valuation effect 中文意思是什麼
valuation effect
解釋
估值效果-
Early in the thirties of the last century, the western economists began the study on dividend policy. there were three groups, the left, the right and the center. le ftist advocated low dividend, rightist maintained high dividend and center did not think dividend policy is relevant to enterprise valuation, they were called classical theory, later on, they have developed into modern dividend theory, including residual dividend theory, clientele effect theory, ownership structure theory, agency theory, signaling theory and transaction cost theory, etc.
早在上世紀三十年代，西方經濟學家就開始了對股利政策的研究，形成了主張低股利的「左派」 、主張高股利的「右派」及認為股利高低與企業價值無關的「中間派」 ，其中前二者稱為股利相關論，後者稱為股利無關論，三者共同構成古典股利理論。 -
The key tasks of this paper mainly include : ( 1 ) puting forward the emphases and difficulties of enterprise m & a decision, and holding that decision - makers should make decision according to the principle of value creation ; ( 2 ) setting up estimation model of value creation in m & a, including synergy effect model, m & a transaction and evaluation model, m & a net income model, etc. ; ( 3 ) explaining the application of virous valuation method and discussing how to choose proper valuation method in m & a decision ; ( 4 ) studying the valuation of synergy effect after calculating the independet value of both enterprises respectively before m & a and the combined enterprise after m & a by discount cash flow method ; ( 5 ) studying the valuation of the target enterprise ' s expected value, in which general target enterprises are valuated with several kinds of valuation techniques while high - tech target enterprises are valuated by option pricing model
在研究過程中，本文試圖運用價值評估技術，在並購決策中確立一套較為完整的價值分析方法，以使決策者有效的判斷並購能否創造價值，從而作出正確的並購決策。本文的核心工作主要包括： （ 1 ）提出了企業並購決策的重點與難點，認為決策者應根據價值創造原則進行並購決策。 （ 2 ）建立了並購創造價值的估測模型，具體包括協同效應模型、並購交易估價模型和並購凈收益模型。 -
In a perfect walrasian market with no taxes or transations " costs, share prices on the ex - dividend day would fall by exactly the value of the dividend that is paid on each share. however, it is well documented that stock prices do not fall by full amount, on average. following elton and gruber ( 1970 ), we use chinese data to examine the effect of dividend taxes on investors " relative valuation of dividends and capital gains
作為稅收金融效應的研究方法之一，股票除息日股價行為研究與公司的股利政策息息相關，直接關系著公司的股利政策是否能夠達到使得股東稅后收益最大化的目標；我國股票市場目前投機過度，現金股利被統一的課以20的個人所得稅，而資本利得稅尚未開征，這方面的研究也可以為資本利得稅的開征提供一個實證依據。 -
" the increase reflects mainly the valuation effect of foreign currency investments, " said a hkma spokesperson
金管局發言人表示：境外資產增加，主要是由於匯價變動，使外幣投資的價值有所變動。 -
Foreign assets, representing the external assets of the exchange fund, amounted to hk $ 654. 9 billion. " the increase reflects mainly the valuation effect of foreign currency investments, " said a hkma spokesperson
金管局發言人表示：境外資產增加，主要是由於匯價變動，使外幣投資的價值有所變動。 -
The growth in foreign currency assets was mainly funded by an increase in note issuance, which was partly offset by valuation effect on foreign currency investments held by the exchange fund
外幣資產增加，主要是由紙幣發行量增加帶動，但由於外匯基金持有的外幣投資受到匯價波動的影響，外幣資產原來的增幅已被部分抵銷。 -
In the second chapter, the concept of value multiple is introduced in details and a new valuation model is given at the end of this chapter. an important conclusion is drown through data analysis in american capital market in the chapter three : there is a strong relativity between the value multiple and the stock price. in the next chapter, we analyze those factors that they can weaken the effect of value multiple when we use it to judge the intrinsic value of securities in our country and countermeasures ^ against those factors
本文第一章主要就證券價值分析的一般原理、常用方法以及存在的問題進行了探討；第二章主要就價值倍數法的理論基礎、計算公式進行闡述和推導，並最終構建了基於價值倍數概念上的估值模型；第三章主要通過美國資本市場的數據對價值倍數與股票價格之間的關系進行了探討，最後得出二者之間為正相關的結論；第四章主要就我國證券市場上影響價值倍數運用的主要因素以及對策進行探討，並通過實例演示證明價值倍數模型在我國證券市場運用的有效性；第五章對整個研究過程進行了總結，並就其中存在的問題提出了改進的思路以及進一步研究的方向。 -
Analyzed with pkpm the effect of connection columns on the hoist room structural cracks and the effect of temperature differences on hoist room structure in the structural design of huangtangjia power station, as well as the valuation of wind load in the design
摘要應用pkpm程序分析了黃塘甲水電站啟閉機房結構設計中貫通柱對啟閉機房結構裂縫的影響，溫差效應對啟閉機房結構的影響，並對風荷載取值進行分析。 -
Effect shall be given to the measurement and valuation of variations under sub - clause ( c ) of this clause in interim certificates and by adjustment, if required, of the contract sum project schedule
依照期中付款證書本條（ c ）款規定，並視需要調整合同總價工程進度表，變更工程的測量與估價即生效。 -
Hausman. valuation and the effect of regulation on new services in telecommunications
《在電信產業中對于新服務的評估與管制所造成效果》 。 -
Although we are paying less interest for the money borrowed through the issue of exchange fund paper than the interest we receive on us treasury securities, this is offset by the differential market valuation effect
雖然我們就以發行外匯基金票據及債券的方式借入的款項所支付的利息，少於我們就美國國庫券所收取的利息，但市值差距效應抵銷了有關影響。 -
The latter was partly a result of the valuation effect of exchange rate changes, as the us dollar, to which the hk dollar is linked, appreciated strongly against most other major currencies
非美元外幣存款下跌，部分是因為匯率變動而引起的估值效應所致。而匯率出現變動則是受美元港元與美元掛鉤兌大部分其他主要貨幣均大幅升值所影響。 -
The former could be partly a result of the valuation effect of exchange rate changes, as the us dollar, to which the hong kong dollar is linked, appreciated against most other major currencies during the month
非美元外幣存款減少，部分原因是由於在月內美元對大部分其他主要貨幣均大幅上揚，使跟美元掛勾的港元兌其他貨幣的匯價上升而產生的估值效應所引致。 -
The latter s increase could be partly a result of the valuation effect of exchange rate changes, as the us dollar, to which the hong kong dollar is linked, depreciated against most other major currencies during the month
非美元外幣存款的上升，部分可能反映匯率變動的估值效應，因為在月內美元兌大部分主要貨幣的匯率均告下跌，令到跟美元掛鉤的港元兌這些貨幣的匯率也相應下跌。 -
The latter could be partly a result of the valuation effect of exchange rate changes, as the us dollar, to which the hong kong dollar is linked, appreciated against most other major currencies during the month
非美元外幣存款下跌，部分原因可能是受到匯率變動的估值效應影響，因為美元在月內對大部分主要貨幣的匯率均有所上升，而在聯系匯率制度下，港元對這些貨幣的匯率也相應上升。 -
The decline was partly due to the valuation effect of a weaker yen
海外貸款減少，部分是受到日圓下挫造成的估值效應影響。 -
The latter was partly due to the valuation effect of a weaker us dollar to which the hong kong dollar is linked
非美元外幣存款上升，部分是由於美元對主要貨幣下跌，使與美元掛的港元兌其他貨幣的匯價下跌而產生的估值效應。 -
The decrease reflected primarily the valuation effect of foreign currency investments and the conversion of foreign currency securities in the external assets into foreign currency deposits with local banks which does not count towards foreign assets
境外資產減少，主要是由於市價及匯價的變動，使外幣資產的價值有所改變，以及對外資產中的外幣證券被轉變為本地銀行的外幣存款此等存款並不包括在境外資產數字內。 -
The decrease reflected primarily the valuation effect of foreign currency investments and the conversion of foreign currency securities in the external assets into foreign currency deposits with local banks ( which does not count towards foreign assets )
境外資產減少，主要是由於市價及匯價的變動，使外幣資產的價值有所改變，以及對外資產中的外幣證券被轉變為本地銀行的外幣存款（此等存款並不包括在境外資產數字內） 。 -
The decrease reflected primarily the valuation effect of foreign currency investments and redemption of currency notes issued, which were partly offset by investment income from foreign currency investments
境外資產減少，主要是由於外幣資產的價值有所改變，以及贖回已發行的紙幣，但減少的幅度已部分被外幣投資收入抵銷。
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