Economic capital management is frontier theory of commercial Banks' risk management and symbols the core of risk and value management for future.

经济资本管理是商业银行管理的前沿理论，代表了未来银行业风险和价值管理的核心。

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General financial theories hold that the value of a business should be in conformity with the future capital gains of the business.

一般财务理论认为，企业价值应该与企业未来资本收益的现值相等。

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Present Value (PV) - The value today of future EVA (positive or negative) obtained by discounting EVA at the Cost of Capital.

现值（PV） – 未来EVA（正值或负值）以资本成本进行折算后的现在的价值。

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The value of a company should be based on the value of its future free cash flows discounted at its cost of capital.

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First, by the corporate income tax, then again by the individual income tax through the tax on dividends, then if you sell the capital investment, through the capital gains tax (which taxes the increase in the present value of the future income stream to the investment, which will be taxed again when earned), then when you die, by the death tax.

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The PVF allows the investor to receive an up-front payment (typically, 75-85% market value) in exchange for delivery of a variable amount of shares or cash in the future, at which time the capital gain is realized for tax purposes and the tax on the capital gain is paid.

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