这样的管制对借款人来说是好的，但是同样会影响到银行的一部分利润率。 这部分利润率从银行降低预期盈利的特许权价值。

That is good for borrowers, but it also hurts banks’ profit margins by reducing the “franchise value” that comes from expected earnings.

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如果一家能源公司采出石油，或者一家娱乐公司获得了一部新电影的特许经营权，投资者应该向他们的股票注入资金，而价格则保持与实际相一致。

If an energy company struck oil, or an entertainment firm created a new movie franchise, investors would pour money into its stock, but the price would remain tethered to reality.

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奥运商品特许生产商要把一部分销售收入交给北京奥组委。

Companies licensed to produce Olympic merchandise pay a portion of revenues from sales to the Beijing Olympic organising committee.

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