债券

Modification of Simple Formula on Bonds Yield to Maturity;2. Application of Real Option in the Credit Management of Bonds;3. This paper analyses the investing value and speculating value of covertible bonds according to the features of their liability contracts and stock call option.

从可转换公司债券的债务合约特征和股票看涨期权特征出发，分析了其投资价值和投机价值，从而构造出可转换公司债券的投资收益曲线；阐述了可转换公司债券投资的最小值原理，对其投资收益的评估进行了讨论；分析了影响可转换公司债券的基本因素及其随这些因素而变化的基本规律。

However, it is worth reminding that the current need to pay attention to the risk of short-term if the first is the sharp rebound in the stock market may siphon off some of the funds to bond funds brought pressure stage; Second, some of the economic downturn decline in corporate profits could lead to corporate bond credit spread expansion of corporate bonds so as to bring about structural adjustment bond.

不过，值得一提的是，目前需要注意短期风险，如果第一个是在股市大幅反弹，可能会抽走部分资金，以债券型基金带来的压力阶段，其次，公司利润下降的经济衰退可能导致一些公司的债券信用企业债券的蔓延扩展，以实现结构调整的债券。

For the last few years our insurance companies have not been a net purchaser of any straight long-term bonds (those without conversion rights or other attributes offering profit possibilities). There have been some purchases in the straight bond area, of course, but they have been offset by sales or maturities. Even prior to this period, we never would buy thirty or forty-year bonds; instead we tried to concentrate in the straight bondarea on shorter issues with sinking funds and on issues that seemed relatively undervalued because of bond market inefficiencies.

最近这几年来，我们的保险公司几乎未增加一般长期债券方面的部位(Straight long-term Bond)(即不含转换权或可提供额外获利可能性的债券)，即使有买进也是为了弥补先前到期或出售的部位，而在此之前，我们也从未投资那些长达三、四十年的债券，顶多是那些较短期且备有偿债基金或是因市场缺乏效率而使得价格被低估的债券。

A bond is evidence of a debt in which the issuer promises to pay the bondholders a specified amount of interest and to repay the principal at maturity.

债券债券是一种债务凭证，发行人承诺向债券持有人支付指定的利息额，并在债券到期时偿还本金。

In chapter3, information is divided into two basic types, the marginal equation of bond price and short-term interest variations is established, thus the security price variations and the price equilibrium of other assets (risk security non-risk security are included) are analyzed by the implement of portfolio Theory.

第三章将债券的价格均衡划分为两大基本类型，建立了债券与短期利率变动的边际方程，运用组合原理分析债券价格变动与其它资产（包括风险证券和无风险证券）的价格均衡关系，通过比较收益原理建立了债券以市场均衡收益为折现参数的价值方程，并通过实证检验了该模型的合理性；第四章，分析了内部信息与价格的传导原理，建立了非完全信息市场条件下价格传递信息的做市商模型和预期模型，并讨论外部信息与内部信息对股票价格影响的非一致性。

In chapter3, information is divided into two basic types, the marginal equation of bond price and short-term interest variations is established, thus the security price variations and the price equilibrium of other assets (risk security non-risk security are included) are analyzed by the implement of portfolio Theory. Finally the bond value equation which takes equilibrium return as its yield Parameter is established through the theory of comparative return. In chapter 4, the intra-information and the transferable system of price is emphasized and the market-maker model and expected model under non-perfect information market conditions are established, and the disaccord of the influence of extra-information and intra-information on the security price is discussed.

第三章将债券的价格均衡划分为两大基本类型，建立了债券与短期利率变动的边际方程，运用组合原理分析债券价格变动与其它资产(包括风险证券和无风险证券)的价格均衡关系，通过比较收益原理建立了债券以市场均衡收益为折现参数的价值方程，并通过实证检验了该模型的合理性；第四章，分析了内部信息与价格的传导原理，建立了非完全信息市场条件下价格传递信息的做市商模型和预期模型，并讨论外部信息与内部信息对股票价格影响的非一致性。

Yet,among the international bonds financing,Eurobonds have gainedmuch more proportion than foreign bonds,and it role is more and more important.

而在国际债券融资中，较之外国债券，欧洲债券融资在国际债券融资中占据绝大部分的比例，起着举足轻重的作用，扮演着越来越重要的角色。

There is another major difference between the garden variety of bond and our new exotic 12 percent "equity bond" that comes to the Wall Street costume ball dressed in a stock certificate.

这是另外一个债券与12%回报的&股权债券&的重要的区别。股票就好像是穿着股票证书华丽外衣参加华尔街化妆舞会的一种新的债券-&股权债券&。

On the supply side, corporate bond issuance will be stable or lower, even as government debt surges (government bonds will account for 35 per cent of the widely tracked Barclays bond index by the end of next year, up from 25 per cent now).

在供应层面，即便政府债券发行激增，但公司债券的发行将保持稳定或减少（到明年底，受到广泛追踪的巴克莱债券指数中，政府债券的比重将从现在的25%提高到35%）。

Whatever their weaknesses, we should add, many zero-coupon and PIK bonds will not default.

不过这些债券有多少缺点，但我们却必须承认许多零息与 PIK 债券应该不会还不出钱来，事实上我们自己也投资了一些，而且若是债券市场情况再变差一点，我们可能还会买的更多，(当然我们从来就不会考虑去买那些新发行债信又差的垃圾债券)，就本质而言，没有一项财务工具是不对的，只是有一些含有相当高程度的可能伤害在里面。

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。