负债的

Contingent liability An obligation which is conditional upon the finalization of certain transactions or may arise in consequence of a future event now considered possible but not probable.

或有负债指一项负债，它的存在取决于某些交易的最后确定，或一个现在认为可能发生但不一定发生的未来事件的结果。

The level of free cash flows and the shareholding ratio of major external shareholders have no significant effects on the start-ups' leverage. However, in order to avoid the firm going bankrupt, the entrepreneur has the stronger motivation to reduce the leverage when he holds more shares, and the levels of the long-term debts and the bank loans decrease significantly with the increase of the entrepreneur's shareholdings.

进一步，受创业者与股东间代理冲突不及成熟企业严重的微观经济特征的影响，自由现金流和外部大股东持股比例对创业企业资本结构无显著影响，而高持股比例使得创业者倾向于选择低的债务水平，且创业者持股对长期负债和银行货款的负向影响较其对短期负债和商业信用的负向影响更为明显。

Overall, says Thompson, long- term growth looks superior to the west's as a result of favourable demographics, strong balance sheets, an unleveraged consumer and interest rates and inflation that remain low, albeit rising.

汤普森表示，总体而言，在有利的人口结构、企业强劲的资产负债状况、消费者负债水平较低，以及利率和通胀水平仍然保持在低位等因素的支撑下，该地区的长期增长前景似乎要优于西方。

Before crisis struck, the slack attitude towards credit risk in bond markets meant that borrowing costs for high- and low-debt countries were similar. When in 2003 the European Commission threatened to impose penalties on France and Germany for excessive deficits, the pact was first suspended and then amended, with get-out clauses for "exceptional" events.

危机到来之前，财政部门对债券市场的信贷危机毫不紧张，高负债和低负债国家的借贷利息是相同的。2003年欧盟委员会威胁要惩罚赤字过大的法德两国，这时这项协定才首次停用，继而进行修订，增加了应对"特殊"事件的额外条款。

But as the crisis in the US is a very long-term one, it is apparent that banks need to deleverage and recapitalize, even if they were not directly exposed to US debt and if they were using prudent levels of leverage.

但是美国的危机是非常长期的，很明显这些银行需要减低负债经营，重新开始调整资本结构，就算他们并没有直接受到美国债务影响，或者就算他们采用的是谨慎的负债经营比例。

Based on a thorough analysis of the income statement and balance sheet of Qiqihar Branch of China Industrial and Commercial Bank, coupled with the revelant theories about commercial banks as well as the specific situation in China, this report also attempts to research and analyse the the operating activities and the asset-liability management of Qiqihar Branch of China Industrial and Commercial Bank, and further explores solutions to commom problems currently faced by China commercial banks

本文通过分析中国工商银行齐齐哈尔分行的资产负债表和损益表，结合商业银行理论及中国的实际情况，对中国工商银行齐齐哈尔分行的经营状况和资产负债管理做了较全面的研究和分析，探求了目前我国商业银行资产负债管理所面临的共性问题及解决方案。

Numerical solutions show that stockholders choose to exercise the investment option too early compared to the unleveled enterprise. Compared with value-maximizing policy, stockholders are inclined to overinvestment under the equity-maximizing investment policy, which affects the investment option value and optimal leverage choice, and does harm to the interests of bondholders. When debt constrained, the enterprise decreases the investment trigger first, and then increases it as constraints become more binding.

数值计算显示，与无负债企业相比，杠杆企业具有过度投资倾向以加快实现负债融资所带来的利息税盾价值；与企业价值最大化策略相比，在股东权益最大化目标下，股东具有较早执行投资期权的动机，影响投资期权价值和最优财务杠杆的选择，并侵害了债权人的利益。

We borrow money against portfolios of interest-bearing receivables whose risk characteristics we understand. We did this in 2001 when we guaranteed $5.6 billion of bank debt to take over, in partnership with Leucadia, a bankrupt Finova (which held a broad range of receivables). All of that debt has been repaid. More recently, we have borrowed to finance a widely-diversified, predictably-performing portfolio of manufactured-home receivables managed by Clayton. Alternatively, we could "securitize" that is, sell these receivables, but retain the servicing of them. If we followed this procedure, which is common in the industry, we would not show the debt that we do on our balance sheet, and we would also accelerate the earnings we report. In the end, however, we would earn less money. Were market variables to change so as to favor securitization, we could sell part of our portfolio and eliminate the related debt. Until then, we prefer better profits to better cosmetics.

2我们也会举债用来买进有利息收入且我们了解其风险属性的应收帐款，像我们在2001年就与 Leucadia 合作联合对当时破产的融资公司 Finova给予56亿美元的债务担保，目前该笔借款业已清偿完毕，而最近，我们也借钱给子公司 Clayton 房屋以协助其买进风险相当分散且容易预估绩效的房屋贷款债权，当然我们大可以像其它同业一样将这些债权证券化卖掉，只保留后续的服务部份，如此我们帐上不但可以降低负债比例，而且可以达到美化帐面的目的，但如此一来，我们却必须牺牲部份利润，除非市场真的转变，使得证券化较有利，我们才可能出售部份应收帐款以降低负债，在这之前，我们宁要里子不要面子。

Enterprises must be from their own starting and financing environment, the greatest degree of debt financing play a positive effect, reducing debt financing risks, to determine the appropriate capital structure to maximize the value of enterprises.

企业必须从自身的情况和融资环境出发，最大程度的发挥负债融资正效应，降低负债融资风险，确定适当的资本结构，以实现企业价值最大化。

Examples of liabilities include bank overdrafts, loans and creditors.The difference between the assets and liabilities is the budget for the owner's equity .

的例子，负债包括银行透支，贷款和creditors.the之间的差额资产和负债是预算的所有者权益。

The good news is that after formatting from the command line to FAT32 (format /fs:fat32 /a:4096 drive:) all but one of the problematic games that I tested work perfectly.

好消息是，从指挥线后格式化了FAT32(格式/曾荫权：了FAT32/答：4096年径：)所有问题，但其中的游戏测试工作，我很好。

In Amsterdam. He is a Dutch painter, draftsman, and etcher of the 17th century, the greatest artist of the Dutch school, a master of light and shadow whose paintings, drawings, and etchings made him a giant in the history of art.

伦勃朗是一位17世纪画家、绘图家、版画家，荷兰学派的最伟大艺术家，他的明暗法的大师，他的绘画、素描和版画使他成为一位艺术史上的巨匠，其画作体裁广泛，擅长肖像画、风景画、风俗画、宗教画、历史画等。