A. 哪个好心人能帮忙找一篇英文论文关于“可转换债券”方面的。如果随有翻译成中文的就更加谢谢了了
Convertible bonds depends primarily on the performance of the investment and financing of the operating conditions of the issuing company. Of financiers, the convertible bonds can lead to low-cost financing, equity dilution is relatively weak, to improve the capital structure, flexibility and strong performance; For investors, convertible bonds provide both the safety of the outstanding principal and give access to potential stock earnings growth opportunities. Convertible bonds for the use of effective investment and financing activity, we need to scientifically measured convertible bond performance of the investment and financing, investment and financing in order to avoid errors in decision-making.
First, the performance of convertible bond financing analysis
The issuance of convertible bonds by the financing of the performance of earnings per share to reflect. At the operational effectiveness of certain circumstances, the higher the earnings per share, stock value, the more a more shareholder wealth, the better the performance of financing. Analysis in order to facilitate understanding, the following examples.
Example: the original capital of the company FeiDa 9 000 million, 0.3 yuan per share, the original debt capital of 5 000 million, the annual interest rate of 3%, 33% income tax rate. Refinancing is to be 10 1 0 million yuan investment in new projects, the company decided to issue a face value of 1 000 million, interest rate 1.5% (simple interest), 5-year convertible bonds 100,000, Convertible price of 10 Yuan / shares, the conversion period of six month bonds to the maturity of the bonds after the day ended, and an agreement: If the closing price of shares FeiDa 30 consecutive trading days below the 70% Convertible Price, creditors have the right to hold all or part of convertible bonds to 105% of face value (including the current interest) price to sell the company FeiDa; FeiDa shares if the closing price for 30 trading days the price is higher than 130 percent Convertible, FeiDa companies have the right to 105% of face value (including the current interest) will be the price of the Convertible Bonds have not yet bought back. In addition, if the company is issuing shares FeiDa financing, according to the current stock market price of 8 / 1 125 million shares issued; if the general issue of bond financing, to issue a face value of 1 000 million, the interest rate 3% (simple interest), 5 years 100,000 bonds.
FeiDa company in the investment project under the premise of change, set up new projects of interest to achieve an annual pre-tax profit for the EBIT, the various modes of financing under the earnings per share (EPS) were calculated as follows:
Convertible bonds can be converted before: EPS1 = [(EBIT-10 000 × 1.5%) (1-33%) ÷ 9 000] +0.3;
After Convertible Convertible Bonds: EPS2 = [EBIT (1-33%) +0.3 × 9 000] ÷ (1 000 +9 000) (Note: The number of Convertible = 10 000 ÷ 10 = 1 000 million);
Issue of ordinary shares: EPS3 = [EBIT (1-33%) +0.3 × 9 000] ÷ (1 125 +9 000);
General bond issue: EPS4 = [(EBIT-10 000 × 3%) (1-33%) ÷ 9 000] +0.3.
It is clear that investment in new projects no matter how effective are EPS1> EPS4, EPS2> EPS3, that is, if the failure Convertible convertible bonds and convertible bond financing is always better than the performance of bond financing; Convertible convertible bonds, if successful, Convertible bond financing is always superior to the performance of common stock financing.
Order EPS1 = EPS3, the mode of financing can be obtained in two of the non-points: EBIT1 =
-2 680 (million).
Order EPS2 = EPS4, the mode of financing can be obtained in two of the non-points: EBIT2 =- 1 030 (million).
(1) When the return on investment in new projects is very poor, that is, at EBIT <-2 680 million cases, because of new projects FeiDa cause of the decline in the overall effectiveness of the company, stock prices down not up, Convertible bound to fail, then there is EPS3> EPS1> EPS4, convertible bond financing at this time is better than the performance of bond financing in general worse than the common stock financing.
(2) when the new investment projects in poor, that is, although EBIT at more than -2 680 million, but still not enough to promote the exercise of creditors to the case of equity, then there is EPS1> EPS3, EPS1> EPS4, at this time Convertible bond financing is better than the performance of common stock financing and bond financing in general, is the best option.
(3) When the new project a very good investment returns, that is, companies in the Mainland share prices have risen, and the exercise of incentive to creditors to the case of equity, EBIT necessarily much higher than -1 030 million, while there is EPS4> EPS2> EPS3 at this time could be better than the performance of convertible debt financing to facilitate the financing of ordinary shares in the general bond financing bad.
The above analysis results show that the interests of the shareholders, in most cases, the use of convertible bond financing are favorable, the main reasons are:
1. Low-cost financing. Convertible bond interest rates below the general rate bonds and tax credits have the effect. If the Convertible failure, which is equivalent to the company issued bonds with lower interest rates. Of course, the convertible bond financing, low-cost advantage will graally disappear as the Convertible, but compared with the direct offering financing, or saving some of the costs of pre-Convertible.
2. Diluted share capital of the relatively weak role. Diluted share capital of the new shareholders equity refers to the old shareholders equity dilution resulting from the specific performance of the non-operating earnings per share decline, stock prices fell. Although graally Convertible convertible bonds, the equity dilution effect will graally, but the dilution effect has lagged behind, offering direct financing to avoid the rapid expansion of equity shares arising problem down. In addition, higher prices because of Convertible financing a lot of issued shares, the total amount of financing certain circumstances, the Convertible is less than the number of shares the number of direct, to some extent, reced equity dilution effect.
3. To improve the capital structure. The use of bond financing, is bound to improve the company balance sheet, increased financial risk. General Notes to this effect until the maturity of the bonds to repay, and convertible bonds of this effect in most cases are temporary, with the exercise-to-equity swap, the original principal amount of the debt into a permanent capital inputs at the same time rece the liabilities increased by the interests of capital, financial risks decline, the company's capital structure improved.
4. Flexibility. The adoption of common stock and common bond financing, in the scale of financing, financing companies on the issue of time and financial requirements, such as on the law have more stringent controls, such as the previous fund-raising time of less than a year, continue to use these financing methods will be limited. At this point the use of convertible bond financing to avoid the law. In addition, the form of convertible bonds a variety of distribution companies in accordance with the needs of investors and companies choose their own different way of convertible bond financing.
Two, convertible bond investment performance analysis
Convertible bonds of investment performance can be reflected through the investment income. Investment units in the operational effectiveness of the circumstances must, at the same time to obtain higher return on investment, better investment performance. FeiDa is to invest in the above analysis shows the company as an example. To simplify the analysis process, ignores the impact of personal income tax, and assuming that investors in the Convertible Notes after the expiration of the period to the transfer of ownership does not.
1. When issued in good company when the share prices will rise even more than the price Convertible, Convertible are favorable at this time, investors will transfer some or all of the exercise of options. Must be noted that the investors receive shares of Convertible is not the same as premium income when the stock market in the Convertible Convertible prices and bad, because after the Convertible bring the equity share capital increase will lead to dilution effects of stock price declines, thereby share premium will offset some of the proceeds.
Example bid on, set the price for the Convertible at P0, all Convertible Notes may convert the price after the P1, based on the principle of no-arbitrage equilibrium, there is: P1 = (9 000P0 +1 000 × 10) ÷ (9 000 +1 000) = 1 +0.9 P0.
The assumption that investors in convertible bonds before maturity Convertible, then:
A 5-year convertible bonds amounted to earnings: R1 = 1 000 × 1.5% × 5 + (1 +0.9 P0-10) × (1 000 ÷ 10); a general 5-year revenue bond amount: R2 = 1 000 × 3% × 5 = 150 (million).
So that R1 = R2, can be obtained for receipts of non-point: P0 = 10.83 (RMB / share). It is clear that only in the stock market value of more than 10.83 yuan / exercise-to-equity shares, convertible bonds before the investment performance is superior to the general bond investments. If bond investors select a certain time before the expiration of the Convertible, analysis of its investment performance, the need to consider the dividend increase and loss of revenue bonds the difference between the interest income. Therefore, this case of convertible bonds are usually poor investment performance of investment in common stock.
2. When the issue of poor business, the company's share price changes can be difficult to break through the conversion of the Convertible Bond Price, Convertible usually ended in failure, but basically the principal and interest of bonds or guaranteed. If there fell back to the agreed conditions of sale, investors usually buy back the right to exercise.
Example for on, at the first n-based investors to sell in the exercise of the right, then:
N 1 convertible bonds amounted to years of income: R3 = 1 000 × [5% +1.5% × (n-1)]; a general revenue bond amount n years: R4 = 1 000 × 3% × n.
So that R3 = R4, non-point gains obtained: n = 2.33 (year). In other words, if the conditions to the sale of time shorter than 233 years, the convertible bond investment performance is superior to the general bond investment; if the conditions to the sale of time longer than 2.33 years, or even has not been the emergence of the exercise should not Back to the sale of rights, convertible bonds may be poor investment performance bonds in general. Therefore, this case of convertible bond investment performance is usually better than the common stock investment.
3. When the deterioration of operating conditions of the issuing company, which e to insolvency and bankruptcy, the company's shareholder value is zero, to lose everything invested. At this point, the principal amount of convertible bonds and bonds in general, can only get partial reimbursement, and other living in order to repay the secured creditor's rights after the mortgage, bankruptcy pre-interest income is also lower than the general bond. Therefore, this case of convertible bond investment performance is superior to common stock investments in bad bond investments in general.
This shows that investors select the following principles should be based on convertible bonds: ① issued the company's operating performance despite a certain degree of volatility, but more optimistic about the prospects. Such as the issuance of the company's operating performance has been increasing steadily, should be directly invested in stocks; such as the operation of the issuing company are pessimistic about the prospects, should invest in bonds in general. ② convertible bond interest rates and bond interest rates in general should not differ too much, otherwise, too much loss of interest income to pay the high cost of the options. ③ with the terms of a premium to the sale, when the company's share price fell a serious issue, they can rece the loss of investors. ④ the issuing company a higher credit rating, at least "Baa" level and above, because the safety of convertible bonds is lower than the level of protection secured mortgage debt.
B. 跪求此几段的英文翻译啊！希望有国际会计专业人士来解答，因为有专业词汇啊~
Thank you for reading my resume, I am currently studying, and will graate in 2012. I hope to be able to assume a position at your company after graation. I spend my spare time reading ACCA and Chinese CPA courses, my ACCA has currently passed level 5, and my grade for the 2011 CPA first examination is pending. I believe the combination of your trust and my ability will bring us a joint success! I hope to to be able to contribute to your company!
I am mainly responsible for collective sorting of original and accounting documents. I am familiar with the accounting roles in foreign companies; i have a preliminary understanding of the EPR system, and through sorting documents, I have learnt to analyse and think about jobs according to its purpose.
I was involved in daily accounting, and have experienced an annual audit, as well as a monthly summary of work.
In university, I was the minister of the propaganda propaganda committee of my department and the propaganda officer of my department. I was involved in the learning department of the
student committee, the accountancy discussion group, and JA Volunteers Association's many activities. I was in charge of publicity affairs, and was responsible for publishing the "League in News" weekly student newspaper, as well as collecting primary manuscripts, and concting a track record of media activities. Having also supported a series of events such as "Integral News stand" and "Accounting Culture Week". As a member of the league, I was involved in the organisation of the mass demonstrations on the 60th anniversary of national day, was a former squadron leader, and achieved a second class award in the rehearsal training of cars.
2010/09 -- 2011/09："Chinese enterprise group internal strategic positioning audit" research and innovation projects.
Responsibilities description: Project manager
Project description: In my third year, as project manager, i concted the research and innovation project named " Chinese enterprise group internal strategic positioning audit". The project is still in progress, and has made some research achievements, the outlook is prosperous.
Accounting manual internship 2 | In the holidays, I participated in the school accounting manual internship, and practised the accounting process of average sales firms, and was in a simulation being the sales manager of the sales department, mainly responsible for the taxation of various sales methods, and dealing with costs.
The ACCA is a certificate of qualification from the British Royal Institute of Chartered Accountants. I have studies in various learning institutions, such as: East Asia International, In Bo Cheng Tong, rich knowledge of the joint etc, and then to self-study. I have applied for the examination several times,, and have now passed my ACCA level 5. The ACCA studies have deepened my understanding of international accounting, and my ability to adapt to English accounting work.
C. 税务表里的英文翻译，谁知道
initial allowance 创办减免，或称第一年度税收减免
太多了，建议你去买本《立信英汉财会大词典》。自己查吧。
D. 券商发行的收益凭证用英文如何翻译谢谢
Income securities issued certificate
E. 按月等额本息还款法用英语怎么说
equal installment payment
F. 急急急！求此段文字的英文翻译！涉及会计专业术语！求帮忙！悬赏20
Overall budget management is to supervise the proction management and control of proction process and scientific management methods, therefore, ensure the budget adjusts the seriousness and authority is crucial. Overall budget management is built on the right, responsibility, benefit each other based on a combination of the various units within the budget management system, is the enterprise the core of the internal control system. However, e to the traditional budget management system shortcomings, such as: overall budget does not have the strategic orientation of enterprise's overall strategy, budget and the disconnection problem, greatly recing the total budget authority and effectiveness. In addition, our country enterprise comprehensive budget management still exist: understanding does not reach the designated position, no budget as the enterprise management and management decision support system; the lack of security, control and evaluation mechanism is not perfect; differential validity, budgetary slack problem.With the increasingly fierce market competition, the enterprise has a set of more perfect, and the case for their own strategic budget management system will become more important. This paper takes Shandong Airlines Company Limited as an example, analyzes its previous comprehensive budget management and the problems in the analysis of specific optimization scheme.
G. 关于金融词汇英文翻译的问题
我的理解是，政府在外汇市场过度波动时用于平稳汇率的基金，
比如本币在外汇市场币值下降过大，政府可以动用此基金回笼本币（抛外币，购本币），稳定本币币值。如果是上升过大，则反之。
H. 问一个财经类的翻译问题，纳税年度 用英文怎么翻译
纳税年度.
英文翻译：
The tax year.
例如：
Your tax year is from the 1st of April this year to the end of March next year.
I. 请英语高手帮我翻译两个费用的英文说法
压车费 detention charge 停车费 parking charge/fee
J. 急求国家外汇管理局有关文件的英文翻译，十万火急，请有心人帮帮忙啊~~
你是要中文翻译成英文是么?
不管是哪一种, 文件多长? 直接发信息给我交流吧.