偏好

With the development of Chinese capital market, our listed companies prefer to equity financing.

随着我国资本市场的发展，我国上市公司呈现出强烈的股权融资偏好。

of this paper report equity financing preference is the basic characteristic of the listed companies.

本文的研究表明中国上市公司资本结构的基本特征是股权融资偏好，上市公司的融资行为、次序和西方资本结构理论并不一致。

However, data analysis shows that listed companies in China have a strong preference in equity financing.

但我国的实际情况并非如此，本文对中国上市公司历年的融资数据进行了分析，结果表明：中国上市公司存在着强烈的股权融资偏好。

China has created a market environment characterized by equity financing preferences of the status quo.

而中国特有的市场环境造成了股权融资偏好等现状。

The literature on food preferences of animal is complex, often equivocal, and sometimes contradictory.

关于动物的食物偏好的文献是负载，经常模棱两可的，并且有时候自相矛盾。

In this case, an erotic preference for males, would, of course, have to be considered heterosexual.

该例中，他的性偏好是男性，当然，毫无疑问地被认为是异性恋者。

The Estonian team has a good discipline, and they are carefully analysing their opponents' habits and preferences before the matches.

爱沙尼亚队的纪律性很好，他们赛前非常认真的分析着对手的习惯和偏好。

This preference for exogamy, Gutman suggests, may have derived/from West African rules,/.

这种对于异族通婚的偏好， G 认为，有可能是来源/于西非的规定，/。

Since the first open-end fund issue, there are 5th redemption, which also reveals more profound form of market phenomena causing open-end fund liquidity risk. In 2002, the open-end fund market was just established, in order to expand the size, many funds only attract institutional investors, and do not distinguish between investor by their liquidity preference. Under such single structure, institutional investors large size redemption will cause fund scale reduced significantly, which suffered huge losses. In 2003, as the Funds growth, more and more retail investors join in fund market and occupy a dominant position. Due to the lack of awareness of the fund market, they all use the concept of stock investment.

自开放式基金成立以来，中国历史上的5次赎回也更深刻的揭示了构成开放式基金流动性风险的市场现象。2002年为开放式基金成立初期，很多基金为了吸纳资本，扩大规模，只面向机构投资者融资，并且不区分投资者的流动性偏好，在这种单一的结构下，机构投资者的大额赎回就导致基金规模的锐减，从而遭受巨大损失。2003年，随着基金的发展，越来越多的散户介入其中并占据主导地位，由于缺乏对基金市场的认识，按照原有投资股票的理念投资基金，所以在低迷的股市稍有起色，基金稍有赢利时，就开始赎回，造成了多只基金净值的损失。2005年，保险行业可以直接入市，再加之逐渐回升的行情和基金公司高额的手续费，很多保险公司开始赎回持有的基金转而直接入市。

By applying this exponential utility function, portfolios to suit a variety of different investors can be obtained.

并且因为效用函数的引入，因此可以求得满足不同风险偏好投资者的资产配置。

But we don't care about Battlegrounds.

但我们并不在乎沙场中的显露。

Ah! don't mention it, the butcher's shop is a horror.

啊！不用提了。提到肉，真是糟透了。