debt capital market 中文意思是什麼
debt capital market
解釋
債務資本市場-
The hkmc raised over hk 13. 8 billion in 2004 through 39 issues of debt securities and 2 mbs issues under the bauhinia mbs programme, further consolidating its status as the most active corporate issuer in the hong kong dollar debt capital market
按揭證券公司在2004年發行了39批債券及根據bauhinia mbs計劃推出2批按揭證券，籌得資金超逾138億港元 -
By throwing penetrating light on the root of risks, we may conclude briefly that they are : the problems of the state - owned property ; the " over - supply " and " insufficient - supply " by the government coexist ; the absence of advanced capital market concluding above researches, we may get down to the main context of risks eluding as such : exploring the deep root of risks in order to depress the stimulation for the opportunism of the market participants. the basic ways would be that : to deal with effectively the deficiencies which the stock shares in the operation of debt - in - lieu - equity inflict upon the administration capability, to optimize the corporation governance - structure in the state - owned enterprises should be the core measures in the risks shunning operation
尤其在審批者缺乏有效的鑒別手段，且自身存在較強的道德風險的倩況下，國有企業具有更大的逆向選擇酮；隴在著逆向示範風險：一方面債轉股按帳面價值轉移國有椅業銀行的不良資產，對其既往不咎，容易導致商業銀行的道德風險；另一方面，在我國特定的制度背景下，所有的國有企業都將債轉股視作一項優惠政策，而這種「優惠」又往往是為「壞」企業設置的，這對非轉股的好企業就會形成逆向激勵，從而選擇拖欠本息、鬆懈管理。 -
But currently our country " s financing system is entangled with the following problems : 1 ) the resources of fund supply are monopolized by the bank loans ; 2 ) the big four state - owned banks provide too few loans to msfs ; 3 ) the allotment of loans between different msfs is unbalanced mostly at state - owned msfs advantage ; 4 ) the financing funds from the internal and external firms are disproportioned and the ratio of debt to asset is too high ; 5 ) the capital market is almost closed to msfs and they have no qualification of bond issuance
而在我國目前的融資體制下，特許加盟企業存在著如下融資問題:資金供給渠道單一，主要是銀行貸款為主的間接融資:大型商業銀行對中小企業貸款份額較小:信貸融資在不同所有制中小企業之間的配置不均衡，銀行貸款偏重於國有和集體企業;企業內源融資渠道不暢，來自企業留存利潤部分的融資比例不高;直接來源的有效資金供給不足，尚沒有為中小企業服務的正規資本市場，中小企業發行債券受到限制。 -
The motives of earnings management including debt contracts, profit sharing plan, handling supervision, anti - trust, minimized income tax, ipo, and enhancing share price not only are realized in the western capital market but also have some impact in chinese capital market
這些盈餘管理的債務契約動機、分紅計劃動機、代理人競爭動機、應付行業監管動機、反托拉斯動機、最小化所得稅動機、首次發行動機以及提升股票價格等動機不僅在西方資本市場得到了證實，也在中國資本市場有所反應。 -
As for external corporate governance, continually improve securities ? related laws and regulations, set up china ’ s securities civil compensation system, intensify the construction of china ’ s debt market, develop competitive market for capital, product and professional managers
在外部治理方面，要不斷完善證券監管的法律法規制度和建立起競爭性的市場體系；要建立與完善我國證券民事賠償制度；要大力加強債券市場的建設；要大力發展經理人市場機制和競爭性的產品市場、資本市場。 -
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。 -
When bank needs to raise its capital adequacy rate, considering financial cost and capacity of capital market, the best choice of bank is the issuance of long - secondary debt or stock, the following choice is fine loan - backed securitization, and non - performing asset securitization is the last choice. bank should try its best to avoid non - performing mortgage - backed securitization
然而，若要為銀行資本充足狀況帶來相同程度的改善，需要發行的資產支持證券規模將會數倍于所需的次級債或股票，這也間接說明資產證券化對資本充足率的改善效果要遠遠差於發行次級債或股票。 -
So - called the interest rate term structure in the paper, is the different term structural analysis and estimation in government debt bond market. the influent factor of the interest term include : the capital long period benefit, the short - term interest rate, the expected inflation, macro variable ability of adaption
所謂利率期限下，就是指對不同時點的整個國債市場利率期限結構的分析和估計。期限結構的因素有資本回報率、短期利率的影響、長短期利差、通貨膨脹預期、宏觀調控能力等。 -
The significant inflows of cash into public equities from private hands signals that market valuations still remain attractive relative to the cost of debt capital
大量的現金從私人投資者手中流向上市股票顯示出市場估值相對于貸款成本而言仍然具有很強的吸引力。 -
The hkmc is one of the most active debt issuers in the local capital market
按揭證券公司是本港資本市場最活躍的發債機構之一。 -
The corporation has already established itself as one of the most active debt issuers in the hong kong dollar capital market
按揭證券公司已成功在港元資本市場確立其最活躍發債體之一的地位。 -
Debt issuance is the mainstay of hkmc ' s funding sources, since one of the objectives of the hkmc is to promote the development of the local hong kong dollar debt capital market
由於按揭證券公司的目標是促進本地港元債券市場的發展，因此，公司以發行債券為主要的集資渠道。 -
Combining with the unique life circle of the new economic companies, the article suggests that surplus record should be substituted by operation revenue as core criterion of ipo and delisting consecutive deficient companies should be substituted by assets - beneath - debt criterion. then through analyzing the contribution ratio of the different transaction institution and combining the current situation of our capital market, this article points out that a mixed transaction combining market - maker institution with instruction - driving institution
同時，因為文章對上市制度和交易制度的分析，注重的是理論上的創新和探求，所以對上市制度關注的是決定其核心理念的上市標準選擇，對交易制度關注的核心交易方式的選擇，而對于其它上市和交易程序的具體安排只是簡述觀點。 -
Multi - currency capital market : hong kong is developing into a multi - currency capital market and a major debt market
資本市場貨幣多元化：香港正發展為一個多元貨幣的資本市場及主要的債務市場。 -
The credit facility will enable the hkmc to obtain short term funds to bridge the gap between the purchase of mortgage loans and the issuance of debt securities, which may arise from time to time due to volatile conditions in the capital market, " a hkmc spokesman said
這項信貸融資讓按揭證券公司能夠獲得短期資金，以便在購買按揭貸款與發行債務證券籌資的時間未能配合時，提供購買按揭貸款所需資金這種情況可能會因為資本市場市況波動而出現。 -
Aiming at the " debt - to - equity transformation " which is a debts restructuring scheme advanced by government, in term of the requirements of modern enterprises regulations, this paper has researched deeply on asset securitization under asset management corporation which can resolve excessive debts of state - owned enterprises, on base of researching on the modes of debt restructuring in our country and overseas and researching on the practice of asset securitization. these research can make the capital market play effective function in collocating capital sufficiently, search new investors and the objects of debt restructuring through capital market. accordingly, these research avail to impel the pace of the swa reforming, promote the swa ' s development of production and operation continually, quickly and healthily
針對目前國家提出的國有企業「債轉股」債務重組方案，按照現代企業制度的要求，在對國內外債務重組模式和資產證券化運作實踐進行研究的基礎上，本文對解決我國國有企業過度負債的資產管理公司制下的資產證券化進行了深入的研究，充分發揮資本市場的有效配置作用，通過資本市場尋找新的投資者和重組者，從而有利於推動西南鋁改革步伐，促進其生產經營持續、快速、健康發展。 -
While at abroad, the main method is swap of debt to equity in china ' s asset management corporation ; in my article, i discuss the problem in the progress of sde. low financing efficiency and deficient in the financing channels are the prominent character of china ' s economic operation. so we must reform the capital market, through developing the stock market to expand the financing channels of the state owned enterprise
第四部分是針對如何優化資本結構問題進行探討，對國有企業傳統的產權制度改革進行了研究：對于如何解決企業的不良資產，借鑒國外的經驗，我們可以通過實施債轉股來進行，文中主要討論了債轉股實施過程中遇到的問題；國有企業資本結構不合理的主要原因是企業融資效率低、融資渠道單一，因此，我們還要改革資本市場，通過大力發展證券市場，發揮各種融資機構的重要作用，來有效拓寬融資渠道。 -
" the ratings have re - affirmed the credit - worthiness of the hkmc to potential investors, both in hong kong and overseas. this has substantially enhanced the flexibility of the corporation in diversifying its funding source and the investor base of its debt securities to cover the international capital market, " he added. expansion of mortgage insurance programme
他又表示：該等評級再次確認按揭證券公司信譽可靠，能吸引本港及海外的投資者，大大提高了按揭證券公司在融資方面的靈活性，能夠以多元化方式發展其債券發行計劃，以及擴展其債券的投資者基礎至包括國際資本市場。 -
Mr. yiu is the head of debt capital markets, north asia at standard chartered bank hong kong limited. his team s responsibilities include the origination and execution of fixed income new issues in north asia with a special focus on the hong kong dollar bond market
王憲章先生所率領的中國人壽於2002年領先國內同業、率先進入世界500強， 2003年在港美兩地成功上市，成為國內第一家港美兩地上市的金融企業，創造了h股歷史上最大的融資規模，是2003年世界最大ipo專案。 -
Mr. yiu is the head of debt capital markets, north asia at standard chartered bank ( hong kong ) limited. his team s responsibilities include the origination and execution of fixed income new issues in north asia with a special focus on the hong kong dollar bond market
王憲章先生所率領的中國人壽於2002年領先國內同業、率先進入世界500強， 2003年在港美兩地成功上市，成為國內第一家港美兩地上市的金融企業，創造了h股歷史上最大的融資規模，是2003年世界最大ipo專案。
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