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Further study of production possibility set

Ann Oper Res(2013)206:585–592DOI10.1007/s10479-013-1365-9S H O RT N OT EFurther study of production possibility setand performance evaluation modelin supply chain DEAZhongbao Zhou·Mei Wang·Hui Ding·Chaoqun Ma·Wenbin LiuPublished online:10April2013©Springer Science+Business Media New York2013Abstract Performance evaluation is an importance issue in supply chain management.Yang et al.(Ann.Oper.Res.38(6):195–211,2011)deﬁned two types of supply chain production possibility sets and proved the equivalence between them.Based on the sub-perfect CRS production possibility set,they proposed a supply chain DEA model to appraise the overall technical efﬁciency of supply chains.The relationship among efﬁciency scores of the pro-posed model,CCR models of system and subsystems are discussed.However,weﬁnd that the equivalence between the two types of supply chain production possibility sets is not cor-rect.The proofs of their three theorems are all problematic.In this paper,we correct some results and give three new proofs.Keywords Data envelopment analysis·Supply chain management·Production possibility set·Performance evaluation·Two-stage system1IntroductionPerformance evaluation is an importance issue in supply chain management.It is the founda-tion toﬁnd out the most efﬁcient production abilities and improvement directions for supply chains.Data envelopment analysis(DEA)has proven to be an effective approach to mea-sure the relative efﬁciency of supply chains(Zhu2004;Biehl et al.2006;Chen et al.2006; Research supported by the National Natural Science Foundation of China(No.70901024),Chinese Postdoctoral Science Foundation,Program for Changjiang Scholars and Innovative Research Team in University(No.IRT0916)and China National Funds for Distinguished Young Scientists(No.70825006).Z.Zhou( )·M.Wang·H.Ding·C.Ma·W.LiuSchool of Business Administration,Hunan University,Changsha410082,Chinae-mail:Z.B.Zhou@W.LiuKent Business School,University of Kent,Canterbury,CT27PE,UKAlfonso et al.2010;Cook et al.2010;Chen and Yan2011;Zhou et al.2013).From the viewpoint of production possibility set,Yang et al.(2011)proposed a two-stage DEA model with constant return to scale(CRS)which could be facilely popularized to many types of supply chain production process and yield the frontier fairly.Under the assumption of cen-tralized control model,i.e.all subsystems are under the control of a single decision maker who can arrange the subsystems’operations to maximize the whole supply chain efﬁciency, Yang et al.(2011)deﬁned the following two types of supply chain production possibility sets T SC–P and T SC–SP.Perfect supply chain CRS production possibility set:T SC–P=(x p,y q)Nj=1λSjx pj≤x p,p=1,...,PNj=1λSji kj≥i k,k=1,...,KNj=1λMji kj≤i k,k=1,...,KNj=1λMjy qj≥y q,q=1,...,QλSj≥0,λM j≥0,j=1,...,N(1)Sub-Perfect supply chain CRS production possibility set:T SC–SP=(x p,y q)Nj=1λj x pjθ∗Sj≤x p,p=1,...,PNj=1λj i kj≥i k,k=1,...,KNj=1λj i kj≤i k,k=1,...,KNj=1λj y qj/θ∗Mj≥y q,q=1,...,Qλj≥0,j=1,...,N(2)whereθ∗Sj andθ∗Mjare the CCR efﬁciency score of the supplier and manufacturer of the j thsupply chain,respectively.Then the following supply chain CRS DEA model are proposed by Yang et al.(2011). (Note that the inequality relations of output constraints were printed wrongly in Yang et al. (2011),we correct them in the following models.)Table 1A numerical exampleSupply chain SI IP MO SC1(10,8)1(6,5)SC2(7,3)4(9,10)θd =min θs.t.⎧⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎨⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎩N j =1λj X ∗j ≤θ×X d Nj =1λj Y ∗j ≥Y dλj ≥0,j =1,...,N (X ∗j ,Y ∗j )∈T SC –SP(3)where X ∗j =θ∗Sj X j ,Y ∗j =Y j /θ∗Mj is located at the frontier enveloped by T SC –SP .2Production possibility setYang et al.(2011)proved T SC –SP ≡T SC –P .However,both the proofs of T SC –SP ⊆T SC –P and T SC –SP ⊇T SC –P are problematic.In fact,T SC –SP ⊇T SC –P is not correct,which can be seen from the following numerical example.Suppose there are two supplier-manufacturer supply chains SC1and SC2,whose supplier inputs (SI),intermediate products (IP)and manufacturer outputs (MO)are listed in Table 1.Let X =(6,1),Y =(8,6),it is easy to verify that (X,Y )∈T SC –P by settingλS =(0,1/3),λM =(4/3,0).However,(X,Y )/∈T SC –SP .In fact,there does not exist λ1and λ2such that the constraints of T SC –SP are satisﬁed.The proof of T SC –SP ⊇T SC –P in Yang et al.(2011)used the following conclusion:If (X,Y )/∈T SC –SP ,there exists λ≥0such thatN j =1λj x pj θ∗Sj=x pandN j =1λj y qj /θ∗Mj <y q .However,the above conclusion is not correct.In the above example,(X,Y )/∈T SC –SP ,θ∗S 1=0.175,θ∗S 2=1,θ∗M 1=1,θ∗M 2=0.5,there does not exist λ≥0such thatN j =1λj x pj θ∗Sj=x pandN j =1λj y qj /θ∗Mj <y q .If fact,if (X,Y )/∈T SC –SP ,there does not exists λ≥0such that N j =1λj x pj θ∗Sj ≤x p and Nj =1λj y qj /θ∗Mj ≥y q .(Note that the constraints on intermediate products are redundant.)In other words,if (X,Y )/∈T SC –SP ,at least one constraint does not hold for any λ≥0.The above conclusion used in Yang et al.(2011)is just one probable situation,and is extremely special.The proof of T SC –SP ⊆T SC –P in Yang et al.(2011)is also problematic,although the propo-sition is true.The outline of their proof is as follows.For any(X,Y)∈T SC–SP,there must existλj,j=1,...,N,such that:Nj=1λj x pjθ∗Sj≥x p,p=1,...,PNj=1λj y qj/θ∗Mj≥y q,q=1,...,Q(4)Then they use the transformations:λSj=λjθ∗Sj,λM j=λj/θ∗Mj,j=1,...,N(5) and rewrite the above two inequalities in(4)as:Nj=1λSjx pj≥x p,p=1,...,PNj=1λMjy qj≥y q,q=1,...,Q(6)And then they conclude that(X,Y)∈T SC–P.However,we must notice that there are also constraints on intermediate products in the deﬁnition of T SC–P.By using the transformations in(5),we will have:Nj=1λSji kj=Nj=1λj i kjθ∗Sj,k=1,...,KNj=1λMji kj=Nj=1λj i kj/θ∗Mj,k=1,...,K(7)Sinceθ∗Sj ≤1andθ∗Mj≤1,we haveλj i kjθ∗Sj≤λj i kj/θ∗Mj for all j=1,...,N and it is activeif and only ifθ∗Sj=θ∗Mj=1.Thus,we have:Nj=1λSji kj≤Nj=1λMji kj,k=1,...,K(8)The constraints are active if and only ifθ∗Sj =θ∗Mj=1for all j=1,...,N,i.e.all suppliersand manufacturers in all supply chains are CCR(weakly)efﬁcient.However,if we recall the deﬁnition of T SC–P,the following constraints on intermediate products are required.Nj=1λSji kj≥i k,k=1,...,KNj=1λMji kj≤i k,k=1,...,K⎫⎪⎪⎪⎪⎪⎬⎪⎪⎪⎪⎪⎭⇔Nj=1λSji kj≥Nj=1λMji kj,k=1,...,K(9)From(8)and(9),we can conclude that(X,Y)∈T SC–P only when they are active for allk=1,...,K,i.e.θ∗Sj =θ∗Mj=1for all j=1,...,N.That means the proof of Yang et al.(2011)is correct only when all suppliers and manufacturers in all supply chains are CCR (weakly)efﬁcient.We will give a new proof of the following theorem.Theorem1T SC–SP⊆T SC–P.Proof Suppose the optimal solution of the following CCR model regarding the d th supplieris(λS∗1d ,...,λS∗Nd,θ∗Sd).θ∗Sd=minθs.t.⎧⎪⎪⎪⎪⎪⎪⎪⎪⎨⎪⎪⎪⎪⎪⎪⎪⎪⎩Nj=1λj x pj≤θ×x pd,p=1,...,PNj=1λj i kj≥i kd,k=1,...,Kλj≥0,j=1,...,N(10)and the optimal solution of the following CCR model regarding the d th manufacturer is(λM∗1d ,...,λM∗Nd,θ∗Md).θ∗Md=minθs.t.⎧⎪⎪⎪⎪⎪⎪⎪⎪⎨⎪⎪⎪⎪⎪⎪⎪⎪⎩Nj=1λj i kj≤θ×i kd,k=1,...,KNj=1λj y qj≥y qd,q=1,...,Qλj≥0,j=1,...,N(11)For any(X,Y)∈T SC–SP,there existsλd≥0,d=1,...,N and i k,k=1,...,K,such thatNd=1λd x pdθ∗Sd≤x p,p=1,...,P(a)Nd=1λd i kd≥i k,k=1,...,K(b) Nd=1λd i kd≤i k,k=1,...,K(c) Nd=1λd y qd/θ∗Md≥y q,q=1,...,Q(d)LetλSj =Nd=1λdλS∗jd,j=1,...,N,from(a)and(b),since(λS∗1d,...,λS∗Nd,θ∗Sd)is the opti-mal solution of Model(10),we havex p≥Nd=1λd x pdθ∗Sd≥Nd=1λdNj=1λS∗jdx pj=Nj=1Nd=1λdλS∗jdx pj=Nj=1λSjx pji k≤Nd=1λd i kd≤Nd=1λdNj=1λS∗jdi kj=Nj=1Nd=1λdλS∗jdi kj=Nj=1λSji kjLetλMj =Nd=1λd∗MdλM∗jd,j=1,...,N,from(c)and(d),since(λM∗1d,...,λM∗Nd,θ∗Md)isthe optimal solution of Model(11),we havey q ≤Nd =1λd y qd /θ∗Md ≤N d =1λd θ∗Md N j =1λM ∗jd y qj =N j =1 N d =1λd θ∗Md λM∗jd y qj =N j =1λM j y qj i k ≥N d =1λd i kd ≥N d =1λd N j =1λM ∗jd i kj /θ∗Md =N d =1λd θ∗Md N j =1λM ∗jd i kj =N j =1 N d =1λd θ∗Md λM ∗jd i kj =N j =1λM j i kj It is obvious that λS j = N d =1λd λS ∗jd ≥0and λMj = N d =1λd ∗MdλM ∗jd ≥0.Thus (X,Y )∈T SC –P ,which ends the proof for T SC –SP ⊆T SC –P .3Performance evaluation model3.1Overall supply chain efﬁciency and CCR efﬁciencyYang et al.(2011)proposed the following Theorem 2to depict the relationship between the efﬁciency scores of supply chains calculated from Model (3)and the following CCR model.θCCR d =min θs.t.⎧⎪⎪⎪⎪⎪⎪⎪⎪⎨⎪⎪⎪⎪⎪⎪⎪⎪⎩N j =1λj x pj ≤θ×x pd ,p =1,...,PN j =1λj y qj ≥y qd ,q =1,...,Q λj ≥0,j =1,...,N(12)They argued that Model (3)will be transformed into Model (12)if the constraints(X ∗j ,Y ∗j )∈T SC –SP are eliminated.However,if we eliminate (X ∗j ,Y ∗j )∈T SC –SP ,(X ∗j ,Y ∗j )could take any value.If we regard (X ∗j,Y ∗j )as variables,the model will become non-linear programming.If we regard (X ∗j,Y ∗j )as parameters,the model will become parametric linear programming,whose optimal value depends on parameters (X ∗j,Y ∗j ).Neither of them could be converted to CCR model (12).We will give a new proof of Theorem 2.Theorem 2θ∗d≤θCCR d .Proof Suppose the optimal solution of Model (12)is (λ∗1d ,...,λ∗Nd ,θCCR d),since θ∗Sj ≤1and θ∗Mj ≤1for all j =1,...,N ,we haveN j =1λ∗jd x pj θ∗Sj≤N j =1λ∗jd x pj ≤θCCRd×x pd ,p =1,...,PN j =1λ∗jd y qj /θ∗Mj ≥N j =1λ∗jd y qj ≥y qd ,q =1,...,QThus (λ∗1d ,...,λ∗Nd ,θCCR d )is a feasible solution of Model (3).Then we have θ∗d ≤θCCRd .3.2Overall supply chain efﬁciency and subsystems’CCR efﬁcienciesYang et al.(2011)proposed the following Theorem 3to depict the relationship between the efﬁciency scores of supply chain calculated from Model (3)and the CCR efﬁciency scores of its supplier and manufacturer.In order to prove the theorem,they rewrite Model (3)as the following programming:θd =min θs.t.⎧⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎨⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎩N j =1λj X ∗j ≤θ×X d N j =1λj Y ∗j ≥Y d N j =1¯λj X j θ∗Sj ≤X ∗j(e)N j =1¯λj Y j /θ∗Mj ≥Y ∗j (f)N j =1¯λj I j =I ∗j λj ≥0,¯λj ≥0,j =1,...,N (13)Then they use the transformations ¯Xj =X ∗j /θ∗Sj ,¯Y j =Y ∗j θ∗Mj to convert the above Model (13)into the following programmingθd =min θs.t.⎧⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎨⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎪⎩N j =1λj ¯X j θ∗Sj ≤θ×X d N j =1λj ¯Y j /θ∗Mj ≥Y d N j =1¯λj X j ≤¯X j (g)N j =1¯λj Y j /θ∗Mj ≥¯Y j (h)N j =1¯λj I j =I ∗j λj ≥0,¯λj ≥0,j =1,...,N (14)However,the transformations of the constraints (e)and (f)to (g)and (h)are not correct.In fact,by using the transformations,the two constraints will becomeN j =1¯λj X j θ∗Sj ≤¯X j θ∗Sj ,N j =1¯λj Y j /θ∗Mj ≥¯Y j /θ∗MjIt is obvious that we can not eliminate θ∗Sj or θ∗Mj from the both sides of the inequalitiesunless θ∗S 1=···=θ∗SN and θ∗M 1=···=θ∗MN ,which would result θ∗S 1=···=θ∗SN =1and θ∗M 1=···=θ∗MN =1,since at least one efﬁciency score equals to one in CCR model.Thus,their proof is correct only when all suppliers and manufacturers in all supply chains are CCR (weakly)efﬁcient.In such case,Model (3)will degenerate into CCR model.We will give a new proof of the following theorem.Theorem 3θ∗d≤θ∗Sd ×θ∗Md ,where θ∗d is the optimal value of Model (3),θ∗Sd and θ∗Md are the CCR efﬁciency scores of the d th supplier and manufacturer ,respectively .Proof We rewrite Model (3)as the following form:θ∗d =min θs.t.⎧⎪⎪⎪⎪⎪⎪⎪⎪⎨⎪⎪⎪⎪⎪⎪⎪⎪⎩N j =1λj x pj θ∗Sj ≤θ×x pd ,p =1,...,PN j =1λj y qj /θ∗Mj ≥y qd ,q =1,...,Q λj ≥0,j =1,...,N(15)Let θ=θ∗Sd ×θ∗Md ,λj =0,j =1,...,d −1,d +1,...,N ,λd =θ∗Md ,we haveN j =1λj x pj θ∗Sj =λd x pd θ∗Sd =θ∗Md θ∗Sd x pd ≤θx pd ,p =1,...,PN j =1λj y qj /θ∗Mj =λd y qd /θ∗Md =θ∗Md y qd /θ∗Md ≥y qd ,q =1,...,QThus,(θ,λ1,...,λN )is a feasible solution of Model (15)and Model (3).Suppose θ∗dis the optimal value of Model (3).It is obvious that θ∗d ≤θ=θ∗Sd ×θ∗Md ,which ends the proof.ReferencesAlfonso,E.,Kalenatic,D.,et al.(2010).Modeling the synergy level in a vertical collaborative supply chainthrough the IMP interaction model and DEA framework.Annals of Operations Research ,181(1),813–827.Biehl,M.,Cook,W.,et al.(2006).The efﬁciency of joint decision making in buyer-supplier relationships.Annals of Operations Research ,145(1),15–34.Chen,C.,&Yan,H.(2011).Network DEA model for supply chain performance evaluation.European Journalof Operational Research ,213(1),147–155.Chen,Y .,Liang,L.,et al.(2006).A DEA game model approach to supply chain efﬁciency.Annals of Opera-tions Research ,145(1),5–13.Cook,W.D.,Liang,L.,et al.(2010).Measuring performance of two-stage network structures by DEA:a review and future perspective.Omega ,38(6),423–430.Yang,F.,Wu,D.,et al.(2011).Supply chain DEA:production possibility set and performance evaluationmodel.Annals of Operations Research ,185(1),195–211.Zhou,Z.,Sun,L.,et al.(2013).A bargaining game model for efﬁciency decomposition in the centralizedmodel of two-stage puters &Industrial Engineering ,64(1),103–108.Zhu,J.(2004).A buyer-seller game model for selection and negotiation of purchasing bids:extensions andnew models.European Journal of Operational Research ,154(1),150–156.。

关于资金流通常用商务英语口语表达

对于资本流往常用商务英语口语表达在平时工作中，可能有些伙伴会遇到资本流通上的问题，而资本流通的英语口语表达是商务人士必备的东西。

以下是小编给大家整理的对于资本流往常用商务英语口语表达，希望能够帮到大家对于资本流往常用商务英语口语表达我们该选择哪家银行 ?The highest overdraft fees are charged by the largest banks.规模最大的银行收取的透支费最高。

The overdrafts of large companies are commonly unsecured.大企业透支往常无需担保。

Big companies were selling bonds or shares rather thanincreasing their overdrafts.大企业情愿出卖债券或许股票，也不肯增添他们的透支款项。

They have the responsibility to prepare the cash-flow forecast timely.他们有责任实时准备现金流展望。

You know what? Financial department said they don't have cash.你知道吗 ?财务部说他们没有现金了。

They have the responsibility to prepare the cash-flow forecast timely.他们有责任实时准备现金流展望。

So you must also include this figure in your cash-flow forecast.因此你也一定把这个数字包含在你的现金流展望中。

Your reports aid management decision making in the areas ofproduct costing and cash flow forecasting.你的报告能够帮助管理层做产品成本和现金流展望方面的决议。

《上市公司市盈率影响因素研究国内外文献综述2700字》

上市公司市盈率影响因素研究国内外文献综述1 国外文献综述国外有关市盈率的理论研究和实证分析已经相对比较完善和全面，国外学者从各个方面对市盈率进行了相关的理论或者实证分析。

最早提出市盈率概念的是“现代证券分析奠基人”本杰明·格雷厄姆（Benjamin Graham）。

早在1934年，他与大卫·多德合著的《证券分析》一书中首次对市盈率作了表述，在他们看来，股票的价值是其当期收益的一定倍数，而这个倍数由两个方面决定，一部分由当时的人气决定，也就是投资者预期；另一部分由企业的性质和记录决定，即企业的盈利能力和模式等特点决定，而这个一定倍数正是表示市盈率的大小【1】。

在市盈率的内在含义方面，Fairfield（1994）从经济含义的角度分析了市盈率和市净率，认为市盈率是未来盈利能力预期变化函数，市净率是未来盈利能力预期水平函数。

而且，通过利用美国1970-1984 年的数据建立模型发现，从账面价值角度看，市净率与预期回报呈正相关关系，对未来超额盈余的增长率有正面的影响，市净率与市盈率合在一起对未来股价有比较强的预测能力，此外，根据市盈率与市净率进行分组的不同的组合对未来的盈利能力也会不同【2】。

Kane, Marcus 和Noh（1996）认为市盈率是十分易变的，实证研究结果表明，市场波动增加百分之一能够引起市盈率1.8%的降低，因此，任何对于市场价值的评估，如果不考虑市盈率的变动将犯根本上的错误【3】。

Sujata Behera（2020）通过对大中小盘236 家公司的股票市值，进行了相关信息含量分析。

结果表明，在正常市场收益率变化的情况下，基于经济增加值的估值模型优于需求收益率不变的基于经济增加值的估值模型【5】。

Adil Pasha等（2019）通过对13 个行业的70 家非金融类巴基斯坦证券交易所上市公司10 年的数据，进行研究发现经济增加值与股票收益率之间存在显著的关系【6】。

FEM 2.482_E

The particle fraction with a size above 500 pm having a form deviating froin the usual pellct sliape is defined as streamers content (streamers, angel hair, film, foil). Undersized pellets, miscuts or broken pellets larger than 500 pm are not the subject of tliis analysis method.
The scope of the present document is to determine and standardise a inethod of analysis of the quantity of fines, streamers (angel hair) or product degradation which inay occur during the pneumatic conveying, blending, dosing, Screening, storage etc. of plastic pellets and which causes problems during processing. Tlie aim of this standard is to establish an objective base of reference For the examination of these specific problems both from designers and final Users point of view. The analysis method this standard is based on has proved to reliably provide realistic information on dust content. If other Special equipment for this purpose is used or developed, the manufacturer has to verify the accurate function according to tliis document.

机械通气临床应用指南(中华重症医学分会2024)

机械通气临床应用指南中华医学会重症医学分会（2024年）引言重症医学是探讨危重病发生发展的规律，对危重病进行预防和治疗的临床学科。

器官功能支持是重症医学临床实践的重要内容之一。

机械通气从仅作为肺脏通气功能的支持治疗起先，经过多年来医学理论的发展及呼吸机技术的进步，已经成为涉及气体交换、呼吸做功、肺损伤、胸腔内器官压力及容积环境、循环功能等，可产生多方面影响的重要干预措施，并主要通过提高氧输送、肺脏爱护、改善内环境等途径成为治疗多器官功能不全综合征的重要治疗手段。

机械通气不仅可以依据是否建立人工气道分为“有创”或“无创”，因为呼吸机具有的不同呼吸模式而使通气有众多的选择，不同的疾病对机械通气提出了具有特异性的要求，医学理论的发展及循证医学数据的增加使对呼吸机的临床应用更加趋于有明确的针对性和规范性。

在这种条件下，不难看出，对危重病人的机械通气制定规范有明确的必要性。

同时，多年临床工作的积累和多中心临床探讨证据为机械通气指南的制定供应了越来越充分的条件。

中华医学会重症医学分会以循证医学的证据为基础，采纳国际通用的方法，经过广泛征求看法和建议，反复仔细探讨，达成关于机械通气临床应用方面的共识，以期对危重病人的机械通气的临床应用进行规范。

重症医学分会今后还将依据医学证据的发展及新的共识对机械通气临床应用指南进行更新。

指南中的举荐看法依据2024年ISF提出的Delphi分级标准(表1)。

指南涉及的文献依据探讨方法和结果分成5个层次，举荐看法的举荐级别依据Delphi分级分为A E级，其中A 级为最高。

表1 Delphi分级标准举荐级别A 至少有2项I级探讨结果支持B 仅有1项I级探讨结果支持C 仅有II级探讨结果支持D 至少有1项III级探讨结果支持E 仅有IV级或V探讨结果支持探讨课题分级I 大样本，随机探讨，结果清楚，假阳性或假阴性的错误很低II 小样本，随机探讨，结果不确定，假阳性和/或假阴性的错误较高III 非随机，同期比照探讨IV 非随机，历史比照和专家看法V 病例报道，非比照探讨和专家看法危重症患者人工气道的选择人工气道是为了保证气道通畅而在生理气道与其他气源之间建立的连接，分为上人工气道和下人工气道，是呼吸系统危重症患者常见的抢救措施之一。

cashflow桌游说明书

cashflow桌游说明书Cashflow桌游是一款非常受欢迎的经济模拟游戏，它能够帮助玩家了解和学习财务管理的基本原则。

本说明书将向您介绍游戏的规则和玩法，帮助您更好地享受这款游戏。

1. 游戏目标Cashflow的目标是通过投资和财务决策来实现财务自由。

玩家需要通过购买资产、投资股票和房地产等方式来增加现金流，并尽量避免负债和不必要的开支。

最终，玩家需要达到一个稳定的现金流，实现财务自由。

2. 游戏组成Cashflow桌游包含一个游戏板、投资卡片、支出卡片、机会卡片、骰子、游戏代币和现金。

玩家需要根据游戏规则使用这些组件进行游戏。

3. 游戏规则游戏开始时，每个玩家会得到一定数量的现金和一张职业卡片。

玩家需要根据职业卡片上的信息来决定自己的起始资金和月收入。

在游戏进行过程中，玩家需要根据骰子的点数前进相应的步数，并根据所停留的位置执行相应的操作。

例如，当玩家停在投资位置时，可以购买股票或房地产来增加现金流；当玩家停在支出位置时，需要支付相应的费用；当玩家停在机会位置时，可以选择接受或拒绝机会卡片上的挑战。

玩家还可以选择与其他玩家进行交易，买卖资产或者借贷现金。

这样的交易可以帮助玩家增加现金流，但也需要谨慎考虑风险和回报。

游戏的目标是通过不断的投资和财务决策来增加现金流，最终实现财务自由。

玩家需要注意控制支出，避免负债过多，同时也要抓住机会来增加收入。

4. 游戏策略在Cashflow桌游中，玩家需要制定自己的游戏策略来实现财务自由。

以下是一些常见的策略：- 多元化投资：玩家可以选择投资不同类型的资产，如股票、房地产、创业等，以降低风险并增加收入来源。

- 控制支出：玩家需要谨慎考虑每一笔支出，避免不必要的开销，以保持现金流的稳定。

- 学习财务知识：玩家可以通过游戏过程中的机会卡片和投资卡片来学习财务知识，提高自己的财务决策能力。

- 与其他玩家合作：玩家可以与其他玩家进行合作，共同投资或交易，以实现共赢。

罗斯公司理财题库cha17之欧阳科创编

Chapter 17Capital Structure: Limits to the Use of Debt Multiple Choice Questions1. The explicit costs, such as the legal expenses, associated with corporate default are classified as _____ costs.A. flotationB. beta conversionC. direct bankruptcyD. indirect bankruptcyE. unlevered2. The costs of avoiding a bankruptcy filing by a financially distressed firm are classified as _____ costs.A. flotationB. direct bankruptcyC. indirect bankruptcyD. financial solvencyE. capital structure3. The explicit and implicit costs associated with corporate default are referred to as the _____ costs of a firm.A. flotationB. default betaC. direct bankruptcyD. indirect bankruptcyE. financial distress4. Indirect costs of financial distress:A. effectively limit the amount of equity a firm issues.B. serve as an incentive to increase the financial leverage of a firm.C. include direct costs such as legal and accounting fees.D. tend to increase as the debt-equity ratio decreases.E. include the costs incurred by a firm as it tries to avoid seeking bankruptcy protection.5. The legal proceeding for liquidating or reorganizing a firm operating in default is called a:A. tender offer.B. bankruptcy.C. merger.D. takeover.E. proxy fight.6. The value of a firm is maximized when the:A. cost of equity is maximized.B. tax rate is zero.C. levered cost of capital is maximized.D. weighted average cost of capital is minimized.E. debt-equity ratio is minimized.7. The optimal capital structure has been achieved when the:A. debt-equity ratio is equal to 1.B. weight of equity is equal to the weight of debt.C. cost of equity is maximized given a pre-tax cost of debt.D. debt-equity ratio is such that the cost of debt exceeds the cost of equity.E. debt-equity ratio selected results in the lowest possible weighed average cost of capital.8. In a world with taxes and financial distress, when a firm is operating with the optimal capital structure:I. the debt-equity ratio will also be optimal.II. the weighted average cost of capital will be at its minimal point. III. the required return on assets will be at its maximum point. IV. the increased benefit from additional debt is equal to the increased bankruptcy costs of that debt.A. I and IV onlyB. II and III onlyC. I and II onlyD. II, III, and IV onlyE. I, II, and IV only9. The optimal capital structure will tend to include more debt for firms with:A. the highest depreciation deductions.B. the lowest marginal tax rate.C. substantial tax shields from other sources.D. lower probability of financial distress.E. less taxable income.10. The optimal capital structure of a firm _____ the marketed claims and _____ the nonmarketed claims against the cash flows of the firm.A. minimizes; minimizesB. minimizes; maximizesC. maximizes; minimizesD. maximizes; maximizesE. equates; (leave blank)11. The optimal capital structure:A. will be the same for all firms in the same industry.B. will remain constant over time unless the firm makes an acquisition.C. of a firm will vary over time as taxes and market conditions change.D. places more emphasis on the operations of a firm rather than the financing of a firm.E. is unaffected by changes in the financial markets.12. The basic lesson of MM theory is that the value of a firm is dependent upon the:A. capital structure of the firm.B. total cash flows of the firm.C. percentage of a firm to which the bondholders have a claim.D. tax claim placed on the firm by the government.E. size of the stockholders claims on the firm.13. Corporations in the U.S. tend to:A. minimize taxes.B. underutilize debt.C. rely less on equity financing than they should.D. have extremely high debt-equity ratios.E. rely more heavily on bonds than stocks as the major source of financing.14. In general, the capital structures used by U.S. firms:A. tend to overweigh debt in relation to equity.B. are easily explained in terms of earnings volatility.C. are easily explained by analyzing the types of assets owned by the various firms.D. tend to be those which maximize the use of the firm's available tax shelters.E. vary significantly across industries.15. The MM theory with taxes implies that firms should issue maximum debt. In practice, this is not true because:A. debt is more risky than equity.B. bankruptcy is a disadvantage to debt.C. firms will incur large agency costs of short term debt by issuing long term debt.D. Both A and B.E. Both B and C.16. Although the use of debt provides tax benefits to the firm, debt also puts pressure on the firm to:A. meet interest and principal payments which, if not met, can put the company into financial distress.B. make dividend payments which if not met can put the company into financial distress.C. meet both interest and dividend payments which when met increase the firm cash flow.D. meet increased tax payments thereby increasing firm value.E. None of the above.17. Given realistic estimates of the probability and cost of bankruptcy, the future costs of a possible bankruptcy are borne by:A. all investors in the firm.B. debtholders only because if default occurs interest and principal payments are not made.C. shareholders because debtholders will pay less for the debt providing less cash for the shareholders.D. management because if the firm defaults they will lose their jobs.E. None of the above.18. Conflicts of interest between stockholders and bondholders are known as:A. trustee costs.B. financial distress costs.C. dealer costs.D. agency costs.E. underwriting costs.19. One of the indirect costs of bankruptcy is the incentive for managers to take large risks. When following this strategy:A. the firm will rank all projects and take the project which results in the highest expected value of the firm.B. bondholders expropriate value from stockholders by selecting high risk projects.C. stockholders expropriate value from bondholders by selecting high risk projects.D. the firm will always take the low risk project.E. Both A and B.20. One of the indirect costs to bankruptcy is the incentive toward underinvestment. Following this strategy may result in:A. the firm always choosing projects with the positive NPVs.B. the firm turning down positive NPV projects that it would clearly accept in an all equity firm.C. stockholders contributing the full amount of the investment, but both stockholders and bondholders sharing in the benefits of the project.D. Both A and C.E. Both B and C.21. Which of the following is true?A. A firm with low anticipated profit will likely take on a high level of debt.B. A successful firm will probably take on zero debt.C. Rational firms raise debt levels when profits are expected to decline.D. Rational investors are likely to infer a higher firm value from a zero debt level.E. Investors will generally view an increase in debt as a positive sign for the firm's value.22. Studies have found that firms with high proportions of intangible assets are likely to use ____________ debt compared with firms with low proportions of intangible assets.A. moreB. the same amount ofC. lessD. either more or the same amount ofE. any amount of debt23. What three factors are important to consider in determining a target debt to equity ratio?A. Taxes, asset types, and pecking order and financial slackB. Asset types, uncertainty of operating income, and pecking order and financial slackC. Taxes, financial slack and pecking order, and uncertainty of operating incomeD. Taxes, asset types, and uncertainty of operating incomeE. None of the above.24. An exchange may offer:A. allow customers a 30 day money-back guarantee on the firm's product.B. allow customers a 90 day warranty on the firm's product from defects.C. allow bondholders to exchange some debt for stock.D. allow stockholders to exchange some of their stock for debt.E. Both C and D.25. Which of the following is not empirically true when formulating capital structure policy?A. Some firms use no debt.B. Most corporations have low debt-asset ratios.C. There are no differences in the capital-structure of different industries.D. Debt levels across industries vary widely.E. Debt ratios in most countries are considerably less than 100%.26. When shareholders pursue selfish strategies such as taking large risks or paying excessive dividends, these will result in:A. no action by debtholders since these are equity holder concerns.B. positive agency costs, as bondholders impose various restrictions and covenants which will diminish firm value.C. investments of the same risk class that the firm is in.D. undertaking scale enhancing projects.E. lower agency costs, as shareholders have more control over the firm's assets.27. Indirect costs of bankruptcy are born principally by:A. bondholders.B. stockholders.C. managers.D. the federal government.E. the firm's suppliers.28. The value of a firm in financial distress is diminished if the firm:A. is declared bankrupt and proceeds to be liquidated.B. is declared insolvent and undergoes financial reorganization.C. is a partnership.D. Both A and C.E. Both A and B.29. Covenants restricting the use of leasing and additional borrowings primarily protect:A. the equityholders from added risk of default.B. the debtholders from the added risk of dilution of their claims.C. the debtholders from the transfer of assets.D. the management from having to pay agency costs.E. None of the above.30. If a firm issues debt but writes protective and restrictive covenants into the loan contract, then the firm's debt may be issued at a _____ interest rate compared with otherwise similar debt.A. significantly higherB. slightly higherC. equalD. lowerE. Either A or B31. When graphing firm value against debt levels, the debt level that maximizes the value of the firm is the level where:A. the increase in the present value of distress costs from an additional dollar of debt is greater than the increase in the present value of the debt tax shield.B. the increase in the present value of distress costs from an additional dollar of debt is equal to the increase in the present value of the debt tax shield.C. the increase in the present value of distress costs from an additional dollar of debt is less than the increase of the present value of the debt tax shield.D. distress costs as well as debt tax shields are zero.E. distress costs as well as debt tax shields are maximized.32. When firms issue more debt, the tax shield on debt _____, the agency costs on debt (i.e., costs of financial distress) _____, and the agency costs on equity _____.A. increases; increase; increaseB. decreases; decrease; decreaseC. increases; increase; decreaseD. decreases; decrease; increaseE. increases; decrease; decrease33. The free cash flow hypothesis states:A. that firms with greater free cash flow will pay more in dividends reducing the risk of financial distress.B. that firms with greater free cash flow should issue new equityto force managers to minimize wasting resources and to work harder.C. that issuing debt requires interest and principal payments reducing the potential of management to waste resources.D. Both A and C.E. Both B and C.34. Issuing debt instead of new equity in a closely held firm more likely:A. causes the owner-manager to work less hard and shirk their duties as they have less capital at risk.B. causes the owner-manager to consume more perquisites because the cost is passed to the debtholders.C. causes both more shirking and perquisite consumption since the government provides a tax shield on debt.D. causes agency costs to fall as owner-managers do not need to worry about other shareholders.E. causes the owner-manager to reduce shirking and perquisite consumption as the excess cash flow must be used to meet debt payments.35. The pecking order states how financing should be raised. In order to avoid asymmetric information problems and misinterpretation of whether management is sending a signal on security overvaluation, the firm's first rule is to:A. finance with internally generated funds.B. always issue debt then the market won't know when management thinks the security is overvalued.C. issue new equity first.D. issue debt first.E. None of the above.36. Growth opportunities _______ the _____ of debt financing.A. increase; advantageB. decrease; advantageC. decrease; disadvantageD. Both A and CE. None of the above37. Which of the following industries would tend to have the highest leverage?A. DrugsB. ComputerC. PaperD. ElectronicsE. Biological products38. The introduction of personal taxes may reveal a disadvantage to the use of debt if the:A. personal tax rate on the distribution of income to stockholders is less than the personal tax rate on interest income.B. personal tax rate on the distribution of income to stockholders is greater than the personal tax rate on interest income.C. personal tax rate on the distribution of income to stockholders is equal to the personal tax rate on interest income.D. personal tax rate on interest income is zero.E. None of the above.39. In Miller's model, when the quantity [(1 - Tc)(1 - Ts) = (1 - Tb)], then:A. the firm should hold no debt.B. the value of the levered firm is greater than the value of the unlevered firm.C. the tax shield on debt is exactly offset by higher personal taxes paid on interest income.D. the tax shield on debt is exactly offset by higher levels of dividends.E. the tax shield on debt is exactly offset by higher capital gains.40. In a Miller equilibrium, what type of investments do high tax bracket investors tend to hold?A. BondsB. StocksC. DebenturesD. Both stocks and bonds.E. Neither stocks nor bonds.41. The TrunkLine Company will earn $60 in one year if it does well. The debtholders are promised payments of $35 in one year if the firm does well. If the firm does poorly, expected earnings in one year will be $30 and the repayment will be $20 because of the dead weight cost of bankruptcy. The probability of the firm performing poorly or well is 50%. If bondholders are fully aware of these costs what will they pay for the debt? The interest rate on the bonds is 10%.A. $25.00B. $27.50C. $29.55D. $32.50E. $35.0042. The TrunkLine Company debtholders are promised payments of $35 if the firm does well, but will receive only $20 if the firm does poorly. Bondholders are willing to pay $25. The promised return to the bondholders is approximately:A. 2.9%B. 16.9%C. 27.3%D. 40.0%E. 100%43. An investment is available that pays a tax-free 6%. The corporate tax rate is 30%. Ignoring risk, what is the pre-tax return on taxable bonds?A. 4.20%B. 6.00%C. 7.67%D. 8.57%E. None of the above.44. Your firm has a debt-equity ratio of .60. Your cost of equity is 11% and your after-tax cost of debt is 7%. What will your cost of equity be if the target capital structure becomes a 50/50 mix of debt and equity?A. 9.50%B. 10.50%C. 11.00%D. 11.25%E. 12.00%45. The Aggie Company has EBIT of $50,000 and market value debt of $100,000 outstanding with a 9% coupon rate. The cost of equity for an all equity firm would be 14%. Aggie has a 35% corporate tax rate. Investors face a 20% tax rate on debt receipts and a 15% rate on equity. Determine the value of Aggie.A. $120,000B. $162,948C. $258,537D. $263,080E. $332,143value to the unlevered firm per dollar of debt?Corporate tax rate: 34%Personal tax rate on income from bonds: 30%Personal tax rate on income from stocks: 30%A. $-0.050B. $0.006C. $0.246D. $0.340E. $0.66047. Given the following information, leverage will add how much value to the unlevered firm per dollar of debt?Corporate tax rate: 34%Personal tax rate on income from bonds: 20%Personal tax rate on income from stocks: 0%A. $0.175B. $0.472C. $0.528D. $0.825E. None of the abovevalue to the unlevered firm per dollar of debt?Corporate tax rate: 34%Personal tax rate on income from bonds: 50%Personal tax rate on income from stocks: 10%A. $-0.050B. $-0.188C. $0.188D. $0.633E. None of the above49. Given the following information, leverage will add how much value to the unlevered firm per dollar of debt?Corporate tax rate: 34%Personal tax rate on income from bonds: 10%Personal tax rate on income from stocks: 50%A. $-0.050B. $-0.188C. $0.367D. $0.633E. None of the above50. The Aggie Company has EBIT of $70,000 and market value debt of $100,000 outstanding with a 9% coupon rate. The cost of equity for an all equity firm would be 14%. Aggie has a 35% corporate tax rate. Investors face a 20% tax rate on debt receipts and a 15% rate on equity. Determine the value of Aggie.A. $120,000B. $162,948C. $258,537D. $263,080E. $355,93851. Suppose a Miller equilibrium exists with a corporate tax rate of 30% and a personal tax rate on income from bonds of 35%. What is the personal tax rate on income from stocks?A. 0.0%B. 7.1%C. 10.05%D. 45.5%E. None of the above52. Given the following information, leverage will add how much value to the unlevered firm per dollar of debt?Corporate tax rate: 40%Personal tax rate on income from bonds: 20%Personal tax rate on income from stocks: 30%A. $-0.475B. $0.475C. $0.525D. $0.633E. None of the abovevalue to the unlevered firm per dollar of debt?Corporate tax rate: 34%Personal tax rate on income from bonds: 20%Personal tax rate on income from stocks: 50%A. $-0.050B. $-0.188C. $0.367D. $0.588E. None of the above54. Given the following information, leverage will add how much value to the unlevered firm per dollar of debt?Corporate tax rate: 34%Personal tax rate on income from bonds: 20%Personal tax rate on income from stocks: 30%A. $-0.050B. $0.006C. $0.246D. $0.340E. $0.423value to the unlevered firm per dollar of debt?Corporate tax rate: 30%Personal tax rate on income from bonds: 20%Personal tax rate on income from stocks: 0%A. $0.125B. $0.472C. $0.528D. $0.825E. None of the above56. Holly Berry Incorporated will earn $40 in one year if it does well. The debtholders are promised payments of $25 in one year if the firm does well. If the firm does poorly, expected earnings in one year will be $20 and the repayment will be $15 because of the dead weight cost of bankruptcy. The probability of the firm performing poorly or well is 50%. If bondholders are fully aware of these costs what will they pay for the debt? The interest rate on the bonds is 8%.A. $18.52B. $30.00C. $32.55D. $35.75E. $37.0457. Holly Berry Incorporated debtholders are promised payments of $25 if the firm does well, but will receive only $20 if the firm does poorly. Bondholders are willing to pay $15. The promised return to the bondholders is approximately:A. 5.65%B. 45.65%C. 50.00%D. 66.67%E. 100.00%58. An investment is available that pays a tax-free 7%. The corporate tax rate is 40%. Ignoring risk, what is the pre-tax return on taxable bonds?A. 4.20%B. 7.00%C. 7.47%D. 11.67%E. None of the aboveEssay Questions59. What are the advantages of a prepackaged bankruptcy for a firm? What are the disadvantages?60. Is there an easily identifiable debt-equity ratio that will maximize the value of a firm? Why or why not?61. Describe some of the sources of business risk and financial risk. Do financial decision makers have the ability to "trade off" one type of risk for the other?62. The Do-All-Right Marketing Research firm has promised payments to its bondholders that total $100. The company believes that there is a 85% chance that the cash flow will be sufficient to meet these claims. However, there is a 15% chance that cash flows will fall short, in which case total earnings are expected to be $65. If the bonds sell in the market for $84, what is an estimate of the bankruptcy costs for Do-All-Right? Assume a cost of debt of 10%.63. Establishing a capital structure for a firm is not simple. Although financial theory guides the process, there is no simple formula. List and explain four main items that one should consider in determining the capital structure.Wigdor Manufacturing is currently all equity financed, has an EBIT of $2 million, and is in the 34% tax bracket. Louis, the company's founder, is the lone shareholder.64. If the firm were to convert $4 million of equity into debt at a cost of 10%, what would be the total cash flow to Louis if he holds all the debt? Compare this to Louis' total cash flow if the firm remains unlevered.65. Assume that all earnings are paid out as dividends. Now consider the fact that Louis must pay personal tax on the firm's cash flow. Louis pays taxes on interest at a rate of 33%, but pays taxes on dividends at a rate of 28%. Calculate the total cash flow to Louis after he pays personal taxes.66. Consider an economy in which there are three groups of investors and no others.There are no personal taxes on income from stocks. An investment is available that pays a tax-free 4%. The corporate tax rate is 50%. Total corporate income before earnings and taxes (EBIT) is $224 million forever. What is the maximum debt-to-equity ratio for the economy as a whole?67. The All-Mine Corporation is deciding whether to invest in a new project. The project would have to be financed by equity, the cost is $2,000 and will return $2,500 or 25% in one year. The discount rate for both bonds and stock is 15% and the tax rate is zero. The predicted cash flows are $4,500 in a good economy, $3,000 in an average economy and $1,000 in a poor economy. Each economic outcome is equally likely and the promised debt repayment is $3,000. Should the company take the project? What is the value of firm and its components before and after the project addition?68. Define and describe the direct and indirect costs of bankruptcy. Give three examples of each.69. What is the pecking order theory and what are the implications that arise from this theory?Chapter 17 Capital Structure: Limits to the Use of Debt Answer KeyMultiple Choice Questions1. The explicit costs, such as the legal expenses, associated with corporate default are classified as _____ costs.A. flotationB. beta conversionC. direct bankruptcyD. indirect bankruptcyE. unleveredDifficulty level: EasyTopic: DIRECT BANKRUPTCY COSTSType: DEFINITIONS2. The costs of avoiding a bankruptcy filing by a financially distressed firm are classified as _____ costs.A. flotationB. direct bankruptcyC. indirect bankruptcyD. financial solvencyE. capital structureDifficulty level: EasyTopic: INDIRECT BANKRUPTCY COSTSType: DEFINITIONS3. The explicit and implicit costs associated with corporate default are referred to as the _____ costs of a firm.A. flotationB. default betaC. direct bankruptcyD. indirect bankruptcyE. financial distressDifficulty level: EasyTopic: FINANCIAL DISTRESS COSTSType: DEFINITIONS4. Indirect costs of financial distress:A. effectively limit the amount of equity a firm issues.B. serve as an incentive to increase the financial leverage of a firm.C. include direct costs such as legal and accounting fees.D. tend to increase as the debt-equity ratio decreases.E. include the costs incurred by a firm as it tries to avoid seeking bankruptcy protection.Difficulty level: EasyTopic: FINANCIAL DISTRESS COSTSType: DEFINITIONS5. The legal proceeding for liquidating or reorganizing a firm operating in default is called a:A. tender offer.B. bankruptcy.C. merger.D. takeover.E. proxy fight.Difficulty level: EasyTopic: BANKRUPTCYType: DEFINITIONS6. The value of a firm is maximized when the:A. cost of equity is maximized.B. tax rate is zero.C. levered cost of capital is maximized.D. weighted average cost of capital is minimized.E. debt-equity ratio is minimized.Difficulty level: EasyTopic: CAPITAL STRUCTUREType: DEFINITIONS7. The optimal capital structure has been achieved when the:A. debt-equity ratio is equal to 1.B. weight of equity is equal to the weight of debt.C. cost of equity is maximized given a pre-tax cost of debt.D. debt-equity ratio is such that the cost of debt exceeds the cost of equity.E. debt-equity ratio selected results in the lowest possible weighed average cost of capital.Difficulty level: EasyTopic: CAPITAL STRUCTUREType: DEFINITIONS8. In a world with taxes and financial distress, when a firm is operating with the optimal capital structure:I. the debt-equity ratio will also be optimal.II. the weighted average cost of capital will be at its minimal point. III. the required return on assets will be at its maximum point. IV. the increased benefit from additional debt is equal to the increased bankruptcy costs of that debt.A. I and IV onlyB. II and III onlyC. I and II onlyD. II, III, and IV onlyE. I, II, and IV onlyDifficulty level: MediumTopic: OPTIMAL CAPITAL STRUCTUREType: CONCEPTS9. The optimal capital structure will tend to include more debt for firms with:A. the highest depreciation deductions.B. the lowest marginal tax rate.C. substantial tax shields from other sources.D. lower probability of financial distress.E. less taxable income.Difficulty level: MediumTopic: OPTIMAL CAPITAL STRUCTUREType: CONCEPTS10. The optimal capital structure of a firm _____ the marketed claims and _____ the nonmarketed claims against the cash flows of the firm.A. minimizes; minimizesB. minimizes; maximizesC. maximizes; minimizesD. maximizes; maximizesE. equates; (leave blank)Difficulty level: MediumTopic: OPTIMAL CAPITAL STRUCTUREType: CONCEPTS11. The optimal capital structure:A. will be the same for all firms in the same industry.B. will remain constant over time unless the firm makes an acquisition.C. of a firm will vary over time as taxes and market conditions change.D. places more emphasis on the operations of a firm rather than the financing of a firm.E. is unaffected by changes in the financial markets.Difficulty level: EasyTopic: OPTIMAL CAPITAL STRUCTUREType: CONCEPTS12. The basic lesson of MM theory is that the value of a firm is dependent upon the:A. capital structure of the firm.B. total cash flows of the firm.C. percentage of a firm to which the bondholders have a claim.D. tax claim placed on the firm by the government.E. size of the stockholders claims on the firm.Difficulty level: MediumTopic: M&M THEORYType: CONCEPTS13. Corporations in the U.S. tend to:A. minimize taxes.B. underutilize debt.C. rely less on equity financing than they should.D. have extremely high debt-equity ratios.E. rely more heavily on bonds than stocks as the major source of financing.Difficulty level: EasyTopic: OBSERVED CAPITAL STRUCTURESType: CONCEPTS。

汇率决定理论

Cassel 的购买力平价理论提出之后，得到了极高的评价，同时对该理论的争论也从来没有中断过。争论的焦点不仅仅在理论本身，更多的则在于对购买力平价的检验。很多学者，如 Frenkel（1978，1981）、Krugman（1978）、MacDonald （1988）等都曾采用不同的方法、选取不同的时期对购买力平价进行检验。Frenkel （1978, 1981）的检验结论是两次世界大战之间的结果支持购买力平价，但在布雷顿森林体系崩溃之后的浮动汇率制度下则拒绝购买力平价假说；Krugman （1978）、MacDonald（1988）对浮动汇率时期的实证研究也都不支持购买力平价。总的看来，除了在高通货膨胀时期（如两次世界大战之间）购买力平价能较好的成立外，绝大多数的实证检验并不支持购买力平价的成立。对此，引出了很多解释的观点，有从理论本身的缺陷给予解释，也有从检验的技术问题角度进行论述。由于购买力平价理论没有表述价格水平和汇率之间精确的传导机制关系，因此关于这一理论的争论还会继续下去，但是理论本身所反映出的基本思想，已经对后续的理论产生了重大影响。
定了本国货币的贵金属含量，因此货币之间的兑换有着一个客观的标准——铸币平价，而且当时国际经济往来绝大部分是国际贸易，资本的国际流动不占重要地位，因此，这一段时间的汇率决定问题相对比较简单。19 世纪中期以前，尽管休谟（Hume）、桑顿（Thornton）和李嘉图（Ricardo）等不同时代的学者都曾对汇率决定提出过一些论述和看法，但总的看来，这段时期里关于汇率决定理论的研究只是零散的、泛泛的，并没有系统而完整的理论出现。然而，这一段时期的许多观点，对后来汇率决定理论的产生和发展却有着深远的影响，成为许多汇率决定理论的思想渊源。
（三）利率平价理论早在 1889 年，德国经济学家 Lotz 在观察维也纳远期外汇市场的交易时就考

Separation, structure characterization, conformation and immunomodulating effect of a hyperbranched

Carbohydrate Polymers 87 (2012) 667–675Contents lists available at SciVerse ScienceDirectCarbohydratePolymersj o u r n a l h o m e p a g e :w w w.e l s e v i e r.c o m /l o c a t e /c a r b p olSeparation,structure characterization,conformation and immunomodulating effect of a hyperbranched heteroglycan from Radix AstragaliJun-Yi Yin a ,b ,1,Ben Chung-Lap Chan a ,1,Hua Yu a ,Iris Yuen-Kam Lau a ,Xiao-Qiang Han a ,Sau-Wan Cheng a ,Chun-Kwok Wong a ,d ,Clara Bik-San Lau a ,Ming-Yong Xie b ,∗∗,Kwok-Pui Fung a ,Ping-Chung Leung a ,Quan-Bin Han a ,c ,∗aState Key Laboratory of Phytochemistry and Plant Resources in West China (CUHK),Institute of Chinese Medicine,The Chinese University of Hong Kong,Shatin,NT,Hong Kong,China bState Key Laboratory of Food Science and Technology,Nanchang University,Nanchang 330047,China cSchool of Chinese Medicine,Hong Kong Baptist University,Hong Kong,China dDepartment of Chemical Pathology,The Chinese University of Hong Kong,Prince of Wales Hospital,Shatin,NT,Hong Kong,Chinaa r t i c l ei n f oArticle history:Received 30June 2011Received in revised form 3August 2011Accepted 17August 2011Available online 24 August 2011Keywords:Radix Astragali PolysaccharideStructure character Morphology featureImmunomodulating effecta b s t r a c tA water soluble polysaccharide (RAP)was isolated and puriﬁed from Radix Astragali and its structure was elucidated by monosaccharide composition,partial acid hydrolysis and methylation analysis,and further supported by FT-IR,GC–MS and 1H and 13C NMR spectra,SEM and AFM microscopy.Its aver-age molecular weight was 1334kDa.It was composed of Rha,Ara,Glc,Gal and GalA in a molar ratio of 0.03:1.00:0.27:0.36:0.30.The backbone consisted of 1,2,4-linked Rha p ,␣-1,4-linked Glc p ,␣-1,4-linked GalA p 6Me,␤-1,3,6-linked Gal p ,with branched at O -4of the 1,2,4-linked Rha p and O -3or O -4of ␤-1,3,6-linked Gal p .The side chains mainly consisted of ␣-T-Ara f and ␣-1,5-linked Ara f with O -3as branching points,having trace Glc and Gal.The terminal residues were T-linked Ara f ,T-linked Glc p and T-linked Gal p .Morphology analysis showed that RAP took random coil feature.RAP exhibited signiﬁcant immunomodu-lating effects by stimulating the proliferation of human peripheral blood mononuclear cells and enhancing its interleukin production.© 2011 Elsevier Ltd. All rights reserved.1.IntroductionRadix Astragali (Astragalus )is the dried root of Astragalus membranaceus (Fisch.)Bunge and Astragalus mongholicus Bunge (Fabaceae).It has been used in the treatment of various renal dis-eases in Traditional Chinese Medicine for over 2000years.Modern researches showed that Radix Astragali possesses a variety of activ-ities,including immunomodulating (Bedir,Pugh,Calis,Pasco,&Khan,2000),anti-hyperglycemic (Chan,Lam,Leung,Che,&Fung,2009),anti-inﬂammation (Choi et al.,2007),anti-oxidation (Yu,Bao,Wei,&An,2005),antiviral activities (Zhu et al.,2009),etc.Besides saponins and isoﬂavonoids,polysaccharides are believed as the principle active constituents of Radix Astragali (Chu,Qi,Li,Gao,&Li,2010),which could activate the proliferation and cytokine production of mouse B cells and macrophages (Shao et al.,2004),and showed immunomodulating effects on Peyer’s patch∗Corresponding author.Tel.:+852********.∗∗Corresponding author.Tel.:+8679183969009.E-mail addresses:myxie@ (M.-Y.Xie),simonhan@.hk (Q.-B.Han).1Equal contribution.immunocompetent cells (Kiyohara et al.,2010).The crude polysac-charide could stimulate macrophages to express iNOS gene through the activation of NF-␬B/Rel (Lee &Jeon,2005).It could also amelio-rate the digestive and absorptive function and regulate amino acid metabolism to beneﬁcially increase the entry of dietary amino acid into the systemic circulation (Yin et al.,2009).An acid polysaccha-ride from Radix Astragali showed signiﬁcant reticuloendothelial system-potentiating activity (Shimizu,Tomoda,Kanari,&Gonda,1991).Scientists made efforts in the structure characterization of the polysaccharides isolated from Radix Astragali (Kiyohara et al.,2010;Shao et al.,2004;Wang,Shan,Wang,&Hu,2006)and only sev-eral glucans (Fang &Wagner,1988;Li &Zhang,2009)were well characterized.As for heteroglycans,nothing but monosaccharide composition and molecular weight was reported (Yan et al.,2010;Zhang et al.,2011).Therefore,their structures deserve further study.Herein we report the isolation and puriﬁcation of a water-soluble hyperbranched heteroglycan (coded RAP)from Radix Astragali.Its structure was characterized by a combination of chem-ical and instrumental analysis of monosaccharide compositions,methylation,partial acid hydrolysis,FT-IR,ESI-MS,GC–MS and0144-8617/$–see front matter © 2011 Elsevier Ltd. All rights reserved.doi:10.1016/j.carbpol.2011.08.045668J.-Y.Yin et al./Carbohydrate Polymers87 (2012) 667–675NMR.Its morphology feature was further analyzed by scanning electron microscopy(SEM)and atomic force microscopy(AFM). RAP exhibited immunomodulating effects on human peripheral blood mononuclear cells.2.Materials and methods2.1.MaterialThe roots of A.membranaceus were purchased from herbal store in Hong Kong and identiﬁed by Dr.Chun-Feng Qiao.The voucher specimens are deposited at the Institute of Chinese Medicine,the Chinese University of Hong Kong,with voucher specimen number 2010-3268.Hiload26/60Superdex-200prep grad was purchased from Pharmacia Co.(Uppsala,Sweden).The dextran standards(T-2000,T-270,T-80,T-50,T-25and T-12with molecular masses of2,000,000,270,000,80,000,50,000and12,000respectively) and monosaccharide standards of d-mannose(Man),l-rhamnose (Rha),d-galactose(Gal),d-arabinose(Ara),and d-glucose(Glc) were obtained from Merck Co.(Darmstadt,Germany).Ultra-pure water was produced by a Milli-Q water puriﬁcation system(Milli-pore,Bedford,MA,USA).Lipopolysaccharide(LPS)was purchased from Sigma(St.Louis,USA).All chemical reagents were of analytical grade.2.2.Extraction and puriﬁcation of polysaccharideThe air-dried Radix Astragali(100g)was cut into pieces and extracted twice with boiling water(2×1.2L)for1h.The solution wasﬁltered and concentrated under reduced pressure.The solu-tion was precipitated with four volumes of absolute ethanol for 12h.The precipitate was resolved again in water and deproteined using Sevag method(Staub,1965)forﬁve times.Then the solution was dialyzed against distilled water for72h.Finally,the retentate was lyophilized with Virtis Freeze Dryer(The VirTis Company,New York,USA)to yield crude polysaccharide(RACP,1.67g).RACP was dissolved in distilled water(4mg/mL),ﬁltered through a0.45␮m membrane and separated by the Buchi Puri-ﬁer system(BUCHI Labortechnik AG,Switzerland)coupled with a Hiload26/60Superdex-200(2.6cm×60cm)column,eluted with water at aﬂow rate of2mL/min.Fractions were collected every 3min and checked using phenol-sulfuric acid under UV detection at490nm.Gel permeation chromatography(GPC)was used to test the homogeneity of the puriﬁed polysaccharide.Total carbohydrate was determined using the phenol-sulfuric acid colorimetric method(Dubois,Gilles,Hamilton,Rebers,& Smith,1956).Uronic acid contents were determined accord-ing to Blumenkrantz and Asboe-Hansen’s method(Blumenkr& Asboehan,1973).Protein was estimated by photometric assay using bovine serum albumin as the standard(Bradford,1976). Speciﬁc rotation was recorded with a Perkin-Elmer241M digital polarimeter.2.3.Homogeneity and molecular weightThe homogeneity and molecular weight of the puriﬁed polysac-charide was determined by GPC.It was analyzed on a Waters UPLC system(Waters,Milford,MA)equipped with a Waters Ultrahydrogel TM1000column(7.8mm×300mm),a Waters ELS Detector,controlled with a Binary Solvent Manager system.The ELS Detector conditions were as follows:drift tube temperature (75◦C),nebulizer temperature(48◦C),gain(300◦C),gas pressure (45Psi).Dextran standards with different molecular weight were used to calibrate the column and establish a standard curve.2.4.Monosaccharide composition analysisRAP was hydrolyzed with2M triﬂuoroacetic acid(TFA)at120◦C for2h in a sealed test tube.The acid was removed under reduced pressure by repeated evaporation with methanol,and then the hydrolysate was converted into alditol acetates(Chen,Xie,Nie,Li,& Wang,2008;Jones&Albersheim,1972).Shimadzu GC/MS-QP2010 equipment(Nishinokyo Kuwabaracho,Kyoto,Japan)was used for the identiﬁcation and quantiﬁcation of monosaccharides.2.5.Methylation and GC–MS analysis2.5.1.Reduction of polysaccharideThe reduction of the uronic acid was conducted following a pro-cedure as described in the literature(Taylor&Conrad,1972)with slight modiﬁcations.RAP(20mg)was added into water and treated with1-cyclohexyl-3-(2-morpholinoethyl)-carbodimide methyl-p-toluenesulfonate(CMC)forﬁve times,until the reduction of uronic acid completed.The polysaccharide after reduction(RAP-R)was subjected to monosaccharide composition and methylation analy-sis.2.5.2.Methylation and GC–MS analysisMethylation analysis of polysaccharide(RAP and RAP-R)was conducted according to the reported methods(Ciucanu&Kerek, 1984;Guo,Cui,Wang,&Christopher Young,2008)with some mod-iﬁcations.The dried polysaccharide was dissolved in anhydrous dimethyl sulphoxide.Dry sodium hydroxide(30mg)was added, and the mixture was stirred for3h at room temperature.Methyl iodide was added into the mixture.The reaction was stopped by adding water.The methylated polysaccharides were then extracted with chloroform followed by washing with distilled water for three times.They were acetylated with acetic anhydride to obtain par-tially methylated alditol acetates(PMAA).GC/MS analysis of PMAA was performed on a DB-5ms capillary column(0.25␮m×0.25␮m×30m)using a temperature program-ming of140◦C(3min)to250◦C(40min)at2◦C/min.Helium was used as the carrier gas.The components were identiﬁed by a combi-nation of the main fragments in their mass spectra and relative GC retention times,comparing with the literature(Wang,He,&Huang, 2007).2.6.Partial acid hydrolysisRAP(50.5mg)was treated with0.05M TFA(10mL)at100◦C for1h.The product was concentrated by evaporation of TFA with methanol,and then dialyzed against distilled water(5×500mL, molecular weight3500Da cut off).The solution outside of the dial-ysis bag(RAP-P-L)was collected for monosaccharide analysis and ESI-MS.The solution in the dialysis bag(RAP-P-H)was concen-trated and lyophilized.RAP-P-H’s homogeneity was conﬁrmed by GPC.It was further applied to monosaccharide compositions and methylation analysis.2.7.FT-IR analysisInfrared spectra were recorded with a Thermo Nicolet5700 infrared spectrometer(Madison,WI,USA),using KBr disks method.2.8.NMR spectroscopyRAP was treated with deuterium by lyophilizing with D2O for three times.The deuterium-exchanged RAP(25mg)was put in a5-mm NMR tube and dissolved in0.5mL of99.9%D2O.NMR-spectra were recorded with a Brucker AM-600NMR(Karlsrhue,Germany).J.-Y.Yin et al./Carbohydrate Polymers87 (2012) 667–6756692.9.Molecular morphology analysisPolysaccharide powder was placed on the sample stage,and coated with a thin layer of gold in a MODEL IB-3ion coater(Eiko Corp.,Mito City,Japan).Then it was examined in a QUANTA200F scanning electron microscope(FEI Company,Holland).The sample was viewed at an accelerating voltage of30kV.The atomic force microscopy in this study was manufactured by Shanghai AJ Nano-Science Development Limited(Shanghai,China) and operated in the tapping mode.RAP was diluted to theﬁnal concentration of5␮g/mL in distilled water.5␮L of solutions was dropped onto freshly cleaved mica and allowed to stand in air before imaging.The quoted spring constant was between5.5and 25N m−1.2.10.Immunomodulatory activities of RAP on human peripheral blood mononuclear cells(PBMC)Immunomodulatory activities of RAP were determined by the capacity of the compounds to inﬂuence the cytokine production by human PBMC.PBMCs were obtained from the buffy coat collected from Hong Kong Red Cross by density gradient separation.Buffy coat was diluted1:1with phosphate buffer saline(PBS)and this was overlaid on Ficoll Paque Plus(Amersham Biosciences).Cells were washed with PRMI and plated in96-well plates at105cells/well. Serial dilutions of RAP from10to10,000ng/mL were added to the wells.The plates were maintained in a37◦C incubator for24h. The immunomodulatory effects on PBMC of RAP were compared with a well known mitogen lipopolysaccharide(LPS)from Gram negative bacteria.The cell free supernatants were then assayed for GM-CSF(granulocyte-macrophage colony-stimulating factor), IFN(interferon)-␥,IL(interleukin)-1␤,IL-2,IL-4,IL-10IL-12and TNF(tumor necrosis factor)-␣production by commercially avail-able human cytokine ELISA kits(BD OptEIA,USA)according to the manufacturer instruction with detection limits ranged from3.1to 7.8pg/mL.3.Results and discussion3.1.Isolation and puriﬁcation of RAPRAP was puriﬁed from the crude polysaccharide RACP through a Hiload26/60Superdex-200column.It presented a single and symmetrical peak in GPC(gel-permeation chromatography)exam-ination on an Ultrahydrogel TM1000column(Fig.1).The average molecular weight was1334kDa with reference to Dextran T-series standard samples of known molecular weight.The total sugar con-tent was determined to be76.5%using the phenol-sulfuric acid method.It had a high speciﬁc rotation of[␣]D20+125.8(0.54,H2O) and weak UV absorption at280nm which was consistent with its low protein content(only0.72%).The uronic acid content was56.7% using colorimetric method.3.2.Monosaccharide compositions analysisAfter complete hydrolysis of RAP by2M TFA,its monosaccha-ride composition was determined using GC–MS.As demonstrated in Table1,RAP contained Rha,Ara,Glc and Gal.Reduction of RAP with CMC-NaBH4gave the carboxyl-reduced derivative RAP-R and further analysis of RAP and RAP-R both indicated the presence of GalA.The molar ratio of Rha,Ara,Glc,Gal and GalA of RAP was 0.03:1.00:0.27:0.36:0.30,in which the ration of GalA was calculated by the increase of Gal content in RAP-R.Table1Monosaccharide composition of RAP,RAP-R(RAP after reduction),RAP-P-H,RAP-P-L,and RAP-P-L-NH.RAP,after partially hydrolysis followed by dialysis,gave two parts:RAP-P-H(the part in the dialysis bag)and RAP-P-L(the part outside of the dialysis bag).RAP-P-L-NH meant direct examination on the monosac-charides in RAP-P-L before complete hydrolysis.The results were obtained ona Shimadzu GC/MS-QP2010series coupled with a DB-5ms capillary column(0.25␮m×0.25␮m×30m).Samples Mw(kDa)Monosaccharide composition(molar,%)Rha Ara Glc GalRAP13340.03(1.8) 1.00(60.2)0.27(16.3)0.36(21.7) RAP-R n.d.0.01(0.6) 1.00(55.6)0.13(7.2)0.66(36.7) RAP-P-H12150.28(5.4) 1.00(19.2) 1.84(35.3) 2.00(38.4) RAP-P-L n.d.n.d. 1.00(89.3)0.10(8.9)0.02(1.8) RAP-P-L-NH n.d.n.d. 1.00(100.0)n.d.n.d.n.d.not determined.3.3.Methylation analysisRAP and RAP-R were methylated and analyzed by GC–MS in order to elucidate the linkages(Table2).Compared with GalA’s content given in monosaccharide composition analysis,the carboxyl-reduced RAP-R showed a signiﬁcant increase of1,4-linked Gal p,suggesting the GalA in RAP was1,4-linked.Similarly,it could be suggested that RAP was mainly composed of T-linked Ara f,1,5-linked Ara f,1,4-linked Glc p,1,4-linked GalA p,1,3-linked Glc p and 1,3,6-linked Gal p.The terminals consisted of Ara f(20.6%),Glc p (2.0%)and Gal p(5.2%),indicating RAP was signiﬁcantly branched and the side chains were terminated by the Ara residues.The ratio of T-,1,5-and1,3,5-linked Ara f(50.9:41.7:7.4)sug-gested that the Ara side chains contained a central core of1,5-linked Ara f residues.The high proportion of T-linked Ara f residues sug-gested that some terminal Ara residues existed in the Ara side chains,and others were attached to the highly branched Gal side chains or connected to the back bone directly(Ros,Schols,& Voragen,1996;Sun,Cui,Tang,&Gu,2010).The proportion of terminal,1,4-,1,3-,1,6-,1,2,4-,1,4,6-and 1,3,6-linked Gal p was9.3:8.7:16.1:8.1:5.0:11.1:41.6.The low pro-portion of terminal residues of Gal(9.3%)indicated that a part of the Gal side chains were terminated by the Ara residues.The Rha residues were exclusively1,2,4-linked.Glc residues were mainly terminal,1,4-linked units,with a small amount of1,3,4-linkedTable2GC–MS analysis for methylation of RAP,RAP-R and RAP-P-H on a DB-5ms capillary column(0.25␮m×0.25␮m×30m).PMAA a Molar ratios b Linkages cRAP RAP-R RAP-P-H2,3,5-Me3-Ara13.420.6 4.2T-2,3-Me2-Ara10.919.89.01,5-2-Me-Ara 2.0 4.3–1,3,5-3-Me-Rha 3.9 5.8 3.91,2,4-2,3,4,6-Me4-Glc 4.4 2.0 4.2T-2,3,6-Me3-Glc24.315.330.11,4-2,6-Me2-Glc 1.9 1.7 3.91,3,4-2,3,4,6-Me4-Gal 3.6 5.27.5T-2,3,6-Me3-Gal 3.414.4 3.31,4-2,4,6-Me3-Gal 6.3 2.014.21,3-2,3,4-Me3-Gal 3.2 1.8 6.91,6-3,6-Me2-Gal 1.90.8–1,2,4-2,3-Me2-Gal 4.4 2.1 5.11,4,6-2,4-Me2-Gal16.3 4.17.51,3,6-–,not determined.a The sugar type was conﬁrmed both with the literature and mass spectrum anal-ysis.b Molar ratios were given as percentage of total ion count(TIC).c The pyranosyl or furanosyl forms of glycosyl residues was conﬁrmed with13C NMR.670J.-Y.Yin et al./Carbohydrate Polymers87 (2012) 667–675Fig.1.GPC chromatogram of RAP on an Ultrahydrogel TM1000column(7.8mm×300mm),mobile phase:water,at aﬂow rate of0.3mL/min,the ELS Detector conditions were:drift tube temperature(75◦C),nebulizer temperature(48◦C),gain(300◦C),gas pressure(45Psi).Fig.2.The IR spectra of RAP(A)and RAP-P-H(B,partially hydrolyzed RAP),recorded in KBr tablet at the absorbance mode from4000to400cm−1(mid infrared region)at a resolution of4cm−1.J.-Y.Yin et al./Carbohydrate Polymers87 (2012) 667–675671Fig.3.The1H NMR(600.1MHz)spectrum of RAP that was measured in a5-mm NMR tube with0.5mL of99.9%D2O.(A)At27◦C;(B)at50◦C.Fig.4.The13C NMR(151.0MHz)spectra of RAP(A)and RAP-P-H(B,partially hydrolyzed RAP)that were measured in a5-mm NMR tube with0.5mL of99.9%D2O.672J.-Y.Yin et al./Carbohydrate Polymers 87 (2012) 667–675Fig.5.SEM images of RAP at 1000×(A)and 3000×(B).The molecular morphology of RAP was ﬁrst coated with a thin layer of gold,then observed using SEM at an accelerating voltage of 30kV.units.RAP contained two types of intra-chain linkages for galac-tose,a 1,4-linked that is common in type I arabinogalactan,and a 1,3,6-linked in type II arabinogalactan,suggesting that RAP contain different types of Gal branches.3.4.Partial acid analysisPartial degradation of polysaccharide by acid hydrolysis is based on the fact that some glycosidic linkages are tolerable to acid.To determine more structural features,RAP (50.5mg)was partially hydrolyzed with 0.1M TFA to give two parts,RAP-P-H (in the dialysis bag)and RAP-P-L (outside of the dialysis bag).Direct exam-ination on the monosaccharides in RAP-P-L found only Ara,while after complete hydrolysis it gave a small amount of Glc (9.0%)and Gal (2.1%)in addition to Ara (88.8%)(Table 1).It was suggested that RAP probably contained terminal residues of Ara in the branch areas.There was no GalA found in RAP-P-L in HPLC examination (Honda et al.,1989),which conﬁrmed that GalA was located intheFig.6.AFM image of RAP.RAP was dissolved in distilled water at the concentration of 5␮g/mL.5␮L of solution was dropped onto freshly cleaved mica and allowed to stand in air before imaging.backbone of RAP.These results suggested that GalA and Rha existed in the backbone and the neutral sugars were located in the side chains.ESI-MS of RAP-P-L presented sodium cationized pseu-domolecular ions at m /z 1159.9[Ara 6(Glc/Gal)2+Na]+,997.3[Ara 6(Glc/Gal)+Na]+,702.0[Ara 5+Na]+,569.1[Ara 4+Na]+,407.1[Ara 3+Na]+and 305.1[Ara 2+Na]+.RAP-P-L seemed a mixture of monosaccharide (terminal Ara residues)and oligosaccharide (containing [Ara-Ara]linkages).The degraded polysaccharide RAP-P-H (30mg)was mainly com-posed of Gal and Glc,with small amounts of Rha and Ara (Table 1).Its average molecular weight was 1215kDa.The methylation analy-sis (Table 2)showed that the removal of most Ara f residues resulted in an increase of the ratio of 1,6-linked Gal p and signiﬁcant increase for 1,3-linked Gal p .Therefore it could be deduced that Ara residues were attached to 1,6-linked and mainly 1,3-linked Gal residues.RAP-P-H gave no 1,3,5-linked Ara f ,suggesting that 1,3,5-linked Ara f should be in the branch.A great amount of 1,4-linked Glc p residues still detected in RAP-P-H indicated that 1,4-linked Glc p residues were located in the backbone of RAP.3.5.FT-IR spectra analysisThe IR spectrum of RAP (Fig.2A)showed a strong band at 3404cm −1which was attributed to the hydroxyl stretching vibra-tion of the polysaccharide.The band at 2935cm −1was due to C–H stretching vibration.Bands at 1743and 1618cm −1indicated the ester carbonyl (COOR)groups and carboxylated ion groups (COO −)(Gnanasambandam &Proctor,2000).The FT-IR spectrum of RAP showed a strong absorbance at 1021,1100and 1142cm −1attributed to the stretching vibrations of ␣-pyranose ring of the glucosyl residue.Moreover,the characteristic absorptions at 830and 916cm −1indicated that both ␣-and ␤-conﬁgurations existed.These observations conﬁrmed that the RAP was a polysaccharide containing uronic acid.The IR spectrum of RAP-P-H (Fig.2B)showed the same charac-teristic absorption with RAP which indicated RAP-P-H retained the backbone of RAP.3.6.NMR analysisSignals in the 1H and 13C NMR spectra of RAP were assigned as much as possible,according to monosaccharide compositions analysis,methylation results and literature values (Bock,Pedersen,&Pedersen,1984;Chandra,Ghosh,Ojha,&Islam,2009;Polle,J.-Y.Yin et al./Carbohydrate Polymers87 (2012) 667–675673Fig.7.Cytokines production(GM-CSF,IFN-␥,IL-1␤,IL-2,IL-4,IL-10IL-12and TNF-␣)of human blood mononuclear cells(PBMC)with the addition of RAP or LPS from2to 10,000ng/mL.Each bar represents the mean±SEM of duplicates(n=7).Ovodova,Shashkov,&Ovodov,2002;Sun et al.,2010;Xu,Dong, Qiu,Cong,&Ding,2010).The1H NMR spectrum(Fig.3A)showed signals in the anomeric region.Due to the existence of H2O in the sample or HDO from D2O,there was large signal atı4.815ppm which disturbed the analysis of RAP.Therefore,another1H NMR spectrum was obtained at50◦C(Fig.3B).From methylation analysis,1,4-linked Glc p was the main resides in RAP.So the signal atı5.096ppm was assigned to␣-1,4-linked Glc p.The signal atı 5.254ppm was assigned to␣-1,5-linked Ara f,and the signal atı5.162ppm was originated from␣-1,3,5-linked Ara f.The signal atı4.968ppm was assigned to␣-1,4-linked GalA p6Me,which meant some of1,4-linked GalA p was present as methyl ester.The signal atı4.922could be assigned to␣-1,4-linked GalA p.The signals atı4.693and4.653ppm were assigned to␤-1,3,6-linked Gal p.The signal atı4.469ppm was assigned to␤-1,3-linked Gal p and corresponded with␤-1,3-linked Gal p anomeric carbon resonance atı104.43ppm in the HSQC.The proton signals nearbyı2.083,2.131and2.186ppm could be assigned from the–CH3of the O-acetyl groups.It suggested that RAP contained kinds of O-acetyl groups at the different positions of the sugar residues or different chemical environments.Signal atı1.260ppm was identiﬁed to be H-6from methyl group of the Rha residues.The overlapped signals in the range ofı3.355–4.410ppm were assigned to protons H-2to H-5(or H-6)of the glycosidic ring.The anomeric signals in the13C NMR spectrum of RAP (Fig.4A)were assigned partly according to correlations in the HSQC spectrum.The signal atı108.66ppm correlated to H-1 (ı108.66/5.096ppm)of T-Ara f.The signal atı110.48ppm cou-pled to H-1(ı110.48/5.254ppm)of1,5-linked Ara f.The signal atı108.13ppm corresponded to1,3,5-linked Ara f,which was conﬁrmed by its absence in the13C NMR spectrum of RAP-P-H (Fig.4B).The low-ﬁeld chemical shifts indicated the Ara residues were in furnanose form and adopted␣-anomeric conﬁguration(Xu et al.,2010).Methylation analysis results showed that1,3-linked674J.-Y.Yin et al./Carbohydrate Polymers87 (2012) 667–675Gal p residues increased signiﬁcantly after partial acid hydrolysis of pared with the13C NMR of RAP,signal atı104.43ppm became much stronger in RAP-P-H.So the signal atı104.43ppm (ı104.43/4.469ppm from HSQC)was assigned to1,3-linked Gal p. The signal atı101.37ppm was assigned to C-1of1,4-linked GalA p. The signals atı101.60and100.18ppm were assigned to C-1 of1,3,6-linked Gal p and␣-1,4-linked GalA p6Me.And the signal atı100.61ppm was assigned to C-1of1,4-linked Glc p.The sig-nal atı62.36ppm was assigned to C-5of a terminal Ara,while the stronger signal atı61.68ppm was attributed to the C-6of 1,4-linked Glc p.The signal atı18.06ppm could be assigned to the methyl carbon of Rha.The signal atı54.15ppm could be assigned to methyl ester groups of RAP.The presence of methyl esteriﬁed GalA p was also supported by the signals atı54.15/3.814ppm in HSQC spectrum (Bushneva,Ovodova,Shashkov,&Ovodov,2002).In the lowﬁeld, typical signals for the C-6carboxyl group of GalA were observed at ı176.33and172.06ppm,which conﬁrmed the presence of free and esteriﬁed carboxyl groups of GalA.RAP and RAP-R after hydrolysis were acetylated,and no methylated monosaccharide was detected by GC–MS(Samuelsen et al.,1999).It was conﬁrmed that the1,4-linked GalAp was present as1,4-linked GalAp6Me.3.7.Molecular morphology of RAPIts molecular morphology was further investigated by scanning electron microscopy(SEM)and atomic force microscopy(AFM).The SEM micrograph of RAP was shown in Fig.5.RAP appeared as loose ﬂaky and curly aggregation.The observed irregular microstructure demonstrated that RAP was a type of amorphous solid.The molecular morphology of RAP was further investigated by single molecular AFM.The topographical image was shown in Fig.6. The results showed that there were many spherical lumps within the height of3–70nm while the height of a single polysaccharide chain is generally0.1–1nm,which suggested molecular aggrega-tion happened somehow.There might be a repulsive force between the polysaccharide and the mica causing aggregation(Chen et al., 2009)because both RAP and the mica a type of aluminum sili-cate were negative.The side chains might be another reason for the aggregation(Sletmoen,Maurstad,Sikorski,Paulsen,&Stokke, 2003).3.8.Immunomodulatory activities on human peripheral blood mononuclear cells(PBMC)RAP has been investigated for its in vitro effect on the cytokine proﬁle(GM-CSF,IFN-␥,IL-1␤,IL-2,IL-4,IL-10,IL-12and TNF-␣) of unstimulated human PBMC compared with LPS.No signiﬁcant productions of cytokines were detected in drug free negative con-trol.When RAP was added to RPMI for24h incubations,potent stimulatory effects on the production of two pro-inﬂammatory cytokines IL-1␤and TNF-␣from PBMC were observed from200to 10,000ng/mL(Fig.7).These cytokines are important in mediating the immune response against bacterial infections.Dose dependent stimulation of IL-10,IL-12and GM-CSF productions from PBMC were also observed with RAP addition but the stimulatory activ-ities was not weaker than LPS.The source of these5cytokines is mainly from monocytes and these results suggested that RAP is an activator of monocytes and further studies are required to inves-tigate its mechanism of action such as the involvement of toll like receptors.For T cell producing cytokines(IL-2,IL-4and IFN-␥),RAP did not produce any signiﬁcant effects on PBMC(Fig.7).4.ConclusionA water soluble polysaccharide(RAP),with the average molec-ular weight1334kDa,was isolated from Radix Astragali.It was composed of Rha,Ara,Glc,Gal and GalA in a molar ratio of 0.03:1.00:0.27:0.36:0.30.The structure was characterized by par-tial acid hydrolysis,methylation analysis,FT-IR,GC–MS and1H and13C NMR analysis.The backbone of RAP mainly consisted of 1,2,4-linked Rha p,␣-1,4-linked Glc p,␣-1,4-linked GalA p6Me,␤-1,3,6-linked Gal p.It had branches at O-4of the1,2,4-linked Rha p and O-3or O-6of␤-1,3,6-linked Gal p.The side chains mainly consisted of␣-T-Ara f and␣-1,5-linked Ara f possessing O-3as branching points,with trace Glc and Gal.The terminal residues were T-linked Ara f,T-linked Glc p and T-linked Gal p.Morphol-ogy analysis using SEM and AFM showed that RAP took random coil feature.This hyperbranched heteroglycan exhibited signiﬁcant immunomodulating effects by stimulating the cytokines produc-tion mainly from monocytes in a dose dependent manner. AcknowledgementThis research is funded by the Innovation and Technology Fund (ITS/311/09and InP/108/10)of the Government of the Hong Kong Special Administrative Region.ReferencesBedir,E.,Pugh,N.,Calis,I.,Pasco,D.S.,&Khan,I.A.(2000).Immunostimulatory effects of cycloartane-type triterpene glycosides from Astragalus species.Biological& Pharmaceutical Bulletin,23(7),834–837.Blumenkr,N.,&Asboehan,G.(1973).New method for quantitative determination of uronic acids.Analytical Biochemistry,54(2),484–489.Bock,K.,Pedersen,C.,&Pedersen,H.(1984).Carbon-13nuclear magnetic resonance data for oligosaccharides.Advances in Carbohydrate Chemistry and Biochemistry, 42,193–225.Bradford,M.M.(1976).A rapid and sensitive method for the quantitation of protein utilizing the principle of protein-dye binding.Analytical Biochemistry,72(1–2), 248–254.Bushneva,O.A.,Ovodova,R.G.,Shashkov,A.S.,&Ovodov,Y.S.(2002).Structural studies on hairy region of pectic polysaccharide from campion Silene vulgaris (Oberna behen).Carbohydrate Polymers,49(4),471–478.Chan,J.Y.W.,Lam,F.C.,Leung,P.C.,Che,C.T.,&Fung,K.P.(2009).Antihyper-glycemic and antioxidative effects of a herbal formulation of Radix Astragali Radix Codonopsis and Cortex Lycii in a mouse model of type2diabetes mellitus.Phytotherapy Research,23(5),658–665.Chandra,K.,Ghosh,K.,Ojha,A.K.,&Islam,S.S.(2009).Chemical analysis of a polysaccharide of unripe(green)tomato(Lycopersicon esculentum).Carbohy-drate Research,344(16),2188–2194.Chen,Y.,Xie,M.Y.,Nie,S.P.,Li,C.,&Wang,Y.X.(2008).Puriﬁcation,composition analysis and antioxidant activity of a polysaccharide from the fruiting bodies of Ganoderma atrum.Food Chemistry,107(1),231–241.Chen,H.X.,Wang,Z.S.,Qu,Z.S.,Fu,L.L.,Dong,P.,&Zhang,X.(2009).Physicochem-ical characterization and antioxidant activity of a polysaccharide isolated from oolong tea.European Food Research and Technology,229(4),629–635.Choi,S.I.,Heo,T.R.,Min,B.H.,Cui,J.H.,Choi,B.H.,&Park,S.R.(2007).Allevi-ation of osteoarthritis by calycosin-7-O-beta-d-glucopyranoside(CG)isolated from Astragali Radix(AR)in rabbit osteoarthritis(OA)model.Osteoarthritis and Cartilage,15(9),1086–1092.Chu,C.,Qi,L.W.,Li,B.,Gao,W.,&Li,P.(2010).Radix Astragali(Astragalus):Latest advancements and trends in chemistry,analysis,pharmacology and pharma-cokinetics.Current Organic Chemistry,14(16),1792–1807.Ciucanu,I.,&Kerek,F.(1984).A simple and rapid method for the permethylation of carbohydrates.Carbohydrate Research,131(2),209–217.Dubois,M.,Gilles,K.A.,Hamilton,J.K.,Rebers,P.A.,&Smith,F.(1956).Colorimetric method for determination of sugars and related substances.Analytical Chemistry, 28(3),350–356.Fang,J.N.,&Wagner,H.(1988).Chemical structure of a glucan from Astragalus mongholicus.Acta Chimica Sinica,46(11),1101–1104.Gnanasambandam,R.,&Proctor,A.(2000).Determination of pectin degree of ester-iﬁcation by diffuse reﬂectance Fourier transform infrared spectroscopy.Food Chemistry,68(3),327–332.Guo,Q.,Cui,S.W.,Wang,Q.,&Christopher Young,J.(2008).Fractionation and physic-ochemical characterization of psyllium gum.Carbohydrate Polymers,73(1), 35–43.Honda,S.,Akao,E.,Suzuki,S.,Okuda,M.,Kakehi,K.,&Nakamura,J.(1989).High-performance liquid chromatography of reducing carbohydrates as strongly ultraviolet-absorbing and electrochemically sensitive1-phenyl-3-methyl5-pyrazolone derivatives.Analytical Biochemistry,180(2),351–357.。

擦拭巾新品集锦

Consumption and Fashion 消费与流行73《生活用纸》2018·1期擦拭巾新品集锦宝洁的身体清洁用双面擦拭垫泡芙更深层的清洁，而光滑面则提供棉花般的感觉，进行温和清洁。

Turtle Wax的轿车保养擦拭巾宝洁旗下的玉兰油、象牙、老帆船品牌推出了身体清洁用双面擦拭垫Duo ，彻底改变了清洁用品的外观和触感。

这是一个品牌首次将肥皂的清洁功能、沐浴液的护理功能和沐浴泡芙的体验结合在一起，给消费者提供多感官的良好沐浴体验。

最近的研究表明，多年来，对于理想沐浴体验的要求不断变化。

人们寻求的产品不仅仅要满足基本的清洁需求，还希望一步到位，实现多重功效。

肥皂的清洁能力是公认的，但是在润滑皮肤方面却略显逊色。

沐浴露既有丰富的泡沫和滋养成分，又有美好的香味体验，但是在深层清洁和去角质方面有所欠缺。

因此，美国34%的男性和44%的女性在沐浴时既使用肥皂也使用沐浴露。

宝洁北美个人清洁用品品牌总监Stephanie Robertson 说：“130多年来，从推出象牙牌肥皂到研发沐浴露，宝洁公司根据消费者需求的变化，不断推出创新产品。

而‘双重用户’的增加表明市场上存在空白，导致人们采取补救措施——在沐浴时既使用肥皂又使用沐浴露。

Duo 的推出使我们能够重塑沐浴体验。

”Duo 设计独特，两面采用不同的材料包裹——一面光滑，达到皮肤软化与保养的效果；另一面粗糙，达到去角质和清洁皮肤表层的效果。

Duo 擦拭垫需要一种新的配方，既拥有沐浴露和美容皂的最佳清洁力，也有纤维素纤维来增加产品弹性，使用时能够更紧密地贴合身体，提高清洁效果。

粗糙面相当于拥有10,000多个微型清洁刷，提供比沐浴作为轿车保养行业的领导者，Turtle Wax 公司正在关注各种功能强大且易于使用的轿车保养创新产品，用于汽车内饰清洁。

该系列产品旨在清除顽固污渍和异味，清洁和保护汽车内饰，包括适用于任何场合的多款内饰清洁擦拭巾，Inside & Out Protectant 内外防护擦拭巾、Interior 1 Multi-Purpose 内饰1号通用擦拭巾和Luxe Leather Cleaning & Conditioning 豪华皮革清洁与护理擦拭巾。

面向新世纪的财务管理与首席财务官afaf

• 作用，并且使这一作用的发挥通过投资管理和预算控制得
面向新世纪的财务管理与首席财务官
PPT文档演模板
afaf
•4、怎样将被动的财务监控理念，转变成为预先和过程的积极干 • 预与渗透？
•5、怎样建立一个合理的财务支持系统，以协调、规范不同企业 • 的财务活动和财务流程，引导企业兼并或集团组建？
•6、财务管理的工作难点是什么？缺乏理念？缺乏理解？ • 财务环境差？领导水平低？缺乏好助手？得不到优质培训？
PPT文档演模板
面向新世纪的财务管理与首席财务官 afaf
•五、CFO需要思考的问题
•1、怎样通过建立一个一流的财务支持系统以适应公司的战略管
• 理，提升公司的管理水准？ •2、驾驶员试题 /product/ 驾考单机版软件
•3、怎样促使自己在制定财务战略、增加股东财富中发挥重要的
•Cash for inputs / CGS
98.7
1993 100.3 97.9
1994 100.1 99.1
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面向新世纪的财务管理与首席财务官 afaf
•5、紧随会计变革 • “在利润与现金流量相背离的情况下，传统会计显得那么的 • 无能为力”。 •6、通过资本运作达成资源的优化配置 • 将资源有效配置的观念贯穿于战略管理和经营管理的全过程。 • 将资源配置与每一项作业的成本动因紧密联系起来，毋庸置 • 疑地为增加股东财富开辟了新的空间。
• 企业 (1998年底) 关闭尚存
• 现代集团 482.8% 25 32
• 大宇集团 354.9
26 10
• 三星集团 252.1
22 37
• LG
314.5
9 38
• SK

现金流量表中英文版

现金流量表中英文版现金流量表（非金融类）CASH FLOW ST ATEMEN T(Travel enterprise)会外年通03表编制单位：Name o f enterprise: 单位：元项目ITEMS 行次金额一、经营活动产生的现金流量：CASH FLOWS FROM OPERATING ACTIVITIES 1销售商品、提供劳务收到的现金Cash received fro m sale of goods or rendering of services 2收到的税费返还Refund o f tax and levies 3收到的其他与经营活动有关的现金Other cash received relating to operating activities 4现金流入小计Sub-total of cash inflows 5购买商品、接受劳务支付的现金Cash paid for goods and services 6支付给职工以及为职工支付的现金Cash paid to and on behalf o f employees 7支付的各项税费Payments of all types of taxes 8支付的其他与经营活动有关的现金Other cash paid relating to operating activities 9现金流出小计Sub-total of cash outflows 10经营活动产生的现金流量净额Net cash flows fro m operating activities 11二、投资活动产生的现金流量：CASH FLOWS FROM INVESTING ACTIVITIES 12收回投资所收到的现金Cash received fro m disposal of investments 13取得投资收益所收到的现金Cash received fro m returns on investments 14处置固定资产、无形资产和其他长期资产所收回的现金净额NetCashReceivedFromDisposalOfFixedAssets,IntangibleAssets&OtherLong-termAssets 15收到的其他与投资活动有关的现金Other cash received relating to investing activities 16现金流入小计Sub-total of cash inflows 17购建固定资产、无形资产和其他长期资产所支付的现金Cash paid to acquire fixed assets,intangible assets & other long-term assets 18投资所支付的现金Cash paid to acquire investments 19支付的其他与投资活动有关的现金Other cash payments relating to investing activities 20现金流出小计Sub-total of cash outflows 21投资活动产生的现金流量净额Net cash flows fro m investing activities 22三、筹资活动产生的现金流量：CASH FLOWS FROM FINANCING ACTIVITIES 23吸收投资所收到的现金Cash received fro m capital contribution 24借款所收到的现金Cash received from borrowings 25收到的其他与筹资活动有关的现金Other cash received relating to financing activities 26现金流入小计Sub-total of cash inflows 27偿还债务所支付的现金Cash repay ments of amounts borrowed 28分配股利、利润和偿付利息所支付的现金Cash pay ments for interest expenses and distribution of dividends or profit 29 支付的其他与筹资活动有关的现金Other cash payments relating to financing activites 30现金流出小计Sub-total of cash outflows 31筹资活动产生的现金流量净额Net cash flows fro m financing activities 32四、汇率变动对现金的影响EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH 33五、现金及现金等价物净增加额NET INCREASE/(DECREASE) IN CASH AND CASH EQUIV ALENTS 34（续表）现金流量表（非金融类）CASH FLOW ST ATEMEN T(Travel enterprise)会外年通03表编制单位：Name o f enterprise: 单位：元补充资料351.将净利润调节为经营活动现金流量：Reconciliation of net profit/(loss)to cash flows fro m oprating activities 36净利润Net profit 37加：*少数股东权益Add:Minority interest 38减：未确认的投资损失Less:Uncertained investment loss 39加：计提的资产损失准备Add:Provision for asset impairment 40固定资产折旧Depreciation of fi xed assets 41无形资产摊销A mortisation of intangible assets 42长期待摊费用摊销A mortisation of long-term prepaid expenses 43待摊费用减少(减：增加) Decrease in prepaid expenses(deduct:increase) 44预提费用增加(减：减少) Increase in prepaid expenses(deduct:decrease) 45处置固定资产、无形资产和其他长期资产的损失(减：收益)LossesOnDisposalOfFixedAssetsIntangibleAssetsAndOtherLong-termAssets'DeductGains 46固定资产报废损失Losses on disposal of fixed assets 47财务费用Financial expenses 48投资损失(减：收益) Losses arising fro m investments(deduct:gains) 49递延税款贷项(减：借项) Deferred tax credit(deduct: debit) 50存货的减少(减：增加) Decrease in inventories(deduct:increase) 51经营性应收项目的减少(减：增加) Decrease in operating receivables(deduct:increase) 52经营性应付项目的增加(减：减少) Increare in operating payables(deduct:decrease) 53其他Others 54经营活动产生的现金流量净额Net cash flows fro m operating activities 552.不涉及现金收支的投资和筹资活动：Investing and financing activities that do not involve cash receipts and payment 56债务转为资本Conversion of debt into captical 57一年内到期的可转换公司债券ReclassificationOfConvertibleBondsExpiringWithinOneYearAsCurrentLiability 58融资租入固定资产Fixed assets acquired under finance leases 59其他Other 6061623.现金及现金等价物净增加情况：Net increase/(decrease) in cash and cash equivalents 63现金的期末余额Cash at end o f year 64减：现金的期初余额Less: Cash at beginning of year 65加：现金等价物的期末余额Plus:Cash equivalents at end of year 66 减：现金等价物的期初余额Less:Cash equivalents at beginning of year 67 现金及现金等价物净增加额Net increase/(decrease) incash and cash equivalents 68下面是诗情画意的句子欣赏，不需要的朋友可以编辑删除！！谢谢1. 染火枫林，琼壶歌月，长歌倚楼。

现金管理英文版hsol

McGraw-Hill/Irwin
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
28-1
28.1 Reasons for Holding Cash
• Transactions motive • Compensating balances
$ When the cash balance reaches the upper control limit H cash
is invested elsewhere to get us to the target cash balance Z.
H
When the cash balance reaches the lower control limit, L, investments are sold
• Borrowing
– Borrowing is likely to be more expensive than selling marketable securities.
– The need to borrow will depend on management’s desire to hold low cash balances.
2
12
McGraw-Hill/Irwin
The opportunity cost
3 Time
of holding C is C K 22
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
28-5
The Baumol Model

现金流量表中英文对照表

现金流量表（CASH FLOW STATEMENT）项目一、经营活动产生的现金流量：ITEMS1、Cash flows from operating activities项目取得子公司及其他营业单位支付的现金净额ITEMSnet cash outflows of procurement of subsidiaries andother business units销售商品、提供劳务收到的现金收到的税费返还收到其他与经营活动有关的现金Cash received from sale of goods or rendering of支付其他与投资活动有关的现金servicesRefund of tax and levies 投资活动现金流出小计Other cash received relating to operating activities 投资活动产生的现金流量净额Other cash payments relating to investing activitiesCash inflow from investment activitiesNet cash flows from investing activities经营活动现金流入小计购买商品、接受劳务支付的现金支付给职工以及为职工支付的现金支付的各项税费Cash inflows from operating activitiesCash paid for goods and servicesCash paid to and on behalf of employeesPayments of all types of taxes三、筹资活动产生的现金流量：吸收投资收到的现金其中：子公司吸收少数股东投资收到的现金取得借款收到的现金3、Cash flows from financing activitiesCash received from capital contributionAmong:cash inflows from minority investment insubsidiariesCash received from borrowings支付其他与经营活动有关的现金Other cash paid relating to operating activities 收到其他与筹资活动有关的现金Other cash received relating to financing activities经营活动现金流出小计经营活动产生的现金流量净额二、投资活动产生的现金流量：收回投资收到的现金Cash inflows from operating activitiesNet cash flows from operating activities2、Cash flows from investing activitiesCash received from disposal of investments筹资活动现金流入小计偿还债务支付的现金分配股利、利润或偿付利息支付的现金其中：子公司支付给少数股东的股利、利润Cash inflow from investment activitiesCash repayments of amounts borrowedCash payments forinterest expenses and distribution ofdividends or profitAmong:dividends and earnings paid to minorities bysubsidiaries取得投资收益收到的现金处置固定资产、无形资产和其他长期资产收回的现金净额Cash received from returns on investmentsNet cash received from disposal of fixed assets,Intangible assets & other long-term assets支付其他与筹资活动有关的现金筹资活动现金流出小计Other cash payments relating to financing activitesCash inflow from investment activities处置子公司及其他营业单位收到的现金净额Net cash received disposal subsidiary and otherbusiness units筹资活动产生的现金流量净额Net cash flows from financing activities收到其他与投资活动有关的现金投资活动现金流入小计Other cash received relating to investing activitiesCash inflow from investment activities四、汇率变动对现金及现金等价物的影响五、现金及现金等价物净增加额4、Effect of foreing exchange rate changes on cash5、Net increase in cash and cash equivalents购建固定资产、无形资产和其他长期资产支付的现金Cash paid to acquire fixed assets,intangible assets加：期初现金及现金等价物余额& other long-term assetsPlus:Initial cash and cash equivalents balance投资支付的现金Cash paid to acquire investments 六、期末现金及现金等价物余额6、The final cash and cash equivalents balance。

企业家必知——现金流(Cash Flow)创业案例

企业家必知——现金流(Cash Flow)-19 00:25------------------＂创业同路人＂创业经验交流区], 若希望更进一步认识创业路上的朋友, 请到"创业同路人"报到区报到如果您有志创业但缺乏思路,欢迎进入商机大家探, 与创业朋友们共同探讨!!创业加油站点评:现金流,企业生存的命脉,无论如何强调都不算过分.现金流量定义现金流量是现代理财学中的一个重要概念，是指企业在一定会计期间按照现金收付实现制，通过一定经济活动(包括经营活动、投资活动、筹资活动和非经常性项目)而产生的现金流入、现金流出及其总量情况的总称。

即：企业一定时期的现金和现金等价物的流入和流出的数量。

现金流量管理是现代企业理财活动的一项重要职能，建立完善的现金流量管理体系，是确保企业的生存与发展、提高企业市场竞争力的重要保障。

什么是现金现金流量管理中的现金，不是我们通常所理解的手持现金，而是指企业的库存现金和银行存款，还包括现金等价物，即企业持有的期限短、流动性强、容易转换为已知金额现金、价值变动风险很小的投资等。

包括现金、可以随时用于支付的银行存款和其他货币资金。

一项投资被确认为现金等价物必须同时具备四个条件：期限短、流动性强、易于转换为已知金额现金、价值变动风险小。

现金流量的分类在现金流量表中，将现金流量分为三大类：经营活动现金流量、投资活动现金流量和筹资活动现金流量。

经营活动是指直接进行产品生产、商品销售或劳务提供的活动，它们是企业取得净收益的主要交易和事项。

投资活动，是指长期资产的购建和不包括现金等价物范围内的投资及其处置活动。

筹资活动，是指导致企业资本及债务规模和构成发生变化的活动。

现金流量表按照经营活动、投资活动和筹资活动进行分类报告，目的是便于报表使用人了解各类活动对企业财务状况的影响，以及估量未来的现金流量。

在上述划分的基础上，又将每大类活动的现金流量分为现金流入量和现金流出两类，即经营活动现金流入、经营活动现金流出、投资活动现金流入、投资活动现金流出、筹资活动现金流入、筹资活动现金流出。

USP-1174 POWDER FLOW

1174 POWDER FLOWvary as the pile forms.Variations in Angle of Repose MethodsIn addition to the above methods, the following variations have been used to some extent in the pharmaceutical literature:Drained angle of repose is determined by allowing an excess quantity of material positioned abov e a fixed diameter base to “drain” from the container. Formation of a cone of powder on the fixed diameter base allows determination of the drained angle of repose.Dynamic angle of repose is determined by filling a cylinder (with a clear, flat cover on one end) and rotating it at a specified speed. The dynamic angle of repose is the angle (relative to the horizontal) formed by the flowing powder.The internal angle of kinetic friction is defined by the plane separating those particles sliding down the top layer of the powder and those particles that are rotating with the drum (with roughened surface).Angle of Repose General Scale of FlowabilityAlthough there is some v ariation in the qualitative description of powder flow using the angle of repose, much of the pharmaceutical literature appears to be consistent with the classification by Carr* , which is shown in Table 1. There are examples in the literature of formulations with an angle of repose in the range of 40 to 50 that were manufactured satisfactorily. When the angle of repose exceeds 50, the flow is rarely acceptable for manufacturing purposes.Table 1.Flow Properties and CorrespondingAngles of Repose*Flow Property Angle of Repose (degrees)Excellent25–30Good31–35Fair—aid not needed36–40Passable—may hang up41–45Poor—must agitate, vibrate46–55Very poor56–65Very, very poor>66Experimental Considerations for Angle of ReposeAngle of repose is not an intrinsic property of the powder; i.e., it is very much dependent upon the method used to form the cone of powder. The following important considerations are raised in the existing literature:The peak of the cone of powder can be distorted by the impact of powder from above. By carefully building thepowder cone, the distortion caused by impact can be minimized.The nature of the base upon which the powder cone is formed influences the angle of repose. It is recommended that the powder cone be formed on a “common base,” which can be achiev ed by forming the cone of powder on a layer of powder. This can be done by using a base of fixed diameter with a protruding outer edge to retain a layer of powder upon which the cone is formed.Recommended Procedure for Angle of ReposeForm the angle of repose on a fixed base with a retaining lip to retain a layer of powder on the base. The base should be free of vibration. Vary the height of the funnel to carefully build up a symmetrical cone of powder. Care should be taken to prev ent v ibration as the funnel is mov ed. The funnel height should be maintained approximately 2–4 cm from the top of the powder pile as it is being formed in order to minimize the impact of falling powder on the tip of the cone. If a symmetrical cone of powder cannot be successfully or reproducibly prepared, this method is not appropriate. Determine the angle of repose bymeasuring the height of the cone of powder and calculating the angle of repose, , from the following equation:COMPRESSIBILITY INDEX AND HAUSNER RATIOIn recent years the compressibility index and the closely related Hausner ratio have become the simple, fast, and popular methods of predicting powder flow characteristics. The compressibility index has been proposed as an indirect measure of bulk density, size and shape, surface area, moisture content, and cohesiveness of materials because all of these can influence the observed compressibility index. The compressibility index and the Hausner ratio are determined by measuring both the bulk v olume and the tapped volume of a powder.Basic Methods for Compressibiity Index and Hausner RatioAlthough there are some v ariations in the method of determining the compressibility index and Hausner ratio, the basic procedure is to measure (1) the unsettled apparent v olume, V O, and (2) the final tapped v olume, V f, of the powder after tapping the material until no further v olume changes occur. The compressibility index and the Hausner ratio are calculated as follows:Alternatively, the compressibility index and Hausner ratio may be calculated using measured values for bulk density (bulk)and tapped density (tapped) as follows:In a variation of these methods, the rate of consolidation is sometimes measured rather than, or in addition to, the change in v olume that occurs on tapping. For the compressibility index and the Hausner ratio, the generally accepted scale of flowability is given in Table 2*.Table 2.Scale of Flowability*CompressibilityIndex (%)Flow Character Hausner Ratio10Excellent 1.00–1.1111–15Good 1.12–1.1816–20Fair 1.19–1.2521–25Passable 1.26–1.3426–31Poor 1.35–1.4532–37Very poor 1.46–1.59>38Very, very poor>1.60Experimental Considerations for the Compressibility Index and Hausner RatioCompressibility index and Hausner ratio are not intrinsic properties of the powder; i.e., they depend on the methodology used. In the existing literature, there are discussions of the following important considerations affecting the determination of (1) the unsettled apparent volume, V o, (2) the final tapped v olume, V f, (3) the bulk density, bulk, and (4) the tappeddensity, tapped:The diameter of the cylinder usedThe number of times the powder is tapped to achiev e the tapped densityThe mass of material used in the testRotation of the sample during tappingRecommended Procedure for Compressibility Index and Hausner RatioUse a 250-mL v olumetric cylinder with a test sample weight of 100 g. Smaller weights and v olumes may be used, butv ariations in the method should be described with the results. An av erage of three determinations is recommended.FLOW THROUGH AN ORIFICEThe flow rate of a material depends upon many factors, some of which are particle-related and some related to the process. Monitoring the rate of flow of material through an orifice has been proposed as a better measure of powder flowability. Of particular significance is the utility of monitoring flow continuously because pulsating flow patterns have been observed ev en for free flowing materials. Changes in flow rate as the container empties can also be observed. Empirical equations relating flow rate to the diameter of the opening, particle size, and particle density have been determined. However, determining the flow rate through an orifice is useful only with free-flowing materials.The flow rate through an orifice is generally measured as the mass per time flowing from any of a number of types of containers (cylinders, funnels, hoppers). Measurement of the flow rate can be in discrete increments or continuous.Basic Methods for Flow Through an OrificeThere are a variety of methods described in the literature. The most common method for determining the flow rate through an orifice can be classified on the basis of three important experimental v ariables:1. The type of container used to contain the powder. Common containers are cylinders, funnels, and hoppers fromproduction equipment.2. The size and shape of the orifice used. The orifice diameter and shape are critical factors in determining powder flowrate.3. The method of measuring powder flow rate. Flow rate can be measured continuously using an electronic balancewith some sort of recording device (strip chart recorder, computer). It can also be measured in discrete samples (for example, the time it takes for 100 g of powder to pass through the orifice to the nearest tenth of a second or theamount of powder passing through the orifice in 10 seconds to the nearest tenth of a gram).Variations in Methods for Flow Through an OrificeEither mass flow rate or v olume flow rate can be determined. Mass flow rate is the easier of the methods, but it biases the results in favor of high-density materials. Because die fill is v olumetric, determining volume flow rate may be preferable. Av ibrator is occasionally attached to facilitate flow from the container; howev er, this appears to complicate interpretation of the results. A mov ing orifice dev ice has been proposed to more closely simulate rotary press conditions. The minimum diameter orifice through which powder flows can also be identified.General Scale of Flowability for Flow Through an OrificeNo general scale is available because flow rate is critically dependent on the method used to measure it. Comparison between published results is difficult.Experimental Considerations for Flow Through an OrificeFlow rate through an orifice is not an intrinsic property of the powder. It v ery much depends on the methodology used. Several important considerations affecting these methods are discussed in the existing literature:The diameter and shape of the orificeThe type of container material (metal, glass, plastic)The diameter and height of the powder bed.Recommended Procedure for Flow Through an OrificeFlow rate through an orifice can be used only for materials that have some capacity to flow. It is not useful for cohesive materials. Provided that the height of the powder bed (the “head” of the powder) is much greater than the diameter of the orifice, the flow rate is v irtually independent of the powder head. Use a cylinder as the container because the cylindermaterial should have little effect on flow. This configuration results in flow rate being determined by the movement of powder over powder rather than powder along the wall of the container. Powder flow rate often increases when the height of the powder column is less than two times the diameter of the column. The orifice should be circular and the cylinder should be free of v ibration. General guidelines for dimensions of the cylinder are as follows:Diameter of opening > 6 times the diameter of the particlesDiameter of the cylinder > 2 times the diameter of the openingUse of a hopper as the container may be appropriate and representative of flow in a production situation. It is not adv isable to use a funnel, particularly one with a stem, because flow rate will be determined by the size and length of the stem as well as the friction between the stem and the powder. A truncated cone may be appropriate, but flow will be influenced by the powder-wall friction coefficient, making selection of an appropriate construction material an important consideration.For the opening in the cylinder, use a flat-faced bottom plate with the option to vary orifice diameter to provide maximum flexibility and to better ensure a powder-over-powder flow pattern. Rate measurement can be either discrete or continuous. Continuous measurement using an electronic balance can more effectiv ely detect momentary flow rate variations.SHEAR CELL METHODSIn an effort to put powder flow studies and hopper design on a more fundamental basis, a v ariety of powder shear testers and methods that permit more thorough and precisely defined assessment of powder flow properties have been dev eloped. Shear cell methodology has been used extensively in the study of pharmaceutical materials. From these methods, a wide v ariety of parameters can be obtained, including the yield loci representing the shear stress-shear strain relationship, the angle of internal friction, the unconfined yield strength, the tensile strength, and a v ariety of deriv ed parameters such as the flow factor and other flowability indices. Because of the ability to more precisely control experimental parameters, flow properties can also be determined as a function of consolidation load, time, and other env ironmental conditions. The methods hav e been successfully used to determine critical hopper and bin parameters.Basic Methods for Shear CellOne type of shear cell is the cylindrical shear cell that is split horizontally, forming a shear plane between the lower stationary base and the upper mov eable portion of the shear cell ring. After powder bed consolidation in the shear cell (using a well-defined procedure), the force necessary to shear the powder bed by mov ing the upper ring is determined. Annular shear cell designs offer some advantages over the cylindrical shear cell design, including the need for less material. A disadvantage, howev er, is that because of its design, the powder bed is not sheared as uniformly; i.e., material on the outside of the annulus is sheared more than material in the inner region. A third type of shear cell (plate-type) consists of a thin sandwich of powder between a lower stationary rough surface and an upper rough surface that is mov eable.All of the shear cell methods have their adv antages and disadvantages, but a detailed review is beyond the scope of this chapter. As with the other methods for characterizing powder flow, many v ariations are described in the literature. A significant adv antage of shear cell methodology in general is a greater degree of experimental control. The methodology is rather time-consuming and requires significant amounts of material and a well-trained operator.Recommendations for Shear CellThe many existing shear cell configurations and test methods provide a wealth of data and can be used v ery effectively to characterize powder flow. They are also helpful in the design of equipment such as hoppers and bins. Because of thediv ersity of av ailable equipment and experimental procedures, no specific recommendations regarding methodology are presented in this chapter. It is recommended that the results of powder flow characterization using shear cell methodology include a complete description of equipment and methodology used.* Carr, R.L. Evaluating Flow Properties of Solids. Chem. Eng. 1965, 72, 163–168.Auxiliary Information— Staff Liaison : Catherine Sheehan, B.Sc., ScientistExpert Committee : (EGC05) Excipient General ChaptersUSP29–NF24 Page 3017Pharmacopeial Forum : Volume No. 28(2) Page 618Phone Number : 1-301-816-8262。