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1、重庆科技学院学生毕业设计（论文）外 文 译 文院（系） 经济管理学院 专业班级 会计学本科2006级 学生姓名 代攀 学 号 2006441158 译 文 要 求1. 外文翻译必须使用签字笔，手工工整书写，或用A4纸打印。2. 所选的原文不少于2万字印刷字符，其内容必须与课题或专业方向紧密相关，注明详细出处。3. 外文翻译书文本后附原文（或复印件）。译 文 评 阅评阅要求：应根据学校“译文要求”，对学生译文的准确性、翻译数量以及译文的文字表述情况等作具体的评价。指导教师评语： 指导教师（签字） 年 月 日原文来源：http:/ for an Optimum Voting Threshold 寻
2、找一个最佳表决比例Joy Dey Joy DeyABSTRACT 摘要 Sovereigns have been defaulting on their debts over decades now. 我国债务的拖欠已经长达十年以上了。主权债务不能收回A sovereign debt default necessitates a restructuring of the debt instrument in order to reduce the size of the debt or lengthen the maturity perio外债的不能迫使进行债务结构调整，来减少债务负担或者延长
3、债务的到期时间。One of the methods of debt restructuring is an exchange offer where the old debt instrument, for example the bond, is exchanged for new debt instruments with altered term sand conditions, particularly the payment term重组债务的一个方法是在原有债权债务协议基础上签订一个交换要约，例如债券，是为了改变付款期限和条件，尤其是付款条件而产生的新的债务票据。Whereas
4、some investors may agree to such restructuring and accept the exchange offer, others might have different aspirations for their investments. A successful sovereign debt restructuring takes place when the debtor has acquired the consent of a pre-determined number of creditors, or the restructuring th
5、reshol虽然一些投资者可能会同意这样的结构调整和接受交换要约，其他人或许会有不同的投资意愿。一个成功的主权债务重组在发生时，债务人已经得到经债权人同意的一个预期的额度，或者就是债务重组的平衡点。不管怎样，重组平衡点是The restructuring threshold is, however, a function of two critical variables (i) investor confidence: low threshold percentage reflects low investor confidence in the issuer; (ii) success o
6、f the restructuring: high threshold percentage makes it difficult to achieve the required number of consenting investors，这个函数受两个重要因素影响：（一）投资人的信心：较低的平衡百分比反映投资者对发行人的投资信心很低。（二）债务结构调整的成功：较高的平衡百分比会让债权人很难回收债权来满足自己的需要。Thus, maintaining a balance between the two becomes crucial for the debtor country.因此，保持这
7、两者之间的平衡关系成为债务人的难题。In this article, previous sovereign debt restructuring episodes have been analyzed to study the different threshold levels prescribed by different countries, and an attempt has been made to study whether there is a possibility of an optimum threshold level that can be prescribed as
8、 a supra-national code for all sovereign debt restructurin这篇文章对以前的主权债务重组事件进行了分析，来研究学习不同主体规定的不同平衡点水平，以及找出一个最适合的平衡点水平用于为所有主权债务重组规定一个超国家代码。Sovereign Debt Restructuring Search for an Optimum Voting Threshold JoyINTRODUCTION 引言 I. 主权借贷的产生Borrowing of money has remained a universal phenomenon throughout t
9、he history of mankind, and can be traced back to about 9000 years ago when man invented counting tokens to keep track of trades and obligations. 1 With the advancement of trade and commerce, features of debt and credit have become exponentially widespread and complex. 整个人类的历史中，金钱借贷仍然是一个普遍的现象，可以追溯到大约
10、9000年以前人类发明计数令牌用于记录的贸易和债务。随着贸易和商业的发展，借贷的特征已经成为广泛的和复杂的信用指数。Now borrowing is not limited to only individuals or commercial entities, but even sovereign states resort to commercial borrowing to fulfil their financial requirements.现在，借款不仅限于个人或商业实体，还包括主权国家依靠商业借贷，以满足其财政需求。Until about the 20 th century, bo
11、rrowing by sovereigns was limited to emergency measures for a short-term to cover particular large expenditures (such as natural calamities, war, etc.)直到20 世纪 ，主权借款仅限于短期内支付大笔特殊支出的紧急措施（如自然灾害，战争）。Borrowing has become a perpetual feature for most governments, where new loans are also used to repay old
12、loans.借贷已成为一个主要的途径对大多数国家政府，他们用新的贷款来偿还旧贷款。As long as governments are able to keep the countrys level of indebtedness in check, borrowing to service old loans is considered sustainable. 2 This essay is limited only to the study of sovereign borrowings只要政府能够维持的债务水平在限制范围内，借贷服务的旧贷款被认为是可持续的。本文仅限于借款研究主权。 W
13、ith the vision to develop and grow, the developing countries have been in constant need to borrow, and during the last half a century, the largest source of capital flow has been Debt. 3 3 Due to the frenzy of modernisation and major railroad and industrial projects, there were drastic lending by co
14、mmercial banks in the 1970s and 1980s. 在发展壮大愿景下，发展中国家一直在不断的借款需求，并在过去半个世纪以来，资本流动的最大来源就是债务。20世纪70年代和80年代，由于现代化工业的狂热和主要铁路和项目中，商业银行提供的大力贷款。Most lending was by way of syndicated bank loans, until the debt crisis of 1980s, when there was a shift from syndicated loans to bonds. 4 4 Since the outset of the
15、Brady Plan in 1989, Argentina, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Ivory Coast (Cote dIvoire), Jordan, Mexico, Nigeria, Panama, Peru, the Philippines, Poland, Russia, Uruguay, Venezuela and Vietnam were able to restructure their unsustainable debt mostly in syndicated loans by the issuance of Brady bonds, which has also been the genesis of an era of sovereign bond defaults and restructuring. “In general terms a bond is a loan by one part
