The results are consistent with the interpretation that positive intangible information tends to trigger institutional herding on the buy side.3. The securities Investment Funds act as momentum traders in bear market while as contrariant traders in bull market. Further analysis reveals that momentum trading by investment funds intensifies stock return momentum but stock price experiences a long-term reversal. It indicates return momentum results from mispricing instead of risk. The securities Investment Funds hamper market efficiency when they act as momentum traders.4 Both momentum trading and herding behavior intensify market anomalies and hamper market efficiency. However, momentum trading or herding behavior is the only one of the many aspects of the institutional investor.
第三，机构投资者的动量交易行为会加重了股票收益惯性，这一结论在分别控制股票规模、账面市值比因素后仍成立，并且机构投资者对股票的动量交易行为越强烈，股票收益的惯性也越明显，说明机构投资者具有影响股票价格的能力；进一步的分析表明，惯性利润在长期均实现反转，但反转的周期和程度受动量交易指标值的影响，股票动量交易程度越高，动量收益反转越强烈，反转周期越短，这表明机构投资者的动量交易行为使股价严重偏离其基础价值，在长期，股票价格不断调整逐渐靠近其基础价值，因此可以说，机构投资者对股票的动量交易行为会加重股票收益惯性和阻碍市场效率。
E-Ton suffered losses of NT$1.18 billion and NT$8.38 million from non-operating investment in Gloria Solar International Holding and Taiwan-based amorphous silicon thin-film photovoltaic module maker Auria Solar respectively, as well as an intangible asset impairment of NT$134.19 million from indirect non-operating investment in California-based Ameda Technologies which is GIH's wholly owned subsidiary maker of solar-grade monocrystalline silicon ingots.
电子吨损失新台币 11.8亿美元，新台币八三八○○○○美元非经营性投资的凯莱太阳能国际控股和台湾的非晶矽薄膜光电太阳能模块制造商奥里亚分别，以及无形资产减值新台币一万三千四百一十九点〇〇万美元间接非经营性投资，总部位於加州的Ameda技术是胃肠出血的全资子公司生产的太阳能级单晶矽锭。
Article 12 Commercial banks should explain in their notes to the accounting report the important policy of accounting and accounting estimates, including: Accounting standards, accounting year, reporting currency, accounting basis and valuation principles; Type and scope of loans; Accounting rules for investment; Scope and method of provisions against asset losses; Principle and method of income recognition; Valuation method for financial derivatives; Conversion method for foreign currency business and accounting report; Preparation method for consolidated accounting report; Valuation and depreciation method for fixed assets; Valuation method and amortization policy for intangible assets; Amortization policy for long-term deferred expenses; Accounting practice for income tax.
第十二条商业银行应在会计报表附注中说明本行的重要会计政策和会计估计，包括：会计报表编制所依据的会计准则、会计年度、记账本位币、记账基础和计价原则；贷款的种类和范围；投资核算方法；计提各项资产减值准备的范围和方法；收入确认原则和方法；衍生金融工具的计价方法；外币业务和报表折算方法；合并会计报表的编制方法；固定资产计价和折旧方法；无形资产计价及摊销政策；长期待摊费用的摊销政策；所得税的会计处理方法等。
A variety of investment companies, such as fixed assets, value securities, liquid assets, intangible assets, human capital, information technology, risks etc.
一个公司的投资种类繁多，如对固定资产、有价证券、流动资产、无形资产、人力资本、信息技术、风险等的投资。
Research and teaching: Corporate Finance, Valuation of Tangible and Intangible assets, Feasibility Study of Investment Projects, public finance and tax reform, etc.
主要研究和教学领域：公司财务、企业评估与无形资产评估、技术引进及技术转让、产业结构、财政政策及税收政策等。
Secondly, the Securities Investment Funds monopolize the market. They make profits mainly depending on stock price premium and face redemption pressures. It's the characteristics of China's institutional investors that create the special market influence.2. While a stock's future return is unrelated to the firm's past accounting-based performance, it is strongly negatively related to the intangible information return. The BM effect results from investor overreaction to intangible information of past firm return.
本文的主要研究结论如下：第一，与国外发达市场的机构投资者相比，我国的机构投资者还面临着一些问题：规模小和实力不足使得我国机构投资者抵御系统性风险的能力普遍较差；市场结构不合理，证券投资基金占垄断地位，普遍面临市场赎回压力，易引发动量交易行为和羊群行为；机构投资者对中国资本市场而言仍是新兴事物，在发展过程中一定存在着不完善之处，但不能因为这些不足而否定机构投资者的专业化，因此机构投资者对市场的影响要具体问题具体分析。
The property losses of an enterprise resulted from any of the following causes can not be deducted when the enterprise declares the enterprise income taxes unless it is examined and approved by the competent taxation authority:(1) loss of the cash, bank deposits, inventories, short-term investments or fixed assets resulting from force majeure, such as natural disaster or war, or from poor management; (2) loss of bad debts of receivable or prepaid accounts; (3) loss of doubtful debts of a financial enterprise; (4) property loss confirmed due to perpetual or substantial damage to inventories, fixed assets, intangible assets or long-term investments; (5) investment loss incurred from the dissolution or liquidation of the invested party; (6) loss resulting from the appraisal of various assets that can be deducted; (7) property loss resulting from the relocation or expropriation as planned by the government; or (8) loss of direct loans other than the credit business between two or more enterprises that are permitted by the state.
企业因下列原因发生的财产损失，须经税务机关审批才能在申报企业所得税时扣除：（1）因自然灾害、战争等政治事件等不可抗力或者人为管理责任，导致现金、银行存款、存货、短期投资、固定资产的损失；（2）应收、预付账款发生的坏账损失；（3）金融企业的呆账损失；（4）存货、固定资产、无形资产、长期投资因发生永久或实质性损害而确认的财产损失；（5）因被投资方解散、清算等发生的投资损失；（6）按规定可以税前扣除的各项资产评估损失；（7）因政府规划搬迁、征用等发生的财产损失；（8）国家规定允许从事信贷业务之外的企业间的直接借款损失。
Content includes financial and decision-making evaluation, capital to raise money, liquid assets, fixed assets, intangible assets and give delay asset and other asset management, external liquidation of investment, cost and charge, business income, profit allocation, enterprise, financial report and financial evaluation.
内容包括财务决策评价、资金筹集、流动资产、固定资产、无形资产和递延资产以及其他资产管理、对外投资、成本和费用、营业收入、利润分配、企业清算、财务报告及财务评价等。
Investors need to guard against the impact of the equity component of the intangible assets of a company's capital investment.
投资者需要加以警惕的影响，对无形资产参股组成的一家公司的资本投资。
From the conception of administration of intangible assets, including the definition, main characteristic, the importance of administration of intangible assets is clarified and introduce the theory of human resource and technological innovation about intangible assets, then, I put forward some question in the administration of intangible assets in our country. I explain questions on administration of intangible assets, which are exploiting and using. Attention is paid on exploiting technology and brand. As for using intangible assets, explanation are given to absorption of venture investment, hypothecated loan for financing by assets, absorption of foreign investment. At last, the method is given to assess the administration of intangible assets.
本文从无形资产经营的界定谈起，对无形资产经营的涵义、主要特征进行阐述，论述了无形资产经营的重要意义，并且介绍了无形资产经营相关理论；然后针对我国无形资产经营发展状况，提出我国无形资产经营方面存在的问题；接着，本文从无形资产开发和利用方面探讨了无形资产经营问题，其中对无形资产开发问题着重关注技术、品牌等无形资产的开发问题，在无形资产利用问题中探讨了多种运用无形资产的方式：利用无形资产吸引风险投资、利用无形资产进行融资担保、通过特许经营利用无形资产、利用无形资产吸引外商资金、转让无形资产所有权等；最后，本文针对无形资产的经营提出评价其经营结果的方法。
Assets: cash, tradable financial assets, note receivable, accounts receivable （provision for bad/doubtful debts）, prepaid accounts/prepayments/advances to suppliers, dividend receivable, interest receivable, other receivables, inventory; available-for-sale financial assets, hold-to-maturity investment, long-term accounts/note receivable, long-term equity investment, fixed assets （accumulated depreciation, impairment of fixed assets）, disposal of fixed assets, construction-in-process, intangible assets （accumulated amortization, impairment）, investment real estate, development expenditure, goodwill, deferred income tax assets, etc.
资产：货币资金，交易性金融资产，应收票据，应收账款，预付账款，应收股利，应收利息，其他应收款，存货，可供出售金融资产，持有至到期投资，长期应收账款/票据，长期权益投资，固定资产（累计折旧，固定资产减值），固定资产清理，在建工程，无形资产，投资性房地产，开发支出，商誉，递延所得税资产，等
This research sums up and lies in four main kinds of mechanisms in Hollywood to reduce the investment risk, to offer more plural channel and to attract more capital into this industry: completion bond, utilize intangible asset as pledge, project-based investment, reducing risks by investing portfolio.
而本研究归纳出在好莱坞常的四种主要机制，有效的低投资风险且提供多元的管道，让多资本愿意投入到电影产业。这些主要机制包括：透过约保证公司有效处完工风险、透过投资组合低绩效风险、用无形资产作为抵押品及以电影专案本身为投资标的。
Patent, trademark, lease, land use right by such identifiable intangible assets evaluation value of goodwill, according to the valuation of enterprise's investment cost and purchase confirmation that the fair value of the difference between
对专利权、商标权、租赁权、土地使用权等可辨认无形资产按评估价值计价，商誉按购买企业的投资成本与所确认的公允价值之间的差额确定
Main contents: the course of basic theory of financial accounting, financial accounting standards and the recognition and measurement of financial accounting records and reports, accounting, banking, cash deposits of accounting, other monetary fund of accounting, Accounts receivable accounting, bad treatment, prepaid accounts receivable, the calculation of accounting, The classification and pricing and inventory stock of accounting, self-made purchased by processing and inventory, packing, low-value and perishable articles of accounting, inventory overage and dish deficient of accounting, The classification of foreign investment and valuation of the short-term investments, accounting and accounting of long-term investments, The classification and valuation of fixed assets, fixed assets, reduce calculation, fixed assets depreciation and repair of accounting, Intangible assets, deferred assets and other assets accounting, The classification of current liabilities and can determine the liabilities of accounting, or liabilities of accounting, Long-term liabilities and the characteristics of the classification, long-term loans payable, bonds accounted for the long-term account payable, other accounting of accounting, the capital of the accounting, capital reserve, surplus reserve of accounting and undistributed profit accounting, The business income of accounting and other business income accounting, cost accounting, total profit of accounting, The accounting profits allocation, Accounting statements and types, a balance sheet, an income statement and a cash flow statement compiling.
本课程的主要内容：财务会计的基本理论、财务会计准则、财务会计的确认、计量、记录和报告：现金的核算、银行存款的核算、其他货币资金的核算；应收帐款的核算、坏帐的处理、预付帐款的核算、应收票据的核算；存货的分类与计价、外购存货的核算、自制和委托加工存货的核算、包装物、低值易耗品的核算、存货盘盈和盘亏的核算；对外投资的分类与计价、短期投资的核算、长期投资的核算；固定资产的分类和计价、固定资产增加、减少的核算、固定资产折旧及修理的核算；无形资产、递延资产及其他资产的核算；流动负债的分类、可确定流动负债的核算、或有负债的核算；长期负债的特点及分类、长期借款的核算、应付债券的核算、其他长期应付款的核算、资本金的核算、资本公积的核算、盈余公积和未分配利润的核算；营业收入的核算、其他业务收入的核算、费用的核算、利润总额的核算；利润分配的核算；会计报表及其种类、资产负债表、利润表、现金流量表的编制。
As an important element of economy, famous trademark is important intangible property of the investment of enterprise resource.
驰名商标作为经济生活中重要的元素，是企业通过长期的资源投入而形成的重要的无形资产。
Chapter 1 is an overview of intangible property investment.
第一章是无形财产出资概述。
The structure that investment of organization of rural collective economy forms, build sanitation of culture of content, mechanical, equipment, vehicle, education sports facilities, produce cultivate, draught animal, forest and agricultural irrigation works establishment; (3) rural collective economy organizes all accumulating capital and creditor's rights:(4) the company assets of initiate of investment of organization of rural collective economy:(5) organization of rural collective economy is mixed in share collaboration enterprise, joint-venture enterprises the asset share that China and foreign countries owns according to the agreement in enterprise of joint-stock, collaboration; (6) the company assets that rural collective economy organizes contributive annex; (7) country and the asset that subsidize rural collective economy about unit and individual free; organization of rural collective economy is contributive the negotiable securities such as bought share, bond; (9) the intangible assets such as the copyright that organization of rural collective economy owns, patent, trade mark right; (10) belong to rural collective economy to organize all other asset lawfully.
农村集体经济组织投资形成的建筑物、构筑物、机械、设备、交通工具、教育文化卫生体育设施、产畜、役畜、林木和农用水利设施等；农村集体经济组织所有的积累资金和债权：农村集体经济组织投资兴办的企业资产：农村集体经济组织在股份合作企业、联营企业和中外合资、合作企业中按照协议占有的资产份额；农村集体经济组织出资兼并的企业资产；国家及有关单位和个人无偿资助农村集体经济的资产；农村集体经济组织出资购买的股票、债券等有价证券；农村集体经济组织拥有的著作权、专利权、商标权等无形资产；依法属于农村集体经济组织所有的其他资产。
Because of the domain name a such things the entrance that it is a website, also represented a kind of brand at the same time, this is very important, undertake when you one does poineering work chose a first-rate domain name, this does poineering work to you can say, reduced the cost that it spreads on one hand, also give you a such website at the same time the value that a kind of service brought an intangible assets, a high starting point, so we feel each person that do poineering work should take his domain name seriously very much, at the same time that is to say invests from the domain name for, after all because it is rare the goods that lacks a gender, so it has the value of investment, so I see investor is very much still now, and today's congress has an invests a such theme plenary meeting about the domain name technically still, a branch.
因为域名这样一个东西它是一个网站的入口，同时也代表了一种品牌，这个是非常重要的，当你进行一项创业选择了一个非常好的域名，这就给你创业可以说，一方面降低了它推广的成本，同时也给你这样的一个网站一种服务带来了一个无形资产的价值，一个高的起点，所以我们觉得每一个创业者应该去很重视自己的域名，同时就是说从域名投资来说，毕竟因为它是一个稀缺性的物品，所以它就有投资的价值，所以我看到现在投资者还是很多，并且今天的大会还专门有一场关于域名的投资这样的一个主题的大会，一个分会。
Our traditional measures of savings and investment, the national accounts, do not include savings associated with tangible investments made by businesses and funded by retained earning, government investments and business intangible investments.
我们对储蓄和投资、国民帐户的传统测量，不包括与无形投资有关的储蓄，该无形投资由商业做出安排，由留存收益、政府投资和商业无形投资提供资金。
This paper probes into the assets problems existing in the implementation of the such as the provision for the bad debts, stocks, investment, fixed assets, and intangible assets, etc., and puts forward some relevant suggestions.
就《企业会计制度》实施过程中存在的资产问题，如坏账准备问题、存货问题、投资问题、固定资产问题、无形资产问题等进行了深入的探讨，并提出了相关的建议。