债务

And then the paper analyses the influence of the preference of share financing about the Chinese listed companies. The paper sets up the mode of the debt financing-internal cash flow sensitivity by analyzing Has financing constraints theories. And it selects the listed non-financial companies of Shanghai and Shenzhen stock markets to do the demonstration. Two conclusions can be reached from the empirical study:(1) There is a remarkable negative relativity existing between china's listed companies' debt financing and internal cash flow. As the increase of the internal cash flow, the company's debt will decrease. The sensitivity between the two inclines to strengthen with the lapse of time.

通过对融资约束的理论分析，本文建立了债务融资与内部现金流量敏感性分析模型，并以沪市和深市的非金融类上市公司作为样本进行线性回归分析，得出以下结论：(1)中国上市公司债务融资与内部现金流量之间存在着显著的负相关性，即随着内部现金流量的增加，企业的债务融资额将会减少，且随着时间的推移，二者的敏感性有增强的趋势。

We use the approximate distribution comes from probability generating function of CreditRisk+ to value the CDO under the single sector factor and multi-sector factors scenarios. For single sector factor model, we discuss the sensitive analysis of CDO fair spread by different default probability, default correlation and loss given default. For multi-sector factors model, we exam the CDO fair spread based on different sector correlation assumption, such as Gamma distribution in moment match method, multivariate Gamma distribution and compound Gamma distribution.

本文在信用风险加成模型之下，利用机率产生函数的近似分配评价抵押债务债券，并考虑单一部门因子与多个部门因子，单一部门因子中，在不同违约机率、违约相关系数和违约损失率下，探讨抵押债务债券公平价差之敏感度分析；多个部门因子中，在不同相关性部门因子分配假设下，如动差配适法的伽玛分配、多维伽玛分配、复合伽玛分配，探讨抵押债务债券公平价差之方法结果比较。

WACC is calculated by multiplying the cost of each capital component by its proportional weighting and then summing

其中：Re =股本成本Rd =债务成本E =公司股本的市场价值D =公司债务的市场价值V = E + DE/V =股本占融资总额的百分比D/V =债务占融资总额的百分比Tc =企业税率

In the end, I propose five policy recommendations to stay away from fiscal crisis and the improvement of fiscal sustainability. They are to regulate the behaviors of the government's administration and the income distribution, to establish the mechanism of keeping stable growth of government revenues, to establish sinking fund, to form the mechanism of coping with the government emergency, to set up fore-emergency system, to reinforce the management of foreign liabilities, and to reduce the probability of the occurrence of contingent liabilities crisis.

最后，提出了六点开放经济条件下促进我国财政风险防范及财政持续性的政策建议，它们分别为规范政府行政与收入分配行为，形成财政收入稳定增长机制；建立偿债基金，构建政府应急反映机制；设立预警系统，防范债务风险；加强外债管理，防范外债风险；降低或有债务风险转化为债务风险的程度；加强财政政策与货币政策的协调配合。

Based on the unrevised levels of nominal GDP, debt ratios in early 2002 stood at records for households (76% of GDP) and businesses (68%).

根据未经修正的名义GDP数据，2002年前期，债务比率再创新高，居民债务对GDP的比率高达76%，企业的债务比率也达68%。

But the shareholder′s undertaking of the limited liability to the obligation of company is just in regard to general meaning,actually,the responsibility of shareholder to the obligation of company is more complicative,being not only l...

但股东对公司债务承担有限责任只是就一般意义而言，实际上，股东对公司债务的责任要复杂得多，并非仅仅限于有限责任，在有些情况下，股东还需要对公司债务承担无限责任。

Article 29 The debts of an individual business or a leaseholding farm household shall be secured with the individual's property if the business is operated by an individual and with the family's property if the business is operated by a family.

个体工商户，农村承包经营户的债务个人经营的，以个人财产承担；户的债务，第二十九条个体工商户，农村承包经营户的债务，个人经营的，以个人财产承担；家庭经营的，以家庭财产承担。

A comparison is made the laws on debts transfer among the Civil Law Systems and the Common Law Systems. The author presents problems of debts transfer during the process of the SOEs' systematic reformation and reorganization through nomological and doctrinal analysis. Finally, the author provides legislative and judiciary suggestions and concrete measures to standardize the reorganization, protect the rights and interests of creditors, and prevent the state-owned assets from losing.

笔者对债务转移的概念、分类和生效要件进行了详细的阐述，对大陆法系和英美法系的有关债务转移的法律规制进行了比较研究，对我国国有企业重组改制中的债务转移问题，从法理上、学理上进行了分析，指出了国有企业重组改制存在的问题，为规范国有企业重组改制的行为，保护债权人的利益，防止国有资产流失，提出了立法上和司法上以及具体操作上的具体对策。

The results show that the investment policy of maximizing equity value would differ from the strategy of maximizing the firm's value, and the shareholders' incentive to underinvest/overinvest would fade up with the increase of the level of old/ new debt, and that the ratio of the new and the old debt should be a meaningful measure in identifying which of the inefficient investment behaviors will occur.

通过比较企业价值最大化和股东价值最大化两种目标下投资门槛值和企业价值的差异，研究结果表明：&投资不足&和&过度投资&分别会随着旧债务和新债务的增加表现得越为严重；而新旧债务比例可以作为两种非效率投资行为的一种辨别条件。

More leverage, whether through conventional debt or unbooked and indexed "pension debt", should be viewed with skepticism by shareholders.

对更多的债务杠杆，无论是传统的债务还是没有记录的与价格指数相关的养老金债务，股东都应该持怀疑态度。

Neither the killing of Mr Zarqawi nor any breakthrough on the political front will stop the insurgency and the fratricidal murders in their tracks.

在对危险的南部地区访问时，他斥责什叶派民兵领导人对中央集权的挑衅行为。

In fact,I've got him on the satellite mobile right now.

实际上 我们已接通卫星可视电话了