英语翻译（三）国有资产的大幅增值为何会与股民的巨额亏损同时发生1、中国上市公司IPO上市融资时,由于2／3的非流通股不能

英语翻译
（三）国有资产的大幅增值为何会与股民的巨额亏损同时发生
1、中国上市公司IPO上市融资时,由于2／3的非流通股不能流通所产生的股票供求关系的不真实,直接导致流通股股东比海外股市以更高的IPO价格入市,投入成本畸高.
2、从1997年至1999年,股市要为国企脱困服务的定位和“一帮一、捆绑上市”的政策,导致这一时期的300多家国有上市公司中近2／3的国有企业采用了一个上市指标必须搭配一家亏损国有企业的上市模式.这类上市公司在上市后陆续暴露了问题,至今仍有近500家国有上市公司的大股东无理拖欠上市公司近600亿元资金不还.若加上大股东对上市公司关联交易产生的延期拖欠,总额高达近千亿元.这一严重的治理结构问题所产生的后果就是上市公司效益不佳,导致流通股股东不能得到基本的投资回报和亏损.
3、从2001年5月起,通过国家股按市价减持,让股市为国家的下岗和在岗职工筹集社保资金服务又提上了议事日程.这导致股市急剧下跌.尽管中央及时叫停了国家股市价减持,但由此引发的将对股市走势产生重大影响的股权分置问题已充分暴露,人们均已看到了在增量国家股按市价减持这颗小“地雷”下面,悬挂着高达4500多亿股存量非流通股这颗大“地雷”并且这颗“大地雷”最终也可能按市价并轨流通.预期悲观导致大盘持续下跌,进而使流通股市值大幅缩水.
4、这一时期,国内对决策者有直接影响的经济学家和有外资投行背景的研究人员也陆续在内部和公开的刊物上提出中国资本市场泡沫过多,像个巨大的“老鼠会”,“连赌场都不如”等观点,担心套住国有银行的资金.正是在这样的理论对决策者的直接影响之下,2001年7月派出调查组行政追查国有银行的违规资金入市,以挤压股市泡沫.而到底何为银行违规资金?究竟如何看待银行的资金通过企业流入到股市?我们至今都没有定论.但这一强烈的政策信号却导致所有渠道获知这一消息的人纷纷逃离股市.
中国股市正是在上述这些海外成熟股市不可能发生的因素下,走上了与国民经济蓬勃向上的势头相悖离的漫漫熊途.而在这一过程中,由于国有股1.15元／股的原始投入价格很低,仍体现为较大幅度的增值.而流通股股东则由于在一级市场和二级市场远比国有资本成本投入高得多的入市投入,则产生了巨额亏损.这就是国有资产的大幅增值为何会与股民的巨额亏损同时发生的根本原因.

(Three)Stateowned property of significant increase in value why meeting and the people's a huge sum of loss in business simultaneous with
1,when listed company IPO in China appear on market a margin,because of 2/3 of don't circulate a the stock supply that can't circulate creation relation not true,direct cause to circulate a shareholder ratio overseas stock market with higher IPO price go into city,devotion cost Ji Gao.
2,from 1997-1999 years,the stock market want to take off to trap service for the state-owners enterprise of fixed position with the policy of "a help a,bind to appear on market" cause this at that time period of stateowned listed companies in more than 300 houses in about 2/3 of stateowned business enterprise adoption 1 appear on market index sign and have to match a loss in business appear on market of stateowned business enterprise mode.This listed company is after appear on market continuously expose problem,up to now still have about 500 big shareholder of stateowned listed company to have no reason to bear debt a listed company to be close to 60,000,000,000 dollars funds not return.If plus big shareholder to trade creation to the listed company connection of postpone to bear debt,the total amount be up to be close to 1000100000000 dollars.This severity of manage a structure problem result for produce be a listed company performance poor,causing to circulate a shareholder can't get basic of investment repay and loss in business.
3,from 2001 May since,pass nation press the market price reduce to hold,let stock market for nation of be unemployeed and raise an agency to protect a funds a service and lifted top an argument matter agenda at the Gang officers and workers.This cause stock market sharply slump.Though central in time call stop nation the stock market price reduce to hold,cause from here of will to stock market trend creation graveness influence of ownership of a share cent place a problem already full expose,people all have already seen is increase quantity nation press the market price reduce hold this small"land mine" underneath,hang to be up to 4500 have another 100000000 to save quantity don't circulate this big"land mine" and this"the earth thunder" end also possibility according to market price combine the track circulate.Expectation pessimism cause the big dish keep on decline and then make to circulate stock market value significant shrinkage.
4,this at that time period,domestic have to the decision maker direct influence of economist with have foreign capital hurl line background of researcher also continuously interiorly with public of publication top put forward China capital market the foam be excessive,be like a huge"pyramid scheme","even casino all not equal to" etc.standpoint,worry a set of funds which live stateowned bank.BE exactly at so of theories to decision maker of direct influence under,2001 July parties investigate set the administration investigate violate the rules of stateowned bank a funds into the city to squeeze a stock market foam.But exactly and what the bank violate the rules funds?How actually treat the funds of bank to pass business enterprise inflow to arrive stock market?We up to now and all have no a hard conclusion.But,the policy signal of this mightiness cause all person whom the outlet has learned that this news escape stock market in succession.
China the stock market is exactly under the factor that above-mentioned these overseas mature stock market is impossible occurrence and walked top with national economy booming upward of power head mutually the Bei leave of boundless bear way.But in this process,because of stateowned the originality of 1.15 dollars/ devotion the price be very low,still body now for more and significantly increase in value.But circulate a shareholder because of at one class market and second class market far ratio stateowned capital cost devotion Gao De2 Bing4 Duo of go into city devotion,creation a huge sum of loss in business.This be stateowned property of significant increase in value why meeting and people of a huge sum of loss in business simultaneous with of root reason.
给我分我就升级啦!谢了