发行成本

The capital cost of capital refers to each kind of expense which occurs in the fund raising process, like payment and so on outstanding share, bond release handling charges, sell on consignment the expense, the printing expense, the property appraisal expense, the certification fee, the announcement to spend and so on, the capital use cost refer to each kind of expense which in the use capital process pays, like the bond interest, the stock dividend, the bank loan interest and so on, the capital collection the cost usually is when the fund raising the disposable occurrence, the achievement plans the capital amount to reduce the item to deduct.

资本发行成本是指在筹资过程中发生的各种费用，如发行股票、债券等支付的发行手续费、承销费、印刷费、资产评估费、公证费、公告费等，资本使用成本是指使用资本过程中支付的各种费用，如债券的利息、股票的股利、银行贷款利息等，资本筹集成本通常是在筹资时一次性发生，作为筹资额的减项予以扣除。

The capital cost of capital refers to each kind of expense which occurs in the fund raising process, like payment and so on outstanding share, bond release handling charges, sell on consignment the expense, the printing expense, the property appraisal expense, the certification fee, the announcement to spend and so on, the capital use cost refer to each kind of e XP ense which in the use capital process pays, like the bond interest, the stock dividend, the bank loan interest and so on, the capital collection the cost usually is when the fund raising the disposable occurrence, the ach ie vement plans the capital amount to reduce the item to deduct.

资本发行成本是指在筹资过程中发生的各种费用，如发行股票、债券等支付的发行手续费、承销费、印刷费、资产评估费、公证费、公告费等，资本使用成本是指使用资本过程中支付的各种费用，如债券的利息、股票的股利、银行贷款利息等，资本筹集成本通常是在筹资时一次性发生，作为筹资额的减项予以扣除。

However, high costs built into the first three stages on the value chain - knowledge creation, publishing, and local distribution - limit the selection, number of books distributed, and the timeliness of updates.

然而，成为价值链前三个阶段组成部分的高成本——知识创造、出版和本地发行——限制了可供选择的图书、发行的图书数量和更新内容的时间。

When oversubscription happens, underwriters can reduce the level of discount and increase the bottom price by strategic allocation so that both financing cost and IPO underpricing will be less. It suggests that financial supervisor should allow underwriter to allocate IPO stocks freely to a certain extent in China.3. If independent IPO allocation is allowed in IPO bookbuilding, the underwriter and affiliated institutional investor maybe exploit free allocation and information asymmetry to manipulate.

在发生超额认购时，承销商通过有策略地分配股票可以有效地降低折价水平并保证较高的发行底价，减少了发行成本的同时也减轻了IPO抑价程度，建议我国监管当局可以考虑在适当的时候赋予承销商一定的新股自主分配权。3、在有自主分配权的条件下也可能会发生承销商与关联机构投资者共同进行市场操纵的行为。

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。

Shortly after yearend, Berkshire sold two issues of debentures, totaling $250 million. Both issues mature in 2018 and will be retired at an even pace through sinking fund operations that begin in 1999. Our overall interest cost, after allowing for expenses of issuance, is slightly over 10%. Salomon was our investment banker, and its service was excellent.

在年度结束后不久，Berkshire发行了两期的债券，总共的金额是2.5亿美元，到期日皆为2018年并且会从1999年开始慢慢分期由偿债基金赎回，包含发行成本在内，平均的资金成本约在10%上下，负责这次发行债券的投资银行就是所罗门，他们提供了绝佳的服务。

In Europe, for example, the difference between unguaranteed and guaranteed issuance costs has narrowed to less than 0.3 percentage point from more than 1.5 percentage points, according to Barclays Capital.

以欧洲为例，据Barclays Capital称，无担保债券和有担保债券的发行成本差已从1.5个百分点以上缩小至不足0.3个百分点。

The establishment Times of London stated: If that mischievous financial policy which had its origin in the North American Republic should become indurated down to a fixture, then that government will furnish its own money without cost. It will pay off its debts and be without a debt .

如果美国制定出不符合罗斯柴尔德家族利益的政策（比如：不像英国那样通过（主要向罗斯柴尔德家族等银行家）负债来发行货币），这些政策可能传成为惯例，那样的话，美国政府就能不花成本地发行货币了，它将能还清它的债务，从而不像其它欧洲国家那样向国际银行家负债了。

The establishment Times of London stated: If that mischievous financial policy which had its origin in the North American Republic should become indurated down to a fixture, then that government will furnish its own money without cost. It will pay off its debts and be without a debt .

如果美国制定出不符合罗斯柴尔德家族利益的政策（比如：不像英国那样通过（主要向罗斯柴尔德家族等银行家）负债来发行货币），这些政策可能传成为惯例，那样的话，美国**就能不花成本地发行货币了，它将能还清它的债务，从而不像其它欧洲国家那样向国际银行家负债了。

First o fall, by using the survey method I found that most companies in Taiwan chose issuing local CB as the source of finance because of cheaper capital cost. Some companies chose issuing ECB for reducing interest burden.

本研究首先透过问卷调查的方式，发现企业发行国内可转换公司债之主要动机为募资资金成本较低，选择发行ECB的主要动机则为降低利息负担。

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。