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发行股票、发行债券、向银行借款这三种融资办法中,由于发行债券筹集的资金相对自由,而且购买债券的投资者无权干涉企业经营决策,许多企业非常愿意选择这种筹资办法。而对于广大投资者,债券市场又是一块相对于股票风险较小、相对于银行收益较大的市场,目前恰恰是这一块市场的作用远远没有发挥出来。1988年,美国、日本、西德企业债券分别占 GDP 的比率为17%、17%、41%,而我国目前还不到3%,且企业债券所筹资金大部分用于公益事业和大型项目,一般企业发行债券的很少。在当前我国股票市场初具规模,但股权约束机制弱化的问题普遍突出的情况下,大力发展企业债券市场是适时之举。
Issuing shares, issuing bonds and borrowing from banks In these three financing methods, as the funds raised by issuing bonds are relatively free, and the investors who buy bonds have no right to interfere in the business decisions, many enterprises are very willing to choose such financing methods. For the majority of investors, the bond market is a relatively small stock risk, relative to the larger bank income market, it is precisely this one market is far from play a role. In 1988, the share of corporate bonds in the United States, Japan and West Germany accounted for 17%, 17% and 41% of the GDP respectively, while in China, less than 3% of the total corporate bonds were used. Most of the funds raised by corporate bonds were used for public welfare undertakings and large-scale projects , The general corporate bonds issued few. Under the circumstance that the stock market in our country is beginning to take shape but the problem of weakening the equity restraint mechanism is generally prominent, it is a timely move to vigorously develop the corporate bond market.