① 优先股，普通股， 可兑换债券， 个人投资四者之间的风险比较， 最好给出详细的链接， 英文的最好， 谢谢
优先股 商务印书馆《英汉证券投资词典》的解释：英语为：preferred share，preferred stock。公司的一种股份权益形式。持有这种股份的股东先于普通股股东享受分配，通常为固定股利。优先股收益不受公司经营业绩的影响。其主要特征有：享受固定收益、优先获得分配、优先获得公司剩余财产的清偿、无表决权。除了这些本质特征外，发行人为了吸引投资者或保护普通股东的权益，对优先股附加了很多定义，如可转换概念、优先概念、累计红利概念等。在表达优先股时美英两国的习惯差异甚大。美国多简单地使用形容词“preferred”表示优先股，有时在后边加入名词“stock”；而英国多使用“preference”，习惯加名词“share”。 另为：preference share；preference stock；preferential share；preferred；preferred stock
普通股：( ordinary share、common stock) 普通股是指在公司的经营管理和盈利及财产的分配上享有普通权利的股份，代表满足所有债权偿付要求及优先股东的收益权与求偿权要求后对企业盈利和剩余财产的索取权，它构成公司资本的基础，是股票的一种基本形式，也是发行量最大，最为重要的股票。目前在上海和深圳证券交易所上中交易的股票，都是普通股。
可兑换证券 可兑换证券是指可以在规定的期限内转换为一定股票数量的证券。可兑换证券一般包括优先股和公司债券。国际上流行的公司债券面值一般为1 000美元，一般转换期限为1～10 年不等。在这一期间投资者可以根据公司股票在股票市场的变动情况自行决定是否将债券转化成股票。如果在债券到期后投资者没有将债券兑换成股票；那么，这类投资者就是债务公司的债权人。如果因股票价格上扬，兑换成股票，那么这类投资者就成为公司的股东。理性的投资者决定是否兑换的依据是根据合约中股票价格的变动情况。我国《可转换公司债券管理暂行办法》规定，债券的面值为1000或100元人民币，转换期限为梯度式，即硬性规定某些年份里必须按一定比例强制将债券转换成股票。
② 哪个好心人能帮忙找一篇英文论文关于“可转换债券”方面的。如果随有翻译成中文的就更加谢谢了了
Convertible bonds depends primarily on the performance of the investment and financing of the operating conditions of the issuing company. Of financiers, the convertible bonds can lead to low-cost financing, equity dilution is relatively weak, to improve the capital structure, flexibility and strong performance; For investors, convertible bonds provide both the safety of the outstanding principal and give access to potential stock earnings growth opportunities. Convertible bonds for the use of effective investment and financing activity, we need to scientifically measured convertible bond performance of the investment and financing, investment and financing in order to avoid errors in decision-making.
First, the performance of convertible bond financing analysis
The issuance of convertible bonds by the financing of the performance of earnings per share to reflect. At the operational effectiveness of certain circumstances, the higher the earnings per share, stock value, the more a more shareholder wealth, the better the performance of financing. Analysis in order to facilitate understanding, the following examples.
Example: the original capital of the company FeiDa 9 000 million, 0.3 yuan per share, the original debt capital of 5 000 million, the annual interest rate of 3%, 33% income tax rate. Refinancing is to be 10 1 0 million yuan investment in new projects, the company decided to issue a face value of 1 000 million, interest rate 1.5% (simple interest), 5-year convertible bonds 100,000, Convertible price of 10 Yuan / shares, the conversion period of six month bonds to the maturity of the bonds after the day ended, and an agreement: If the closing price of shares FeiDa 30 consecutive trading days below the 70% Convertible Price, creditors have the right to hold all or part of convertible bonds to 105% of face value (including the current interest) price to sell the company FeiDa; FeiDa shares if the closing price for 30 trading days the price is higher than 130 percent Convertible, FeiDa companies have the right to 105% of face value (including the current interest) will be the price of the Convertible Bonds have not yet bought back. In addition, if the company is issuing shares FeiDa financing, according to the current stock market price of 8 / 1 125 million shares issued; if the general issue of bond financing, to issue a face value of 1 000 million, the interest rate 3% (simple interest), 5 years 100,000 bonds.
FeiDa company in the investment project under the premise of change, set up new projects of interest to achieve an annual pre-tax profit for the EBIT, the various modes of financing under the earnings per share (EPS) were calculated as follows:
Convertible bonds can be converted before: EPS1 = [(EBIT-10 000 × 1.5%) (1-33%) ÷ 9 000] +0.3;
After Convertible Convertible Bonds: EPS2 = [EBIT (1-33%) +0.3 × 9 000] ÷ (1 000 +9 000) (Note: The number of Convertible = 10 000 ÷ 10 = 1 000 million);
Issue of ordinary shares: EPS3 = [EBIT (1-33%) +0.3 × 9 000] ÷ (1 125 +9 000);
General bond issue: EPS4 = [(EBIT-10 000 × 3%) (1-33%) ÷ 9 000] +0.3.
It is clear that investment in new projects no matter how effective are EPS1> EPS4, EPS2> EPS3, that is, if the failure Convertible convertible bonds and convertible bond financing is always better than the performance of bond financing; Convertible convertible bonds, if successful, Convertible bond financing is always superior to the performance of common stock financing.
Order EPS1 = EPS3, the mode of financing can be obtained in two of the non-points: EBIT1 =
-2 680 (million).
Order EPS2 = EPS4, the mode of financing can be obtained in two of the non-points: EBIT2 =- 1 030 (million).
(1) When the return on investment in new projects is very poor, that is, at EBIT <-2 680 million cases, because of new projects FeiDa cause of the decline in the overall effectiveness of the company, stock prices down not up, Convertible bound to fail, then there is EPS3> EPS1> EPS4, convertible bond financing at this time is better than the performance of bond financing in general worse than the common stock financing.
(2) when the new investment projects in poor, that is, although EBIT at more than -2 680 million, but still not enough to promote the exercise of creditors to the case of equity, then there is EPS1> EPS3, EPS1> EPS4, at this time Convertible bond financing is better than the performance of common stock financing and bond financing in general, is the best option.
(3) When the new project a very good investment returns, that is, companies in the Mainland share prices have risen, and the exercise of incentive to creditors to the case of equity, EBIT necessarily much higher than -1 030 million, while there is EPS4> EPS2> EPS3 at this time could be better than the performance of convertible debt financing to facilitate the financing of ordinary shares in the general bond financing bad.
The above analysis results show that the interests of the shareholders, in most cases, the use of convertible bond financing are favorable, the main reasons are:
1. Low-cost financing. Convertible bond interest rates below the general rate bonds and tax credits have the effect. If the Convertible failure, which is equivalent to the company issued bonds with lower interest rates. Of course, the convertible bond financing, low-cost advantage will graally disappear as the Convertible, but compared with the direct offering financing, or saving some of the costs of pre-Convertible.
2. Diluted share capital of the relatively weak role. Diluted share capital of the new shareholders equity refers to the old shareholders equity dilution resulting from the specific performance of the non-operating earnings per share decline, stock prices fell. Although graally Convertible convertible bonds, the equity dilution effect will graally, but the dilution effect has lagged behind, offering direct financing to avoid the rapid expansion of equity shares arising problem down. In addition, higher prices because of Convertible financing a lot of issued shares, the total amount of financing certain circumstances, the Convertible is less than the number of shares the number of direct, to some extent, reced equity dilution effect.
3. To improve the capital structure. The use of bond financing, is bound to improve the company balance sheet, increased financial risk. General Notes to this effect until the maturity of the bonds to repay, and convertible bonds of this effect in most cases are temporary, with the exercise-to-equity swap, the original principal amount of the debt into a permanent capital inputs at the same time rece the liabilities increased by the interests of capital, financial risks decline, the company's capital structure improved.
4. Flexibility. The adoption of common stock and common bond financing, in the scale of financing, financing companies on the issue of time and financial requirements, such as on the law have more stringent controls, such as the previous fund-raising time of less than a year, continue to use these financing methods will be limited. At this point the use of convertible bond financing to avoid the law. In addition, the form of convertible bonds a variety of distribution companies in accordance with the needs of investors and companies choose their own different way of convertible bond financing.
Two, convertible bond investment performance analysis
Convertible bonds of investment performance can be reflected through the investment income. Investment units in the operational effectiveness of the circumstances must, at the same time to obtain higher return on investment, better investment performance. FeiDa is to invest in the above analysis shows the company as an example. To simplify the analysis process, ignores the impact of personal income tax, and assuming that investors in the Convertible Notes after the expiration of the period to the transfer of ownership does not.
1. When issued in good company when the share prices will rise even more than the price Convertible, Convertible are favorable at this time, investors will transfer some or all of the exercise of options. Must be noted that the investors receive shares of Convertible is not the same as premium income when the stock market in the Convertible Convertible prices and bad, because after the Convertible bring the equity share capital increase will lead to dilution effects of stock price declines, thereby share premium will offset some of the proceeds.
Example bid on, set the price for the Convertible at P0, all Convertible Notes may convert the price after the P1, based on the principle of no-arbitrage equilibrium, there is: P1 = (9 000P0 +1 000 × 10) ÷ (9 000 +1 000) = 1 +0.9 P0.
The assumption that investors in convertible bonds before maturity Convertible, then:
A 5-year convertible bonds amounted to earnings: R1 = 1 000 × 1.5% × 5 + (1 +0.9 P0-10) × (1 000 ÷ 10); a general 5-year revenue bond amount: R2 = 1 000 × 3% × 5 = 150 (million).
So that R1 = R2, can be obtained for receipts of non-point: P0 = 10.83 (RMB / share). It is clear that only in the stock market value of more than 10.83 yuan / exercise-to-equity shares, convertible bonds before the investment performance is superior to the general bond investments. If bond investors select a certain time before the expiration of the Convertible, analysis of its investment performance, the need to consider the dividend increase and loss of revenue bonds the difference between the interest income. Therefore, this case of convertible bonds are usually poor investment performance of investment in common stock.
2. When the issue of poor business, the company's share price changes can be difficult to break through the conversion of the Convertible Bond Price, Convertible usually ended in failure, but basically the principal and interest of bonds or guaranteed. If there fell back to the agreed conditions of sale, investors usually buy back the right to exercise.
Example for on, at the first n-based investors to sell in the exercise of the right, then:
N 1 convertible bonds amounted to years of income: R3 = 1 000 × [5% +1.5% × (n-1)]; a general revenue bond amount n years: R4 = 1 000 × 3% × n.
So that R3 = R4, non-point gains obtained: n = 2.33 (year). In other words, if the conditions to the sale of time shorter than 233 years, the convertible bond investment performance is superior to the general bond investment; if the conditions to the sale of time longer than 2.33 years, or even has not been the emergence of the exercise should not Back to the sale of rights, convertible bonds may be poor investment performance bonds in general. Therefore, this case of convertible bond investment performance is usually better than the common stock investment.
3. When the deterioration of operating conditions of the issuing company, which e to insolvency and bankruptcy, the company's shareholder value is zero, to lose everything invested. At this point, the principal amount of convertible bonds and bonds in general, can only get partial reimbursement, and other living in order to repay the secured creditor's rights after the mortgage, bankruptcy pre-interest income is also lower than the general bond. Therefore, this case of convertible bond investment performance is superior to common stock investments in bad bond investments in general.
This shows that investors select the following principles should be based on convertible bonds: ① issued the company's operating performance despite a certain degree of volatility, but more optimistic about the prospects. Such as the issuance of the company's operating performance has been increasing steadily, should be directly invested in stocks; such as the operation of the issuing company are pessimistic about the prospects, should invest in bonds in general. ② convertible bond interest rates and bond interest rates in general should not differ too much, otherwise, too much loss of interest income to pay the high cost of the options. ③ with the terms of a premium to the sale, when the company's share price fell a serious issue, they can rece the loss of investors. ④ the issuing company a higher credit rating, at least "Baa" level and above, because the safety of convertible bonds is lower than the level of protection secured mortgage debt.
③ 什么是可兑换债券
可交换债券（Exchangeable Bond，简称EB）全称为“可交换他公司股票的债券”，是指上市公司股份的持有者通过抵押其持有的股票给托管机构进而发行的公司债券，该债券的持有人在将来的某个时期内，能按照债券发行时约定的条件用持有的债券换取发债人抵押的上市公司股权。
④ 债券相关的英语词汇，关于股票的英语单词有哪些
bond, debenture, debts债券
negotiable share可流通股份
convertible bond可转换债券
treasury/government bond国库券/政府债券
corporate bond企业债券
closed-end securities investment fund 封闭式证券投资基金
open-end securities investment fund 开放式证券投资基金
fund manager基金经理/管理公司
fund custodian bank 基金托管银行
market capitalization 市值
p/e ratio 市盈率(price/earning)
mark-to-market逐日盯市
payment versus delivery 银券交付
clearing and settlement 清算/结算
commodity/financial derivatives 商品/金融衍生产品
put / call option 看跌/看涨期权
margins, collateral 保证金
rights issue/offering 配股
bonus share 红股
dividend红利/股息
ADR美国存托凭证/存股证(American Depository Receipt)
GDR全球存托凭证/存股证(Global Depository Receipt)
retail/private investor 个人投资者/散户
institutional investor机构投资者
broker/dealer 券商
proprietary trading 自营
insider trading/dealing 内幕交易
market manipulation 市场操纵
prospectus招股说明书
IPO 新股/初始公开发行(Initial Public Offering)
merger and acquisition收购兼并
All Ordinaries Index （澳大利亚）股市指数
Amex(American Stock Exchange) 美国股票交易所
amortize 摊提，分期偿还债务
annuity 年金享受权
asking price 卖主的开叫价
assess 对（财产等）进行估价，确定（款项）的金额
back 拖欠的
bad loan 呆账，坏账
lout 帮助……摆脱困境
balloon （分期付款中）最后数目特大的一笔
barometer 晴雨表，[喻]标记，指标
basis point 基点（一个百分点的百分之一）
bear markets 熊市
blue-chip （股票等）热门的，（在同行中）最赚钱的
forex foreign exchange
bond 债券，公债
bourse 交易所，证券交易所
bull markets 牛市
bullish 牛市的
bunji-change 快速的大幅度变化
CAC-40 Index （法国）股市指数
CD(certificate-of-deposit) 大额存款单
Chicago Mercantile Exchange 芝加哥商业交易所
Consumer Price Index 消费者价格指数
contagion 蔓延
correction 调整
coupon rate 券根利率
CTA(Commodities Trading Advisor) 农矿产品交易顾问
Currency board 货币委员会
DAX index （法兰克福）德国股市指数
dead loan 死帐
delist 从上市证券表中除名
derivatives 衍生金融商品（由利率或债券、外汇或汇率以及股票或股价指数等现货市场衍生出来，主要有期货futures、期权option trading与掉期swap三种类型，品种多达100余种，股票与证券行业英语词汇。）
discount 贴现
discount rate 贴现率
DJIA Dow-Jones Instrial Average 道•琼斯公用事业股价平均数，英语词汇《股票与证券行业英语词汇》(http://m.unjs.com)。通常简称Dow（道），是30个主要工业公司股票价格的组合。
Dow-Jones Composite Average of 65 representative stocks 65种有代表性的股票的道•琼斯公用事业股价平均数
Dow-Jones Transpositions Average 道•琼斯运输业股价平均数
Dow-Jones Utilities Average 道•琼斯公用事业股价平均数
down 付现款
equity （押款金额以外的）财产价值，证券，股票
escrow 由第三者保存、等条件完成后即交受让人的契据（或证书等）
face value 面值
Federal Agency Issues 联邦机构债券
fluctuation 起伏
fluctuate 起伏
fraud 欺骗，欺诈
fraulence 欺骗（欺诈）行为
fraulent 欺诈的
FTSI Financial Times 100 Share Index （英国）金融时报100种股票指数
good 有效的
Hang Seng Index （香港）恒生指数
holdings 占有的财产，股票
Ibbotson Small Company Index Ibbotson Company Index中包括近2700家公司：即在纽约股市上交易的最后的20%股票
imburse 赔偿
initial share 原始股
IRA Indivial Retirement Account 个人退休账号
junk bond 假债券
junk bonds 垃圾债券
lien 扣押权，留置权
liquidate 清算，破产
list （交易所）上市证券；把（证券）列人上市证券表
long position 多头
margin 差额，保险金
mutual fund 公共基金
NASD=National Association of Securities Dealers 全美证券交易者协会
NASDAQ (National Association of Securities Dealers Automated Quotations) 纳斯达克（全美证券交易者协会自动化摘要）
NAV (Net Asset Value) 净资产值
new issue ( IPOInitial Public Offering)新上市股票
Nikkei Stock Aver age 日经股票平均指数
nosedive （价格等）暴跌
NYSE’Volume 纽约股票交易量
NYSE’s composite index 纽约股票交易综合指数
NYSE(New York Stock Exchange) 纽约股票交易所(也称或Big Board)
obligation 契约，债券
outstanding 拖欠的
par value 票面价值
plummet 骤然跌落
policy 保险单
pool 集合基金
portfolio 有价证券
preferred stock 优先股票
premium 奖金，佣金，担保费
premium 溢价
proceeds 收入，收益
rally （股票价格等）止跌，上扬
rebound 反弹
recoup 偿还，补偿
recovery 恢复
red-chip share 红筹股
refund 偿还
rescue package 一揽子救援计划
resilience 回弹，复原力
resilient 有回弹力的，恢复活力的
risk 保险项目
run 挤提存款,挤兑,争购
Russell 2000 Russell 2000种小资本股票
S&P 500(Standard & Poor’s 500 Composite Stock Price Index) 标准普尔股价指数
SEC(Federal Securities and Exchange Commission) 联邦证券与交易委员会
securities 证券，债券
shares （英）股票=（美）stock
shore up 支撑
slash （大幅度）削减（工资等）
slump 暴跌，不景气
SMI index （苏黎士市）瑞士股票指数
solvent 有偿还能力的
speculate 投机
speculation 投机
speculator 投机者
T-Bill (Treasury Bill) 美国短期国债（每星期发行一次）
T-bond (Treasury Bond) 美国长期国债（期限为20年或30年）
T-note (Treasury Note) 美国中期国债（期限为2年到10年）
Technology-heavy Nasdaq 以技术为主的Nasdaq
Technology-laden Nasdaq 以技术为主的Nasdaq
term 年限
tech-heavy NASDAQ 以技术股票为主的NASDAQ
technology-rich stocks 技术股票
technology-weighted index (NASDAQ) 反映技术股票的指数(NASDAQ)
希望能帮助到你，望采纳！！！
⑤ 债券兑息 英文怎么说
Interest from bonds
⑥ “可转换公司债券投资的探讨”英文怎么翻译
discussion on convertible bond investment
exploration on covertible bond investment