对过去150年间对企业债券市场影响较深的历史事件进行回顾发现,早期对于企业债券违约的处理机制是股权接管,企业可在持续经营的状况下进行重组,而且,出售价格相对于破产清算要高出许多。金融市场的高度发展增强了债券的流动性。在19世纪后半段,美国金融市场就已经高度发达。 A review of historical events that have had a profound impact on the corporate bond market over the past 150 years reveals that the early treatment of default on corporate bonds was the takeover of equity, the restructuring of the business under continued operations, and the selling price relative to bankruptcy liquidation Much higher. The high degree of financial market development has enhanced bond liquidity. In the latter half of the 19th century, the U.S. financial market was highly developed.