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illiquidity
英：【ˌɪlɪkwɪdɪtɪ】美：【ˌɪlɪkwɪdətɪ】
英：
美：
n.
非现金；不能立即变现
1 、Yet the past year has shown that uncertainty breeds
illiquidity
.───只是去年的事实表明不确定导致了流动性不足。
2 、The market for property may appear favorable for first-time homebuyers, but a house is an illiquid investment.───对初次购房的人来说,房地产市场也许看起来比较有利,但房屋是一种不能立即兑现的投资。
3 、Many such relatively illiquid securities are valued as marked to model, rather than an actual market price.───中国有深圳，上海两个证券市场。
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.───同时对于权益市场的批评，私募基金能帮助非现金银行支配债务快速转变成便宜的交付信贷抵免。
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.───要是这个基金持有很大的非流动性资产，这个基金就没法立刻卖掉这些资产，除非在一个致命的亏损的时刻，那么它将出售更多流动性资产。
6 、The expected stock returns are a decreasing function of liquidities,which proves that
illiquidity
premium exists in China stock market.───4、我国股票的流动性与期望收益负相关，存在明显的流动性溢价现象。
7 、And many of the new risk-dispersing instruments are so illiquid that trouble may not emerge for some time.───许多新型的风险分散工具是不可转换成现款的，因而在一段时期或许无碍。
8 、Ill create a phantom algo for our biggest illiquid names to protect against the highfrequency guys.─── 为避免受到高频率交易手的影响 我会给我们最大的非流动资产创建幽灵算法
9 、Wilsons 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).───威尔逊的女婿，白芝霍特曾建议英格兰银行以惩罚税率大量放贷给流动性出现问题的银行，而不是清偿能力出现问题的银行。
10 、Institutional investors, wary of being stuck in an illiquid part of the market, are increasingly following them.───机构投资者总是小心翼翼，深怕陷入非流动性市场的泥潭中，跟着那些交易商亦步亦趋。
11 、Bears demise also shows how the boundary between
illiquidity
and insolvency is fast dissolving.───贝尔斯登的转让同样也说明了，非流动性和破产之间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.───如果要纳税人从陷入困境的卖家手中购买缺乏流动性和透明度的资产，那么这些购买交易的条款、时机和操作方法都必须是事先彻底透明、事后得到妥善监督的。
13 、“Structured products can become illiquid and pricing can be at the mercy of the issuer,” says Pictets Mr de Saussure.───“结构化产品可能变得毫无流动性可言而其价格要看发行者的颜色，”Pictet的deSaussure如是说。
14 、Hyun Shin and other scholars in academia provided early modeling of
illiquidity
and of the perverse effects of leverage during asset bubbles.───申贤昊以及其他学者提供了资产泡沫期间非流动性以及杠杆乖戾影响的早期模型。
15 、That policy is as much about trying to address
illiquidity
in credit markets as tackling deflation.───这个政策一方面试图解决信贷市场的流动性问题，另一方面遏制通货紧缩。
16 、The singular risk to this view would be some further major
illiquidity
or foreign-currency events leading to a depressionary spiral.───本观点的单一风险会是进一步的严重缺乏流动性或者外汇市场的事件导致螺旋下滑。
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).───我们将面临英国和美国长周末，希望大家注意在伦敦时间(周日晚)，市场流动性会很低。
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.───现在他们同样冒险进入私人证券业，让更多比例的资本成为长期的，非流动性的投资，例如房地产或者企业。
19 、
illiquidity
discount ratio───不流动资产折价率
20 、But at the moment, it seems hes largely illiquid because of some new cashintensive realestate investments.─── 但是现在 他似乎特别缺流动资金 因为一些现金密集型的房地产投资
21 、It is practically impossible to know what someone is really worth, given private businesses, illiquid assets, debts, collections and assorted Swiss bank accounts.───实际上，考虑到私营企业、非流通资产、债务、收藏品和各种瑞士银行帐户，基本上无法知道一个人到底有多少财富。
22 、Todays 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.───今天的信心崩溃建立在三个相互关联的问题上：银行的偿付能力，银行在流动性冻结的市场上融资的能力，实体经济是否健康。
23 、FASB published a staff position brief on October 10, 2008, in order to clarify the provision in case of an illiquid market.───财务会计准则委员会发表了一份简短的工作人员职位2008年10月10号，为了澄清的规定情况下，流动性的市场。
24 、illiquid holdings───不动产
25 、"This is a program where the government would buy illiquid 【non-cash】 assets, hold those assets, and sell those assets," Paulson said.───他说："根据这个计划，政府将购买非流通(非现金)资产，持有这些资产，然后再把它们卖出去。
26 、But many banks are now assumed to be not only illiquid but insolvent.───但是现在许多银行被认为不但仅是流动性差，并且是无偿付才干。
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.───更加严重的是，基于利率平价这一最基本套利条件下的货币交易市场中主要货币因为流动性危机的影响也无法保持汇率稳定。
28 、The stock market offers a wealth of choices, even after we cut out illiquid or flat stocks.───即使不考虑那些不活跃的，交易平淡的股票，股市还是提供了致富的机会。
29 、The real problems are market
illiquidity
and the scarcity of sponsors.───或者，如果它一直是连续的高价格， 市场 说明低价格的未来。
30 、This took place through the purchase of UBSs illiquid assets by a specially established fund controlled by the SNB, initially capitalised to the tune of US$60bn.───这是通过购买由瑞士国家银行控制的通过特殊机构基金流动的瑞士联合银行的资产实施的，首先资本化600亿美元的调整。
31 、The facility may thus eventually do what TARP was meant to: relieve banks of their illiquid assets.───因此，该特定机构甚至会实现TARP的原本打算：解除银行在非流动性资产上的负担。
32 、If the Fed went further and started to buy illiquid assets outright, as some are advocating, that would be different.───如果美联储更进一步，如同有些人所提倡的那样，彻底开始购买非流动性的资产，那情况将完全不同。
33 、
illiquidity
asset───不流动性资产
34 、Dynamic Relationship between the Illiquidity and Stock Returns: Evidence From Chinese Stock Market───流动性与收益、收益波动的动态关系
35 、Furthermore, niche strategies tend to invest in illiquid assets, such as exotic options.───而且，利基性市场策略倾向于投资于如奇异期权类的非流动性资产。
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.───现在他们争论道市价高估了损失，因为市价主要反映了市场的暂时性流动性不足，而非坏账的可能范围。
37 、You have to do triage between banks that are illiquid and undercapitalized but solvent and those that are insolvent.───这必须要去区分哪些银行虽然无流动资金且投资不足却有能力偿还，哪些银行是资不抵债的。
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
.───尽管存在上述压力，惠誉认为一些寿险公司仍然具备较好实力应对资本市场波动和市场流动性问题。
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.───而这一根源就是房市的调整，它导致了抵押贷款类资产的流动性下降，阻碍了对美国经济至关重要的信贷流动。
40 、stock : The impact of
illiquidity
on stock prices, Financial Analyst Journal 47, P60-64））───的结论，企业在上市前的价值相当于上市后价值的65%。
41 、This is probably because investors have demanded a premium for owning an illiquid asset.───这可能是因为投资者都要求持有非流动性资产所要求的溢价。
42 、Most of the time this strategy works, because illiquid assets offer a premium return to compensate for the higher risk.───绝大部分时间中，该策略是奏效的，由于低流动性资产会提供额外回报以补偿其较高的风险。
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.───同时，它为那些不流动的债券提供一个暂时性的安置场所，尽管这些那些不流动的债券的评级都很高，这可以缓解目前市场几乎没有买家的现状。
44 、"The American Bankers Association welcomes the Financial Accounting Standards Boards proposed improvements for estimating market values in illiquid markets," said Yingling.───在写给财政部的信件中，利迪表示：“不用说，在现在的形势下，我并不喜欢这种安排，觉得它不够道德。
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.───因为这些管理（TAD）的机构不可能知道这些非流动资产的原始价格，所以TAD应该采取反向拍卖作为发现价格的机制。
46 、Cost of Illiquidity and Stock Pricing--the Empirical Study of Chinese Stock Market───流动性成本与股票定价--中国股票市场实证研究
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，因为金融体系的柠檬困境，该经济体中的政府理性政策只能是救助无流动资金的银行，而陷于软预算约束的困境不能自拔。
48 、I was turned off long ago by their risk and
illiquidity
.───我很早以前对它们的风险和缺乏流动性敬而远之。
49 、That is how the returns play out for equity-neutral strategies, which bet on stocks either rising or falling in value.But that doesnt happen for strategies that deal with illiquid securities.───对股票持中性策略的交易（不论预计股价会下跌还是上涨）其回报率会有这样的表现，而针对弱流动性证券的策略则不会如此。
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较高信用债券的流动性不足问题，这一问题随着市场正常化可以得到解决。
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.───这些基金能从市场的波动中以及因风险规避而必然的高流通性中获益，如果有些基金特别地成功，这并不稀奇。
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.───不成熟而且缺乏流动性的国内资本市场抑制着国内投资，增强了对国外资金的依赖。
53 、If a fund is overestimating the value of the illiquid assets, then its managers profit is grossly overestimated.───如果基金高估了非流动性资产的价值，基金经理的收益也严重高估了。
54 、“Over these past weeks, weve continued to examine the relative benefits of purchasing illiquid mortgage-related assets.───在过去的几周里，我们已经继续评估了购买非流动的抵押相关资产的相对利益。
55 、Securities lending allows temporarily illiquid securities to be loaned to investors.───债券借贷将本来暂时不流动的债券出借给需要债券的投资者。
56 、Few financial economists thought much about
illiquidity
or counterparty risk, for instance, because their standard models ignore it;───比如，没有金融经济学家考虑不动产或者交易对方的风险，因为他们的标准模式就忽视了这个；
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.───一大部分市值损失反映的是对高品质债券流动性不足的贴现，如市场回复正常的话，这部分可望解套。
58 、The Treasury argues that these prices are artificially depressed because of
illiquidity
, though more pessimistic types suspect that they merely reflect future losses.───但财政部表示，由于缺乏流动性，如今的市场定价令人沮丧。虽然更多的持悲观意见者怀疑该方案不过是反应了预期信贷损失。
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.───虽然科恩和英格兰德一直从其投资组合中抽取资金，但他们仍坚持持有一些不易流动或难以交易的投资。
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，缺乏流动资金的投资者如果要退出未缴承诺，就不得不以相对于资产净值的大幅折扣，出售自己在已经作出的投资中的权益。
61 、Furthermore, structured finances dependence on leverage and illiquid assets has left it prone to crisis.───更要命的是，结构化金融依赖于杠杆和非流动性资产，从而容易受到危机侵袭。
62 、An Empirical Study on the Systematic Risk Premium and Illiquidity Risk Premium of the Shanghai Stock Market Based on the Time Series───基于时间序列的上海股市系统风险、流动性风险溢价实证研究
63 、By reassuring investors that a committed buyer is in the market, it hopes to reduce the
illiquidity
premium pushing yields up.───美联储希望通过加强投资人对市场的信心减小非流动性溢价，从而抑制收益率增长。
64 、Investment banks business models include making big trading bets with borrowed money and constantly revaluing inventories in volatile and sometimes illiquid markets.───投资银行的业务模式涉及到用借来的钱完成大宗交易，并在动荡的有时甚至流动性很差的市场上不断重新评估存量资产的价值。
65 、Analysis on Illiquidity Share Transitional Trading Plan by VaR Theory───基于VaR技术的国有股过渡流通方案研究
66 、While no official statement has been released, a RBA spokesman said that they "...were in to support the illiquid market...───虽然没有发布正式的声明，但是央行的一位发言人称，他们“...是在支持市场的流动性...
67 、GEM stocks may be very volatile and illiquid.───创业板股份可能非常波动及流通性很低。
68 、For sure, nobody knows precisely what Bear is worth, so stuffed is it with hard-to-value, illiquid mortgage securities and other nasties.───当然，没有人确切知道贝尔史登到底值多少，因为大量难以估价，毫无流动性的的按揭证券及其他乱麻充斥着贝尔史登。
69 、"Over these past weeks, we have continued to examine the relative benefits of purchasing illiquid mortgage-related assets.───“经过过去几周，我们继续检查购买非流动资金抵押的相关的资产的有关收益。
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.───“在过去的几周时间里，我们对收购抵押相关的固定资产所能产生的相关收益不停的进行检验。
71 、The economists talk about “mispriced risk” and “
illiquidity
” in the system.───经济学家讨论系统中存在的“ 定价错误的风险”和“流动性不足”。
72 、Brad Hintz of Bernstein Research notes that the share of the industrys 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，如此非流动的投资所持有的产业资本份额正在飞速增长。
73 、Illiquid An asset or security that cannot be converted into cash very quickly (or near prevailing market prices).───不能变现不能迅速转换成为现金(或接近市场价值)的资产或证券。
74 、And when lots of investors buy illiquid assets, trading volumes increase, making the assets seem more liquid.───同时，随着大量投资者买入非流动性资产，交易量跟着上升，从而其流动性看起来并不那么差。
75 、So
illiquidity
prevented asset sales rather than induced them.───因此非流动会阻止资产的卖出而不是引导。
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.───“在过去的这几周里，我们一直在考察购买流动性差的抵押贷款资产的相关益处。
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
.───理想的状态是，央行坚定的购买将能恢复市场的正常交易，从而缩小缺乏流动性而造成的那部分差价。
78 、Chinese citizens only real investment choices are property, which is illiquid, and the stock market.───中国居民仅有的现实投资选择，一是流动性很差的房地产，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.───“大宗经纪业务之所以一直势头强劲，不仅仅因为对冲基金的影响力日益增强，同时因为它们处在投资前沿，在寻找更具创新力的证券业务，这对于投行来说利润率较高。”
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.───有些银行没有考虑对冲基金的风险或其头寸的流动比例，就为它们提供了巨额贷款。
81 、Asset allocations went wildly out of balance, overweighted to illiquid partnerships as the value of equities plunged.───资产配置完全失去了平衡，随着股市的暴跌倒向了流动性不足的资产。
82 、"Over these past weeks, weve continued to examine the relative benefits of purchasing illiquid mortgage-related assets.───“在过去的几周，我们已经连续检验了购买非现金的抵押资产的收益。
什麽是股灾
股灾（The Stock Market Disaster）是股市灾害或股市灾难的简称。它是指股市内在矛盾积累到一定程度时，由于受某个偶然因素影响，突然爆发的股价暴跌，从而引起社会经济巨大动荡，并造成巨大损失的异常经济现象。
造成中国股灾的三大因素:
1、泡沫论，是打压股市的理论核心，衍生出各种奇谈怪论，比如点位论，估值论，纸上富贵论和市赢率论，人为制造高点和低点，玩弄中国股市，最终为打压股市制造借口和理由。
2、印花税，它成为管理层在打压股市中采取最有效的手段，在股灾中，它变成股民心中的癌症，严重挫伤了股民的投资信心和对管理层的责任和能力产生怀疑。
3、管理层对股灾的漠视和麻木和不作为是对中国股灾的整体表现，严重错过救市时机，股灾不断加重，救市难度增大。外部环境的影响永远解释不了中国股灾的放任，证监会肩负着维护股市健康发展和避免危机的责任，维护股市的融资功能，才能给中国的实体经济创造可持续发展环境，股市兴则国兴，股市衰则国衰。
也有人认为，造成中国股灾的根本原因：证监会的失职！
什麽是股灾
股市内在矛盾积累到一定程度时，由于受某个偶然因素影响，突然爆发的股价暴跌，从而引起社会经济巨大动荡，并造成巨大损失的异常经济现象。