就拿德国来说，所有的股权收益都要即期计税。
In Germany, for instance, any equity stake is taxed immediately.
这就有个矛盾，股权收益率很高，而市盈率偏低。
There is a contradiction between very high return on equity and relatively low multiple of earning.
分红收益而不是资本升值给提供了大量的长期股权收益。
It is true that dividends, rather than capital appreciation, have provided a big chunk of long-term equity returns.
本文立足于从实用性角度探讨国有上市公司股权收益管理。
This paper discusses the equity revenue management of state-owned listed companies from the practical perspective.
随后本文对国外有关国有股权收益的主流做法进行了介绍。
In this paper, followed by foreign state-owned equity earnings related to the mainstream of the practice were introduced.
国有上市公司股权收益管理问题一直是学术界和实务界争论的焦点。
The problem of equity revenue management of State-owned listed companies has been the focus of practices and the academic sector.
赔偿损失的范围可以包括股权的差价损失、股权收益及其他合理损失。
The scope of the losses to be compensated may include losses arising on account of differences in the value of the shares, shareholder earnings and other reasonable losses.
假设该企业价值不变，因为债务还清，价值回归股东，从而产生股权收益。
Assuming the enterprise value remains unchanged, as debt is repaid, value reverts to the equity holders, thereby.
但国有上市公司股权收益涉及的内容丰富，其管理的完善只能是渐渐而行，不能急于求成。
However, the equity revenue of state-owned listed companies are rich in content and its management can only be improved gradually and the line not be so anxious.
在以前日子最好的时候，银行的股权收益率达20%甚至更多，而同期大多数大银行的市盈率都在10%左右。
At the peak of the euphoric period, Banks had return on equity of 20% or more and multiple of earning for most big Banks was in the vicinity of 10%.
股东因承担风险而增加收益，而他们的损失以所持有的股权为限。
Shareholders accrue all the gains from risk-taking, but their losses are capped by the amount of equity they hold.
他们辨称股权风险溢价就像这个名字所提示的是一种高风险带来的高收益，是不确定的。
They argued that the equity-risk premium, as the name suggests, was a reward for risk and could not be guaranteed.
而且，增加的股权资本对每股收益的稀释作用在收益增长无望的情况下将引起股票价格的下跌。
Moreover, the diluting effects of share capital increase on earnings will drag stock price down in the absence of a desirable expectation for earnings growth.
职工优先认股以及股权分享计划也让员工争取服务到一定年限以获得公司股票上涨带来的收益。
Stock options and grants certainly encourage employees to stay long enough to take advantage of the company's surging share price.
投资者绝不会在收益仅仅符合市场一般回报水平时向传统基金的经理人支付业绩提成，然而他们却欣欣然的在同样情况下，给予私募股权经理人以业绩提成。
Investors would not dream of paying a performance fee to traditional fund managers merely for matching the market return, yet they cheerfully reward private-equity managers for the same feat.
一位股权投资者的收益高度依赖于投入时机。
The final return of an equity investor is highly dependent on when he starts to put money in.
和黄去年全年盈利共一千一百七十三亿四千万元，大部分收益来自出售英国流动电话公司Orange的股权。
Hutchison made $117.34 billion last year， due mostly to a huge windfall from the sale of its stake in British mobile phone firm Orange.
然而随着收益率走低，投资者们还会继续追捧(长期)国债吗，还是会转而关注其他股权类资产呢？
But with lower yields, will investors continue to dabble in bonds, or will they switch their attention to other equity-like assets?
莫里斯还说，私募股权经理人所实现的收益还应归功于很多其他因素，包括金融杠杠效应以及股票市场的整体走高，因此他们不能独揽全功。
In addition, he says, the returns they do achieve are due to factors, including high leverage and the overall movement of the stockmarket, for which private-equity managers cannot claim credit.
另一个涌入另类资产(如众所周知的对冲基金和私募股权)的原因在于他们的收益与其他资产的收益无相关性。
Another rationale for the move into alternative assets (as hedge funds and private equity are known) is that returns are uncorrelated with those on other assets.
虽然每次分发股票时都会稀释企业主自己在公司所占的股权份额——以及未来的潜在收益——但泰德表示未来的利益仍然非常可观。
Though each issuance of stock dilutes the owner's own equity stake in the company--and in its future potential upside--Farnsworth says there's still plenty of juice to go around.
它可以提供债务和股权，或售前收益。
截至2005年6月30日的10年间，该指数年收益率为9.9%，而主动管理型股权基金的年平收益率为9.6%，我们落后30个基点。
For the ten years ended June 30, 2005, it returned 9.9% per year and then the average return for the actively managed equity fund was 9.6% per year, so we're back to that thirty basis points.
每股收益、股权回报率等业绩衡量指标可能会鼓励过度冒险。
Performance measures such as earnings per share or return on equity may encourage excessive risk-taking.
在中国的股票市场中，特殊的股权结构和收益率使得投资者只能着眼于股票的价差收益。
The investors have to focus on the return of stock price spread because of special ownership structure and return rate in China's security market.
经济增加值EVA指企业税后净经营收益扣除包括股权和债务的加权资本成本后的经济利润。
Economic Value Added (EVA) is economic profit that is Net Operating profit After Tax deducted Weighted Average capital cost (include equity and debt capital cost).
如果你想要拥有未来公司所有的收益，那么还是直接借款比较合适，因为股权投资者有权分享公司未来的回报，但是借款者则不然。
Borrowing money also makes more sense if you want to keep all of the future profits of your business because equity investors have a claim on future profits, while lenders don't.
和股权相比，高债务水平可能引起收益不稳定和大量利息支出。
A high debt level compared to equity can result in volatile earnings and large interest expenses.
优先股是一种重要的股权形式。但一般人仅将其看作是一种收益凭证，却不了解它仍具有重要的产权凭证的特性。
The preference stock is an important form of stock rights, but people only consider it as an income credential, and do not understand it has important specialty of property rights.
上文中我们已经提及了股权为基础的筹资模式，对于债权为基础的筹资，投资者通过提供贷款来获取定额收益直到贷款被偿还。
We've outlined the equity-based model above; in loan-based, backers provide money in return for a fixed income until the loan has been repaid.
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