净收益

Based on the empirical study on 118 actively-managed domestic open-end equity funds, we find that, aggregately, the unobserved actions of these funds are not significant, that is, the return and cost of unobserved actions just offset each other.

本文基于对国内118支开放式非指数型股票基金的实证研究发现，总体而言，基金隐性行为的净表现不显著，基金隐性行为的收益和成本总体基本相抵。

Conversely, if expenses exceed revenue, the income summary will have a debit balance representing net loss.

反之，如果费用超过收入，收益汇总账户将有一个代表净损失的借方余额。

As for the outflow of human capital, the higher level of human capital, the lower possibility of returning as countryside owing to the frailness of agriculture and the inherent wage disparity between urban and rural areas. That is that this flow way of the rural human capital, generally is a state of unidirectional loss or net loss, which leads to an existence of serious"misplaced effect"in rural human capital investment.

对于流出去的人力资本来说，由于农业的弱质性以及城乡固有的工资差异，其人力资本水平越高返回农村的可能性越小，也就是说，农村人力资本的这种流动基本上呈一种单向流失和净流失状态，这就决定了我国农村人力资本投资存在着严重的投资收益"错位效应"。

We also believe that investors can benefit by focusing on their own look-through earnings.

各位可以从下表看出我们是如何计算透视盈余的，不过我还是要提醒各位这些数字有点粗糙，(被投资公司所分配的股利收入已经包含在保险事业的净投资收益项下)我们也相信投资人可以透过研究自己的透视盈余而受益，在算这个东西时，他们就会了解到其个别投资组合所应分配到的真正盈余的合计数，所有投资人的目标，应该是要建立一项投资组合可以让其透视盈余在从现在开始的十年内极大化。

If our intrinsic value is to grow at our target rate of 15%, our look-through earnings, over time, must also increase at about that pace.

各位可以从下表看出我们是如何计算透视盈余的，不过我还是要提醒各位这些数字有点粗糙，(被投资公司所分配的股利收入已经包含在保险事业的净投资收益项下)。

Is to determine accurately its net earnings for each accounting period.

因此，如果企业要准确确定每一会计期的净收益，就十分需要正确记录这些费用。

This item consists of the net earnings on U.S.

这项包含美国对外投资的净收益，也就是美国在外国投资减去国内固定资产的支付，同样包括人员雇用费用。

It charts a sensitivity analysis that shows the annual impact on the company's net earnings if a 10% change in metal prices occurs.

它将敏感性测试结果制成表，如10%的金属价格变动会对公司的年净收益生产多大的影响。

In addition, net interest on maintenance funds to repair the fund accumulated for the use and management.

另外，维修基金利息净收益转作维修基金滚存使用和管理。

And it is all presented, in the panegyrics of its partisans, as a net economic gain without offsets.

拥护者对此推崇备至，说这里创造了没有负面效应的经济净收益。

For a big chunk of credit-card losses; the number of filings (and thus charge-off rates) would be rising again, whether

年美国个人破产法的一个改动使得破产登记急速下降，而后引起了信用卡大规模的亏损。

Eph. 4:23 And that you be renewed in the spirit of your mind

弗四23 而在你们心思的灵里得以更新