不负债

The result shows that both the structure and factors mentioned above are different from those in other developed regions, e.g., most of the SMEs are state-owned and traditional manufacturers with low accumulation of funds and high assets-liabilities ratio, the selection of financing for liabilities has been transferred to commercial credit from traditional bank loan or other forms of indebtedness, the total assets and number of employees are significantly related to the financing for liabilities, which shows that the "scale discrimination" is specially obvious in the Northeast China's old industrial base.

其结论是：东北老工业基地中小企业融资结构及影响因素明显不同于经济发展水平较高地区，国有中小企业比重较高且大多集中于传统制造业；企业内部积累偏低、资产负债率较高，但其债务融资选择已由传统的银行贷款向商业信用等其他负债转移；企业负债融资与总资产和企业人数等规模指标显著相关，"规模歧视"在东北地区表现得较为突出。

If we don't think twice about carrying a boatload of debt in our personal lives, we will elect people who don't mind carrying debt into the public sector.

如果我们在个人生活中不把高负债放在心上的话，我们也会选举那些对公共部门负债并不担心的人。

Central to the definition of a contingent liability is the element of uncertainty—uncertainty both as to the amount of loss and whether, in fact, a loss actually has occurred.

或有负债的定义核心就是不确定性这个因素——负债是否会发生，如果发生的话，金额是多少，都不确定。

Contingent liability An obligation which is conditional upon the finalization of certain transactions or may arise in consequence of a future event now considered possible but not probable.

或有负债指一项负债，它的存在取决于某些交易的最后确定，或一个现在认为可能发生但不一定发生的未来事件的结果。

It's found that, the liability of Taiwan-funded enterprises, is mostly composed of operating liability and short-term loan, the ratio of debt to financial institution is not high and the debt is mostly short-term; Financing from the bank or financial institution is important fund source for Taiwan-funded enterprises, especially regarding revolving fund; and moreover it shows that macroeconomic policy, legal restriction and bad financial behavior is the principal reason causing the Taiwan-funded enterprises' difficulty in debt-finance in China mainland.

研究发现，台资企业的负债融资主要是依靠经营性负债和短期隆借款；向金融机构借款的比率并不高，且借款形式以短期借款为主；向大陆中资银行或金融机构的融资是台资企业重要的资金来源，尤其是在周转金安排上；造成台资企业在大陆借贷困难的主要原因是宏观经济政策、法令限制和企业自身财务的不佳。

It may also mean that miners alter their capital structures to put more emphasis on debt, which is tax-deductible, rather than equity.

这可能也意味着矿商们将改变他们的资产结构以更多的强调负债而不是股权，因为负债是可以免税的。

For Berkshire's shareholders, myself included, the cost of this thumb-sucking has been huge. o Our consistently-conservative financial policies may appear to have been a mistake, but in my view were not. In retrospect, it is clear that significantly higher, though still conventional, leverage ratios at Berkshire would have produced considerably better returns on equity than the 23.8% we have actually averaged. Even in 1965, perhaps we could have judged there to be a 99% probability that higher leverage would lead to nothing but good. Correspondingly, we might have seen only a 1% chance that some shock factor, external or internal, would cause a conventional debt ratio to produce a result falling somewhere between temporary anguish and default.

另外我们一贯保守财务政策可能也是一种错误，不过就我个人的看法却不认为如此，回想起来，很明显的我们只要能够再多用一点财务杠杆操作(虽然较之他人还是很保守)，就可以得到远比现在每年平均 23.8%还要高的投资报酬率，即使是在 1965 年我们也可以百分之九十九地确定高一点的财务杠杆绝对只有好处没有坏处，但同时我们可能也会有百分之一的机会，不管是从内部或是外部所引发令人异想不到的因素，使得我们负债比率提高到介于一时冲高到负债倒闭之间。

So we must adopt appropriate countermeasures,as we make insurance founds into security investment founds,to change the inharmonic situation as quickly as possible.

因此，必须采取相应对策，如让保险资金积极参与证券投资基金、推行资产负债管理模式以及将保险投资和产品开发统一起来等，以尽快改变资产负债与证券市场对接不协调的局面。

It must be pointed out that the net income shown in the income statement is an accounting profit, not cash flow. In the computation of accounting profit, cash receipts from selling farecards are not recognised as revenue. Rather, they are "Unearned Revenue" classified under Current Liabilities.

这里要特别指出的是，损益表呈现的是公司的&会计损益&，而不是&现金收支&，例如巴士公司售出车资卡收进的现金并非营业收入，而是&预收收入&，属于流动负债，因此表现于资产负债表中的负债，而非损益表中的收入。

The dissertation begins with the investigation of the fruitful research on function of debt governance in developed countries such as UK, US, Japan and Germany, and attempts to fill some important gaps in our understanding of inefficient investment controlling function, bankruptcy threat function and function of creditor's participating in corporate governance; Second, Theoretical and empirical study is done on whether three functions of debt governance can work well in state-owned listed companies. The result shows that so far the function of debt governance can't work well as expected; Third, after examining the special institutional background of China, the dissertation argues, grounded on the research results, that the essential institutional reasons include creditors and debtors being "quasi" market participants, the "quasi-equal" debtor-creditor relationships and the "quasi" market rules; Finally, it comes to the conclusion that the fundamental methods to change the situation are to encourage the supervision of banks, to deepen the reform of state-owned companies and to fulfill the outside institutional requirements for guaranteeing the function of debt governance.

文章首先借鉴英美、日德等发达国家对债权治理功效的已有研究成果，总结归纳出负债抑制非效率投资功效、负债的破产威胁功效以及债权人直接介入公司治理功效；其次，分别对三大债权治理功效在我国国有控股上市公司中能否发挥作用进行理论解析和实证检验，研究发现，目前我国企业债权治理功效不能发挥应有的作用；再次，针对研究结论，从我国特有的制度背景出发，分析其症结，认为我国目前的债权债务双方的&准&市场主体、债权债务双方的&准&平等关系、&准&市场游戏规则是导致债权治理功效不能发挥作用的根本制度原因；最后，提出解决对策，认为增强银行的监督激励、深化国有企业的改革以及实现债权治理功效的外在制度要求是债权治理功效发挥作用的根本途径。

Finally, according to market conditions and market products this article paper analyzes the trends in the development of camera technology, and designs a color night vision camera.

最后根据市场情况和市面上产品的情况分析了摄像机技术的发展趋势，并设计了一款彩色夜视摄像机。

Only person height weeds and the fierce looks stone idles were there.

只有半人深的荒草和龇牙咧嘴的神像。