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よろしくお願いします。 The term “business corporation” (excluding financial service institutions) means economic entities whose objective is to make a profit from such activities as the production and sale of goods or services . Business corporations invest funds in real assets (such as facilities and inventories) to carry out production and marketing activities on a continuing basis . Funds raised by business corporations are divided into internal funds (those generated in the ordinary course of the production and sale of goods or services) and external funds (those raised from external sources ) , according to the method employed to raise them . Technically , internal reserves and depreciation charges are included in internal funds. As the company is not required to repay the principal of , or pay interest or dividends on , such funds , they are considered the most stable means of corporate financing . In actuality , however , business corporations cannot meet their funding requirements with internal funds alone , and many of them have to rely on external funds . External funds are divided into the proceeds resulting from loans and the issuance of equity and debt securities , according to the method employed to raise them . Loans are obtained primarily from banking institutions . This method of raising funds with debt securities is termed “indirect financing” In addition to those issued at the time of their incorporation, business corporations issue additional equity shares(an increase of capital) to finance the expansion of their production capacity or for other purposes . As business corporations are not required to repay the principal thus raised, or pay interest thereon , the proceeds from the issuance of equity shares constitute the most stable form of funds among external funds . As is the case with equity shares , corporate debt securities are also an instrument for raising funds from the capital markets, and issuers have to redeem them on or by a predetermined date of redemption and pay a definite rate of interest on them . Corporate debt securities are largely divided into straight (SB), bonds with subscription rights, and structured bonds(see Chapter V). As the securities underlying equity shares or corporate debt are held directly by the providers of funds, this method of raising funds is called “direct financing”. A survey of changes that have occurred in the amount of funds raised from external sources as a percentage of the outstanding balance of financial debts shows that bank borrowings have tended to decrease since 1990. In the 2000s, funds raised through the issue of securities have outpaced those obtained through bank borrowings, suggesting that the weight of corporate financing structure has shifted from indirect to direct financing. This may be explained by the fact (1) that following the liberalization and internationalization of the financial markets, businesses have actively sought to raise funds be selling new shares and bonds on the market and (2) that particularly since 1980, in addition to reductions of inter-company credits that businesses had made under the pressure of recession, banks have curtailed their lending and businesses have repaid their debt banks in an effort to improve their financial positions. And these facts have combined to produce a synergistic effect. Most recently, the proportion of financing by loans has risen because of the decline in the functioning of the capital market caused by the financial crisis. However, with the establishment of emerging markets and the liberalization and abolition of regulations on the issue of debt securities, small-to-medium-sized firms can now obtain financing through the capital market. Consequently, if the capital market rebounds, the proportion of financing through the issue of securities will likely recover.


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「事業会社(株式会社)」(金融サービス機関を除外)という語は、その目的が生産と商品またはサービスの販売のような活動から利益を上げることになっている経済主体を意味します。 事業会社は、継続して生産とマーケティング活動を行うために、資金を実物資産(例えば施設や商品)に投資します。 事業会社によって集められる資金は、資金を調達するために用いた方法によって、内部資金(通常の産生過程や商品またはサービスの販売において生み出される資金)と外部資金(外部財源から調達される資金)に分けられます。 技術的には、内部留保と減価償却費は、内部資金に含まれます。 会社は、そのような資金の元本の返済や、利息または配当の支払いを要求されないので、その様な資金は企業の資金調達で最も安定した手段と考えられています。 しかし、実際には、事業会社は、内部資金だけで彼らの資金需要を満たすことができません、それで、事業会社の多くは外部資金に頼らなければならないのです。 外部資金は、それらを調達するために用いた方法によって、借入による収入と株式及び債務証券(社債)の発行による収入に、分けられます。 融資は、主に金融機関から得られます。 債務証券で資金を調達するこの方法は、「間接金融」と呼ばれます。 法人格付与の際に発行される普通株に加えて、生産能力の拡大や他の目的のための資金調達をするために、事業会社は、追加株式を発行します(資本の増加)。 このようにして調達された元本は返済を要求されたり、利息の支払いを要求されたりしないので、普通株式の発行から得られる収入は外部資金の中では、最も安定した資金形態を構成します。 普通株に当てはまることですが、会社債務証券(社債)もまた、資本市場から資金を集めるための道具です、そして、発行会社は所定の償還日に、または、所定の償還日までに、それらを償還し、それらの所定の金利を払わなければなりません。 会社債務証券(社債)は、主に、普通社債(SB)、優先出資引受権付社債、仕組み債に、分類されます(第5章参照)。 普通株式すなわち企業債務の基礎をなしている有価証券が、資金の提供者によって直接、所有されるので、この資金調達方法は、「直接金融」と呼ばれています。 負債の未払い額の割合として外部の資金源から調達した資金量において生じた変化の調査は、銀行借入が1990年以降減少する傾向があったことを示しています。 2000年代には、有価証券の発行を通して調達された資金は銀行借入から得られる資金を追い越しました。そして、企業の資金調達の構造の重点が間接金融から直接金融に変化したことを示しました。 これは、次の2つの事実によって説明されるかもしれません、(1) 金融市場の自由化と国際化に続いて、企業は、市場に新株や社債を発行して、活発に資金を集めようとしました、また、(2) 特に1980年以降、企業が不況の圧力の下で行っていた会社間の貸付の縮小に加えて、銀行は彼らの貸出を削減しました、そして、企業は彼らの財務状態を改善しようとして彼らの負債を銀行に返済しました。 そして、これらの事実は、組み合わさって、相乗効果を生み出しました。 ごく最近、金融危機に起因する資本市場の機能低下のため、借入による資金調達の割合が上昇しました。 しかし、新興成長市場の確立、そして、債務証券の発行に関する規則の自由化や廃止によって、中小企業は、現在、資本市場から資金調達することができます。 従って、資本市場が反騰するならば、有価証券の発行を通しての資金調達の割合は、たぶん回復するでしょう。



  • 和訳お願いします

    The financal makers provide a marketplace through which funds are chan-neled from sectors with idle cash (lenders) to cash-short sectors(borrowers), and the types of financing arranged on these markets are divided in terms of intermediaries into indirect and direct financing. Indirect financing means a form of transaction in which a financial institution acquires a primary secure-ty (IOUs and notes,ect.) from a borrower with a fund raised by issuing an in-direct security(certificates of deposit and insurance policies,etc.). In direct financing, a borrower raises funds by issuing a primary security (equity and debt securities, etc) to lenders though a market intermediary. The market place on which direct financing is arranged is the securities market, which is divided into an issue market(where securities are issued and distributed) and a trading market (where securities are bought and sold). Generally, the term ”security” refers to instruments that give their legal holders the rights to money or other property. They are designed to facilitate the assignment of such rights and have the characteristic of combining rights and certificates. More specifically, they are issued in various form, such as stocks and bonds issued by business corporations; notes, checks, and bills of lading ;government securities issued by national governments; and municipal bonds issued by local public bodies. Of these, securities traded in the securities markets are balled “securities under the Financial Instruments and Exchange Act(FIEA),” as defined in paragraphs 1 and 2, Article 2,of that law. Paragraph 1 defines securities whose interests are represented by securities or certificates that are physically issued as listed in the Securities and Exchange Law, new types of securities, such as mortgage securities and securities representing financial options contracts, have been included in the new definition. Item 21 of the paragraph provided that securities and certificates so designated by government ordinance, including bonds issued by educational institutions, shall be deemed to be securities under the law. Paragraph 2 of Article 2 sets forth the definition of deemed securities. First, interests represented by securities that are listed in the preceding paragraph are deemed to be securities by themselves in cases where no physical certificates are issued. For example, interests represented by bonds or stocks held under a book-entry transfer system are deemed equivalent of those securities listed in Paragraph 1. The latter part of the paragraph then goes on to define deemed securities as interests other than those represented by securities or certificates. The scope of the definition has been substantially widened compared with that of the former law, and specifically, there are comprehensive provisions in Item 5 of the paragraph for FIFA to be applicable to various types of collective investment vestment ordinance, including claims on loans o educational institutions, are provided for as deemed securities. In addition to securities, FIEA applies to derivative transactions in domestic financial instrument and over-the-counter markets and foreign markets.

  • 英文を和訳してください

    THE way that black holes bend light’s path through space cannot be smoothed out by human ingenuity. By contrast, a vast distortion in the world economy is wholly manmade. It is the subsidy that governments give to debt. Half the rich world’s governments allow their citizens to deduct the interest payments on mortgages from their taxable income; almost all countries allow firms to write off payments on their borrowing against taxable earnings. It sounds prosaic, but the cost—and the harm—is immense. In 2007, before the financial crisis led to the slashing of interest Tweet In this section The great distortion Be more libre Sweat the big stuff More hands to rock the cradle The hard journey Reprints Related topics United Kingdom United States Taxes Public finance rates, the annual value of the forgone tax revenues in Europe was around 3% of GDP—or $510 billion—and in America almost 5% of GDP—or $725 billion (see Briefing). That means governments on both sides of the Atlantic were spending more on cheapening the cost of debt than on defence. Even today, with interest rates close to zero, America’s debt subsidies cost the federal government over 2% of GDP—as much as it spends on all its policies to help the poor. This hardly begins to capture the full damage, which is aggravated by the behaviour the tax breaks encourage. People borrow more to buy property than they otherwise would, raising house prices and encouraging overinvestment in real estate instead of in assets that create wealth. The tax benefits are largely reaped by the rich, worsening inequality. Corporate financial decisions are motivated by maximising the tax relief on debt instead of the needs of the underlying business. Debt has many wonderful qualities—allowing firms to invest and individuals to benefit today from tomorrow’s income. But the tax subsidies have tilted the economy in a woeful direction. They have created a financial system that is prone to crises and biased against productive investment; they have reduced economic growth and worsened inequality. They are a manmade distortion and they need to be fixed.

  • 英文の一部邦訳をお願いします。

    In 2003, the U.S. Securities and Exchange Commission (SEC) issued a rule that required index fund providers to disclose how they voted their shares in proxy vote contests. Though not explicitly required by the rule, index fund providers have since voted nearly all of their shares. 上記英文の最後の箇所:index fund providers have since voted nearly all of their shares.を邦訳願います。宜しくお願いします。

  • 和訳お願いします。

    The exchange imposes high standards of disclosure and other information on corporations that want to debut on the bourse. Just being listed confers a high measure of credibility. Several major Japanese ad agencies seek to expand into as many overseas markets as possible, partly in response to requests from their corporate clients, industry officials said. Since such overseas moves entail significant investments, many of them raise funds by floating shares on stock exchanges, they said.

  • この英文を和訳してほしいです。

    There is some evidence that these improvements in the characteristics of elders have resulted in more positive views of aging. Tibbitts claimed that during the past 30 to 40 years, U.S. society has moved from holding negative stereotypes of old people to holding positive views in which elders are seen as being able to contribute to the quality of life for themselves, their communities, and society as a whole. Schonfield even argued that the assumption of negative attitudes toward old people is a "social myth" perpetuated by the gerontological literature. We will be examining these attitudes in derail in Chapter 2, but there does appear to be a substantial shift from negative to positive attitudes. The improvements in the physical, mental,social, and economic characteristics of elders have been so marked, and there have been so many programs and services developed for elders only, that many have begun to criticize these programs as discrimination in favor of the aged, or positive ageism. We will be discussing examples of positive ageism throughout this book; but the ones that have drawn most criticism so far are the Medicare program and some features of the Social Security System, such as the automatic cost of living increases in benefits and the tax-exemption of Social Security benefits for most elders. Perhaps these programs have been criticized the most because they involve the most money. Critics are beginning to argue that since elders are no longer deprived economically and since they are now much better off mentally, physically, and socially than they were in the past, it is no longer necessary or fair to continue the enormous expense of these special supports and programs available only to elders. Some argue that the way to reduce positive ageism is to make these supports and programs available to all ages on the basis of need. For example, they recommend that the national health insurance, which only elders now enjoy, be extended to all ages. It is clear that positive ageism is becoming an important issue and promises to become even more important as we are faced with more older people and more expensive programs for "seniors only."

  • 長すぎる英文の和訳

    On the occasion of voting funds in Parliament for its foundation in 1856, the politician, Palmerston, decleared "there cannot be a greater incentive to mental exertion, to noble actions, to good conduct on the part of the living than for them to see before them the features of those who have done things which are worthy of our admiration and whose example we are more induced to imitate when they are brought before us in the visible and tangible shape of portraits. 洋書の中の一文なのですが、訳しているうちにどこで切って 訳していけばいいのかわからなくなってしまいます。 自分でやっていくと “1856年、国会でその建設のための資金を支出することに賛成投票したとき、 政治家のパルマーストン(?)は 「そこは知的活動、…(真ん中は私には訳せません)のための大きな刺激にはなれない」 と公言した”という訳になるのですが、セリフの中が長すぎて to~で区切るにしても最初の「知的活動(mental exertion)」、 「高貴な活動?(noble action)」の後の訳が上手くできません。 三番目のto以下(to see before…)はどう訳せば良いのでしょうか? お時間のある方、ぜひ教えてください。

  • 英文の和訳をお願いします。

    英文の和訳をお願いします。 One of the most interesting and yet underexamined processes in bulimia is the acquisition of bulimic behavior, particularly binge eating. The few studies that have looked at this problem have focused almost exclusively on particular social groups, for example, dance camps and athletic teams. This focus is not an accident. I wish to argue that social groups are at the very heart of the issue of symptom acquisition. Symptoms are spread from one member to another in these groups, and group membership is at the heart of the transmission. Groups that are most likely to transmit the symptoms of bulimia, most notably binge eating, are groups that are made up almost entirely of women of the same age. This includes dance camps and athletic teams as well as sororities, all-women dormitories, or workplaces comprising mostly women. Social groups are important to us. They serve to tell us who we are, what to think, and how to behave. The more we value the social group, the more we are willing to be influenced by it. The power of a group may be measured by the attractiveness of the group for its members, lf a person wants to stay in a group, he will be susceptible to influences coming from the group, and he will be willing to conform to the rules which the group sets up."

  • 英文の句の意味

    The asset owners invested in funds are far from homogenous, and range from individuals, to pension funds, to insurers, to banks, to charities and sovereign wealth funds, to name just a few. 上記英文中,最後のto name just a fewの意味が分りません。ご指導下さい。宜しくお願い致します。

  • 英文の和訳

    和訳をしていただけるかた のみで、お願いできますでしょうか? 定型文となります。 1段落の後半部分となります。 どうぞよろしくお願いいたします。 But remember each detail, the shape of his nose, the subtle color tones in his skin and hair, the fleeting expression in his eyes, is drawn from YOUR chart, and that sometimes in trying to describe someone I may have to exaggerate or emphasize a certain feature that is distinctive, in order to define the person from being just any face in the crowd. Words are not as subtle as an image, or a photograph. I capture his likeness for you, the reality of his face, features and colors are likely to be blended together more delicately.

  • この英文の和訳お願いします。 難しいです。

    I have chosen to begin this book with a description of the life of this one individual because he typifies what so many observers regard as the social "problem" of old age. In his case we would find it impossible to ignore the crucial facts of bereavement, absence of children and other relatives, infirmity, and virtual social ostracism. If we mean anything by isolation from society he must be the sort of person we keep in mind. But is he exception or rule? Are there many others like him in our society? Many sociologists and administrators believe there are. One administrator expressed it in these terms: Provision for old age has emerged as a "problem" largely because of the loosening of family ties and insistence on individual rights and privileges to the exclusion of obligations and duties which has developed so markedly in recent years. Whereas families used to accept responsibility for their old people they now expect the State to look after them. The care and attention which the family used to provide for them must be provided in some other way. The separation from kin is supposed to be one of the features which serves to differentiate the industrial from the so-called primitive societies. But do old people in Britain lose touch with their married children and lead an isolated life? Are the bonds of kinship of little or no consequence especially in urban areas? We have only to pose these questions to realize the meed for more facts. What few there are do not confirm many current suppositions. Sheldon, in a pioneering study, drew attention to the important part played by relatives of old people in Wolverhampton and said that too little was known about their role.