在英语中翻译"资产配置"
Overseas:International top ten cities in terms of Chinese immigrants, assets allocation, and tourism.
"Discretionary managers were likely the ones responsible for the recent equity market sell-off," Nikolaos Panigirtzoglou, global asset allocation strategist for the bank, told clients.
Ben Inker. Mr. Inker is the chief investment officer for quantitative equities in global developed 资产配置 markets and director of asset allocation.
摘要: 基于我国企业金融化趋势和实体经济“脱实向虚”可能带来系统性重大风险的背景，文章选择2007−2016年A股上市公司数据，研究了金融资产配置特征与企业财务风险之间的关系。研究发现：（1）金融资产配置总额越大，企业面临的财务风险越大。（2）持有短期金融资产能够降低企业面临的财务风险，表现为“蓄水池效应”，是“资产配置 资产配置 资产配置 未雨绸缪”的活动；而持有长期金融资产则挤出了主业投资资金，表现为“挤出效应”，提升了企业面临的财务风险，是“舍本逐末”的行为。（3）金融资产配置增量与企业财务风险之间不存在显著关系。进一步研究发现，企业面临的融资约束越严重、越是紧缩的货币政策环境以及属于国有控股公司，则金融资产配置所引起的财务风险越大。文章的研究结论为理性认识金融化趋势下的金融资产配置，充分发挥金融化的积极效果，抑制“脱实向虚”可能带来的财务风险提供了经验证据。
Summary: Along with the 资产配置 problems of excessive capacity and declining investment returns of China’s real enterprises, more and more real enterprises are involved in the financial and real estate fields, allocating excessive financial assets, so as to obtain higher returns comparing with the main investment. The preference for virtual economy or excessive financialization will directly affect the financial status of enterprises. The 资产配置 existing research just involves the reasons of financial asset allocation of 资产配置 real business, economic consequences, and enterprise financial risk study alone. While the motivation of financial asset allocation of real enterprises is " preparing for a rainy day”, such as preventing possible financing constraints, unable to repay 资产配置 maturing debt and for other financial risk activities, or is " putting 资产配置 the cart before the horse” to seek profits, such as giving up main business investment and inhibiting innovation, there is no literature study currently. However, it is of great significance to correctly understand and effectively supervise the financialization of real enterprises, fully play the benign role of financial asset allocation, and effectively curb the disconfirmation of national economy. Based on the above, this paper selects the empirical data of China’s A-share listed companies from 2007 to 2016, and empirically tests the 资产配置 relationship between the total amount, term and other static dimensions of financial asset allocation and financial risks of enterprises. In general, the more financial assets a company has, the more serious financial risks it faces. Holding short-term financial assets can alleviate financial risks faced by enterprises and is manifested as the activity of " preparing for a rainy day”. Holdi资产配置 ng 资产配置 long-term financial assets aggravates financial risks of enterprises, which is an act of " putting the cart before the horse”. However, there is 资产配置 资产配置 no evidence that the larger the increment of financial assets is, the easier it is to increase financial risks of enterprises. In addition, 资产配置 资产配置 when enterprises are faced with higher financing constraints, tighter monetary policies and belong to the state-owned enterprise, the more financial asset allocation and long-term financial asset holdings they have, the easier it is to increase financial risks faced by enterprises. This paper gives three policy recommendations: 资产配置 （1）Real enterprises should reasonably grasp the limits of financial asset holdings based on their own free cash flow status and long-term development goals, and combined with the national macro-control policies. They should not hold too many and too-long-term financial assets due to the excessive pursuit of immediate interests. （2）When formulating the asset allocation strategy, enterprises should optimize the financial asset allocation structure and reasonably allocate the term of financial assets to better meet the capital needs of the enterprise’s main business. （3）Rational allocation of financial assets and prevention of financial risks should also take full account of the impact of financing constraints, property nature and monetary policies. The marginal contributions of this paper can be 资产配置 elaborated from three aspects: （1）It can further enrich relevant theories on financialization and reality-to-fiction, and provide empirical evidence and policy guidance for deepening China’s financial reform and national strategic transformation. （2）It provides necessary micro-level evidence for rational allocation of financial assets, curbing excessive financialization and preventing 资产配置 major systemic risks. （3）It provides necessary empirical evidence for reasonably distinguishing the 资产配置 financialization approach rather than blindly regarding financial asset allocation as a 资产配置 negative behavior. （4）It can guide enterprises to reasonably grasp the total amount, 资产配置 term and increment of financial asset allocation under different internal and 资产配置 external constraints.
Key words : financial assets financial risks financialization removing reality to 资产配置 virtual financing constraints
本文选择2007—2016年我国A股上市公司数据，实证检验了金融资产配置总额、期限和增量与企业财务风险之间的关系。研究发现，企业配置金融资产的总额越大，面临的财务风险越大，而这种效应主要来自持有长期金融资产的“挤出效应”，持有短期金融资产则具有“蓄水池效应”，能够缓解企业财务风险。此外，在不同的融资约束水平、货币政策宽松度以及产权性质下，金融资产配置与企业财务风险之间的关系有所差异。
资产配置
许多实证研究发现，资产配置较之个股选择在证券投资组合绩效表现中起到了更为决定性的作用。布尔森（Brinson）、霍德（Hood）和比鲍尔(Beebower) (简称BHB)名为“投资组合表现的决定性因素” 资产配置 （Determinants of Portfolio Performance）的著名文章指出，在投资组合的收益中， 94%的收益变化归因于资产配置，而市场择时和挑选个股仅占6%。Ibbotson 和 Kaplan 在2000年的文献中提出，一般来讲，资产配置策略解释了投资组合收益的104%，以及40%的不同投资组合之间回报率差异。
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Informamos que as comunicações verbais e por escrito do Citi podem estar em inglês, pois talvez não possamos fornecer comunicações relacionadas a serviços 资产配置 em todos os idiomas. Essas comunicações podem incluir, mas não estão limitadas a, acordos de contas, declarações e divulgações, mudanças nos termos ou taxas; ou qualquer serviço de sua conta. Se você precisar de ajuda em um idioma diferente do inglês, entre em contato conosco, pois temos serviços de idiomas que podem ser úteis para você.
Please be advised that verbal and written communication from Citi may be in 资产配置 English as we may not be able to provide servicing related communications in all languages. These communications may include, but are not limited 资产配置 to, account agreements, statements and disclosures, change in terms or fees; or any servicing of your account. If you need assistance in a language other than English, please contact us as we have language services that may be of assistance to you.
Por favor, tenga en cuenta que las comunicaciones verbales y escritas de Citi podrían redactarse únicamente en inglés, ya que, tal vez, no podamos proporcionar comunicaciones relacionadas 资产配置 con los servicios en todos los idiomas. Estas comunicaciones podrían incluir, entre 资产配置 otras, contratos, divulgaciones y estados de cuenta, cambios en los términos o en los cargos, así como cualquier documento de mantenimiento de su cuenta. Si necesita ayuda en un idioma distinto al inglés, por favor, comuníquese con nosotros, ya que tenemos servicios de idiomas que podrían serle útiles.
Informamos que as comunicações verbais e por escrito do Citi podem estar em inglês, pois talvez não possamos fornecer comunicações relacionadas 资产配置 资产配置 a serviços em todos os idiomas. Essas comunicações podem incluir, mas não estão limitadas a, acordos de contas, declarações e divulgações, mudanças nos termos ou taxas; ou qualquer serviço de sua conta. Se você 资产配置 precisar de ajuda em um idioma diferente do inglês, entre em contato conosco, pois temos serviços de idiomas que podem ser úteis para você.