证券股票类外文翻译

1、.外文翻译 出处：中国创业板市场发展的思考作者：曹东经过十年磨剑，创业板市场终于在2009年10月23日开门营业。这是中国多层次资本市场建设的重要里程碑，对于拓展中小企业融资渠道，完善资本市场结构，推进创新型国家战略的实施，夯实经济发展后劲，将产生积极深远的影响。一、板市场的性质、特点及经济意义创业板，又称二板市场（Second-board Market），是与主板市场（Main-Board Market）不同的一类证券市场，是为具有高风险、高回报特性的高科技中小企业为主要服务对象而设置的, 与大型成熟上市公司的主板市场不同，它是一个前瞻性市场，注重公司的发展前景和增长潜力，其上市标准要低于成

2、熟的主板市场。其目的主要是扶持中小企业，尤其是高成长性企业，为风险投资和创投企业建立正常的退出机制，为自主创新国家战略提供融资平台，为多层次的资本市场体系建设添砖加瓦。可以说，创业板是一个门槛低、风险大、监管严格的股票市场，也是一个孵化科技型、成长型企业的摇篮。创业板市场拥有以下特点：1、较低的上市要求。首先没有关于盈利状况的要求，其次没有对于净资产额的要求。一方面是因为创业板市场面向的是中小企业，看重的是企业的增长潜力，而不是现时的财务基础；另一方面是知识经济形态的出现使对企业的衡量标准发生了根本性的变化，评价一个企业的最重要指标开始倾向于其拥有的人力资源和技术成果等，这些指标是现代投资者判

3、断企业是否值得投资时的重要决策基础。2、严格的信息披露要求。因为创业板市场上市条件较低，许多经营状况不尽如人意的中小企业很可能与优质企业资源并存，而且对高科技企业的评价相比传统产业而言更为繁难。因此，充分披露发行人的信息资源，有利于投资者对企业作出客观的判断，有效化解投资风险。 3、服务于高成长企业。创业板的主要目的是创造一个让从事创新性、有市场潜力行业的中小企业能够得到金融帮助的环境，这类高成长性公司在发展初期规模较小，在主板市场上很难上市。创业板将为创业基金提供良好资金“出口”，促使这些基金更愿意投资于高成长性的中小型公司。4、公司股份全部流通。在主板市场，公司的股份虽然可以依法转让，但发

4、起人持有的公司股票，自公司成立之日起3年内不得转让。而创业板公司有关上市规则中规定，上市公司公开发行前的所有股东自公司股票上市之日起，1年内不得出售其所持该公司股份。这种规定有利于创业板市场的流动性，使市场更加活跃。创业板市场设立的经济意义：由于创业板市场的上述无可比拟的优点，设立创业板市场会对微观经济发展产生巨大的推动力。首先，创业板市场的设立能激励社会各界的创业精神和创业行为，为经济发展提供物质支持和技术基础。其次，创业板市场的设立能激励创业投资。创业板给予了一个有效的市场定价机制和资本退出机制，可以激发投资者冒高风险进行创业的热情和勇气，促进商业性高新技术的开发、高新技术的产业化。最后，

5、设立创业板市场还会对我国整个宏观经济运行产生有利的影响。创业板无论是从股票的发行上市制度、信息披露制度还是交易规则等都是完全按照市场机制来运行的，在创业板的发展过程中，有利于在我国的资本市场形成规范操作的风气，从而影响整个资本市场的制度建设。二、成长性的相关概念及决定因素（一）企业成长与企业成长性的概念企业的成长是指企业在自身的发展过程中，其所在的产业和行业发展良好，产品前景广阔，企业规模逐年扩张及经营效益不断增长的趋势，包括质的成长和量的成长两个方面。质的成长是企业内部结构的发展和创新，功能的不断完善，是竞争力增强的过程，是内部资源的有效配置；量的成长是企业规模的扩张、利润的增长等。质的成长

6、是量的成长的基础。量的成长是质的成长的条件，是质的成长的目的与体现。因此，在分析企业的成长性时，必须将质与量结合综合考虑。一个企业的成长性具有持续性、动态性、波动性、效益性、扩张性等特征。企业成长性即企业实现可持续成长的能力，是企业对内充分挖掘自身资源潜力，对外把握一切投资机会，从而实现量的增长和质的提高的一种能力。成长性作为企业努力追求的目标之一，一直是理论界关注的焦点。而且，从欧美发达国家的经济发展史看，成长型企业无论是对宏观经济、资本市场还是投资者都具有十分重大的意义：站在资本市场的角度，本质上，一个资本市场是否发达、完善、规范和健康，关键看它是否能够最有效地动员储蓄并将之分配到最具成长

7、性、最有效益的投资方向上去；站在投资者的角度，选择成长性企业是企业实现高成长的捷径；同时也是管理层制定融资政策所要考虑的依据。（二）企业成长性的决定因素企业成长性的决定因素有外部因素和内部因素。外部因素有宏观经济环境和行业环境，其中宏观经济环境包括国家的宏观调控、政策倾向，行业环境包括行业的生命周期、市场环境、政策性影响、产业结构和其他独特优势。内部因素包括企业所在行业内的竞争地位、产品优势、财务状况、公司规模、技术创新和管理创新、管理者的素质和决策能力、公司战略和开拓精神、经营效率与企业文化。（三）、创业板上市公司成长性评价体系创业板市场上市公司的成长性，既是创业板市场发展的核心，也是其生存

8、的前提。市场内大多数公司都处于高科技行业，具有较高的成长性，但往往成立的时间较短，公司规模也比较小，行业地位也不突出，发展前景并不明朗。因此，建立客观公正的对促进创业板市场的产生和稳定发展具有重要意义。成长性是创业板上市公司的特色，是衡量上市公司和市场发展前景的一项重要指标，是创业板市场良性发展的基础，也决定着创业板市场发展的成败。影响上市公司成长性的因素有很多，为方便本文研究以及数据的易得性原则，同时，为普通投资者提供借鉴，故本文选取财务指标做为成长性分析。公司成长性可用多个财务指标衡量,其中主营业务收入增长率和净利润增长率是两个比较重要的指标,前者体现了企业规模的变化趋势,后者则反映了经营

9、效益的变动状况。本文选择净利润增长率作为反映公司成长性的核心指标,设为因变量,采用多元线性回归分析的方法,来分析公司成长性与其他因素的关系。其他因素主要包括公司的赢利能力、营运能力、偿债能力、资本规模、资本结构等。具体财务指标定义如下:(1)公司盈利能力 本文用净资产收益率(ROE)来衡量公司盈利能力，即净利润与净资产的比率。净资产收益率是反映盈利能力的核心指标，该指标越高，反映盈利能力越好。(2)公司营运能力 本文用总资产周转率,即主营业务收入与平均总资产的比率来表示公司营运能力。主要反映公司全部资产的使用效率。总资产周转率较高,说明公司运用全部资产进行经营的成果好,效率

10、高。(3)公司偿债能力 本文用流动比率,即流动资产(均值)与流动负债(均值)的比率,来衡量公司短期偿债能力。反映了公司流动资产在短期债务到期时可变现用于偿还流动负债的能力。(4)公司资本规模 本文用平均总资产来表示公司资本规模。(5)公司资本结构 本文用资产负债率来衡量公司资本结构，可以衡量企业的风险水平和长期偿债能力。资产负债率高，表明企业融资效率好，财务杠杆的作用得到了好的发挥，但同时伴随着高风险。三、研究意义企业的成长性是指企业在持续挖掘内外资源潜力基础上所展现出的整体扩张的态势,它是指企业由小变大、由弱变强的不断变革的过程。成长性是创业板上市公司的特色，是

11、衡量上市公司和市场发展前景的一项重要指标，是创业板市场良性发展的基础，也决定着创业板市场发展的成败。因此，对我国创业板上市公司成长性进行研究，具有较强的理论意义和现实意义。 第一，有助于投资者的投资决策。本文是以投资者为评价主体建立的创业板上市公司成长性指标体系，本文建立的成长性指标评价体系对投资价值的一个重要参考，所涉及财务指标均为上市公司公开财务数据，具有易得性，从而为投资者对上市公司的投资价值评估提供依据。 第二，有助于管理层加强内部控制并改善经营管理。对于公司管理层来说，全面地掌握该公司的盈利能力、成长性及资产结构、偿债能力，能够意识到公司目前情况以及未来的发展，并

12、采取相应的措施改善经营管理以避免损失的发生，总结以前年度的成功经验，为企业创造更多的价值。Foreign language translationAfter a decade of grinding sword , the GEM market finally in October 23, 2009 are open for business . This is an important milestone in China 's multi- level capital market for SMEs to expand financing channels , improve th

13、e capital market structure, promote the implementation of the national strategy of innovation , consolidate the economic development potential , will have far-reaching positive impact .First, the nature of the board market , characteristics and economic significanceGEM , also known as the Second Boa

14、rd 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 high-tech SMEs as the main target the setting , with a large listed company on the Main Board of mature market is different, it

15、is a forward-looking market , focusing on the company's prospects and growth potential , which is lower than the mature listing standards motherboard market . The main aim is to support small and medium enterprises , especially high- growth enterprises , establish a normal exit mechanism for the

16、 venture capital and venture capital companies , providing a platform for innovation financing national strategy for multi-level capital market system building blocks . It can be said , the GEM is a low threshold , high risk , highly regulated stock market , but also a high-tech incubator , the crad

17、le of growing businesses .GEM has the following characteristics:1、A lower listing requirements . First, there is no requirement 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

18、growth potential , rather than the current 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 own human resources and technological a

19、chievements , these indicators are important decisions foundation of modern corporate investors to determine whether it is worth investing the time .2 , strict disclosure requirements . Because of the lower GEM listing conditions , many SMEs operating conditions unsatisfactory quality corporate reso

20、urces are likely to coexist with , and the evaluation 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 on corporate , investment risk effe

21、ctively resolved .3 , serving the high-growth companies . The main purpose is to create a GEM let their innovative , industry, small and medium enterprises market potential can get financial help for the environment , such high- growth companies in the early development of a smaller scale , it is di

22、fficult listed on the main market . GEM will provide a good venture capital fund "export " to promote these funds are more willing to invest in high-growth small and medium sized companies.4 , all of the outstanding shares of the company . In the motherboard market , although the company&#

23、39;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 . While the GEM Listing Rules, the provisions relating to the company , all shareholders of the Company pri

24、or to the date of public offering of shares of listed companies since , a year may not sell its stake in the company. Such provisions in favor of the GEM market liquidity and make the market more active.GEM established economic significance :As the incomparable advantages of the above GEM , GEM will

25、 set up micro-economic development have a tremendous impetus. First, the establishment of 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 ent

26、repreneurial investment. GEM gives an effective capital market pricing mechanism and exit mechanism to stimulate investors to take high- risk entrepreneurial zeal and courage , and promote the development of commercial high-tech , high-tech industrialization. Finally , the establishment of the GEM m

27、arket will have a beneficial impact on China's overall macroeconomic performance . GEM listing system either from the issue of shares , the information disclosure system or trading rules are fully in accordance with the market mechanism to run , and in the development of the GEM , the atmosphere

28、 is conducive to the formation of the standard operation in China's capital market, thus impact of the construction of the capital market system.Second, the growth of related concepts and determinants business growth and Concept of business growth Business growth is an enterprise in their own de

29、velopment process, their industries and sectors in the development of good product prospects, 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

30、internal structure of the enterprise , and constantly improve the function is to enhance the competitiveness of the process , is the efficient allocation of internal resources ; volume growth is the expansion of business scale , profitable growth. Quality is the basis of the amount of growth of grow

31、th . Amount of growth is the quality of the growth conditions , the quality of growth is the purpose and expression. Therefore, in the analysis of business growth , the combination of quality and quantity must be considered. A continuing business growth , dynamic , volatility, of efficiency, expansi

32、on and other features . Business growth that companies achieve sustainable growth , enterprise internal resources to fully tap their potential , foreign investment to grasp all opportunities to achieve volume growth and an ability to improve quality .As one of the growth of enterprises in their effo

33、rts 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 markets and investors have great significance : standing on the capital market p

34、erspective , in essence , whether a well-developed capital markets , improve , norms and health , the key to see if it can most effectively mobilize savings and to allocate it to the most growth , the most effective investment direction up ; standing investor's perspective , the growth of busine

35、ss is to select high-growth enterprises shortcuts ; also developed based management and financing policies to be considered .(2 ) the determinants of business growthDeterminants of business growth are external factors and internal factors . External factors include macroeconomic environment and indu

36、stry environment , including macro-economic environment, including macro- policy orientation, industry environment, industry life cycle, market environment, policy implications , industry structure , and other unique advantages , including the state. Internal factors include the competitive position

37、 of companies within the industry , product advantage , financial position , company size , technology innovation and management innovation, quality and decision-making ability of managers, corporate strategy and pioneering spirit , operational efficiency and corporate culture.(3) , the growth of co

38、mpanies listed on GEM evaluation systemGEM 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 with high growth potential, but often established a short time, company size is r

39、elatively small , not prominent position in the industry , development prospects uncertain. Therefore , the establishment of an objective and impartial is important to promote the generation and stable development of the GEM market.Growth is a GEM listed company characteristics, is an important indi

40、cator of listed companies and market 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 this study as well as the principle of easy ava

41、ilability of data , while providing a reference for ordinary investors , the paper selected financial indicators as growth analysis . The company's growth can be used to measure a number of financial indicators , including the main business revenue growth and net profit growth are two of the mor

42、e important indicators , the former reflects the trend of business scale, which reflects the change in status of operating efficiency . Select this article reflect the company's growth as the net profit growth of core indicators , set the dependent variable , using multiple linear regression ana

43、lysis method to analyze the relationship between the company's growth and other factors. Other factors include the company's profitability , operations , solvency , capital size, capital structure.Specific financial indicators are defined as follows :( 1 ) the company's profitabilityIn t

44、his paper ROE (ROE) to measure the profitability of the company , namely the ratio of net income and net assets . ROE is a reflection of the profitability of the core indicators , the higher the index , the better to reflect the profitability .( 2 ) the company operating capacityIn this paper, total

45、 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. Higher total asset turnover , indicating that companies use all of the assets of the results of operations , a

46、nd high efficiency.( 3 ) the company insolventIn this paper, current 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 realizable used

47、 to repay current liabilities .( 4)Capital scaleIn this paper, the average size of the total assets of the company to represent the capital .( 5 ) Capital StructureIn 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 , indicating a good corporate financing efficiency , the role of financial leverage was a good play , but accompanied by high risk.