250分 求强淫相助 翻译一段文章

Question

摘 要
在企业的财务活动过程中，融资活动与企业的发展关系最为密切，它不但对企业的发展起着不可替代的推动作用，也在一定程度上制约着企业的发展。就融资方式而言，企业的融资主要包括内源融资和外源融资两种，其中内源融资指的是企业用自有资金和生产经营过程中的资金积累部分转增资本的过程；外源融资则指企业通过外部资金来源补充资本。在一般情况下，我们又把外源融资分为直接融资和间接融资两个部分。西方财务理论认为，因为存在代理成本和破产风险，因此企业在需要进行融资的情况下，应该首先选择自身盈利所转化的积累完成融资，即内源融资；其次选择以贷款为主要方式的间接融资，即债务融资；最后才会选择发行股票这种融资方式。同时发达国家的企业融资的实际情况也是优先考虑自有资本融资，其次是债务融资，最后才是股权融资，而我国上市公司的融资顺序正好相反，呈现出明显的逆向选择性，即表现为对股权融资的极端偏好和对债务融资的厌恶。为什么上市公司会出现这种“恶债好股”的融资趋势？这种趋势将给企业带来什么影响？又该如何应对这种局面？本文对这些问题一一进行了解答。首先本文对我国上市公司股权融资偏好的现状及影响进行了阐述，并总结得出上市公司股权融资偏好的原因。因为股权融资成本低、风险小，上市公司的股权结构仍没有得到有效调整，加上一些外部因素的影响等诸多因素导致了“恶债好股”的现象的出现。同时本文亦在公司治理、制度创新、发展与完善证券市场、建立多元化融资渠道等方面提出了有针对性的意见和建议，并希望以此来引导企业股权融资和债务融资的协调发展。

关键词: 上市公司 股权融资 债务融资 偏好

话不多说,软件和在线翻译的都不要来.
余下的五十分等选择最佳答案时才能给
这是百度知道的规定
翻译得好的话会追加
多谢关注!
回zcmywd
呵呵,百度最高只能给两百,在决定最佳答案时能加分
就算我有也给不了你啊
再说我也没看你的水平呢

Answer 1

Abstract:
In the process of financial activity in enterprises, financing has the closest relationship with enterprises development. It not only has an unsubstitutive driving power for enterprises development, but also restricts their development to some extent. As to the method of financing, there are two main categories: internal financing and external financing. The internal financing is the process that enterprises use their own capital and the accumulated capital in their operating course to add value to their registered capital, while the external financing is that enterprises increase their registered capital by external capital. Generally, the external financing is divided into two parts: direct financing and indirect financing. The western finance theories hold that due to the exist of agency cost and bankrupt risk, if enterprises want to get more financing, they should choose the accumulated capital from their own profit firstly, which is as called internal financing. And then they can choose indirect financing, in which loan is the main method. That also is debt financing. Lastly, enterprises should consider the method of issuing stocks. At the same time, the current practices of financing in advanced countries enterprises are that they consider own capital financing firstly, then debt financing and issuing financing lastly in their financing process. In the contrast, the listed companies in China have a totally reverse in the order of financing choice. It behaves an obvious converse choosing, which shows an extreme preference for stocks issuing financing and averseness for debt financing. Why the financing tendency happens in listed companies in our country? What are the influences for enterprises by the tendency? How to deal with it? This paper answers all above questions singly. Firstly, the paper describes the current status and influence of preferring to stocks issuing in our country listed companies and makes a conclusion for that tendency. There are several reasons for current status, including the low cost and little risk in stocks issuing, absence of effective adjustment in listed companies’ share structure and the other external factors. Furthermore, the paper puts forward to some relevant opinions and suggestions in company management, system innovation, stock market development and consummation and building of diverse financing methods etc. It also hopes a harmonious development between stocks issuing financing and debt financing.
Key words: listed company, stocks issuing financing, debt financing, preference
人工翻译的，我也是学金融的，所以翻译起来有亲切感。

Answer 2

n the process of financial activity in enterprises, financing has the closest relationship with enterprises development. It not only has an unsubstitutive driving power for enterprises development, but also restricts their development to some extent. As to the method of financing, there are two main categories: internal financing and external financing. The internal financing is the process that enterprises use their own capital and the accumulated capital in their operating course to add value to their registered capital, while the external financing is that enterprises increase their registered capital by external capital. Generally, the external financing is divided into two parts: direct financing and indirect financing. The western finance theories hold that due to the exist of agency cost and bankrupt risk, if enterprises want to get more financing, they should choose the accumulated capital from their own profit firstly, which is as called internal financing. And then they can choose indirect financing, in which loan is the main method. That also is debt financing. Lastly, enterprises should consider the method of issuing stocks. At the same time, the current practices of financing in advanced countries enterprises are that they consider own capital financing firstly, then debt financing and issuing financing lastly in their financing process. In the contrast, the listed companies in China have a totally reverse in the order of financing choice. It behaves an obvious converse choosing, which shows an extreme preference for stocks issuing financing and averseness for debt financing. Why the financing tendency happens in listed companies in our country? What are the influences for enterprises by the tendency? How to deal with it? This paper answers all above questions singly. Firstly, the paper describes the current status and influence of preferring to stocks issuing in our country listed companies and makes a conclusion for that tendency. There are several reasons for current status, including the low cost and little risk in stocks issuing, absence of effective adjustment in listed companies’ share structure and the other external factors. Furthermore, the paper puts forward to some relevant opinions and suggestions in company management, system innovation, stock market development and consummation and building of diverse financing methods etc. It also hopes a harmonious development between stocks issuing financing and debt financing.
Key words: listed company, stocks issuing financing, debt financing.

Answer 3

Abstract: Financing activities are closely related with corporate development because these activities not only provide financial support for business development but also decide the potential a company can grow. Financing activities can be divided into internal financing and external financing, in which internal financing means organic growth of transforming own capital and retained profits into capital base, while external financing refers to capital base enlargement via raising funds from external parties. External financing can be further divided into direct financial and indirect financing. In western financial theories, internal financing, in which retained profits are transformed into capital base, is always the first consideration because external financing usually relates to agent cost and bankruptcy risks. If internal financing is not available, then a company should carry out debt-financing, an indirect financing through borrowing. Equity financing, generally speaking, is the last consideration. In practices, the financing of western companies are also following the sequence.

However, Chinese listed companies go the opposite direction of favoring equity financing but disliking debt financing. What’s the underlying factor of this trend? What are the consequences for the equity financing fever? What kind of impact will this bring on corporate operation? How to deal with the situation? This paper will try to answer the above questions.

The paper looks into the conditions and possible impacts of Chinese listed firms’ preference for equity financing to find out the underlying reasons, in which the author concludes that the low cost and risk in equity financing for Chinese firms, the unique equity structure of listed companies in Chinese stock market as well as certain environmental factors are causing the situation of “loving equity financing but hating debt financing”. In addition, the paper provides ideas and suggestions on corporate governance, institutional innovation, securities market development and improvement as well as establishment of a multi-sourced financing system in a bid to help the coordinated development of equity and debt financing by Chinese companies.

Key words: Listed Firms, Equity Financing, Debt Financing, Preference

Answer 4

equity financing preferences expounded come to the conclusion that the reasons for financing preference shares of listed companies. Equity financing for low-cost, low-risk, the equity structure of listed companies has not been effective regulation, add some of the external factors affecting the result of many factors, including the "evil good debt-equity swap" the phenomenon. And we also corporate governance, institutional innovation, development and improvement of the stock market. establish a diversified financing channels and the views put forward a specific proposal Enterprises and hope to guide the coordinated development of equity financing and debt financing.

Answer 5

我用的是金山快译
In the financial activities, financing activities and is most closely related to the development of enterprises. It is not only the development of our enterprises have played an irreplaceable role in promoting, to a certain extent constraining the development of enterprises. On the mode of financing, including the financing sources of financing and foreign sources of financing within two. Endogenous financing enterprises which refers to the production process using its own resources and funds into capital accumulation part of the process; Foreign financing refers to additional capital through external funding sources. Under normal circumstances, we have increased foreign direct financing and indirect financing is divided into two parts. Western Financial Theory, and the risk of insolvency because of agency costs, the need for financing in the circumstances, First, we should choose their own accumulated profits are converted to complete the financing, that is endogenous financing; Second choice in loans as the major form of indirect financing, debt financing; Finally, they would choose to issue stock this mode of financing. Meanwhile the actual situation of the enterprises in the developed countries also give priority to finance equity financing, followed by debt financing. finally, equity financing and the financing of China's listed companies is just the opposite sequence, showing obvious reverse selectivity, that the extreme performance of equity financing and debt financing preferences of the offensive. Why is there such a listed company "evil good debt-equity swap" in the financing trend? What impact of this trend will bring? How to deal with this situation? In this paper, the answer to these problems later. First, the paper on the current situation of China's listed companies and the impact of equity financing preferences expounded come to the conclusion that the reasons for financing preference shares of listed companies. Equity financing for low-cost, low-risk, the equity structure of listed companies has not been effective regulation, add some of the external factors affecting the result of many factors, including the "evil good debt-equity swap" the phenomenon. And we also corporate governance, institutional innovation, development and improvement of the stock market. establish a diversified financing channels and the views put forward a specific proposal Enterprises and hope to guide the coordinated development of equity financing and debt financing.

Answer 6

下面抄上面的，真无耻。
Abstract:In the financial activities, financing activities and is most closely related to the development of enterprises. It is not only the development of our enterprises have played an irreplaceable role in promoting, to a certain extent constraining the development of enterprises. On the mode of financing, including the financing sources of financing and foreign sources of financing within two. Endogenous financing enterprises which refers to the production process using its own resources and funds into capital accumulation part of the process; Foreign financing refers to additional capital through external funding sources. Under normal circumstances, we have increased foreign direct financing and indirect financing is divided into two parts. Western Financial Theory, and the risk of insolvency because of agency costs, the need for financing in the circumstances, First, we should choose their own accumulated profits are converted to complete the financing, that is endogenous financing; Second choice in loans as the major form of indirect financing, debt financing; Finally, they would choose to issue stock this mode of financing. Meanwhile the actual situation of the enterprises in the developed countries also give priority to finance equity financing, followed by debt financing. finally, equity financing and the financing of China's listed companies is just the opposite sequence, showing obvious reverse selectivity, that the extreme performance of equity financing and debt financing preferences of the offensive. Why is there such a listed company "evil good debt-equity swap" in the financing trend? What impact of this trend will bring? How to deal with this situation? In this paper, the answer to these problems later. First, the paper on the current situation of China's listed companies and the impact of equity financing preferences expounded come to the conclusion that the reasons for financing preference shares of listed companies. Equity financing for low-cost, low-risk, the equity structure of listed companies has not been effective regulation, add some of the external factors affecting the result of many factors, including the "evil good debt-equity swap" the phenomenon. And we also corporate governance, institutional innovation, development and improvement of the stock market. establish a diversified financing channels and the views put forward a specific proposal Enterprises and hope to guide the coordinated development of equity financing and debt financing.