英文翻译.请不要用在线翻译软件

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.

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.