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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.

  • 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.

  • 翻訳、お願いします。

    翻訳、お願いします。 どなたか、翻訳サイトを使わない、翻訳を、お願いします。 The stock exchange is a place where people buy and sell stocks and shares through brokers.Decisions are based mainly on expections of future values and on the potential yields from alternative investments. Speculators are described in stock exchange jargon as bulls,bears or stags,depending on their behaviour.Bulls want to buy shares which they think will son increase in value.They are optimists.Bears,on the countrary,are pessmists.They want to sell shares which they believe are about to decrease in value.Stags are motivated by short term profits only.They buy new issues of shares which are likely to rise in value over a matter of weeks,and then sell those shares when they judge the value to have peaked. Although skilled speculators can make huge profits overnight,playing the stock market is a risky business.Ordinary investors are advised to spread their funds over a range of investments and to aim for steady long time growth rather than immediate profits.

  • どなたか、翻訳、お願いします。助けてください。

    どなたか、翻訳、お願いします。助けてください。 ※最後まで、翻訳できる方、お願いします。 The stock exchange is a place where people buy and sell stocks and shares through brokers.Decisions are based mainly on expections of future values and on the potential yields from alternative investments. Speculators are described in stock exchange jargon as bulls,bears or stags,depending on their behaviour.Bulls want to buy shares which they think will son increase in value.They are optimists.Bears,on the countrary,are pessmists.They want to sell shares which they believe are about to decrease in value.Stags are motivated by short term profits only.They buy new issues of shares which are likely to rise in value over a matter of weeks,and then sell those shares when they judge the value to have peaked. Although skilled speculators can make huge profits overnight,playing the stock market is a risky business.Ordinary investors are advised to spread their funds over a range of investments and to aim for steady long time growth rather than immediate profits.

  • 英文の和訳をお願いします

    以下の文章です。 It is, of course, true that the emancipation of Asia and Africa and the development of the European crisis went hand in hand. Among the factors which facilitated the rise of independence movements in Asia and Africa, we must include the weakening of the grip of the European powers, Iargely as a consequence of their own discords and rivalries and of the wastage of resources in which their wars resulted. From the time of the First World War the incipient nationalist movements in the non-European world profited and the sudden collapse of the European empires after 1947 was to a large extent a consequence of external pressures and of the impact of world politics. In Asia neither the British nor the French nor the Dutch ever recovered from the blows inflicted by japan between 1941 and 1945; while in Africa and the Middle East they were checked and forced into retreat by pressures from the United States-acting directly and through the United Nations-which had a strong anti-colonial tradition of its own and was unwilling to stand aside while colonialism drove the peoples of Asia and Africa over to the side of the Soviet Union. Nationalism came to Asia a century later than it came to Europe and to black Africa fifty years later than to Asia. Two external events in the early years of the twentieth century were a powerful stimulus in its rise. The first was the victory of Japan over Russia in the war of 1904-5ー a victory hailed by dependent peoples everywhere as a blow to European ascendancy and proof that European arms were not invincible. Its impact was redoubled when, ten years later,the Japanese defeated the Germans in Shantung; and the successful campaigns of Kemal Ataturk against France in 1920 and Greece in 1922 were greeted in the same way as Asian victories over western military power. The second event was the Russian revolution of 1905ーa revolution which produced scarcely an echo in Europe but which, seen as a struggle for liberation from despotism, had an electrifying effect throughout Asia. The wave of unrest extended as far as Vietnam, and its impact, in sparking off the Persian revolution of 1906, the Turkish revolution of 1908 and the Chinese revolution of 1911, and in the new impetus it gave to the Indian Congress movement in 1907, was such that its consequences in Asia have been compared with those of the French revolution of 1789 in Europe.

  • この英文の和訳をお願いします。

        The numbers of collision orbits found in the present calculations are shown in Table 4 for the representative sets of (e,i). From these numbers we can expect the magnitude of statistical error in the evaluation of <P(e,i)> to be a few percent for small e, i and within 10% for large e, i for r_p=0.005 are shown in Table 5, together with those of the two-dimensional case. Interpolating these values, we have obtained the contour of <P(e,i)> and R(e,i) on the e-I plane. They are shown in Figs. 14 and 15. From Fig. 15 we can read out the general properties of the collisional rate in the three-dimensional case: (i) <P(e,i)> is enhanced over <P(e,i)>_2B except for small e and i, (ii) <P(e,i)> reduces to <P(e,i)>_2B for (e^2+i^2)^(1/2)≧4, and (iii) there are two peaks in R(e,i) near regions where e≒1 (i<1) and where i≒3 (e<0.1): the peak value is at most as large as 5.      In the vicinity of small v(=(e^2+i^2)^(1/2)) and i, R(e,i) rapidly reduces to zero. This is due to a singularity of <P(e,i)>_2B at v=0 and i=0 in the ordinary expression given by Eq. (29) and hence unphysical; the behavior of collisional rate in the vicinity of small v and i will be discussed in detail later. Thus, we are able to assert, more strongly, the property (i) mentioned in the last paragraph: that is, solar gravity always enhances the collisional rate over that of the two-body approximation.      One of the remarkable features of R(e,i) found in Fig. 15 is the property (ii). That is, the collisional rate between Keplerian particles is well described by the two-body approximation, for (e^2+i^2)^(1/2)≧4. This is corresponding to the two-dimensional result that R(e,0)≒1 for e≧4. よろしくお願いします。

  • 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."

  • 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.

  • 英文和訳お願いします!

    In the age of abundance, the apparent availability of virtually all material necessities tended to lead people to expect speedy gratification of their desires and to have little sense of the length of time over which people in other times and places had had to wait in order to have some of their more basic material needs satisfied. お願いしますm(__)m