證券股票類外文翻譯

1、<p><b>　　外文翻譯</b></p><p>　　出處：《中國(guó)創(chuàng)業(yè)板市場(chǎng)發(fā)展的思考》</p><p><b>　　作者：曹東</b></p><p>　　經(jīng)過十年磨劍，創(chuàng)業(yè)板市場(chǎng)終于在2009年10月23日開門營(yíng)業(yè)。這是中國(guó)多層次資本市場(chǎng)建設(shè)的重要里程碑，對(duì)于拓展中小企業(yè)融資渠道，完善資本市場(chǎng)結(jié)構(gòu)，推進(jìn)創(chuàng)

2、新型國(guó)家戰(zhàn)略的實(shí)施，夯實(shí)經(jīng)濟(jì)發(fā)展后勁，將產(chǎn)生積極深遠(yuǎn)的影響。</p><p>　　一、板市場(chǎng)的性質(zhì)、特點(diǎn)及經(jīng)濟(jì)意義</p><p>　　創(chuàng)業(yè)板，又稱二板市場(chǎng)（Second-board Market），是與主板市場(chǎng)（Main-Board Market）不同的一類證券市場(chǎng)，是為具有高風(fēng)險(xiǎn)、高回報(bào)特性的高科技中小企業(yè)為主要服務(wù)對(duì)象而設(shè)置的, 與大型成熟上市公司的主板市場(chǎng)不同，它是一個(gè)前瞻性市場(chǎng)，

3、注重公司的發(fā)展前景和增長(zhǎng)潛力，其上市標(biāo)準(zhǔn)要低于成熟的主板市場(chǎng)。其目的主要是扶持中小企業(yè)，尤其是高成長(zhǎng)性企業(yè)，為風(fēng)險(xiǎn)投資和創(chuàng)投企業(yè)建立正常的退出機(jī)制，為自主創(chuàng)新國(guó)家戰(zhàn)略提供融資平臺(tái)，為多層次的資本市場(chǎng)體系建設(shè)添磚加瓦?？梢哉f，創(chuàng)業(yè)板是一個(gè)門檻低、風(fēng)險(xiǎn)大、監(jiān)管嚴(yán)格的股票市場(chǎng)，也是一個(gè)孵化科技型、成長(zhǎng)型企業(yè)的搖籃。</p><p>　　創(chuàng)業(yè)板市場(chǎng)擁有以下特點(diǎn)：</p><p>　　1、較低的上市

4、要求。首先沒有關(guān)于盈利狀況的要求，其次沒有對(duì)于凈資產(chǎn)額的要求。一方面是因?yàn)閯?chuàng)業(yè)板市場(chǎng)面向的是中小企業(yè)，看重的是企業(yè)的增長(zhǎng)潛力，而不是現(xiàn)時(shí)的財(cái)務(wù)基礎(chǔ)；另一方面是知識(shí)經(jīng)濟(jì)形態(tài)的出現(xiàn)使對(duì)企業(yè)的衡量標(biāo)準(zhǔn)發(fā)生了根本性的變化，評(píng)價(jià)一個(gè)企業(yè)的最重要指標(biāo)開始傾向于其擁有的人力資源和技術(shù)成果等，這些指標(biāo)是現(xiàn)代投資者判斷企業(yè)是否值得投資時(shí)的重要決策基礎(chǔ)。</p><p>　　2、嚴(yán)格的信息披露要求。因?yàn)閯?chuàng)業(yè)板市場(chǎng)上市條件較低，許多經(jīng)

5、營(yíng)狀況不盡如人意的中小企業(yè)很可能與優(yōu)質(zhì)企業(yè)資源并存，而且對(duì)高科技企業(yè)的評(píng)價(jià)相比傳統(tǒng)產(chǎn)業(yè)而言更為繁難。因此，充分披露發(fā)行人的信息資源，有利于投資者對(duì)企業(yè)作出客觀的判斷，有效化解投資風(fēng)險(xiǎn)。</p><p>　　3、服務(wù)于高成長(zhǎng)企業(yè)。創(chuàng)業(yè)板的主要目的是創(chuàng)造一個(gè)讓從事創(chuàng)新性、有市場(chǎng)潛力行業(yè)的中小企業(yè)能夠得到金融幫助的環(huán)境，這類高成長(zhǎng)性公司在發(fā)展初期規(guī)模較小，在主板市場(chǎng)上很難上市。創(chuàng)業(yè)板將為創(chuàng)業(yè)基金提供良好資金“出口”，促

6、使這些基金更愿意投資于高成長(zhǎng)性的中小型公司。</p><p>　　4、公司股份全部流通。在主板市場(chǎng)，公司的股份雖然可以依法轉(zhuǎn)讓，但發(fā)起人持有的公司股票，自公司成立之日起3年內(nèi)不得轉(zhuǎn)讓。而創(chuàng)業(yè)板公司有關(guān)上市規(guī)則中規(guī)定，上市公司公開發(fā)行前的所有股東自公司股票上市之日起，1年內(nèi)不得出售其所持該公司股份。這種規(guī)定有利于創(chuàng)業(yè)板市場(chǎng)的流動(dòng)性，使市場(chǎng)更加活躍。</p><p>　　創(chuàng)業(yè)板市場(chǎng)設(shè)立的經(jīng)濟(jì)意

7、義：</p><p>　　由于創(chuàng)業(yè)板市場(chǎng)的上述無可比擬的優(yōu)點(diǎn)，設(shè)立創(chuàng)業(yè)板市場(chǎng)會(huì)對(duì)微觀經(jīng)濟(jì)發(fā)展產(chǎn)生巨大的推動(dòng)力。首先，創(chuàng)業(yè)板市場(chǎng)的設(shè)立能激勵(lì)社會(huì)各界的創(chuàng)業(yè)精神和創(chuàng)業(yè)行為，為經(jīng)濟(jì)發(fā)展提供物質(zhì)支持和技術(shù)基礎(chǔ)。其次，創(chuàng)業(yè)板市場(chǎng)的設(shè)立能激勵(lì)創(chuàng)業(yè)投資。創(chuàng)業(yè)板給予了一個(gè)有效的市場(chǎng)定價(jià)機(jī)制和資本退出機(jī)制，可以激發(fā)投資者冒高風(fēng)險(xiǎn)進(jìn)行創(chuàng)業(yè)的熱情和勇氣，促進(jìn)商業(yè)性高新技術(shù)的開發(fā)、高新技術(shù)的產(chǎn)業(yè)化。最后，設(shè)立創(chuàng)業(yè)板市場(chǎng)還會(huì)對(duì)我國(guó)整個(gè)宏觀

8、經(jīng)濟(jì)運(yùn)行產(chǎn)生有利的影響。創(chuàng)業(yè)板無論是從股票的發(fā)行上市制度、信息披露制度還是交易規(guī)則等都是完全按照市場(chǎng)機(jī)制來運(yùn)行的，在創(chuàng)業(yè)板的發(fā)展過程中，有利于在我國(guó)的資本市場(chǎng)形成規(guī)范操作的風(fēng)氣，從而影響整個(gè)資本市場(chǎng)的制度建設(shè)。</p><p>　　二、成長(zhǎng)性的相關(guān)概念及決定因素</p><p>　?。ㄒ唬┢髽I(yè)成長(zhǎng)與企業(yè)成長(zhǎng)性的概念</p><p>　　企業(yè)的成長(zhǎng)是指企業(yè)在自身的發(fā)展

9、過程中，其所在的產(chǎn)業(yè)和行業(yè)發(fā)展良好，產(chǎn)品前景廣闊，企業(yè)規(guī)模逐年擴(kuò)張及經(jīng)營(yíng)效益不斷增長(zhǎng)的趨勢(shì)，包括質(zhì)的成長(zhǎng)和量的成長(zhǎng)兩個(gè)方面。質(zhì)的成長(zhǎng)是企業(yè)內(nèi)部結(jié)構(gòu)的發(fā)展和創(chuàng)新，功能的不斷完善，是競(jìng)爭(zhēng)力增強(qiáng)的過程，是內(nèi)部資源的有效配置；量的成長(zhǎng)是企業(yè)規(guī)模的擴(kuò)張、利潤(rùn)的增長(zhǎng)等。質(zhì)的成長(zhǎng)是量的成長(zhǎng)的基礎(chǔ)。量的成長(zhǎng)是質(zhì)的成長(zhǎng)的條件，是質(zhì)的成長(zhǎng)的目的與體現(xiàn)。因此，在分析企業(yè)的成長(zhǎng)性時(shí)，必須將質(zhì)與量結(jié)合綜合考慮。一個(gè)企業(yè)的成長(zhǎng)性具有持續(xù)性、動(dòng)態(tài)性、波動(dòng)性、效益性、

10、擴(kuò)張性等特征。企業(yè)成長(zhǎng)性即企業(yè)實(shí)現(xiàn)可持續(xù)成長(zhǎng)的能力，是企業(yè)對(duì)內(nèi)充分挖掘自身資源潛力，對(duì)外把握一切投資機(jī)會(huì)，從而實(shí)現(xiàn)量的增長(zhǎng)和質(zhì)的提高的一種能力。</p><p>　　成長(zhǎng)性作為企業(yè)努力追求的目標(biāo)之一，一直是理論界關(guān)注的焦點(diǎn)。而且，從歐美發(fā)達(dá)國(guó)家的經(jīng)濟(jì)發(fā)展史看，成長(zhǎng)型企業(yè)無論是對(duì)宏觀經(jīng)濟(jì)、資本市場(chǎng)還是投資者都具有十分重大的意義：站在資本市場(chǎng)的角度，本質(zhì)上，一個(gè)資本市場(chǎng)是否發(fā)達(dá)、完善、規(guī)范和健康，關(guān)鍵看它是否能夠最有

11、效地動(dòng)員儲(chǔ)蓄并將之分配到最具成長(zhǎng)性、最有效益的投資方向上去；站在投資者的角度，選擇成長(zhǎng)性企業(yè)是企業(yè)實(shí)現(xiàn)高成長(zhǎng)的捷徑；同時(shí)也是管理層制定融資政策所要考慮的依據(jù)。</p><p>　?。ǘ┢髽I(yè)成長(zhǎng)性的決定因素</p><p>　　企業(yè)成長(zhǎng)性的決定因素有外部因素和內(nèi)部因素。外部因素有宏觀經(jīng)濟(jì)環(huán)境和行業(yè)環(huán)境，其中宏觀經(jīng)濟(jì)環(huán)境包括國(guó)家的宏觀調(diào)控、政策傾向，行業(yè)環(huán)境包括行業(yè)的生命周期、市場(chǎng)環(huán)境、政策

12、性影響、產(chǎn)業(yè)結(jié)構(gòu)和其他獨(dú)特優(yōu)勢(shì)。內(nèi)部因素包括企業(yè)所在行業(yè)內(nèi)的競(jìng)爭(zhēng)地位、產(chǎn)品優(yōu)勢(shì)、財(cái)務(wù)狀況、公司規(guī)模、技術(shù)創(chuàng)新和管理創(chuàng)新、管理者的素質(zhì)和決策能力、公司戰(zhàn)略和開拓精神、經(jīng)營(yíng)效率與企業(yè)文化。</p><p>　?。ㄈ?、創(chuàng)業(yè)板上市公司成長(zhǎng)性評(píng)價(jià)體系</p><p>　　創(chuàng)業(yè)板市場(chǎng)上市公司的成長(zhǎng)性，既是創(chuàng)業(yè)板市場(chǎng)發(fā)展的核心，也是其生存的前提。市場(chǎng)內(nèi)大多數(shù)公司都處于高科技行業(yè)，具有較高的成長(zhǎng)性，但往

13、往成立的時(shí)間較短，公司規(guī)模也比較小，行業(yè)地位也不突出，發(fā)展前景并不明朗。因此，建立客觀公正的對(duì)促進(jìn)創(chuàng)業(yè)板市場(chǎng)的產(chǎn)生和穩(wěn)定發(fā)展具有重要意義。</p><p>　　成長(zhǎng)性是創(chuàng)業(yè)板上市公司的特色，是衡量上市公司和市場(chǎng)發(fā)展前景的一項(xiàng)重要指標(biāo)，是創(chuàng)業(yè)板市場(chǎng)良性發(fā)展的基礎(chǔ)，也決定著創(chuàng)業(yè)板市場(chǎng)發(fā)展的成敗。影響上市公司成長(zhǎng)性的因素有很多，為方便本文研究以及數(shù)據(jù)的易得性原則，同時(shí)，為普通投資者提供借鑒，故本文選取財(cái)務(wù)指標(biāo)做為成長(zhǎng)性

14、分析。公司成長(zhǎng)性可用多個(gè)財(cái)務(wù)指標(biāo)衡量,其中主營(yíng)業(yè)務(wù)收入增長(zhǎng)率和凈利潤(rùn)增長(zhǎng)率是兩個(gè)比較重要的指標(biāo),前者體現(xiàn)了企業(yè)規(guī)模的變化趨勢(shì),后者則反映了經(jīng)營(yíng)效益的變動(dòng)狀況。本文選擇凈利潤(rùn)增長(zhǎng)率作為反映公司成長(zhǎng)性的核心指標(biāo),設(shè)為因變量,采用多元線性回歸分析的方法,來分析公司成長(zhǎng)性與其他因素的關(guān)系。其他因素主要包括公司的贏利能力、營(yíng)運(yùn)能力、償債能力、資本規(guī)模、資本結(jié)構(gòu)等。</p><p>　　具體財(cái)務(wù)指標(biāo)定義如下:</p&g

15、t;<p>　　(1)公司盈利能力 </p><p>　　本文用凈資產(chǎn)收益率(ROE)來衡量公司盈利能力，即凈利潤(rùn)與凈資產(chǎn)的比率。凈資產(chǎn)收益率是反映盈利能力的核心指標(biāo)，該指標(biāo)越高，反映盈利能力越好。</p><p>　　(2)公司營(yíng)運(yùn)能力 </p><p>　　本文用總資產(chǎn)周轉(zhuǎn)率,即主營(yíng)業(yè)務(wù)收入與平均總資產(chǎn)的比率來表示公司營(yíng)運(yùn)能力。

16、主要反映公司全部資產(chǎn)的使用效率?？傎Y產(chǎn)周轉(zhuǎn)率較高,說明公司運(yùn)用全部資產(chǎn)進(jìn)行經(jīng)營(yíng)的成果好,效率高。</p><p>　　(3)公司償債能力 </p><p>　　本文用流動(dòng)比率,即流動(dòng)資產(chǎn)(均值)與流動(dòng)負(fù)債(均值)的比率,來衡量公司短期償債能力。反映了公司流動(dòng)資產(chǎn)在短期債務(wù)到期時(shí)可變現(xiàn)用于償還流動(dòng)負(fù)債的能力。</p><p>　　(4)公司資本規(guī)模 

17、;</p><p>　　本文用平均總資產(chǎn)來表示公司資本規(guī)模。</p><p>　　(5)公司資本結(jié)構(gòu) </p><p>　　本文用資產(chǎn)負(fù)債率來衡量公司資本結(jié)構(gòu)，可以衡量企業(yè)的風(fēng)險(xiǎn)水平和長(zhǎng)期償債能力。資產(chǎn)負(fù)債率高，表明企業(yè)融資效率好，財(cái)務(wù)杠桿的作用得到了好的發(fā)揮，但同時(shí)伴隨著高風(fēng)險(xiǎn)。</p><p><b>　　三、研究意義

18、</b></p><p>　　企業(yè)的成長(zhǎng)性是指企業(yè)在持續(xù)挖掘內(nèi)外資源潛力基礎(chǔ)上所展現(xiàn)出的整體擴(kuò)張的態(tài)勢(shì),它是指企業(yè)由小變大、由弱變強(qiáng)的不斷變革的過程。成長(zhǎng)性是創(chuàng)業(yè)板上市公司的特色，是衡量上市公司和市場(chǎng)發(fā)展前景的一項(xiàng)重要指標(biāo)，是創(chuàng)業(yè)板市場(chǎng)良性發(fā)展的基礎(chǔ)，也決定著創(chuàng)業(yè)板市場(chǎng)發(fā)展的成敗。因此，對(duì)我國(guó)創(chuàng)業(yè)板上市公司成長(zhǎng)性進(jìn)行研究，具有較強(qiáng)的理論意義和現(xiàn)實(shí)意義。 </p><p&g

19、t;　　第一，有助于投資者的投資決策。本文是以投資者為評(píng)價(jià)主體建立的創(chuàng)業(yè)板上市公司成長(zhǎng)性指標(biāo)體系，本文建立的成長(zhǎng)性指標(biāo)評(píng)價(jià)體系對(duì)投資價(jià)值的一個(gè)重要參考，所涉及財(cái)務(wù)指標(biāo)均為上市公司公開財(cái)務(wù)數(shù)據(jù)，具有易得性，從而為投資者對(duì)上市公司的投資價(jià)值評(píng)估提供依據(jù)。 </p><p>　　第二，有助于管理層加強(qiáng)內(nèi)部控制并改善經(jīng)營(yíng)管理。對(duì)于公司管理層來說，全面地掌握該公司的盈利能力、成長(zhǎng)性及資產(chǎn)結(jié)構(gòu)、償債能力，能夠意識(shí)到

20、公司目前情況以及未來的發(fā)展，并采取相應(yīng)的措施改善經(jīng)營(yíng)管理以避免損失的發(fā)生，總結(jié)以前年度的成功經(jīng)驗(yàn)，為企業(yè)創(chuàng)造更多的價(jià)值。</p><p>　　Foreign language translation</p><p>　　After a decade of grinding sword , the GEM market finally in October 23, 2009 are open

21、 for business . This is an important milestone in China 's multi- level capital market for SMEs to expand financing channels , improve the capital market structure, promote the implementation of the national strategy

22、 of innovation , consolidate the economic development potential , will have far-reaching positive impact .</p><p>　　First, the nature of the board market , characteristics and economic significance</p>

23、<p>　　GEM , also known as the Second Board Market (Second-board Market), is the main market (Main-Board Market) of a different class of securities markets , is to have a high-risk, high-return characteristics of h

24、igh-tech SMEs as the main target the setting , with a large listed company on the Main Board of mature market is different, it is a forward-looking market , focusing on the company's prospects and growth potential ,

25、which is lower than the mature listing standards motherboard market . The mai</p><p>　　GEM has the following characteristics:</p><p>　　1、A lower listing requirements . First, there is no require

26、ment on the earnings , net assets have not followed the requirements for . Partly because of the GEM market -oriented small and medium enterprises , the enterprise value of the growth potential , rather than the current

27、financial foundation ; hand is the emergence of the knowledge economy forms a measure to make the enterprise has undergone a fundamental change , the most important indicator to evaluate a business tend to start their ow

28、n</p><p>　　2 , strict disclosure requirements . Because of the lower GEM listing conditions , many SMEs operating conditions unsatisfactory quality corporate resources are likely to coexist with , and the ev

29、aluation of high-tech enterprises in terms of traditional industries compared to more troublesome . Therefore, the full disclosure of the issuer's information resources , help investors to make an objective judgment

30、on corporate , investment risk effectively resolved .</p><p>　　3 , serving the high-growth companies . The main purpose is to create a GEM let their innovative , industry, small and medium enterprises market

31、 potential can get financial help for the environment , such high- growth companies in the early development of a smaller scale , it is difficult listed on the main market . GEM will provide a good venture capital fund &

32、quot;export " to promote these funds are more willing to invest in high-growth small and medium sized companies.</p><p>　　4 , all of the outstanding shares of the company . In the motherboard market , a

33、lthough the company's shares can be transferred according to law , but the company's shares held by the promoters , from the date of establishment of the company shall not be transferred within three years . Whil

34、e the GEM Listing Rules, the provisions relating to the company , all shareholders of the Company prior to the date of public offering of shares of listed companies since , a year may not sell its stake in th</p>

35、<p>　　GEM established economic significance :</p><p>　　As the incomparable advantages of the above GEM , GEM will set up micro-economic development have a tremendous impetus. First, the establishment of

36、 GEM can inspire entrepreneurship and entrepreneurial behavior of the community, to provide material support and technical foundation for economic development. Secondly , the establishment of GEM can inspire entrepreneur

37、ial investment. GEM gives an effective capital market pricing mechanism and exit mechanism to stimulate investors to take high- risk </p><p>　　Second, the growth of related concepts and determinants</p>

38、;<p>　　business growth and Concept of business growth </p><p>　　Business growth is an enterprise in their own development process, their industries and sectors in the development of good product prosp

39、ects, yearly expansion of business scale and increasing operating efficiency trends, including the growth of both qualitative and quantitative growth . Qualitative growth and innovation in the development of the internal

40、 structure of the enterprise , and constantly improve the function is to enhance the competitiveness of the process , is the efficient allocatio</p><p>　　As one of the growth of enterprises in their efforts

41、to pursue the goal of theorists has been the focus of attention. Moreover, from the history of economic development in Europe and America developed countries, growth companies both for the macro economy, the capital mark

42、ets and investors have great significance : standing on the capital market perspective , in essence , whether a well-developed capital markets , improve , norms and health , the key to see if it can most effectively mobi

43、lize sa</p><p>　　(2 ) the determinants of business growth</p><p>　　Determinants of business growth are external factors and internal factors . External factors include macroeconomic environment

44、and industry environment , including macro-economic environment, including macro- policy orientation, industry environment, industry life cycle, market environment, policy implications , industry structure , and other un

45、ique advantages , including the state. Internal factors include the competitive position of companies within the industry , product advantage , financial</p><p>　　(3) , the growth of companies listed on GEM

46、evaluation system</p><p>　　GEM listed company 's growth, not only the core of the GEM market development, but also the premise of its existence . Most companies in the market are in high-tech industries

47、with high growth potential, but often established a short time, company size is relatively small , not prominent position in the industry , development prospects uncertain. Therefore , the establishment of an objective a

48、nd impartial is important to promote the generation and stable development of the GEM market.</p><p>　　Growth is a GEM listed company characteristics, is an important indicator of listed companies and market

49、 prospects is the basis of the GEM market healthy development, but also determines the success or failure of the GEM market development. Factors affecting the growth of listed companies there are many , to facilitate thi

50、s study as well as the principle of easy availability of data , while providing a reference for ordinary investors , the paper selected financial indicators as growth analysis </p><p>　　Specific financial in

51、dicators are defined as follows :</p><p>　　( 1 ) the company's profitability</p><p>　　In this paper ROE (ROE) to measure the profitability of the company , namely the ratio of net income and

52、 net assets . ROE is a reflection of the profitability of the core indicators , the higher the index , the better to reflect the profitability .</p><p>　　( 2 ) the company operating capacity</p><p

53、>　　In this paper, total asset turnover , ie the ratio of main business income to average total assets , said the company operating capacity . Primarily reflecting the efficiency of the Company's total assets. High

54、er total asset turnover , indicating that companies use all of the assets of the results of operations , and high efficiency.</p><p>　　( 3 ) the company insolvent</p><p>　　In this paper, current

55、 ratio, current assets ( average ) and current liabilities ( average ) ratio to measure the Company's short-term solvency . Reflects the ability of the Company's current assets in the short-term debt maturity rea

56、lizable used to repay current liabilities .</p><p>　　( 4)Capital scale</p><p>　　In this paper, the average size of the total assets of the company to represent the capital .</p><p>

57、　　( 5 ) Capital Structure</p><p>　　In this paper, asset-liability ratio to measure the company's capital structure , companies can measure the level of risk and long-term solvency. Balance is high , indi

58、cating a good corporate financing efficiency , the role of financial leverage was a good play , but accompanied by high risk.</p><p>　　Third, the study of meaning</p><p>　　Business growth is the

59、 company continued to tap the potential of the internal and external resources on the basis of the show 's overall expansion trend, it refers to companies from small to large , from weak to strong process of continuo

60、us change. Growth is a GEM listed company characteristics, is an important indicator of listed companies and market prospects is the basis of the GEM market healthy development, but also determines the success or failure

61、 of the GEM market development. Therefore,</p><p>　　Firstly, to help investment decisions of investors. GEM-listed companies for the evaluation of the main investors in this paper is to establish the growth

62、index system , this paper establishes the evaluation index system of growth is an important reference value of investments , involving financial indicators are publicly listed company financial data , are easy to get , t

63、hus providing the basis for investors to assess the value of investments in listed companies.</p><p>　　Secondly, to strengthen internal controls and management to help improve management . For the management

64、 of the company, a comprehensive grasp of the company's profitability , growth and asset structure, solvency , companies can realize the current situation and future development , and take appropriate measures to imp