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目前,我国企业的外部融资主要来自银行贷款和股票市场,1997年到1999年的三年中,企业通过股票市场融资均在1000亿元左右,而通过债券融资仅有几百亿元。1999年我国共发行企业债券420亿元,这仅占当年GDP总值8.2万亿元的0.51％,而同年美国的企业债券发行额达到2500亿美元,占当年GDP的3％,企业债券的发行量为同期股票发行量的5.8倍。在当前的经济情况下,给企业债券市场以准确定位,采取相应的措施促进其发展,对拓宽企业融资渠道、促进企业实力增强,甚至对保证国民经济的持续、健康发展都有重要意义。
At present, the external financing of Chinese enterprises comes mainly from bank loans and stock markets. During the three years from 1997 to 1999, enterprises raised about 100 billion yuan in financing through the stock market, while only a few tens of billions of yuan were raised through bond financing. In 1999, China issued a total of 42 billion yuan in corporate bonds, accounting for only 0.51% of the total GDP of 8.2 trillion yuan in that year. In the same year, the U.S. corporate bond issuance reached 250 billion U.S. dollars, accounting for 3% of the GDP of that year. The issuance of corporate bonds 5.8 times the volume of stock issuance over the same period. Under the current economic situation, it is of great significance to accurately locate the corporate bond market and take corresponding measures to promote its development. This will have great significance in broadening the channels for financing enterprises and enhancing the strength of enterprises, even for ensuring the sustained and healthy development of the national economy.