The main conclusion is as follows:First, the overall regression results show that book value of equity and residual income are significantly positively related to the price;
本文的主要结论如下：首先，总体回归结果表明净资产账面价值、剩余收益均与股价显著正相关；
Valuations climbed to three times book value, implying sustainable returns on equity of over 30%, when even 25% is rare in the industry.
评估价值比账面价值高出3倍，暗示潜在收益高达30%，而其实业内利润高于25%的都是极其少见的。
Return on equity, or ROE, the ratio of a company's 12-month net income to its shareholder equity (book value), is the most widely used profitability gauge.
净资产收益率，又称ROE，指公司十二个月的净收入与股东权益（帐面价值）的比率，是用得最多的盈利性指标。
The book value per share of common stock expresses the relationship of common stockholders' equity to the number of shares of common stock outstanding.
因此，如果公司只发行普通股，每股账面价值的计算为股东权益总额除以发行在外的股数。
The test further testifies that although both markets have effect of book-to-market value of equity, the size effect has more notable influence.
三因子模型进一步证明尽管两市同时反映出具有净值市值比效应，但规模效应对两市具有更显著的影响性。
The test further testifies that although both markets have effect of book-to-market value of equity, the size effect has more notable influence.
三因子模型进一步证明尽管两市同时反映出具有净值市值比效应，但规模效应对两市具有更显著的影响性。
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