英文翻译.请不要用在线翻译软件However, sometimes, controlling shareholders may want to prop up their listed firm, when it is in financial difficulty so that they can continue to enjoy the private benefit of the listing status or to acces

英文翻译.请不要用在线翻译软件However, sometimes, controlling shareholders may want to prop up their listed firm, when it is in financial difficulty so that they can continue to enjoy the private benefit of the listing status or to acces
英文翻译.请不要用在线翻译软件
However, sometimes, controlling shareholders may want to prop up their listed firm, when it is in financial difficulty so that they can continue to enjoy the private benefit of the listing status or to access to the financial market in the long run. In China, firms face two types of risk after they get listed, which is quite unique only in the Chinese stock markets: delisting and the loss of rights to issue new equity. According to the guidelines introduced by the CSRC (China Securities Regulatory Commission) in 1999, a listed firm will be designated as a special treatment (ST) firm if it reports a net loss for two consecutive years and a particular transfer (PT) firm if it suffers a net loss for three consecutive years. PT itself entails virtual suspension of trading. Further,if a PT firm cannot become profitable in one year, it will be completely delisted.4 In 2003, the CSRC introduced a new designation called “*ST,” which is designated to a firm if it reports a net loss for two consecutive years. It is similar to ST, but without the transition PT period. In order to obtain the right to issue new equity, listed firms are required to maintain a minimum ROE of 6% for three consecutive years. In addition, the average ROE over these three years must be no less than 10%. Since the competition for the listing quota is rather fierce, controlling shareholders would suffer a huge loss of private benefits from delisting. As a result, they have strong incentives to “prop up” their listed firms that are near those thresholds.

英文翻译.请不要用在线翻译软件However, sometimes, controlling shareholders may want to prop up their listed firm, when it is in financial difficulty so that they can continue to enjoy the private benefit of the listing status or to acces
然而,当其上市公司遇到资金困难,有时候控股股东是愿意支持它的,这样他们就可以继续享有上市状态的好处或可长期的进入资本市场.在中国,上市后,公司会面对两种风险,这是在中国的股市中所特有的：退市或失去发行新股的权利.根据中国证监会（CSRC）1999年发布的指导方针（规则）,如果上市公司连续两年报告净亏损,就会被定为特殊处理（ST）公司,如果连续三年报告净亏损,就会被定为特别转让股(PT)公司.PT本身必须在实质上暂停交易.4在2003年,中国证监会引入了一个新的名称,称之为“*ST”,这是针对连续两年报告净亏损的公司,它同ST相似,但是没有PT过渡期.为了获得发行新股的权利,上市公司被要求保持最低的ROE（净资产收益率）连续三年为6%,另外,这三年的平均ROE要不低于10%.由于上市名额的竞争相当激烈,控股股东会从退市中遭受巨大的损失.因此,他们有很强的激励因素来支持（力挺）他们的接近这些门限的上市公司.

然而，有时，股东可以支撑他们的上市公司，当它在经济困难，使他们可以继续享受的上市地位的私人利益或获得长期的金融市场。在中国，他们得到了上市后企业面临着两种类型的风险，这不仅在中国的股票市场是相当独特的：退市和丧失权利发行新的股票。根据中国证监会介绍指南（中国证券监督管理委员会）1999，上市公司将被指定为特别处理（ST）公司如果它报告净亏损，连续两年和一个特定的转移（PT）公司就会连续三年净亏损。...

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然而，有时，股东可以支撑他们的上市公司，当它在经济困难，使他们可以继续享受的上市地位的私人利益或获得长期的金融市场。在中国，他们得到了上市后企业面临着两种类型的风险，这不仅在中国的股票市场是相当独特的：退市和丧失权利发行新的股票。根据中国证监会介绍指南（中国证券监督管理委员会）1999，上市公司将被指定为特别处理（ST）公司如果它报告净亏损，连续两年和一个特定的转移（PT）公司就会连续三年净亏损。Pt本身需要交易虚拟悬挂。此外，如果一个PT公司不能在一年变得有利可图，它将完全被摘牌。4，2003，中国证监会提出了一个新的名称叫“*ST，”这是指定给某公司如果它报告连续两年亏损。它类似于圣，但无过渡PT期。为了获得正确的发行新的股票，上市公司必须保持连续三年最低净资产收益率的6%。此外，在这三年的平均净资产收益率不得低于10%。由于上市额度的竞争相当激烈，控股股东将遭受巨大损失，私人利益从退市。作为一个结果，他们有强烈的动机来“支撑”的上市公司，接近阈值

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