一.调整ROE
ROE=(NI-equity income)/EBT *EBT/EBIT *EBIT/REV *REV/(Average assets-Associate) *Average asset/Average equity
①净利润扣除公司间投资子公司利润调整；
②平均资产扣除公司间投资子公司Associate。
二.资本支出
%proportion of capital expenditure/%proportion of asset
①大于1，对相应部门分配更多资源；
②小于1，削减资源分配。
三.盈利质量
1.资产负债表端
NOA(net operating asset)=operating asset-operating liability=(Total asset-现金及等价物）-(Fatal liability-debt)
Aggregate accural=NOA1-NOA0
Accural ratio=(NOA1-NOA0)/[(NOA1+NOA0)/2)
比例越低，质量越好。
2.损益表端
Accural=NI-CFO-CFI
Accural ratio=(NI-CFO-CFI)/[((NOA1+NOA2)/2]
四.The implied value
=parent's market value -parent's pro-rate share of the associate
implied P/E=implied value of parent/(NI-parent's share of associated earning)
