?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. 非現金；不能立即變現

illiquidity常見(jiàn)例句

1 、Yet the past year has shown that uncertainty breeds illiquidity.───只是去年的事實(shí)表明不確定導致了流動(dòng)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(lái)說(shuō),房地產(chǎn)市場(chǎng)也許看起來(lái)比較有利,但房屋是一種不能立即兌現的投資。

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(gè)證券市場(chǎng)。

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(shí)對于權益市場(chǎng)的批評，私募基金能幫助非現金銀行支配債務(wù)快速轉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(gè)基金持有很大的非流動(dòng)性資產(chǎn)，這個(gè)基金就沒(méi)法立刻賣(mài)掉這些資產(chǎn)，除非在一個(gè)致命的虧損的時(shí)刻，那么它將出售更多流動(dòng)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(dòng)性與期望收益負相關(guān)，存在明顯的流動(dòng)性溢價(jià)現象。

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換成現款的，因而在一段時(shí)期或許無(wú)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(huì )給我們最大的非流動(dòng)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(dòng)性出現問(wèn)題的銀行，而不是清償能力出現問(wèn)題的銀行。

10 、Institutional investors, wary of being stuck in an illiquid part of the market, are increasingly following them.───機構投資者總是小心翼翼，深怕陷入非流動(dòng)性市場(chǎng)的泥潭中，跟著(zhù)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.───貝爾斯登的轉讓同樣也說(shuō)明了，非流動(dòng)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(mài)家手中購買(mǎi)缺乏流動(dòng)性和透明度的資產(chǎn)，那么這些購買(mǎi)交易的條款、時(shí)機和操作方法都必須是事先徹底透明、事后得到妥善監督的。

13 、“Structured products can become illiquid and pricing can be at the mercy of the issuer,” says Pictet's Mr de Saussure.───“結構化產(chǎn)品可能變得毫無(wú)流動(dòng)性可言而其價(jià)格要看發(fā)行者的顏色，”P(pán)ictet的deSaussure如是說(shuō)。

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(dòng)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(gè)政策一方面試圖解決信貸市場(chǎng)的流動(dòng)性問(wèn)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(guān)點(diǎn)的單一風(fēng)險會(huì )是進(jìn)一步的嚴重缺乏流動(dòng)性或者外匯市場(chǎng)的事件導致螺旋下滑。

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(cháng)周末，希望大家注意在倫敦時(shí)間(周日晚)，市場(chǎng)流動(dòng)性會(huì )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.───現在他們同樣冒險進(jìn)入私人證券業(yè)，讓更多比例的資本成為長(cháng)期的，非流動(dòng)性的投資，例如房地產(chǎn)或者企業(yè)。

19 、illiquidity discount ratio───不流動(dòng)資產(chǎn)折價(jià)率

20 、But at the moment, it seems he's largely illiquid because of some new cashintensive realestate investments.─── 但是現在 他似乎特別缺流動(dòng)資金 因為一些現金密集型的房地產(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(shí)際上，考慮到私營(yíng)企業(yè)、非流通資產(chǎn)、債務(wù)、收藏品和各種瑞士銀行帳戶(hù)，基本上無(wú)法知道一個(gè)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(gè)相互關(guān)聯(lián)的問(wèn)題上：銀行的償付能力，銀行在流動(dòng)性?xún)鼋Y的市場(chǎng)上融資的能力，實(shí)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(huì )計準則委員會(huì )發(fā)表了一份簡(jiǎn)短的工作人員職位2008年10月10號，為了澄清的規定情況下，流動(dòng)性的市場(chǎng)。

24 、illiquid holdings───不動(dòng)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(shuō)："根據這個(gè)計劃，政府將購買(mǎi)非流通(非現金)資產(chǎn)，持有這些資產(chǎn)，然后再把它們賣(mài)出去。

26 、But many banks are now assumed to be not only illiquid but insolvent.───但是現在許多銀行被認為不但僅是流動(dòng)性差，并且是無(wú)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(jià)這一最基本套利條件下的貨幣交易市場(chǎng)中主要貨幣因為流動(dòng)性危機的影響也無(wú)法保持匯率穩定。

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(huì )。

29 、The real problems are market illiquidity and the scarcity of sponsors.───或者，如果它一直是連續的高價(jià)格， 市場(chǎng) 說(shuō)明低價(jià)格的未來(lái)。

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(guò)購買(mǎi)由瑞士國家銀行控制的通過(guò)特殊機構基金流動(dòng)的瑞士聯(lián)合銀行的資產(chǎn)實(shí)施的，首先資本化600億美元的調整。

31 、The facility may thus eventually do what TARP was meant to: relieve banks of their illiquid assets.───因此，該特定機構甚至會(huì )實(shí)現TARP的原本打算：解除銀行在非流動(dòng)性資產(chǎn)上的負擔。

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(jìn)一步，如同有些人所提倡的那樣，徹底開(kāi)始購買(mǎi)非流動(dòng)性的資產(chǎn)，那情況將完全不同。

33 、illiquidity asset───不流動(dòng)性資產(chǎn)

34 、Dynamic Relationship between the Illiquidity and Stock Returns: Evidence From Chinese Stock Market───流動(dòng)性與收益、收益波動(dòng)的動(dòng)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(chǎng)策略?xún)A向于投資于如奇異期權類(lèi)的非流動(dòng)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.───現在他們爭論道市價(jià)高估了損失，因為市價(jià)主要反映了市場(chǎng)的暫時(shí)性流動(dòng)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.───這必須要去區分哪些銀行雖然無(wú)流動(dòng)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(yù)認為一些壽險公司仍然具備較好實(shí)力應對資本市場(chǎng)波動(dòng)和市場(chǎng)流動(dòng)性問(wèn)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整，它導致了抵押貸款類(lèi)資產(chǎn)的流動(dòng)性下降，阻礙了對美國經(jīng)濟至關(guān)重要的信貸流動(dòng)。

40 、stock : The impact of illiquidity on stock prices, Financial Analyst Journal 47, P60-64））───的結論，企業(yè)在上市前的價(jià)值相當于上市后價(jià)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(dòng)性資產(chǎn)所要求的溢價(jià)。

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(shí)間中，該策略是奏效的，由于低流動(dòng)性資產(chǎn)會(huì )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(shí)，它為那些不流動(dòng)的債券提供一個(gè)暫時(shí)性的安置場(chǎng)所，盡管這些那些不流動(dòng)的債券的評級都很高，這可以緩解目前市場(chǎng)幾乎沒(méi)有買(mǎi)家的現狀。

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(xiě)給財政部的信件中，利迪表示：“不用說(shuō)，在現在的形勢下，我并不喜歡這種安排，覺(jué)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）的機構不可能知道這些非流動(dòng)資產(chǎn)的原始價(jià)格，所以TAD應該采取反向拍賣(mài)作為發(fā)現價(jià)格的機制。

46 、Cost of Illiquidity and Stock Pricing--the Empirical Study of Chinese Stock Market───流動(dòng)性成本與股票定價(jià)--中國股票市場(chǎng)實(shí)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(wú)流動(dòng)資金的銀行，而陷于軟預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(dòng)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（不論預計股價(jià)會(huì )下跌還是上漲）其回報率會(huì )有這樣的表現，而針對弱流動(dòng)性證券的策略則不會(huì )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(dòng)性不足問(wèn)題，這一問(wèn)題隨著(zhù)市場(chǎng)正?；梢缘玫浇鉀Q。

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(chǎng)的波動(dòng)中以及因風(fēng)險規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(dòng)性的國內資本市場(chǎng)抑制著(zhù)國內投資，增強了對國外資金的依賴(lài)。

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(dòng)性資產(chǎn)的價(jià)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(guò)去的幾周里，我們已經(jīng)繼續評估了購買(mǎi)非流動(dòng)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(lái)暫時(shí)不流動(dòng)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(méi)有金融經(jīng)濟學(xué)家考慮不動(dòng)產(chǎn)或者交易對方的風(fēng)險，因為他們的標準模式就忽視了這個(gè)；

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(dòng)性不足的貼現，如市場(chǎng)回復正常的話(huà)，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(dòng)性，如今的市場(chǎng)定價(jià)令人沮喪。雖然更多的持悲觀(guān)意見(jiàn)者懷疑該方案不過(guò)是反應了預期信貸損失。

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，但他們仍堅持持有一些不易流動(dòng)或難以交易的投資。

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(dòng)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)作出的投資中的權益。

61 、Furthermore, structured finance's dependence on leverage and illiquid assets has left it prone to crisis.───更要命的是，結構化金融依賴(lài)于杠桿和非流動(dòng)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(shí)間序列的上海股市系統風(fēng)險、流動(dòng)性風(fēng)險溢價(jià)實(shí)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(guò)加強投資人對市場(chǎng)的信心減小非流動(dòng)性溢價(jià)，從而抑制收益率增長(cháng)。

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(lái)的錢(qián)完成大宗交易，并在動(dòng)蕩的有時(shí)甚至流動(dòng)性很差的市場(chǎng)上不斷重新評估存量資產(chǎn)的價(jià)值。

65 、Analysis on Illiquidity Share Transitional Trading Plan by VaR Theory───基于VaR技術(shù)的國有股過(guò)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(méi)有發(fā)布正式的聲明，但是央行的一位發(fā)言人稱(chēng)，他們“...是在支持市場(chǎng)的流動(dòng)性...

67 、GEM stocks may be very volatile and illiquid.───創(chuàng )業(yè)板股份可能非常波動(dòng)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.───當然，沒(méi)有人確切知道貝爾史登到底值多少，因為大量難以估價(jià)，毫無(wú)流動(dòng)性的的按揭證券及其他亂麻充斥著(zhù)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(guò)過(guò)去幾周，我們繼續檢查購買(mǎi)非流動(dòng)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(guò)去的幾周時(shí)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(jìn)行檢驗。

71 、The economists talk about “mispriced risk” and “illiquidity” in the system.───經(jīng)濟學(xué)家討論系統中存在的“ 定價(jià)錯誤的風(fēng)險”和“流動(dòng)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(dòng)的投資所持有的產(chǎn)業(yè)資本份額正在飛速增長(cháng)。

73 、Illiquid An asset or security that cannot be converted into cash very quickly (or near prevailing market prices).───不能變現不能迅速轉換成為現金(或接近市場(chǎng)價(jià)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(shí)，隨著(zhù)大量投資者買(mǎi)入非流動(dòng)性資產(chǎn)，交易量跟著(zhù)上升，從而其流動(dòng)性看起來(lái)并不那么差。

75 、So illiquidity prevented asset sales rather than induced them.───因此非流動(dòng)會(huì )阻止資產(chǎn)的賣(mài)出而不是引導。

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(guò)去的這幾周里，我們一直在考察購買(mǎi)流動(dòng)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(mǎi)將能恢復市場(chǎng)的正常交易，從而縮小缺乏流動(dòng)性而造成的那部分差價(jià)。

78 、Chinese citizens' only real investment choices are property, which is illiquid, and the stock market.───中國居民僅有的現實(shí)投資選擇，一是流動(dòng)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(shí)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(lái)說(shuō)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(méi)有考慮對沖基金的風(fēng)險或其頭寸的流動(dòng)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(zhù)股市的暴跌倒向了流動(dòng)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(guò)去的幾周，我們已經(jīng)連續檢驗了購買(mǎi)非現金的抵押資產(chǎn)的收益。

什麼是股災

股災（The Stock Market Disaster）是股市災害或股市災難的簡(jiǎn)稱(chēng)。它是指股市內在矛盾積累到一定程度時(shí)，由于受某個(gè)偶然因素影響，突然爆發(fā)的股價(jià)暴跌，從而引起社會(huì )經(jīng)濟巨大動(dòng)蕩，并造成巨大損失的異常經(jīng)濟現象。

造成中國股災的三大因素:

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(diǎn)位論，估值論，紙上富貴論和市贏(yíng)率論，人為制造高點(diǎn)和低點(diǎn)，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任和能力產(chǎn)生懷疑。

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

也有人認為，造成中國股災的根本原因：證監會(huì )的失職！

什麼是股災

股市內在矛盾積累到一定程度時(shí)，由于受某個(gè)偶然因素影響，突然爆發(fā)的股價(jià)暴跌，從而引起社會(huì )經(jīng)濟巨大動(dòng)蕩，并造成巨大損失的異常經(jīng)濟現象。