资本收益

ABSTRACT High nominal returns, low real returns, little risk, great oversubscription and high turnover of Initial Public Offerings are long-standing distinguishing features of Chinese capital markets, which damage the market efficiency and the resource allocation efficiency.

首次发行新股的"高名义回报、低实际收益、低风险约束、巨额冻结资金、高换手率"一直是我国资本市场的一个显著特点，大大降低了市场运行效率和资源配置效率。

High nominal returns, low real returns, little risk, great oversubscription and high turnover of Initial Public Offerings are long-standing distinguishing features of Chinese capital markets, which damage the market efficiency and the resource allocation efficiency.

首次发行新股的"高名义回报、低实际收益、低风险约束、巨额冻结资金、高换手率"一直是我国资本市场的一个显著特点，大大降低了市场运行效率和资源配置效率。

In the U.S., proceeds from the sale of a business are capital gains

在美国，公司出售所带来的收益是应纳税资本收入，现在的税率是15

Distributions to shareholders are limited by the amount of retained earnings and other capital specified by state law.

对股东的分配限制在留存收益的数额和州公司法具体规定的其他资本之内。

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。

To be tricked into believing something that is not true 上……的当;受……的骗 Don't fall for the fair words of the door-to-door businessmen. That was the summer I worked at the fairground and met and fell for Lucy.21. Serve sb. right: to be a good punishment for sb.活该 You have missed so good a chance. It served you right to suffer the consequence now.

要点：该句为并列复合句，由 whereupon 连接两个并列句，而后一个分句中，又由 even though 引导了一个让步状语从句，意为"即使，尽管"， fair price 指的是公平价格，这不是一个具体的价格，而是指卖方原则上应得到的价格，即卖方能得到的适当的利润或对投入的资本能有适当收益的价格。

At the same time, some power companies are close to the net assets of stock and future earnings power industry should be guaranteed, so these factors on the capital structure of the industry Very attractive.

在与此同时，一些电力公司已经接近股票和电力行业的未来收益净资产应得到保障，等等行业的极具吸引力的资本结构，这些因素。

According to China several times the past 15 years formed the climax of "real estate fever" of observation, the real estate fortune of the process are as follows: to develop plans → enclosure suborn government land leased departments →→ minimum down payment of funds obtain bank loans to obtain the land use of the construction unit procedures →→ capital development bank in charge of bribery to obtain mortgage loan proceeds → basically completed cycle.

据中国多次在过去15年形成了高潮，"房地产热"的观察，房地产财富的过程如下：制定计划→文贿买政府租出土地部门→→最低下跌支付的资金获得银行贷款，以获取土地利用的建设单位程序→→资本开发银行在收取贿赂以获得抵押贷款→基本完成收益周期。

Chapter!? expounds the five main aspect of risk in national commercial bank, i.e..signal liability structure,bad loan quality, low capital efficiency, imperfect restriction on interior power, thin consciousness on risk avoidance;summarizes five characters of the bank risks, including risk concentration, moral risk, risks caused by system structure, inequi ty between bank risks and revenues, aggrandizement trend of bank risks;analysis eight reasons for bank risks, including proprietary ownership voidance,macroeconomic fluctuation, ineffective capita buffer mechanism, enterprise reasons.no synchronous fiscal investment and financial reform, incompetence law and regulation enforcement.

紧接着在第三章阐述了我国国有商业银行风险的"五大表现"，即负债结构单一、信贷资产质量差、资本充足率低、内部控制机制薄弱、防范风险的意识淡薄；总结了我国国有商业银行风险的"五大特点"，即风险高度集中、风险人为匿藏、风险的体制性、风险与收益严重不对称、风险呈继续扩大态势；剖析了我国国有商业银行风险形成的"八大因素"，即金融产权"人格"虚设、宏观经济波动、资本金等缓冲机制不健全、财政、投资和金融的体制改革不配套、法律和法规不健全等。

DDJ Capital, of Waltham, Mass., invests in high-yield securities and special situations.

DDJ资本，麻州，投资于高收益证券和特殊情况。

Finally, according to market conditions and market products this article paper analyzes the trends in the development of camera technology, and designs a color night vision camera.

最后根据市场情况和市面上产品的情况分析了摄像机技术的发展趋势，并设计了一款彩色夜视摄像机。

Only person height weeds and the fierce looks stone idles were there.

只有半人深的荒草和龇牙咧嘴的神像。