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英文の和訳をお願いします。

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。

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