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翻译样例: 我国上市公司的债券融资及其在公司治理中的作用
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在当前企业改革的实践中,如何建立和完善公司治理结构是一个亟待解决的问题。根据现代融资理论,债券融资能够起到协调股东和经理人员的行为,降低股东和经理人员之间的代理成本,改进公司治理结构的作用;同时,从融资决策的结果来看,采用债券融资,是企业自发的内在要求。所以,在理论上可以通过企业主动的债券融资安排,来改进公司治理结构。本文以该理论作为基础,运用实证分析的方法,系统考察了我国上市公司的债券融资及其在公司治理中的作用。研究结果发现,由于机制的不健全,债券融资在我国上市公司治理结构中的积极作用并不明显;与此同时,出于对各种因素的考虑,上市公司偏好股权融资而不是债券融资,使得债券融资在公司治理中的作用机制并未建立起来。因此,本文认为,今后应该积极规范企业债券发行的微观基础,大力完善和发展企业债券市场,通过微观和宏观两方面的变革建立起债券融资在公司治理中的作用机制。在这基础上,发挥债券融资在公司治理中的积极作用,利用债券融资改进公司治理结构,最终实现提高企业经营绩效的目标。

问题译文

It is an urgent problem to build and ameliorate the corporate governance in the enterprise reform. Based on the theory of capital structure, issuing debt can mitigate the loss from the conflict between the manager and shareholders and can ameliorate the corporate governance.This paper is based on the theory above and surveys the debt issues of the Chinese corporation. The research finds that the effect of issuing debt in corporate governance is not obvious in China.Finally this paper provides a conclusion that it is necessary to improve the corporations which issue debts and develop the market of bond. Then through issuing debts we can ameliorate the corporate governance and improve the performance of corporations.

修改后译文

Presently, it is an urgent problem to build and perfect the corporate governance structure in the enterprise reform. Based on the modern fianacing theory, the bond financing plays a role in: ⅰcoordinating the behaviors between managers and shareholders; ⅱimproving the corporate governance structure. With the foresaid theory adopted as a basis, this paper is aimed to make a systematical survey on effects of the bond financing on the listed companies in china, as well as their corporation governance . From the research results, the positive effect of the bond financing on the corporate governance structure is not obvious in China. Therefore, it is pointed out in this paper that the micro-foundation for enterprises to issue bonds shall be regularized positively and the enterprise bond market shall be greatly perfected and developed in the future. Furthermore, both of the microcosmic and macroscopical reforms have to be made to establish a workable mechanism for the bond financing to influence the corporation governance. Only by this way can the aim of improving the enterprise performance be achieved.

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