公司债券

Further, we use return on equity to measure corporate performance and the management expense ratio and the asset turnover ratio to measure agency costs.

我们构建了公司治理指数用来衡量公司治理结构，用自由现金流来衡量债券融资对经理过度消费等行为的约束，用主营业务利润率来衡量公司经营绩效，用管理费用率和资产周转率来衡量公司代理成本，结果显示公司债券融资对公司治理结构、自由现金流和公司绩效影响不显著，但与公司的代理成本为显著正相关，也就是说目前我国公司债券融资还不能发挥债权治理的功能。

In chapter 1 of this article, we introduced the fundamental state and historical evolvement of our debenture market, the problems of economic operation and development of our country brought by the debenture market underdevelopment.

由于各种原因我国公司债券市场长期以来发展滞后，不仅影响了我国企业的融资需求和市场竞争力的提高，也不符合国际债券市场的实践，更不适应我国目前金融体制改革的要求以及国际经济发展的需要，为此研究公司债券市场存在的问题，采取适当政策措施，大力推进公司债券市场的发展很有必要。

In this paper, the bond market listed companies, from government policies, credit rating, the phenomenon of internal control, lack of security bonds, bonds and other varieties of single-level analysis of the corporate bonds of listed companies failed to become the main form of direct financing of the reasons,And from government control, regulate credit rating, improve the ownership structure of listed companies, the implementation of strict enterprise security and bankruptcy system, the bond layer breeds innovation by the listed companies to strengthen the bond financing measures.

本文通过上市公司债券市场的问题，从政府政策、信用评级、内部人控制现象、债券安全性不足、债券品种单一等层面分析了企业债券未能成为上市公司直接融资的主要形式的原因，并分别从加强政府调控、规范信用评级、改进上市公司股权结构、实施严格的企业担保及破产制度、债券品种创新等层而提出加强上市公司债券融资的措施。

Data show that the first half of A-share listed company IPO financing amounted to 90.602 billion yuan, up 33 percent reduction; and the same period of corporate bonds and corporate debt issuance size and funding has increased the size of listed companies bond financing the first time, more than the stock market IPO financing lines have been issued during the 30 corporate bonds and 13 corporate bonds to raise funds a total of 92.95 billion yuan.

数据显示，A股上市公司上半年的IPO融资总额为906.02亿元，同比减少百分之三十三，以及公司债券同期发行公司债券的规模和资金，增加了上市公司融资债券的规模首次超过股市IPO融资线已在30和13个公司债券发行公司债券筹集资金的总额929.5亿元。

Modification of Simple Formula on Bonds Yield to Maturity;2. Application of Real Option in the Credit Management of Bonds;3. This paper analyses the investing value and speculating value of covertible bonds according to the features of their liability contracts and stock call option.

从可转换公司债券的债务合约特征和股票看涨期权特征出发，分析了其投资价值和投机价值，从而构造出可转换公司债券的投资收益曲线；阐述了可转换公司债券投资的最小值原理，对其投资收益的评估进行了讨论；分析了影响可转换公司债券的基本因素及其随这些因素而变化的基本规律。

Following the above market positioning, principles of developing the corporate bond market in China will be suggested in relation to market-oriented principles, rule of law, industrial regulations, adaptative innovations within China situations and International standards, market advancement and sustainability, coordination between economic policy and macro-economic development, etc.

按照上述总体设想和政策定位，本文通过对中国公司债券市场历史沿革、发展状况以及存在问题进行实证分析，提出了中国发展公司债券市场的基本原则：市场化原则、法治化原则、规范化原则、立足国情与国际惯例逐步接轨相结合原则、适应性创新原则、循序渐进与可持续发展原则、贯彻经济政策与宏观经济协调发展原则；分别构筑了建立和完善多层次的公司债券发行市场和流通市场的体系架构；为解决当前中国公司债券发行市场存在的8大问题，提出了10项具体对策措施；针对当前中国公司债券流通市场发展缓慢的现实，提出了建立和完善中国公司债券流通市场的具体模式和实施步骤。

G To guarantee support and/or secure either with or without consideration the payment of any debentures, debenture stock, bonds, mortgages, charges, obligations, interest, dividends, securities, monies or shares or the performance of contracts or engagements of any company or person and in particular (but without prejudice to the generality of the foregoing) of any company which is, for the time being the Company's holding company as defined by Sections 736 and 736 of the Companies Act 1985 as amended by the Companies Act 1989 or another subsidiary, as defined by the said section of the Company's holding company or otherwise associated with the Company in business

试译：旨在提供担保支持和/或在有或无对价的情况下，保证无担保债券、公司债券、有担保债券、抵押、押记、债务、利息、股息、证券、款项或股票的支付，或者保证任何公司或个人履行合同，尤其是保证（但不妨害上述规定的普遍性）以下公司履行合同：按1985年颁布、后经1989年《公司法》所修正的《公司法》第736节和第736节定义的暂时为公司的控股公司，或者是这些节所定义的公司控股公司的另一个子公司或与公司业务相关的其他公司。

At the same time, pro-active fiscal policy, regulatory bodies pushing development of the bond market's intentions quite clear, convertible bonds, medium-term notes, corporate bonds, such as New detachable emerging debt; 4 trillion economic stimulus package Added The fiscal deficit will continue to increase market supply of bonds, the bond market has undoubtedly provide more investment opportunities.

同时，积极的财政政策，推动了债券市场的意图非常明确的发展，可转换债券，中期票据，公司债券公司债券等新的可拆卸新兴债券，监管机构； 4万亿美元的经济刺激计划新增财政赤字将继续加大市场债券供应量，债券市场无疑提供了更多的投资机会。

But unique difference handling middle, enterprise bond and corporate bond in reality is lain in, enterprise bond government credit with being, enterprise bond distribution needs to examine and approve and issue the procedure examining and verifying two process forehead degree, corporate bond enterprise debenture bond with being's, the distribution is from Securities Regulatory Commission leading factor then, can adopt the pattern criticizing as reporting therefore.

在现实操作中，企业债券与公司债券的唯一区别在于，企业债券用的是政府信用，企业债券的发行需要经过额度审批和发行审核两道程序，而公司债券用的是企业信用，公司债券的发行则是由证监会主导，因此可以采取随报随批的模式。

Secondly, on the base of Jarrow's(1997) credit rating mitigation matrices estimating approach, this dissertation focuses on the macro economic's influntion and assumes credit rating mitigation is Non-homogeneous Markov Chain conditional on macro economic risk factors.

最后以Duffie和Singleton(1999)的基于违约强度的市值回收公司债券定价模型为基础，在信用评级迁移为条件Markov链的假设下，使用带跳跃的均值回复过程描述信用评级迁移事件，建立公司债券定价模型，进而利用带跳跃均值回复过程的良好性质解决风险中性期望问题，求得公司债券价格的显式解，得到每一信用评级公司债券的信用价差。

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。