风险资本

Experience from mature markets, as long as the company's net capital in excess of the standards, the business operation of compliance, the risk of brokerage firms will be able to control the affordable range.

从成熟市场的经验，为公司的净资本只要在超标，合规经营，经纪公司的风险将能够控制承受的范围。

Since the first open-end fund issue, there are 5th redemption, which also reveals more profound form of market phenomena causing open-end fund liquidity risk. In 2002, the open-end fund market was just established, in order to expand the size, many funds only attract institutional investors, and do not distinguish between investor by their liquidity preference. Under such single structure, institutional investors large size redemption will cause fund scale reduced significantly, which suffered huge losses. In 2003, as the Funds growth, more and more retail investors join in fund market and occupy a dominant position. Due to the lack of awareness of the fund market, they all use the concept of stock investment.

自开放式基金成立以来，中国历史上的5次赎回也更深刻的揭示了构成开放式基金流动性风险的市场现象。2002年为开放式基金成立初期，很多基金为了吸纳资本，扩大规模，只面向机构投资者融资，并且不区分投资者的流动性偏好，在这种单一的结构下，机构投资者的大额赎回就导致基金规模的锐减，从而遭受巨大损失。2003年，随着基金的发展，越来越多的散户介入其中并占据主导地位，由于缺乏对基金市场的认识，按照原有投资股票的理念投资基金，所以在低迷的股市稍有起色，基金稍有赢利时，就开始赎回，造成了多只基金净值的损失。2005年，保险行业可以直接入市，再加之逐渐回升的行情和基金公司高额的手续费，很多保险公司开始赎回持有的基金转而直接入市。

The paper first scrutinizes the basic principles, advantages and disadvantages of three representative advanced measurement approaches, which are Internal Measurement Approach, Scorecard Approach, Extreme Value Theory and Loss Distribution Approach. Furthermore, the paper expounds how Deutsche Bank uses LDA to estimate Capital at Risk to cover the operational risks.

本文首先详细评析了高级计量法体系中具有代表性的内部衡量法、计分卡法、极值原理法和损失分布法的基本原理及各自优缺点，进而以德意志银行为例阐释了如何利用损失分布法进行操作风险经济资本计量。

All the issues directly or indirectly influence value and price of the NPAs. The methodologies including static and dynamic analysis, micro and macro analysis are applied to address the basic theoretical and specific problems in the research. The analysis on value and price of NPAs can fill some vacancies of the theoretical research about NPAs, and reveal the internal links among current relevant theories about fictitious capital /assets, financial risk, financial crisis, portfolio selection and assets pricing models, assets assessment and evaluation technologies.

不良资产价值和价格分析可填补现行不良资产研究中基础性研究的某些不足，并可将现行与不良资产价值和价格分析相关的理论如金融资产或虚拟资本理论、金融风险理论、金融危机理论、资产组合与资产定价模型以及资产评估技术等有机地联系起来，将现行理论所研究的内容的内在联系表现出来，并在一定程度上弥补现行理论的不足。

So says industry experts have a direct listing of real estate financing is the best choice for enterprises, not only could easily defuse financial risks, but also can reduce corporate finance costs and improve their capital structure and so on.

因此，业内专家表示，有直接上市的房地产融资的最佳选择，为企业，不仅可以很容易地化解金融风险，而且还可以降低企业融资成本，并改善其资本结构等等。

In order to adjust the return for risk the World Free floating MSCI Index was used to represent the capital market.

同时，为了调整回归风险，世界自由浮动MSCI指数被用来表示资本市场。

First, through the MM model and adjusted MM model, a fundamental firm value model is set to reflect capital structure and financial risk on the basis of time value.

首先从MM模型以及修正的MM模型入手，以时间价值为基础建立反映资本结构与财务风险的企业价值基本模型。

At present, China's economic fundamentals, enhance the positive 4,000,000,000,000 yuan to stimulate economic efficiency of the implementation of the program, a fundamental solution to China's final demand, China's economy to reduce the risk down is the stability of China's capital market lies.

目前，中国的经济基本面，提高正面4，000，000，000，000元刺激的程序，从根本上解决中国的经济最终需求的执行效率，中国的经济以降低风险降低，是中国资本市场的稳定，关键在于。

Profs Bebchuk and Spamann add that four features of the modern financial system make the situation even worse: first, the capital of banks is itself partly funded by debt; second, the role of bank holding companies may further increase the incentives of shareholders to underplay risk; third, managers are rewarded for aligning their interests with those of shareholders; and, fourth, some of the ways managers are rewarded options, for example are themselves a geared play on rewards to shareholders.

拜伯切克和斯班曼教授补充道，现代金融体系的4个特征令情况更加恶化：首先，银行资本本身就有一部分来自债务；其次，银行控股公司的职能，可能会进一步增加股东不重视风险的动机；第三，管理层因为让自己的利益与股东相一致而受到奖励；第四，管理层获得奖励的某些方式，本身就与股东回报息息相关。

Barclays' upper echelons were acutely aware of the dangers of integrating a group that had more than twice as many employees as BarCap's US operations and saw itself as the custodian of an aggressive, go-getting culture.

巴克莱高层极其清楚，整合一家员工总数超过巴克莱资本美国业务两倍、并自视为积极进取、敢作敢为文化守护者的集团会有何风险。

However, as the name（read－only memory）implies, CD disks cannot be written onorchanged in any way.

然而，正如其名字所指出的那样，CD盘不能写，也不能用任何方式改变其内容。

Galvanizes steel pallet is mainly export which suits standard packing of European Union, the North America. galvanizes steel pallet is suitable to heavy rack. Pallet surface can design plate type, corrugated and the gap form, satisfies the different requirements.

镀锌钢托盘多用于出口，替代木托盘，免薰蒸，符合欧盟、北美各国对出口货物包装材料的法令要求；喷涂钢托盘适用于重载上货架之用，托盘表面根据需要制作成平板状、波纹状及间隔形式，满足不同的使用要求。