发行成本

Models in the paper indicate that firms can make use of bond covenants such as the call provision, the put provision, the sinking fund provision and convertibility to increase the term to maturity of a bond issue and at the same time reduce the aggregate of the agency costs and transaction costs associated with it.

模型证明，发行企业债券时运用提前赎回条款、卖回条款、偿债基金条款和转换权等债券契约条款可以同时达到降低发债总成本和延长企业债券融资期限的目的。

At present, the enterprise can be financed through bank loans, there are alternative channels of distribution trust schemes, the territory of a company is listed, issue corporate bonds, pawn, REITs, overseas listing, but these financing channels are also not very satisfactory, higher financing costs, more restrictions.

目前，企业可通过银行贷款融资，有选择分销渠道信托计划，境内上市公司，发行公司债券，典当，房地产投资信托基金，海外上市，但这些融资渠道也不是很满意，高融资成本，更多的限制。

China"s stock markets had made a great progress after 14 years" development, their functions of financing, resource disposal, liquidity providing and company management bettering had got well exerted. This means the function efficiency had been improved.2.As for the market structure, operating method and regulations conditions, the participants" structure and quality had been increased fast, the transaction cost had been greatly reduced, and issuing and liquating method had become more fair and effective, the relative laws and regulations had been better and better, the operation efficiency had been improved.3.Compared with other stock markets, China"s stock markets" indexes had performed a good random walk property, which means that the pricing efficiency had been improved.4.Compared with other advanced markets in the world, by and large, on the basis of China"s rapid improvement on economy recently, China"s stock markets" efficiency was relatively low.

根据分析研究，本文的主要结论和观点如下： 1、中国股市14年来的发展取得了重大进步，其融资、资源配置、提供流动性以及改善公司治理等功能都得到了良好的发挥，功能效率程度得到提高； 2、从股市结构、运作机制和体制环境来看，股市主体的结构和质量有了快速提高，交易成本大大降低，发行和流通方式更加公平、有效，各项法律法规也不断得到完善，其运作效率程度得到提高； 3、与世界主要股票市场相比，中国股市指数的随机游走特性逐渐良好，说明14年来，中国股市定价效率得到了快速提高； 4、中国股市与世界先进市场相比，综合来看，考虑到中国股市的发展背景和近几年国民经济的快速发展，其效率还是较低的。

However, this oversimplifies the comparison, since in most cases the mortgage banks are government related agencies, which allows them to issue debt based in part on the government's credit rating, while also raising the cost of borrowing for the country's Treasury.

不过，这种简单化的比较，因为在大多数情况下，抵押贷款银行是由政府相关机构，这使得他们可以发行债券部分是基于对政府的信贷评级，同时也提高借贷成本，为国家的国库。

Bank of China International Institute of the newspaper did not come from any company or management information, on the basis that in December this year, the company issued debentures will enter a detachable power lines, will greatly increase the cost of integration.

在中国国际研究所报纸银行没有来自任何公司或管理信息，理由是在今年12月，该公司发行债券将进入一个可拆卸的电源线，将大大增加整合的成本。

The data operation on POS is to transfer data and save into data base or data files, while the member card re-emission system is used to recycle run out member card and reduce cost.

POS机上的数据操作主要是将POS机上的数据转存到数据库或数据文件中，而会员卡再发行系统则可以通过将失效会员卡循环利用，从而保证成本控制。

It also is relatively expensive for corporate borrowers to tap the bond markets, a situation that worsened over the summer.

公司发行债券的成本也相对较高，并且在今夏又进一步恶化。

Ireland's offerings this year had coupons of just over 4%, a high charge for such short-dated debt.

今年爱尔兰发行的国债票息是4%多一点，对于这样短期的债务来说成本很高。

This fluency comes at a cost, so you need to budget for this base level of accuracy and marketing effectiveness at your website, and in supporting material like marketing broadsheets, product catalogues online and offline, technical manuals and in any operational procedures that you publish.

这种效果是有成本的，因此你必须为公司的网站上的、支持资料例如在线的营销广告、在线的产品目录、印刷的营销广告和产品目录册、技术手册中的和任何贵公司发行的操作步骤中基本的准确水平和营销效力作出预算。

Then we examine whether the higher SEO proceeds can recover the cost of an underpriced IPO.

然后，我们又对后续发行的高收益能否弥补抑价的成本进行检验。

They weren't aggressive, but I yelled and threw a rock in their direction to get them off the trail and away from me, just in case.

他们没有侵略性，但我大喊，并在他们的方向扔石头让他们过的线索，远离我，以防万一。

In slot 2 in your bag put wrapping paper, quantity does not matter in this case.

在你的书包里槽2把包装纸、数量无关紧要。