但是，“如果我们把去年取消的无效卡排除在外，这个数字将会下降1%。” Henry告诉投资者。
However, "if we exclude the inactive cards we cancelled last year, it is down 1 percent, " Henry told investors.
外部股东的监督只有在特定的法律环境中才是有效的，在投资者法律保护较差的条件下则是无效的。
The monitoring of the outside shareholders is valid in the specific legal environment only; it is invalid under the condition that the legal protection for investors is poor.
基于随机边界利润函数，本文首次实证研究了中国主要商业银行及其战略投资者的利润无效率水平。
The paper, based on stochastic frontier function, firstly and empirically studies the profit inefficiency of main commercial banks and their strategic investors in China.
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