现金资产

Further, we use return on equity to measure corporate performance and the management expense ratio and the asset turnover ratio to measure agency costs.

我们构建了公司治理指数用来衡量公司治理结构，用自由现金流来衡量债券融资对经理过度消费等行为的约束，用主营业务利润率来衡量公司经营绩效，用管理费用率和资产周转率来衡量公司代理成本，结果显示公司债券融资对公司治理结构、自由现金流和公司绩效影响不显著，但与公司的代理成本为显著正相关，也就是说目前我国公司债券融资还不能发挥债权治理的功能。

As long ago as 1998 — when Berkshire had $122 billion in assets and less than $14 billion in cash — Mr. Buffett worried his company was getting too big for its britches.

早在1998年，巴菲特就担心伯克希尔哈撒韦公司的现金太多了，当时这家公司有1，220亿美元资产，手中的现金不足140亿美元。

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。

Fitch develops its own cash flow models to evaluate the cash flow and liquidity dynamics of the structure.

Fitch 开发它自己的现金流动模型评估结构的现金流动和流动资产动力学。

In addition to looking for a number of strong balance sheets and good cash flow and underestimate the value of companies, high cash dividend companies, the benefit from the economic stimulus policy, companies (such as infrastructure projects and environmental protection), and macro-economic cycle separated from the industry, to benefit from domestic demand to promote the industry all have good investment opportunities.

除了一个强大的资产负债表和良好的现金流和低估价值的公司数量来看，高现金分红的公司，从经济刺激政策的好处，公司，和宏观经济循环分离行业，从国内需求的利益，促进行业都具有良好的投资机会。

The ending cash balance is the cash balance in the budgeted or pro forma balance sheet.

结局现金平衡是在按预算的金色预计资产负债表中现金平衡。

As well, it should be noted that, in the companies with greater growth opportunities, the managerial ownership will influence the cash holdings more significantly. At last, the policy of cash dividend has a positive effect on the cash holdings. Utile now, we haven't found out any theoretical support on the phenomenon yet.

论文针对以上实证研究的结果，提出了如何改进公司的治理结构，包括对股权结构的改善和改进管理层激励和约束机制的建议，以更好地制定现金持有政策，更有效地利用现金这一流动性最强、盈利能力最弱的特殊资产。

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。

It must be pointed out that the net income shown in the income statement is an accounting profit, not cash flow. Inthe 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。

What are you doing to get rid of cash depleting liabilities and to increase cash generating assets?

摆脱消耗现金的负债，增加产生现金的资产，您是怎样做的呢？

And Pharaoh spoke to Joseph, saying, Your father and your brothers have come to you.

47：5 法老对约瑟说，你父亲和你弟兄们到你这里来了。

Additionally, the approximate flattening of surface strip using lines linking midpoints on perpendicular lines between geodesic curves and the unconditional extreme value method are discussed.

提出了用测地线方程、曲面上两点间短程线来计算膜结构曲面测地线的方法，同时，采用测地线间垂线的中点连线和用无约束极值法进行空间条状曲面近似展开的分析。