如此一来，对退休金债务的估值随之不断变化，使得公司资产负债表变动频频，这也促使财务董事试图降低风险。
The requirement to value pension liabilities in this way has made corporate balance-sheets more volatile, and encouraged finance directors to try to reduce their risk.
但一天结束的时候，它又会转回三个原则：资产负债表、资产回报和估值。
But at the end of the day, it comes back to those three principles: balance sheets, return on capital and valuation.
一个头痛的问题可能来自银行资产负债表中对不同资产进行估值的方式。
One headache could come from the way different assets are valued on bank balance sheets.
相比之下，在资产负债表中持有至到期的单纯贷款可能已经彻底违约，但却没有重新估值。
In contrast, single loans, held to maturity on balance sheets, are defaulting fast, yet they are not marked.
另一方面，鉴于银行问题的根源：不透明的、可能潜藏着“危险”内容的资产负债表，眼下一败涂地的银行估值看上去就不那么有吸引力了。
Bombed-out bank valuations, on the other hand, look less tempting, given the root cause of their problems: opaque, potentially toxic balance sheets.
另一方面，鉴于银行问题的根源：不透明的、可能潜藏着“危险”内容的资产负债表，眼下一败涂地的银行估值看上去就不那么有吸引力了。
Bombed-out bank valuations, on the other hand, look less tempting, given the root cause of their problems: opaque, potentially toxic balance sheets.
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