再投资

This paper research on the effect of investment with reserve for insurance price by theory of backward stochastic differential equation.Modeling the investment with backward stochastic differential equation and the resultts got.

本文利用倒向随机微分方程的理论，在考虑保险公司提计准备金的背景下研究投资对于保险价格的影响，建立了再保险投资定价的正倒向微分随机方程的模型，并给出了保险价格的显性解。

Over the years, we've been Woody-like in our thinking, attempting to increase our marketable investments in wonderful businesses, while simultaneously trying to buy similar businesses in their entirety. The following table illustrates our progress on both fronts. In the tabulation, we show the marketable securities owned per share of Berkshire at ten-year intervals. A second column lists our per-share operating earnings (before taxes and purchase-price adjustments but after interest and corporate overhead) from all other activities. In other words, the second column shows what we earned excluding the dividends, interest and capital gains that we realized from investments. Purchase-price accounting adjustments are ignored for reasons we have explained at length in previous reports and which, as an act of mercy, we won't repeat. We'll be glad to send masochists the earlier explanations, however.

多年来，我们的看法一直与伍迪一致，在努力增加我们非凡企业的投资部位的同时，也试着买下一些同样优秀企业的全部所有权，下表充分显示了我们在这两方面的进展，表中列示出在十年间Berkshire每股所拥有的股票价值以及每股在扣除利息与营业费用之后来自其它活动的营业利益(但未扣除所得税与购买法会计调整数)，换言之，后者所代表的是在扣除我们从股票投资所得的股利、利息收入与资本利得之后的盈余收益，至于购买法会计调整数不列入的原因，在以前的年报中，我们已经花了相当的篇幅解释过了，在这个地方我们就不再重复了，当然如果你有被虐待的倾向的话，我们也不介意再复述一次。

Bashang broad grassland scenery beautiful, American-style villa enjoy, small sub-quota for investment, a comprehensive high-quality after-sales service, coupled with the "mongo'mongo Bashang villa tide to Good Shepherd Mass time share investment vacation mode operation and the promotion of Chief Executive Officer Michael confidently say: this project is that we "the former but not the ancients, the latter not to is no exaggeration to.

坝上草原风景秀丽，美国式的别墅享受，小分额的投资，全面高质量的售后服务，再加上& mongo'mongo坝上别墅潮流良好牧人的份额投资大众的时间休假模式操作和促进首席执行官迈克尔自信地说：这个项目是我们&前，但不是古人，后者不是毫不夸张地。

Although cash deposits may earn interest, however, due to their shorter tenors, or time-frames, an

虽然现金存款能带来利息，但是它的投资期限较短，投资者面对的风险是，如果存款到期时的利率比较低，得把资金再作投资。

It pays most attention to the important problems of financing decision Choice in A Corp., such as analyzing industry background, selecting investing items, estimating financing requirers and avoiding financing risks. We also provide the financial in formations of A Corp. which is helpful for students to analyze these financing cases based on financing decision theory.

案例集中讨论了A公司在做出再融资决策过程中的行业背景分析、投资项目选择、融资必要性分析、融资风险防范等问题，并给出了A公司自身的财务预测信息、购买资产效益预测、投资资产定价等资料，为学生依据财务融资决策理论进行分析提供了可能性。

Li said that the current macro-control is still in a critical stage, the scale of fixed asset investment is still too large, new projects, and investment re-expansion, construction of a large number of enclosure may still exist.

李鹏说，当前宏观调控仍处在关键阶段，规模的固定资产投资仍是过大，新项目，投资再扩大，建造了大量的附件可能仍然存在。

Under this provision, on behalf of domestic enterprises to foreign capital to invest in or set up offshore companies to re-return investment, the required approval by the Ministry of Commerce, to go to such companies listed overseas, but also to be approved by the China Securities Regulatory Commission, which is the industry Called "soft approach, hard obstacles."

根据这个规定，境内企业以外资名义到境内投资或到境外设立公司再返程投资时，需经商务部审批，此类公司要去境外上市，也需经中国证监会批准，这被业内称之为&软办法、硬障碍&。

According to regulations, domestic enterprises with foreign investment or in the name of the establishment of offshore companies to re-return investment, the required approval by the Ministry of Commerce, to go to such companies listed overseas, but also to be approved by the China Securities Regulatory Commission.

根据规定，境内企业以外资名义到境内投资或到境外设立公司再返程投资时，需经商务部审批，此类公司要去境外上市，也需经中国证监会批准。

The logical way to fight generational risk is to borrow money to make large, regular investments in shares while young, then use a proportion of later savings to pay back the loan rather than to pile into the stock market in middle age.

化解世代风险的合理做法是：在年轻时贷款，大量、定期地投资于股票，日后再用一部分储蓄来偿还贷款，而不是在中年时大笔投资于股市。

There is an investment postscript in our textile saga. Some investors weight book value heavily in their stock-buying decisions (as I, in my early years, did myself). And some economists and academicians believe replacement values are of considerable importance in calculating an appropriate price level for the stock market as a whole. Those of both persuasions would have received an education at the auction we held in early 1986 to dispose of our textile machinery. The equipment sold (including some disposed of in the few months prior to the auction) took up about 750,000 square feet of factory space in New Bedford and was eminently usable. It originally cost us about $13 million, including $2 million spent in 1980-84, and had a current book value of $866,000. Though no sane management would have made the investment, the equipment could have been replaced new for perhaps $30-$50 million.

有关我们在纺织业投资的&辉煌历史&还有一段后话，有些投资人在买卖股票时把帐面价值看得很重，也有些经济学者相信重置价值在计算一家公司的股价时极为重要，关于这两种说法在经过拍卖纺织机器设备后，让我好好地上了一课，卖掉的设备满满一工厂全为堪用品，原始成本为一仟三百万美金(包括近几年投入的二百万)，经过加速摊提折旧后，帐面价值八十六万，虽然没有人会笨到再继续投资，但要买一套全新的设备也要花三、四千万美金。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。