公司债券

Option to purchase ordinary share or bond of a particular company, usually purchased by bondholder wanting to participate in profit growth of that company.

一种购买某公司的普通股或公司债券的选择权，通常是由想分享该公司利润增长的债券持有人所购买。

On April 27, 2001, Chinese Committee on the Securities Supervision published Act of listed Companies to issue convertible bond , which means the development of convertible bond market moves to a new stage.

2001年4月27日，中国证监会公布了《上市公司发行可转换公司债券实施办法》，标志着我国可转换公司债券市场的发展进入了一个新的阶段。

Vigorously develop the corporate bond market, and actively promote the development of the bond market to solve the bottleneck problem of large listed companies through the bond market financing, improve the IPO pricing system, set up exploration to meet the market demand for a variety of different distribution patterns.

大力发展公司债券市场，积极推动债券市场的发展来解决，通过债券市场融资的大型上市公司的瓶颈问题，改进新股发行定价制度，探索建立一套以满足不同市场的不同需求分布模式。

Three is to continue to actively and steadily push forward reform and innovation, vigorously develop the corporate bond market, and actively promote the development of the bond market to solve the bottleneck problem of large listed companies through the bond market financing, the issuance of securities to actively promote the reform of the system, perfect IPO pricing system, regulate the issuance of securities listing sponsors business, explore the establishment of investment demand to adapt to market a variety of different distribution patterns, and actively adapt to changes in the situation and the development of the market demand for greater innovation and scientific decision-making and enhance the reform coordination of development measures, through the deepening of reform innovation, market development to explore new ideas, new methods.

三是要继续积极稳妥地推进改革创新，大力发展公司债券市场，积极推动债券市场的发展来解决，通过债券市场融资的大型上市公司的瓶颈问题，证券发行，积极推进制度改革，完善IPO定价制度，规范证券发行上市保荐业务，探索建立投资需求，以适应市场的各种不同的分布格局，积极适应变化形势和更大的创新和科学决策的市场需求发展的决策，增强改革措施的协调发展，通过深化改革，创新，市场的发展探索新思路，新方法。

So the stock price can be calculated by using Black-Scholes model and European call option binominal tree pricing model,the price of which depends on the price and maturity period of the corporation s bonds.

指出公司股票是基于公司价值的看涨期权，因此可用Black-Scholes模型和欧式看涨期权二叉树定价公式对公司股价进行计算，其结果取决于公司债券到期时还本付息的金额以及债券的存续时间。

The public offering of corporationbond includes these steps: resolution about offering corporation bond by shareholdermeeting, making distribution contract and trust deed, applica tion, bulletining theprospectus, subscribing and handing in money, delivering bond.

发行债券作为公司融资的一种途径，相比较发行新股、与银行借贷，发行债券融资具有更高的效率。公司债券发行中，一方是强大的法人集团，另一方是分散的中小投资者。

Debentures, debenture stock, bonds or other securities may be made assignable free from any equities between the company and the person to whom the same may be issued.

公司债券、股票债券、债券或其他证券可转让股票不受该公司与人同日发行。

The Directors may exercised all the powers of the Company to borrow money and to mortgage or charge its undertaking,property and uncalled capital,or any part thereof,and subject to Section 80 of the Act,to issue and create mortgages,charges,memoranda of deposits,debentures,debenture stock and other securities whether outright or as security for any debts,liability or obligation of the Company or any third party.

第十七条董事会可行使本公司所有权力以借款和按揭或抵押其全部或任何部分担保物、财产和未收资金，根据《公司法》第80条规定，发行或制定按揭、抵押、存放契约、债券、公司债券和其他证券，直接销售发行或以本公司或任何替三方之债务、责任或义务为担保不论。

On the supply side, corporate bond issuance will be stable or lower, even as government debt surges (government bonds will account for 35 per cent of the widely tracked Barclays bond index by the end of next year, up from 25 per cent now).

在供应层面，即便政府债券发行激增，但公司债券的发行将保持稳定或减少（到明年底，受到广泛追踪的巴克莱债券指数中，政府债券的比重将从现在的25%提高到35%）。

We think that we are facing a distinct opportunity to develop debenture market, in that interest rate maketization reformation has already begun, and the gradual relaxation of funds price control will give a mechanical security to issuing and trading of government bond and debenture according to the market.

本文认为，目前我国公司债券市场发展面临难得的机遇，因为我国利率市场化改革已经起步，资金价格逐步放开将为政府债券和公司债券进行市场化发行与交易提供机制上的保证。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。