独立投资

本文作者为英国独立投资咨询公司JewsonAssociates董事兼策略主管

The writer is director and head of strategy at Jewson Associates , the UK-based independent investment consultants

本文探讨了电力项目的回报率问题和电价问题；介绍了世界上一些国家在独立投资电厂和BOT电力项目中所采取和最高限价办法；

This paper studies electric price and ratio of repayment , and introduces the means of upper limit price which some abroad countries implement in power-plant of independent investment and BOT electric building items .

独立投资公司GluskinSheff的经济学家大卫•罗森博格相信确有其事。

Gluskin Sheff economist David Rosenberg believes it did .

高盛（GoldmanSachs）和摩根士丹利成了华尔街上硕果仅存的两家独立投资银行（不过就连摩根士丹利也曾在1997年被卖给了DeanWitter）。

Goldman Sachs and Morgan Stanley are the last hold-outs among Wall Street 's independent investment banks ( although even Morgan Stanley sold out once before , to Dean Witter , in 1997 ) .

剩下两家大型美国独立投资银行摩根士丹利（morganstanley）和高盛（goldmansachs）股价分别下跌37%和21%，因为其债务的保险成本大幅上升，威胁到了它们在市场中为自己融资的能力。

Shares in the last two largest independent US investment banks left standing Morgan Stanley and Goldman Sachs fell 37 per cent and 21 per cent respectively as the cost of insuring their debt soared , threatening their ability to finance themselves in the market .

商业银行如美国银行和Wachovia试图建立自己的投资银行业务，但他们还没有成功地吃进五大独立投资银行（美林，高盛，摩根士丹利，雷曼兄弟和贝尔斯登）的核心特许经营业务。

Commercial banks like Bank of America and Wachovia have tried to build up their own investment-banking operations , but they haven 't had much success in eating into the core franchises of the five big independent investment banks : Merrill Lynch , Goldman Sachs , Morgan Stanley , Lehman Brothers , and Bear Steams .

独立投资基金将成为花旗集团最大的股东之一。

The Investment Authority would become one of Citi 's largest shareholders .

六个月之前，有五家大型独立投资银行。

Six months ago , there were five big , independent investment banks .

瑞士宝华银行提供私人银行服务、机构资？管理和独立投资组合经理的专业服务。

Banque Piguet specialises in private banking , institutional asset management and services to independent portfolio managers .

从财务管理角度，每一种采购合同是一种企业独立投资。

From the financial point of view , every single purchasing contract is a independent investment of every entity .

随着各企业在当前充满变数的市场环境中纷纷转向传统技能，独立投资公司在顾问收入中所占比例创下了历史新高。

Independent investment firms are taking a greater share of advisory fees than ever as companies turn to old-fashioned skills in an uncertain market .

第二部分是项目价值评价，利用标准的实物期权分析方法得出了两个项目的独立投资机会及项目组合的价值评价。

In the second part the value of projects is evaluated by using a standard real options analysis which gives two separate projects and portfolio assessment .

到本世纪初，全世界重量级独立投资银行只剩下五家，全部都是美国的。

By the beginning of the last decade the number of major independent investment banks worldwide had been reduced to five , all of them American .

外管局是央行旗下的一个机构，但以实现国家外汇储备收益率最大化为职责进行独立投资，其庞大的资产负债表也保持独立。

SAFE is an agency of the central bank but invests independently under a mandate to optimize returns on the country 's foreign-currency reserves and keeps its giant balance sheet separate .

但上周日的情形有所不同，不仅仅是雷曼破产和美林易帜那么简单，更昭示了独立投资银行的穷途末路。

This Sunday was different , however , because it marked not simply the end of Lehman and surrender of Merrill , but the last gasp of the independent investment bank itself .

这笔交易突显出了在涉及金额较大时，拥有一只独立投资机构的优势，因为每只基金在单笔交易中的投资额都设有上限。

That deal underscored the advantage of having a separate investment arm when the amount of money involved is large , given that any fund has limits on the amount it can invest in a single deal .

但是最近发生的事件——华尔街的的五个最大的独立投资银行中三个的失败或出售，似乎已将历史的车轮辗转回20世纪20年代，那时投资银行和商业银行同居在同一企业的保护伞下。

But recent events on Wall Street-the failure or sale of three of the five largest independent investment banks-have effectively turned back the clock to the 1920s , when investment banks and commercial banks cohabited under the same corpcrrate umbrella .

下一阶段，将确立newstar和亨德森的基金品牌，决定哪些基金互相重叠并将其合并，哪些基金将继续作为独立的投资工具存在。

The next stages will be branding the new star and Henderson funds and deciding which funds overlap , and will therefore be merged , and those that will remain separate vehicles .

摩根士丹利1997年与消费者金融公司添惠（deanwitter）合并后，就不再是一家独立的投资银行。

Morgan Stanley ceased to be a stand-alone investment bank in 1997 when it merged with the consumer finance company Dean Witter .

马丁.班福特（MartinBamford），InformedChoices公司的独立财经投资顾问说：“现在已经太晚了，稳健的投资者转成了现金或更安全的投资领域”。

" This is fairly late in the day-nervous investors will have already moved into cash or safer investments ," says Martin Bamford , an independent financial adviser at Informed Choices .

但sec目前针对的abacus交易的不同之处在于，高盛据称主动向独立的投资组合挑选者aca误报了保尔森扮演的角色。

What makes the abacus transaction targeted by the SEC different is the allegation that Goldman actively misrepresented the role of Mr Paulson to ACA , the independent portfolio selector .

最近信贷危机对信贷市场的破坏程度昨日完全突显出来，全球最大独立结构性投资工具（siv）之一的信用评级被大幅调降13级。

The extent of damage in credit markets from recent turmoil was starkly underlined yesterday when the credit rating of one of the largest independent structured investment vehicles was slashed by 13 notches .

独立学院投资项目问题及对策分析

Analysis of Problems and Countermeasures for the Investment Project of Independent Institute

三是企业应当拥有独立于投资所有权的法人财产权。

Enterprises should own corporate property rights that are independent of investors ' ownership .

独立的投资银行几乎全军覆没。

Stand-alone investment bank is almost annihilated .

要独立享有投资收益并承担投资责任和风险。

Possess independently the income for invest-ment and assume the responsibility and the risk for investment .

会计费用应该在分发投资资金之前独立于投资资金而支付。

The accounting fee should be paid out of the accumulated funds before disbursements are made .

提出了一种研究非相互独立运输投资项目决策的研究方法。

This paper presents a method for the solving of the non independent investment decision making problem .

但这也意味着基金的价格独立于投资对象的价格（或资产净值）。

But it does mean that share prices trade independently of underlying investments , or net asset value .

不过，在从国际经历中汲取教训、积累经验之后，战略联盟将逐渐转变为独立的投资。

However , from cumulative lessons learnt from international experiences , strategic alliances will gradually transform into independent investment .