公司债

This paper infer to the "Debt shifting share"s legal issues is the no-determine of conimercial company"s legal position, To the problem, the penne suggest: determine Debt shifting share"s legal position, stipulate "capital charge company special law"and legal banner, perfect and attach importance to the company"s charge rules so perfect legal averment and circulation As a policy "debt shifting share " there is no existing experience to learn from."

针对这些问题，笔者相应地提出了一些对策建议，即明确"债转股"三方的法律地位，制定"资产管理公司特别法"，建立法律约束机制，重视和完善公司治理结构等方面，从而完善法律环境，解决"债转股"的法律问题。作为政策性"债转股"，尚无现成经验可借鉴。商业银行"债转股"是盘活银行不良资产，促进国有企业转换机制的一项重大举措。

Company creditors, including convertible debt creditors and the creditors of the debt conversion, and both shareholders have different legal status to legal protection is not the same, generally, the creditors of the company in a vulnerable position, the company's shareholders to the rights and the rights of creditors of the company are not very good, so in reality, Company creditors often without protection phenomenon.

公司债权人包括可转换债债权人和不可转换债的债权人，两者与股东有着不同的法律地位，受到的法律保护也不相同，总体来说，公司债权人处于一种弱势的地位，股东享有公司的各项权利，而公司债权人的权利却不是很充分，因此在现实中，经常出现公司债权人的利益得不到保护的现象。

Where a swap enterprise inputs material assets to the new company, except that the assets unstamped before the swap shall be stamped upon establishment of the new company, the value added tax and other relevant taxes thereon shall be exempted.

债转股企业将实物资产投入到新公司时，除债转股前未贴花的在新公司成立时应贴花外，免征增值税和其他相关税费。原企业持有的各种生产经营证书转入新公司时，免交各种费用。

First o fall, by using the survey method I found that most companies in Taiwan chose issuing local CB as the source of finance because of cheaper capital cost. Some companies chose issuing ECB for reducing interest burden.

本研究首先透过问卷调查的方式，发现企业发行国内可转换公司债之主要动机为募资资金成本较低，选择发行ECB的主要动机则为降低利息负担。

Gg To accept payment for the business or undertaking of the Company or any part thereof, or for any property or rights sold or otherwise disposed of or dealt with by the Company, either in cash, by installments or otherwise, or in shares or bonds of any company, or corporation, with or without deferred or preferred rights in respect of dividends or repayment of capital or otherwise, or by means of a mortgage, or by debentures, debenture stock or mortgage debentures or bonds of any company or partly in one mode and partly in another and generally on such terms as the Company may determine

接受公司全部或部分业务或担保的所有开支以及公司出售或处理财产或权利的款项，可以通过现金、分期付款、其他公司或企业分股、债票（无论其在获得股息或偿还股本时是否有递延权或优先权）或其他方式支付，如：任何公司的债券、债券股或抵押债券及债票（可部分为此种方式，部分为另一种方式，但总体上，所有条件均由公司决定）。

any contract by a director to subscribe for or underwrite shares or debentures of the Company; or

禁止任何董事合同，股份和公司债卷的签署。

Because these options are kinds of early exercise, and some options whether trigged, must depend on the average price of the object stock, it is very difficult to evaluate convertible bonds.

由於这些选择权皆为可提前履约，而且某些条款是否被驱动，必须取决於标的股票的平均价格。在此一复杂的条件之下，评价可转换公司债可谓一项艰钜的金融工程。

The company became incorporated in 1880, with a solid capital of 10 million yen accumulated in Yasuda-ya period, and changed its name to Yasuda Bank. In Taishō period, the Japanese banking community were thrown into financial difficulties because of World War I and 1923 Great Kanto earthquake.

富士银行从事的业务主要有存款、贷款，有价证券投资，国内汇兑，国外汇兑，公司债的受托和登记；兼营业务主要有代理、保管、有价证券的贷款、债务保证等。

This paper infer to the "Debt shifting share"s legal issues is the no-determine of conimercial company"s legal position, To the problem, the penne suggest: determine Debt shifting share"s legal position, stipulate "capital charge company special law"and legal banner, perfect and attach importance to the company"s charge rules so perfect legal averment and circulation As a policy "debt shifting share " there is no existing experience to learn from."

针对这些问题，笔者相应地提出了一些对策建议，即明确&债转股&三方的法律地位，制定&资产管理公司特别法&，建立法律约束机制，重视和完善公司治理结构等方面，从而完善法律环境，解决&债转股&的法律问题。作为政策性&债转股&，尚无现成经验可借鉴。商业银行&债转股&是盘活银行不良资产，促进国有企业转换机制的一项重大举措。

Treasury bonds, unlike corporates or municipals, can't gain from an improving economy; if interest rates rise, Treasurys will get hammered.

美国国债不同于公司债或市政债券，无法从经济好转中获利；如果利率上调，国债将遭受打击。

This one mode pays close attention to network credence foundation of the businessman very much.

这一模式非常关注商人的网络信用基础。

Cell morphology of bacterial ghost of Pasteurella multocida was observed by scanning electron microscopy and inactivation ratio was estimated by CFU analysi.

扫描电镜观察多杀性巴氏杆菌细菌幽灵和菌落形成单位评价遗传灭活率。