债券

This problem arises from the decline in bond prices and the insurance accounting convention that allows companies to carry bonds at amortized cost, regardless of market value.

事情的起因在于债券价格下跌，而会计原则又允许保险业以摊销成本而非市价列示其帐面价值，结果导致许多业者以摊销成本记录的长期债券投资金额达到其净值的二、三倍之多，换言之，只要债券价格下跌超过三分之一，便很有可能把公司的净值全部吃光，这其中甚至包括好几家知名的大公司在内，当然债券价格也有可能会回升，使得其部份，甚至全部的净值得以回复，但也没有人敢保证债券价

For purposes of broadening the investment channels of the asset management business of fund management companies for specific clients, protecting the legitimate rights and interests of investors and promoting the healthy development of bond market, and according to the relevant provisions of the Measures for the Administration of Bond Transactions in the National Inter-Bank Bond Market promulgated by No.

为拓宽基金管理公司特定客户资产管理业务的投资渠道，保护投资者合法权益，推动债券市场健康发展，根据《全国银行间债券市场债券交易管理办法》（中国人民银行令〔2000〕第2号发布）等有关规定，现就基金管理公司为开展特定客户资产管理业务在全国银行间债券市场开立债券账户的有关事项公告如下

He pointed out that domestic and international experience shows that the bond market, bond credit rating in the bond investment is a very important concern, the Dongwu letter sound excellent selection of bond funds in the selection of high credit debt, set a higher threshold level of investment credit, In order to prevent the growing risk of a credit voucher to ensure that low-risk characteristics of the Fund.

他指出，国内和国际的经验表明，债券市场，债券在债券投资信用评级是一个非常重要的关注，东吴信健全的高信用债券的选择优秀的债券基金的选择，提出了更高的门槛水平投资信贷，为了防止信用凭证越来越大的风险，以确保低基金的风险特征。

The bondholder gets it in cash There is another major difference between the garden variety of bond and our new exotic 12 percent "equity bond" that comes to the Wall Street costume ball dressed in a stock certificate.

债券投资者拿的是现金这是另外一个债券与12%回报的"股权债券"的重要的区别。股票就好像是穿着股票证书华丽外衣参加华尔街化妆舞会的一种新的债券-"股权债券"。

Among them the influence factor of the stock is mainly: Fund manager select stocks ability, investment style and ability to deal with the accident, national macroeconomy situation factor, the market value of stock usually have the direct influence to the fund net value; To bond part in the net value of the fund, interest rate and the investment ability of fund manager concerns the value level of this part of assets directly, because the securities regulator of our country has made the regulation to the proportion of the fund investment bond besides this, so, this proportion will restrict fund managers investment on the bond either, thus exercise an influence on some value of bond ; Besides stock and two bond, to another important component in the net value composition --The cash, we will all sum up its factor of exerting an influence for the mobile risk factor, namely the risk as a reasult of the exility of cash.

其中股票方面的影响因素主要是：基金经理的选股能力、投资风格和选时能力以及大盘走势与突发事件、国家宏观经济形势因素，股票市值通常受到这些因素的直接影响；对于基金净值中的债券部分来说，利率和基金经理的投资能力直接关系到这部分资产的价值高低，除此以外由于我国证券监管机构对基金投资债券的比例作了规定，因此，该比例也会制约基金经理在债券上的投资，从而对债券部分价值发生影响；除了股票和债券两部分以外，对于净值构成中的另一重要组成部分——现金，我们将对其产生影响的因素全部归纳为流动性风险因素，即由于现金的稀缺而导致的风险。

Meeting添富enhance income bond fund manager Lei Lu said that from a long-term perspective, the bond market will enter a period of rapid expansion, in the current corporate bonds, corporate bonds, based on the future of some of the new trading systems, or new products that may be launched, which will also invest in bond funds to provide more space.

汇添富增强收益债券基金经理雷炉说，从长远的角度来看，债券市场将进入目前的公司债券，公司债券的新交易系统的一些未来的基础上，迅速扩张期，，或可能推出，这也将投资于债券基金，以提供更多空间的新产品。

Data show that the first half of A-share listed company IPO financing amounted to 90.602 billion yuan, up 33 percent reduction; and the same period of corporate bonds and corporate debt issuance size and funding has increased the size of listed companies bond financing the first time, more than the stock market IPO financing lines have been issued during the 30 corporate bonds and 13 corporate bonds to raise funds a total of 92.95 billion yuan.

数据显示，A股上市公司上半年的IPO融资总额为906.02亿元，同比减少百分之三十三，以及公司债券同期发行公司债券的规模和资金，增加了上市公司融资债券的规模首次超过股市IPO融资线已在30和13个公司债券发行公司债券筹集资金的总额929.5亿元。

Finally the investment in the course of convertible bond investment is studied. There is evidence that the market behavior of convertible bonds is much better than the stocks and bonds. Owing to the inconsistency of the price change between the stock and the convertible bond, by analyzing the change of conversion premium rate, the arbitrage can be realized in incomplete market. But investors must bear the price risk due to the trade system.

最后论文对可转换债券投资过程中的投资活动进行了研究，实证发现可转换债券的市场表现优于债券和股票；同时基于股价与可转换债券价格的变化不一致性，通过分析可转换债券的转换溢价率的变化，在无卖空市场中同样可以进行套利，只是投资者要承担由于交易制度造成的价格风险。

The Analysis of the Size of the Bond Market: According to the experience of foreign bond market development, bond market is a critical source of capital for economic development, and globalization is the inevitable tendency for bond market development, and debt risk must be taken care of when the size of the bond market is expanding.

关于债券市场总量问题。从国外债券市场发展经验来看，债券市场是经济发展中的重要资金来源渠道，国际化是债券市场发展的必然趋势，在发展债券市场的同时应该谨防债务风险。

The bondholder gets it in cash There is another major difference between the garden variety of bond and our new exotic 12 percent "equity bond" that comes to the Wall Street costume ball dressed in a stock certificate.

债券投资者拿的是现金这是另外一个债券与12%回报的&股权债券&的重要的区别。股票就好像是穿着股票证书华丽外衣参加华尔街化妆舞会的一种新的债券-&股权债券&。

In the negative and interrogative forms, of course, this is identical to the non-emphatic forms.

。但是，在否定句或疑问句里，这种带有"do"的方法表达的效果却没有什么强调的意思。

Go down on one's knees;kneel down

屈膝跪下。。。下跪祈祷