收益

This article argues that treasury stock method should underestimate the dilative effect of employee stock option on EPS to a great degree, so it is better to use fair value method to consider the dilative effect on EPS, and to match the information disclosure of EPS with the fair value measurement.

目前，各国会计准则制定机构大都也是采用库藏股份法。本章则通过对库藏股份法的分析，认为库藏股份法会在很大程度上低估员工股票期权对每股收益的低估作用，而且对每股收益的信息披露也与员工股票期权的公允价值法表内确认不相符合。

FASB and other accounting standards regulators have considered the dilative effect on the EPS, and suggested the treasury stock method as the calculation method of diluted earnings per share.

每股收益计算中必须考虑员工股票期权的稀释作用，这一点已经得到了各国会计准则制定机构的认可。为此，美国财务会计准则委员会采用了库藏股份法来考虑员工股票期权对每股收益的稀释作用。

For the type I dissymmetrical information, the thesis, using the game theory and the principal-agent theory, puts forward the second profit allocation strategy which is based on the first profit allocation strategy and makes comprehensive use of incentive and restraints.

首先，在I类非对称信息下，利用博弈论和委托代理理论，提出了基于一次收益分配策略并综合使用激励与约束机制的二次收益分配策略。

However, we don"t find neither the economies of scale nor the diseconomies of scale in the investment banking industry. What"s more, the scope of Chinese investment banks is too narrow and the income relies on the traditional deals too much, which makes the industry far from the economies of scope.The dissertation starts from restrict-pricing model of Spence and Bain-Sylos and analyzes the mechanism of the strategy of excessive production capacity. And based on the extended dynamic game theory of Dixit the dissertation establishes the dynamic game theory model of capital promise and entry deterrence. The dissertationillustrates the essence of scale strategy of Chinese investment banking industry: Firstly domestic investment banks should optimize the capital structure and the scale expansion by proper financing arrangement.

本文对我国投资银行业的产业绩效进行了实证检验：市场结构、行业规模以及市场总体收益率对行业的利润率具有很强的解释能力，从影响的相对水平来看，集中度的影响要大于市场收益的影响，同时，规模的影响与集中度、市场收益的影响相反；同时，基于规模经济的横截面分析表明，我国投资银行业的经济规模与其绩效之间还不存在明显的关系；而且，我国投资银行业总体上经营范围狭窄，业务内涵单一，在收入构成上过分依赖于传统的三大业务，也远远没有发挥出行业的范围经济优势。

Road pricing allows you to very precisely evaluate the benefits of new roads," says Stephen Glaister, an adviser to Sir Rod from London's Imperial College."Some of these schemes have benefit-to-cost ratios of ten to one or better.

公路收费能让你很精确地估算修建新路的收益，&Rod爵士的顾问、来自伦敦皇家学院的Stephen Glaister说，&一些计划的收益与成本比是10比1，甚至更好。

Mix distribution hypnoses assume that the asset price movement and the trading volume are both determined by an unobservable flow of information; different pieces of information flowing into the security market will cause movements of both the trading volume and the price.

结果发现，与成熟的股票市场相比，中国股票价格波动的非对称性较弱，这可能是由于中国股票市场的特殊结构与贷款利率缺乏刚性所造成的。3，混合分布假说认为金融资产的收益和交易量是由一个潜在的不可观测的信息流变量共同决定的，信息流的冲击将同时产生收益和交易量的变动，即信息流是混合变量，日交易次数或交易量可以作为信息流的替代指标，所以交易量能够很好的解释价格波动性。

In fact, large shareholders influence even control corporation governance in many ways: concentration of shares endows large shareholder right of decision-making, so small shareholders can only advise, monitor and meaninglessly vote; therefore, probably, all shareholders pay for large shareholders individual profits if large wants, and pursuing the private benefit of control has externality.

从本文的分析来看，大股东对公司治理的影响比较复杂：持股相对集中有利于大股东克服外部性的障碍，为其他外部股东提供&监督&这样的公共产品；但同时，大股东追求私人收益的代价往往需要全体股东来共同支付，追求控制权私人收益的行为同样也有外部性。

Any write-offs or amortization of noncurrent items deducted on the income statement must be added back to net income.

任何已从收益表减去的非流动项目的注销或摊销，都必须加净收益。

In fact, any write-offs or amortization of noncurrent items deducted on the income statement must be added back to net income to arrive at the amount of funds provided by operations.

事实上，任何已从收益表中减去的非流动项目的注销或摊销，都必须加回净收益，以得出&营业所提供的营运资本&。

3 In deciding how to use the resources he owns, each individual must be supposed to compare the expected returns (both pecuniary and nonpecuniary) from renting out his resources with the expected returns (again both pecuniary and nonpecuniary) from using them himself, and to select the method that yields the largest expected returns.

假设每个个人在决定如何使用他所拥有的资源时，一定会比较租出资源和自己使用资源的预期收益，然后选择产生最大预期收益的方法。

And if officials on the take are not parroting the opinions of these companies, what can we suppose the money they receive is for?

如果受贿的官员不鹦鹉学舌般地复述这些公司的看法，那他们所接受的钱又能用于什么目的呢？

Love them, and love you too, Pitcher.

爱他们，也爱你，投手。