?illiquidity

illiquidity發(fā)音

英：[??l?'kw?d?t?]　　美：[??l?'kw?d?t?]

英：　　美：

illiquidity中文意思翻譯

n. 非現(xiàn)金；不能立即變現(xiàn)

illiquidity常見例句

1 、Yet the past year has shown that uncertainty breeds illiquidity.───只是去年的事實表明不確定導(dǎo)致了流動性不足。

2 、The market for property may appear favorable for first-time homebuyers, but a house is an illiquid investment.───對初次購房的人來說,房地產(chǎn)市場也許看起來比較有利,但房屋是一種不能立即兌現(xiàn)的投資。

3 、Many such relatively illiquid securities are valued as marked to model, rather than an actual market price.───中國有深圳，上海兩個證券市場。

4 、At the same time as providing a critique of the equity markets, private equity has helped turn illiquid bank-dominated debt markets into highways for delivering cheap credit.───同時對于權(quán)益市場的批評，私募基金能幫助非現(xiàn)金銀行支配債務(wù)快速轉(zhuǎn)變成便宜的交付信貸抵免。

5 、Say the fund holds large positions in illiquid assets.The fund cannot immediately sell these assets, except at a fatal loss, so it would sell its more liquid assets.───要是這個基金持有很大的非流動性資產(chǎn)，這個基金就沒法立刻賣掉這些資產(chǎn)，除非在一個致命的虧損的時刻，那么它將出售更多流動性資產(chǎn)。

6 、The expected stock returns are a decreasing function of liquidities,which proves that illiquidity premium exists in China stock market.───4、我國股票的流動性與期望收益負相關(guān)，存在明顯的流動性溢價現(xiàn)象。

7 、And many of the new risk-dispersing instruments are so illiquid that trouble may not emerge for some time.───許多新型的風(fēng)險分散工具是不可轉(zhuǎn)換成現(xiàn)款的，因而在一段時期或許無礙。

8 、I'll create a phantom algo for our biggest illiquid names to protect against the highfrequency guys.─── 為避免受到高頻率交易手的影響 我會給我們最大的非流動資產(chǎn)創(chuàng)建幽靈算法

9 、Wilson's son-in-law, Walter Bagehot, recommended that the Bank of England lend generously (but at a penalty rate) to illiquid banks (but not to insolvent ones).───威爾遜的女婿，白芝霍特曾建議英格蘭銀行以懲罰稅率大量放貸給流動性出現(xiàn)問題的銀行，而不是清償能力出現(xiàn)問題的銀行。

10 、Institutional investors, wary of being stuck in an illiquid part of the market, are increasingly following them.───機構(gòu)投資者總是小心翼翼，深怕陷入非流動性市場的泥潭中，跟著那些交易商亦步亦趨。

11 、Bear's demise also shows how the boundary between illiquidity and insolvency is fast dissolving.───貝爾斯登的轉(zhuǎn)讓同樣也說明了，非流動性和破產(chǎn)之間的界限在迅速的消融。

12 、If are to buy illiquid and opaque assets from troubled sellers, the terms, occasions, and methods of such purchases must be crystal clear ahead of time and carefully monitored afterwards.───如果要納稅人從陷入困境的賣家手中購買缺乏流動性和透明度的資產(chǎn)，那么這些購買交易的條款、時機和操作方法都必須是事先徹底透明、事后得到妥善監(jiān)督的。

13 、“Structured products can become illiquid and pricing can be at the mercy of the issuer,” says Pictet's Mr de Saussure.───“結(jié)構(gòu)化產(chǎn)品可能變得毫無流動性可言而其價格要看發(fā)行者的顏色，”Pictet的deSaussure如是說。

14 、Hyun Shin and other scholars in academia provided early modeling of illiquidity and of the perverse effects of leverage during asset bubbles.───申賢昊以及其他學(xué)者提供了資產(chǎn)泡沫期間非流動性以及杠桿乖戾影響的早期模型。

15 、That policy is as much about trying to address illiquidity in credit markets as tackling deflation.───這個政策一方面試圖解決信貸市場的流動性問題，另一方面遏制通貨緊縮。

16 、The singular risk to this view would be some further major illiquidity or foreign-currency events leading to a depressionary spiral.───本觀點的單一風(fēng)險會是進一步的嚴重缺乏流動性或者外匯市場的事件導(dǎo)致螺旋下滑。

17 、As we draw near to the long weekend here and the United States , we would like to bring your attention to the possibility that the markets may become very illiquid from Sunday night(London time).───我們將面臨英國和美國長周末，希望大家注意在倫敦時間(周日晚)，市場流動性會很低。

18 、Now they have ventured into private equity as well, putting a growing proportion of their capital into long-term, illiquid investments, such as property or companies.───現(xiàn)在他們同樣冒險進入私人證券業(yè)，讓更多比例的資本成為長期的，非流動性的投資，例如房地產(chǎn)或者企業(yè)。

19 、illiquidity discount ratio───不流動資產(chǎn)折價率

20 、But at the moment, it seems he's largely illiquid because of some new cashintensive realestate investments.─── 但是現(xiàn)在 他似乎特別缺流動資金 因為一些現(xiàn)金密集型的房地產(chǎn)投資

21 、It is practically impossible to know what someone is really worth, given private businesses, illiquid assets, debts, collections and assorted Swiss bank accounts.───實際上，考慮到私營企業(yè)、非流通資產(chǎn)、債務(wù)、收藏品和各種瑞士銀行帳戶，基本上無法知道一個人到底有多少財富。

22 、Today's failure of confidence is based on three related issues: the solvency of banks, their ability to fund themselves in illiquid markets and the health of the real economy.───今天的信心崩潰建立在三個相互關(guān)聯(lián)的問題上：銀行的償付能力，銀行在流動性凍結(jié)的市場上融資的能力，實體經(jīng)濟是否健康。

23 、FASB published a staff position brief on October 10, 2008, in order to clarify the provision in case of an illiquid market.───財務(wù)會計準(zhǔn)則委員會發(fā)表了一份簡短的工作人員職位2008年10月10號，為了澄清的規(guī)定情況下，流動性的市場。

24 、illiquid holdings───不動產(chǎn)

25 、"This is a program where the government would buy illiquid [non-cash] assets, hold those assets, and sell those assets," Paulson said.───他說："根據(jù)這個計劃，政府將購買非流通(非現(xiàn)金)資產(chǎn)，持有這些資產(chǎn)，然后再把它們賣出去。

26 、But many banks are now assumed to be not only illiquid but insolvent.───但是現(xiàn)在許多銀行被認為不但僅是流動性差，并且是無償付才干。

27 、This funding liquidity crisis naturally lead to market illiquidity with bid-ask spreads widening in several markets, and quoted amounts being reduced by dealers with less available capital.───更加嚴重的是，基于利率平價這一最基本套利條件下的貨幣交易市場中主要貨幣因為流動性危機的影響也無法保持匯率穩(wěn)定。

28 、The stock market offers a wealth of choices, even after we cut out illiquid or flat stocks.───即使不考慮那些不活躍的，交易平淡的股票，股市還是提供了致富的機會。

29 、The real problems are market illiquidity and the scarcity of sponsors.───或者，如果它一直是連續(xù)的高價格， 市場 說明低價格的未來。

30 、This took place through the purchase of UBS's illiquid assets by a specially established fund controlled by the SNB, initially capitalised to the tune of US$60bn.───這是通過購買由瑞士國家銀行控制的通過特殊機構(gòu)基金流動的瑞士聯(lián)合銀行的資產(chǎn)實施的，首先資本化600億美元的調(diào)整。

31 、The facility may thus eventually do what TARP was meant to: relieve banks of their illiquid assets.───因此，該特定機構(gòu)甚至?xí)崿F(xiàn)TARP的原本打算：解除銀行在非流動性資產(chǎn)上的負擔(dān)。

32 、If the Fed went further and started to buy illiquid assets outright, as some are advocating, that would be different.───如果美聯(lián)儲更進一步，如同有些人所提倡的那樣，徹底開始購買非流動性的資產(chǎn)，那情況將完全不同。

33 、illiquidity asset───不流動性資產(chǎn)

34 、Dynamic Relationship between the Illiquidity and Stock Returns: Evidence From Chinese Stock Market───流動性與收益、收益波動的動態(tài)關(guān)系

35 、Furthermore, niche strategies tend to invest in illiquid assets, such as exotic options.───而且，利基性市場策略傾向于投資于如奇異期權(quán)類的非流動性資產(chǎn)。

36 、Today they argue that market prices overstate losses, because they largely reflect the temporary illiquidity of markets, not the likely extent of bad debts.───現(xiàn)在他們爭論道市價高估了損失，因為市價主要反映了市場的暫時性流動性不足，而非壞賬的可能范圍。

37 、You have to do triage between banks that are illiquid and undercapitalized but solvent and those that are insolvent.───這必須要去區(qū)分哪些銀行雖然無流動資金且投資不足卻有能力償還，哪些銀行是資不抵債的。

38 、Despite the above-mentioned pressures, Fitch believes that a number of life insurers are relatively well-positioned to cope with an environment of capital markets volatility and market illiquidity.───盡管存在上述壓力，惠譽認為一些壽險公司仍然具備較好實力應(yīng)對資本市場波動和市場流動性問題。

39 、And that root cause is the housing correction which has resulted in illiquid mortgage-related assets that are choking off the flow of credit which is so vitally important to our economy.───而這一根源就是房市的調(diào)整，它導(dǎo)致了抵押貸款類資產(chǎn)的流動性下降，阻礙了對美國經(jīng)濟至關(guān)重要的信貸流動。

40 、stock : The impact of illiquidity on stock prices, Financial Analyst Journal 47, P60-64））───的結(jié)論，企業(yè)在上市前的價值相當(dāng)于上市后價值的65%。

41 、This is probably because investors have demanded a premium for owning an illiquid asset.───這可能是因為投資者都要求持有非流動性資產(chǎn)所要求的溢價。

42 、Most of the time this strategy works, because illiquid assets offer a premium return to compensate for the higher risk.───絕大部分時間中，該策略是奏效的，由于低流動性資產(chǎn)會提供額外回報以補償其較高的風(fēng)險。

43 、At the same time, by providing a temporary home for illiquid bonds, albeit top-rated ones, it should ease markets that presently have few buyers.───同時，它為那些不流動的債券提供一個暫時性的安置場所，盡管這些那些不流動的債券的評級都很高，這可以緩解目前市場幾乎沒有買家的現(xiàn)狀。

44 、"The American Bankers Association welcomes the Financial Accounting Standards Board's proposed improvements for estimating market values in illiquid markets," said Yingling.───在寫給財政部的信件中，利迪表示：“不用說，在現(xiàn)在的形勢下，我并不喜歡這種安排，覺得它不夠道德。

45 、Since those managing the agency are unlikely to have much of a clue about the fundamental value of these illiquid assets, the TAD should arrange reverse auctions as price discovery mechanism.───因為這些管理（TAD）的機構(gòu)不可能知道這些非流動資產(chǎn)的原始價格，所以TAD應(yīng)該采取反向拍賣作為發(fā)現(xiàn)價格的機制。

46 、Cost of Illiquidity and Stock Pricing--the Empirical Study of Chinese Stock Market───流動性成本與股票定價--中國股票市場實證研究

47 、Moreover, due to the lemon problem in the financial system, a rational government policy in this economy will lead to a SBC trap that all the illiquid banks are to be bailed out.───此外，因為金融體系的檸檬困境，該經(jīng)濟體中的政府理性政策只能是救助無流動資金的銀行，而陷于軟預(yù)算約束的困境不能自拔。

48 、I was turned off long ago by their risk and illiquidity.───我很早以前對它們的風(fēng)險和缺乏流動性敬而遠之。

49 、That is how the returns play out for equity-neutral strategies, which bet on stocks either rising or falling in value.But that doesn't happen for strategies that deal with illiquid securities.───對股票持中性策略的交易（不論預(yù)計股價會下跌還是上漲）其回報率會有這樣的表現(xiàn)，而針對弱流動性證券的策略則不會如此。

50 、A chunk of mark-to-market losses reflect illiquidity discounts on fairly high-quality bonds, which could unwind if markets normalise.───市值下跌很大程度上反映了較高信用債券的流動性不足問題，這一問題隨著市場正常化可以得到解決。

51 、The funds can harvest the benefits of volatility and illiquidity unavailable to the risk averse.It would not be surprising if some did particularly well.───這些基金能從市場的波動中以及因風(fēng)險規(guī)避而必然的高流通性中獲益，如果有些基金特別地成功，這并不稀奇。

52 、Immature and illiquid domestic capital markets damp domestic investment and increase reliance on foreign financing.The resulting underinvestment is reflected in large current account surpluses.───不成熟而且缺乏流動性的國內(nèi)資本市場抑制著國內(nèi)投資，增強了對國外資金的依賴。

53 、If a fund is overestimating the value of the illiquid assets, then its manager's profit is grossly overestimated.───如果基金高估了非流動性資產(chǎn)的價值，基金經(jīng)理的收益也嚴重高估了。

54 、“Over these past weeks, we've continued to examine the relative benefits of purchasing illiquid mortgage-related assets.───在過去的幾周里，我們已經(jīng)繼續(xù)評估了購買非流動的抵押相關(guān)資產(chǎn)的相對利益。

55 、Securities lending allows temporarily illiquid securities to be loaned to investors.───債券借貸將本來暫時不流動的債券出借給需要債券的投資者。

56 、Few financial economists thought much about illiquidity or counterparty risk, for instance, because their standard models ignore it;───比如，沒有金融經(jīng)濟學(xué)家考慮不動產(chǎn)或者交易對方的風(fēng)險，因為他們的標(biāo)準(zhǔn)模式就忽視了這個；

57 、A chunk of mark-to-market losses reflect illiquidity discounts on fairly high-quality bonds, which could unwind if markets normalise.But time is running out.───一大部分市值損失反映的是對高品質(zhì)債券流動性不足的貼現(xiàn)，如市場回復(fù)正常的話，這部分可望解套。

58 、The Treasury argues that these prices are artificially depressed because of illiquidity, though more pessimistic types suspect that they merely reflect future losses.───但財政部表示，由于缺乏流動性，如今的市場定價令人沮喪。雖然更多的持悲觀意見者懷疑該方案不過是反應(yīng)了預(yù)期信貸損失。

59 、Even as Messrs.Cohen and Englander have been able to suck cash out of their investment portfolio, they are stuck holding some 'illiquid,' or difficult to trade, investments.───雖然科恩和英格蘭德一直從其投資組合中抽取資金，但他們?nèi)詧猿殖钟幸恍┎灰琢鲃踊螂y以交易的投資。

60 、At present, illiquid investors trying to wriggle out of uncalled commitments have to sell their interest in investments already made at a punitive haircut to net asset value.───目前，缺乏流動資金的投資者如果要退出未繳承諾，就不得不以相對于資產(chǎn)凈值的大幅折扣，出售自己在已經(jīng)作出的投資中的權(quán)益。

61 、Furthermore, structured finance's dependence on leverage and illiquid assets has left it prone to crisis.───更要命的是，結(jié)構(gòu)化金融依賴于杠桿和非流動性資產(chǎn)，從而容易受到危機侵襲。

62 、An Empirical Study on the Systematic Risk Premium and Illiquidity Risk Premium of the Shanghai Stock Market Based on the Time Series───基于時間序列的上海股市系統(tǒng)風(fēng)險、流動性風(fēng)險溢價實證研究

63 、By reassuring investors that a committed buyer is in the market, it hopes to reduce the illiquidity premium pushing yields up.───美聯(lián)儲希望通過加強投資人對市場的信心減小非流動性溢價，從而抑制收益率增長。

64 、Investment banks' business models include making big trading bets with borrowed money and constantly revaluing inventories in volatile and sometimes illiquid markets.───投資銀行的業(yè)務(wù)模式涉及到用借來的錢完成大宗交易，并在動蕩的有時甚至流動性很差的市場上不斷重新評估存量資產(chǎn)的價值。

65 、Analysis on Illiquidity Share Transitional Trading Plan by VaR Theory───基于VaR技術(shù)的國有股過渡流通方案研究

66 、While no official statement has been released, a RBA spokesman said that they "...were in to support the illiquid market...───雖然沒有發(fā)布正式的聲明，但是央行的一位發(fā)言人稱，他們“...是在支持市場的流動性...

67 、GEM stocks may be very volatile and illiquid.───創(chuàng)業(yè)板股份可能非常波動及流通性很低。

68 、For sure, nobody knows precisely what Bear is worth, so stuffed is it with hard-to-value, illiquid mortgage securities and other nasties.───當(dāng)然，沒有人確切知道貝爾史登到底值多少，因為大量難以估價，毫無流動性的的按揭證券及其他亂麻充斥著貝爾史登。

69 、"Over these past weeks, we have continued to examine the relative benefits of purchasing illiquid mortgage-related assets.───“經(jīng)過過去幾周，我們繼續(xù)檢查購買非流動資金抵押的相關(guān)的資產(chǎn)的有關(guān)收益。

70 、" All Over these past weeks, we have continued to exam and examine the relative benefits , on of purchasing illiquid mortgage related mortgage-related assets.───“在過去的幾周時間里，我們對收購抵押相關(guān)的固定資產(chǎn)所能產(chǎn)生的相關(guān)收益不停的進行檢驗。

71 、The economists talk about “mispriced risk” and “illiquidity” in the system.───經(jīng)濟學(xué)家討論系統(tǒng)中存在的“ 定價錯誤的風(fēng)險”和“流動性不足”。

72 、Brad Hintz of Bernstein Research notes that the share of the industry's capital held in such illiquid investments is growing very fast.───伯恩斯坦研究所的布拉德.欣茨指出，如此非流動的投資所持有的產(chǎn)業(yè)資本份額正在飛速增長。

73 、Illiquid An asset or security that cannot be converted into cash very quickly (or near prevailing market prices).───不能變現(xiàn)不能迅速轉(zhuǎn)換成為現(xiàn)金(或接近市場價值)的資產(chǎn)或證券。

74 、And when lots of investors buy illiquid assets, trading volumes increase, making the assets seem more liquid.───同時，隨著大量投資者買入非流動性資產(chǎn)，交易量跟著上升，從而其流動性看起來并不那么差。

75 、So illiquidity prevented asset sales rather than induced them.───因此非流動會阻止資產(chǎn)的賣出而不是引導(dǎo)。

76 、" All Over these past weeks, we have continued to exam examine the ralative relative benefits of purchasing the ilet with mortage-related illiquid mortgage-related assets.───“在過去的這幾周里，我們一直在考察購買流動性差的抵押貸款資產(chǎn)的相關(guān)益處。

77 、The hope is that the arrival of a determined buyer, in the shape of the central bank, will restore more normal trading and thus narrow the part of the spreads caused by illiquidity.───理想的狀態(tài)是，央行堅定的購買將能恢復(fù)市場的正常交易，從而縮小缺乏流動性而造成的那部分差價。

78 、Chinese citizens' only real investment choices are property, which is illiquid, and the stock market.───中國居民僅有的現(xiàn)實投資選擇，一是流動性很差的房地產(chǎn)，二是股市。

79 、Huw van Steenis， analyst at Morgan Stanley，said banks were benefiting as hedge funds pursue more complex and illiquid investments in an attempt to achieve better returns.───“大宗經(jīng)紀(jì)業(yè)務(wù)之所以一直勢頭強勁，不僅僅因為對沖基金的影響力日益增強，同時因為它們處在投資前沿，在尋找更具創(chuàng)新力的證券業(yè)務(wù)，這對于投行來說利潤率較高?！?/p>

80 、Some loaned massive amounts of money to hedge funds without worrying about the risks they were taking or the degree of illiquidity of their positions.───有些銀行沒有考慮對沖基金的風(fēng)險或其頭寸的流動比例，就為它們提供了巨額貸款。

81 、Asset allocations went wildly out of balance, overweighted to illiquid partnerships as the value of equities plunged.───資產(chǎn)配置完全失去了平衡，隨著股市的暴跌倒向了流動性不足的資產(chǎn)。

82 、"Over these past weeks, we've continued to examine the relative benefits of purchasing illiquid mortgage-related assets.───“在過去的幾周，我們已經(jīng)連續(xù)檢驗了購買非現(xiàn)金的抵押資產(chǎn)的收益。

什麼是股災(zāi)

股災(zāi)（The Stock Market Disaster）是股市災(zāi)害或股市災(zāi)難的簡稱。它是指股市內(nèi)在矛盾積累到一定程度時，由于受某個偶然因素影響，突然爆發(fā)的股價暴跌，從而引起社會經(jīng)濟巨大動蕩，并造成巨大損失的異常經(jīng)濟現(xiàn)象。

造成中國股災(zāi)的三大因素:

1、泡沫論，是打壓股市的理論核心，衍生出各種奇談怪論，比如點位論，估值論，紙上富貴論和市贏率論，人為制造高點和低點，玩弄中國股市，最終為打壓股市制造借口和理由。

2、印花稅，它成為管理層在打壓股市中采取最有效的手段，在股災(zāi)中，它變成股民心中的癌癥，嚴重挫傷了股民的投資信心和對管理層的責(zé)任和能力產(chǎn)生懷疑。

3、管理層對股災(zāi)的漠視和麻木和不作為是對中國股災(zāi)的整體表現(xiàn)，嚴重錯過救市時機，股災(zāi)不斷加重，救市難度增大。外部環(huán)境的影響永遠解釋不了中國股災(zāi)的放任，證監(jiān)會肩負著維護股市健康發(fā)展和避免危機的責(zé)任，維護股市的融資功能，才能給中國的實體經(jīng)濟創(chuàng)造可持續(xù)發(fā)展環(huán)境，股市興則國興，股市衰則國衰。

也有人認為，造成中國股災(zāi)的根本原因：證監(jiān)會的失職！

什麼是股災(zāi)

股市內(nèi)在矛盾積累到一定程度時，由于受某個偶然因素影響，突然爆發(fā)的股價暴跌，從而引起社會經(jīng)濟巨大動蕩，并造成巨大損失的異常經(jīng)濟現(xiàn)象。