非金融企业

创建于2003年、监督各大国有非金融企业的中国国有资产监督管理委员会（SASAC）或许是中国工业政策的最佳体现。

China 's industrial policy is perhaps exemplified best by the State-Owned Assets Supervision and Administration Commission , created in 2003 to oversee the largest state-owned non-financial enterprises .

银行间债券市场非金融企业债务融资研究

Research on Debt Finance of Non-financial Enterprises in the Inter-bank Bond Market

美国银行（BANKOFAMERICA）指出，中国非金融企业今年的净利润率可能下滑至4%，低于去年的5%。

Net margins at Chinese non-financial companies could fall to 4 per cent this year , down from 5 per cent last year , Bank of America notes .

如今，家庭债务占GDP的比率几乎增加了两倍，高达85%；而非金融企业的债务则猛增至GDP的140%。

Today , household debt has nearly tripled at85 % of GDP while non-financial corporate debt has soared to140 % of GDP .

非金融企业债务与国内生产总值（GDP）之比，从2008年的约85%升至今天的约120%。

The debt of non-financial companies rose from about 85 per cent of gross domestic product in 2008 to closer to 120 per cent today .

就非金融企业（占一半GDP）而言，要衡量这种现象有多严重，最佳方法是看企业从流动现金流量中，拨出多少份额进行非流动性的长期固定资产投资。

For non-financial corporations ( half of gross domestic product ), the disengagement is best measured by the share of liquid cash flow allocated to illiquid long-term fixed asset investment .

在葡萄牙，非金融企业（nfc）的债务是其息前利润的16倍。

In Portugal , non-financial companies ( NFCs ) have debt that is 16 times their pre-interest profit .

实际上，自1950年以来，在经济复苏的第一年里，美国私营部门贷款（不包括抵押贷款）占GDP的比例平均下滑0.1%，非金融企业贷款所占比例下滑0.6%。

Indeed , since 1950 , US private sector borrowing ex-mortgages has declined an average 0.1 per cent of GDP in the first year of recovery , with non-financial business borrowing declining 0.6 per cent of GDP .

光顾该市场的非金融企业仍然很少，今年仅有的两次重要本土债券发行，发行方分别是住宅地产开发商mirvac和地产投资信托公司dbrreef。

Non-financial companies are still rare visitors to the market , with only two significant domestic bond issues this year , from residential property developer mirvac and the property investment trust DB rreef .

日本航空（JAL）昨日成为日本最大的本土非金融企业破产案的主角。为求重生，该公司已申请破产保护，它将裁减三分之一员工，砍掉多条航线，并出售数十项资产。

Japan Airlines yesterday became the biggest local corporate failure outside the financial industry when it filed for bankruptcy protection as part of a makeover which will see it lose a third of its staff , shed multiple routes and sell dozens of assets .

投资者如今再度将目光放在非金融企业领域。

Investors are now once more contemplating the non-financial corporate world .

标准的公司治理理论是以非金融企业为研究对象的，这一理论并不适用于定位于长期金融和资产管理功能的非银行性金融机构&信托投资公司。

The standard corporate governance theory takes non-financial enterprises as research objects .

和非金融企业一样，银行面临着标准的公司治理问题。

As non-financial corporations , commercial banks face standard corporate governance problems .

这意味着，具备这些特征的非金融企业也可能成为它们的目标。

This suggests that non-financial companies with these characteristics are likely targets .

第一，非金融企业既需要零售银行的服务，也需要投资银行的服务。

First , non-financial corporations need the services of both retail and investment banks .

非金融企业建立金融风险管理体系的必要性分析

On the Necessity of the Establishment of the Financial Risk Management in Non-financial Enterprises

非金融企业的杠杆率也很高。

Leverage among non-financial companies is also high .

因此，非金融企业私募发行债券的相关制度应运而生。

Therefore , private equity issue bonds of non-financial enterprises related system came into being .

这些到期债务中的大多数来自非金融企业部门（见图表）。

Most of the maturities are in the non-financial corporate sector ( see chart ) .

尤其是，许多非金融企业的稳定性确实堪忧。

In particular , the stability of many non-financial corporations is a real cause of concern .

高负债的非金融企业甚至可能破产，将包括银行在内的本国债权人置于危险境地。

Highly indebted non-financial corporations may even go bankrupt , imperilling domestic creditors , including the banks .

非金融企业成为资金提供者，而不是从银行和其它资本供应商处贷款。

Instead of borrowing from banks and other suppliers of capital , non-financial corporations became providers of finance .

我国金融控股公司有两种模式：非金融企业控股公司和银行控股公司。

There are two models of China 's FHC : non-financial enterprise holding company and bank holding company .

中期票据从本质上讲是一种中期信用债券，由具备法人资格的非金融企业在银行间市场发行。

MTNs is essentially a medium-term debentures , issued by non-financial companies with legal personality in the interbank market .

然而，有关非金融企业外币债务头寸的数据既稀少又没有帮助。

However , data on the foreign debt position of non-financial companies in emerging markets is both sparse and unhelpful .

因为商业地产大多由企业购买，这一规则有效地限制了非金融企业部门的杠杆率。

Since it is predominantly companies that purchase commercial property , this rule effectively limits leverage in the non-financial corporate sector .

不过，它现在已经提出设立两个门槛，来决定进行场外衍生品交易的非金融企业是否需要使用清算机构。

However , it now proposes setting two thresholds to determine whether non-financial users of OTC derivatives need to use clearing .

非金融企业长期以来一直保持着财务盈余（留存收益多过投资）。

Non-financial corporates have been running financial surpluses ( an excess of retained earnings over investment ) for a long time .

而在同一时期内，其他非金融企业的利润增长64%，并且存在同比利润出现下滑的情况。

Other non-financial companies saw profits rise 64 % during that same period and profits sometimes fell year-to-year for that group .

同时，很多非金融企业已开始利用借款成本处于创纪录低位这一点，在资本市场融资。

Many non-financial corporates , meanwhile , have already taken advantage of record low borrowing costs to fund in the capital markets .