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1、外文翻译原文FinancingstructureoflistedcompaniesinChinaAnalysisofthefactorsaffectingMaterialSource:Journalofinternationalmoneyandfinance（2000）Author:Chien-HsunChen （A）ThesystemoffactorsTransitioninChina'seconomicconditions,economicstructureandmacro-systemsdo
2、nothavethestabilityofthebackground,thefinancingsystemisstillintherapidanddramaticchangesintheprocess,sotheinstitutionalfactorswillcertainlyaffectthefinancingstructure.Forexample,theremaybepastthedebtratioistoohigh,needtobeoptimizedthroughequityfinancin
3、g.ThisismainlybecauseofChina'scontrollingshareholderoflistedcompaniesaremainlystate-ownedlargeandmedium-sizedenterprises,hasbeenonthestatefunding.The20thcenturybeganinthemid-80""tosuddenlyincreasetheliabilitiesandstate-ownedenterprisesofChina'shugeboot
4、h,inthecontextofsuchasystemtoimprovetheover-indebtednessofthepredicamentofmanystate-ownedenterpriseslistedonthefundamentalrestructuringmotives.（B）Thelowcostofequityfinancing Financingcostsistoraiseandusefundstopayvariousfeesandcharges.Equityfinancinga
5、ndbondfinancinginthefinancingcosts,interestordividendsaremainlyexpenditure,transactioncosts,andtaxesandsoon.InChina'scapitalmarket,inChina'slistedcompaniesisgenerallynotahighlevelofprofitability,dividendyieldisverylow,companiestendtoadoptvariousmeans,s
6、uchasnon-cashdividenddistribution,alowerproportionofthedistributionofcashdividendordistributiontotheformofstockdividends,Therefore,thecostofdividendpaymentslowerthanthetheoreticallevel.Bondfinancingandtherearerestrictionsondebt-servicingconstraints.The
7、refore,inourcountry,theequityfinancingforlistedcompaniesisnotsubjecttosupervisionandrestraintbecomenopressureontheoptimalserviceThemodeoffinancing.（C）TheownershipstructureoflistedcompaniesinChinaspecificityShareownershipstructuremeansthatthecompany'sto
8、talequitysharesofthedifferentnatureoftheproportionoftheirmutualrelations.Financingneedsfor6investment,financingofthenon-rational,ismostlikelytheresultofirrationalinvestment.MostofChina'slistedcompaniesforthesharesbytherestructuringofsta
