股本折價 的英文怎麼說

中文拼音 [gǔběnzhéjià]
股本折價 英文
discount on stock，discount on capital stock
  • 股 : Ⅰ名詞1 （大腿） thigh; haunches 2 （機關、企業、團體中的組織單位） section of an office or enterp...
  • 本 : i 名詞1 （草木的莖或根）stem or root of plants 2 （事物的根源）foundation; origin; basis 3 （本錢...
  • 折 : 折動詞[口語]1. （翻轉） roll over; turn over 2. （倒過來倒過去） pour back and forth between two containers
  • 價 : 名詞1. （價格） price 2. （價值） value 3. [化學] （化合價） valence
  • 股本 : capital stock; capital; stock; equity股本比率 ratio of capital stock; 股本持有比例 capital shares...
  1. As a result, i get some new innovations, such as : 1, i put forward a new method about compensation according to market price ; 2, i agree to resolve peasant ' s removal problem with carrot and strong policy, 3, i suggest that the collective land not farming but construction directly appears on the market ; 4, i advise that the changing from village to community should leap neighborhood committee and direct to the community committee ; 5, i advise that we can turn removal compensation money to stock ; 6, i suggest that we can use the " bot " way to attract the real estate promoter in transform

    本文的創新之處在於：一、提出拆遷補償按市場價進行補償的實施方法；二、提出解決農民拆遷問題的「胡蘿卜加大棒政策」 ；三、提出集體非農建設用地直接上市的觀點；四、提出村轉居跨越居委會直接向社區居委會轉變的觀點；五、提出將拆遷補償款折成股份來解決拆遷補償費；六、提出借鑒bot方式外部籌資。
  2. Contents of this course include : basic concepts of financial management, atternative forms of business organization, financial statement analysis, break - even analysis, operating & financial leverages, managing working capital, short - term financing, financial mathematics, capital budgeting & risk, discounter - cash - flow model, fundamentals of securities valuation, cost of capital, capital structure, dividend policy, long - term financing, leases, mergers & acquisitions, holding companies, restructure and liquidation

    課程涵蓋了財務管理的基本概念，企業組織型態，財務報表分析，損益平衡分析， ?桿原理，營運資金管理，短期融資，財務數學，資本預算及風險，現金流量折現模型，證券評價基礎，資金成本，資本結構，股利政策，長期融資，租賃，並購，握股公司，重整及清算等重要課題。
  3. Secondly, it is analyzed that tradable shareholders will suffer a great loss resulting from non - tradable shareholders ’ selling for profit encashment when they haven ’ t paid enough consideration price in the share structure reform, based on the fact that transfer prices of non - tradable shares are much lower than that of tradable shares, and comparison between the discount ratio of transfer price of non - tradable share to tradable share and the lower ratio converted from consideration price paid in the share structure reform, by the conception of share price overflow between different transferring system in china

    隨后本文援引華生關於我國股票市場流通股所存在的「流通性溢價」概念，通過非流通股轉讓價格遠低於流通股股價的事實，以及非流通股對流通股股價的折價率與股權分置改革方案給流通股股東帶來的折算的股價降低率之間的比對，說明了在股權分置改革對價水平不夠的情況下，非流通股股東為了兌現盈利而大量拋售股份和流通股股東因此蒙受虧損的狀況。
  4. According to james formby of rand merchant bank, a local financial institution, the cost to companies ? mainly as share - price discounts or financial guarantees ? is equivalent to roughly 3 % of their stockmarket value for the first 10 % of capital that is transferred to new black owners

    當地的金融機構蘭特商業銀行的的詹姆士?弗姆拜指出，對公司來說，這一代價主要來自股價折扣或財務擔保，在轉讓給黑人所有者的資本的第一筆10 %時，公司要付出大約相當于其股價的3 % 。
  5. We conclude that the illiquidity discount is not the reason for consideration in the reform but the result of government policy and point it out that the illiquidity discount ratio is the non - tradable stockholders ’ bottom - line in the consideration

    二是從流動性定價模型的角度分析了流動權的本質，並根據等效用原理建立了流動權定價模型，指出非流通股的折價是非流通股股東對價的底線。
  6. The doctrine of capital maintenance generally implements the par - value stock and forbid - discounting stock

    摘要資本維持原則普遍採取「票面金額」制和禁止折價發行等股票發行制度。
  7. In the view of valuation practice, the author discusses how to apply dcf models for valuation of non - listed companies more effectively. this paper especially probes into two problems in the valuation of non - listed companies in china, one is to measure the discount ratio of the expecting cash flows, and the other is the estimation of valuation discount for the lack of marketability

    本文主要是從評估實踐的角度，探討如何更有效地運用貼現現金流模型對非上市公司的股權價值進行評估，重點討論了我國非上市公司股權價值評估中貼現率及股權缺乏流動性的價格折扣的估算。
  8. Private equity groups are clinching deals that have relatively small takeover premiums to their targets ' recent share price highs, a survey will reveal today, adding weight to complaints that investors are being short - changed in leveraged buy - outs

    一項調查今天將顯示，私人股本集團在近來敲定的交易中，只支付了較目標公司近期股價高點相對較低的收購溢價，這為人們的抱怨增加了砝碼，即：投資者在杠桿收購中所得到的好處被打了折扣。
  9. Firstly, this article summarizes consideration modes appeared in share structure reform into 3 kinds, including share adjustment, cash payment, and warrants issuance, and proves that consideration modes of share adjustment are completely equivalent to each other, and that consideration modes of share adjustment are equivalent to cash payment and cash payment is equivalent to warrants issuance when we neglect some subordinate conditions. then it is concluded that when we neglect the subordinate conditions, all kinds of consideration modes can be unified as anyone of them, and comparison between different simple or even complex consideration modes can be made. thus all kinds of considerations can be converted to a discounted ratio of stock price decline to figure consideration price of any listed companies paid in share structure reform

    本文首先將股權分置改革中的對價方式歸納為股本調整類（非流通股股東向流通股股東送股、非流通股縮股、流通股擴股） 、現金對價和權證對價三大類，通過歸納兩類股東的對價水平評價指標，以及兩類股東的對價效用函數變量在一定條件下的相等，通過七個命題依次證明了股本調整類對價方式的完全等效性，以及在忽略一些次要變量的情況下股本調整與現金對價、現金對價與權證對價的等效性，由此得出在一定條件下可以將股權分置改革中的各種對價方式統一起來，以及不同類或者混合的對價方式之間可以比較對價水平的結論，並通過折算的股價降低率來表示上市公司股權分置改革的對價水平。
  10. Based on the analysis of the current situation of the state medium - small - enterprise and the difficulties met during the stock reorganization of the high technology medium - small - enterprise, the article tries to provide possible solutions on the issues of definition of property rights, management of state assets, stock evaluation of commercial and non - commercial capital, disposal of enterprise debt and the use of land, and the settlement of retired people respectively. applying the modern theory of financial management, the article also gives its suggestion on the comprehensive evaluation on the companies during their stock reorganization and on the optimal allocation of capitals. according to the western experiences of developing high technology industries by venture investment and the prospect of the roles played by the forthcoming growth enterprise market, the article concludes that the sate medium - small high technology enterprises raising money from growth enterprise market through stock reorganization may be a shortcut for their development. a case of an " institute of automatization ", whose scheme was planned by the author for practice, is discussed throughout the paper

    本文在對我國國有中小企業改革現狀的分析基礎上，針對我國國有中小高新技術企業的現狀及股份制改組過程中的難點，對產權界定、國有資產管理、經營性和非經營性資產的剝離、凈資產的折股、企業債務和土地使用權的處理、離退休人員的安置等等問題，分別提出了具體的解決辦法。運用現代財務管理理論，提出了股份制改組過程中的公司整體價值評價方法及最佳資本結構確定的方法。在分析國外利用風險投資機制發展高新技術產業的經驗及即將推出的二板市場相關內容基礎上，明確提出國有中小型高新技術企業通過股份制改組最終到二板市場上市融資是其快速發展的途徑。
  11. All of the company law take various measures to prevent watered stock in order to realize the maintenance of company ' s capital when the company is established. meanwhile, the distribution system about dividend and bonus and the relating system of company getting its own shares are discussed mainly in the maintenance of capital after company ' s working. though there are different distribution regulations about dividend and bonus, their aims are all to make balance between the interest of shareholders and creditors

    公司設立時為實現公司資本的充實，各國公司法都禁止股票折價階；大陸法系國家制定了嚴格的出資財產評估與審核制度，而英美法系則通過制定法中的原則性規定以及發達的司法判例賊份對價的充分性進行判斷；發起人的資本充實責任對確保公司資本的充實跪重要的作用，一伽括認購擔保責任、繳納邯責任和價格填補責任等。
  12. With the characteristic of stock price being too high, the difference of floating and non - floating shares, deep speculation, over - concentrated share right, share price being far from the enterprises " value as propelled by capital, share price and the size of floating stock being inverse proportion, so china ' s stock market is premature. it is unrealistic that we define the proportion of conversion stock by the ratio of stock market price or earnings per share. on the other hand, we can not ignore completely the price floating stocks

    確定折股比例的方法有七種； （ 1 ）每股收益之比； （ 2 ）以eps不被稀釋為約束條件來確定臨界折股比例； （ 3 ）每股市價之比； （ 4 ）每股凈資產之比； （ 5 ）以l - c模型來確定折股比例； （ 6 ）每股企業價值之比； （ 7 ）每股成本價值加成法（每股凈資產加成法） 。
  13. The formula is : eva = nopat - wacc ( debt cost + cost of equity ) the theories foundation of the eva evaluation model is that the intrinsic value of a company equal to sum of the discounted future eva of the company and total investment of the company. eva is the company ' s surplus income

    用公式表示為： eva =稅后凈經營利潤加權平均資本成本（債務資本股權資本）經濟增加值（ eva ）價值模型的理論基礎是公司的內在價值等於公司未來的經濟增加值折現后再加上公司的投資總額。
  14. In chapter3, information is divided into two basic types, the marginal equation of bond price and short - term interest variations is established, thus the security price variations and the price equilibrium of other assets ( risk security non - risk security are included ) are analyzed by the implement of portfolio theory. finally the bond value equation which takes equilibrium return as its yield parameter is established through the theory of comparative return. in chapter 4, the intra - information and the transferable system of price is emphasized and the market - maker model and expected model under non - perfect information market conditions are established, and the disaccord of the influence of extra - information and intra - information on the security price is discussed

    第三章將債券的價格均衡劃分為兩大基本類型，建立了債券與短期利率變動的邊際方程，運用組合原理分析債券價格變動與其它資產（包括風險證券和無風險證券）的價格均衡關系，通過比較收益原理建立了債券以市場均衡收益為折現參數的價值方程，並通過實證檢驗了該模型的合理性；第四章，分析了內部信息與價格的傳導原理，建立了非完全信息市場條件下價格傳遞信息的做市商模型和預期模型，並討論外部信息與內部信息對股票價格影響的非一致性。
  15. Analysis on comparing rs with seo is done by means of pricing patterns, biding bodies, amounts of issue and risk to underwriting, etc. on the basis of over analysis, we present some practical measures to make better the rs and seo : to improve financial parameter which is necessary for the qualification of rs, refrain non - circuiting stockholders to improperly take part in rationing shares and give up rationig shares, set standards to the policy of dividend distribution, establish the transaction market of rights of rationing shares

    對配股與增發新股進行比較研究，主要從兩者的本質區別、定價方法、認購對象、發行數量、股本結構變化以及券商承銷風險等方面展開。在以上分析的基礎上，提出了完善配股、增發新股的具體措施:改進配股資格的財務控制參數，約束國有股、法人股股東的參配、棄配行為，規范上市公司股利分配政策，建立配股權交易市場;在增發價格與公司的內在價值相符的前提下實施小折扣發行，引入超額配售選擇權，建立募集資金的專戶存儲制度。
  16. In addition, the shareholding structure of listed firms has no significant relation to underpricing rate, underpricing rate is negatively related to the issuing price

    而上市公司增發時的總市值，相對增發規模，增發時公司股票的市盈率和上市公司的股本結構與增發上市公司折價率之間的相關關系並不明顯。
  17. Seasoned equity offerings of chinese listed firms were underpriced by an average of 11. 59 percent during last four years, from 1999 to 2002, with the discount decreasing substantially over time, which is opposite to the increasing tendency in american listed firms. consistent with uncertainly and asymmetric information theory, underpricing rate is positively related to the stock price volatility and the p / e ratio when issuing the seasoned equity offers

    根據理論分析的結果，本文假設了這6個影響因素與上市公司增發折價率之間的相關關系：增發公司股價的波動性，增發時公司股票的市盈率和相對增發規模與增發折價率呈正相關關系；上市公司增發時的總市值、股本結構和股價與增發折價率呈負相關關系。
  18. Ms text studies the statewied stocks auchon proect bringr up to adopt wtedng list priee stiategy to auchon the state - owned stocks and discoun bos - - proect. namly discoun shars proponion mulhply by certainiy cowtve coefficient. ms kind of method is differen from otheis

    本文對國有股拍賣方案進行探討，提出採用市場化定價策略拍賣國有股；提出折股上市的修正方案，即以折股比例乘以一定的修正系數進行折股換算。
  19. Beginning from the baron theory, based on the existence of the asymmetric information among the market participators, this paper hypothesize that : ( 1 ) hold the other factors constant, the degree of underpricing is positively related to the extent of information asymmetric among the market participators ; ( 2 ) the extent of information asymmetric is a decreasing function with the time length after the company go public

    本文在回顧信息不對稱理論對新股發行折價解釋及相關實證研究的基礎上，提出以下兩點假說： （ 1 ）在其它條件不變的情況下，新股發行的折價幅度和市場參與各方之間的信息不對稱程度成正相關； （ 2 ）信息不對稱程度隨著公司上市時間的延長而減弱。
  20. Chapter 2 involves in difficulties to use dcf model in the valuation of the equity of non - listed companies. chapter 3 and 4 analyze two key problems mentioned above, viz. the measurement of wacc with the antitheses method in chapter 3, and based on the foreign research, chapter 4 gives the equation to determine the valuation discount for the lack of marketability of non - listed companies in china

    第三章和第四章是針對第二章中提出的兩個難點問題分別進行了討論，第三章討論了採用整體價值評估模式的貼現率，即wacc的估算，重點討論了利用對比公司估算我國非上市公司股票系統風險及股權資本成本的方法；第四章借鑒國外的研究成果對我國非上市公司股權的缺乏流動性折扣進行了討論，並提出了確定缺乏流動性折扣率的方法。
分享友人
分享到 Line

分享到臉書