净资产

When the following two states appear, the Related Party Transaction will become the one of the main means of earnings management, and be positive relation to earnings management: to provide to drawing on 'ST' or to pick off 'ST' when the yield of net capital of listed firms is between 0 and 1%; or to issue additional new stocks or admeasure stocks when its yield of net capital is more than 10%.

上市公司的净资产收益率为01%时，公司为了扭亏；以及当净资产收益率为大于10%时，公司为了增发新股或者配股的需要，关联交易成为违规盈余管理的主要手段之一，这两种情况下的关联交易与盈余管理正相关。

Prime Asset Ratio A percentage of a bank's net assets that are held in prime assets.

净资产比率银行净资产在主要资产中所占的百分比。

WIND IT statistics show that in the first half of this year, if the net assets, compared to yesterday's closing price, the Shanghai and Shenzhen stock markets are about 116 companies "break the net," even taking part in the first half of the company to implement a first-priority ex-dividend distribution, At a rough estimate there are about 92 the company's share price fell below the net assets.

风中的统计数字显示，今年上半年，如果净资产，比昨天的收盘价计算，上海和深圳股市约有116家公司"打破网"，即使考虑在该公司上半年的一部分实施粗略估计，大约有92该公司的股票价格是第一优先除息分布，跌破净资产。

Net assets is less than 50% of the paid-in capital or contingent liability reaches 50

净资产低于实收资本的50%，或者或有负债达到净资产的50

Typically banks are valued as a multiple of book value[3]. Realistically, Guangdong may have no book value or even a negative one.

一般来说，对银行的估价都是其净资产值的若干倍，而实际上广发银行的净资产值可能为零甚至为负值。

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。

Through analysing, we found that the average P/E ratio of industry, ROE, expenses rate are the factors influencing function to be relatively remarkable to company P/E ratio; The relations between company P/E ratio and such indexes as ROE, etc are all negative relevant, it is opposite to analyse with the theory, this kind of conclusion that completely contradicts proves the development of the stock market of our country is still at very unripe stage, the phenomenon that the high-quality stock is underestimated is serious, the whole market has even turned around; P/E ratio and net assets factor are in close relations, this includes the price of evaluation on net assets, rentability of the net assets, etc.

其次是对公司市盈率影响因素的分析，本文考虑了21个可能的影响因素，通过分析发现行业平均市盈率、净资产收益率、费用率等因素是对公司市盈率影响作用相对显著的因素；净资产收益率等指标与公司市盈率都是负的相关关系，与理论分析相反，这种截然相反的结论说明我国股市的发展还处于很不成熟的阶段，优质股票被低估的现象严重，整个市场甚至倒了过来；市盈率与净资产因子的关系密切，这包括了净资产的收益性、净资产的成长性以及股市上对净资产的评估价格等。

Article 27: The financing guarantee liability balance to a single Secured Party by a financing guarantee company shall not be more than 10％ of its net assets; the financing guarantee liability balance to a single Secured Party and its affiliated party shall not be more than 15％ of its net assets and the financing guarantee liability balance to a single Secured Party for bond issuance shall not be more than 30％ of its net assets.

第二十七条融资性担保公司对单个被担保人提供的融资性担保责任余额不得超过净资产的10％，对单个被担保人及其关联方提供的融资性担保责任余额不得超过净资产的15％，对单个被担保人债券发行提供的担保责任余额不得超过净资产的30％。

Additional, it is negative situation to net assets, also should demarcate is, must be to pass business of original owner battalion and person of former effective control to realize net assets to be, as the requirement that restores to appear on the market, cannot pass sell case the means of infuse asset realizes net assets to be.

另外，对于净资产为负的情况，也应该限定为，必须是通过原主营业务和原实际控制人实现净资产为正，作为恢复上市的必要条件，不能通过卖壳注入资产的方式实现净资产为正。

China Eastern Airlines by the end of September the net assets of 528 million, four-quarter loss may be the main industry in more than 528 million yuan, and the company as of CAO hedging October 31浮亏18.3 billion, resulting in a full-year net assets of the company a great possibility that the negative, if able to obtain 3.0 billion capital injection will improve the company's financial part, it is still difficult to ensure a negative net assets from the risk of the economy in the company in the industry operating under the degree of decline is also difficult to have more a great improvement.

中国东方在9月底航空公司的5.28亿的净资产，四季度的亏损可能是主业超过5.28亿元，公司作为中航油对冲10月31日浮亏183亿美元，导致在一个完整，全年净资产公司的可能性很大，负，如果能够获得3.0亿元的注资将改善公司的财务部分，但仍然难以保证，从经济风险的公司在行业负净资产在下降的方式运作，也难以有更多的一大进步。

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