Next, assume that there is a risk-free asset.
接下来，假设存在一种无风险资产。
So what might replace Treasury bonds as the global risk-free asset?
那么，什么来取代美国国债成为全球性的无风险资产呢？
Many use Treasury bonds as the risk-free asset for capital purposes. As capital Economics points out.
以银行的财政状况为例，许多人利用国债作为无风险资产以实现资本用途。
The inevitable levering of asset structures to double or quadruple returns relative to risk-free assets?
资产结构无可避免应加入杠杆操作，以便将报酬率相对于无风险报酬率放大两倍或四倍？
U.S. Treasury bills are the textbook definition of a safe haven asset, historically one of the most risk-free assets you can buy next to precious metals.
美国国库债券是资产的安全避险天堂，这是教科书般的定义。 在历史上，除贵金属之外，它也是你可以买到的最没有风险的资产之一。
Since America is the world's largest economy, has the most liquid financial markets and operates the world's premier reserve currency, the Treasury bond has been seen as the global risk-free asset.
美国是全球最大的经济体，拥有流动性最强的金融市场，管理着全球最重要的储备货币，因此，美国国债已经被视为一项全球性的无风险资产。
When markets are free, asset values are supposed to go up and down, and competition opens up opportunities for profits and losses.
当市场是自由的时，资产价值像期待中的一样上涨和下跌，竞争开辟了盈利和亏损的机会。
Time is needed to allow asset values to retreat back to historically normal levels that can be supported by the free market.
要使资产价值回到自由市场可以支撑的历史正常水平，是需要时间的。
A sudden loss of confidence in all sovereign debt, and especially in American Treasuries, the world's benchmark "risk-free" asset, would have calamitous consequences in a still-fragile recovery.
对所有主权债突然的的信心丧失，特别是被当作世界无风险债券标竿的美国公债，将在仍然脆弱的经济复苏中造成灾难性的后果。
But in more exotic asset classes, the long-term expected return may be zero, or at least less than the risk-free rate.
但是在那些奇特的金融产品中，长长期望后的回报可能是零，或者最终低于无风险利率。
Dollars are the world's primary reserve currency, and Treasuries are the world's preferred "risk-free" asset.
美元是世界的主要储备货币，国债也是直接普遍选择的“零风险”资产。
In the end, the world's insatiable demand for the "risk-free" reserve asset will make that asset anything but risk-free.
最后全球范围内对“无风险”资产的贪求将使得这些资产有风险了。
The biggest asset in life is heath, the biggest wealth is contentment, the biggest victory is free from hatreds, and the biggest achievement is to be at ease no matter when and where you are.
人生最大的财产是健康，最大的财富是心足，最大的胜利是无嗔，最大的成就莫过于不论在何时何地都能悠然自得。
So my money goes in, and then it comes out, and I own an asset that was technically free.
我的资金通过投入又收回，使我拥有了一笔从技术上来说是无偿取得的资产。
Participates in Asian President the conference to sign "Spare capital Replacement Cooperation Joint pledge" then obtains high for its under fixed asset value 90% interest-free loans.
参加亚洲总裁会议签订《闲置资本置换合作公约》即可获得最高为其名下固定资产价值90%的免息借款。
The separation of ownership and control of corporations lies on system for corporate asset, limited liabilities of stockholders and the system of stock market which equity exchange is free.
股份制企业的所有权与控制权分离源于股份制企业制度下的企业法人资产制度和股权自由交易的股票市场制度。
Firms that have few growth options, little free cash flow, long asset maturity, or well-established tend to have more long-term debt.
具有更少成长机会、更少自由现金流量、资产期限长和规模大的公司具有更多的长期债务。
Asset columns could produce large sums of cash flow. Asset columns could free them to live the life they dream of, instead of working full time just to pay bills.
资产项目可以产生大量的现金流，使人们自由地过上梦想中的生活，而不必整天为了生计忙碌工作。
For the first case, the nature is transfer of the intangible asset, so the business tax is exempt provided it is transfer for free.
对第一种情况，其性质是转让无形资产，如果是无偿行为，则不征税。
That looks skimpy. The bank says it would have plenty of time to build up capital through earnings or that it could take steps to free up capital through asset sales.
德行声称，若果真能如此，自己就会有足够的时间通过收益来累积资本，或是采取销售资产的措施来解放资本。
For the first case, it is actually the transfer of intangible asset, so the business tax is exempt if it is transferred for free.
对第一种情况，其性质是转让无形资产，如果是无偿行为，则不征税。
Risk Free Rate of Return The quoted rate on an asset that has virtually no risk.
无风险回报率基本上没有风险的资产的利率。
That looks skimpy. Thebank says it would have plenty of time to build upcapital through earnings or that it could take stepsto free up capital through asset sales.
德行声称，若果真能如此，自己就会有足够的时间通过收益来累积资本，或是采取销售资产的措施来解放资本。
But newspapers, perhaps the ultimate trophy asset even as the industry appears to be in a free fall, may be too much even for previously successful business executives.
但即使在报业业绩似乎直直落之际，报纸仍是最大奖的资产，对这些原来事业有成的执行长仍是极大的负担。
But newspapers, perhaps the ultimate trophy asset even as the industry appears to be in a free fall, may be too much even for previously successful business executives.
但即使在报业业绩似乎直直落之际，报纸仍是最大奖的资产，对这些原来事业有成的执行长仍是极大的负担。
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