收益性

In this article,we focus on the equity valuation.income approach as one of basic methods of asset valuation,which results is the present price of the company's future earnings.as one of major parameters in income present value model,the discount rate has great influence on the final results of the assessment.

收益法作为资产评估的基本方法之一，其结果反映的是资产创造的未来收益在现时的价格。而折现率作为收益现值法模型中的重要参数，其确定对评估结果的公允性有很大影响。

The following income of Enterprises shall be tax-exempted income(1) income from interests on government bonds;(2) income from equity investment income such as dividend and bonus between qualified resident enterprises;(3) income from equity investment such as dividend and bonus obtained from resident enterprises by non-resident enterprises that have set up institutions or establishments in China with an actual relationship with such institutions or establishments;(4) income of qualified non-profit organizations.

企业的下列收入为免税收入：(1)国债利息收入；(2)符合条件的居民企业之间的股息、红利等权益性投资收益；(3)在中国境内设立机构、场所的非居民企业从居民企业取得与该机构、场所有实际联系的股息、红利等权益性投资收益；(4)符合条件的非营利组织的收入。

The essential relation between the three decision variables (capacity, price and sold inventory) and passenger demand factor is discussed.

本文分析了收益管理决策目标的组成要素以及内外主要因素；讨论了容量、价格和销售数量三个决策变量与市场需求要素之间的关系；具体地提出了达到收益管理目标可以采用的两条降低成本的途径和五种提高收入的基本方式；从系统的角度提出了集成性收益管理决策的结构模型。

The article first analysis on the natures of public welfare and nature of expressway ,makes a detailed analysis on the expressway's natures of inremovability、inseparability、cingulum、reticulation、and wear,demonstrates the importance of engineering projects of maintenance of expressway .

本文从分析高速公路的自然属性和社会属性入手，详细分析了高速公路的不可移动性、不可分割性、带状性、网状性及耐久性等自然属性，论证了高速公路养护在保持高速公路的自然属性方面的重要性，详细分析了高速公路的公路的规模收益特性、公路的资金密集性、公路的价值和使用价值、公路的国民经济基础性、公路发展的超前性、公路的社会公益性等特性，说明了高速公路在国民经济中不可或缺，同时也说明高速公路仍然具有局部的、一定程度的商品性，所以高速公路具有较复杂的特性。

And the evaluation effects of China's Stock Market's volatility by different ARCH models from different point of view are compared. In addition, by using two mixed distribution models, the leptokurtosis and fat-tail of stock return are examined. Based on the above analysis, an improved Laplace distribution model is proposed. Furthermore, the root generating non-Gaussian return distribution of the stock market ? is expounded from the perspective of both economy and capital market.

首先分别从分布和波动性模型出发，研究中国股票市场收益分布特征与波动性特征：从ARCH族模型出发，考察了中国股票市场波动性的异方差、集群性、杠杆效应以及长记忆性特征；从两个混合分布模型出发，结合随机模拟考察了收益分布的尖峰、厚尾和偏态特征，并提出了改进型LapJace分布。

There are no potential dilutive ordinary shares, and the diluted earnings per share are equal to the basic earnings

本公司不存在稀释性潜在普通股，稀释每股收益等于基本每股收益。

The eighth chapter begins with discussion and empirical demonstration of Chinese benchmark rate, simulates and regresses the benchmark yield curve of Chinese bond according to the latest data, reviews factors having influence on Chinese benchmark yield curve through principal components analysis, illuminates the inescapability of regulation of Chinese bond yield structure through the comparative study on American bond yield curves with different terms.

第八章开始是对我国的基准利率进行探讨和实证分析，接着根据最新的数据来模拟和回归出我国国债的基准收益曲线，在此基础上运用主成分分析法考察了影响我国基准收益曲线的因素，并通过对美国不同期限国债收益率曲线的比较研究，来说明我国国债收益率结构的调整具有不可避免性。

In the empirical analysis part, statistical descriptions on the sample funds are made firstly, which show that the actual distribution of each sample fund"s daily net value return possesses the characteristic of leptokurtosis. So it is necessary to add student T distribution and GED to capture such leptokurtosis characteristic other than normal distribution. Secondly, ARCH test shows that there exists volatility clustering in each sample fund"s daily net value return, so GARCH related models should be used to describe such volatility clustering characteristic.

实证分析部分首先对样本基金进行统计描述，得出其收益序列均存在尖峰厚尾特征，不服从正态分布，因此有必要在下面的VaR计算中加入T分布和GED分布来捕捉这种尖峰厚尾特征；并且经ARCH检验后得出收益序列存在明显的波动聚集性的特征，因此可以选择GARCH类模型来描述这种特性，经过模型筛选，得出最适合我国开放式股票型基金的收益波动性模型为GARCH(1，1)模型。

And for the firms suffered from financial distress, shareholders still prefer ＂self-lending＂ to other debts, thus tacking ordinary debtees and making them accept reorganization arrangement.

通过债务性资本与替权益性资本的替换，股东总能够获得套利收益，但同时也损害了普通债权人和政府的收益，因而受到法律的限制。

Firstly, it makes statistical significant testing of extra earning in declaration term of new stock. Secondly, it sets up linearity regression model of one factor to explain how much extra earning is from dividend. Finally, it sets up linearity regression model of multi-factor founding on theory analyzing of the first chapter to explain how many factors influence extra earning.

首先对新股公告期的超常收益做统计显著性检验，然后建立一元线性叵归模型，说明超常收益有多少是来自于股利，最后在第一章理论分析的基础上建立多元线性回归模型，说明这种超常收益的影响因素。

Plunder melds and run with this jewel!

掠夺melds和运行与此宝石！

My dream is to be a crazy growing tree and extend at the edge between the city and the forest.

此刻，也许正是在通往天国的路上，我体验着这白色的晕旋。