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"When returns on capital are ordinary, an earn- more- by-putting-up-more record is no great managerial achievement. You can get the same result personally while operating from your rocking chair. just quadruple the capital you commit to a savings account and you will quadruple your earnings. You would hardly expect hosannas for that particular accomplishment. Yet, retirement announcements regularly sing the praises of CEOs who have, say, quadrupled earnings of their widget company during their reign - with no one examining whether this gain was attributable simply to many years of retained earnings and the workings of compound interest."

当资本报酬率平平，这种大堆头式的赚钱方式跟本没什么了不起，你坐在摇椅上也能轻松达到这样的成绩，好比只要把你存在银行户头里的钱，一样可以赚到加倍的利息，没有人会对这样的成果报以掌声，但通常我们在某位资深主管的退休仪式上歌颂他在任内将公司的盈余数字提高数倍，却一点也不会去看看这些事实上是因为公司每年所累积盈余与复利所产生的效果。

" When returns on capital are ordinary, an earn- more- by-putting-up-more record is no great managerial achievement. You can get the same result personally while operating from your rocking chair. just quadruple the capital you commit to a savings account and you will quadruple your earnings. You would hardly expect hosannas for that particular accomplishment. Yet, retirement announcements regularly sing the praises of CEOs who have, say, quadrupled earnings of their widget company during their reign - with no one examining whether this gain was attributable simply to many years of retained earnings and the workings of compound interest."

当资本报酬率平平，这种大堆头式的赚钱方式跟本没什麼了不起，你坐在摇椅上也能轻松达到这样的成绩，好比只要把你存在银行户头的钱，一样可以赚到加倍的利息，没有人会对这样的成果报以掌声，但通常我们在某位资深主管的退休仪式上歌颂他在任内将公司的盈余数字提高数倍，却一点也不会去看看这些事实上是因为公司每年所累积盈余与复利所产生的效果。

"When returns on capital are ordinary, an earn- more- by-putting-up-morerecord is no great managerial achievement. You can get the same resultpersonally while operating from your rocking chair. just quadruple thecapital you commit to a savings account and you will quadruple yourearnings. You would hardly expect hosannas for that particularaccomplishment. Yet, retirement announcements regularly sing thepraises of CEOs who have, say, quadrupled earnings of their widgetcompany during their reign - with no one examining whether this gainwas attributable simply to many years of retained earnings and theworkings of compound interest."

当资本报酬率平平，这种大堆头式的赚钱方式跟本没什么了不起，你坐在摇椅上也能轻松达到这样的成绩，好比只要把你存在银行户头里的钱，一样可以赚到加倍的利息，没有人会对这样的成果报以掌声，但通常我们在某位资深主管的退休仪式上歌颂他在任内将公司的盈余数字提高数倍，却一点也不会去看看这些事实上是因为公司每年所累积盈余与复利所产生的效果。

After examining all the fifty-four presidential inaugurals the author concludes that there indeed exists an identifiable schematic structure in presidential inaugural addresses by which the information is organized, and that a typical presidential inaugural address may contain eight moves through which the form-function correlation is revealed and the understanding of cognitive structuring of presidential inaugurals is improved.

研究结果表明：总统就职演说这类体裁的确存在着一种宏观语篇结构模式，它通常由八个可辨认的语步构建而成。作者在本文当中对这八个语步逐一做了描述和分析。同时，作者也指出，在实际应用中，这八个语步的运用存在着选择和顺序上的灵活性，每一个语步的出现都与这一篇就职演说具体的历史背景，交际目的等有着密不可分的关系。

Basing on the results of examining the impact on price, liquidity and volatility of underlying stocks after warrant issuance, the paper concludes that:(1) the issuances of warrant has the temporary positive effects on the underlying stocks" price and the positive effects happen on the introduction day but not on the listing day.(2) The issuance of the warrants causes the underlying stocks" trading volume and amount increases and heighten their liquidity.(3) The issuance of the warrants has no impact on the system risk-β, but decreases the total risk and volatility of underlying stocks.

本文最后通过综合认购权证和认股权证发行前后标的股票价格，流动性和波动性的变化结果后，认为：(1)认股权证的发行对标的股票的价格有短暂地正的价格效应，而这种对标的股票正的价格效应发生在认股权证公告日而非上市日；(2)认股权证的发行促使标的股票的交易量和交易额的增加，提高了标的股票的流动性；(3)认股权证的发行对标的股票的系统风险即β值没有影响，但能降低标的股票的整体风险，减小标的股票的波动性。

But that's exactly the interpretation arrived at by Roman Catholic scholars after examining the Bible and Canon Law.

但是在天主教会学者查阅了圣经和教会法规后终于有了准确的解释。

In conformity with the overall arrangement made by the state for utilization of water areas, people's governments at and above the county level may assign state-owned water surfaces and tidal flats that have been designated for aquaculture to units under ownership by the whole people and units under collective ownership to develop aquaculture, and after examining their qualifications grant those units aquaculture licences to confirm their rights to the use of such water surfaces and tidal flats.

第十条 县级以上地方人民政府根据国家对水域利用的统一安排，可以将规划用于养殖业的全民所有的水面、滩涂，确定给全民所有制单位和集体所有制单位从事养殖生产，核发养殖使用证，确认使用权。

Article 10 In conformity with the overall arrangement made by the state for utilization of water areas, people's governments at and above the county level may assign state-owned water surfaces and tidal flats that have been designated for aquaculture to units under ownership by the whole people and units under collective ownership to develop aquaculture, and after examining their qualifications grant those units aquaculture licences to confirm their rights to the use of such water surfaces and tidal flats.

第十条 县级以上地方人民政府根据国家对水域利用的统一安排，可以将规划用于养殖业的全民所有的水面、滩涂，确定给全民所有制单位和集体所有制单位从事养殖生产，核发养殖使用证，确认使用权。

Having glasses, magnifiers, loupes, optivisors and any other optical devices you might need to aid you in examining stones or jewelry construction helps you get the best value.

经眼镜，放大镜，放大镜，optivisors和任何其他光学仪器，您可能需要帮助您在研究石头或珠宝建设可以帮助您得到最佳的价值。

Having glasses, magnifiers, loupes, optivisors and any other optical devices you might need to aid you in examining stones or jewelry construction helps you get the best value.

经眼镜，放大镜，放大镜，optivisors和任何其他光学仪器，您可能需要援助，在审查建设石块或珠宝你可以帮助您得到最佳的价值。

This one mode pays close attention to network credence foundation of the businessman very much.

这一模式非常关注商人的网络信用基础。

Cell morphology of bacterial ghost of Pasteurella multocida was observed by scanning electron microscopy and inactivation ratio was estimated by CFU analysi.

扫描电镜观察多杀性巴氏杆菌细菌幽灵和菌落形成单位评价遗传灭活率。