股权分置改革对上市公司再融资的影响中英文外文文献翻译2017.doc

本科毕业设计（论文） 中英文对照翻译 (此文档为word格式,下载后您可任意修改编辑!) 文献出处: Bergin P A. The impact of equity division reform on listed companies refinancing[J]. Commercial Law Quarterly: The Journal of the Commercial Law Association of Australia, 2017, 4(2): 17-26. 原文 The impact of equity division reform on listed companies refinancing Bergin P A Abstract Economists put forward Pecking Order Rule, namely the external financing preference to internal financing, debt financing preference to equity financing in external financing. This kind of financing order, we assume that the developed countries had been real. Before the reform of non-tradable shares of listed companies financing tend to large scale of equity financing, equity financing accounted for more than, including and equity refinancing, mainly manifested in the capital structure of listed companies is not reasonable. From the point of view of information transmission, choose equity financing of listed companies to investors to deliver the bad news about the company development. But the equity financing has free sex and stability advantages, but also is very large, raised to make up for the bad message passing value to the company. With the development of the securities market, listed companies equity refinancing way for development provides effective quick financing channel, gradually sought after by the listed company, but the abuse of equity refinancing way on the listed company itself and the capital market development to cause adverse effect. Therefore, the empirical research on this subject has important theoretical and realistic significance. Keywords: Equity division reform; Equity incentive; Refinancing 1Introduction Both good business performance and operating performance is poor, well-funded or high debt levels of enterprise, actively strive for equity financing opportunities, hope to be able to listed public offering; Company after the success, regardless of business performance is good or bad, development prospects,