金融上

Global finance and the popularization of network techniques in business make currency transfer more rapidly and clandestinely, especially when they are used in money laundering from criminal proceeds. To some extent, they promote technology and business combined with crimes.

金融全球化和网络技术在商业中的普及使得金钱转移越来越迅速和隐秘，来自犯罪收益的黑钱对以上手段和方式的应用更是淋漓尽致，这在某种程度上促进了科技商业和犯罪的结合与发展。

Our analysis result shows: in the judgment and decision-making process, the investor cognation biases can be divided into the cognation bias of price fluctuation, the estimate bias of corporate value, the manager bias of risk and wins, the manipulate bias of trading.

本文认为金融市场上投资者所具有的典型性认知偏差包括对股价波动的认知偏差、对上市公司价值的估计偏差、对风险和回报的管理偏差以及股票交易中的操作偏差四种；而深入分析投资者的这些认知偏差很有理论和现实意义。

The last time financial crisis collided with political dissatisfaction was more than a decade ago.

上一次金融危机与政治不满同时出现，是在十多年前。

The Financial Services Authority and Prudential have come to blows.

英国金融服务管理局(Financial Services Authority，以下简称FSA)与保诚集团针尖对上了麦芒。

Most of the recent contractions were in commercial paper tied to financial companies in the U.S. and overseas.

最近的收缩绝大部分出现在与美国及海外金融公司相关的商业票据上。

The main reason why American mutual fund is so advanced is that there is the concerted mechanism environment for mutual fund, such as the mature financial market, sufficient investment capital supply, well-developed system of laws and so on. Adopting the specific exponents of Shanghai and Shenzhen Security Market, fund exponent yields, all weekly yields of mutual fund in specific periods, etc., the positive analysis of the coordination of Chinese mutual fund and Security Market demonstrates that this coordination is not ideal generally. On condition that the market characteristic of mutual fund is made clear, mutual fund can develop conceitedly and healthily by developing security market, increasing market efficiency, providing more fund, improving fund management, standardizing relative system of privately offered funds and so on, and optimizing the market environment to develop mutual fund.

美国开放式基金之所以发达，主要原因在于开放式基金具有协调发展的制度环境，如成熟的金融市场、充足的投资资金供给、完善的法律体系等；采用沪、深证券市场特定指数与基金指数收益率，及特定时期内所有开放式基金的周收益率等指标，对我国开放式基金与证券市场的协调性的实证分析发现，二者协调性程度总体上不理想；在明确开放式基金发展的市场过程性质的前提下，通过促进证券市场的成熟、提高市场效率、完善法律、拓宽基金资金供应渠道、完善基金治理结构、规范私募基金发展等配套措施，优化开放式基金发展的市场环境，才能不断促进开放式基金的协调、健康发展。

This thesis adopts foreign successful experiences on disposing of non-performing asset and brings forward conceivability to accelerating the reform of state-owned commercial banks, which uses bondly institutional, organizational, marketable and financial operational innovation by analyzing the conditions of non-performing asset, deeper forming reasons and the experiences and lessons disposing of them. Then we should sustaining enrich the approaches and means of disposing of non-performing asset, and shape a new system and market, and its aim is to accelerate economic development and to reduce financial risk, and to ensure moderate and persistent development of state-owned commercial banks.

本文在吸收借鉴国外处置不良资产成功经验的基础上，通过分析国内不良资产的现状、形成的深层次原因、处理不良资产的经验教训，提出了大胆利用制度创新、组织创新、市场创新、金融业务创新加速国有商业银行不良资产处置的操作构想，通过不断丰富不良资产处置的途径与手段，形成全新的制度与市场，以达到标本兼治的目的，旨在使国有商业银行更好的促进经济发展的同时，降低资产风险，保障国有商业银行的稳健运营、持续发展。

In this paper,we use the historical data to get the experiential distribution function of conditional revenue ratio when we can not determine the type of the allied distribution of the price and revenue ratio,and then we calculate the VaR under a certain price level of the price.

1研究意义VaR是目前证券投资风险管理的重要工具，在数学上，表示为投资组合收益率分布的下α分位数，表达式为：P=α(VaR 0)图1 VaR的图形表示其中，ΔP表示在Δt时间内，某个金融资产的市场价值的变化，α为给定的概率，如图1所示。

The present paper through to the value investment theory's formation and the development discussion, to the value investor behavior characteristic's elaboration, using the behavior finance theory from the expectancy theory, the flock of sheep effect, responded excessively, the reverse operation model and so on four aspects and have carried on the contrast congenially to the value investment, theoretically explained why the value investment idea does have the sophistication.

本论文通过对价值投资理论的形成与发展的探讨，对价值投资者行为特征的阐述，运用行为金融理论从期望理论、羊群效应、过度反应、反向操作模型等四个方面对价值投资与投机进行了对比，从理论上解释了价值投资理念为什么具有先进性。

It became prominently visible in September, 2008 with the failure, merger or conservatorship of several large United States-based financial firms.

在2008年九月，由于数个大型美资金融公司的倒闭，合并和管理上的失误，使得危机越发明显。

I didn't watch TV last night, because it .

昨晚我没有看电视，因为电视机坏了。

Since this year, in a lot of villages of Beijing, TV of elevator liquid crystal was removed.

今年以来，在北京的很多小区里，电梯液晶电视被撤了下来。