Unless they can turn in their bonds and exchange them for something else, they're only paper assets.

除非他们兑现了债券并且换成别的东西，否则就只是纸上资产。

youdao

As I explained earlier, income is more closely associated with paper assets.

就像我之前解释的，收入和纸资产的关系更加密切。

youdao

An SIV is a company of a sort that invests in assets and they issue something like asset-backed commercial paper, but it's not a real company because it only exists as an organization sponsored by some bank.

IV类似从事资产投资的公司,同时也发行类似资产担保商业票据的证券,但它不是一家真正的公司,因为它只是由某家银行建立的一个组织

耶鲁公开课 - 金融市场课程节选

It's the deluge of near-worthless paper assets that buries us for years to come.

FORBES: Magazine Article

They consist almost entirely of portfolio flows: foreign investors looking to buy shares and other paper assets, not FDI.

BBC: IMF follows the money in Brazil

Be wary of outfits that have a high ratio of debt to tangible net worth (that's the net worth minus paper assets like goodwill).

FORBES: Famous Last Words