2010年注册会计师《经济法》冲刺模拟试题(19)

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　　[答案] (1)东方公司的净资产收益率符合有关发行可转换公司债券的条件。根据有关规定，上市公司发行可转换公司债券，最近3个会计年度加权平均净资产收益率平均不低于6%。扣除非经常性损益后的净利润与扣除前的净利润相比，以低者作为加权平均净资产收益率的计算依据。东方公司最近3个会计年度以扣除非经常性损益前后的净利润低者作为计算依据的加权平均净资产收益率平均为6.83%，符合规定条件。参见教材P188。

　　The rate of return on net assets for Co. Dongfang meets the requirements to issue convertible corporate bonds. As per the regulations, when listed company is to issue convertible corporate bonds, the weighted average rate of return on net assets is not below 6% and the lower of net profit after or before deducted extraordinary profit and low is used to calculate the said rate. The public issuance of convertible corporate bonds as made by a listed company may not only meet the requirements as provided for in paragraph 1 herein but also meet the requirements of the present Law on public offer of stocks,

　　(2)①东方公司董事会拟订的可转换公司债券的期限符合有关规定。根据有关规定，可转换公司债券的最短期限为1年，最长期限为6年，东方公司拟发行的可转换公司债券的期限为4年，是符合规定的。

　　The terms of convertible corporate bonds stipulated by Board of Directors of Company Dongfang complies with the relevant regulations. As per regulations, the shortest term of convertible corporate bonds is one year, the longest term is six years. The term of convertible corporate bonds to be issued by Company Dongfang is four years and complies with the regulations

　　②东方公司董事会拟订的可转换公司债券转为股票的期限符合有关规定。根据有关规定，可转换公司债券自发行结束之日起6个月后方可转换为公司股票。东方公司拟订的转换为公司股票的期限为9个月，是符合规定的。

　　参见教材P188。

　　The terms of convertible corporate bonds stipulated by Board of Directors of Company Dongfang complies with the relevant regulations. As per regulations, the convertible corporate bonds can be converted into shares after six months from the end of issuing such bonds

　　(3)①东方公司董事会拟订的可转换公司债券的转股价格不符合有关规定。根据有关规定，转股价格应不低于募集说明书公告日前20个交易日该公司股票交易均价和前一交易日的均价。东方公司拟发行的可转换公司债券的转股价格低于募集说明书公告日前20个交易日该公司股票交易均价和前一交易日的均价，是不符合规定的。

　　The price of convertible corporation bonds stipulated by the Board of Directors of Company Dongfang does not comply with the relevant regulations. As per relevant regulations, the convertible price cannot be lower than the average price of 20 business days and the last business day before the prospectus announcing day. The price of convertible corporation bonds to be issued by Company Dongfang is lower than the average price of 20 business days and the last business day before the prospectus announcing day and this is not in line with the regulations

　　②东方公司董事会拟订对转股价格不作任何调整的说明不符合有关规定。根据有关规定，发行可转换公司债券后，因配股、增发、送股、派息、分立及其他原因引起上市公司股份变动的，应当同时调整转股价格。而东方公司对转股价格不作任何调整的说明，是不符合规定的。参见教材P189。

　　Dongfang for the price of convertible corporation bonds not to be adjusted does not comply with the relevant regulations. As per the regulations, after issuing convertible corporation bonds, if the share capital has changed because of the right issue, new issue, bonus issue, dividend, split or any other reasons, the price should be adjusted accordingly. In this case it is not in line with the regulations for Company Dongfang not to adjust the said price accordingly

　　(4)北方钢铁股份有限公司为东方公司发行可转换公司债券提供担保是不符合规定的。根据规定，上市公司不得作为发行可转债的担保人，但上市商业银行除外。北方钢铁股份有限公司为上市公司，其为发行可转换公司债券提供担保是不符合规定的。

　　参见教材P188。

　　It is not in line with the regulations that the North Steel Corporation provided guarantee for the Company Dongfang to issue the convertible corporation bonds. As per the regulations, the listed companies (except listed commercial banks) cannot act as guarantor for the issuance of convertible corporation bonds. North Steel Corporation, as list company, cannot provide guarantee for the issuance of convertible corporation bonds, otherwise, it is not in line with the relevant regulations. (ref to p188 of textbook)

　　(5)承销商采取的具体包销方法有不当之处。根据规定，作为承销商的证券公司在包销期内，对所包销的证券应当保证先出售给认购人，不得为本公司事先预留购入并留存所包销的证券。参见教材P176。

　　It is improper. A securities company shall, within the term of sale by proxy or exclusive sale, guarantee the priority of the relevant subscribers in purchasing securities under sale by proxy or exclusive sale. A securities company may not reserve in advance any securities under sale by proxy thereby or purchase in advance and sustain any securities under exclusive sale thereby