债务融资

在债务融资较难实现的压力下，通过IPO进行上市融资不失为一个良好途径。

In debt financing more difficult to achieve under pressure through the IPO for listing would be a good way of financing .

当前全球储蓄中，将有25%被用于经合组织（oecd）国家政府债务融资，达到空前的水平。

An unprecedented 25 per cent of current global savings will be sucked up by OECD government debt financing .

第二部分阐述了相关的理论基础，包括对债务融资结构和企业绩效的概念界定和MM理论、均衡理论等。

The second part describes the theoretical basis of relevant , including debt financing structure and defines the concept of corporate performance and the MM theory , balance theory .

本文主要内容第一章首先从MM理论出发，探讨了适当规模的债务融资在公司财务管理中的基础作用；提升公司市场价值。

In the first part of this paper MM theory was introduced and discussed the basic function of debt in corporation finance : to improve the corporation 's market value .

鉴于美联储准备（FederalReserve）退出向金融市场注入大量廉价货币的政策，投资者目前对那些国家如何为进口商品付款、如何为债务融资持怀疑态度。

With the Federal Reserve preparing to wind down policies that flooded financial markets with cheap cash , investors are questioning how those countries will pay for imports and finance debt .

这项计划本来只是一个纯债务融资计划，但现在却被视为资产重组，意味着它必须经过欧盟（EU）位于布鲁塞尔的公平竞争委员会（competitionauthorities）的审核。

The plan was initially presented as a pure debt refinancing , but now it is being viewed as a restructuring , which means it has to be examined by EU competition authorities in Brussels .

该交易可能会被构造为一项杠杆收购（LBO），德国政府将向收购者的债务融资提供担保支持。

It could be structured as a leveraged buy-out , with an investor raising debt backed by German guarantees .

第三部分是债务融资与公司业绩关系的理论溯源，包括MM理论、修正的MM理论、米勒模型、代理成本理论、融资优序理论和信号效应。

The third part is the source of theories about the relationship between debt financing and firm performance , including the MM theory 、 the modified MM theory 、 Miller model 、 agency cost theory 、 Pecking Order Theory and signal effect .

本文从产品市场竞争的产量竞争和价格竞争出发，研究了债务融资在Cournot产量竞争和Bertrand价格竞争中的作用，通过构建模型发现：在产量竞争中，债务能使企业更具攻击性；

The article embarks from the output competition and the price competition , studied the function of debt financing in the Cournot output competition and the Bertrand price competition .

在此后的三个月里，MTS的交易量下滑了逾30%，导致欧洲各国政府担心债务融资成本上升。

Trading volume on MTS declined by more than 30 per cent in the three months afterwards , causing European governments to worry about a rise in the cost of servicing their debt .

结果显示在一定范围内我国上市公司债务融资效应的综合得分F与债务存量及增量在一定范围内成正比关系，表明上市公司利用债务融资有利于公司绩效的改善。

The analyses show that the comprehensive scores of debt financing effect " F " goes in the same direction as debt stock and debt increment does in certain scope , and show that a listed company may improve it 's performance through debt financing .

依据Myers（1984）、Myers和Majluf（1984）的分析，公司存在这样一个融资顺序：留存收益、债务融资、权益融资。

According to Myers ( 1984 ) and Myers and Majluf ( 1984 ) 's analysis , a firm 's financing order is retained earnings , debt and equity .

在目前市场环境及内部环境下，如何发展好债务融资工具承销业务，如何对该业务进行营销，是许多商业银行需要考虑的的问题，亦是HX银行南京分行所面临的重要课题。

In the current market environment and regulatory environment , how to develop debt financing instruments underwriting business is many Commercial banks debt financing tool underwriting business need to consider , also facing to HX Bank , Nanjing Branch .

本论文既为HX银行南京分行债务融资工具承销业务提供了发展对策，同时对其它商业银行开展债务融资工具承销业务也具有一定参考意义。

In this thesis , both HX Bank , Nanjing Branch of debt financing instruments underwriting business development with the countermeasures , but also the development of other commercial banks debt financing instruments underwriting business also has a certain reference value .

“我担心，世界各地正在采取的对策，即通过巨额债务融资，可能为下次危机铺路。”施泰因布吕克向小报《Bild》表示。

" I am concerned that the countermeasures we are seeing around the world , financed by enormous amounts of debts , could be paving the road to the next crisis ," Mr Steinbr ü ck told Bild , a tabloid daily .

所有这些不仅在理论上明显可行著名的莫迪格利安尼-米勒（Modigliani-Miller）定理指出：在特定条件下，一家公司是债务融资还是股权融资并没有什么不同而且似乎也得到了实践的证明。

All this is obvious in theory – the theory being the famous Modigliani-Miller theorem , which shows that under certain conditions whether a company is funded by debt or equity makes no difference – but it also seems to be borne out in practice .

上市公司债务融资、公司治理与市场价值

Debt Financing , Corporate Governance and Market Valuation of Listed Companies

其次，对债务融资治理效应的理论基础进行了简要回顾。

Secondly , give a brief review of the basic theory .

最后，在整个经济中停止有利于债务融资的做法。

Finally , cease to favour debt-finance , throughout the economy .

在外源融资中，债务融资又是主要的融资来源；

In financing outside , debt financing is the main financingorigin ;

第一章：论证了债务融资合同的内生最优性。

Chapter one illuminates the endogenous optimality of the debt contract .

公用事业发展中的债务融资安排

The Arrangements of Debt Financing in the Development of Public Utilities

企业外部融资分为债务融资和权益融资两种方式。

Corporate external financing comprise of debt financing and equity financing .

债务融资、大债权人监督与公司治理

Debt - financing 、 Monitoring by Large Creditor & Corporate Governance

债务融资是公司的一项重要财务决策。

The debt financing is an important financial decision of an company .

具体内容包括债务融资的战略承诺理论和深口袋理论。

This theory includes strategic commitment and deep pockets theory as well .

对债务融资结构的调整可有效降低代理成本。

The agency cost can be reduced by the debt structure adjustment .

本文着力于探讨银行的债务融资对公司外部治理的影响。西方对公司治理问题的研究最早可以追溯到三百多年前。

This article study how debt-financing from banks affect outside corporate governance .

负债结构有明显的短期债务融资倾向；

The structure in debt is obviously prone to floating debt financing ;

企业债务融资与产品市场竞争关系研究

The Study on the Relationship between Debt Financing and Product Market Competition