资产

I think not all of NPLs cannot be securitized if the asset value adaptable to bond value, NPLs collection into cash keeping pace with bond imbursement, and furthermore with other credit-increased measures.

因此，我国开展不良资产证券化业务的障碍并不在于不良资产本身的资产质量低，而是由于我国资产证券化运作环境中存在障碍。

The research pointed out that at the same time of establishing the machinism of non-tolling road asset value recovery, we should also manage non-tolling road asset fully through establishing Financial Management System, improving road maintaining system, defining the main management body of non-tolling road, improving the reporting system of non-tolling road.

研究认为，在建立非收费公路资产价值补偿机制的同时，还应从建立健全财务管理制度、改进养护机制、明确非收费公路资产管理主体、完善非收费公路资产报告制度等方面对非收费公路资产进行全方位的管理。

In the third chapter, we assume the expected returns of the risky and risk-free assets as well as the covariance matrix of the risky assets are not exactly known, but defined by some known elements, which form the vertices of this polytope. We consider three problems, the first one is when there exists no risk-free asset in the

第三章假设风险资产和无风险资产的收益以及风险资产的协方差矩阵不是完全确定的，其相关参数属于某个已知的凸多面体，分别在市场不存在和存在无风险资产的情况下定义了稳健最优投资组合问

In this paper we assume the expected returns of the risky and risk-free assets as well as the covariance matrix of the risky assets are not exactly known, but defined by some known elements, which form the vertices of this polytope. Robust optimal portfolio problems are proposed in the market with and without risk-free asset. And the analytical solutions are given out when the covariance matrix of the risky assets are exactly known.

本文假设风险资产和无风险资产的收益以及风险资产的协方差矩阵不是完全确定的，其相关参数属于某个已知的凸多面体，分别在市场不存在和存在无风险资产的情况下定义了稳健最优投资组合问题，并在协方差矩阵确定的情况下给出了问题的解析解。

If, upon such liquidation, dissolution or winding up of the affairs of the Company, the assets of the Company distributable among the Holders of Series A Convertible Preferred Stock and any other series of Preferred Stock ranking on a parity therewith in respect thereto or any class or series of capital stock of the Company ranking on a parity therewith in respect thereto shall be insufficient to permit the payment in full to all such Holders of shares of the preferential amounts payable to them, then the entire assets of the Company available for distribution to such Holders of shares shall be distributed ratably among such Holders in proportion to the respective amounts that would be payable per share if such assets were sufficient to permit payment in full.

公司资产中有可用于在A系列可转换优先股，以及与A系列股等价的其他相关系列优先股或其他相关种类或系列的公司股本股东之间进行分配的部分，在公司事务清算、解散或停业时，如果这一部分资产不足以对上述持有优先可支付额的股东进行全额支付，那么公司应调用全部可用资产，如果这些资产足够进行全额支付，则应根据此类股东各自的每股派息额数量按比例分配。

The department of the State Council in charge of state property administration should step up the administration and inspection of assets evaluation agencies, conscientiously ensure the confirmation and evaluation of assets for the restructured enterprises, and impose strict prohibitions against the distribution of state property to individuals by means of intentional underrating or free apportioning of assets of restructured enterprises.

国务院承担国有资产管理职能的部门要加强对资产评估机构的管理和监督，认真做好改制企业的资产确认和评估工作，严禁将改制企业的国有资产人为低估和无偿量化分配给个人。

Some views think MBO have cheating operation that lead to the state assets losses; I think MBO , as a kind of comparatively ripe system , its must not cause the loss of state assets , the objective factor influenced state assets price is much, higher or lower than net assets price may not reasonable , may not unreasonable either, the cause leading the loss of state asset is unsufficiency condition and not canonical means. We should consider interior employee especially outstanding the historical contribution factors of administrators.

笔者认为MBO作为一种较为成熟的制度，其本身并不必然导致国有资产流失，但国内影响国有资产合理定价的客观因素多而复杂，国有资产转让价格高于或低于净资产未必合理，也未必不合理；国有资产流失的原因是在条件不充分的情况下，用不规范的方法实施MBO；某些企业作低价是因为考虑了内部职工尤其是优秀管理者的历史贡献因素；当前首要目标是改制，提高社会整体经济效益，应在合理范围内以法律形式明确管理层收购价格优惠制度，促进MBO的顺利进行。

The innovations of this essay are following:Ⅰ, Completely investigating the theoretic introduction, practical application, and effects on investment administrant, and putting forward that China should transit gradually from dracon quantity regulation rules to prudent man rules;Ⅱ, Lucubrating the rational, negative effects, and experience tests of portfolio allocation regulation, performance regulation, and industry structure regulation of pension funds over OECD countries;Ⅲ, Analyzing the rational and sensibility of relative rate of return guarantees of pension plan, and advancing the scheme of rate of return guarantees of China;Ⅳ, First investigating the investment policy of pension plans globally using "contents analysis" over the world pension plans;Ⅴ, Lodging that portfolio diversification should be the most important risk management instrument, and presenting efficiency measure model of evaluating portfolio diversification of pension funds;Ⅵ, Lucubrating the optimal portfolio allocation model during accumulation phase and decumulation phase of pension funds; taking for that risky assets should decrease with time reducing during accumulation phase, but during decumulation risky assets should increase.

指出了本文研究的主要结论，以及研究的不足和未来研究的方向。本文研究的创新点在于：（1）从法和经济学的原理角度，全面研究了&审慎人&原则的理论解释、实践应用、对投资管理人行为影响的实证分析以及成功实施&审慎人&原则的因素分析，提出我国养老基金的投资管制应该逐步从严格的数量管制原则过渡到&审慎人&管制原则；（2）深入研究了养老基金的资产配置管制、业绩管制和产业结构管制的基本原理、负面效应、实证检验等，以及对OECD国家的国际比较；（3）研究了养老金计划的相对收益率担保的基本原理，并对其作用机制进行了敏感性分析，提出了我国收益率担保机制设计的方案；（4）首次采用&内容分析法&对国际范围内的养老金计划的投资政策进行了研究，找出了投资政策应该包含的关键要素；（5）提出组合多样化是最重要的风险控制手段，并给出了衡量养老基金组合多样化程度的效率评价模型；（6）深入研究了养老基金积累阶段和缩减阶段的最优资产配置的数量模型，认为在积累阶段对风险资产的投资应该随着时间减少，而在缩减阶段，风险资产应随着时间增加。

Starting from its significance for developing enterprises, society, and economy, this thesis studies the actualization of enterprises intangible assets. Problems in the actualization of national enterprises are expounded clearly and the causes barricading the actualization of intangible assets anatomized as well. On this basis, the writer proposes the approaches and countermeasures to our national intangible assets actualization as follows.

本文以企业无形资产价值实现为研究对象，从无形资产价值实现对我国企业和社会经济发展的重要意义入手，阐述了我国企业无形资产价值实现中存在的问题，剖析了影响我国企业无形资产价值难以实现的原因。

Reinvigorate tangible assets actualize intangible assets and thus maximize the enterprises value accordingly . Problems in the actualization of national enterprises are expounded clearly and the causes barricading the actualization of intangible assets anatomized as well .

本文以企业无形资产价值实现为研究对象，从无形资产价值实现对我国企业和社会经济发展的重要意义入手，阐述了我国企业无形资产价值实现中存在的问题，剖析了影响我国企业无形资产价值难以实现的原因。

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