资产收益

• But statistically , the former manifests significant discriminant power while the latter does not . second , the above empirical results also show that the edf model has good performances in such developed countries as the u . s . a . , etc , however , it is inappropriate to apply the edf model in china directly . third , the empirical formula in the new accord , which links the corporate default risk with corporate asset return correlation coefficient , cannot capture the credit risk of china ’ s listed companies very well
  从中本文得到了如下的一些结论:第一,从直观上看,基于会计信息的logit模型对我国上市公司的信用风险具有明显的判别能力,基于市场信息的期权理论模型? edf模型也似乎具有一定的判别能力;但从严格的统计意义上来看, logit模型仍然具有显著的判别能力,但edf模型的判别能力不明显;第二,本文的实证结果同时也说明,虽然kmv公司提出的edf模型在美国等发达国家的应用具有较为良好的表现,但将edf模型直接应用到我国显然并不适合;第三,新巴塞尔协议中将公司的违约风险与公司间资产收益率相关系数联系起来的经验公式也不能很好地捕捉中国上市公司信用风险方面的市场信息。
• To set a new index system of financial appraisal , some basic factors including operational purposes , subjective , the life cycle of enterprise , etc . , must be taken into consideration . the changes of these factors determine the expansion and withdraw of the system . moreover , to design the system framework , the following principles must be abided by : the principle of understandability , the principle of operationally , the principle of cost - benefits , etc . according to the above , we believe that the system framework of financial appraisal should take economic value added ( eva ) as the core index and take the main factors that influence the success of enterprise operation into comprehensive indexes system
  论文的创新处主要体现在：吸收我国企业效绩评价指标体系和西方财务评价指标的精华，并在此基础上，构建适应新经济时期企业经营环境变化要求、分层次、多因素的企业经营业绩财务评价指标体系；提出几个很有创意的财务评价指标，诸如：知识与智力资产收益率、知识与智力资产贡献价值增长率、净资产创利率、负债收益率，相信必将对未来同类研究起到有益的借鉴作用。
• As the financial system reformation goes more further , the ccbs have no systematic advantages any more , meanwhile , the disadvantages like small - sized , weak bases , lack of capital and complex competition ability , especial the profit ability has became more and more obvious . according to the statistics offered by the china banking regulatory commission ( cbrc ) , by the end of 2004 . 11 , the total assets of all the ccbs in china is 1 . 9 trillion , and the equity is 693 billion . according to the five - category classification , the balance of non - performing loans ( npl ) is 9 . 7 % , and the average capital adequacy ratio is 2 . 7 % , while the average total assets is less than 0 . 1 % , which is only 1 / 12 of american average level
  我国中小商业银行的主力军? ?城市商业银行风风雨雨近十年,在过去的十年中,初步化解了多年积累的风险、在地方经济发展中发挥了重要的作用;随着金融体制改革的全面深化,城市商业银行的体制、机制优势逐渐与竞争对手同质化,规模小、底子薄、资本实力弱、综合竞争能力差尤其是赢利能力弱的劣势日益凸现,据银行业监督管理委员会的统计,截止2005年11月,全国城市商业银行资产总额为1 . 9万亿、所有权权益693亿、按照贷款五级分类,不良贷款余额为1027亿、平均不良贷款率为9 . 7 % 、平均资本充足率为2 . 7 % ,其中平均的总资产收益率不到0 . 1 %是美国平均水平的1 / 12 ,就是跟印度、马来西亚等发展中国家比差距也不小,中小商业银行的财务问题逐渐成为了其进一步发展的瓶颈,财务风险凸现,潜在的财务危机也日益加大。
• As regards capital expenditure , the category includes one - off spending on capital works like the airport , railway construction , the disneyland , and the cyberport ; as well as ad hoc funds like the quality education fund , and the loan fund for small and medium enterprises ( smes ) . such expenditure should be paid by our investment return , revenue from listed corporations , as well as part of the land sales premia ( e . g
  而非经常性开支，即大幅的一次性的基建开支，例如机场、铁路发展、迪士尼乐园、数码港，甚至乎很多特设的专责基金，如优质教育基金、中小企业贷款基金等等，应由投资收入、上市资产收益和部份的卖地收入(例如超过300亿以上)等去支付。
• Through the analysis of 13 year " s data since 1993 , we can see clearly that the capital efficiency of agricultural listed companies has been declining , with net rate of asset yield and gross rate of asset yield declining from 5 . 19 percent and 10 . 24 percent to 2 . 53 percent and 1 . 18 percent respectively
  通过1993年以来十年的历史数据分析，我们清楚地看出我国农业上市公司的资本效率呈现逐年降低的趋势，净资产收益率和总资产收益率分别从1993年的15 . 19和10 . 24下降到2002年的2 . 53和1 . 18 ，下降的幅度都超过80 。
• Statistic analysis of apt model and research of application in china ' s stock market li jiao - rui abstract in the course of finance mathematics , capm , which bases on expectation - variance analysis , describes a market determined mechanism of the capital asset profits . when capital market reaches balance . it interprets that why different portfolios has different results
  在金融数学中，建立在均值?方差分析基础上的capm刻画了在资本市场达到均衡时，资产收益的一个市场确定机制，它解释了为什么不同的证券会有不同的回报率。
• This paper is trying to answer it . first of all , this paper analyses the system that promotes unfair related transaction and variance of regulatory regime , and explores relations of related transaction and earning management of loss companies . second , it uses the method that is different from literature in mainland china , adds the related transaction factor to consider the earning management of loss companies , and draws the conclusions through empirical method
  其次，本文采用不同于国内文献的研究方法，引入关联交易因素考虑亏损公司盈余管理，通过经验研究方法分别对关联交易程度等级与资产收益率关系、亏损时间、关联交易程度与盈余管理三者关系、影响关联交易因素及审计意见与盈利质量关系等关联交易盈余管理方面进行实证研究，并得出以下主要结论： 1
• The paper is composed of four parts : part one is the analysis of southwest airlines financial performance by employing the dubang financial model after the brief introduction of industry development and company history . the rate of net income divided by equity is broken down into rate of asset , financial leverage , rate of sale margin rate and asset turnover
  本文主要从以下四方面来分析其经营策略和文化对于低成本的作用: 1 、采用杜邦财务分析方法分析美国西南航空公司的财务指标,将净资产收益率分解到资产收益率、权益乘数、销售收入利润率和资产周转率。
• The taking of the income of a single intangible assets is the base valuing intangible assets , which is difficult to obtain because people always make the income together . after the incomes of whole intangible assets are obtained from the whole assets , we use the ahp model to get the income of a single intangible assets
  单项无形资产收益额数据的取得是评估无形资产的基础，由于有形资产和无形资产所创收益往往被汇总在一起，无形资产收益额的获取有一定的难度，本文利用层次分析法将无形资产与有形资产相分离，使得无形资产的分割更加科学、合理。