To draw, make, accept, endorse, discount, execute, and issue-

开出、订立、承兑、背书、贴现、签立及发出一

http://www.legislation.gov.hk/eng/index.htm 22.10.2011

http://www.legislation.gov.hk/eng/index.htm 22.10.2011

the resolution must specify the maximum rate of discount at which the shares are to be issued;

该项决议必须指明该等股份发行所按的最高折扣率；

http://www.legislation.gov.hk/eng/index.htm 22.10.2011

http://www.legislation.gov.hk/eng/index.htm 22.10.2011

Today, the smart money in financial markets takes a long-term view that asset prices are for the most part rational expectations of discounted future fundamental values.

今天金融市场上有经验的投资商以长远的眼光来看待问题，他们给出的资产价格在很大程度上是对未来基本价值给予打折 后的理性预期。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 21.12.2010

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 21.12.2010

Such undeclared substantive contents as the bidding prices, price discounts, and alternative bidding proposals as permitted in the bid-invitation documents, etc. shall not be acknowledged at the time of bid evaluation.

未宣读的投标价格、价格折扣和招标文件允许提供的备选投标方案等实质内容，评标时不予承认。

© 中国投资指南

http://www.fdi.gov.cn/index.htm 20.06.2011

© Invest in China

http://www.fdi.gov.cn/index.htm 20.06.2011

Of course, the boom’s costs should not be discounted.

当然，繁荣所付出的代价也不能忽略不计。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 24.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 24.01.2011

No estimate of the pure rate of time preference, even by those who believe in relatively strong discounting of the future, has ever approached 8.5%.

但是，还没有出现预计社会时间偏好率会接近8.5%的情况，即便对于那些认为对未来应该打相对很大的折扣的人而言也是如此。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 15.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 15.01.2011

However, I believe that Stern’s fundamental conclusion is justified: we are much better off reducing CO2 emissions substantially than risking the consequences of failing to act, even if, unlike Stern, one heavily discounts uncertainty and the future.

不过，我认为斯特恩的基本结论是正确的：即我们实质性地减少二氧化碳的排放肯定比因为没有采取行动而 冒由此带来的后果的风险要好得多，即便对于一个与斯特恩意见相左、大大低估不确定性和未来影响的人也是如此。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 15.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 15.01.2011