The paper also shows that there exist some differences when NPL rate, NPL reserve, capital adequacy ratio and loan asset rate affecting the franchise value.

本文还发现坏账率、坏账准备金率、资本充足率和贷款资产率这些指标在影响两国银行特许权价值时，作用方式有一定差异。

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If successful, the price-earnings ratio for Apple then levitates because this is recurrent franchise earnings power.

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Maintaining the current franchised to company-owned ratio of 80%, there would be 32, 400 franchise units and 8, 100 company owned units by 2019.

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