可发行的

Second, different to the previous hypothesis based on the theory of principal-agent and information asymmetry, this dissertation explains the issuing motivation of convertible bond from the angle of benefits conflict between the current shareholders and non-current shareholders in China.

与国外已有的从委托代理理论和信息不对称理论对可转债发行动机做出的理论解释不同，论文从非流通股控股股东获取显性净资产增值收益的角度提出了可转债发行动机的新解释，丰富了已有的关于可转债契约融资动机的理论研究。

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。

Once any such stock certificate is issued and during the period that the Plan holds the Restricted Shares, Officer shall be entitled to all rights associated with the ownership of shares of Common Stock not so held, except as follows: if additional shares of Common Stock become issuable to Officer with respect to Restricted Shares due to an event described in Section 6 below, any stock certificate representing such shares shall be issued in the name of the Plan and delivered to the Committee or its representative and those shares of Common Stock shall be treated as additional Restricted Shares and shall be subject to forfeiture to the same extent as the shares of Restricted Shares to which they relate; if cash dividends are paid on any shares of Common Stock subject to the terms of this Agreement, those dividends shall be reinvested in shares of Common Stock and any stock certificate representing such shares shall be issued in the name of the Plan and delivered to the Committee or its representative and those shares of Common Stock shall be treated as additional Restricted Shares and shall be subject to forfeiture to the same extent as any other Restricted Shares; and Officer shall have no rights inconsistent with the terms of this Agreement, such as the restrictions on transfer described in Section 4 below.

一旦任何此类股票证书已颁发，在计划持有受限股的期间，管理人员有权享有与持有相应普通股股份有关的一切权利，但以下情况除外：如果由于以下第6条中所述的事件，导致可向管理人员发行额外的普通股股份，则任何代表该等额外股份的股票证书应以计划的名义发行并交付给委员会或其代表，且该等普通股股份应被视作额外的受限股，并和与其相关的受限股遵守同样的没收规定；如果对服从于本协议之条款的任何普通股股份支付现金股息，该等股息应重新投资到普通股股份中，任何代表该等股份的股票证书应以计划的名义发行并交付给委员会或其代表；以及管理人员不得拥有任何与本协议之条款（比如下述第4条中所述的转让限制）不一致的权利。

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。

This text puts forward and treats the view that"middleman"can implement the dule track systems, and the state finance can increase the fund expenditure of the social security budge to dissolving the huge cost; adjust upwards legal retirement age ;extend personal account pension pay service life; strengthen the investment management and administration for the endowment insured fund; reduce the state- run capital; issue the national debt; issue lottery tickets; expand the coverage rate of social security.

本文提出对待&中人&可实行双轨制的观点。对化解巨额成本，提出了国家财政增加社会保障预算资金支出、提高法定退休年龄、适当延长个人帐户养老金给付年限、加强养老保险基金投资经营管理；减持国有资本、发行国债、发行彩票、扩大社会保障覆盖面等。

"To issue exchangeable bonds to pay interest to bond investors, if the exchangeable debt reduction to achieve the purpose, duration bonds in the need for bond sustained maintenance of the normal operation of the transaction, to issue convertible bonds Need to carry out related procedures, there is a process of examination and approval, and to pay the cost of intermediaries, to reduce costs significantly higher than in the direct reduction of the secondary market."

&发行可转换债券支付利息的债券投资者，如果交换债务减少，以达到目的，在债券期限债券的需求持续交易的正常运行维护，发行可转换债券需要开展相关的程序，有一个审批程序，并支付了中介费用，降低成本大大低于在二级市场直接还原更高。&

Olympic Games, Jian Guanceng shown so far this year the city put out a few of the positive state of mind: to issue exchangeable bonds to ease pressure on non-small, slow pace of issuing new shares, Margin out the draft operations …… One week after another appearance.

奥运会，表现出监管层今年到目前为止，救市是积极的心态数：发行可转换债券，以纾缓压力的非小，发行新股，保证金进行缓慢草案业务……一个星期后，又出现。

Treasury stock may be defined as shares of a corporation's own capital stock that have been issued and later reacquired by the issuing company but that have not been canceled or permanently retired.

库藏股票，可界定为股份公司本身的资本股已发行而且后来重新由发行公司赎回，但并没有被取消或永久退休。

This thesis hopes the research can offer reference to the issuers while setting conversion premium in order to design the good convertible debt. Enable the convertible debt to give play to its financing function effectively. The investors can also determine whether to buy the convertible debt or not according to the deterministic factors of conversion premium.

本文希望针对此研究结果能提供发行公司在设定转换溢价时之参考，以设计良好的可转换公司债，使可转换公司债能有效发挥其融资功能，对於投资人而言，亦可依据转换溢价影响因素决定是否购买可转换债券。

In other words, the stock is offered with a low price, called as underpricing.

本文就是在这些基础之上，结合我国股票市场可流通比例小、限制发行市盈率和投机性投资居多等情况，对我国首次公开发行定价问题做深入的分析和检验。

However, as the name（read－only memory）implies, CD disks cannot be written onorchanged in any way.

然而，正如其名字所指出的那样，CD盘不能写，也不能用任何方式改变其内容。

Galvanizes steel pallet is mainly export which suits standard packing of European Union, the North America. galvanizes steel pallet is suitable to heavy rack. Pallet surface can design plate type, corrugated and the gap form, satisfies the different requirements.

镀锌钢托盘多用于出口，替代木托盘，免薰蒸，符合欧盟、北美各国对出口货物包装材料的法令要求；喷涂钢托盘适用于重载上货架之用，托盘表面根据需要制作成平板状、波纹状及间隔形式，满足不同的使用要求。