估值调整

该公司剔除经债务估值调整后所获得的会计利得（accountinggains）之后，每股收益为0.16美元。

Excluding accounting gains the firm made on an adjustment for its debt , earnings per share were $ 0.16 .

对赌协议是协议各方协议约定的估值调整规则，具有合法性。

VAM is a legal valuation adjustment rule agreed by the parties .

估值调整是对赌协议的核心环节。

Valuation adjustment is the core aspect of VAM .

经债务估值调整所对应的会计利得调整之后，其销售收入也低于预期，为66亿美元，比分析师的预期低了10亿美元左右。

Sales , adjusting for the debt gains , were also lower than expected , at $ 6.6 billion , or about $ 1 billion less than analysts were expecting .

的本章通过案例演示介绍了估值调整中标杆条款的设定和产生依据，以及估值调整如何实现。第四章，创业投资机构持有的股份。

This chapter describes the setting up and producing base of benchmark article of valuation adjustment , as well as the realization of valuation adjustment , through the case demonstration . Chapter ⅳ is Shares held by Private Equity Institutions .

文中列举了尽职调查中的常见问题和解决方案，并重点分析了创始人团队作为大股东的诚信义务。第三章，对赌协议中估值调整的设置和实现。

The thesis lists the common problems and solutions in the due diligence , and analyzed the fiduciary duty of the team of founders as the controlling shareholder . Chapter ⅲ is Setting Up and Implementation of Valuation Adjustment in VAM .

对赌协议是一种估值分歧调整协议，它既可以保护投资方的利益，又可以给融资方企业注入新的活力，是风险投资活动中一项关键的技术环节。

Valuation Adjustment Mechanism is defined as an agreement of differences in valuation in the enterprise valuation activities , which will protect the interests of the investors as well as injecting new vitality into financiers . It is one of the most important investment tool in the venture capital activities .

既然有可能对结构性赤字估值进行大幅调整，一国政府该如何去适应？

Since huge changes in estimates of structural deficits are likely , how is a government to adapt ?

随着股权流通性的变化，一二级市场断层的消失，投资者估值标准正在调整，收益权价值比重上升，投资者行为将逐渐趋于理性。

With the disappearance of the fault between the primary and the secondary market , investors will increase the proportion of revenue value and become more rational .

尽管市场估值随着股价调整而下降，但还会受到公司盈利微薄，日元升值以及缺乏定价能力等不利因素的牵制。

While valuations have fallen with the correction in equity prices , they will likely struggle from weak earnings , a strengthening Yen and weak pricing power .

但这些复杂金融交易与抵押贷款的不同之处在于，银行往往会不断对抵押品重新估值，并调整协议内容，以弥补差额。

But what makes these complex financial trades different from , say , a mortgage loan is that banks tend constantly to revalue the collateral , and adjust the deals to compensate .

基于苹果的毛利率继续上升；存在收入增长机会；并且预期每股盈余以及估值会向上调整，我们认为苹果公司股票的风险回报率仍然很高。

We believe risk / reward remains favorable predicated on gross margin tailwinds , revenue growth opportunities , anticipated upward revisions to EPS and valuation .

如所厘定的负债额会因合约的自愿中止而减少，则不得就合约的自愿中止而在估值中作出数额调整。

Allowance shall not be made in the valuation for the Voluntary Discontinuance of any contract if the amount of the liability so determined would thereby be reduced .