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Zero-coupon securities have little risk, but they do have a few tax disadvantages.

零息债券没有什么风险，但他们确实有少数税务缺点。

Chapter five which is divided into three sections, studies the establishment of Chinese zero-coupon bond model.

第五章研究中国零息票债券收益率曲线模型的构造，全章共分三节。

For example, to buy tickets also voucher business, the transfer of zero-coupon.

例如，购买机票也券业务，转让零息。

However it expressly does not prevent delivery of convertible or zero-coupon bonds.

然而，它并未明确排除可转换交割或零息债券。

The research of this chapter, on one hand, sets a solid foundation for the following chapter three and chapter four, and on the other hand, provides the theoretical frame for setting up yield curve of zero-coupon bond of China.

本章的研究一方面为论文第三章第四章的研究打下了基础，另一方面为第五章中国零息票债券收益率曲线的构建提供了理论框架。

Chapter two studies the measurement foundation of interest rate risk of commercial banks, the establishment of yield curve of zero-coupon bond. The whole chapter is divided into three sections.

第二章研究了商业银行利率风险的度量基础——零息票债券收益率曲线的构建，全章共分为三节。

Because the establishment of zero-coupon bond yield curve in China is the benchmark of Chinese measurement and management of interest rate risk in commercial banks, the research of this chapter plays an important and indispensable role in the dissertation.

鉴于中国零息票债券收益率曲线构建，是中国商业银行度量和管理利率风险的标杆，本章的研究在论文中有着不可或缺的重要作用。

A zero-coupon bond issued by a corporation, it can be converted into that corporation's common stock at a certain price.

一家企业发行的零息票债券，可以特定价格转换为该企业的普通股

The final conclusion is that the restraint conditions of establishing zero-coupon bond yield curve in China are mainly the lack of samples in bond market of exchange and the lack of authenticity of data in inter-bank bond market.

最后的结论是，中国零息票债券收益率曲线构造的约束条件主要有交易所债券市场样本不足和银行间债券市场数据失真。

No matter what the historical evolvement is analyzed or the theoretical frame is established, all have an important purpose that they serve the realistic analysis for China. Chapter five and chapter six of the dissertation base themselves upon realistic constraint of China, probing respectively the establishment of the zero-coupon bond yield curve of China, and the measurement and management of interest rate risk in commercial bank of China, by using the theoretical frame established before.

无论是分析历史演变，还是构建理论框架，都有一个重要目的，就是服务于对中国的现实分析，论文的第五章和第六章都是立足于中国的现实约束，运用前面构造的理论框架，分别探索中国的零息票债券收益率曲线的构建和中国的商业银行利率风险的度量与管理。

I will endeavour to find you some assistance.

我尽力帮你找人帮忙。

At first I only know bruck is the idol of American younglings, afterwards I returned back to Taiwan ,even in Beijing last year ,I saw her poster everywhere, I was so surprised at her charm.

起初我只晓得布鲁克雷德丝是美国少男少女崇拜的偶像，后来回台湾，甚至去年在北京，居然也四处看见她的海报，才惊讶她的魅力之大。