报酬率

The development of the index have catched up with the development of the economy and the society.We can ameliorate our index in many ways. We can fetch in new index,such as rewarding index of investment capital, it can be used to avoid the ruleless fluctuate caused by unregular revenue. We can fetch in the accrual ability of immateriality assets and "social responsibility" to enhance the deal of non-currency info and knewledge assets info. We can fetch in the method of key index analyse through relevancy analyse to conform the sequence of significance.

我们可以从多方面对指标进行改进，可以通过引进新指标如投资资本报酬率来克服因非经常性收益使企业业绩出现忽高忽低地波动的问题；可以通过引入无形资产获利能力评价指标、"企业社会责任"的概念来加强企业非货币性信息、知识资产信息在评价体系中的份量；通过引进企业获利能力关键指标的灰色关联分析来科学地确定指标的重要性顺序，以减少指标使用的盲目性。

In the empirical study, we find that conventional tests over reject the null when the event forecasts and event realization of all countries have high serial correlation, which means the event forecasts have the timing ability. According to the evidence of sample correlation coefficient, however, it seems that the event forecasts have no timing ability by using these the HAC robust tests.

尔后，利用实际的资料，考虑六个国家股票市场每月之报酬率发现，所有国家在事件预测值与事件实现值存在高度的序列相关下，传统检定方法出现了过度拒绝虚无假设的结果，认为事件预测值具有预测能力；而考虑序列相关问题的检定方法则认为事件预测值不具有预测能力。

The positive skewness is more pronounced in stocks with low fraction of independent directors and low foreign ownership.

独立董事比例和外资持股比例越低的公司，其股票报酬率越呈现正偏分配。

This paper examines whether or not stock return responds asymmetrically to monetary policy shocks. We use over-night rate volatility to measure monetary policy and apply Component-GARCH-Constant Jump and ARJI-Trend model to capture expected and unexpected effects of government's monetary policy on the stock return in American, Canada, Japan, and Britain. Considering the non-normality features of these assets returns, this paper use skewed student t distribution to estimate the relationship between the permanent and transitory components of the conditional variance and the frequency and intensity of jump of stock return.

本文探讨货币政策对於股市报酬之影响，选取货币政策代理变数－金融业隔夜拆款利率在分别采用Component-GARCH-Constant Jump与ARJI-Trend模型，并同时考量报酬率呈现非常态之特性，因此采用偏态t分配(skewed student t-distribution)进行估计条件变异数的恒常与移转部份及跳跃机率与跳跃频率，以捕捉政府实施预期及非预期的货币政策对股市报酬的影响，分析在预期及非预期的货币政策冲击下对股市的影响是否存在不同之效果。

Such as Japan blindly adhere to synchronize distribution, only a few shops and affordable, so that in the new machine under a temporary magnet effect, and the rest in order to survive the owner to ensure that customers will not be bound under the loss of price competition finally due to return on investment is relatively limited, making this a small number of stores the end of the day on the new machine has lost confidence.

如日本一昧地坚持同步发行，只有少数几间店铺负担得起，如此一来在新机台短暂磁吸效应之下，其余各店家为求生存，确保客源不被流失的情况之下势必削价竞争，终因投资报酬率相对有限，使得这少数店家到头来对新机台也失去了信心。

For Berkshire's shareholders, myself included, the cost of this thumb-sucking has been huge. o Our consistently-conservative financial policies may appear to have been a mistake, but in my view were not. In retrospect, it is clear that significantly higher, though still conventional, leverage ratios at Berkshire would have produced considerably better returns on equity than the 23.8% we have actually averaged. Even in 1965, perhaps we could have judged there to be a 99% probability that higher leverage would lead to nothing but good. Correspondingly, we might have seen only a 1% chance that some shock factor, external or internal, would cause a conventional debt ratio to produce a result falling somewhere between temporary anguish and default.

另外我们一贯保守财务政策可能也是一种错误，不过就我个人的看法却不认为如此，回想起来，很明显的我们只要能够再多用一点财务杠杆操作(虽然较之他人还是很保守)，就可以得到远比现在每年平均 23.8%还要高的投资报酬率，即使是在 1965 年我们也可以百分之九十九地确定高一点的财务杠杆绝对只有好处没有坏处，但同时我们可能也会有百分之一的机会，不管是从内部或是外部所引发令人异想不到的因素，使得我们负债比率提高到介于一时冲高到负债倒闭之间。

As Dess and Robinson (1984) conclude, managers' perception of how well their firm had performed 0 measured in a subjective and relative sense 0 was consistent with how the firm actually performed vis-à-vis return on assets and growth in sales .

正如同学者Dess and Robinson(1984)所言：「经理人们在主观和相对感觉的测量角度上，所意识到其企业的表现与他们企业在相对资产报酬率和销售成长的实质表现上，是一致相同的。

Besides, satisfying customer's demand on product quality and capacity, Paktek cooperates with other post-press converting manufacturers to produce a complete line of Paper box Making Equipment. In order to manufacture high quality Auto Folder Gluer, Paktek founded factory in Taipei Hsien in 1998 and started producing it's own brand "Paktek" Auto Folder Gluer with it's world class technical skill with EC certification and TUV standard from Germany Tuv Rheinland Group.

誉邦实业有限公司开发制造生产自行设计，有着与世界先进技术同性能之PAKTEK自动糊折盒机，其已具备欧洲CE电机及机械规格，并成功进入世界市场，有亚洲、中国大陆、欧洲和日本的销售实绩，因合理的价钱，客户的高投资报酬率，回收速度快等，更深获客户的好评。

Sometimes does have relationship with them and sometimes does not have, affects when the direction the timing negative; The asset structure has the remarkable influence to the ROA; Produced assets, the total asset scale mainly lead to positive affect to manage achievement, but sometimes, in the different industry existence scale uneconomical phenomenon, will appear the negative influence; The revolving property and the consumptive property produce negative influence to manage achievement; The sales rate of incensement have no remarkable influence to manage achievement.

研究发现资产结构对营业收入净利率和净资产收益率的影响因会计年度不同而表现出不同的程度的相关性，有时有有时无，影响方向时正时负；资产结构对总资产报酬率有显著影响；产能性资产、总资产规模对经营业绩总体影响为正，但有些行业存在规模不经济的现象，有时会出现负方向影响；周转性资产和消耗性资产对经营业绩影响为负；销售增长率对经营业绩没有显著影响。

Therefore, various theoretical and several empirical studies suggest that nonsystematic risk should also have some explanatory power with regard to expected return. In this paper we will use an OLS test and Quantile Regression Model to detect these relationships.

然而许多理及实证研究却认为非系统性风险应对期望报酬有些许的解释能力，故在这篇文中我们将利用OLS及Quantile Regression Model来检测期望报酬率、系统性风险与非系统性风险之间的关系。

Breath, muscle contraction of the buttocks; arch body, as far as possible to hold his head, right leg straight towards the ceiling (peg-leg knee in order to avoid muscle tension).

呼气，收缩臀部肌肉；拱起身体，尽量抬起头来，右腿伸直朝向天花板（膝微屈，以避免肌肉紧张）。

The cost of moving grain food products was unchanged from May, but year over year are up 8%.

粮食产品的运输费用与5月份相比没有变化，但却比去年同期高8％。