资产

On the basis of examining the fictitious nature of the housing property and land property respectively,the paper arrives at a tentative conclusion on the fictitiousness of both.

研究房产和地产二者各自的虚拟性，然后加以汇总得出一个关于房地产虚拟性的基本结论：房地产是除金融资产以外的另一种典型的虚拟资产，其虚拟性介于一般商品和金融资产之间。

It can determine the most loss amount that value of credit assets might suffer within one year and under a fiducial probability.

这一模型方法不仅考虑了在一定时期信用资产的违约风险，还考虑了一定时期信用资产由于信用等级的转换所带来的资产价值的变化。

In the end, there is a brief conclusion . The conclusion of this passage mainly includes: The listed companies have obvious preference for stock right financing, and the financing order is stock right financing, the short-term debt, endogenous financing, the long-term debt, which differs from that of western countries; Financing structure is characterized by comparatively lower asset-liability rate, higher floating debt and lower long-term debt; The governance structure is irrational, and the shareholders" meeting perform practically no function. In the meanwhile, board of director structure is unreasonable, which is highly coincident with the manager layer. Board of supervisors" independent character is poor, while manager layer is lacking in restraints and supervision; The interdynamic

本文的结论：上市公司有明显的股权融资偏好，融资顺序为股权融资、短期负债、内源融资、长期负债，这与西方国家上市公司的融资顺序不同；融资结构具有资产负债率相对较低，流动负债偏高、长期负债偏低的特征；治理结构不合理，股东大会形同虚设、董事会结构不合理、董事会与经理层高度重合、监事会独立性不强、经理层缺乏约束与监督；治理结构与融资策略选择的互动关系不强；独立董事比例与资产负债率正相关，工业、公用事业与资产负债率负相关，商业与流动负债率正相关，第一大股东持股比例与流动负债率负相关，第一大股东持股比例与长期负债率正相关，执行董事比例、工业、商业与长期负债率负相关。

The results obtained in the frictionless market are applied to study the effects of incomplete information to portfolios.

信息不仅影响投资者在无风险资产和风险资产之间的资金分配比例，而且影响风险资产组合。

The dissertation in depth analyzes the inner relationship between hedging and risk diversification, finds out that the relevance among prices or returns of different assets is the common basis for hedging and portfolio selection,and presents the notion of hedging portfolio selection referring to portfolio selection theory,which means that hedgers choose optimal hedging portfolio from a set of feasible hedging tools considering risky elements and hedger\'s real requirements during the course of hedging.

本文深入分析了套期保值与风险分散化思想的内在联系，指出资产之间价格的相关性是套期保值问题和资产组合选择问题的共同基础，提出应该在真正的资产组合选择理论意义上研究套期保值问题的研究思路，即在充分考虑套期保值过程中各种风险因素和套期保值者实际要求的基础上从可供选择的套期保值工具集合中选择最优套期保值组合，并称这种研究套期保值的方法为套期保值组合选择。

Under this system, a company can hypothecate all its properties, which can even include the properties in future, and has the right to dispose its property before the crystallization. Now, it is adopted by many Common-law System countries and Civil-law System countries.

它以一种非常灵活和不占有抵押物的担保方式，以抵押人现有及将来可取得的资产设定担保，但在抵押期间抵押人可以利用其资产继续进行生产经营活动，更可以无须得到债权人的同意在日常经营的情况下自由处置抵押物资产，现已为世界上很多普通法系及大陆法系国家及地区所采用。

The second, the technique in the immaterial assets with patent right has the technique property, should be the key factor of the property competition ability.

无形资产中的技术专利权和专有技术资产，当属资产竞争力的关键要素。

Immaterial assets,owing to its owner is endowed with some rights or privileges by the law,has its value as compare with other assets.

无形资产由于法律授予这类资产的所有者以某种权利和特权而与其他资产一样具有价值。

The use of assets for impairment adjustment of profits According to the Ministry of Finance, in 1999 and 2001 respectively, the implementation of the new accounting system, would require a total of eight Provision for impairment, in the Provision for impairment of the year, profit was not affected, and the year after back-impairment Preparations that can increase profits, some listed companies to take full advantage of this policy, previously extracted large amounts of impairment, and after a variety of meaning that those who have the impairment of assets each year restoration of the original value, so back - Have mentioned impairment, inflated profits, as for the impairment of assets and revaluation itself is difficult to define a subjective issue, after preparations for impairment from increased profits from the source.

九、利用资产减值准备调节利润根据财政部的规定，在1999年和2001年分别执行新的会计制度，共需计提八项减值准备，在计提减值准备的当年，不影响当年利润，而以后年度冲回减值准备时则可以增加当年利润，某些上市公司为充分利用这一政策，先前提取大额减值准备，而以后以各种各义说明那些已减值资产逐年恢复了原有价值，因此冲回已提减值准备，虚增利润，至于资产的减值和升值本来就是一个难以界定的主观问题，提取减值准备为以后增加利润提取了来源。

In five years, the provincial owned assets management companies have done a lot of work and made the remarkable achievements. But there are obvious insufficience. After specially set the national capital committee, how to difine the provincial owned assets management company, how to adjust the function, and how to further deepen the reform, these are the common issues that the national capital committees of Guangdong Province and the provincial-owned assets company are facing now, and looking forward to be resolved.

五年来，省属资产经营公司做了大量的工作，取得了显著成效，但也存在明显不足，特别是省国资委成立后，省属资产经营公司如何定位，职能如何调整，如何进一步深化改革，是省国资委和省属资产经营公司共同面临并亟待解决的问题。

Neither the killing of Mr Zarqawi nor any breakthrough on the political front will stop the insurgency and the fratricidal murders in their tracks.

在对危险的南部地区访问时，他斥责什叶派民兵领导人对中央集权的挑衅行为。

In fact,I've got him on the satellite mobile right now.

实际上 我们已接通卫星可视电话了