公司债券

This problem arises from the decline in bond prices and the insurance accounting convention that allows companies to carry bonds at amortized cost, regardless of market value.

事情的起因在于债券价格下跌，而会计原则又允许保险业以摊销成本而非市价列示其帐面价值，结果导致许多业者以摊销成本记录的长期债券投资金额达到其净值的二、三倍之多，换言之，只要债券价格下跌超过三分之一，便很有可能把公司的净值全部吃光，这其中甚至包括好几家知名的大公司在内，当然债券价格也有可能会回升，使得其部份，甚至全部的净值得以回复，但也没有人敢保证债券价

For purposes of broadening the investment channels of the asset management business of fund management companies for specific clients, protecting the legitimate rights and interests of investors and promoting the healthy development of bond market, and according to the relevant provisions of the Measures for the Administration of Bond Transactions in the National Inter-Bank Bond Market promulgated by No.

为拓宽基金管理公司特定客户资产管理业务的投资渠道，保护投资者合法权益，推动债券市场健康发展，根据《全国银行间债券市场债券交易管理办法》（中国人民银行令〔2000〕第2号发布）等有关规定，现就基金管理公司为开展特定客户资产管理业务在全国银行间债券市场开立债券账户的有关事项公告如下

A convertible bond gives a bondholder the option of exchanging bonds on or before their maturity date for cash or for a specified number of shares of the company's common stock.

可调换债券给予债券所有人在债券到期日或之前把债券交换成现金、特别号码的股票或公司共同股票的权利。

Convertible bond possesses three basic properties of bond, options and convertibility. It has the function of optimizing capital structure, but this function is not made full use of by Chinese listed company issuing Convertible bond, which, in a sense, affects optimization of capital structure of listed company .

可转换债券具有债券，期权及可转换三个基本属性，从理论上讲，可转换债券具有优化资本结构的功能，但这一功能并未被我国发行可转换债券的上市公司充分利用，这在一定程度上，影响了上市公司资本结构的优化。

Our analysis framework relies on the reflected Backward Stochastic Differential equation approach.We characterize the value functions of the noncallable bonds in terms of the reflected Backward Stochastic Differential equation,Then the relationship between the value function of convertible bonds and reflected backward stochastic differential equations with single reflect is built at the same time,and provide the optimal conversion strategy for bondholders.2:We get the value of non-callable convertible bonds by numerical methods.

探讨了可转换债券的最优停时价值与带反射边界倒向随机微分方程解的关系，在市场完备，公司价值只包括股权和可转债这两种权益等各种假定下，给出不可赎回可转换债券的价值函数，证明了不可赎回可转换债券的最优停时问题的解是存在的，同时给出了其最优的转换策略。2：通过数值方法求解不可赎回可转换债券的价值。

However, it is worth reminding that the current need to pay attention to the risk of short-term if the first is the sharp rebound in the stock market may siphon off some of the funds to bond funds brought pressure stage; Second, some of the economic downturn decline in corporate profits could lead to corporate bond credit spread expansion of corporate bonds so as to bring about structural adjustment bond.

不过，值得一提的是，目前需要注意短期风险，如果第一个是在股市大幅反弹，可能会抽走部分资金，以债券型基金带来的压力阶段，其次，公司利润下降的经济衰退可能导致一些公司的债券信用企业债券的蔓延扩展，以实现结构调整的债券。

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）。

In our illustration, a company capable of earning only $100 million dollars annually - and therefore capable of paying only that much in interest magically creates "earnings" for bondholders of $150 million. As long as major investors willingly don their Peter Pan wings and repeatedly say "I believe," there is no limit to how much "income" can be created by the zero-coupon bond. Wall Street welcomed this invention with the enthusiasm less-enlightened folk might reserve for the wheel or the plow.

但是这种不合理的贪污舞弊，在现实社会中却被零息债券给比了下去，利用这些&零&一家公司可以大大方方靠着这纸签约，利用借款享受所带来的收入，但另外一方面却不知承担支付支出的痛苦，以我们先前提到的例子，一家每年可以赚 1 亿美元的公司，利用这种方法，在债券投资人的面前，却可以把膨胀到 1 亿 5，000 万美元，只要投资人愿意充当彼得潘，不断地说&我相信你&，只要你愿意零息债券所创造的收入是没有上限的。

When the name of the owner is registered with the issuing corporation, the bond is a registered bond. Payment of interest is made by semiannual checks mailed to the registered owners.

如果债券持有人在债券发行公司注册的话，这种债券就称为记名债券，公司将每年向持券人寄发支票支付利息。

May transform the debenture bond to take one kind of new derivation tool, its appearance is very advantageous in improves Our country Enterprise's capital structure and the melt finance risk, but an enterprise capital structure reasonable or not, has the profound significance to an enterprise's development.

可转换公司债券作为一种新型的衍生工具，它的出现十分有利于改善我国企业的资本结构和化解金融风险，而一个企业资本结构的合理与否，对一个企业的发展有着深刻的意义。

According to the clear water experiment, aeration performance of the new equipment is good with high total oxygen transfer coefficient and oxygen utilization ratio.

曝气设备的动力效率在叶轮转速为120rpm～150rpm时取得最大值，此时氧利用率和充氧能力也具有较高值。

The environmental stability of that world - including its crushing pressures and icy darkness - means that some of its most famous inhabitants have survived for eons as evolutionary throwbacks, their bodies undergoing little change.

稳定的海底环境─包括能把人压扁的压力和冰冷的黑暗─意谓海底某些最知名的栖居生物已以演化返祖的样态活了万世，形体几无变化。