资产

Some of this will unwind as banks make less use of liquidity lifelines and acquired assets naturally roll off.

随着银行业减少对美联储救急资金的需求，以及美联储所收购资产的自然释放，美联储资产负债表的规模会有所下降。

The second part is the second chapter of the paper, is introduces efficiency measurement methods and theory on banking, make matting for efficiency of the Rural Credit Unions. The third part is the third and fourth chapter of the paper ,and it is main body of the study .The third chapter is the efficiency analysis of the object ,the result show that the efficiency of RCU correspond, some lowlihead at all times, and scale inefficacy is mostly cause of RCU integrate technique inefficacy; The fourth chapter base the result analysis the factor affect RUCs technical efficiency ,discuss their relationship.

第三部分即是论文的第三、四章，这也是本研究的主体部分，第三章是对研究对象的DEA效率分析，首先对模型和指标的选择做出了详细的解释，并通过D卧模型实证分析了2000-2005年研究对象的效率及变化情况，结果显示苏北地区的农村信用社效率水平相当，部分县区的农信社效率在几年中一直低下，并且规模无效是导致农信社综合技术无效的主要原因；第四章主要用了经济计量学方法分析了影响农信社效率的主要因素与农信社效率的关系，得出资产规模、经营管理费用的增加会导致农信社效率的降低，而资源配置能力、多元化经营的水平、资产质量、资本充足率以及盈利能力与农信社效率呈正相关的关系。

The researchmethodology system is as follows:The variables that can be measured and have significance to stock relative intrinsic value are industry characteristic, profitability,development potential,qulity of earing and asset, the expandable potential of capital stock,the ability to pay off the debt,asset manging ability and the scale of the capital stock;(2)When the MFPM is established, the original variables should be disposed beforehand;(3)As for the research objects.we should value synthesizationly the achievement of the listed,and take the No.

本章所建立的研究方法体系为：（1）上市公司个股基本面因素中可以量化，并且对股票相对内在价值有重要影响的主要有行业特性、盈利能力、成长性、盈利质量及资产质量、股本扩张潜力、偿债能力、资产运营效率和股本规模大小等方面；（2）在建立MFPM模型时，原始指标值是不能直接用于模型计算的，必须对数据进行预处理后才能用于模型中：（3）在确定研究对象时，需要对上市公司经营绩效进行综合评价，在剔除主要靠未来业绩预期定价的第Ⅳ类股后，把第Ⅰ、Ⅱ和Ⅲ殴作为模型研究对象；（4）在选择多元回归模型时，由于原始自变量由于存在错综复杂的关系，尽管对原始自变量进行过预处理，但自变量指标依然会存在一定的多重共线性，为此在建立MFPM模型时，须采用逐步回归模型；（5）在检验MFPM模型有效性时，须从统计意义和投资实战意义两个方面进行。

If you investigate individually the manias that the market has so dubbed over the years, in every case, it was expansive monetary policy that generated the boom in an asset.

在那个躁动的年代，就单个个案而言，导致大量的资产泡沫的是紧缩的货币政策。（因为流动性不足，资产不能套现反而成了累赘。

Capital weightings for most assets are higher in the United States than in Japan, making U.S.

美国大部分资产的权重都比日本高，促使美国的保险商对不同资产类别的相对权重更为敏感，因而也更强烈地加强了他们持有各种公司债券而不是产权的努力。

The execution, delivery , performance and completion of this agreement and the Investor Rights Agreement by each of the Warrantors do not and will not violate in any respect any provision of any law or regulation or any order or decree of any governmental authority, agency or court of any jurisdiction which is applicable to the Warrantor, any Group Company or any Associated Company; the laws and documents incorporating and constituting the Warrantor, any Group Company or any Associated Company prevailing as at the date of this agreement and as at Completion; or any mortgage, contract or other undertaking or instrument to which the Warrantor, any Group Company or any Associated Company is a party or which is binding upon it or any of its assets, and does not and will not result in the creation or imposition of any encumbrance on any of its assets pursuant to the provisions of any such mortgage, contract or other undertaking or instrument.

各担保人在执行、转让、履行及完成本协定与投资人权利协定时，绝不违反下列之任一条款：政府机关、机构或管辖法院颁布的法律、法规、法令、或判决，适用于担保人、其集团公司或关联公司；在本协议签署至完成期间，所施行的法律和文件，据以组成保证人、其集团公司或关联公司；担保人、其集团公司或关联公司所签定的抵押、合同、约定及文件，或是前述四者对担保人等或其资产有约束力，且依照其中条款绝不会对其资产派生或附加任何债权。

According to market estimates at the time, Lehman's balance-sheet was under pressure from perhaps $25 billion of unrealised losses on illiquid assets.

事实如此。据当时的市场估计，可能高达250亿美元的非流动性资产未实现损失使得雷曼兄弟的资产负债表面临巨大压力。

And the estimates do not include unrealised gains or losses on the Fed's portfolio of mortgage-backed securities and Treasuries purchased as part of its $1,750bn asset purchase programme that provides an additional stimulus to the economy.

这项估算还未计入美联储在资产收购计划下购入的抵押贷款支持证券和美国国债的未实现收益或亏损。规模1.75万亿美元的资产收购计划为美国经济提供了额外的刺激。

It did not consider the treatment of administrative services and it is therefore necessary to identify the territorial regime applicable to each precise component of the outsourced service, especially when the asset manager is entering into an outsourcing program where several services will be provided by different specialized suppliers (for example, valuation agencies for net asset values, custodians).

据此，我们需要对外包劳务的各个组成部分进行划分，特别是当资产管理公司将业务分包给数个劳务外包商时（比如外包净资产估值业务的估价机构和资产管理人）。

In practice, while asset managers typically continue to exercise the core asset management functions, such as investment management, the trend is to outsource all or part of the administrative functions to related or external suppliers. Asset managers are generally interested in outsourcing administrative tasks such as net asset valuation, asset inventories, pre-centralization of orders, accounting reconciliation and communications with brokers/dealers, to enhance efficiency and monitor costs.

通常，为了提高效率控制成本，资产管理公司保留投资管理等核心的资产管理业务，而将净资产估值，预先集中定单处理，银行调节帐户核对与保险经纪人沟通等管理职能部分或者全部外包给其关联公司或第三方劳务外包公司。

I will endeavour to find you some assistance.

我尽力帮你找人帮忙。

At first I only know bruck is the idol of American younglings, afterwards I returned back to Taiwan ,even in Beijing last year ,I saw her poster everywhere, I was so surprised at her charm.

起初我只晓得布鲁克雷德丝是美国少男少女崇拜的偶像，后来回台湾，甚至去年在北京，居然也四处看见她的海报，才惊讶她的魅力之大。