摘要：随着经济的快速发展，我国股民越来越多，人们对证券不再陌生。证券英语的超凡脱俗之处有其语法
创新。本文通过大量的实例阐述证券英语特别语法现象，以便忠实而准确地理解、翻译和熟练运用证券英语。
关键词：证券英语；特别；语法

        abstract ：this paper argues that securities english has special grammar and that it is imperative the grammar be grasped in order that this kind of english should be faithfully and correctly understood and translated and proficiently applied.
        key words　securities english ；special ；grammar
        无论是英文还是中文，证券（securities）是一个涵义相当广的概念。汉语中的“证券”一词，是用以表明各类财产所有权和债权的凭证的统称。证券所有人凭证券所载内容有权取得相应的权益。我国《证券法》于１９９８年制定，它明确规范的证券类型是指股票、公司债券和国务院依法认定的其他证券。wWW.11665.cOM美国证券交易委员会把“securities”综合定义为：any note, stock, treasury stock,security future, bond, debenture, certificate of interest or participation in any profitsharing agreement or in any oil, gas, or other mineral royalty or lease, any collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or in general, any instrument commonly known as a “security”; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, or warrant or right to subscribe to or purchase, any of the foregoing.(section 3a item 10 of the 1934 act)。英语中的securities 在柯林斯cobuild 英语词典中的释义是：securities are stocks, shares, bonds, or other certificates that you buy in order to earn regular interest from them or to sell them later for a profit。因此，不管是英语还是汉语，证券都包括股票、债券、权证、期货和期权等等。证券英语在语法方面决不墨守成规，非常有创意。
        １. 形容词修饰动词作状语
        companies go public in order to raise money for the company. they use the money to finance expansions, pay for equipment, and fund projects, etc.（公司上市为公司募集资金。他们利用这些资金来扩大规模、购买设备、开发项目等等。）
        with an initial margin of $2,000 in june, joe buys one september contract of gold at $350 per ounce, for a total of 1,000 ounces or $350,000. by buying in june, he is going long, with the expectation that the price of gold will rise by the time the contract expires in september.（用２０００美元初始保证金，乔六月份以每盎司３５０美元的价格，购买了总数为１０００盎司或三十五万美元的一份九月黄金合约。 他六月份买进，是在做多，希望黄金价格在九月份合约到期时上涨。）
        suppose that with an initial margin of $3,000, sara sold one may crude oil contrac at $25 per barrel for a total value of $25,000. by march, the price of oil had reached $20 per barrel and she bought back the contract which was valued at $20,000. by going short, she made a profit $5,000.　　
        （假如用３０００美元的初始保证金，萨拉以每桶２５美元的价格，卖出总值为２５０００美元的五月原油合约。到三月，石油价格跌到每桶２０美元。她买回价值为２００００美元的这份合约。通过做空，她获利５０００美元。）
        some new dot-com millionaires in silicon valley cashed in on their latest ipo. the phenomenon spawned the term“siliconaire”which described the dot - comentrepreneurs who suddenly found themselves living large due to ipos from their internet companies. （一些新的硅谷互联网百万富翁在最近的首次公开发行股票变现。这种现象产生了“硅谷百万富翁”名称，“硅谷百万富翁”指的是，互联网公司的企业家们一夜之间富甲一方，是由于他们的互联网公司首发股票。）
        the investors may buy low and sell high if the company does well.（陈明瑶、刘法公、陈黎峰，２００３ ：５８）（如果公司运营良好，投资者可以低吸高抛。）
        这里的buy low and sell high 相当于buy the stock when the stock price is low and sell the stock when the stock price is high, 但比后者更简洁明了。
        ２. 形容词原级表示形容词最高级意思
        a daily candlestick is based on the open price, the intraday high and low, and the close.（日线k 线图由开盘价、当天的最高价和最低价以及收盘价组成。）
        some investors consider the closing level to be more important than the open, high or low. by paying attention to only the close, intraday swings can be ignored. line charts are also used when open, high and low data points are not available.（有些投资者认为收盘价比开盘价、最高价和最低价重要。只注意收盘价，当天的价格波动可以忽视。当没有开盘价、最高价和最低价时，也可使用线图。）
        ３. 形容词比较级表示最高级意思
        futures price have a price change limit that determines the prices between which the contracts can trade on a daily basis. the price change limit is added to and subtracted from the previous day’s close, and the results remain the upper and lower price boundary for the day. say that the price change limit on silver per ounce is $0.25. yesterday the price per ounce closed at $5. today’s upper price boundary for silver would be $5.25 and the lower boundary would be $4.75. at any moment during the day the price of futures contracts for silver reaches either boundary, the exchange shuts down all trading of silver futures for the day.（期货价格有价格变化限制，来限定合约一天的价格。这种价格变化限制就是，在头一天收盘价中加上或者减去限定数，得出的结果就是当天的价格的上下限。例如，每盎司银价限定价是０. ２５美元，昨天银价收盘价是５美元，那么，今天银价上限将是５．２５美元，下限是４．７５美元。一天中的任何时候期货合约中银的价格到达上限就不能再涨或者到达下限就不能再下跌了，当天期货银就涨停或者跌停。）
        ４. 形容词当名词用
        the series of “lower highs” and “lower lows” is lower than the former ones, which is a tell tale sign of a stock in a down trend. in other words, each time the stock edged lower,it went lower than its previous relative low price. the sequence of lower lows and lower highs is broken, which is the indication that the down trend is at least pausing and possibly ending. at this time we would likely stop actively selling the stock. （相继一系列下降的价格波峰和波谷都对应地低于前一个波峰和波谷，那么市场就处于下降趋势中。波动下跌的趋势被打破、逆转，这表示至少下降趋势就要停止、可能就要结束。这时我们就不会卖掉股票。）
        convertibles earn interest even when the stock is trading down or sideways, but when the stock price rises, the value of the convertible increases.（当股市走低或者横盘整理时，可转换债券可赢利，可转换债券的价值增值。）
        这里的convertible 等于convertible bonds。
        with an increase of us $ 2 billion in trading volume over the previous week, the dow jones industrial average closed 45 points up at 14,698.6 points, hitting a new high for two years.（随着交易量比前周放大２０亿美元，道• 琼斯工业平均指数本周上扬４５点，以１４６９８．６０点抱收，创两年新高。）
        ５. 名词作形容词用
        it is often said that earnings are the
        bottom - line when it comes to valuing a company’s stock, and indeed fundamental analysis places much emphasis upon a company’s earnings.（当评估公司股票时，人们通常认为公司的收益最重要。的确，基本面分析非常重视公司的赢利能力。）

        bottom 通常是“ 垫底、最落后” 的意思。
        bottom-line 净利润／亏损。在财务报表中最后一行显示净利润或亏损。所以是一个借代修辞格，也有最终结果的意思。当作形容词用时，它又表示“最主要的、最重要的”。
        the console is getting no ipo allotment may be a blessing in disguise. after all, ipos may prove too risky for individual investors. in the days of dot-com mania, investors could throw money into an ipo and be almost guaranteed killer returns. now the tech bubble burst and the ipo market returned to normal.（令人宽慰的是，错过首发，安知非福。毕竟首次公开发行公司对个人投资者来说是太有风险了。在追捧互联网公司的狂热的日子里，投资者把钱投到首发公司，几乎得到的是令人瞠目结舌的回报。如今科技股泡沫破裂，首发市场从新回到正常化轨道。）
        international direct investment commonly involves the movement of production factors, while in the case of international portfolio investment, investors simply purchase shares or bonds issued by a foreign company, which can be liquidated at market prices at any time.（国际直接投资往往涉及生产要素的移动，而在国际证券投资中，投资者只是购买某一外国公司发行的股票或债券，而这些股票和债券往往随时可按市场价格兑成现金。）
        portfolio 作名词用时，是“证券投资组合”或“证券投资组合清单”的意思，而作形容词用时，是“证券的”或“与证券有关的”的意思。
        a private company can get publicly -listed in a very relatively short time period by reverse merger. the private company that has strong prospects and is eager to raise financing buys a publicly-listed shell company, usually one with no business and limited assets. together the two companies become an entirely new public corporation with tradable shares.（非上市公司可以通过“借壳上市”在相对很短的时间内上市。很有发展前景并急切募集资金的非上市公司买下一个通常没有经营能力和拥有有限资产的已上市的壳公司。两个公司合并成一个全新的上市公司。）
        ６. 名词动用
        the government tried to bull the market to stimulate investors to put their money to the stock.（政府试图使股票行情上涨来激励投资者把他们的钱投入到股市。）
        some speculators attempt to bear the stock market.（有些投机者企图压低股票行情。）
        by technical analysis profits can be made in any market by positioning ourselves in the direction of the price trend.（ 通过技术分析，我们可以根据价格趋势线建仓获利。）
        the hang seng index’s decline last week following the break of the december lows may bottom at key support in the 11,200 － 11,400 area.（继跌破去年１２月最低点后，恒生指数上周的跌势有可能会在１１２００－１１４００点之间的关键支撑位见底。）
        income stocks can actually be more profitable than bonds. to maximize income, some investors will even seek out companies that frequently raise their dividends and are not saddled with debt.（收益型股票实际上比债券更有利润。为了使收益最大化，有些投资者甚至寻找经常提高红利而未背上沉重的债务负担的公司进行投资。）
        ７. 动词当形容词用
        during the past year, the group has acted as lead international underwriter in more than 20 fund-raising transactions involving total funds of us $ 860 million.（在过去的一年中，本集团公司在总金额达８．６亿美元的２０多次资金募集中担任了国际牵头承销商。）
        ８. 副词当形容词用
        it is usually reported to be up or down as compared to the previous day’s business.（与前一天的交易相比，股票价格通常是上涨或下跌。）
        股票的价格受多方面因素的影响，如受整个行业景气程度、周边股市甚至全球经济的影响。因此，股票价格随时都在波动。证券英语语法就像股票的价格样，具有灵活多样的特征。
        结束语
        加入世贸组织后的中国经济愈加开放，正大踏步与世界经济接轨，这不仅为外国企业提供巨大商机，同时也为中国企业走向世界参与国际竞争创造条件。随着国际金融市场的证券化，许多国家的企业通过国际金融市场发行股票和债券，筹集大量资金以满足其资本支出的需要。因此，了解和掌握证券英语知识是必要的。要学好证券英语，必须了解其特殊语法现象。只有掌握了证券英语的特殊语法，我们才能驾轻就熟地翻译和运用证券英语。