Undistributed earnings of a foreign subsidiary or joint venture that are considered to be permanently reinvested.

未分配盈余的外国子公司或合资企业被认为是长期投资.

Their investment value and average marketprice tend to increase irregularly but persistently over the decades, as theirnet worth builds up through the reinvestment of undistributed earnings.

投资价值，也就是股票的价格总是会随着时间而不规律地增长，因为这些公司将没有分红的利润进行再投资，势必增加其净值。