资产管理机构

罗祖儒资产管理机构是联合国“负责任的投资原则”（unprinciplesforresponsibleinvestment）签署人之一，一直关注政府关于可再生能源的公告。

The asset manager , a signatory to the UN principles for responsible investment , has been keeping an eye on government announcements on renewable energy .

这一令人震惊的变化，一定程度上反映出所谓贷款抵押债券（CollateralisedLoanObligation）工具，或资产管理机构及其它金融机构投资组合工具的崛起。

Part of this seismic shift reflects the rise of so-called collateralised loan obligation ( CLO ) vehicles , or portfolios of loan instruments run by asset managers and other financial institutions .

越南最大的资产管理机构之一Vinacapital的首席执行长DonLam说，进入越南的早期投资者的失败率可能高达90%。目前在缅甸，有太多的外国资本在追逐潜在合作伙伴或企业，而有任何过往记录可查的企业又太少。

The failure rate for early investors in that market may have been as high as 90 % , says Don Lam , chief executive of Vinacapital , one of Vietnam 's largest asset managers . Too much foreign capital chased too few potential partners or businesses with any track record .

这家集团向共同基金及其他资产管理机构售出了25亿美元的债券。

The developer sold $ 2.5 billion in bonds to mutual funds and other major money managers .

证券投资咨询、其他金融资产管理机构的具体标准另行规定。

Specific standards for securities investment consulting institutes and other financial assets management agencies shall be formulated separately .

大型对冲基金、私人股本公司以及其他资产管理机构正怒不可遏地尝试回击。

Big hedge funds , private equity firms and other asset managers are furiously trying to fight back .

银行、资产管理机构和对冲基金宣扬的解决方案是全面采用集中清算。

The solution touted by banks , asset managers and hedge funds is the broad adoption of central clearing .

此文分别从管理层（收购方）和国有资产管理机构（出售方）两个角度出发来阐述权益资本成本计算方法的选择问题。

This thesis presents knowledge of choosing the methods of calculating the cost of equity from two different points of view .

但是，还有一个因素值得投资者关注：公司和资产管理机构是如何处置多余“现金”的？

But there is another factor investors should watch : what companies and asset managers are doing with their spare " cash " .

国务院国有资产管理机构作为三级代表人具体负责国有资本运营权责，除行政立法权应由国务院直接行使外，监督、收益分配和处置权限由这一职能部门具体实施。

The State-owned asset management agencies working as the third-class representative are in charge of directly supervision , distribution of income , disposal of ownership .

在旧有规则下，资产管理机构必须至少拥有50亿美元的管理资产和五年的营业记录，方有资格获得投资许可。

Under the old rules , managers needed at least $ 5bn under management and a five-year operating history to be eligible for an investment licence .

他们虽然无法弄清私人股本公司、对冲基金和其他资产管理机构的相关数字，但断定其阵容和报酬已大幅增长。

They couldn 't nail down numbers for private-equity firms , hedge funds and other money-management outfits but concluded that their ranks and compensation had grown dramatically .

反过来，这正在迫使其它更为主流的资产管理机构和银行重新审视自己的投资策略，或对资本市场工具的定义。

This , in turn , is forcing other - more mainstream - asset managers and banks to re-examine their own investment strategies or definitions of capital markets instruments .

中国在2010年允许进行融券交易，但推动其使用的努力受到阻碍，原因是可供合格资产管理机构借入的股票数量有限。

China embraced short selling in 2010 , but efforts to promote its use have been hampered by the limited number of shares available for qualified asset managers to borrow .

最关键问题的核心在于公司、资产管理机构和证券借出人（如托管银行）如何处置其资产负债表中的“现金”。

The issue at stake revolves around the " cash " which companies , asset managers and securities lenders ( such as custodial banks ) hold on their balance sheets .

国家出资企业一般包括由政府授权的国有资产管理机构出资监管的企业和由国有资产经营公司出资监管的企业两个层级。

They are generally divided into two types , namely those are invested and supervised by the state-owned assets and administration commission authorized by the government and by the state-owned assets management company .

私有产权控股的公司绩效最高，国有资产管理机构控股的公司绩效最低，而中央直属国有企业控股以及地方所属国有企业控股的上市公司绩效居于之间。

The performance of private property right is highest , the state asset management structure is lowest , and the central subordinate state-owned enterprise and the place respective state-owned enterprise are between them .

证券经营机构、信托资产管理机构在提交申请材料之前两个季度末的相关数据均应符合以上要求。

The relevant data of the securities operating agency and the trust assets management agency at the end of two previous quarters before the submission of application materials shall satisfy the aforesaid requirements .

但自信贷危机爆发以来，传统的资产管理机构拒绝购买抵押贷款支持债券，而用以提供需求重要来源的非传统投资工具已经瘫痪。

But since the start of the crisis , traditional asset managers have refused to buy mortgage-backed bonds , while non-traditional investment vehicles that used to provide a key source of demand have collapsed .

或者，换种说法，在面临押注美国政府和美国银行谁更安全的选择时，坐拥巨额现金的大公司和资产管理机构看好的还是前者。

Or , put another way , faced with a choice between betting on the safety of the US government , or its banks , cash-rich large companies and asset managers are choosing the former .

15年前，当信用衍生品首次开发出来时，人们的宣传是：这些产品会促进银行、对冲基金、资产管理机构及企业分散信用风险。

When credit derivatives were first developed 15 years ago , they were presented as products which would encourage the dispersion of credit risk , among banks , hedge funds , asset managers and companies .

在国有资产管理机构（如国资委）国有资产营运公司国有实体企业这样一种新的三层次国有资产管理体制下，国有投资公司实质扮演着第二层次的角色。

In state-owned assets management organizations ( such as the SASAC ) operators of state-owned assets of state-owned enterprise a new three level of state-owned assets management system , state-owned investment company real play second levels of role .

通过分析各种权益资本成本计算方法，建议管理层选择套利定价模型来计算权益资本成本，国有资产管理机构使用固定股利增长模型计算权益资本成本。

In the basis of analysis , the author suggests the management choose the arbitrage pricing model to calculate the cost of equity , and the state-owned assets supervision and administration commission choose the fixed dividends model to do so .

在这一过程中，处理好中央和地方的权责划分，明晰国有资产管理机构的性质和职能，构建国有资产的管理模式等问题显得尤为重要。

Three problems are focused on during this process , that is , the division of power and responsibility between central and local governments , the nature and functions of stated-owned assets management organizations and the managing model of state-owned assets .

国有出资人机构就是国有资产管理机构，它对于改善政府管理，建立有效的公司治理，保护产权，实现国有资产保值增值起着重要作用。

The administrative institution of state-owned properties plays an important role in the improvement of the governmental administration , the establishment of efficient company management and the protection of property right . It is also very critical to the increment of state-owned properties .

国有资产监督管理机构认为必要时，可以对该项目进行跟踪指导和现场检查。

They shall regularly or irregularly make spot checks on the assets assessment projects .

出资人经济责任审计是国务院赋予国有资产监督管理机构的重要职责。

The investment person economical responsibility audit is the state-owned assets supervision 's important mission .

但是，国有资产监督管理机构的权利范围和监督等方面仍然存在许多弊端。

However , there are still lots of problems about rights of the stated-owned assets supervision and administration institution .

近些年来，一些“实钱”资产经理人管理机构（譬如养老基金）购买了证券化产品。

In recent years some " real money " asset managers , such as pension funds , bought securitised products .

第五部分在前述分析的基础上，给出投资者规避其认知偏差以及从事资产管理的机构开发新的金融产品的建议。

The fifth part gives suggestions for the investors to avoid cognitive bias and for asset management institutions to develop new financial products .