It might, alternatively, choose to abandon debt altogether and buy equity.

或者，它可以放弃所有的债券来买股份。

Although there is plenty of private capital sloshing around, there is a chicken-and-egg problem: nobody wants to buy equity in an industry without enough capital.

尽管周围有很多游离的私人资本，但还是有一个鸡生蛋还是蛋生鸡的问题：没有人会在缺乏资本的行业中购买股本。

The private-equity industry, the bête noire of many a European politician, managed just $81 billion of buy-outs.

私募股权行业是许多欧洲政客的狂欢，仅进行了810亿美元的收购。

Banks that have lots of capital will buy assets from Banks that need equity or are still in the process of rebuilding themselves (for example, Citigroup or the Royal bank of Scotland).

有大量资金的银行将从那些需要股权或者仍处于重组的银行那里购买资产(例如花旗集团或苏格兰皇家银行)。

If you want to buy the company you have to buy up all the debt and all the equity.

如果你想买下公司，你必须买下所有的负债和股票。

If you really want to buy the company, you buy up all its equity — all of its shares — and all of its debt.

如果你想买下公司，就得买下所有股份，所有的股票，还有所有的债务。

Stock market investors complain when private equity funds buy corporate assets only to sell them back to the stock market at a far higher price a couple of years later.

股市投资者抱怨，私人股本基金在收购公司资产的两三年后，以高出许多的价格卖回到股市。

Subprime, interest-only and other kinds of mortgage instruments allowed people to buy their homes without a down-payment and without building up equity.

次级、付息及其它抵押借款工具允许人们在不预付定金和资本净值未不断增值的情况下购买房屋。

Sometimes this will mean selling equity, a galling experience for those who spent a fortune on share buy-back programmes just a year or two ago.

有时这将意味着出售股权，这对于那些只是一年或两年以前花了大量资金回购股票的公司来说实在是一个难堪的经验。

This time the Chinese firm could buy convertible bonds or direct equity stakes in mines.

这一回中国公司可购买可调换公司债或矿产的直接股权。

This, they think, will both increase the value of the firm in just the way it would under private-equity ownership, and remove one of the main incentives for private equity to buy.

他们认为，这样做一方面可以使公司增值——就象如果公司被私募股本买下后一样，同时可以把私募股本收购该公司的主要动机消解掉。

People buy fewer equity-linked savings products in difficult times, for example.

例如在经济困难时期人们罕买股票相关型储蓄产品。

In return for managing buy-out funds and sharing in the risk, private equity managers traditionally got a management fee and a share in the fund's performance.

作为对管理收购基金和分担风险的回报，私人股本管理机构一般都会收取一笔管理费，另外提取基金收益的一定比例。

There are also proposals for Banks to buy an option on capital via a kind of disaster-insurance scheme, paying out premiums to long-term investors in return for dollops of equity when crisis strikes.

也有建议银行通过某种灾难险计划购买资本期权的，这种方法下，保费实际交给长期投资者，危机来临时，这些投资者则买入小部分股份。

Similarly, I think management's free equity in a buy-out should never be more than 15 per cent combined, and usually materially less than that.

同样，在管理层收购中，管理层所得的免费股权合计不应超过15%，实际上通常也远低于这个比例。

Even companies avoiding the acquisition trail have raised borrowing levels to buy back shares-if only to keep private equity groups at bay.

甚至那些躲过了并购的公司也已经提高了借入资本用来回购股份——要是那些私人股本集团不来找麻烦该多好。

Among the keenest of them is Bank Tabungan Pensiunan Nasional (BTPN), which entered the market in 2008 after a buy-out by Texas Pacific Group, a private-equity firm.

其中最有竞争力的是国家退休基金储蓄银行（下文称BTPN），它被私募公司德克萨斯太平洋集团收购，之后于2008年进入小额信贷市场。

Might not executives with inside knowledge help a private-equity group buy their company cheaply so as to make more money years later when it is eventually sold on?

拥有内部信息的主管人员是否会以低廉的价格将公司出售给私募股本集团，然后多年后私募股本集团出售公司时可以赚取更多的钱？

Valiant efforts to interpret these rules are being made by the International Private Equity Valuations Board, an industry body that some buy-out firms support.

由一些私募公司所支持的国际私募股权估值委员会为解释相关的会计准则作出了大胆的尝试。

Perhaps a private-equity bid will be tabled, possibly even a hostile one-the first on such a scale in the present buy-out boom.

或许一项私人股本竞购计划(甚至可能是一项恶性计划)会付诸商议，这可能是目前的并购风潮中首个这等规模的计划。

The level of spreads is particularly significant because private-equity groups have been arbitraging between the debt and equity markets, using cheap debt to buy companies.

息差的水平特别显著是因为私人股份集团已经在债务工具市场和股票市场之间进行套利, 通过使用债务工具借入资金去收购公司.

Although the credit markets have reopened, they are not yet ready to finance high-yielding leveraged buy-outs, by private equity or anyone else.

尽管信贷市场已经重新开启，但还没有足够能力为私人上市公司或是其它类型公司的全盘收购计划提供足够的资金。

Liquidity explains why this business has so much cash; and companies' fat profits (along with low interest rates) explain why private-equity houses are so keen to buy them.

流动性解释了这行业拥有如此多现金的原因。公司的丰厚利润(连同低利率)解释了私募股本机构如此热热衷于购买它们的原因。

The idea that using borrowed money to buy assets is the smart road to riches might lose currency, changing attitudes to home ownership as well as to parts of the finance sector such as private equity.

用借来的钱购买资产可能不会再被视为通往财富的捷径，而这将会使我们改变对于拥有住房、以及金融部门中类似私募基金这类机构的态度。

The simplest way to see Modigliani-Miller debt irrelevance is the following: a company — if you wanted to buy a company, you could buy only the shares, or equity.

理解MM负债不相关性的，最简单的方法是这样的，一家公司，如果你想买下一家公司，你可以通过股票，普通股来买。

If the firms do well, they buy back the equity in cash, which goes to the shareholders, with a cut for the fund.

如果公司运作良好，他们就会用现金买回股权给予股东，并给基金一份利润。

Using cash to buy back equity boosted earnings per share, making it easier for companies to meet quarterly profits targets.

利用现金回购股票[注4]，提高每股收益，使得企业能更容易地实现季度利润目标。

Classics partner agrees with cession equity below coequal condition other shareholder has preferential buy right.

经股东同意转让的股权，在同等条件下，其他股东有优先购买权。