We engineered a market - making system to ensure liquidity in the secondary market and efficiency in price determination , leading to the establishment of a reliable benchmark yield curve for the whole spectrum of maturity in the paper from the very short end to ten - year 我们引入市场庄家制，以确保外汇基金票据及债券在二手市场有一定的流动性及有效厘定价格，藉此为最短期限以至10年期的债券建立了可靠的基准收益率曲线。
And there has been no lack of explanation of why this is the case . the often quoted impediments include the lack of clearing and settlement infrastructure , the absence of a broad institutional investor base , the lack of a benchmark yield curve , low liquidity , and so on 有关导致这现象的种种原因，我们都听了许多，其中最常为人诟病的包括：缺乏结算交易的基建设施机构投资者基础狭小未确立基准收益率曲线流动性低等。
" there has been no lack of explanation of why this is the case . the often quoted impediments include the lack of clearing and settlement infrastructure , the absence of a broad institutional investor base , the lack of a benchmark yield curve , low liquidity , and so on , " said mr yam 任志刚表示：有关导致这现象的种种原因，我们都听了许多，其中最常为人诟病的包括：缺乏结算交易的基建设施机构投资者基础狭小未确立基准收益率曲线流动性低等。
Based on internal rate of return as dynamic index of financial evaluation , the authors quantitatively analyse the critical point of investment inflation for a project , which can be explained as follows . assuming that the project is in a definite time limit during which the internal rate of retum should not be less than minimun attractive rate of return ( marr ) , an analysis is made on the critical value of allowable maximum inflation of investment cost . similarly , assuming that the project is in a definite investment , an analysis is made on the critical point of allowable maximum delay of time limit for the project . by critical analysis of inflation of investment and delay of time limit for a project , an investigation can be made on the capacity for a project to bear the risk of investment inflation and time limit delay ; and then a scientific basis can be offered for arranging invesetment and drawing up schedule of construetion 根据建设项目财务评价的动态评价指标? ?内部收益率，定量地分析建设项目的投资膨胀临界点.假设在工期一定情况下，研究分析项目的内部收益率应该至少等于国家规定的行业基准收益率时，其允许投资费用的最大膨胀临界值.类似于投资膨胀临界分析，假设在项目投资一定情况下，得到允许建设工期的最大膨胀临界点.通过投资与工期膨胀临界分析，可以考察投资项目承受投资增加和工期拖延的风险能力，为合理安排投资和编制施工进度提供科学依据
During 2004 the hkma promoted the liquidity and credibility of the benchmark hong kong dollar yield curve by continued re - balancing of the maturity distribution of the exchange fund bills and notes ( efbn ) portfolio , regular review of the performance of market makers , publication of the daily fixings on prices and yields of efbn , and monitoring of the performance of contributors for the fixings 金管局在2004年致力提高港元基准收益率曲线的可信程度及债券的流动性。这具体上包括：重新分配外汇基金票据及债券组合的期限、定期检讨市场庄家的表现、每日公布外汇基金票据及债券的正式定价及收益率，以及监察提供定价的市场庄家的表现。
The estimating method of the power tariff for new hydropower project is counter - derived on the basis of loan principle and interest repayment during the loan repayment and then calculated based on meeting the needs of the base benefit rate of power industry after the completion of loan repayment ; or is estimated based on the rise trend of power tariff in the power network and the user " s affording capacity ; or is estimated by the marginal cost method ; or is estimated by adopting the rational financial profit rate 水电建设项目上网电价的测算主要有以下几种方法：还贷期间按归还贷款本息反推，还清贷款后按满足本行业基准收益率测算；根据电网电价的上涨趋势及用户的承受能力测算；采用边际成本法测算；采用合理的资金利润率测算。
