投资收益

John Rogers, 11.30.05Once we understand the business and where we think it's going, we'll estimate the sustainable free cash flow the company can generate net income, plus depreciationand amortization, minus maintenance capital spending. Depending on the growth potential, defensibility and profitability of the business, we'll put a 10- 14x multiple on that free cash flow to arrive at a target price.

一旦我们理解公司并且它的发展方向，我们就会估计这家公司能够产生的持续的自由现金流——净收益+折旧+分期还款-净投资，依靠企业的成长潜力、可防御性和收益情况，我们会把目标价定为自由现金流的10-14倍。

Cost-benefit analysis is a means to measure the will of investment .

成本收益分析是分析社会投资意愿的一个重要工具，其目的是寻求收益的最大化。

In the Asia,there had been signs that some countries hold a lot of low yield debt want to grater returns on their investment.

在亚洲，有迹象表明那些拥有低收益债券的国家想要在他们的投资上取得更多的收益。

Hoxby, Caroline Minter, Are Efficiency and Equity in School Finance Substitutes or Complements Journal of Economic

Hoxby还指出，教育的私人收益低于社会收益，同时，社会保障体制会降低对低教育程度的人的"惩罚"，这两方面因素也会降低私人投资教育的激励，但这两个在理论上成立的机制并没有获得实证研究的支持。

Negative impact on income and capital value.

投资者应知道，投资於信贷评级较低的举债人所发行的较高收益债券可能引致拖欠风险增加，并可能对收益及资本值产生不利影响。

The Security Investment Fund Recognition of Fund Income Distribution of Fund Income

证券投资基金；基金收益的确认；基金收益的分配

Rickey Ward, equities manager at Tyndall Investment management, said investors are expecting "flat earnings" in New Zealand this year before a jump in 2011 EPS growth as global economies improve.

廷德尔投资管理公司的股票经理Rickey Ward表示，随着全球经济复苏，在2011年每股收益出现上涨之前，投资者希望在今年获得"平稳的收益"。

When assessing the strategy combinations in the future, the aquaculture biotechnology companies will be allowed to put emphasis on the investment of "Cash Cows", including the high quality fries and the production technology, its will bring the companies lots of profit. But the "Stars", including production equipments, the prevention and control of fish disease, the feed supplements and the environmental improvements, under industry the investment, it then will possibly take the companies toward the direction of the "Cash Cow" enterprise and gain munificent income. When the companies still have funds available, they may consider to investing in "Problem Children" enterprise, including the transgenic, the functional gene, the new variety research and the biology repair medicament. These enterprises still have the development potential, but in contrast they are operated more riskily.

三、未来水产养殖生技公司在进行策略组合评估时，可以考虑将投资重点础b金牛事业，包括优质水产种苗以及生产技术，其未来较能带给厂商业者丰富之利润；而明日之星事业包括生产设备、鱼病防治、饲料添加物以及环境改良等四项，在业者投资下，其可能往金牛事业的方向前进而带给公司丰厚之收益；当公司厂商仍有余裕资金时，可以考虑投资潜力事业包括了基因转殖、弁邬夆穧、新品种研发以及生物修补剂，这些事业仍具发展潜力，但相对也比较具有风险性。

Both the national psychological needs for higher education and the cultural features are the favorable aspects to non-governmental investment. Now, there is the right social psychology for expanding non-governmental investment, which the policy-makers should make full use of to make decisions on higher education. The fourth chapter devotes to the sociologic analysis on the nongovernmental investment in higher education.

第二章对民间高等教育投资的经济动力进行了分析，研究认为，虽然私人收益率很低，但高等教育的综合收益足以解释我国当前强烈的高等教育需求；高等教育&生产&必须社会化、市场化，这是民间高等教育投资的主要渠道；民办高校大规模投资需要公共资助或政策扶持。

The process of the portfolio management mainly includes the valuating of each property risk and return, the optimization of the portfolio selection, the scaling of the portfolio efficiency.

证券投资组合管理的过程主要包括各项资产风险与收益的评估、投资组合的优化与投资组合业绩的衡量。

I am accused of being overreligious," she said in her quiet, frank manner,"but that does not prevent me thinking the children very cruel who obstinately commit such suicide.""

客人们在卡罗利娜·埃凯家里，举止就文雅一些，因为卡罗利娜的母亲治家很严厉。

Designed by French fashion house Herm è s, this elegant uniform was manufactured in our home, Hong Kong, and was the first without a hat.

由著名品牌 Herm è s 设计，这件高贵的制服是香港本土制造，是我们第一套不配帽子的制服。