基本利率

It based on below basic supposition,(1) the primary property prices obey the geometry Brownian movement(2) non- risk interest rate r is constant,(3) the primary property does not pay the dividend,(4) not to pay the transaction cost and the tax revenue,(5) no the chance of arbitrage.

它基于以下的基本假设：(1)原生资产价格服从几何布朗运动(2)无风险利率r是常数。(3)原生资产不支付股息。(4)不支付交易费和税收。(5)不存在套利机会。

The life insurance and the annuity insurance are two fundamental modes in the life insurance operation, this article to these two kind of safe forms essence calculated the technology conducts the research, separately has established under the stochastic interest rate the entire separate as well as the continual life insurance fine calculates the model.

人寿保险和年金保险是寿险经营的基本形式，本文对这两种保险形式的精算技术进行重点研究，分别建立了随机利率下全离散型以及连续型的人寿保险精算模型。

Traditional theory focused on how to explain the characters of the term structure, which can be divided into three orientations– expectations theory, segmentation theory and liquidity preference theory.

接着对国内外的理论和模型进行了梳理。传统的利率理论只是定性说明实际市场中观察到的收益率经验曲线为基本特征，根据假说的不同可区分为三类：预期理论、市场分割理论和流动性偏好理论。

Although,the current fund-raising system in our country can effe ctively mobi-lize savings,problems still exist in capital transformation.As a p ublic resource,government financing continues to play an important role,whereas the function of financial market to fuel economy tends to be weakened.Resources are allocated revers...

我国现行融资制度基本能够有效地进行储蓄动员，但在向资本转化方面存在着一定的障碍；作为公共资源的政府融资仍然发挥着相当重要的作用，但金融市场对经济的促进作用有进一步弱化的趋势；在地区间和企业间存在着资源的逆配置现象，总体上资本的运用效率较低，而非正规金融发挥了不可或缺的作用；严格的利率管制使中介的价格发现功能几乎没有，而市场的价格发现功能一直较弱；此外，存在较高的交易成本，流动性水平整体较低，风险转移功能也相对缺乏。

Credit risk can be affected by nonsystematic factors including corporate asset value,credit rating,default probability ,correlation,risk exposure and recovery ratio,meantime,it can be affected by systematic factors such as interest rate,commercial cycle and industry.

分析结果表明信用风险一方面受非系统性基本因素的影响，如公司资产价值、信用状况、违约概率以及相关性等，另外一方面也受到系统性宏观经济因素的影响，如利率、经济周期和行业因素等。其次是研究了信用风险的量化管理问题。具体方法是通过比较分析四种具有代表性的信用风险度量模型，包括CreditMetrics、CredirRisk+、KMV以及CreditPortfolioView等，目的是找到信用风险量化方法的统一框架，为度量信用风险建立一个合适的标准。

The favorable environment can be attributed to improvements in economic fundamentals in emerging markets, a reduction in external borrowing requirements, the abundant global liquidity that has allowed many sovereigns to prefinance their 2005 external financing needs, and more reliance on domestic capital markets.

许多新兴市场国家经济的基本要素正在不断改善－－包括加强他们政策框架可信性和债务结构质量的工作－－已经使主权信贷等级得到一系列提升，有助于形成良性的金融市场环境。关键词：金融稳定，私人部门，利率政策，通货紧缩，流动性，资本市场在过去的两年里，新兴市场主权债务国享受到了大为改善的金融环境。

Shanghai branch of a foreign bank who told reporters that the central bank interest rate adjustment on mortgage loans sold basic expatriates not affected.

一家外资银行上海分行的人士告诉记者，央行房贷利率的调整对外籍人士贷款买房基本没有影响。

In chapter3, information is divided into two basic types, the marginal equation of bond price and short-term interest variations is established, thus the security price variations and the price equilibrium of other assets (risk security non-risk security are included) are analyzed by the implement of portfolio Theory.

第三章将债券的价格均衡划分为两大基本类型，建立了债券与短期利率变动的边际方程，运用组合原理分析债券价格变动与其它资产（包括风险证券和无风险证券）的价格均衡关系，通过比较收益原理建立了债券以市场均衡收益为折现参数的价值方程，并通过实证检验了该模型的合理性；第四章，分析了内部信息与价格的传导原理，建立了非完全信息市场条件下价格传递信息的做市商模型和预期模型，并讨论外部信息与内部信息对股票价格影响的非一致性。

In chapter3, information is divided into two basic types, the marginal equation of bond price and short-term interest variations is established, thus the security price variations and the price equilibrium of other assets (risk security non-risk security are included) are analyzed by the implement of portfolio Theory. Finally the bond value equation which takes equilibrium return as its yield Parameter is established through the theory of comparative return. In chapter 4, the intra-information and the transferable system of price is emphasized and the market-maker model and expected model under non-perfect information market conditions are established, and the disaccord of the influence of extra-information and intra-information on the security price is discussed.

第三章将债券的价格均衡划分为两大基本类型，建立了债券与短期利率变动的边际方程，运用组合原理分析债券价格变动与其它资产(包括风险证券和无风险证券)的价格均衡关系，通过比较收益原理建立了债券以市场均衡收益为折现参数的价值方程，并通过实证检验了该模型的合理性；第四章，分析了内部信息与价格的传导原理，建立了非完全信息市场条件下价格传递信息的做市商模型和预期模型，并讨论外部信息与内部信息对股票价格影响的非一致性。

Then basic principle which fine calculated according to the life insurance, infers under these two kind of stochastic interest rates to survive the annuity, the life insurance, the balanced pure insurance premium and the loss variable, the pure insurance premium responsibility reserve fund model.

然后根据人寿保险精算的基本原理，推导出这两种随机利率下生存年金、寿险、均衡纯保费与损失变量、纯保费责任准备金的模型。

Singer Leona Lewis and former Led Zeppelin guitarist Jimmy Page emerged as the bus transformed into a grass-covered carnival float, and the pair combined for a rendition of "Whole Lotta Love".

歌手leona刘易斯和前率领的飞艇的吉他手吉米页出现巴士转化为基层所涵盖的嘉年华花车，和一双合并为一移交&整个lotta爱&。

This is Kate, and that's Erin.

这是凯特，那个是爱朗。