现金价值

The authors choose the proper regress methodology ac- cording to the characteristics of our panel data.

在根据面板数据本身的特征选择适宜回归技术的基础上，通过研究发现，在通过家族控股上市而形成的民营上市公司中，年度内董事会会议次数对企业的市场价值有显著的正向影响，而在通过兼并重组取得控股地位的民营上市公司中，这种影响并不显著；在考虑控股股东现金流权与投票权分离程度的调节作用后发现，随着控股股东现金流权与投票权分离程度的提高，年度内董事会召开会议次数的增加有利于企业市场价值的增加。

Article 13Where a debt restructuring is made by a combination of the liquidation of a debt by assets, the liquidation of a debt by non-cash asset, the conversion of a debt into capital and the modification of other terms of a debt, the creditor shall offset, one by one, the cash received, the fair value of the non-cash asset received, and the fair value of the shares to which the creditor becomes entitled, against the book balance of the debt to be restructured, then handle it in accordance with Article 12 of these Standards.

第十三条债务重组采用以现金清偿债务、非现金资产清偿债务、债务转为资本、修改其他债务条件等方式的组合进行的，债权人应当依次以收到的现金、接受的非现金资产公允价值、债权人享有股份的公允价值冲减重组债权的账面余额，再按照本准则第十二条的规定处理。

Article 8Where a debt restructuring is made by a combination of the liquidation of a debt by assets, the liquidation of a debt by non-cash asset, the conversion of a debt into capital, and the modification of other terms of a debt, the debtor shall offset, one by one, the cash paid, the fair value of the non-cash asset transferred, and the fair value of the shares to which the creditor becomes entitled, against the book value of the debt to be restructured, then handle it in accordance with Article 7 of these Standards.

第八条债务重组以现金清偿债务、非现金资产清偿债务、债务转为资本、修改其他债务条件等方式的组合进行的，债务人应当依次以支付的现金、转让的非现金资产公允价值、债权人享有股份的公允价值冲减重组债务的账面价值，再按照本准则第七条的规定处理。

Among them the influence factor of the stock is mainly: Fund manager select stocks ability, investment style and ability to deal with the accident, national macroeconomy situation factor, the market value of stock usually have the direct influence to the fund net value; To bond part in the net value of the fund, interest rate and the investment ability of fund manager concerns the value level of this part of assets directly, because the securities regulator of our country has made the regulation to the proportion of the fund investment bond besides this, so, this proportion will restrict fund managers investment on the bond either, thus exercise an influence on some value of bond ; Besides stock and two bond, to another important component in the net value composition --The cash, we will all sum up its factor of exerting an influence for the mobile risk factor, namely the risk as a reasult of the exility of cash.

其中股票方面的影响因素主要是：基金经理的选股能力、投资风格和选时能力以及大盘走势与突发事件、国家宏观经济形势因素，股票市值通常受到这些因素的直接影响；对于基金净值中的债券部分来说，利率和基金经理的投资能力直接关系到这部分资产的价值高低，除此以外由于我国证券监管机构对基金投资债券的比例作了规定，因此，该比例也会制约基金经理在债券上的投资，从而对债券部分价值发生影响；除了股票和债券两部分以外，对于净值构成中的另一重要组成部分——现金，我们将对其产生影响的因素全部归纳为流动性风险因素，即由于现金的稀缺而导致的风险。

The form of cash flexion reflects the status and cause of cash fluxion in the enterprise for a centain time.

现金流量表反映企业在一定期间内现金流状况及原因，为决策者提供有价值的现金流量信息。

In the theoretical study section, the paper presents the similarities and dissimilarities of the existed FCF models.

理论研究部分首先分析了会计利润、经营现金流和整体现金流在评估企业价值时的不足，引出自由现金流量的概念，并比较了现有模型的异同。

Refering to the pricing of MBO, this thesis takes for that it's inconsequential to make net assets value per share as sole standard of pricing, and the standard of valuing must be traced back to free cash flow, and Free Cash Flow Valuation must be set up for pricing. And this thesis has brought EVA theory into MBO pricing to quantitating former contribution of management. Moreover, this thesis analyses controlling premium and marketability discount, and considers that we must develop the mechanism of market to improve the level of investors protection.

在对定价问题的探讨中，本文认为以每股净资产作为唯一定价标准不合理，衡量价值的标准应追溯到自由现金流量，应建立自由现金流量模型对管理层收购进行科学定价；本文还引入了EVA的理论量化管理层的历史贡献，以修正自由现金流量模型；同时本文认为定价时还要考虑控制权溢价和流动性折价，并且适当引入竞争，发挥市场机制，提高投资者保护水平。

This thesis establishes a comprehensive cash flow analysis model by reclassifying cash flow and makes a thorough revelation of the factors leading to changes in cash flow of listed corporations, thus providing more valuable informations for various users.

本文对现金流量进行了重新分类，建立了现金流量综合分析模型，深入揭示了上市公司现金流量变化的原因，从而为不同信息使用者提供了更有价值的信息。

The third model is die combination widi concentrating-share model and discount model. Firsdy, we must concentrate state-owned share based on investing cost; secondly, we can evaluate die stock on full-flowing condition by discount model, dien we can get die reasonable price of state-owned share.

3折股贴现模型：该模型其实是折股模型与贴现现金流模型的组合，首先我们要将国有股按投资成本进行缩股，使之与流通股同股，进而实现全流通，然后用自由现金流模型计算全流通条件下股票的内在价值，最后再来推算国有股的价值。

This negative impact of large cash holdings on future operating performance is cancelled out if the firm is well-governed. This paper finds that firms with poor corporate governance wastes excess cash resources and thus destroy firm value.

结果发现，不同公司治理水平下，超额现金的市场价值及其对未来经营绩效影响存在显著差异，相比公司治理差的公司，公司治理好的公司超额现金市场价值更高，更有助于提高公司未来经营绩效。

In the negative and interrogative forms, of course, this is identical to the non-emphatic forms.

。但是，在否定句或疑问句里，这种带有"do"的方法表达的效果却没有什么强调的意思。

Go down on one's knees;kneel down

屈膝跪下。。。下跪祈祷