获利的

An alternate Director shall be entitled to contract and be interested in and benefit from contracts or arrangements or transactions and to be repaid expenses and to be indemnified by the Company to the same extent mutatis mutandis as if he were a Director but he shall not be entitled to receive from the Company any fee in his capacity as an alternate Director except only such part, if any, of the remuneration otherwise payable to his appointor as such appointor may by Notice to the Company from time to time direct.

代理董事将被授权签署合约并从合约或安排、交易中获利，还可有权报销相关花费、为公司目的以董事身份作出必要的行为而获得公司的补偿，但作为代理董事时则不能被授权收悉来自公司的任何酬金，如有可能，也仅能收悉部分，而上述酬金指支付给指定该代理董事的董事的报酬，对该报酬的支付可以是有该指定代理董事的董事在不同时间以通知形式向公司作出的。

In most businesses, of course, insolvent companies run out of cash. Insurance is different: you can be broke but flush. Since cash comes in at the inception of an insurance policy and losses are paid much later, insolvent insurers donnot run out of cash until long after they have run out of net worth. In fact, these 搘 alking dead often redouble their efforts to write business, accepting almost any price or risk, simply to keep the cash flowing in. With an attitude like that of an embezzler who has gambled away his purloined funds, these companies hope that somehow they can get lucky on the next batch of business and thereby cover up earlier shortfalls. Even if they donnot get lucky, the penalty to managers is usually no greater for a $100 million shortfall than one of $10 million; in the meantime, while the losses mount, the managers keep their jobs and perquisites.

我们对于长期债券没有兴趣的原因在于对于未来十几年通货膨胀可能再度肆虐的潜在恐惧，长期而言，汇率的演变将取决于立法诸公的态度，这会威胁到汇率的稳定，进而影响到长期债券投资人的利益，我们持续将资金运用在套利之上，然而不像其它套利客，每年从事几十个案子，我们只锁定在少数几个个案，我们限制自己只专注在几个已经公布消息的大案子，避开尚未明朗化的，虽然这样会让我们的获利空间减小，但相对的只要运气不要太差，我们预期落空的机率也会减少许多。

This "baby boomer"group is not like the old person past, getting the impression of lacking the interests to link to society, on the other hand, they own wealth and have the consuming ability quite a lot and play an enthusiastic part in society activities. They create a huge commercial opportunities. To answer the consuming need of greybeard, several enterprise purpose some more suitable goods and approach in succession. He hope can get profit in this wave of commercial opportunities and takes care of the group of greybeard.

而且这群战后婴儿潮的老年人口，并不像过去的老年人刻板印象，对於与社会连结兴趣缺缺，他们掌握了财富，拥有相当的消费能力，对於社会化活动更为活跃，对於商业与社会活动更积极的他们也造就出了庞大的商机，为了因应银发族的消费需求，各企业也相继提出合适的商品与通路，希望能在这波商机中获利并且透过这些方式来照顾到银发族的需求。

I am assured by our Merchants, that a Boy or Girl, before twelve years Old, is no saleable Commodity, and even when they come to this Age, they will not yield above three Pounds, or three Pounds and half a Crown at most on the Exchange, which cannot turn to Account either to the Parents or the Kingdom, the Charge of Nutriments and Rags having been at least four times that Value.

我从我们的商人那里得到确证，十二岁前的男孩或女孩作为商品并不适合销售，即使他们到了十二岁，他们的利润也不会多于三镑，最多通过交易获利三镑五先令，可这并不能补偿他们的父母，也不能补偿王国，他们吃过的营养品和穿过的衣物的钱至少是这些的四倍。

The final purpose of the lean production system is to satisfy customer's needs. Therefore, the flexible of production lines becomes a critical issue after production pattern has been changed from mass production to small-volume with large variety production. The manufacturing system of lean production is using management methods to survey the waste of production lines, to execute some kinds of improvability actions of reducing the cost, and to elevate productivity and quality to support various customization productions. By using lean production system, industries not only can earn profits but also can raise competitive advantage.

精实生产方式其最终的目的，就是要满足顾客的需求；因此当生产型态的转变由以往的「大量生产」转变为「少量多样」，创造生产线的弹性变成重要的问题，精实生产发展出来的生产系统，即利用管理手法检视生产线上的浪费，进行各种以改善为核心的降低成本活动，力求提高生产力、提升品质而提供消费者喜好的多样化产品，进而提高公司获利及企业竞争优势。

In the second place, this paper uses the financial data reported by China's private listed companies and statistical analysis skills to test the theories and hypotheses. The research collects all required data from 2000 to 2002, examines the profit ability, the gain ability, the repay ability, and the cost control ability for all sampling listed companies by using Paired-Samples T test in the quantitative analysis section. The results show that these listed companies'profit decreases, income increases, repay ability enhances after the companies go public. Finally the paper takes the non-operating expenses as the illustrating index for the cost control capability of the companies to demonstrate that there is an obvious increase of non-operating expenses after getting great amount of money in IPO, in this sense it can be stated that there is the intendancy of low capital utility rate in private companies.

研究选用了描述性统计分析方法对样本企业IPO前后时段的财务指标进行了对比考查，并运用配对样本t检验方法进行了显著性检验，研究结果表明民营企业在IPO前后的盈利水平总体上是显著下降的；同时研究也显示虽然获利水平出现了小幅上升，但这是由于企业通过IPO融资增加了投资规模导致的；企业的偿债能力在IPO之后有明显的好转；研究最后以营业外支出作为企业成本控制能力的解释指标，发现企业在IPO上市融得大量资金后对主营业务以外的支出有明显的增多，可以判断民营企业存在资本利用效率低下的现象。

In order to make use of the technical bonus stock distribution mechanism fully,inspire the talent of technologists,encourage their devotion to films,we have some important discussion on the technical bonus stock distribution policy,introduce the distributed models of technical bonus stock,point out the questions in the excutive course,and offer the solution correspondingly.In the third part,we discuss the technical stock option design on middle-small technical films,and consider the logical thoughtfulness in the course of reanimation as follows:the more outstanding achievement for the powered man→the more increase on special target→the lower price on technical option premium→the more profit→the more effective reanimation.In the parameter,a set of detailed program is designed,which includes establishment of incentive fund,institution of merit system for the plans grantors,award of stock option,determination of premium,so as to reduce random in the incentive course,have a great effect on the mormative management for themiddle-small technical films.

在文中还重点讨论了中小科技企业技术股权分配的策略，介绍了技术股权红利分配方式，指出在技术股权激励过程中应注意的问题，并提出相应的解决办法，目的在于充分利用技术股权分配机制，来激发技术人员潜在的创新能力，激励他们为企业作贡献；第三部分着重探讨了中小科技企业技术股份期权的方案设计，在激励方面，按照技术期权获受人的业绩越突出→特定的指标增长越快→行权价越低→获利越多→激励效果越好的逻辑思路进行考虑；在参数设计方面，对技术期权计划中激励基金、授予和考核、行权价格等参数进行了详细地分析设计，旨在减少技术期权激励过程中的随意性，为中小科技企业的规范化管理起到一定的指导和借鉴作用。

We're planning to step on the gas: GEICO's marketing expenditures this year will top $100 million, up 50% from 1997. Our market share today is only 3%, a level of penetration that should increase dramatically in the next decade. The auto insurance industry is huge -- it does about $115 billion of volume annually -- and there are tens of millions of drivers who would save substantial money by switching to us. In the 1995 report, I described the enormous debt that you and I owe to Lorimer Davidson.

不过盖可 1998 年的承保获利很可能会下滑，但是保单数量应该还会继续成长，我们已准备好加紧油门，盖可保险今年预计的行销费用将突破一亿美元的大关，这数字比起 1997 年要增加 50%以上，截至目前为止，我们的市场占有率约为 3%，预计在未来的十年内还会大幅增加，整个汽车保险市场的大饼相当可观，每年约有 1，150 亿美元的市场胃纳量，预估将有上千万的驾驶人因为将保单转移到我们这边而节省相当可观的保费。

If only on the K line combinations to judge the short-term direction of the operation, will inevitably face more uncertainty risks, but also tried to Rs easily formed the habit of a strong rise in the often away prematurely in the hands of profit-chips, in the mining market rebound due to the strong efforts to weak difficult to grasp , it is easy bearing.

如果仅仅依靠日K线的组合来判断短线的操作方向，难免会面临较多的不确定性风险，同时也容易形成追涨杀跌的习惯，在强势的行情中往往会过早抛掉手中的获利筹码，在弱市行情中又由于反弹力度时强时弱难以掌握，很容易被套。

Some of famous scholars focused on evaluation model known as "Black and Scholes option evaluation model" which was established by Fisher Black and Myron Sholes in 1973. Option evaluation is no doubt very important to trader but how to make capital gain through put-call strategy is more concerned.We examined if we can make profit by the evaluation model of option and spot to research Taiwan option market merely through strategy implementation.

有的学者著重于评价模式之建立，如Fisher Black与Myron Scholes於1973年，提出所谓的&Black and Scholes选择权订价模型&交易人对於选择权评价的方式虽然重视，但是他们更想知道的事如何运用选择权的买卖策略来获取资本利得，但在相关研究上，对於此领域的研究却不是很完善，所以本文将对选择权与现货标的的评价方式透过策略的运用，重新评价，以台湾选择权市场为研究物件，仅就策略性操作是否有其获利模式进行研究。

I didn't watch TV last night, because it .

昨晚我没有看电视，因为电视机坏了。

Since this year, in a lot of villages of Beijing, TV of elevator liquid crystal was removed.

今年以来，在北京的很多小区里，电梯液晶电视被撤了下来。