本中文版筆記翻譯自英文原版。
迴享團隊已根據教育局文件及教科書，竭盡所能確保翻譯質素，惟如仍有失誤，請見諒。
有關企業的所有權 Business Ownership（公營企業 Public Enterprises 及私有制 Private Ownership），請參閱以下文章：
經濟 ECON｜廠商與生產 Firms and Production｜企業的所有權 Business Ownership
在小型投資者的角度 From the Perspective of Small Investors
債券相對於股票的好處 Advantages of Bonds over Shares
回報穩定。
Stable return.
- 無論公司是否有利潤，小型投資者都可以獲得利息，因為公司有責任向債券持有人支付利息。
Small investors can get interest return even if the company does not make any profit that year as the company has the obligation to pay interests to bondholders.
當公司清盤時，債券持有人比股東取回資金的優先順序較高。
Higher priority of getting paid than shareholders if the company is liquidated.
- 減少投資損失。
Reduce the loss on investment.
債券相對於股票的壞處 Disadvantages of Bonds over Shares
債券持有人在股東大會中沒有投票權。
Bondholders do not have voting rights in the shareholders’ meeting.
- 不能影響公司決策。
Cannot influence company’ s decisions.
不能得到更多回報。
Cannot get more return.
- 由於股票的利息是固定的，就算公司賺取更多利潤，債券持有人不能獲得更多利息。
Since interests for bonds is fixed, even if the company earns more profit, bondholders cannot get more interests.
股票相對於債券的好處 Advantages of Shares over Bonds
股東在股東大會中有投票權。
Shareholders have voting rights in shareholders’ meeting.
- 能影響公司決策。
Can influence company’ s decisions.
有機會得到更高股息回報。
The possibility of getting higher dividend return.
- 由於股票的股息回報不是固定，如果公司賺取更多利潤，股東或可以獲得更多股息。
Since dividend return for shares is not fixed, if the company earns more profit, shareholders may be able to get more dividends
股票相對於債券的壞處 Disadvantages of Shares over Bonds
股息回報較不穩定。
Dividend returns are more unstable.
- 公司沒有責任向股東支付股息。即使公司賺取利潤，都不一定會派股息。
The company does not have any obligation to give out dividends. Even if there is profit, there can be no dividends.
當公司清盤時，股東比債券持有人取回資金的優先順序較低。
Lower priority of getting paid than bondholders if the company is liquidated.
- 比債券持有人更大機會造成投資損失。
Higher chance of the loss of investment than that of bondholders
在公司／東主的角度 From the Perspective of Company / Owners
債券相對於股票的好處 Advantages of Bonds over Shares
被收購的風險不會受到影響。
Risks of being taken over will not be affected.
- 另一方面，發行股票會增加被收購的風險。
Meanwhile, issuing shares will increase the risk of being taken over.
對公司的控制權不會被攤薄。
Will not dilute the control right over the firm.
- 當發行更多債券時， 現有股東的控制權不會被減弱。
When more bonds are issued, the control rights of existing shareholders will not be reduced.
債券相對於股票的壞處 Disadvantages of Bonds over Shares
即使公司出現虧損，公司亦有責任去支付利息。
Have the obligation to pay interests even if the company suffers from loss.
- 另一方面，公司沒有責任支付股息。
Meanwhile, the company does not have obligation to pay dividends.
由於債券有到期日，公司有責任去贖回債券。
Since bonds have maturity dates, the company has the obligation to redeem the bonds.
- 另一方面，公司沒有責任去贖回股票，因為股票沒有到期日。
Meanwhile, the company does not have obligation to redeem shares as shares do not have maturity date.
股票相對於債券的好處 Advantages of Shares over Bonds
沒有責任支付股息。
No obligation to pay dividend.
- 即使公司賺取利潤，公司仍然可以不分配股息給股東。
Even if the company earns profit, it can still not distribute dividends to shareholders.
- 另一方面，公司有責任去支付債券的利息。
Meanwhile, the company has the obligation to pay interests for bonds.
沒有贖回股票的責任。
No redemption obligations on shares.
- 由於股票沒有到期日，所以公司不用贖回股票。
Since shares do not have maturity dates, the company does not need to redeem the shares.
- 另一方面，由於債券有到期日，公司有責任去贖回債券。
Meanwhile, since bonds have maturity dates, the company have the obligation to redeem bonds.
股票相對於債券的壞處 Disadvantages of Shares over Bonds
被收購的風險較高。
Higher risk of being taken over.
- 另一方面，發行債券不會影響被收購的風險。
Meanwhile, issuing bonds will not affect the risk of being taken over.
現有股東的控制權（投票權）會被削弱。
The controlling power (voting power) of existing shareholders reduces.
- 現有股東對公司的控制權會被攤薄。
Dilute the control right of existing shareholders over the firm.
