非上市債券 的英文怎麼說
中文拼音 [fēishàngshìzhàiquàn]
非上市債券
英文
unlisted bond-
For the purpose of these conditions, securities shall include but not be limited to the following investments shares in companies incorporated in any jurisdiction ; debenture stock, loan stock, bonds, notes, certificates of deposit, commercial paper or other debt instruments, including government, public agency, municipal and corporate issues ; warrants to subscribe for the above investments ; depositary receipts or other types of instruments relating to the above investments ; unit trusts, mutual funds and similar schemes established in any jurisdiction, options, whether on any investment herein described, on currencies, precious metals or other assets, or an option on an option ; contracts for the purchase or sale at a pre - agreed price and at a future date of any investment herein described or any currency, precious metal or similar asset ; viii contracts for differences or contracts on indices ; investments which are similar or related to any of the foregoing ; and unless otherwise expressly agreed, documents of title or documents evidencing title to investments previously deposited by the customer with the bank in connection with the provision by the bank of custody of investments and provision of securities services
此等條件所指的證券包括但不限於以下投資項目i在任何司法管轄權區注冊成立之公司之股份ii包括由政府公共機構市政府及企業所發行的債權股證貸款股額債券票據存款證商業票據或其他債務票據iii以上投資項目之認購權證iv有關上述投資項目之存款收據或其他種類之票據v在任何司法管轄權區成立之單位信託互惠基金及類似計劃vi上述之任何投資項目貨幣貴金屬或其他資產之期權或期權之期權vii按預先協定價格及在將來日期買賣任何此等投資項目或任何貨幣貴金屬或類似資產之合約viii差價合約或指數合約ix類似或有關上述任何一項之投資項目及x除非已另有明確的協定，客戶先前存放在本行之投資項目之所有權文件或可證明該等項目的所有權的其他文件。As a kind of endogenic phenomenon of progressive reform, the reasons of financial dilemma lie in financial preference of nationalization and soft budget restriction of state - owned enterprises, asymmetric information and the rate which is not decided by market transaction, and the actual ownership - discrimination of stock market and bond market
作為漸進改革的一種內生現象，民營經濟的金融困境源於「國有化」金融偏好與國有企業預算軟約束，信息不對稱與利率非市場化，以及股票市場與債券市場事實上的「所有制」歧視。Most of the action was in bonds rather than equities, but all financial markets experienced gyrations
雖然大多數的振蕩發生在債券市場而非股票市場，但是整個金融市場表現出一種上下起伏的迴旋狀態。Then the article analyses the causes of chinese listed companies " equity finance preference, the soft restraint of equity capital cost, the director and manager pursuing to the incurrence income, interests conflicts of big shareholders and minor shareholders and the undeveloped corporate bond market in china
然後，對股權融資偏好產生的原因進行了分析，認為股權資本成本的軟約束、董事和經理追求非貨幣收益、大股東與小股東的利益沖突、企業債券市場發展滯后等是我國上市公司股權融資偏好產生的主要原因。The former mostly includes finance trench, which consists of urban maintenance and constructive tax, add - ons of public utility, urban land - using tax, the debt of local government, remise of urban state - own land - using right and special national debt capital, and so on ; administrative charge trench, which consists of apportion, raising the price of urban infrastructure products and services, and so on ; practicality investing trench, which mostly consists of corresponding capital for urban infrastructure provided by real estate exploiters ; other financing trenches, which consist of time - limiting remise of operating authority on urban infrastructure section, introducing into foreign capital, short term loan of civil financing institution, and so on. the latter includes the innovation on the main investors, which consist of the anticipation of civilian capital and other non - financing institutions, and the innovation on financing tools, which consist of project financing, investment funds on industry, municipal bonds and initial public offering, and so on
前者主要指以政府作為投資主體下的各種融資工具，包括財政稅收渠道（包括城市維護建設稅和公用事業附加、城鎮土地使用稅、地方政府債務、城市國有土地使用權有償出讓、國債專項資金等） ；行政收費渠道（包括攤派、提高基礎設施產品和服務的價格等） ；實物投資渠道（主要是讓房地產開發商為城市基礎設施提供配套資金） ；其它融資渠道（包括市政設施部門專營權有限期出讓、引進外資、國內金融機構的短期貸款等） ；後者則包括融資主體的創新（民間資本的參與以及其它非銀行金融機構的介入）和融資工具的創新（項目融資、產業投資基金、市政債券、股票上市等） 。Neither the bank, its associates, nor any of their directors, officers or employees, shall be liable to the customer for any expenses, loss or damage suffered by or occasioned to the customer by reason of any action taken or omitted to be taken by any one or all of the bank, its associates, their directors, officers, employees or agents pursuant to these conditions or in connection therewith other than as a result of the fraud, wilful default or negligence of the bank, its associates, their directors, officers, employees or agents ; the bank s failure in good faith to honour any stop - payment instructions given by the customer ; the presentation to the bank of any cheque or other payment order which is post - dated ; the bank failing to honour any draft drawn on it by the customer, but the bank shall immediately return such draft to the customer through the normal channels giving the reason for the dishonour ; any loss, damage, destruction or misdelivery of or to the securities howsoever caused unless the same shall result from the negligence of, or theft by, the bank or its associates or any of their directors, officers or employees, in which event the extent of the liability of the bank shall be limited to the market value of such securities at the date of discovery of the loss and even if the bank has been advised of the possibility of such loss or damage ; unauthorised use or forging of any authorised signature as a result of the negligence, wilful default or fraud of the customer ; subject to condition 5. 5, any act or omission, or insolvency of, any person not associated with the bank including, without limitation, a third party nominee or depositary ; viii the collection or deposit or crediting to the custodian accounts of invalid, fraudulent or forged securities or any entry in the custodian accounts which may be made in connection therewith ; any malfunction of, or error in the transmission of information caused by, any electrical or mechanical machine or system or any interception of communication facilities, abnormal operating conditions, labour difficulties, acts of god, or any similar or dissimilar causes beyond the reasonable control of the bank and notwithstanding paragraph, the error, failure, negligence, act or omission of any other person, system, institution or payment infrastructure
本行其聯系人士其各董事高級人員或雇員均毋須向客戶因以下理由而使客戶蒙受或產生之任何開支損失或虧損負責： i本行其聯系人士其董事高級人員雇員或代理人根據此等條件採取或遺漏採取有關之行動，但由於本行其聯系人士其董事高級人員雇員或代理人之欺詐行為故意失責或疏忽所造成者除外ii本行本真誠地未能依約替客戶執行止付指示iii向本行提交任何遠期支票或其他付款指示iv本行未能兌現由客戶開出之匯票，但本行將立即透過正常渠道將該匯票退回客戶，並解釋拒付之理由v無論如何導致之任何證券之損失損毀毀壞或錯誤交付除非上述各項乃因本行或其聯系人士或其任何董事高級人員或雇員之疏忽或盜竊所引致，而在該等情況下，本行的責任將只限於在發現損失當日該等證券之市值，以及即使本行已獲知該等賠償之可能性vi因客戶之疏忽故意失責或欺詐行為而導致的任何偽造授權簽名或不獲授權使用該簽名vii在第5 . 5 a條之規限下，與本行無關者之任何行動或遺漏或無償債能力包括但不限於第三者代名人或寄存處viii代收或存入或貸存於保管人賬戶的無效偽造或假冒證券或在保管人賬戶記入可能與此有關之賬項ix任何電子機械或系統失靈或因該等機件或系統產生的資料傳送錯誤或任何通訊設施之終斷不正常操作情況勞工問題天災或非本行所能合理控制之任何類似或非類似原因及x盡管有第ix項，任何其他人系統機構或付款設施的錯誤故障疏忽行動或遺漏。We should attach more importance to following channels at present time : broaden monetary market function ; perfect stock mortgage loan ; develop investment institute ; explore investment banking business, including investment funds business channel, insurance business channel and security business channel ; make financial organization renovation. following policy suggestions should be applied : 1 ) perfect the policy environment ; 2 ) treat the problem rationally ; 3 ) implement financial mixed operation system in due time ; 4 ) foster financial market ; 5 ) enhance external supervision ; 6 ) deepen the construction of commercial banks ; 7 ) introduce bank capital into stock market in stages
貨幣市場和資本市場的不協調發展使證券機構出現制度外與體制外融資或違規操作，必須在兩個市場間建立資金和信息對流的寬敞通道，在路徑設計上，當前應擴展同業拆借市場、國債回購市場等貨幣市場渠道功能;完善股票質押貸款，及時推出非券商股票質押貸款，並注重風險防範;大力發展養老基金、保險公司、信託基金等機構投資者，吸收銀行資金間接入市;拓展投資銀行業務，包括基金、保險業務渠道、券商業務渠道、公司業務渠道;設立證券金融公司或金融控股集團，進行組織制度創新。Starting at retail of bonds, funds, deposit certificates and shares, more selling products will be sought from fund houses. innovative products, which are in line with the market demand and under risk control, should be pushed forward. by virtue of new product exploitation, banks can avert risks, adjust loan portfolio and increase income
開拓非利息收入業務，如積極銷售債券、基金、存款證及股票等，進一步推出以市場化為取向的基金公司和基金產品，鼓勵創新，凡是適應市場需求的品種，在有效控制風險的基礎上，都應該積極推進。Thirdly, the price discovery process of a bond etf will be more transparent than that for a traditional unlisted bond fund, as the information on price quotes and transacted prices are conveniently accessible to the public through the stock exchange
第三，債券交易所買賣基金的定價過程亦比傳統的非上市債券基金的透明度為高，因為公眾可透過交易所得悉有關報價及成交價的資料。Secondly, compared with unlisted bond funds, investors in a bond etf will be able to invest or liquidate their investments in the fund by buying or selling units of the fund on the stock exchange, which generally involves lower transaction costs and trades in a manner that is familiar to investors at large
相反，若投資者持有個別債券組合，便要自行作出上述的調整。第二，與非上市債券基金比較，債券交易所買賣基金的投資者可以在交易所買賣基金單位。這個交易方法的成本一般較低，而且是大部分投資者所熟識的。The theoretic frame of the right to know in the business of security trading is expected to be built on the basis of confirming the right to know in security trading, listing the reason of why the small and medium - sized share holders, creditors or foundation holders have the such right to know, making clear the positive meaning that the independent director cherished for the public disclosure, getting into the in - sight specialities of public business information products and non - symmetry and enforcing the main body of the business, the task of public disclosure of the listed companies in particular
通過對中小股東、債權人以及基金持有人知情權權利主體的保護，獨立董事享有知情權對信息披露的積極意義;透視營業信息以及非對稱性之特徵，並強化義務主體，尤其是上市公司的信息披露義務;以期構建起證券交易知情權的理論框架。此外，為投資者恢復在證券交易過程中被剝奪的權利和損失的利益，建立和完善證券交易知情權民事責任制度及其實現機制，從而建立起證券交易知情權的保護體系。In this paper we continue to analyze the characteristic of our capital market and find out that our capital market has structure shortage of disequilibrium of stock market and bond market, and the internal structure shortage of disequilibrium of the stock market and bond market
本文繼續分析了我國證券市場的特徵，認為結構性制度缺陷表現為股票市場與債券市場的非均衡、股票市場與債券市場內部的結構性缺陷，成為我國上市公司股權融資偏好的外在因素。The empirical analysis indicates that the motivation - constraint mechanism is not perfect in chinese stock market, and the constraint mechanism is not strong in chinese bond market and the development of chinese corporate bond market is too slow, which make the non - public companies prefer credit financing
實證表明，我國股票市場還沒有形成對企業融資行為的激勵約束。信貸市場對企業融資行為的約束還很弱，加上企業債券市場的發展滯后，使我國非上市公司的融資嚴重依賴銀行貸款，使其資本結構呈現資產負債率過高的問題。This paper analysis the relationship of china ' s listed company ' s ownership structure and market for control ; analysis the affect to efficient market by equity financing preference, confirm that china securities market has structure shortage for in - balance of stock market and bond market, and the internal structure shortage for in - balance of the stock market and bond market, the in - balance is outside reason for equity financing preference
本文分析中國上市公司股權結構與控制權狀況之間的關系，分析了中國上市公司股權融資偏好對資本市場有效性與功能的影響，認為中國證券市場結構性制度缺陷表現為股票市場與債券市場的非西北大學經管學院博士學位論文均衡、股票市場與債券市場內部的結構性缺陷，成為上市公司股權融資偏好的外在因素。In order to maintain a sustainable sound development of the corporation bond market, we should draw upon the experience that it has been too costly for us to regulate the stock market after its development, and standardize the corporation bond market regulation prior to developing it. the paper reviews and analyzes the development of the securities market and some theories about governmental regulation, then deliberates upon the defects of the regulation of corporation bond market in china from its concepts and thinking mode. at last, the paper advocates that we should reform the regulation largely depending on the market itself and effective laws, and also impose more power on protecting the interest of investors
文章首先回顧了國內外證券市場的發展，分析了政府監管的相關理論，再從監管理念和監管方式兩方面具體分析了我國企業債券市場監管的缺陷，在分析監管理念上的缺陷時主要探討了債券市場功能認識上的偏差和維護投資者利益上的不妥當兩個方面的問題，在分析監管方式上的缺陷時則主要從政府監管主體和非政府監管主體（社會中介機構和自律組織）兩個方面來詳細闡述監管上的缺陷，最後提出在改革監管制度過程中，要重塑監管理念，把對企業債券市場的監管從原來的重融資向保護投資者利益轉變，促進政府監管走向市場化、法治化。Asboth the stock and bond market continues to experience substantialvolatility and uncertainty, such hybrids like the bursa malaysia listediculs and the non - listed redeemable convertible bonds can be expectedto become more widely sought after investment options
由於股票和債券市場繼續出現大幅波動，不確定性這種像布爾薩馬來西亞iculs上市及非上市可贖回可換股債券，可以預期變得更加廣泛追捧的投資選擇分享友人