收益化本價值 的英文怎麼說

中文拼音 [shōuyìhuàběnjiàzhí]
收益化本價值 英文
earnings capitalized value
  • 收 : Ⅰ動詞1 （把攤開的或分散的事物聚集、合攏） put away; take in 2 （收取） collect 3 （收割） harvest...
  • 益 : Ⅰ名詞1 （好處） benefit; profit; advantage 2 （姓氏） a surname Ⅱ形容詞（有益的） beneficialⅢ動詞...
  • 本 : i 名詞1 （草木的莖或根）stem or root of plants 2 （事物的根源）foundation; origin; basis 3 （本錢...
  • 價 : 名詞1. （價格） price 2. （價值） value 3. [化學] （化合價） valence
  • 收益 : income; proceeds; profit; earnings; gains; avails; gainings
  1. According the original thoughts, this paper circumstantiates how to carry this theory into chinese practice and how to eliminate the fundamental shortcomings if foreign standards applied mechanically. therefore, in a creative way, this paper establishes a feasible eva appraisal system according to chinese listed companies " character and demonstrates it on some listed companies, such as sichuan changhong co. ; tsingtao brewery company ; and harbor line companies. in one word, this paper wishes to provide a set of more practical and predictable standard in comparison with roe and eps

    本論文正是根據其理論，首先著重對目前如何將經濟增加值實際運用於評估中國上市公司業績，進行針對性的分析和探討，從而逐步剔除機械套用國外指標體系的根本性缺陷，然後按照中國證券投資市場的特徵，創造性地建立一套符合中國實情地指標體系，同時運用這一指標體系對四川長虹、青島啤酒以及整個港口行業的上市公司五年間的業績變化情況做了仔細的運算和分析，並與現行的凈資產收益率、每股收益進行實證分析、比較，以期為上市公司業績評價提供一種更有預見性、更可行的指標體系。
  2. In addition, this paper gives the rethingking on classical theories and tries to synthesize classical theories with neoclassical ones as the foundation to definite some modern economic analytic tool such as value, transaction cost, property, specialization returns and transaction efficiency, with which the paper gives a brief partial equilibrium analysis to the problem of firm growth and gives some describable elucidation to firm and firm - growth with the organization theories

    再次，本文在對新古典理論進行批評性再述的基礎上，重新思考了古典理論，並試圖在古典理論與新古典理論綜合的基礎上，重新界定價值、交易費用、產權、專業化收益、交易效率等現代經濟分析的工具。利用這些工具，對企業的成長作以簡單的局部均衡分析。
  3. Buyers ( management ) can get profit from the raising of companies performance and the underestimated prices, avoid hostility acquisition, satisfy the needs of carving out business ; seller ( shareholder ) can reach the purpose of reducing agency cost, incent and restrict the management, peel off assets and change public - owned departments to private departments

    買方管理層可以獲得來自公司經營業績的提高和企業價值被低估的收益，避免被敵意收購，滿足創業的需要；賣方股東可以達到降低代理成本、激勵和約束管理層、剝離資產和公營部門私有化的目的。
  4. Theoretically, there are many measure method for the goodwill, for example, there are capitalization of income method, present value of super - profit method and so on, but we adopt the difference between thb c t of the whole business and the identifiable net assets method

    從理論上講，計量商譽的方法有多種，比如超額利潤現值法、收益資本化現值法，但實務中一般採用並購成本與可辨認凈資產的公允價值的差額計算。
  5. Buyers ( management ) can get profit from the raising of companies performance and the underestimated prices, avoid hostility acquisition, satisfy the needs of carving out business ; seller ( shareholder ) can reach the purpose of reducing agency cost, incenting and restricting the management, peeling off assets and changing public - owned departments to private departments

    買方管理層可以獲得來自公司經營業績的提高和企業價值被低估的收益，避免被敵意收購，滿足創業的需要；賣方股東可以達到降低代理成本、激勵和約束管理層、剝離資產和公營部門私有化的目的。
  6. So this paper tries to solve these problems through the following work : first, we select some index to valuate the close - end funds, including income, stability, risk in falling, stocks selecting ability and tuning ability, based on overseas funds valuation methods and domestic market condition ; second, we analyze the stability of all index and form two styles index, which are f and other bad stability index ; then, we form the valuation system, including two - layers index, which are p and factor score ; last, we use this system to analyze the close - end funds which came into existence before 2000 and get the final comparative result. the main intention of this paper is to create the system of valuating close - end funds in our country, which is comprehensive and objective. in my valuation system involving the period from 2000 to 2003, the funds as a whole performs inferior to the stock index

    首先，對國外理論界經典成型的、以及前沿的基金評價指標和評價方法進行了詳細的分析，並結合我國的基金市場狀況，選取了可以衡量基金收益、穩定性、下跌風險、股票選擇能力、時機選擇能力等量化指標；其次，根據我國基金分析的需要，採用了諸如基金交易價格、換手率等二級市場表現指標；然後，對這些指標進行了時間延續性分析，檢測這些指標在運用到我國基金市場時能否有效預測基金未來表現，從而形成了兩類指標：時間延續性很好的s _ p和時間延續性不好的其它所有指標；再次，在以上工作的基礎上形成了由兩個層面的指標構成的我國證券投資基金評價體系： s _ p和因子分析中綜合因子得分值；最後，選取了我國2000年1月1日前成立的23隻封閉式基金作為樣本，並同時採用上證a股與深成a股兩個基準組合進行了3年樣本期的實證分析，得出了最終的比較性評價結果。
  7. The model of this paper explores the links between the following factors and the credit rationing in china. the change of banks " attitude to credit risk may lead to credit rationing ; banks give much more emphasis on the trade cost and the payable value of collateral, which may give rise to credit rationing ; the decreasing of asset price during economic stagnation produces credit rationing ; the bias of banks " objective function from the maximization of profit and the transformation of the function relating to the reform of the financial system cause credit rationing ; if different parts of the whole markets are not integrated, the credit in the part with low capital return ratio will be rationed. during economic recession, banks tend to ration the credit in the high - risk market ; the removing of interest ceiling will narrow down the interest spread of deposit and credit at least during a period, which may strengthen credit rationing ; meanwhile, the vulnerable borrowers, including small and middle - sized enterprises, will get more credit from banks even though they have to pay a higher interest rate

    論文的模型探討了下列因素和中國信貸配給現象之間的聯系：商業銀行對信貸風險的態度變化，在辨別和控制信貸風險上開始投入大量的成本，這一過程會導致信貸配給；商業銀行對與法治環境相關的交易成本和抵押品清償價值的日漸關注會導致信貸配給；宏觀經濟緊縮時期資產價格下降會導致信貸配給；商業銀行經營目標函數偏離利潤最大化，近幾年金融業改革過程使商業銀行目標函數發生變化，這一變化過程可能導致信貸配給；在市場分化的條件下，收益水平低的市場會遭受信貸配給；在經濟下滑時期，商業銀行尤其會對高風險市場配給信貸；利率市場化使商業銀行的存貸利差至少在一段時間內縮窄，利差縮窄可能加重信貸配給的程度：在利率市場化條件下，弱勢借款者，包括中小企業，遭受信貸配給的程度可能得到緩解，但支付的貸款利率水平將會升高。
  8. From the second to the fifth chapter such problems concerning state - owned property right are illustrated respectively as its definition, valuation and price fixing and capital sources of undertaking party and the disposal and use of transfer income. problems are raised with regard to the process of current property right system diversity in state - owned enterprises, such as the disagreement to the definition of state - owned property right, no standard of evaluation, imperfection of price fixing system and relative confusion of transfer income disposal and use. what ' s more, new solutions are offered : the probe into state - owned property right definition " changsha model " is confirmed positively ; two specific ways of quantification - - " the method of average growth rate of state - owned property right " and " the method of average cost of labor in market " ; the concept " present value of earnings " is applied to the property evaluation of receivable accounts, finished goods, invisible assets and so on ; the unjust in price fixing of state - owned property right can be avoided by improving property valuation methods, perfecting capital market especially property right trading market and bettering information publishing system ; as to the guarantee problem of human resources financial contribution, an original key is offered

    第一章運用產權理論對國企產權多元化改革進行經濟學分析；第二章至第五章主要圍繞國有產權的界定問題、評估問題、定價問題、承接方的資金來源問題、轉讓收入的處置運用問題分別進行闡述，指出了當前國企產權多元化過程中存在著國有產權界定不統一、評估不規范、定價機制不完善、處置運用相對混亂等諸多問題，並提出新的解決思路：肯定國有產權界定「長沙模式」的積極探索意義，提出量化職工創造剩餘價值的「國有資產平均增長率法」和「平均市場勞動成本法」 ；將「收益現值」概念運用到對應收賬款、產成品、無形資產等資產評估之中；應從完善資產評估方法、完善資本市場特別是產權交易市場和健全信息公開機制三個方面來解決國有產權定價不公問題；就人力資本出資的擔保問題提出實際債務承擔額（比例）應小於名義出資額（比例）的新思路，並認為人力資本市場上的交易價格應包括絕對出資額和相對出資額兩部分。
  9. On the basis of the above summary the creativities of the sharing systems of the shanxi merchants are discussed : ( 1 ) concentrating capital was the result of the average division in the form of organizing capital not the foremost motivation, witch was in fact in order to ensure the rights and benefits of shareholders ; ( 2 ) introducing labor - sharing system was the measure which the shanxi merchants adopt to the rise of the price of labor factor relative to that of capital factor in qing dynasty ; the labor - sharing system promoted the increase of profits of the shanxi merchants " enterprises greatly. however, that effectiveness came into existence only in normal condition. if enterprises were into the red or drawing near bankruptcy the labor - sharing system would otherwise steep up the decline of the enterprises

    在此基礎上，對晉商股份制的上述創新進行了討論：集中資本是資本股份化的結果，而不是最初動因，內在動因是維護股東權益；在收益股份化的基礎上，引入頂身股制是清代晉商企業應對勞動要素價值相對提高的舉措；頂身股制極大地促進了晉商企業利潤的增加，但這僅限於企業處于正常經營狀態時，當企業面臨虧損或瀕臨倒閉，頂身股制反而會加速企業的衰亡；晉商產權制度創新（包括產權結構、組織結構的創新）迫於清代晉商企業的內外部條件變化，具體形式的產權制度是創新主體面對環境變化從成本收益角度出發仔細斟酌、權衡的結果。
  10. The thesis defines the concept of asset securitization, expounds characteristic and the condition to use. analyses the relationship between the choice of financing tool and the firm value, express max firm value is a good standard to weigh the tool. then, through the ri model and finance theory, the thesis explains the motivations of asset securitization, demonstrates the influence effect on firm value by qualitative and quantitative analysis of cost - benefit of corporate asset securitization, and discusses the role of asset securitization to solve corporate financing puzzle and the future of asset securitization in our country

    本文首先提出我國企業面臨的融資困境的實質是企業資本結構的不合理以及融資渠道單一影響的，即融資工具不能實現企業價值最大化;在對資產證券化的概念進行界定后，闡述了關于資產證券化的特徵，明確了資產證券化的特點和使用條件;分析了資產證券化工具的選擇與企業價值之間的關系，提出了企業價值最大化是衡量企業融資工具選擇是否合理的標準，為企業通過資產證券化融資提升企業價值提供了理論準備;然後，運用現代財務理論和剩餘收益模型，通過對我國企業資產證券化的實踐進行成本收益的定性和定量的效果分析，論證企業資產證券化對企業價值的影響效果;最後論述了我國實施資產證券化的現狀和未來發展，並且對我國實施資產證券化的具體方式提出了新的構想。
  11. The main contributions of this dissertation are listed as the followings : l ) deducing and proving the " three in one " theory of natural monopoly, that is, from the angles of economies of scale, economies of scope and economies of network, giving an explanation of natural monopoly ; 2 ) putting forward the concept of " strict superadditivity " and proving that total value function and total revenue function of network economy have strict superadditivity ; 3 ) summarizing the emerging characteristics in the market definition of natural monopoly, that is, in the monopoly industry, " market " tends to be more and more smaller than " industry " ; 4 ) expounding that the objective patterns of regulatory reforms of the railway industry in china are explicit regulation with partly characteristics of implicit regulation ; 5 ) proving the idea that the structural reforms of the railway industry in china should be hierarchical ; 6 ) demonstrating the theoretical bases for whether infrastructure management should be separated from transpo rt operation ; 7 ) expounding and proving that the interior of the railway industry in china should implement the differential property rights reform pattern

    本文的研究特點在於： （ 1 ）在規模經濟、范圍經濟的基礎上進一步推導並證明了網路經濟與自然壟斷的關系，即自然壟斷可以從規模經濟、范圍經濟、網路經濟三個角度來解釋論述； （ 2 ）明確提出了一個與鮑莫爾、潘澤與威利格等人提出的「成本劣加性」相類似的概念? ?價值優加性，並證明了網路經濟的總價值函數和總收益函數具有嚴格優加性； （ 3 ）概括了自然壟斷市場界定中所出現的新特徵，即在壟斷產業中， 「市場」正越來越小於「產業」 ； （ 4 ）進一步論證了中國鐵路產業規制創新的目標模式是兼有部分內生規制特點的外生規制； （ 5 ）在中國鐵路產業的結構改革中應體現分層次的思想； （ 6 ）明確論述了內容提要鐵路路網公司等自然壟斷環節是否分割的理論基礎; （ 7 ）提出並進一步證明了中國鐵路產業內部應實行差異化的產權改革模式。
  12. The renminbi revaluation causes the capital cost and the incomepromotion in long - term in will change our country the economicstructure, rewill entrust with the profession different growth speed, and will cause the different profession the enterprise achievement toappear the differentiation

    人民幣升值在短期內改變行業內企業的資產、負債、收入、成本等賬面價值，通過匯兌損益的變化影響其經營業績
  13. The maximum of marketing value is accredited corporation financial goals, the thesis base on modern corporation financing theory and analyze the theory of net interests, net business income and mm theory. further more, on the base of mm theory, the thesis expound the infection of bankrupt cost and agency cost to corporation capital structure, bring forward a balance model of the both from the view of the creditors and debtors

    本文以西方現代企業理論和財務金融學公認的市場價值最大化為企業目標，系統地分析研究了凈收益理論、凈營業收益理論、 mm理論等早期和現代資本結構理論，並以mm理論為分析框架，詳細地闡述了破產成本、代理成本對企業資本結構的影響，進而從債權人、債務人的角度提出了兩者綜合作用的權衡模型。
  14. The target of financial management ( fm ) is to achieve maximum value of enterprise is made definite, after anaiyzing all kinds of financial relationships. the essence of organization institution for modern enterprise system is agency by agreement, which can operate perfectly under the conditions of perfect encouragement & engagement rules, so the core of the encouragement & engagement rules for new fmm is to establish distribution regulations. there are many measures can be taken availably, such as budgeting, project cost management etc. and many new concepts of advanced management are worth being adapted, for instance, opportunity - cost, cost - benefit, legal knowledge, and so fbrth

    新的財務管理模式運行的環境是現代企業制度下的國際工程公司，現代企業制度最基本的要求是產權清晰，鑒于本院是知識技術密集型企業，引入了人力資本觀念，完善和充實產權清晰的內容；在分析了企業的各種財務關系后，明確提出財務管理目標?企業價值最大化；現代企業制度的組織制度的實質是委託代理關系，委託代理關系的有效運作依靠完善的激勵約束機制，以此為指導，新的財務管理模式建立起以分配製度為核心的激勵約束機制；充分吸收先進的管理觀念，如成本效益觀念、資金的時間價值觀念、法制觀念，運用先進的方法，如全面預算管理、項目成本管理等，來全面提高財務管理的水平；財務管理體制是財務管理模式運轉的組織保障；按照本院的業務特點，將業務分類，設置了相應的組織機構。
  15. The japan equity fund is a unitised equity fund of the scheme which is designed to provide medium to long term capital growth for members who hold a longer term investment view and who are prepared to accept significant fluctuations in the value of their investments in order to achieve long term returns

    日本股票基金是本計劃的一個單位化的股票基金。如果成員放眼于較長線的投資，又願意承擔投資價值出現較大波動的風險以達至長期回報，則日本股票基金的設計正好切合他們的要求，能為他們提供中期至長期資本收益增長。
  16. The european equity fund is a unitised equity fund of the scheme which seeks to achieve medium to long term capital growth for members who hold a longer term investment view and who are prepared to accept fluctuations in the value of their investments in order to achieve long term returns

    歐洲股票基金是本計劃的一個單位化的股票基金。如果成員放眼于較長線的投資，又願意承擔投資價值出現波動的風險以達至長期回報，則歐洲股票基金的設計正好切合他們的要求，能為他們提供中期至長期資本收益增長。
  17. The pacific asia equity fund is a unitised equity fund of the scheme which is designed to provide medium to long term capital growth for members who hold a long term investment view and who are prepared to accept significant fluctuations in the value of their investments in order to achieve long term returns

    亞太股票基金是本計劃的一個單位化的股票基金。如果成員放眼于長線的投資，又願意承擔投資價值出現較大波動的風險以達至長期回報，則亞太股票基金的設計正好切合他們的要求，能為他們提供中期至長期資本收益增長。
  18. The international equity fund is a unitised equity fund aiming to provide medium to long term capital growth for members who hold a longer term investment view and who are prepared to accept fluctuations in the value of their investments in order to achieve long term returns

    國際股票基金是本計劃的一個單位化的股票基金。如果成員放眼于較長線的投資，又願意承擔投資價值出現波動的風險以達至長期回報，則國際股票基金的設計正好切合他們的要求，能為他們提供中期至長期資本收益增長。
  19. The growth fund is a unitised balanced fund of the scheme that is designed to provide medium to long term capital growth for members who hold a longer term investment view and who are prepared to accept fluctuations in the value of their investments in order to achieve long term returns

    增長基金是本計劃的一個單位化的均衡基金。如果成員放眼于長線的投資，又願意承擔投資價值出現波動的風險以達至長期回報，則增長基金的設計正好切合他們的要求，能為他們提供中長期資本收益增長。
  20. Based on the characteristics and connotation of forest ecosystem services, physical and value assessment, including the assessment methods of shallow price, opportunity cost, substitution expenditure, capitalized returns and so on were used to evaluate the forest ecosystem services in wuyishan scenery district

    摘要根據森林生態系統的特徵和服務功能的內涵，採用物質量和價值量相結合的方法，運用影子價格法、機會成本法、替代花費法、收益資本化法等方法定量評價了武夷山風景名勝區森林生態系統服務功能的經濟價值。
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