The bonds will also be listed on the Shanghai stock exchange, rather than the interbank market& where the vast majority of Chinese bonds are traded. 另外,这些债券将在上海证交所挂牌交易,而不是在银行间市场。绝大多数中国债券都在银行间市场交易。
Some are iterative, such as the first Hong Kong listed exchange traded funds to invest directly in Chinese stocks, or expansion of offshore renminbi bonds issuance. 其中一些是之前提到过的,比如香港首只可直接投资于内地股市的交易所交易基金(ETF),扩大离岸人民币债券发行。
The regulations, first circulated in draft form two months ago, greatly reduce the formal requirements for listed Chinese companies to sell bonds for trade on the Shenzhen and Shanghai stock exchanges. 这项法规是管理新兴的公司债券领域的正式法规,在两个月前已开始以草案形式传播。正式法规大大降低了对中国上市公司发行在沪深交易所交易债券的正式要求。
Hopewell which is domiciled in the Cayman Islands and listed on the Hong Kong stock exchange is not just the first non-financial company to issue Renminbi bonds offshore; it is the first foreign entity to do so. 合和公路基建注册地为开曼群岛,在香港交易所上市,该公司不仅是首家在海外发行人民币债券的非金融公司;也是首家发行人民币债券的外国实体。
The securities listed in exchange include government bonds, corporation bonds, financial bonds and stocks publicly issued all over the country. 在交易所挂牌上市的有价证券包括在全国公开发行的政府债券、司债券、融债券和股票。
Listed Chinese companies are lining up in their hundreds to sell corporate bonds and pay off bank loans after the securities regulator issued formal rules governing the nascent sector. 在证券监管机构颁布《公司债券发行试点办法》之后,数百家中国上市公司将排起长队,发售公司债券,以清偿银行贷款。
Analysis of Effect on Stock Price of the Listed Company: when the Issuance of Corporate Bonds Announced 上市公司发行公司债券对股价影响的研究
Registration, transaction reporting and other issues of corporate bonds listed in this bourse before the bonds transactions rules are revised shall be handled pursuant to the original provisions. 《债券交易细则》修订前已在本所上市的企业债券的登记及交易申报等事项,仍按原有规定执行。
The financial practice of the listed companies which always prefer stock issue to loans and bonds contradicts with the "pecking order theory". 并且将财务理论中关于成本、风险和收益的权衡理论引入对资本结构选择和公司治理结构选择的分析中来。
Besides which, this paper explores innovation application of convertible bonds in capital market such as optimizing listed corporate governances and put forward the operation mode system of China convertible bonds market. 除此之外,还对可转换债券优化我国上市公司治理结构等创新应用进行探索,并提出我国可转换债券市场运作模式的体系。
With the issue of "enforcement means of what listed corporate issues convertible corporate bonds" and three matched and related files, convertible bonds have been the third important financing means after IPO and match stock's financing manners. 随着《上市公司发行可转换公司债券实施办法》和3个配套相关文件的颁布,可转换债券将成为我国上市公司继IPO和配股融资后的第三种重要融资方式。
If the listed companies would like issue company's bonds, from the view of company's financing, how is company's bonds financing applied to the listed company? 当上市公司愿意发行公司债,站在公司理财的角度,公司债如何运用于上市公司呢?
Since China allowed listed companies in the stock markets of Shanghai and Shenzhen to issue convertible bonds financing since the 1990s of last century, the development of the convertible bonds has been very slow. 中国自上世纪90年代允许深、沪市上市公司发行可转换债券融资以来,可转换债券的发展一直比较缓慢。
How listed corporations can maximize their market values through corporation bonds 上市企业如何利用企业债券实现其市值最大化
After equity financing heat in 2001, the state policies suppressed the seasoned equity offerings and investor sternly condemned the listed companies to circle money, so that the convertible bonds welcomed its development spring. 2001年增发热后,在国家政策对增发、配股两种融资方式采取政策抑制及投资者对上市公司利用增发、配股圈钱严厉声讨的同时,可转换债券迎来了其发展的春天。
Value Analysis of Listed Company Convertible Bonds 上市公司可转换债券价值分析
Using the methods above, this paper analyzes the current situation of the convertible bonds market in China through the pricing of 19 listed convertible bonds. 本文以示例说明了上述方法,同时依据该定价方法对我国上市交易的19只可转债进行了实证研究。
Ltd is the first listed company that may publish convertible bonds since the ratification system was performed in securities markets in China. 江苏阳光股份有限公司是我国证券市场实施核准制以来的第一家发行可转换公司债券的上市公司。
Where as how to make the rational financing decisions, is a problem which should be resolved in order to maximize the listed corporations 'market values by issuing corporation bonds. 然而如何进行理性的筹资决策,则是上市企业利用企业债券市场实现其市值最大化所必须解决的问题。
The results show that the listed companies prefer endogenous financing, and in the external financing the listed companies are more preferred equity financing, followed by the issuance of bonds, again for short-term borrowing, the last for the long-term borrowing. 结果表明,上市公司偏好内源融资,在外源融资中更偏好股权融资,其次为发行债券,再次为短期借款,最后为长期借款。
Convertible bonds market is not mature in China, and it is often occurred that listed companies blindly issue convertible bonds. 然而,我国可转换债券市场发展还不成熟,上市公司可转债融资行为具有一定的盲目性。
And the companies which issue convertible bonds mainly focus on manufacturing sector, so the listed manufacturing companies which issue convertible bonds are representative. 我国发行可转换债券的上市公司主要集中于制造业,因此制造业发行可转债具有代表性。
However, listed companies still face the choice among add-issuance, rights issue and convertible bonds in the developing countries, particularly in China. 然而在美国以外的其他发展中国家,尤其是中国,上市公司依然面临在配股、增发和可转换债券间进行选择。
SEO ( Second Offering) refers to a listed company through share placements, and the issuance of convertible bonds issued in the stock market and other ways of direct financing. 再融资是指上市公司通过配股、增发和发行可转换债券等方式在证券市场上进行的直接融资。
Refinancing of listed company consists of share allotment, seasoned equity offering and convertible bonds. 上市公司的再融资包括配股、增发与可转换债券三种方式。
In China, with the gradual improvement of capital markets, the listed companies have diverse ways of financing. And convertible bonds financing has gradually become an important component of corporate finance. 在我国,随着资本市场的逐渐完善和发展,上市公司采取的融资方式也不断多样化,可转换债券融资逐步成为企业融资的重要组成部分。
In the case of capital constraints, domestic listed banks to meet regulatory capital adequacy ratio by issuing shares, convertible bonds, preferred shares, or issue subordinated debt, etc. to enhance the capital. 在资本约束的情况下,国内外上市银行为满足资本充足率这一监管指标,纷纷通过在资本市场增发股票,发行可转债、优先股,或者发行次级债等方式提升资本。
At the same time, because the urban infrastructure investment company can not achieve the conditions for being listed in the capital market, corporate bonds will take a very important position in the long run. 同时,由于城市基础设施建设公司中可以达到上市融资条件的比例小,企业债券将在很长一段时间内占据重要地位。
The refinancing of listed companies or seasoned equity offerings are comprised of rights offering, additional share issuing, convertible bonds and equity warrant bond which was introduced in 2006. 上市公司再融资,即股权再融资,在我国的表现形式主要包括配股、增发、可转债以及2006年推出的可分离转债四种形式。
Because issuing shares and bonds in our capital markets is under strict control, the public listed companies hardly issue shares and bonds, and that the cost is much. 由于我们的资本市场对发行股票和债券的管制严格,使得上市公司通过增发或发行债券融资都不容易,且成本较高。