它的可互换程度不如财富或技巧，但这并没有使它成为非流动的资产。
It is not as fungible as wealth or skill, but that does not make it illiquid.
无形资产是指应用于企业的经营活动，但没有实物形态且非流动的资产。
The term intangible assets is used to describe assets which are used in the operation of the business but no physical substance, and non-current.
其所追求的并非事实或优雅，而是一种方法——通过它，可以抓住市场跳动的脉搏，并将一个不可观测或非流动的价格与交易市场的价格联系起来。
They are not seeking truth or elegance, just a way of capturing the behaviour of a market and of linking an unobservable or illiquid price to prices in traded markets.
耶尔兹·库特尼克已证明，非定性和流动性是Sukenick 文本的主要特征。
Jerzy Kutnik has shown that amorphousness and mobility are the prime characteristics of Sukenick's texts.
他注意到，由于水的流动，你不可能两次踏入同一条河流，这是对于万物皆非静止的一个比喻。
He noticed that because the water flowed, so you can never step into the same river twice. That was a metaphor for nothing stands still.
连接全球都市的产品供应链与资本流动正使得国际关系非国家化。
The supply chains and capital flows linking global cities today have similarly denationalized international relations.
这在非流动性市场上是很容易做到的。
非流动负债差不多就是企业的长期债务。
Non current liabilities are mostly long term debt of the business.
流动资本是他们的非现金流动资产和负债。当他们的收益增长迅速时，意味着他们在为这个行业食物链的其他部分提供资金，这样很容易耗尽现金。
When they grow rapidly in relation to revenues, it means you are financing other parts of the food chain in your industry and that's a great way to run out of cash.
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。
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.
在某些领域(比如说新兴市场)，投资者买卖交易所交易基金就要比做相关的非流动资产简单，但是流动性风险并没有消失。
In some sectors, like emerging markets, it is easier for investors to buy and sell an ETF than to trade in the underlying illiquid assets. But the liquidity risk has not gone away.
鉴于该基金更希望抬高其预估的非流动性资产，所以就会看到，早些时候撤回的投资人，在那段时间得到了较好的回报。
Given that the fund is more likely to inflate its estimation of the illiquid assets, it would seem that investors who withdraw early get the better returns over that time period.
对非流动性和杠杆的担心也由共同基金的标准来安抚。
Fears of illiquidity and leverage are calmed by mutual funds' rules on both.
但是，在错误的情况下公允价值可能引起不经济的卖出长期非流动贷款。
However, in the wrong circumstances fair-value accounting could also induce wasteful sales—of long-term, illiquid loans.
可能是来自于基金经理买入的非流动性资产。
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。
Hyun Shin and other scholars in academia provided early modeling of illiquidity and of the perverse effects of leverage during asset bubbles.
近期在土地拍卖中胜出的投标者均来自非房地产行业，这暗示了流动性的过度充裕。
The winning bidders in some recent land auctions have been cash-rich companies from non-real estate sectors, suggesting excessive liquidity.
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。
If the Fed went further and started to buy illiquid assets outright, as some are advocating, that would be different.
他们能够因为预想中的非流动性风险而要求赔偿吗？
这些修改使得银行在使用模型评估非流动资方面用有更大的自由，同时使得它们确认收益表中长期资产损失时更为灵活。
These gave banks more freedom to use models to value illiquid assets and more flexibility in recognising losses on long-term assets in their income statements.
高收益和非流动性资产也是对冲基金之所爱，后者正成为资金管理业的后起之秀。
Both high yields and illiquid assets are also attractive to hedge funds, which have become the rising powers of the fund-management industry.
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。
If a fund is overestimating the value of the illiquid assets, then its manager's profit is grossly overestimated.
但是如果有很好理性的话就该知道：所谓市场底部的判断已经出错过多次，而且莱曼揭露的非流动性的证券的实际值还有非常大的不确定性。
Perhaps with good reason. Market bottoms have already been incorrectly called several times, and there is massive uncertainty over the real value of Lehman's exposure to illiquid securities.
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。
The facility may thus eventually do what TARP was meant to: relieve banks of their illiquid assets.
出售这些公认的非流动性股票，但是其暗含的意思不能忽视。
Trading in all of these instruments is admittedly very illiquid, but the implication is hard to ignore.
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。
Bear's demise also shows how the boundary between illiquidity and insolvency is fast dissolving.
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。
Furthermore, structured finance's dependence on leverage and illiquid assets has left it prone to crisis.
更惨的是长达一个时代的收入停滞状态竟然一直伴随着某些极其非美国式的因素：收入流动性下降。
Worse is that the long era of stagnating incomes has been accompanied by something profoundly un-American: declining income mobility.
更惨的是长达一个时代的收入停滞状态竟然一直伴随着某些极其非美国式的因素：收入流动性下降。
Worse is that the long era of stagnating incomes has been accompanied by something profoundly un-American: declining income mobility.
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