Its obvious characteristic is emphasizing cost of capital , especially cost of interest capital . eva is not only an effective operating performance measure guideline , but also a comprehensive enterprise management system , which is a reward motivating mechanism and the base of strategic evaluation , capital operation and so on 考虑资本成本特别是权益资本的成本是eva的明显特征， eva不仅是一种有效的公司业绩度量指标，还是一个企业全面管理的架构，是经理人和员工薪酬的激励机制，是战略评估，资金运用，兼并或出售定价的基础。
Compared with the chain store operation , franchising is characterized with the following . the assets of franchisees are independent of the franchisors " and franchisors have no ownership of the franchised units . the franchisee has to assume sole responsibility for its operation including both enjoying profits and taking risks on its own 与常见的连锁经营相比，特许经营有着以下三个明显特征：特许经营中特、受许双方的资产相互独立性，也就是加盟者对其店铺拥有所有权，店铺经营者是店铺的主人；各个特许加盟商实行独立核算、自负盈亏;特许经营公司与其授权成立的特许店之间的关系是平等互利的合同关系。
In turn , the social division speeded up the improving of different levels of markets , with the rapid growth of rural market towns and primary exchange places , which played the link - point between the wide countryside and market economy , and the gradual mobilization of rural village its main characteristic 适应社会分工的发展，各级市场进一步发育。元代市场发育的一个明显特征就是联系广大农村经济腹地与市场经济的重要环节农村市镇与乡间初级小商品市场的显著发展和乡村经济的日渐流动化。
This paper ' s theoretical innovation shows on these aspects hereinafter : ( 1 ) it does a general and deeply research and analysis on the " calendar effects " of chinese securities market , sums up monthly effect season ' s effect half year ' s effect a week ' s effect and such calendar effects with clear characters . it summarizes low - price - stock effect small corporations effect and bad - achievement - stock effect in chinese securities market 本文的理论创新主要体现在以下几方面： ( 1 )对我国证券市场存在的日历效应进行全面深入的研究与分析，总结出月度效应、季度效应、半年度效应、周内效应等具有明显特征的日历效应：总结出我国具有明显的低价股效应、小公司效应以及绩差股效应等。
