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.
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.
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.
可能是来自于基金经理买入的非流动性资产。
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.
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.
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.
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.
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.
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.
流动负债和非流动资产之间并不匹配，因此一旦出现资金链的突然紧张，银行就变得弱不禁风。
This mismatch between liquid debt and illiquid assets makes Banks susceptible to sudden losses of funding.
尽管二者都不是完全陷入困境，但是市场对于其潜在的致命缺陷——非流动资产和不可靠的大规模债务的模式已经不再信任。
Though neither was particularly sickly, markets could no longer stomach their potentially lethal combination of illiquid assets and skittish wholesale liabilities.
与日俱增的风险以及流动性降低引起了资产价格波动性，对于那些高保证金的非流动性资产尤其如此。
The increased risk and illiquidity has also lead to a spike in volatility, contributing to the higher margins.
然后看一下期初期末的非流动资产。
Then look at your Non-Current Assets at the start of the year and the end of the year.
据Fitch数据，投资银行平均持有资本是其非流动性资产的两倍多。
According to Fitch, the average investment bank holds more than twice as much capital as it does illiquid assets.
最终，新的流动性将会出现，例如买卖非流动性资产的私募股权交易平台(例如secondmarket、Share sPost等。)
Finally, new forms of liquidity will emerge such as private-market stock exchanges for buying and selling illiquid assets (e.g., SecondMarket, SharesPost, etc.).
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。
This is probably because investors have demanded a premium for owning an illiquid asset.
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 recognizing losses on long-term assets in their income statements.
因此非流动会阻止资产的卖出而不是引导。
So illiquidity prevented asset sales rather than induced them.
这些资产有时称为非流动资产，是公司经营中为了应用而不是为销售而置备的资产。
These assets , sometime called non-current assets, are used in the operation of business rather than being held for sale.
高盛也有大量的资产负债表外非流动风险——可变利益实体。
Goldman has large, illiquid off-balance-sheet exposures, too, known as Variable Interest Entities.
高盛也有大量的资产负债表外非流动风险——可变利益实体。
Goldman has large, illiquid off-balance-sheet exposures, too, known as Variable Interest Entities.
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