risk assets 中文意思是什麼
risk assets
解釋
風險性資產-
On the risk management of bank credit assets
論銀行信貸資產風險管理 -
The thesis, somehow, is a summary, which expounds the main contents of traditional portfolio theory ( tpt ) and mpt, also gives a comparison between tpt and mpt ; analyses two aspects of markowitz theory, one is the effects of risk disperses and the demonstration, the other is how to make an optimal portfolio strategy ; researches into capital assets pricing model ( capm ), factor model ( fm ) and arbitrage pricing theory ( apt ) respectively in three parts ; studies another two parts, one is the premise of mpt, which is the efficient market hypothesis ( emh ), the other analyses the behavior finance theory ( bft ) produced in the background of challenging and querying to emt and capm. the thesis finally discusses the researching and applying prospects of mpt in china
論文對現代資產組合理論與傳統資產組合理論分別進行了分析，並對兩者進行了比較研究，對馬克維茨的均值? ?方差理論從資產組合風險分散效應和最優資產組合選擇兩方面進行了重點分析，對資本資產定價模型、因素模型、套利定價理論進行了一定深度的分析和研究，對現代資產組合理論的前提假設? ?有效市場理論及在對有效市場理論和資本資產定價模型形成挑戰和質疑背景下提出的行為金融理論進行了論述，論文最後分析了現代資產組合理論在我國的研究及其應用的廣闊前景。 -
Using the net assets per capital, the investment return rate, the t - m model, the h - m model, the single factor evaluating model which consists of the treynor index, the jensen index, the sharpe index and the square m index, we evaluate the performance of the twelve mutual funds. and we come to the following conclusions : ( 1 ) after the modification of the risk factor, our mutual funds in the recent one year outguess the market ; ( 2 ) better performance comes from the aid of the government, the improvement of the investment environment and the hard, smart work of the managers especially in the way of selecting some securities in the capital market. ( 3 ) though we make progress, there are still many problems which prevent the further development of our mutual funds such as the devise of the management fee and the characteristics of different funds, all of them divided into the subjective ones and the objective ones
通過使用投資基金單位凈資產和投資收益率指標、單因素整體績效評估模型，包括treynor指數、 jensen指數、 sharpe指數和業績的m ~ 2測度以及t - m 、 h - m模型對12隻樣本基金進行實證研究，實證研究表明： （ 1 ）經過風險調整后，在最近的一年中，我國證券投資基金的業績總體上優於市場基準組合； （ 2 ）基金業績的提高得益於管理層的重視、投資環境的改善和基金經理的經營，而基金經理的良好業績是通過一定的證券選擇來獲得的； （ 3 ）已成為證券市場上舉足輕重力量的基金在發展過程中雖然取得了一定的成績但其進一步發展還面臨著許多問題，有主觀存在的諸如管理費率的設定、基金風格方面的問題等等，也有客觀存在的諸如證券市場現階段的不完善等等，所以，我們應該抓住《證券投資基金法》問世帶給基金業發展的契機，大力促進證券投資基金規范發展，採取各種措施做大、做優和做強基金業。 -
In present dissertation, most stirpses are repartitioned and redefined, and the structure characteristic, course of formation, cause of formation, function and risk of stirpses are analyzed. the main conclusions are : [ 1 ] rapid development of corporations engenders urgent demand of financing, conflict between capital market imperfection and demand of financing leads corporations to control listed corporations by purchasing " shell " and enhance it ' s financing capability ; [ 2 ] two kinds of pricing institution of stock provides stirpses for controlling listed corporations by low cost, monitoring institution imperfections provides corporations for operating listed corporations. adjust of national assets provides more " shells " ; [ 3 ] more private corporations purchase listed corporations, some of them form stirpses ; [ 4 ] stirpses have positive influence about adjusting industry and enhancing capital market financing function ; [ 5 ] stirpses magnify financial risk by controlling listed corporations, and transform listed corporations from shareholders benefit to block shareholder benefit, having tendency of infracting shareholders benefit
本文主要的結論： [ 1 ]中國企業的迅速發展對融資有迫切的要求，中國國內資本市場發展不完善與這種強烈的融資需求的沖突導致了企業尋求通過買「殼」的方式控制上市公司，以此來提高自身的融資能力； [ 2 ]中國上市公司股票的兩種定價機制為「系」低成本控制上市公司提供了可能，監管機制的不完善為「系」提供了操縱上市公司的空間，國有資產在調整過程中從部分競爭行業退出，為資本市場提供了一定數量的「殼」資源； [ 3 ]民營企業紛紛買「殼」上市，在這個過程中，部分實力突出的企業形成了「系」 ； [ 4 ] 「系」現象對進行行業整合、提高資本市場融資能力等方面起到了積極的作用； [ 5 ] 「系」通過對上市公司進行的操縱放大了金融風險，將上市公司的股東利益最大化變為大股東利益最大化，存在著侵害小股東利益的潛在傾向。 -
This foundation of the avail of risk - benefit portfolio of stock risk - benefit of assets has the benefit of the future prosp
該存量資產的風險?收益組合效用的基礎是其具有的未來可預期的收益。 -
Specially, based on risk - metric and factor variables, the author discusses multi - factor asset pricing model. in theoretical analysis, the author attempts to release the assumption of index ' s random walk, proves a portfolio selection model suitable for the linear index level moreover, based on assets un - exchangeable, the author brings forward asset pricing models for b - shares, h - shares and non - circulated - shares. the author also brings forward multi - factor asset pricing model based on risk - metric indices, such as coefficient of beta, standard variance, standard semi - variance, average absolute deviation, value at risk, and factor variables, such as circulated market equity, exchange ratio, short - term historical return
在理論分析時，作者嘗試放鬆指數水平滿足隨機遊走過程的假設，推導出指數水平呈線性趨勢的資產組合選擇模型；此外，作者基於資產不可交易這一假設，提出了b股、 h股和非流通股等情形的資產定價模型，並基於系數、標準差、標準半方差、平均絕對離差和風險價值等風險度量指標以及流通市值、換手率、短期歷史收益率等因素變量提出了四因素資產定價模型。 -
The local bank debt - to - asset ratio is widespread and higher, which could not reach basel agreement ’ s provision on capitalization rate. entry into wto five years later, the local bank will face the overall competition in rmb realm with the foreign capital bank. “ internal revolt and outer invasion ” urges the banking system risk, the assets profitability ’ s descends will let the bank get close to a bankruptcy
國內銀行資產負債率普遍偏高，達不到巴賽爾協議的對資本充足率的相關規定，進入wto五年後又將面臨外資銀行在人民幣領域的全面競爭， 「內憂外患」促使銀行業系統風險的增強，資產營利能力的下降讓銀行步入瀕臨破產的邊緣。 -
" true sale " requires that all rights, risks or control rights be transferred altogether to spv from the originator, in the process of which due attention should be paid to avoid the occurrence of the revocable transaction risk, the recharacterisation risk and the commingling risk. the constructing of spv featuring " bankruptcy - remote " requires that efforts should be made to isolate spv from both the risk of bankruptcy of itself and that of the originator, and prevent the occurrence of " substantive consolidation ", which re - categorizes the transferred assets into bankrupt assets, while disregarding the form of spv being company, partnership or trust
資產的「真實銷售」 ，要求將資產池的權益和風險或控制權一併從發起人處轉移給spv ，並注意防範可撤銷風險、重新定性風險、資產混合風險的發生： 「破產隔離」 spv的組建，要求無論spv採用公司、合夥或者信託形式，都要注意隔離自身破產風險和發起人破產風險，防止發生「實體合併」 ，使已轉移的資產重新歸併到發起人的破產財產中。 -
But the other fund could invest in higher risk assets, aimed at maximising returns
不過，另外一項基金可能要投資于風險更高的資產，目標是將收益最大化。 -
Following, making development study from the three directions : the first one is how to reduce calculation when to use markowitz model. this text has improved the efficient frontier of markowitz model utilizing free risk assets, and reduced calculation about revenue rates " co - variance matrix utilizing single or multiple factors, and so on. the second one is to add thinking factors about, such as transaction fee, fund limitation, lowest transaction unit ' s limitation, risk measures and exchange rate risk of international portfolio securities, so as to make markowitz model closer to our country ' s practice
接著，分三今方向對markowitz模型進行了拓展研究：第一個方向是運用markowitz模型時如何減少計算量，本文利用無風險資產來改進markowitz模型的有效邊界，利用單因子或多因子模型來減少收益率協方差的計算量等等；第二個方向是增加考慮因素，諸如交易費用、資金限制、最小交易單位限制，風險測度和國際組合證券的匯率風險，使markowitz模型更貼近我國的實際；第三個方向是對markowitz模型進行動態拓展研究，提出了將證券收益率看成是隨機序列時的投資決策模型，深入研究了m ? v有效邊界隨資產品種數增加而發生的漂移，並用解析方法和幾何圖形描述了漂移的軌跡和方向。 -
A general pricing model for risk assets
風險資產的一般定價模型 -
Risk assets ratio
風險資產比率 -
Article21 an auto financing company shall meet the requirement on the capital to risk assets ratio, and the capital adequacy ratio shall not be less than ten percent
第二十一條汽車金融公司應實行資本總額與風險資產比例控制管理。 -
As one of the instruments and measures of banking regulation, regulatory authorities request commercial banks to raise adequate capital for their risk assets, in order to provide a cushion for capital loss, reduce bankruptcy probability and guarantee the security of our financial system
作為銀行監管的保護手段，資本充足性管制要求銀行依據其風險資產的總體水平配置充足的資本金，以吸收銀行經營中遭遇的意外損失，起到短期的風險緩沖器作用，從而維護銀行體系的穩定。 -
This paper develops a general pricing model for risk assets under continuous time
摘要研究了連續時間下風險資產的一般定價模型。 -
It defined a system of weighting assets by credit and market lisk to avoid penalizing banks for holding low - risk assets
加強對金融控股公司內部交易監管的同時，建立、健全金融機構的信息披露制度也是十分必要的。 -
An auto financing company shall meet the requirement on the capital to risk assets ratio, and the capital adequacy ratio shall not be less than ten percent
中國銀行業監督管理委員會視汽車金融公司風險狀況和風險管理能力，可提高單個公司資本充足率的最低標準。 -
We need to bereave of and adjust the risk assets, deal with bad assets, bring down the risk assets ratio, and increase the risk mitigating factors. what more important is to build a road adaptable to improve the capital adequacy ratio, according to the development of the risk management of the international banks and the need of basel, we should establish comprehensive risk management and improve risk measure technology. economic capital management has been theoretically and empirically testified for its critical role in managing risk in banking system
一方面既要積極以各種手段剝離與調整風險資產，加大處理不良資產，降低風險資產權重，增加風險釋緩作用;另一方面更重要的在未來發展中制定適合我國銀行提高資本充足率的路徑，根據國際銀行業風險管理的發展趨勢以及《新資本協議》的要求，盡快建立一套既能與國際銀行業接軌又適合我國銀行業的全面風險管理體系，努力提高風險識別和量化管理的水平;實施經濟資本預算管理，在各級行建立資本有償使用機制，強化資本對資產業務和風險資產擴張的硬約束，促使各級行大力拓展低風險、高收益的資產業務和中間業務，不斷提高自身資本積累能力。 -
It testifies that the key reason is the over - enlargement of the risk capital, not taking into account of the “ denominator strategy ”. then it analyzed the influence of the risk assets management to the capital adequacy ratio in respect of the branch banks, as the risk assets management is carrying out in the branches, using theoretical and practical analysis, qualitative and quantitive analysis, we can see that the commercial banks don ’ t have the consciousness of the risk assets management, don ’ t have a complete and reliable system of risk control, and don ’ t know how to control the scale and structure of risk assets, and how to degrade the risk of assets through the mitigating factors
說明其關鍵原因是風險資產的過渡擴張，也即對「分母戰略」的不重視。接著站在商業銀行分行的層面來分析加權風險資產管理對資本充足率影響，因為對風險資產的管理是在分行層面進行的，採取理論分析和實證分析、定性分析和定量分析相結合的方法，可以看到商業銀行對風險資產的控制意識不強，沒有一套完整可靠的控制風險的系統和流程，對如何控制風險資產的規模和結構，如何通過風險釋緩因素降低資產的風險等等都沒有清晰的認識。 -
In a multi - cycle period, with the expectation of higher non - risk interest rate, investors would prefer risk assets to non - risk assets that do not conform to the subjection conjecture. this conclusion is meaningful in guidance of investor ' s decision and conducive to the comprehension of the phenomenon of persistent high household saving level in our country
在多個投資決策周期中，當投資者預期將來無風險利率較高時，他們會降低無風險資產在其資產組合中的比例，相應的會增大風險資產所佔的比重，而不是直觀認為的投資者會把更多的資金投向利率升高了的無風險資產。
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