每股净资产

相比于其每股净资产，公司股价有68%的折让。

It has been trading at a 68 per cent discount to its net asset value per share .

中国房地产机会在中国拥有写字楼、零售及住宅地产。相比于其每股净资产，公司股价有68%的折让。

CREO owns Chinese office , retail and residential property . It has been trading at a 68 per cent discount to its net asset value per share .

中国房地产机会董事理查德大卫（richarddavid）表示，亚洲同类地产公司股价较每股净资产的折让幅度都较小，甚至有轻微溢价。

Richard David , Creo director , said similar property companies were rated in Asia at a low discount or slight premium .

通过分析我国证券市场的实际情况，提出上市公司实施管理层收购（MBO）有四个必要条件：目标公司以每股净资产为底价；

By analyzing the present situation of stock markets in China , the essay puts forward four prerequisites in implementing MBO for listed companies : The target company 's base price is NAPS ;

上市公司在实施MBO前过度派现可以降低上市公司的每股净资产，在收购当年及随后一年过度派现，可以为管理层筹集资金偿还实施MBO的借款。

The excessive cash dividends paid before MBO can decrease the net income per share of listed companies , and after MBO can raise the money for managers to repay the loans because of MBO .

以K值作为衡量调整前后每股净资产的波动幅度的指标，以2000-2002年上市公司3年的样本为研究对象，分析了我国上市公司资产质量及其与盈利能力的相关问题。

Using K as the evaluation amount of fluctuation of the pre and post net assets per share , listed firms from 2000 to 2002 as the study target , we analyse the related problems of the assets quality and the earnings ability of the listed firms .

第四章对两模型进行了实证分析，研究发现在Logistic模型中在三年模型中，每股净资产、资产周转率、基本每股收益、审计意见与公司是否被特别处理有比较密切的关系。

Chapter ⅳ the empirical analysis of two models , the study found in the Logistic model in three years , net assets per share , asset turnover , basic earnings per share , audit opinions is associated with the company to be ST .

当前我国实施的MBO中大都采用每股净资产作为定价依据，该定价方法缺乏合理性，造成了国有资产的流失，同时损害了中小股东的利益。

This paper argues that it is not reasonable of the present pricing way for the price is decided according to the Net Asset Per Share . As a result , many State-owned assets are lost and the benefits of minor stockholders are damaged .

每股净资产之比；

Net assets value per share ratio . v.

每股净资产是多少？

What 's the net assets value per-share ?

而调整后的每股净资产与股价波动无关。

Net assets per share after adjusted is not relevant to the fluctuation of stock prices .

每股净资产调整差异对盈利能力的影响分析公司经营绩效用主营业务利润率、净资产收益率和每股收益来衡量。

The Analysis of the Impact of the Per Share Net Asset s Adjusting Difference on the Profitability ;

上市公司股票价格与每股净资产之间的关联性体现出不同的行业特征。

The correlation between the stock prices of listed companies and net asset per share reflects different industrial characteristics .

管理层收购前后，公司每股净资产均呈向上的凸性；

Near the time of MBO , net assets per share of the company show the property of upward convexity ;

每股净资产是一个会计概念而不是一个企业市场价值的概念；

The net assets per share is concepts instead of the market value of an enterprise of a accounting concept ;

从横向角度而言，造成港航上市公司股价差异的最主要的原因是每股净资产和每股盈利。

In horizontal aspects , net asset per share and EPS makes the stock price of one company different from another .

因此，在证券市场上，股票价格往往高于其真实价格（每股净资产价值），从而具有了虚拟成分。

Therefore , in the stock market , its price is higher than the real price , which the " dummy " is formed .

控制权转移公司的每股净资产和净资产收益率对转移价格有正面影响，而总股本有负面影响，国有控制权的转移价格较高；

Regarding transfer price , net asset per share and profit margin of transferee impose positive impact , while shareholder rights impose negative impact .

实证结果发现每股净资产、每股收益两者联合对股价的解释力度自1999年起呈逐年增强的趋势；

The empirical results indicate that the combined explanatory power of earnings and book values per share for stock prices has an increasing trend since 1999 ;

几年前，一个每股净资产以每年20%的复利增长的企业肯定能给拥有者带来高度成功的真实投资回报。

A few years ago , a business whose per-share net worth compounded at20 % annually would have guaranteed its owners a highly successful real investment return .

以往的研究大多探讨了盈余水平的高低及每股净资产的大小，或盈余变化的大小和方向与披露时滞的关系，没有考虑盈余质量问题。

However studies before had only discussed the relationship between the level of earnings , net asset per share , variation of earnings or direction and disclosure delay .

并说明了协议转让和按每股净资产加成法成为目前我国上市公司国有股权转让的主要特点。

Have proved negotiating transfer and net asset per share method is the main characteristic of state-run stock right transfer of listed company in our country at present .

在国有资产转让过程中，公司国有股价低于每股净资产不一定会造成国有资产流失；

In the course of transfer the state-owned assets , the price of state-owned stock lower than the net asset is not bound to cause losing of state-owned assets .

并购采用股权转让方式，华菱集团转让华菱钢铁36.673%的股份给米塔尔集团，且股权转让价格较转让前期末每股净资产价格的溢价比例相对较低。

The M & A is by way of share transfer , Valin Group has transferred 36.673 % stake to Mittal , and the equity transfer price is relatively lower .

分析上市公司增发新股对每股净资产、每股收益、净资产收益率等财务指标的影响，指出上市公司增发新股的原因，应完善上市公司新股增发的约束机制。

An analysis is made on the impact of seasoned new issue upon such financial indicators as net asset per share , earning as per share , yield rate of net assets , etc.

除宏观因素外，公司规模、交易价格、公司资产负债率、净资产收益率和每股净资产也会影响控制权的私有收益。

Firm size , transaction price , liabilities to asset ratio , return to asset ratio and net asset per share can affect the private benefits of corporate control . The determinants of are observed and regressed .

对于非流通股的现时价值确定的课题，本文提出了一项创新：以每股净资产为基础，以平均净资产收益率和市净率水平为调整变量的计算方法。

The paper expound an innovate method to confirm the prohibited shares ' present value : the price is based on net assets per share , and adjusted by average return on equity and P / B level .

两类股东之间存在着利益冲突，流通股股东以公司的市场价值最大化为目标，而非流通股股东则以每股净资产和控制权收益的最大化为目标。

Circulating Equity stockholders concern of the market value of company , while Non-circulating Equity stockholders concern of the net assets per capital and benefits from control rights . There are conflicts between the two types of stockholders .

其每股净资产预估在136港元至151港元之间，因此每股92.60港元的价格，反映了自郭氏兄弟被捕以来已大幅扩大的折让。

Estimates of net asset value a share range from HK $ 136 to HK $ 151 , so the shares , at HK $ 92.60 , trade at a hefty discount that has widened sharply since the arrests .

本文首先对影响A股估值的各种因素进行归类、分析和选择，确定四大类因素中的市盈率、每股净资产、公司治理结构、宏观市场预期为建模的核心变量；

Sort out-analyse and choose to various kinds of factors which influence A-share valuation at first - confirm p / e ratio - per share net assets-Company administration structure - macroscopical market of four factor expect for the key variable of modeling ;