股权稀释

是否存在一个合理的股权稀释幅度和稀释模型？

Does the reasonable scope and model for ownership dilution exist ?

由于每种行权方法的现金流动、股权稀释程度均不相同，因此造成了每种行权方式下经理股票期权的会计属性不同，价值也不相同。

Because each exercise approaches has different cash flow and dilution , so the value is different .

如果银行的资本状况有夸大成份，许多公司可能会再次被迫筹资，进而导致股权稀释。

And if bank capital is overstated , firms could again be forced into dilutive capital raising .

这种不分红或过度的以送红股的方式分配，不利于真正实现股东价值的最大化，而且高比例送股不仅会使原有股东的股权稀释，也会给企业未来业绩造成巨大压力；

And the distribution of stock dividend in a high percentage can devalue the future market achievement of the company .

现有股东无疑会反对股权稀释，但银行不能让他们阻碍问题的解决。

Existing shareholders will no doubt resist dilution , but they must not be allowed to stand in the way of a solution .

股权稀释过程中如何防范国有资产流失等成为目前亟待解决的问题。

How to prevent the state-owned assets from draining in the process of dilution ? All these have become the core problems we must solve now .

发行公司面临的风险有：发行失败风险、股权稀释风险、利率风险、转股失败风险等。

To issuing company , it faces these risks : issuing failing risk , ownership right dilution risk , interest rate risk , converting failing risk , and so on .

西科尔斯基表示，尽管这仅占5%，但对于任何一家通过一系列股权稀释融资环节而获得成功的企业而言，这是典型的所有权分享形式。

While this is only 5 per cent , he says , it represents a typical ownership share for any business that makes it through a succession of equity-diluting funding rounds .

摩根强调，企业家不仅必须关注总的融资金额，而且必须重视投资者的其它条款，例如股权稀释和不可逆转条款。这是非常重要的。

Morgan stressed that it is important for entrepreneurs to pay attention to details of investors'terms , such as dilution and ratchet provisions , not just the overall amount of financing .

第二章对离岸金融市场出现的主要法律风险进行归纳分析，主要列举了股权稀释、信用风险及汇率风险等案例，从实际出发，论证研究离岸金融法律风险的必要性。

Chapter II will analyse key legal risks and take several examples in dilution of the equity or credit risk and risk of exchange rate to demonstrate the necessity of this research .

那么，在推进辽宁国有及国有控股公司国有股权稀释过程中，其理论和实践依据是什么？

So , in advance , what is the basis of the theory and the practice in the process of ownership dilution for the SOE and state-owned holding company in Liaoning province ?

然而，会计和咨询公司安永（Ernst&Young）的合伙人德博拉拜尔斯（DeborahByers）认为，已发行过股份的公司八成没能力再次发股，因为现有股东担心自己的股权被稀释。

However , Deborah Byers , a partner at accounting and consulting group Ernst & Young , suggested companies that had already issued equity were unlikely to be able to do so again , because of concerns from existing investors about dilution .

股权的稀释程度非常之大。

The dilution is extremely high .

我们需要贷款来发展企业和购买资产，而不用担心股权被稀释除非你足够幸运，拥有一家资金自给自足的企业。

Loans are required to develop companies and buy assets without dilution unless you are lucky enough to own a self-financing business .

从终极控制人对资本结构的选择来说，终极控制人主要是考虑到负债的股权非稀释性来选择资本结构的，同时董事会结构和终极控制人的性质也对资本结构的选取产生了一定的影响。

Moreover , the structure of the board and the characteristic of the ultimate controller also contribute to the choice of the capital structure .

第二大股东东京证券交易所更是抱怨手上的4.9%股权被稀释，且担心两大交易所会对自己的构成冲击。

Its second-biggest investor , the Tokyo Stock Exchange , has complained about the dilution of its 4.9 % stake and the impact on its own prospects .

对企业创始人来说，避免自己股权遭到稀释的一个融资方法，是说服供应商提供信贷、并哄劝客户预先支付现金。

One alternative for founders having to dilute their ownership stake is to persuade suppliers to provide credit , and cajole customers to pay cash up front .

结果表明，与非民营企业相比，我国民营企业倾向于采用更高的负债率，这主要是由于受负债融资的股权非稀释效应的激励。

The empirical test revealed that family controlled firms tend to higher levels of leverage than that of non-family counterparts due to the non-dilution effect of debt .

现有股东也将有机会以类似条款参与发售，不过对其股权的稀释作用在5%或以上的条款，将需要得到他们的认可。

Existing shareholders would be given the opportunity to participate in the offering on similar terms although terms that dilute their holdings by 5 per cent or more will require their approval .

融资是个极其另人分心、操心的过程&再加上股权的稀释，以及投资者的选择，均会对你未来的选择空间产生深远的影响。

Raising capital can be a hugely distracting , draining process & and the dilution implications , as well as the choice of investors , have deep repercussions on your future options .

后来，旨在追求迅速增长的大举支出，使得公司需要更多的现金，在这种情况下，恩特里金他们被迫接受了新一轮的融资，自身的股权被稀释。

Then , when heavy spending in pursuit of rapid growth left the company in need of more cash , they were forced to accept another round of capital-raising that diluted their interests .

一部分人要求政府通过成立公众基金以补偿由于股权被稀释（而遭受损失）的投资者或者当非流通股上市时，给与市场短期支持。

Sections of the financial market have called for the government to push for a quick solution to the problem by using public funds either to compensate investors for any dilution of their stakes or to provide short-term support for the market while shares are sold .

汇丰（HSBC）持有平安16.7%的股份，但如果平安再进一步融资的话，汇丰的股权将会被稀释。

HSBC holds 16.7 per cent in Ping An , a stake which could be diluted if the insurer has further capital raisings .

如今他们还担心，任何买家都将面对股权立即被稀释的危险。

Now there was the added concern that any purchaser would face immediate dilution .

多数举债过多、陷入困境的公司会发现，他们的债务将由银行进行重组&而收购公司所持的股权将被稀释，逐渐消失在视线之外。

Most over-borrowed companies in trouble will see their debts restructured by the banks – and the buy-out owners will be diluted out of sight .

另外，中国采取原始股逐步“解禁”的方式推进国企改革，导致现有投资者股权不断被稀释。

Moreover , there has been a steady dilution of existing investors as China has reformed state-owned companies by gradually " unlocking " their shares for trading .

伴随企业家族资本股权的不断稀释和外部资本的融入，家族企业也在不断地与社会的人力资本，特别是管理资源在不断融合。

The family business continues its integration with the human capital , especially the management resources , from outside in the meantime of the gradual dilution of family equity and introduction of outside capital .

但由于股市整体上涨趋势等客观原因，其盈余管理最终未能阻止认购权证的行权，股权遭到了稀释。

Due to the big bull market , HDIS fail to keep the price lower than the threshold , and investors exercise the warrants , as a result , the control right has been diluted .

-该财团将向GoldOne注资1.5亿澳元，换取该公司发行的3.75亿股新股，相当于该公司31%的股权（未经稀释）。

- The consortium will inject A $ 150m into Gold One in exchange for 375m new shares issued by the company .

这意味着中小股东的股权会被严重稀释，而持有优先股的大股东可以廉价增持股份。

This means minority shareholders can be heavily diluted at a deeply discounted rate and preferred large shareholders can be offered a cheap way to increase their stake .