C: T.;{f{
Y,0Z&6 <
calendar year figure 历年数字 ?g4Rk9<!i
call 催缴通知;认购期权 ]-X6Cl
call deposit 通知存款;活期存款 bpZA%{GS
call loan 短期同业拆借;通知贷款 uPl}NEwU|
call margin 补仓;追加保证金 GxD`M2
call market 短期同业拆放市场 -V6caVlg
call money 短期同业拆借;活期贷款 [%bGs1U
call option 认购期权;看涨期权 OgIRI8L
call price 赎回价格;提前赎回价 %50)?J=zB
call warrant 认购认股权证;回购认股权证 K0j%\]\Tp
callable share 可收回股份;可兑付股份 }8tF.QjR|
called up share capital 已催缴股本 wW*7
Canadian Dollar [CAD] 加拿大元 7ihcjyXB
Canadian Eastern Finance Limited 加拿大怡东财务有限公司 ^@* `vz^_
Canadian Imperial Bank of Commerce 加拿大帝国商业银行 mTtaqo_Bh
cancellation price 取消费 ;LP3
cap 上限 Wjl2S+Cc
capital 资本;资金 Dch\k<Te
Capital Accord 《资本协定》 g@!U^mr*3
capital account 资本帐;非经常帐 <`pNdy4
capital account commitment balance 资本帐承担额结余 G$TO'Ciu:
Capital Adequacy Directive [CAD] 《资本充足指引》 )1#/@cU
capital adequacy ratio [CAR] 资本充足比率 Xrb7.Y0d
capital allowance 资本免税额 ]?1_.Wjtt
capital alteration 资本变更 ^PNDxtd|v
capital and liabilities ratio 资本负债比率 k5aB|xo
capital and liquidity requirement 资本与流动资金的规定 ]>(pj9)
capital appreciation 资本增值 J";N^OR{A%
Capital, Asset Quality, Management, Earnings and Liquidity Rating System [CAMEL Rating System] 资本、资产质素、管理、盈利及流动资金评级制度〔CAMEL评级制度〕 hQj@D\}
capital assets 资本资产 Gl'G;F$Y-
capital at risk 风险资本 W/BPf{U
capital base 资本基础;资金基础 @!dIa1Q"
capital charges 资本支出;资本费用 _"@:+f,
capital commitment 资本承担 Up?RN %gq
capital contribution certificate 出资证明书 <!>\
n\A
capital convergence 划一资本充足比率 tlp,HxlP
capital cost 资本成本;建设成本;建设费用 ZN)EbTpc\a
capital cover 资本保证 <(>t"<
capital deficit 资本亏绌;资本赤字 9.\SeJ8c
capital divided into shares 资本分成股份 VrPsy) J68
capital element 资本因素;资本部分 p*0[:/4
capital equipment 资本设备 /Z?o%/bw:
capital expenditure 资本开支;非经常开支 _?O' A"
capital expenses 资本费用 LJ
<pE;`d
capital financing 筹集资本;以非经常收入支付非经常开支的结算 gQ0,KYmI3_
capital flow 资金流量 3,q?WH%_
capital formation 资本形成;集资 ``jNj1t{}
capital formation figure 资本组合数字 1!(lpp
capital fund 资本基金 Cs>` f,o
capital gain 资本增益;资本增值 2
G_KTYJ
capital gains tax 资本增值税 xSD*e 0
capital goods 资本财货;资本货物 M;<!C%K>
capital grant 非经常补助金;非经常拨款;建设补助金 J$yq#LBbR@
capital grant cycle 建设补助金周期 G-)e(u
capital injection 注入资本;注资 K0(
S%v|,}
capital input 投入资本 _-({MX[3k<
capital intensity 资本密集度 kQbZ!yl>[
capital intensive 资本密集 }ZVond$y4
capital investment 资本投资 b)'CP Cu*
Capital Investment Fund 资本投资基金 eg/itty
capital loss 资本损失 ].xSX0YQ%
capital maintenance 资本保值;资本保留 @;OsHudd
capital market 资本市场;资金市场 o]&q'>Rf
capital market instrument 资本市场票据 /jJD
{
capital money 资本款项 *]U`]!Esp
capital money subject to a trust 信托财产资本 N\__a~'0p
capital movement 资本流动 %r1#G.2YW
capital nature 资本性质 &,G2<2_ b
capital outlay 资本支出 ZH\t0YhrVe
capital portion 资本部分 (4 ZeyG@
capital profit 资本利润 :lo5,B;k
capital project 基本工程项目;非经常开支项目 AA[1[
capital receipt 资本收入 N8Rq7i3F?a
capital redemption 资本赎回 *nU5PSs
capital redemption business 资本赎回业务 0yC~"u[N Y
capital redemption contract 资本赎回合约 `.pEI q^
capital redemption reserve 资本赎回储备 a~jb%i_
capital reduction 资本减缩;减资 mM&P&mz/D
Capital Reduction Scheme [Stock Exchange of Hong Kong Limited] :a/rwZ[r
股本削减计划〔香港联合交易所有限公司〕 13F]7l-#
capital repayment 偿还资本 @Nsn0-B?ne
capital reserve 资本储备;后备资本 (n7xYGfYS
capital revenue 资本收益;非经常收入 8%B_nVc
capital spending 资本开支;资本支出;非经常开支 9R8q+2
capital stock 股本 0,RYO :`
capital stock subscription 认缴股本;认购股本 ;iX~3[]
capital subsidy 建设津贴;基本建设津贴 r2\%/9uO
capital subvention 非经常资助金 r]cq|Nv8:
capital sum 资本额 hOk9 y=
capital tax 资本税 ,e'm@d$Q*
capital transfer tax 资本转移税 z[J=WI
capital turnover 资本周转率 id9QfJ9t
capital value 资本价值 vVo'f|fW
capital works project 基本工程项目 3?V'O6
Capital Works Reserve Fund 基本工程储备基金 G@ot^n3
Capital Works Resource Allocation Exercise 基本工程计划资源分配工作 JR]elRR
capitalization 资本化;资本总额 0=HB!{@
capitalization of interest 利息化作本金 %HpPTjAW
capitalized interest 化作本金的利息 }:faHLYT
capitalized loan 转作资本的贷款 N}U+K
capitalized value 资本还原值;资本化价值 QxW+|Gt._
capitation grant 按人计算的补助金 }O~D3z4l0
captive insurance business 专属自保保险业务 q]: 72+
car insurance 汽车保险
sG#O s
Caribbean Development Bank 加勒比开发银行 ?1\I/'E9
CARIPLO-Cassa di Risparmio delle Provincie Lombarde S.p.A. [trading as Cariplo S.p.A.] 3v_j*wy
意大利嘉利堡银行 #Q7:Mu+
cartel 同业联盟;卡特尔 L^t%p1R
cartelized rates system 联营式利率制度 DlCN
cash 现金;现款 Wo&22,EB
cash accounting system 现金会计制度 +I5\`By=
cash acquisition 以现金投资所得的资产 X8Z) W?vu
cash allowance 现金津贴 ]'xci"qV`
cash assets 现金资产 gBV4IQ
cash at bank 银行现金;银行存款 GEy7Vb)
cash balance 现金结余 " J9
cash basis 现金收付制;收付实现制 5fk
A?Ecqq
cash basis accounting 现金收付制会计;收付实现制会计 3HtM<su*h
cash bonus 现金红利 I-!7 EC2{!
cash book 现金出纳帐;现金簿 kIS )*_
cash client 现金客户 _-RqkRI
cash commission rebate 现金回佣 gWU#NRRc
cash compensation 现金补偿 [VXQ&
cash contribution 现金承担额;现金分担额 }Y!V3s1bm
cash cost 直接费用;现金成本 iSf%N>y'K
cash coupon 现金礼券 i695P}J2
cash credit 现金信贷 DDmC3
cash deficit 现金赤字 JzN "o'
cash deposit and withdrawal 现金收支 .?NfV%vv
cash disbursement journal 现金支出日记簿 vT{(7m!Ra
cash disbursement slip 现金支出传票;现金支出单 p9i7<X2&
cash flow 现金流量;银根 sT1OAK\^
cash flow lending 流动现金放款;无抵押融资 U3Gg:onuE
cash flow statement 现金流量表;现金流动表 I_f%%N%
cash flow surplus 现金流量盈余 Zex~ $r
cash in hand 库存现金;手头现金 g0biw?
cash in till 备用现金 fsOlg9
cash in transit 运送中现金;在运现金 dl=)\mSFjF
cash input 投入现金
fIpS
P@$<
cash input figure 现金投入数字 +arh/pd_I
cash limit 现金支出限额;现金限额
j7_,V?5z
cash margin 现金保证金 r+%3Y:dZE
cash market 现货市场;现金交易市场 66>X$nx(z
cash offer 现金要约;现金补偿额 +?6]Vu&|f
cash payment 现金付款;现金支付 -]KgLgJ
cash position 现金头寸 4Wz1O$*
cash price 现金价格 pSQ2wjps
cash receipts journal 现金收入日记簿 5u9 lKno
cash receiving slip 现金收入传票;现金收入单 c(Y~5A{TXO
cash settlement 现金结算 *j83E[(]
cash surplus 现金盈余 :1f,%Z$,q
cash with order 订货付现;凭票即付 4IZAJqw(*
cashier's order 银行本票 E^n!h06~G
cashier's order outstanding 未承兑的银行本票 @dK_w'W
cash-limited subhead 有现金支出限额的分目 ]v:,<=S
cash-sweep 现金彩票活动 TVvE0y(9
casual client “散客”;“散户” 'g<{l&u
CCASS Depository 中央结算系统证券存管处 [r7Hcb
CCIC Finance Limited 中芝兴业财务有限公司 .6[8$8c
cedant 分出者 .sit5BX
ceding company 分出公司 nl2Lqu1
ceding insurer 分出保险人 +~F>:v?Rh
ceiling 上限 #"A`:bjG
ceiling price 最高限价 ?@x$ h
central bank 中央银行 .mrv"k\<
Central Bank Bilateral Repurchase Agreement 《中央银行双边回购协议》 ,O.iOT0=;
central banking 中央银行业务 > Q=e9L=
central banking function 中央银行职能 u=@zYA(
Central Clearing and Custodian System 中央结算及托管系统 hH>a{7V
Central Clearing and Depository System 中央结算及存管系统 #QlxEs#%
Central Clearing and Settlement System [CCASS] 中央结算及交收系统〔中央结算系统〕 T@vE@D
central clearing house 中央结算所 am5;B`}q
central clearing system 中央结算制度;集体交收系统 0K"+u9D^
central custody system 中央托管系统 i885T'
central depository 中央存管处 &0*l:uw
central depository system 中央证券存管制度 ^0_ >
Central Moneymarkets Unit [CMU] 债务工具中央结算系统 p\~ a=
central rate 中央汇率;中心汇率 A#q.)8
Central Registration Hong Kong Limited 香港中央证券登记有限公司 lu>G=uCJ
Central Tender Board 中央投标委员会 R+0fs$su
Centrale de Livraison de Valeurs Mobilieres [CEDEL] 中央证券交收系统;世达结算系统 of7'?]w
centralized budgetary and payments system 集中预算及支付制度 &Pv$nMB$I
centred 12-month moving average 十二个月定位移动平均数 ^K[xVB(&
certificate of approval 批准证明书 ]Y?ZUSCJ
certificate of beneficial entitlement to property 资产权益证书 -|#/KKF
certificate of compliance 合格证明书;合约完成证明书 JK{2hr_a
certificate of deposit [CD] 存款证 hQ:wW}HWW
certificate of exemption from estate duty 豁免遗产税证明书 BHz_1+d
certificate of incorporation 公司注册证书;法团注册证书 <au_ S\n
certificate of incorporation of registered trustees 注册受托人法团证书 hUi5~;Q5Fi
certificate of indebtedness [CI] 负债证明书 H]V(qq{
certificate of insurance 保险证书 L1`^M
certificate of interest 权益证明书;息票 \g]rOYW
certificate of means 资产证明书 _{if"
certificate of participation 参与证明书 N>L)2WKFT
certificate of payment of profits tax 缴付利得税证明书 )=glN<*?
certificate of preference 特惠税证 ?:GrM!kq76
certificate of rateable value 应课差饷租值证明书 zBI2cB8;P
certificate of registration 登记证书;注册证明书 R^@`]dX$
certificate of satisfaction 清偿证明书 &> .QDO
certificate of transfer 转让证明书 :O,,fJ<x.O
certificate to bearer 不记名证明书 uUBUUr
certification 核证 WM$Z?CN%KB
certification fee 核证费 'YN:cr,V
certified cheque 经银行证明可兑现的支票 fUq}dAs*K
certified public accountant [CPA] 执业会计师 RigS1A\2l
certified statement 经证明的报表 h+q#|N
cessation of business 停业 U;ujN 8
cession 分保 !f!YMpN
C.F. Finance Company Limited 浙一财务有限公司 b+AxTe("
chance 机会;中彩机会 4u2_xbT
Chang Hwa Commercial Bank, Ltd. 彰化商业银行 #EKnjh=Uq
change of domicile 迁册 e=jtF"&
change to estimates 修订预算 rmX5-k
change to the approved estimates of expenditure 核准开支预算的变动 FbdC3G|oA
charge 费用;押记;抵押 C_[
d
charge number 税单号码 ?<0'h{z Ny
charge on assets 资产的征税 3M^`6W[;
charge upon general revenue 从政府一般收入中拨款支付 ~h +B&F+5
chargeable 可予征收;应课税的 =fy.'+
chargeable agreement for sale 可予征收印花税的买卖协议 ]t17= Lr?
chargeable income 应课税入息 1G(wESe
chargeable normal trading receipt 应课税的一般营业收入 \ X6y".|-
chargeable profit 应课税利润 zuJ` 704
chargeable to tax 应课税 GXv2B%i8
charged to... 记入……帐目 [m
x}n+~
chargee 承押记人 - 3<&sTR
charge-holder 受押人 /'v!{m
Charges Section [Companies Registry] 押记注册组〔公司注册处〕 +K=RM qM-8
charging order 押记令 geM`O|Np
chargor's right 押记人的权利 sSiZG
charitable donation 慈善捐款 2mx }bj8
charitable trust 慈善信托 &&}c R:U,
charity property 慈善财产 Pqvj0zU o$
Charoen Pokphand Finance Company Limited 卜蜂财务有限公司 E}36
charter 章程;特许权 |~Awm"
charter of incorporation 成立章程 oqK:
5|
chartered accountant 特许会计师 ``Um$i~e%
Chartered Institute of Bankers [United Kingdom] 特许银行学会〔英国〕 Ex}TDmTu
Chartered Institute of Public Finance and Accountancy [United Kingdom] u0uz~ s
特许公共财政及会计学会〔英国〕 3WfZ zb+
charterer 承租人 @6U&7!
Chase Manhattan Asia Limited 美国大通亚洲有限公司 u7p:6W
Chase Manhattan Bank 美国大通银行 2<2a3'pG
chattels 实产 v!mP9c
j
Chau's Brothers Finance Company Limited 周氏兄弟财务有限公司 phwq#AxQ
Che Hsing Finance Company Limited 浙兴财务有限公司 X5tV Xd
check-and-balance system 制约平衡制度 lvk*Db$
Chekiang First Bank Limited 浙江第一银行 4uVyf^f\]f
cheque 支票 -x/g+T-
Chiao Yue Finance Company Limited 侨裕财务有限公司 M9yqJPS}B
Chiba Bank, Ltd. 千叶银行 F zBny[F
Chicago Board of Options Exchange 芝加哥期权交易所 ,b+Hy`t
Chicago Board of Trade 芝加哥交易所 ws]d,]
Chicago Mercantile Exchange 芝加哥商品交易所 w6B`_Z'f
Chief Executive of Hong Kong Monetary Authority 香港金融管理局总裁 zzKU s "u
Chief Executive of Stock Exchange of Hong Kong 香港联合交易所行政总裁 {#{nU NW
Chief Executive Officer of Hong Kong Futures Exchange 香港期货交易所行政总裁 %
e70*;
Chief Executive's Committee [Hong Kong Monetary Authority] 总裁委员会〔香港金融管理局〕 sg]g;U
child allowance 子女免税额 @[rlwwG,
China & South Sea Bank Limited 中南银行 E?mW4?
China Affairs Committee [Hong Kong Futures Exchange Limited] \>eFs} Y/
中国事务委员会〔香港期货交易所有限公司〕 D>wo>,G
China concept stock 中国概念股 }4>#s$.2
China Construction Bank 中国建设银行
Z\$!:
China Development Division [Stock Exchange of Hong Kong Limited] 4T<dI6I0
中国发展科〔香港联合交易所有限公司〕 |@ZyD$?
China Economic News 《中国经济新闻》 jm|zn
China Securities Regulatory Commission [CSRC] 中国证券监督管理委员会〔中国证监会〕 Rn whkb&&
China State Bank Limited 国华商业银行 y+VRD
Chinatrust Commercial Bank, Limited 中国信托商业银行 k#@)gL
Chinese Association of Deposit-taking Companies 华资接受存款公司公会 %bnjK#o"Q
Chinese Bankers Club, Hong Kong 香港银行华员会 ;u%4K$
Chinese Banks' Association 香港华商银行公会 3'`X_C|d53
Chinese Gold and Silver Exchange Society 金银业贸易场 -g vS3`lX
Chinese New Year bonus 年奖;年终花红 NQvT4.*
chit fund 银会 495(V(+5
Chiyu Banking Corporation Limited 集友银行有限公司 h"N#/zQ
Chiyu Finance Company Limited 集友财务有限公司 Qnp.Na[JV
Cho Hung Finance Limited 朝兴金融有限公司 piiO5fK|
choses in action 无形动产;据法权产 _lk5\bu
chronological book 序时帐簿 |VoYFoiQ
Chubu Securities Finance Company 中部证券金融公司 =u&NdMy
Chung Khiaw Bank Limited 崇侨银行 W!Rr_'yFe)
Chung Nan Finance Company Limited 中南财务有限公司 ,H su;I~
Chuo Trust & Banking Co., Ltd. 中央信托银行 ~U4;YlQP
Chuo Trust Asia Limited 中央信托亚洲有限公司 0k|/]zfb
Citibank, N.A. 万国宝通银行 *;(GL
CITIC Ka Wah Bank Limited 中信嘉华银行有限公司 v\COl*
Citicorp Commercial Finance (H.K.) Limited 万国宝通工商财务(香港)有限公司 xm<sH!,j
Citicorp International Limited 万国宝通国际有限公司 uFi[50
civil debt 民事债项 y\[GS2nTX
Civil Service Pension Reserve Fund 公务员退休金储备基金 ]h&?^L<.
claim 申索;索偿;债权 Yf^/YLLS
claim equalization fund 申索平衡基金 ),I7+rY
claim for refund of property tax 申请发还物业税 AzBpQb*
claim of debt 债权申索 c6pGy%T-
claim on bank 对银行的债权 }(if|skau
claim to dividend 摊还债款申索 E{|n\|
claimant 申索人;索偿人 +Sdki::
claims statistics 申索统计数字 ^TY8,qDA
class of insurance business 保险业务类别 51M'x_8
class of property 财产类别 rxI Ygh
claw-back 递减率 l'Z `%}R
clearance cost 清拆成本 3_k3U
clearing 结算;票据交换;清算 N_8L8ds5
clearing account 结算帐户 [$GQ]Y
clearing and settlement system 结算和交收系统 ?B,B<@='%
clearing balance 结算差额 s}Sxl0
clearing bank 结算银行 9!6yo
clearing cheque 交换支票 @sb00ad2q
clearing house 结算所;票据交换所 p/uOCQ|1l
Clearing House Automated Transfer System [CHATS] 结算所自动转帐系统 QWxl$%`89<
Clearing House of the Hong Kong Association of Banks 香港银行公会结算所 kPZ1OSX
clearing member 结算会员 D D
Crvl
Clearing Members' Fund 结算会员基金 F30jr6F\
clearing participant 结算参与者 WN?meZ/N/
clearing rebate 结算费用的回佣 i(>v~T,(
Clearing Rules [SEHK Options Clearing House Limited] Hz<)a(r!J
《结算规则》〔联交所期权结算所有限公司〕 _N`pwxpsb
Clerk to Finance Committee [Legislative Council] 财务委员会秘书〔立法会〕 =E%<"FB
Clerk to the Board of Review 税务上诉委员会书记 =R\-mov$
client 客户;委托人;当事人 q\5C-f
client agreement 客户协议 qxW2q8QHo
client confidentiality 客户保密的责任 bYH! P/
client money 客户款项 [Z?vC
client statement 客户结单 -`ykVHgg
clients fund 客户资金 U^X8{,8O
close 结算;收市;收盘 V.274e
close a position 平仓;轧平头寸 Pi|oO-M
close company 股份不公开的公司 =!Y{Mz
close higher 收市时价位较高 Ti9cN)lq&
close lower 收市时价位较低 TDQh ^Wo
close mixed 收市时荣辱互见 /2!"_?<L
close of exchange 交易所停市 :WnXoL
close of financial year 财政年度终结 y7s.6i}7
close out 平仓 QCWk[Gx
close out a long position 平长仓 cM'5m
close out a short position 平空仓 4)nQBFX
close steady 收市时价格稳定 dQL!
>6a
close the gap 弥补差距 OG}D;Ew
closed position 平仓 ;w}5:3+
closed-end investment corporation 股份固定的投资公司 w]0jq
U6
close-out price 抛售价格 DWH)<\?
closing account 决算帐户 Uyyw'Ni
closing balance 期终结余;收市结余 k||DcwO
closing price 收市价;收盘价 J#W>%2"s
closing quotation 收市价;收市行情 &hYjQ&n
closing rate 收市汇价;收盘汇率 )Z 3fytY
closing transaction 平仓交易 t|zLR
clothing levy 成衣税 6Gs,-Kb:
club deposit 零存整付存款 &_E*]Sj\
Code of Aid 《资助则例》 #0 WO~wL
Code of Banking Practice 《银行营运守则》 cBA2;5E
Code of Best Practice [Stock Exchange of Hong Kong Limited] ,P d2ZfZ
《最佳应用守则》〔香港联合交易所有限公司〕 [%8+Fa~Wa
Code of Conduct [Stock Exchange of Hong Kong Limited, Hong Kong Futures Exchange Limited] 《操守准则规例》〔香港联合交易所有限公司〕;《操守准则》〔香港期货交易所有限公司〕 "]`QQT-{0
Code of Conduct for Persons Registered with the Securities and Futures Commission DDhc ^(
《证券及期货事务监察委员会注册人操守准则》 j{'@g[HW
code of practice 实务守则;经营守则;执业守则 gB@Wv91
Code of Practice for the Administration of Insurance Agents 《保险代理管理守则》 fJC,ubP[5
Code on Immigration-linked Investment Schemes 《与移民有关的投资计划守则》 3,B[%!3d
Code on Investment-linked Assurance Schemes 《与投资有关的人寿保险计划守则》 I1H:h
Code on Pooled Retirement Funds 《集资退休基金守则》 #B)`dA0a
Code on Share Repurchases [Share Repurchase Code] tgYIM`f
《公司购回本身股份守则》〔《股份购回守则》〕 :PaFC{O)*
Code on Takeovers and Mergers [Takeovers Code] 《公司收购及合并守则》〔《收购守则》〕 }a_: oR
Code on Unit Trusts and Mutual Funds 《单位信托及互惠基金守则》 m"vV=6m|\
co-debtor 共同债务人 t(MlZ>H
co-financing scheme 共同融资计划 0,;FiOp
cognizance 证明令 #Y*AG xk
coin 硬币 F'#e]/V1
coin replacement programme 硬币取缔计划 :1>R~2
coin set 套装硬币 |E]YP~h
coinage 硬币 hTn
}AsfLY
Coinage Security Fund 硬币发行基金
g `B?bBg
cold call 主动与准客户接触 #zt+U^#)
collapse in prices 价格下泻;价格下挫;价格暴跌 vP'R7r2Yx
collateral 抵押品 3-8Vw$u
collateral bond 担保债券 {UYqRfgbZ
collateral loan 抵押贷款 Dx[t?-
collateral security 附属抵押品 {ersXQ:
collection 征收;收取 UrxgKTry
Collection Enforcement Section [Inland Revenue Department] 追讨欠税组〔税务局〕 I>-jKSkwc
collection of betting duty 收取博彩税 q#Qr@Jf
Collection Office [Inland Revenue Department] 收税处〔税务局〕 GW{Nc!)
collective consumption 集体消费 TniZ!ud
Collector 收税主任 Rb~Kyy$
Collector of Rates 差饷征收官 I|O~F e.
Collector of Stamp Revenue 印花税署署长 N]yk<55
Colonial Stock Act [United Kingdom] 《殖民地公债法令》〔英国〕 knBT(x'+
combined surplus 合并盈余 D_9/|:N:
combined visible and invisible trade account 有形及无形贸易合并帐目 M=N`&m