流动性

This unifies the vertical relation which is the fundamental-derivative relation and the horizontal relation which is the cross sectional relation.

本文构造的基于资产链的资本资产定价模型清晰地反映出公司管理层面、基本赢利层面和市场流动性三了层面的信息，实现了企业基本面信息和市场流动性信息的有机统一。

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。

This fluidity of territory is entirely a result of the fluidity of the war.

这种领土的流动性，完全是来源于战争的流动性。

Furthermore, the maximum likelihood method is introduced to estimate relevant parameters with a chi-square test done for the goodness of fit of the model used.

第三章研究了可能引起流动性风险的基金管理人的投资行为，并对因巨额赎回而引起的流动性风险问题进行了预测。

When illiquidity is used as the measure of liquidity, there is no liquidity premium in Chinese stock market.

此结论说明流动性因子的选择对流动性溢价有明显的影响。

The increased risk and illiquidity has also lead to a spike in volatility, contributing to the higher margins.

与日俱增的风险以及流动性降低引起了资产价格波动性，对于那些高保证金的非流动性资产尤其如此。

The reasons impacting liquidity sufficiency arise from global liquidity sufficiency as well as domestic structural illogicality.

影响流动性过剩的原因也非常多，既有世界性的流动性过剩的影响，也有我们自身的结构性矛盾的影响。

Furthermore, to cater for16 the possibility of a sudden liquidity squeeze or other shocks that may place strains on the bank's balance sheet, a cushion of liquidity is essential.

而且，为了应付可能出现的突发事件对流动性的要求或者其他对资产负债表产生压力的情况发生，银行的流动性缓冲是非常重要的。

Liquidity is the important property of stock market,but it is difficult to define and measure liquidity.

流动性是股票市场的重要属性，是金融市场微观结构理论研究的重要议题，但对流动性进行准确的定义和度量却是一件困难的事情。

We need to know not only the level of liquidity but also the risk of liquidity.

我们不仅需要关注流动性的水平有多大，还需要关注流动性的风险有多大。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。