第三部分：公用事业企业盈余管理的动因及效应分析。
The third section: The analysis about the reason and effect of public utilities companies ' earnings management.
德国最大的两家公用事业企业莱茵集团和意昂集团股票评级遭到下调，股价随即下跌。
RWE AG and E.ON AG, Germany’s largest utilities, fell as brokers downgraded the shares.
这些以更高价格购买电力的公用事业企业通过提高电费的形式向消费者转移额外的成本。
The utilities that buy power at these higher rates pass the extra costs back to their customers in the form of higher electricity bills.
但这笔交易的成功将会产生一个欧洲第六大的公用事业企业，这个企业在再生资源领域，也是全球领先者。
Yet the acquisition will create one of Europe's six biggest utilities and a world leader in renewable energy.
这比友好的交易是欧洲各大公用事业企业之间，在明年违反常规的能源市场到来之前，为巩固其地位所做的最近一次努力。
The friendly deal is the latest effort among big European utilities to consolidate ahead of next year's deregulation of energy markets.
该法律规定公用事业企业必须按照“光伏上网电价”政策，在二十年内以高于市场的固定价格购买可再生能源生产的电力。
The law says electricity produced from renewable sources must be purchased by utilities according to a generous "feed-in tariff" that sets higher-than-market rates and fixes them for 20 years.
这年年初，欧洲工业的内部人士就指出将会有一系列的并购在欧洲各公用事业企业之间展开，但几乎没有人预计到了在二月的两起在欧洲企业间的最大并购案：一起是E.ON德国的一家大型能源企业，发出标书，收购西班牙电力企业Endesa。
Energy-industry insiders predicted a series of mergers and acquisitions in European utilities at the beginning of this year.
甚至西班牙在新盎格鲁萨克森商业文化影响下，也阻止德国公用事业公司插手西班牙电力企业。
Even Spain, with its new Anglo-Saxon business culture, tried to stop a German utility from taking over a Spanish power company.
第一，外国收购中有一些是公用事业和基础设施企业。
First, several have been utilities and infrastructure companies.
伯克希尔·哈撒韦公司拥有服装、保险、家具、公用事业、珠宝和商用飞机等企业。
Berkshire owns clothing, insurance, furniture, utility, jewelry and corporate jet companies.
每当他们拿出新的项目时，我都十分喜欢，因为公用事业这个资本密集产业里的企业规模往往都很大。
I love it when they come up with new projects because in this capital-intensive business these ventures are often large.
对公用事业特许经营企业进行监管的必要性可从公共规制理论得到解释。
The necessity of supervising the franchised management enterprises can find explanation from the theory of public regulations.
供水行业作为社会公用事业，其自身具有通常意义的企业所不具有的特殊性—自然垄断性及社会公益性。
As a public utility, water supply industry has the particularity itself-natural monopoly and social commonweal, which is not in the general companies' possession.
分布式发电系统往往被放置在家庭和企业的屋顶，而公用事业规模的项目往往是建在地面上。
Distributed generation tends to be placed on the roofs of homes and businesses, while utility-scale projects are often built on the ground.
分布式发电系统往往被放置在家庭和企业的屋顶，而公用事业规模的项目往往是建在地面上。
Distributed generation tends to be placed on the roofs of homes and businesses, while utility-scale projects are often built on the ground.
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