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美国公司的融资有两种形式:短期融资和长期融资。后者是指公司资本的筹集,通常由公司在正式的资金市场上向全社会发售证券。本文拟介绍有关美国公司长期资金融通的主要方式及其法律问题。一、证券的种类 (一)债券。债券是公司对外举债的主要方式。美国现行标准公司法(下称“公司法”)第3—02(8)条规定公司可以借款、举债和发行债券。公司发行债券时,不必事先由股东批准,但新借的资金只能用于公司的日常业务。债券是公司债务的凭证,在会计上划归公司负债项目。美国公司发行的债券具有提前清偿和调换两大特点。公司在债券到期日前的任何时候部可以催收债券,清偿债务,但必须以高于债券票面值的溢价回收债券。
There are two forms of financing for U.S. companies: short-term financing and long-term financing. The latter refers to the raising of corporate capital, usually by the company in the formal capital markets to the sale of securities to the whole society. This article intends to introduce the main ways and legal issues regarding the long-term financing of U.S. companies. First, the type of securities (a) bonds. Bonds are the main way a company borrows abroad. Section 3-02 (8) of the current US Standard Company Law (the “Company Law”) provides that companies may borrow, borrow and issue bonds. When a company issues bonds, it is not necessary to have shareholders’ approval in advance, but the new borrowed funds can only be used for the daily operations of the company. Bonds are the evidence of a company’s debt and are credited to the company’s debt items in accounting. Bonds issued by US companies have two major characteristics: early liquidation and exchange. The company may, at any time prior to the expiration of the bonds, collect the bonds and pay off the debt, but the bonds must be recovered at a premium above the par value of the bonds.