首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
Capital markets need a push. It is an urgent task for China to accelerate the development of the capital market to facilitat
Capital markets need a push. It is an urgent task for China to accelerate the development of the capital market to facilitat
admin
2009-06-24
38
问题
Capital markets need a push.
It is an urgent task for China to accelerate the development of the capital market to facilitate the restructuring of its State economy, according to a recent report by the State Council Development Research Centre.
China has made considerable progress in developing its capital market in the past decade. Acquisitions and mergers have given a strong impetus to the reorganization of enterprises.
66.______
First, development of the three elements of China’s capital market has not proceeded at the same pace.
Though the stock market has developed rapidly during recent years, the bond market and medium- and long-term credit market have lagged behind.
In the bond market, the issue and trading of corporate bonds is far behind those of treasury bonds.
Because the risk and yield of bonds and stocks differ, a well-developed bond market can increase the choice for investors and those seeking to raise capital.
In developed market economies, funds raised by enterprises through bond financing are several times higher than those raised through the issue of shares.
The situation is the reverse in China. In 1997, enterprises raised 132.5 billion yuan (U.S. $16 billion)through stock issues but a mere 30 billion yuan (U.S. $3.6 billion) through bond issues.
67.______
To develop the medium- and-long-term credit market, the State should break the monopoly of inefficient State banks and develop joint-stock banks, it said.
Second, non-State enterprises and small and medium-sized enterprises are still handicapped in the capital market.
Obstacles remain to their access to the medium- and-long-term credit market despite the central bank’s recent efforts to make more loans available to them.
While large State-owned enterprises benefit from the State’ s preferential policy in issuing bonds and stocks, most non-state enterprises and small and medium-sized enterprises have no chance of being listed on the State’s official stock market, but have to turn to volatile over-the-counter markets which have not yet been legalized.
Non-State enterprises do not even have equal rights in the State’s preferential policy in encouraging the merger and reorganization of enterprises.
The State should regulate secondary markets to provide a fair capital market for non-State enterprises and small and medium-sized enterprises, the report said.
68.______
69.______
Since the merger and acquisition of enterprises usually involve a huge amount of funds, enterprises can rarely raise enough money from internal reserves.
Therefore, the State should support financing of the reorganization of enterprises, stressed the report.
Banks should add credit for mergers and acquisitions to their loan categories.
Additionally, restrictive regulations on enterprises’ financing of mergers and acquisitions through the issue of corporate bonds should be eased or abolished.
Finally, there is a serious shortage of institutional investors aiming at stable long-range profits in China’s security market. To develop institutional investors and investment funds, the State should encourage pension insurance and trust funds, the report proposed.
70.______
In the meantime, institutional investors should also strengthen their own management and standardize their operations to raise efficiency.
In China’s underdeveloped capital market, inadequate supervision has resulted in excessive speculation and misconduct by enterprises and investors.
To protect the interests of the masses of small and medium-sized investors, the State should urgently improve its supervision of the capital market, the report said.
The focus of its supervision should be shifted from the investment value of securities to the credibility and completeness of listed companies’ reports.
A. Third, enterprises still face many difficulties in financing reorganization through the capital market.
B. However, there is an urgent need to improve the country’s capital market, the report said.
C. The growth of these three funds would help maintain a stable capital market and facilitate the reorganization of State-owned enterprises.
D. In addition, the State should allow circulation of shares owned by the State in listed companies to facilitate acquisition of listed companies through the secondary stock market.
E. So, China should make greater efforts to boost its corporate bond market, urged the report.
F. Against the backdrop of the Asian financial turmoil and shrinking Asian markets, the EU has become an important export target market for Chinese exporters.
选项
答案
D
解析
转载请注明原文地址:https://kaotiyun.com/show/8NHd777K
本试题收录于:
公共英语五级笔试题库公共英语(PETS)分类
0
公共英语五级笔试
公共英语(PETS)
相关试题推荐
TheGreatestShowonEarthTheOlympicGamesarethegreatestfestivalofsportintheworld.Everyfouryears,ahundredor
TheGreatestShowonEarthTheOlympicGamesarethegreatestfestivalofsportintheworld.Everyfouryears,ahundredor
MakingYourselfaGoodRecordIfyouareanAmericanandyouthinkyoumightneedtoborrowmoneysomeday,thebestthingto
MakingYourselfaGoodRecordIfyouareanAmericanandyouthinkyoumightneedtoborrowmoneysomeday,thebestthingto
TheInternetHouseAleadingBritishbuildinganddesigncompanyhasjustannouncedtheirplansforthehomeofthefuture.T
NaturalMedicinesSinceearliestdays,humanshaveusedsomekindsofmedicines.Weknowthisbecausehumanshavesurvived.An
Economicgrowthindevelopingnationsdependsmoreontheability,todesigneffectivemarketingsystemsthanthedevelopednati
Thesubstancecanbeaddedtogasolinetoacceleratethespeedofautomobiles.
CostasaFactorinSupplyInapurelycompetitivemarket,thesupplierofgoodsandserviceshasnocontroloverthemarketpri
HowOneSimpleMovementCanLetSliptheSecretsoftheMindBodylanguageisthequiet,secretandmostpowerfullanguageo
随机试题
试述产品质量战略的类型。
Hehas______1,000inlessthanaweek.
患者男,22岁,间歇性胸痛、气促3个月。经B超检查诊断为梗阻性肥厚型心肌病。宜选用下列何项药物治疗
银行的存贷款业务应归()账户。
在欣赏《溜冰圆舞曲》时,下列哪个活动强调了学生对音乐的体验与实践?()
毛泽东在《目前形势和我们的任务》一文中指出的土改必须注意的基本原则是()。
从金属利用的历史来看,先是青铜器时代,而后是铁器时代,铝的利用是近百年的事。下列选项中,与金属利用的先后顺序相关度最高的是______。
产业结构是指各产业的构成以及各产业之间的联系和比例关系。在我国,加快经济结构的战略性调整,优化升级产业结构,是经济发展方式转型的客观要求,有助于促进国民经济持续、快速、健康地发展。优化产业结构的哲学依据在于
A、Paymoreattentiontogrades.B、Trytojudgestudentsfairly.C、Teachkidstoacceptfailure.D、Workhardtoavoidquitting.C
A、Weshouldfocusonthefuturelife.B、Weshouldreacttoliferatherthanact.C、Weshouldbuildourhousesinlife.D、Weshou
最新回复
(
0
)