流动性资产

ClearingHouse的研究报告显示，截止2012年7月，美国银行业的流动性资产达到了规定的81%，高于两年前的59%，原因是它们增加了政府债券持有量和储蓄规模出现增长。

According to the Clearing House study , US banks had 81 per cent of the liquid assets they require as of July 2012 , up from 59 per cent two years earlier because of increased holdings of government bonds and deposit growth .

自那以后，美国证交会（SEC）开始引入一些小规模改革，比如：强制性要求各货币市场基金提高短期高流动性资产的持有比例，并进一步加强信息披露，以提振市场信心。

Since then the Securities Exchange Commission has introduced some small reforms : it has forced money market funds to purchase more short-term liquid assets and to offer better disclosure , in an effort to bolster confidence .

的确，位于法兰克福的欧洲中央银行（ECB）与美联储一样都向金融系统注入大量流动性资产，以此应对信贷紧缩。

It is true that the European Central Bank ( ECB ) in Frankfurt has , like America 's Federal Reserve , flooded the financial system with liquidity in response to the credit crunch .

LCR条款要求银行持有一定数额的流动性资产，这些资产至少要等于危机时期30天内银行客户可能提取的资金数额。

The LCR requires banks to hold liquid assets at least equal to the amount of capital clients might be expected to withdraw over a 30-day period in a crisis .

例如，过去三年中，澳新银行（ANZ）的储蓄增长比贷款增长超出了500亿澳元，而其200亿澳元的流动性资产组合，比其海外大宗债务总额要多。

At ANZ , for example , deposit growth exceeded loan growth by about A $ 50bn over the past three years , while its A $ 20bn portfolio of liquid assets is bigger than its total offshore wholesale debt .

但是，当糟糕的消息冲击整个市场的时候，非流动性资产所收的打击却是致命的。

But when bad news hits stockmarkets , illiquid assets can be hit extremely hard .

特别要说的是，监管人士已不再坚持就流动性资产缓冲制定严苛的规定。

In particular , regulators have backed away from tough rules on liquid asset buffers .

这可能是因为投资者都要求持有非流动性资产所要求的溢价。

This is probably because investors have demanded a premium for owning an illiquid asset .

但监管机构还要求它们持有更多“高质量”的流动性资产。

But regulators also want them to hold more " high quality " liquid assets .

存在个人非流动性资产的动态金融资产选择

Dynamic Portfolio Choice with Personal Illiquid Assets

一种解释是，政府累积流动性资产，是为了应对不可预测的紧急事件。

One explanation says that States stock up on liquid assets to deal with unforeseen emergencies .

住房投资显著地挤出了投资者在流动性资产上的投资；

The households have to reduce their investment on liquid assets for the holding of house .

如今，我们想要的是已拥有一家成熟企业与大量离岸流动性资产的客户。

Now , we want clients of established businesses with significant pools of offshore , liquid assets .

本章主要从经典资产定价理论和流动性资产定价模型两个方面对资产定价的相关理论进行总结。

This chapter summarizes asset pricing theory from the classical asset pricing theory and liquidity asset pricing model .

资产证券化是利用流动性资产筹集资金的一种金融创新。

The Asset Scuritization ( AS ) is a financial innovation , which get financing using assets possessed .

历史上，政府债券对投资者的巨大吸引力在于他们是无风险的流动性资产。

Historically the great appeal of government bonds to investors is that they are a risk-free , liquid asset .

资产证券化将相对呆滞的债权转变为流动性资产，使商业银行的流动性和盈利性得到增强，安全性也得到提高。

By converting the slack claims to liquid assets , asset securitization improves the liquidity , profitability and security of the banks .

投资者必须要通过一场考试，并满足一系列苛刻条件，包括教育背景、信贷纪录、月薪和流动性资产等。

Investors must pass an examination and meet tough criteria for educational background , credit history , monthly salary and liquid assets .

或者，换一种方式，它们以活期形式借贷资金并投资收益低流动性资产。

Or , to put it another way , they have borrowed in liquid form and invested the proceeds in illiquid assets .

这在本质上讲是在支持一种多样投资理念，即在投资主流证券的同时，也将资产分散到非流动性资产及另类资产类别（诸如私人股本）。

This essentially championed the idea of diversifying into illiquid and alternative asset classes , such as private equity , alongside mainstream securities .

因此，银行界推动扩大流动性资产定义是正确的，在这一定义中纳入了蓝筹股和公司债。

The banks were right , therefore , to push for a wider definition of liquid assets including blue-chip stocks and corporate bonds .

首先对流动性的有关理论进行了阐述和解释，然后又对资产定价模型和流动性资产定价模型的发展进行了回顾。

First , we introduce and explain liquidity theory , and then review the development of asset pricing model and liquidity asset pricing model .

所以说，有效地利用资产负债管理技术，可以在不增加风险的前提下，降低流动性资产的储备水平，扩大收益性资产的比重，提高总资产的收益能力。

So , efficient Asset-liability management technique can increase the proportion of profitable assets , and enhance the profitable ability of the total capital .

这一因素导致几乎所有市场的进入障碍减少，并鼓励资本流向更多缺乏流动性资产和杠杆资产类别。

This has reduced the barriers to entry to almost all markets and encouraged the migration of capital towards more illiquid and leveraged asset classes .

但银行业辩称，流动性资产的定义过于狭窄，而且关于危机的假设也过于严厉。

But the banks argue that the definition of liquid assets is too narrow and that the assumptions of what could go wrong are too harsh .

这往往是因为投资信托基金持有非流动性资产的能力更强，因为它们不需要出售这些资产就可以支付那些退出的投资者。

This is often because investment trusts are better able to hold illiquid assets , as they do not have to sell them to pay exiting investors .

服务年限越长，折价越多这是一种在政治上颇为合理的理念，但在经济上似乎毫无道理，因为住房是低流动性资产。

The longer the service , the bigger the discount a noble political notion but one that appeared to make little economic sense since the properties represented inert assets .

但在监管部门惩罚非流动性资产并推动更多衍生品进入交易所的环境下，人工因素已成为一种拖累，成本更廉价的算法将取代它。

But in an environment where regulators penalise illiquid assets and push more derivatives on to exchanges , the human touch has become a liability to be replaced by cheaper algorithms .

那么日本应该怎么办呢？值得庆幸的是，日本手头拥有流动性资产这样的战时基金：多年来日本政府一直在小心地累积外汇储备（大部分是美国国债）。

Thankfully , Japan has a war chest of liquid assets at its disposal : its authorities have been carefully stockpiling foreign exchange reserves ( mostly US Treasuries ) for years .

存货是满足企业正常生产和销售需要而持有的流动性资产，是能够给企业带来经济利益流入的重要经济资源。

Inventory is a kind of fluid assets that can satisfy the normal production and sales needs . It is also an important economic resource that can bring economic benefits to the enterprise .