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虹逸 發問時間: 社會與文化語言 · 1 0 年前

請幫我翻譯有關財金財管的英文(當然最好是財管高手)

The first factor was cash. Young indicated that financial executives spend less time thinking about the debt-to-equity ratios of their firms when they have cash than when they do not. In this respect, he stated: “Cash is and we live by that motto.” At the conclusion of its fiscal year 2001, Adaptec had over $600 million in cash, and therefore did not have to go to the capital markets to raise funds.

The second factor was the current stock price. Adaptec’s stock price had steadily climbed during 1999 and rose from about $10 per share, peaking above $50 per share in early 2000.

However, as technology stocks fell during the remainder of 2000 and 2001, Adaptec’s stock fell below $10. At the time of the discussion with Young, in November 2001, Adaptec’s stock price stood at about $14. Young indicated that he did not view the market at the time as appropriate for Adaptec to be issuing new equity. He indicated that the issue of new equity would lead to a “dilution effect” for its existing shareholders because the price of its stock was “so low.”

Young mentioned that Adaptec had last gone to the debt market in 1998, with a $200 million convertible issue bearing a 4.75 percent coupon rate. He stated that if Adaptec did need to raise $200 million at the time of his presentation, then it would do so in the debt market rather than the equity market. However, were the firm’s stock price to be in the $30 to $40 range, then he would be willing to raise funds in the equity market, rather than the debt market.

He pointed out that Adaptec had generated a lot of cash during the bull market of the 1990s. He stated: “Adaptec built a large Milpitas campus and a factory in Singapore when they had lots of cash coming in, that’s what companies do.” He then noted that the company had overinvested in both.

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    1 0 年前
    最佳解答

    The first factor was cash. Young indicated that financial executives spend less time thinking about the debt-to-equity ratios of their firms when they have cash than when they do not. In this respect, he stated: “Cash is and we live by that motto.” At the conclusion of its fiscal year 2001, Adaptec had over $600 million in cash, and therefore did not have to go to the capital markets to raise funds.

    第一個因素是現金. Young指出, 跟沒有現金的時候相比, 當公司有現金的時候, 公司的財經主管們都用比較少的時間去考慮他們公司的貸款對抵押資產的淨值的比率. 在這方面, 他重申: "現金就是我們生活的依賴座右銘.” 2001年會計年度的總結, Adaptec 有超過6億的現金, 而因此不需要在資本市場籌款.

    The second factor was the current stock price. Adaptec’s stock price had steadily climbed during 1999 and rose from about $10 per share, peaking above $50 per share in early 2000.

    第二個因素是現在的股票價格. Adaptec的股價在1999的時候有穩步攀升, 從$10/股開始, 在2000年高峰期一度超過$50/股.

    However, as technology stocks fell during the remainder of 2000 and 2001, Adaptec’s stock fell below $10. At the time of the discussion with Young, in November 2001, Adaptec’s stock price stood at about $14. Young indicated that he did not view the market at the time as appropriate for Adaptec to be issuing new equity. He indicated that the issue of new equity would lead to a “dilution effect” for its existing shareholders because the price of its stock was “so low.”

    可是, 由於科技股在2000年後期以及2001年的時候都正體滑落, Adaptec的股價跌到低於$10. 在跟Young討論的時候, 也就是2001年11月, Adaptec的股價大約在$14. Young指出他不會覺得現在的市場適合Adaptec去發行新的股票. 他指出新的股票發行會給現有的持股人帶來稀釋效應因為股價是如此的低.

    2007-04-27 10:36:33 補充:

    Young提到Adaptec在最後一次去債務市場的時候是在1998年, 有2億可兌換的發行量提供4.75%的債券利率.. 他說明在他演講的時候, 如果Adaptec真的需要籌款2億, 籌款應該在債務市場而不是資產信貸市場. 可是, 如果股價在$30到$40之間, 他比較希望在資產信貸市場籌款而不是債務市場

    2007-04-27 10:36:47 補充:

    他指出Adaptec在1990年代牛市的時候製造出大量的現金. 他說明:” 當有大量的現金湧入Adaptec的時候, Adaptec建立了龐大的苗必達園區還有新加坡的工廠, 這是企業所應該做的.” 他也提到公司在兩方面都有過度投資.

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  • 1 0 年前

    第一個因素是現金。年輕的指出財務的主管花費在想債務的更少的時間-到-他們的公司的公正比當他們有現金的時候,比較當他們不。 在這一敬意,他陳述:”現金是,而且我們藉著那一個箴言住。”在它的會計年度 2001 的結論, Adaptec 在現金有超過六億元,因此不一定要去資金市場升起基金。

    第二個因素是現在的股價。 Adaptec 的股價已經穩定地攀登

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