债券

By using the financial data of domestic bond issued during 1998 to 2008, I compile the statistic of the target year and the relative years with GMM and LS to evidentially analyze through comparison the decisive factors of the term structure of liabilities in order to propose suggestionson how to develop China's bond market.

文章利用增量法对我国企业在1998年～2008年发行各类债券的债券属性和财务数据进行了统计，分别计算前后一年及当年的数据，运用GMM和LS对影响当年债务期限的因素进行实证分析，并通过对比分析得出影响各类企业债券期限的选择因素以及提出对我国企业债券市场发展的建议。

Convertible bond possesses three basic properties of bond, options and convertibility. It has the function of optimizing capital structure, but this function is not made full use of by Chinese listed company issuing Convertible bond, which, in a sense, affects optimization of capital structure of listed company .

可转换债券具有债券，期权及可转换三个基本属性，从理论上讲，可转换债券具有优化资本结构的功能，但这一功能并未被我国发行可转换债券的上市公司充分利用，这在一定程度上，影响了上市公司资本结构的优化。

Our analysis framework relies on the reflected Backward Stochastic Differential equation approach.We characterize the value functions of the noncallable bonds in terms of the reflected Backward Stochastic Differential equation,Then the relationship between the value function of convertible bonds and reflected backward stochastic differential equations with single reflect is built at the same time,and provide the optimal conversion strategy for bondholders.2:We get the value of non-callable convertible bonds by numerical methods.

探讨了可转换债券的最优停时价值与带反射边界倒向随机微分方程解的关系，在市场完备，公司价值只包括股权和可转债这两种权益等各种假定下，给出不可赎回可转换债券的价值函数，证明了不可赎回可转换债券的最优停时问题的解是存在的，同时给出了其最优的转换策略。2：通过数值方法求解不可赎回可转换债券的价值。

The conversion clause in the bond indenture entitles the bondholders to receive 40 shares of $20 par value common stock in exchange for each $1,000 bond. On June 30,2004, the holder of $5,000,000 face bonds exercise the conversion privilege.

在转换债券的契约条款中给于债券持有者以收到面值为$20的40股普通股作为每$1，000债券的交换的权利。2004年6月30日，$5，000，000面值债券持有人实行了转换特权。

The paper prices bond and bond option, analyzing dynamic interest rate, regime-switching and option pricing. According to the affection of regime-switching to interest rate derivative pricing, the paper deduces the partial differential equation of bond pricing with Ito lemma, and obtains characteristic function and recursion equation of bond option.

从利率动态变化、结构转换和期权定价三个方面进行分析，对结构转换下的债券和债券期权进行定价，考虑了结构转换对利率衍生物定价的影响，利用Ito引理获得债券定价的偏微分方程，并得到债券期权定价的特征函数与递归等式。

Mature markets, the bond market and the stock market is often a seesaw, the stock market disaster must achievements bond hot, and now into the rate cut cycle, the relative rise in bond yields, and therefore more and more hedge funds seek to enter the bond market.

成熟的市场，债券市场和股市往往是跷跷板，股市灾害必须取得债券热，进入降息周期，债券收益率相对增加，因此越来越多的对冲基金现在试图进入债券市场。

Under the condition that when rate obeys binomial distributing, bonds pricing theory and revenue rate of non-risk bond of China, the author computes the catastrophe bond launching price and various-rate price.

并在利率服从二项分布的假设条件下，根据债券定价原理，利用地震损失分布与我国无风险债券的收益率，推导计算出了地震巨灾债券的发行价格与不同利率途径下地震债券的时点价格。

If bearer company bonds are issued, the company's record of bondholders shall record the total value of such bonds, the interest rate thereon, the term thereof and the method for repayment, and the date of issue and the serial numbers of the bond certificates.

发行无记名公司债券的，应当在公司债券存根簿上载明债券总额、利率、偿还期限和方式、发行日期及债券的编号。

Two levels of government focus on urban areas through the coordination of the guarantor, bonds, sinking fund for SMEs to address the issue of bonds, while small and medium enterprises in accordance with the characteristics of the high cost of issuing bonds due in part to subsidize the costs associated with in order to reduce the cost of bond issuance integrated.

两级政府的重点放在城市地区通过担保人，债券协调，偿债基金，为中小企业解决债券的问题，而按照中小企业与发行债券部分由于成本高的特点补贴相关的成本，以降低债券发行成本的综合。

As Wall Streeter Ray DeVoe says:"Fools rush in where angels fear to trade." We will engage in arbitrage from time to time - sometimes on a large scale - but only when we like the odds. o Leaving aside the three convertible preferreds discussed in the next section, we substantially reduced our holdings in both medium- and long-term fixed-income securities.

除了后面会提到的三项可转换特别股投资之外，我们大幅减少在中长期的固定收益债券部位，尤其是长期部份，大概就只剩下华盛顿公用电力系统债券，去年我们处分了部份当初以相当低折价买进的低收益债券，处分价格与一般信用评等佳的债券差不多，是 www.buffettism.com 巴菲特研究中心

What are your goals and strategies for growth?

你的成长目标和策略是什么？

And unto the angel of the church in Sardis write; These things saith he that hath the seven irits of God, and the seven star I know thy works, that thou hast a name that thou livest, and art dead.

3：1 你要写信给撒狄教会的使者，说，那有神的七灵和七星的，说，我知道你的行为，按名你是活的，其实是死的。