債務轉換 的英文怎麼說
中文拼音 [zhàiwùzhuǎnhuàn]
債務轉換
英文
debt to equity-
As a new financing instrument, since convertible bond came to the capital market of china, becase of its speclation and investment, it was accepted by government and companies and investors convertible bond may play an important role in broadening enterprises ' financing channels, enrich the variety of investing instruments and make our security market prosperous. csrc has issued the interrelated rules for public firms issue the convertible bonds. until the end of 2001, it has 55 firms plan to issue the the convertible bonds. but by end of 2002 only 5 firms issued the convertible bonds because of investor ' worry. but in 2003, the management strengthens the security market such as some public firms just to " fold money ", the convertible bonds become the most invest tools for the public firms refinance. only if the behavior of issuing convertible bonds is normalized our security market can tend towards a mature way, social capital can be optimized, and the public firms can also develop in an ample area. this paper base on the character of the convertible bonds
國務院證券委員會在1997年3月25日頒發了《可轉換公司債券暫行管理辦法》 ，又於2001年4月26日頒發了《上市公司發行可轉換公司債券實施辦法》關于可轉換債券的規定和條例，對上市公司發行可轉換公司債券的要求條件比配股、增發更為寬松，截止到2001年4月，有200多家上市公司夠發行可轉換債券資格，到2001年底有55家公司計劃發行可轉換債券，但受到一些上市公司通過配股、增發等「圈錢」的影響，投資者對上市公司通過發行可轉換債券再融資是不得不持審慎態度， 2002年全年僅5家公司實施了可轉換債券，共籌集資金41 . 5億元人民幣，從總體發行情況看，發行規模越來越小，利率越來越高，投資者認可程度越來越低，發行和交易狀況每況愈下。On the finacial feature of transformational conpany bond
論可轉換公司債券的財務特性The last section is the exploration of countermeasure of peasants " tax burden problem. in this section, the author analyzed suggestions such as agricultural tax institution reformation, local government debt problem, education institution reformation and allocating finance and truncheon power in all levels governments, foundation of low cost government. at last, the author indicated only protecting peasants " property rights by constitution and laws, can we solve the problem clearly
正文第四部分：農民負擔問題的對策探討本部分分別從農業稅制改革、地方債務問題、教育制度改革、土地產權制度改革以及轉換政府職能、合理配置各級政府財權與事權、建立廉價政府等對策的現實可行性問題做了相關分析，最後指出只有通過運用憲法和法律保護公民的財產權利才能從根本上解決農民負擔問題。According to the suggestions on some issues concerning the implementation of debt - to - equity swap approved by the state council, the state economic and trade commission ( setc ), together with the economic and trade commissions in all provinces and related departments, has conducted thorough investigation and research, guided enterprises to develop debt - to - equity swap schemes to transform internal operation mechanism step by step while urging enterprises to reduce the debt burden
按照國務院批準的《關于實施債權轉股權若干問題的意見》 ，國家經貿委和各地經貿委、各有關部門一起，深入調查研究，指導企業制定債轉股方案，促使企業在減輕債務負擔的同時，切實轉換內部經營機制。E ) lack of foresight on finance lease scheme, which causes irrational tenor structure and imbalanced annual outflow of rental payments, results in funding costly. to solve aforesaid problems, thesis finds out the following principles for optimizing ca ' s aircraft finance : a ) determining the volume and currencies of ca ' s cross - border aircraft finance based on the annual outflow of foreign debt repayments and annual net inflow of foreign exchange, so are the dominated currencies in debt. b ) enlarging the portion of borrowings at floating interest rate in ca ' s whole foreign debt
針對以上存在主要問題，本文進一步提出了優化飛機融資的總體構想，包括：根據其每年的外匯流入總量及幣種構成確定國航合理的飛機境外融資規模應與負債幣種；在利率結構方面，擴大浮動利率在整個國航外債中的比重，選擇適當時機將部分固定利率貸款轉換為浮動利率貸款；在飛機引進多元化方面，通過與飛機製造廠商、出租公司飛機互換的方式優化機隊構成，結合提前中止現有飛機租賃就能夠起到優化債務結構和機隊構成的事半功倍的效果，以及在未來飛機融資中優先使用經營性租賃等。Article 7 if a state - owned enterprise is to be reorganized into a company, it must, in accordance with the conditions and requirements prescribed by national statutes and administrative regulations, change its operating mechanism, and orderly identify and verify its assets, determine the respective owners of the property rights therein, settle its creditor ' s rights and liabilities, conduct assets appraisal, and set up standard internal management organs
第七條：國有企業改建為公司，必須依照法律、行政法規規定的條件和要求，轉換經營機制，有步驟地清產核資，界定產權，清理債權債務，評估資產，建立規范的內部管理機構。Convertible bond is a convertible financing tool between bond and stock, convertible bond concurrently have features of bond, stock and option. its issue - clauses include interest rate, convertible ratio and convertible price, convertible date, call provision, put provision, strike - price - adjusted provision etc, convertible bond can reduce corporate financing cost and improve capital structure, investor can share corporate performance and income of convert bond
可轉換債券是一種介於債券和股票之間的可轉換融資工具，可轉換債券兼具了債券、股票和期權的特徵。可轉換債券發行條款包括票面利率、轉換比率和轉換價格、轉換期、贖回條款、回售條款、向下修正條款及強制轉股條款等等；發行可轉換債券降低了公司融資成本和改善債務結構，投資者可以分享發行人業績增長和股票價格的上漲帶來的轉股收益。Due to qingdao haier ' s preference for raising fund by issuing new stocks, its capital structure is not reasonable, if it raise fund by convertible bond, it will increase value through tax shield, it will also reduce the agency cost brought about by debt
採用可轉換債券融資可以利用債務的稅盾作用為公司創造價值，還可以減少債務帶來的代理成本。青島海爾發行可轉換債券必須切實加強管理，使可轉換債券順利轉換。If the operation of the issuer is fairly good, the option embedded the convertible bonds will probably be implemented. thus the issuer may decrease the debts and financing cost through the conversion of the bonds into stock share
如果發行人經營良好，可轉換債券的期權將可能被執行，發行人就可以通過持有人把債券轉成股票而降低債務融資成本。This section try to resolve the question of how to design the rate, the price of the convertible bonds and other fundamental components of the convertible bonds in the perspectives of optimizing the capital structure and combining the financial cost and risk rationally
可轉債融資應從優化企業資本結構，實現較佳的融資成本與風險組合兩個角度出發，根據企業具體財務狀況，設計利率、轉換價格等要素。In a long term, listed companies get used issuing the stocks and the bonds, only few of them have attempted to utilize, the convertible bonds, which are applied extensively in the western countries
長期以來，上市公司在證券市場上的融資渠道跟于企業普通債券和股票，可轉換公司債券鮮為人知，只有為數不多的企業進行嘗試。而在成熟市場經濟國家，可轉換公司債券是得到常規和廣泛使用的一種中長期債務。In order to issue convertible company bonds, an application shall be submitted to the securities regulatory authority under the state council for approval
發行可轉換為股票的公司債券，應當報請國務院證券管理部門批準。Secondly, based on the current practice in liability reconstruction in china and through comparative analysis, the author produces six major modes for liability reconstruction. they are listed below : reliabilities closed by banks ; assets devoted by finance ; liabilities transformed from liabilities ; negotiation in markets
其次是運用比較分析根據我國企業債務重組實踐，提出六種債務重組模式即銀行銷債模式、財政注資模式、中介機構債務轉換模式、託管債務模式、債權轉股模式市場化協商模式等。On the basis of deeply comprehending, the thesis considers the internal cause of cb financing is to decrease many types of financing costs in the status of asymmetric information. so, creatively and systematacially, we divide them into agency costs, under - pricing and financial distress costs and risk uncertainty costs. by using two models and existing evidences, the thesis then discusses the relative advantages and appropriate firm ' s characteristics of cb financing
基於對可轉換債券融資原因的深入理解，本文認為公司應用可轉換債券融資的內因在於減輕信息不對稱狀態下的多種融資成本，創造性和系統性的將之分為代理成本、價值低估及財務危機成本和風險不確定性成本三大方面，應用兩個模型的論述，輔以已有的實證結果，詳細論述了可回購可轉換債券融資的相對優勢和適用公司特徵。Due to the uncertainty of the number of the stocks after issuing the convertible bonds, they can improve the company ' s ability to innovate in the capital market. so this section discusses how to apply the convertible bond in merger, turning the debts into stocks in some state - owned enterprises and decrease in uncirculated state - owned stocks part five : the problems and countermeasures of the convertible bonds in our country
第四部分：可轉換公司債券與資本運作潛在熱點可轉換公司債券有效地擴寬企業融資渠道，而且由於企業發行可轉債后股本增減具有不確定性。這樣便可推動上市公司資本運營創新能力，將股本擴張戰略，資本結構戰略與公司業務戰略相結合。Therefore, it destroys the development of convertible bonds in china. it is hard for each holder of convertible debentures to protect his interests by striving with issuing firms. but the bondholders are separate, they almost can ’ t work together to protect their interests
應當看到，同一次發行的可轉換公司債券的持有人本來是權利與義務十分相近的利益群體，但是由於他們是分散的個體，很難與發行公司相抗衡。Also, it emphasizes that this financial vehicle is most suitable for those companies with great potentialities. part three : the financing decision of the convertible bonds the prevention from their risk
第三部分：可轉換公司債券的融資決策及其風險防範這一部分是本文的實務操作篇，闡述了可轉換公司債券的具體融資過程。The company will use its special legal status and professional advantages, the integrated use of debt recovery, asset replacement, leasing, transfer and sale of debt restructuring and corporate restructuring, the debt - to - equity asset securitization, and other means to achieve the maximum recovery value of non - performing assets, as a rule national assets
公司將利用其特殊的法律地位和專業化優勢，綜合運用債務追償，資產置換、租賃、轉讓與銷售，債務重組及企業重組，債權轉股權，資產證券化等手段，實現不良資產價值回收的最大化，最大限度地保全國有資產。The policy of debts - to - shares swap is transforming creditor ' s right of state - owned commercial banks into share holder ' s right of state - owned enterprises in large and medium size. the share is held by amc who acts as a share - holder to participate in the mater of decisions. the final objective is to promote reform and synergism, and retrieve state - owned capital
「債轉股」是把國有大中型企業所欠國有商業銀行的巨額債務轉換為該企業的股份，這種股份交由國有金融資產管理公司持有，資產管理公司作為股東，參與該企業重大問題的決策，以促進企業的改革增效，並最終通過轉讓、上市等回收這部分不良資產。Debt restructuring : a reorganisation of acompany ' s outstanding debt, for instance byconverting some of the debt into equity
債務重組:重新安排公司的未清債務，如把部圳責務轉換成權益。分享友人