论文部分内容阅读
发行中小企业债券 企业发行的债券种类很多,但中小企业一般利用的是小型私募债。这类债券的优点是不在债券市场流通,其次企业的主办银行即可成为其债券募集的受托者,不必寻求证券公司承销。 日本在1987年以前规定每期私募债的最高发行额不得超过公募的最低额(20亿日元),所以未达到公募发行等级的中小企业通常发行的私募债在10亿日元以下。日本中小企业私募债1985年为166起,金额391亿日元,1991年就上升到1323起,总金额达到5011
Issuing SME Bonds There are many types of bonds issued by companies, but SMEs generally make use of small private debt. The advantage of such bonds is that they do not circulate in the bond market, and secondly, the sponsoring bank of an enterprise can become the trustee of their bond offering without seeking the underwriting of a securities company. Before 1987, Japan stipulated that the maximum amount of private issue bonds issued should not exceed the minimum amount of public offering (2 billion yen). Therefore, the private placement bonds issued by SMEs that have not reached the public offering level are less than 1 billion yen. Japan’s SME private placement bonds in 1985 for 166, the amount of 39.1 billion yen in 1991 rose to 1323, with a total amount of 5011