净收益

The following table sets forth our 2000 look-through earnings, though I warn you that the figures can be no more than approximate, since they are based on a number of judgment calls. The dividends paid to us by these investees have been included in the operating earnings itemized on page 15, mostly under Insurance Group: Net Investment Income.

第 42 页共 56 页 www.buffettism.com 巴菲特研究中心 Research Centre for Buffettism 各位可以从下表看出我们是如何计算出 2000 年透视盈余的，不过我还是要提醒各位这些数字只不过是估计数，很多都是基于简单的判断，(被投资公司所分配的股利收入已经列在 15 页的营业利益之内，大部分包含在保险事业的净投资收益项下)。

In order to avoid the limitation of using only Tobin's Q to evaluate marketing performance and return on equity to evaluate financial performance, this paper introduces factor analysis to calculate synthesized performance, successfully processing totally 12 original indexes, such as return on net sales, average return on equity, return on total assets, per share earning ratio, current ratio, quick ratio, debt to assets ratio, rate of stock-turn, accounts receivable turnover, total asset turnover, main business growth rate, and total assets growth rate.

为了避免单纯使用托宾Q值度量企业市场业绩以及使用净资产收益率等单一财务指标度量企业财务业绩的缺陷，该文运用了因子分子法求得上市公司的综合绩效，成功地对总共12个原始绩效指标，如销售净利率、平均净资产收益率、总资产报酬率、每股收益、流动比率、速动比率、资产负债率、存货周转率、应收账款周转率、总资产周转率、主营业务收入增长率以及总资产增长率等进行了处理。

The purpose of the closing process is to transfer the balances of all of the temporary accounts to the Retained Earnings account.

其结果是留存收益将随净收入总量的增加而增加，随净损失的增加而减少。

As we calculate these, they consist of:(1) the operating earnings reported in the previous section, plus;(2) our share of the retained operating earnings of major investees that, under GAAP accounting, are not reflected in our profits, less;(3) an allowance for the tax that would be paid by Berkshire if these retained earnings of investees had instead been distributed to us.

各位可以从下表看出我们是如何计算出 1999 年透视盈余的，不过我还是要提醒各位这些数字只不过是估计数，很多都是基于简单的判断，(被投资公司所分配的股利收入已经列在 13 页的营业利益之内，大部分包含在保险事业的净投资收益项下)。

Financial perspective is based on the incremental discounted future cash flows that woula result from a branded product's revenue over the revenue of an unbranded product.The asset representing the brand is included in the firm's assets on the balance sheet.the finacial perpectives also adopt the financial market value_based technique to estimate a firm's brand equity.one of the most publicized fiancial methods is used by Finacial World in its annual listing of worldwide brand valuation.Financial World's formula calculates net brand-related profits and assigns a multiple based on brand strength.

财务的角度，是基于增量贴现未来现金流量即woula结果从一个品牌的产品的收入超过收入的一品牌产品的资产，代表品牌是包含在该公司的资产就平衡sheet.the金融perpectives也采取财政市场value_based技术来估计一个公司的品牌equity.one的最宣传fiancial方法是用金融世界，在其年报上市的全球品牌valuation.financial世界的公式计算的净品牌有关的利润，并指派多基于品牌strength.obviously ，强大的品牌，更高的多重应用的收益。

Net realized and unrealized gains after tax were $1 billion.

净实现和未实现的税后收益是10亿美元。

Gora, a brokerage in Rio de Janeiro, said Positivo's controllers, who have broad interests including education and printing, could be tempted to sell after the company's market share fell to 23.3 per cent in the third quarter this year from 30.7 per cent a year earlier and its cash flow margin (by the earnings before interest, tax, depreciation and amortisation measure) fell to 12.5 per cent from 16.3 per cent under fierce price competition from new entrants.

今年第三季度，由于来自市场新军激烈的价格竞争，该公司市场份额从去年同期的30.7%降至23.3%，同时现金流占净销售额百分比（以利息、税项、折旧和摊销前收益衡量）从16.3%降至12.5%。

Gora, a brokerage in Rio de Janeiro, said Positivo's controllers, who have broad interests including education and printing, could be tempted to sell after the company's market share fell to 23.3 per cent in the third quarter this year from 30.7 per cent a year earlier and its cash flow margin (by the earnings before interest, tax, depreciation and amortisation measure) fell to 12.5 per cent from 16.3 per cent under fierce price competition from new entrants.

今年第三季度，由于市场新军激烈的价格竞争，该公司市场占有份额从去年同期的30.7%降至23.3%，同时现金流占净销售额百分比（以利息、税项、拆旧和推销前收益衡量）从16.3%降至12.5%。

Based on Kent Daniel and Sheridan Titman (2006) model, the paper imports bull, bear, bull to bear and bear to bull market conditions as regulated variable and makes an empirical test on relations between expected information, tangible information, intangible information and future stock returns in Chinese stock market.

本文是在Kent Daniel和Sheridan Titman（2006）研究的基础上，进行理论拓展，来研究中国A股股票市场市净率分解得到的预期信息、有形信息和无形信息对股票收益的影响，并引入牛市、熊市、牛市转向熊市、熊市转向牛市四种市场状态作为调节变量。

Consequently the financial structure of listed Chinese companies is changing quickly: net debt rose from 23 per cent of equity in 2002 to 36 per cent in 2006 and from 1.1 times earnings before interest, tax, depreciation and amortisation to 1.3 over the same period.

因此，中国上市公司的财务结构正在迅速变化：净债务在总股本中所占比率，从2002年的23%，升至2006年的36%，同时对未计利息、税项、折旧和摊销前收益的倍数，从1.1倍升至1.3倍。

We have no common name for a mime of Sophron or Xenarchus and a Socratic Conversation; and we should still be without one even if the imitation in the two instances were in trimeters or elegiacs or some other kind of verse--though it is the way with people to tack on 'poet' to the name of a metre, and talk of elegiac-poets and epic-poets, thinking that they call them poets not by reason of the imitative nature of their work, but indiscriminately by reason of the metre they write in.

索夫农 、森那库斯和苏格拉底式的对话采用的模仿没有一个公共的名称；三音步诗、挽歌体或其他类型的诗的模仿也没有——人们把&诗人&这一名词和格律名称结合到一起，称之为挽歌体诗人或者史诗诗人，他们被称为诗人，似乎只是因为遵守格律写作，而非他们作品的模仿本质。

The relationship between communicative competence and grammar teaching should be that of the ends and the means.

交际能力和语法的关系应该是目标与途径的关系。