查询词典 cash flow

Because of embedded option, the cash flow of callable bond is not certain. Fortunately, it has the same future cash flow as the portfolio of one long noncallable bond and one short call option on the callable payments. So under a nonarbitrage condition, the value of callable bond equals the difference of the value of noncallable bond and call option.

由于内嵌看涨期权的存在，可赎回债券的预期现金流事先并非确定，但因其未来的现金流表现与持有可比普通债券和卖空看涨期权的投资组合相同，故而可赎回债券的价格在无套利条件下应等于可比普通债券减去看涨期权的差值，也就是说用于普通债券的一般定价和度量方法并不适用于此种特殊的选择权债券。

Keep a close eye on your cash flow, so you can forecast potential cash flow problems and take steps to remedy them.

密切关注你的现金流动，这样你才能提前预知现金流动的潜在问题，找到补救的方法。

The positive test draws the following conclusions: control rights is significantly negatively related with firm value which indicates that the bigger control rights the actual controller hold, the lower firm value is; cash flow rights is significantly negatively related with firm value which may due to the ravening share bonus deeds by controlling shareholder; the separation ratio of cash flow rights to control rights is negatively related with firm value and not significant which may due to the ravening share bonus deeds,or the deficient market, or inadequate information exposure etc; stock proportion restriction is significantly positive related with firm value which indicates the good effect of stock proportion restriction; actual controller who participate in the management and the ratio of director who have position in controlling shareholder's company don't pass the significant test; the size of the company is significantly negatively related with firm value; the ROE cannot explain the firm value.

通过实证检验发现，我国金字塔结构下民营上市公司的治理效应有以下特征：控制权与公司价值显著负相关，说明实际控制人掌握的控制权越大，公司价值越低；现金流权与公司价值显著负相关，这可能与我国民营上市公司控股股东的"掠夺性分红"行为有关；现金流权与控制权的分离率和公司价值负相关且未通过显著性检验，这可能与控股股东的"掠夺性分红"行为有关，也可能与市场的不完善、信息披露的不充分等有关；股权制衡度与公司价值显著正相关，说明我国民营上市公司的股权制衡机制能够产生一定程度的效果；实际控制人参与管理情况与在控股股东单位任职的董事比例和公司价值的关系均未通过显著性检验；公司规模与公司价值显著负相关；ROE对公司价值没有解释力。

Cash flow index, in the guide of enterprise value, is growingly popular with the practitioners for its advantages over revenue index. And cash flow index is gradually becoming the important standard of profitability and growth.

以企业价值为导向的现金流量指标，以其超越利润指标的优点，越来越多地受到企业的关注，并逐渐成为衡量企业盈利能力和成长性的重要标准。

The firm is usually functioning on a shoe string budget. The most important resource, capital is extremely scarce and is allocated very carefully to create a steady cash flow. Enterprise Application, though helps set a firm's foundation on a sound footing for the organization to grow organically, does not initially enable cash flow. So the firm in its infancy builds and runs its business processes with applications that are barebones Excel based or some sort of shareware/open source software systems.

企业应用，虽然有利於树立了坚定的基础，在一个健全的基础上，为组织发展有机地，不使最初的现金流量，所以该公司在其起步阶段，建立和运行，其业务流程与应用程序都是准系统Excel的或基於某种形式的共享/开放源码软件系统，虽然，建设一个组织就了坚实的基础的企业应用是理想，小水桶组织实施的企业应用作为一个'好'类和的举动

In addition, the paper give a minuted escription about the two main element--cash flow and the discount ratio of the model .so can know how to apply the model further in enterprise evaluation, of course,any theory including cash flow model is comparative when looked as perfect and the best theory, This approach has many dificult point also when use the model appraise the value of enterprise.

并对这个模型的两大基本要素现金流量和折现率进行了详尽的分析，以便更明确如何运用此模型。当然，任何理论说其比较完整、具有理论意义都是相对而言的，折现现金流量模型也不例外，采用折现现金流量法评估企业价值也存在着难点，此论文对其进行了探讨，使企业价值能更好的得到体现。

Refering to the pricing of MBO, this thesis takes for that it's inconsequential to make net assets value per share as sole standard of pricing, and the standard of valuing must be traced back to free cash flow, and Free Cash Flow Valuation must be set up for pricing. And this thesis has brought EVA theory into MBO pricing to quantitating former contribution of management. Moreover, this thesis analyses controlling premium and marketability discount, and considers that we must develop the mechanism of market to improve the level of investors protection.

在对定价问题的探讨中，本文认为以每股净资产作为唯一定价标准不合理，衡量价值的标准应追溯到自由现金流量，应建立自由现金流量模型对管理层收购进行科学定价；本文还引入了EVA的理论量化管理层的历史贡献，以修正自由现金流量模型；同时本文认为定价时还要考虑控制权溢价和流动性折价，并且适当引入竞争，发挥市场机制，提高投资者保护水平。

Article 14 Where the expected future cash flow of an asset involves any foreign currency, the current value of the asset shall, on the basis of the settlement currency of the future cash flow to be generated by the asset, be calculated with a discount rate applicable to this currency.

第十四条预计资产的未来现金流量涉及外币的，应当以该资产所产生的未来现金流量的结算货币为基础，按照该货币适用的折现率计算资产的现值

Various discounted cash flow models have already been applied to practice by valuators and researchers.But the results of company valuation made by different discounted cash flow model appear dissimilarity. Many people think that this kind of circumstance is normal,for different models are quoted.

各种折现现金流估价模型已经被估价者和研究者广泛的应用于实际的估价工作中，而运用不同的折现现金流估价模型对同一公司进行估价得到不同估价结果的情况经常出现，很多人认为这种情况是正常的，原因是使用了不同的估价模型。

Quick-moving ratio and the ratio of debt than cash flow from the static analysis of the solvent,Although to a certain extent, revealed the solvency of the company, but it has great limitations.This is mainly because most of liquidity soon to be insolvent and unable to cashreal cash flow is used to repay debt.

流动比率和速动比率都是从静态上分析企业的偿债能力，虽然能够在一定程度上揭示公司的偿债能力，但有很大的局限性，这主要是因为流动资产中绝大部分并不能很快转变为可偿债的现金，真正能用于偿还债务的是现金流量。

Breath, muscle contraction of the buttocks; arch body, as far as possible to hold his head, right leg straight towards the ceiling (peg-leg knee in order to avoid muscle tension).

呼气，收缩臀部肌肉；拱起身体，尽量抬起头来，右腿伸直朝向天花板（膝微屈，以避免肌肉紧张）。

The cost of moving grain food products was unchanged from May, but year over year are up 8%.

粮食产品的运输费用与5月份相比没有变化，但却比去年同期高8％。