论文部分内容阅读
在企业直接融资渠道中,股票融资和债券融资是最主要的方式。在国际资本市场上,自80年代中期以来,债券融资日益取代了股票筹资,成为国际融资的主渠道。至80年代末90年代初,债券融资地位进一步上升,成为国际直接融资中占统治地位的筹资渠道。1999年,全球债券发行量高达4750亿美元,为同期国际信贷的2.7倍,其中美国公司债券的发行突破2500亿美元,达到同期股票发行量428亿美元的5.8倍。随着我国社会主义市场经济的发展,企业融资中直接融资的比重不断上升。自1992年以来,在中国资本市场上两种最主要的直接融资
In the enterprise direct financing channels, equity financing and bond financing are the most important ways. In international capital markets, bond financing has increasingly replaced stock financing since the mid-1980s and has become the main channel for international financing. By the late 1980s and early 1990s, the position of bond financing rose further and became the dominant channel of financing for international direct financing. In 1999, the global bond issuance was as high as 475 billion U.S. dollars, 2.7 times that of the international credit in the same period. Among them, the issuance of U.S. corporate bonds exceeded 250 billion U.S. dollars, reaching 5.8 times of the 42.8 billion U.S. dollars. With the development of the socialist market economy in our country, the proportion of direct financing in corporate finance has been on the rise. Since 1992, the two main types of direct financing in China’s capital markets have been