For details, please refer to the Pilot Measures for the Issuance of Corporate Bonds and the Notice on Implementing Relevant Matters, the Notice of the National Development and Reform Commission on Further Improving and Strengthening the Management of Corporate Bonds, and the Notice of the National Development and Reform Commission on Promoting the Development of the Corporate Bond Market and Simplifying the Approval Procedures for Issuance.
Requirements for the issuance of corporate bonds by listed companies The issuance of bonds by listed companies must be approved by the CSRC. Generally speaking, corporate bonds are issued and sponsored by sponsors. At present, the corporate bond pilot is limited to listed companies.
Reference: baike.baidu./view/2059912.htm.
The issuance of corporate bonds by listed companies is negative in the short term and positive in the long term.
Corporate bonds of listed companies are subject to individual income tax at a reduced rate of 20% on "interest, dividends and bonus income" obtained by individuals according to the individual income tax law. The interest income mentioned here includes the interest earned by holding corporate bonds. Although the individual income tax law has been revised three times since the implementation of 1980, it has never changed the provisions on the taxation of corporate bond interest. Therefore, when individuals buy corporate bonds in the primary market or the secondary market, regardless of whether it is stated in the announcement of the issuance of corporate bonds or whether the underwriters inform them that the interest on corporate bonds should be subject to personal income tax, individuals must pay personal income tax in accordance with the provisions of the tax law when they obtain the interest on corporate bonds, and the tax will be withheld and remitted by the interest-paying unit when paying the interest. If the unit that pays the interest fails to withhold and remit it, the individual who obtains the interest shall declare and pay taxes on his own.
How do unlisted companies that issue corporate bonds disclose information? China Bond Online has all the information about the company's issuance of corporate bonds. You can browse there.
It seems that there are all kinds of materials, such as instructions on issuing bonds, audit materials of accounting firms, accounting statements for the past three years, the use of raised funds, the ranking of enterprises in the industry, and senior management information. It should be enough ratings. I've done this before.
What's the difference between corporate bonds and corporate bonds? Corporate bonds belong to a special kind of fixed-income products in the process of China's economic development and reform, and the guiding regulation regulating their issuance is the Regulations on the Administration of Corporate Bonds promulgated by the State Council 1993. The regulations stipulate that "the issuance of corporate bonds by central enterprises shall be examined and approved by the People's Bank of China in conjunction with the State Planning Commission; The issuance of corporate bonds by local enterprises shall be examined and approved by the branches of the People's Bank of China in provinces, autonomous regions, municipalities directly under the Central Government and cities with separate plans in conjunction with the planning authorities at the same level. " At present, the right to issue and approve corporate bonds belongs to the National Development and Reform Commission. Since the license scope of the planning department (now the National Development and Reform Commission) mainly involves the state-owned economic sector, the actual bond issuers are mainly large state-owned institutions such as institutions affiliated to the central department, wholly state-owned enterprises or state-owned holding enterprises, and all of them have large banks and large state-owned groups to provide guarantees for bonds. In this way, China's corporate bonds have a very high credit rating and belong to the quasi-* * * bonds of "national credit".
After the promulgation of the Company Law and the Pilot Measures for the Issuance of Corporate Bonds, it laid a foundation for vigorously developing the corporate bond market. Like other securities, according to regulations, the application for issuing corporate bonds must be approved by the China Securities Regulatory Commission. Companies that issue corporate bonds include joint stock companies and limited liability companies. The restrictions on issuers are looser and wider than those on corporate bonds. The number of institutions that meet the conditions for issuing corporate bonds is far greater than the number of institutions that issue corporate bonds. During the pilot period of corporate bond issuance, the scope of the company is limited to companies listed on the Shanghai and Shenzhen stock exchanges and domestic joint stock limited companies that issue overseas listed foreign shares.
In addition, there are great differences in credit rating and fund use.
Differences in credit ratings
Unlike corporate bonds, corporate bonds have no mandatory guarantee measures. If there is no guarantor guarantee, the credit rating of corporate bonds will depend on the asset status, management level and sustainable profitability of the issuing company. Because the specific situation of different companies is very different, the credit rating of corporate bonds will also vary a lot. In contrast, corporate bonds actually issued in China are generally guaranteed by guarantors with good credit, which makes the credit rating of corporate bonds not much different from other * * * bonds.
Differences in the use of bond issuance funds
In the practice of corporate bond issuance in China, the use of bond issuance funds needs to be approved by the examination and approval authorities, and the issuance of corporate bonds is directly related to the projects approved by the * * * department. Bond issuance funds are generally used for infrastructure construction, fixed assets investment, major technological transformation, public welfare investment and other aspects of the national economy and people's livelihood. Corporate bonds can be issued according to the specific business needs of the company. How to use the bond issuance funds is entirely an internal matter of the company, and the main use of the funds is also carried out around the specific operation of the company, without the approval and consent of the * * * department. It can be arranged in many ways, including asset investment, technological transformation, adjustment of asset structure, and implementation of asset merger and reorganization.
Differences in information disclosure requirements
Corporate bonds and corporate bonds have great differences in information disclosure requirements for issuers. Corporate bond issuers are not required to undertake strict information disclosure obligations, and the examination and approval department will no longer conduct special supervision on the issuer's continuous credit rating and business behavior after issuing bonds. On the contrary, the information disclosure of issuers who issue corporate bonds is more stringent. The Pilot Measures for the Issuance of Corporate Bonds stipulates that "the application for the issuance of corporate bonds must be true, accurate, complete, timely and fair, and there shall be no false records, misleading statements or major omissions." It is also required that during the effective existence of bonds, credit rating agencies publish a tracking rating report at least once a year.
What's the difference between corporate bonds and corporate bonds? According to the company law, companies that can issue corporate bonds can only be joint stock limited companies and limited liability companies. In contrast, the scope of enterprises is much larger than that of companies. The main basis for issuing corporate bonds in China is the Regulations on the Administration of Corporate Bonds promulgated by 1993. At that time, the company law had not yet been promulgated, and joint-stock companies and limited liability companies had not yet become the main ways to reform the organizational system of state-owned enterprises.
This historical process shows that corporate bonds are not corporate bonds.
Are corporate bonds and corporate bonds the same kind of bonds? What is the difference? Corporate bonds refer to securities issued by the company in accordance with legal procedures and agreed to repay the principal and interest within a certain period of time. The main body is the company. Corporate bonds refer to securities issued by enterprises in accordance with legal procedures and agreed to repay principal and interest within a certain period of time. The subject of application is bonds issued by enterprises with legal personality in China. From an analytical point of view, the main differences between corporate bonds and corporate bonds are as follows: First, the issuers are different. Corporate bonds are bonds issued by joint stock limited companies or limited liability companies, and non-corporate enterprises may not issue corporate bonds. The issuers of corporate bonds are institutions, wholly state-owned enterprises and state-controlled enterprises where the central government departments are located. Second, the issue conditions. The conditions for issuing corporate bonds are relatively relaxed. Third, in terms of guarantee, corporate bonds are unsecured, and corporate bonds need bank or group guarantees. Fourth, there are also significant differences in the issue pricing between the two. The final pricing of corporate bonds is determined by the issuer and the sponsor institution through market inquiry, and the interest rate ceiling of corporate bonds requires that the bond issuance rate should not be higher than 40% of the bank deposit rate in the same period. Fifth, in the issue state, corporate bonds can be approved at one time and issued many times. Corporate bonds are generally required to be issued within one year after approval. Legal basis: Article 153 of the Company Law of People's Republic of China (PRC) * * * The term "corporate bonds" as mentioned in this Law refers to the securities issued by the company in accordance with legal procedures and agreed to repay the principal and interest within a certain period of time. The issuance of corporate bonds by a company shall conform to the issuance conditions stipulated in the Securities Law of People's Republic of China (PRC). "Regulations on the Administration of Corporate Bonds" Article 2 These Regulations shall apply to the bonds issued in People's Republic of China (PRC) by legal person enterprises (hereinafter referred to as enterprises). But it does not include financial bonds and foreign currency bonds. No unit or individual may issue corporate bonds except the enterprises specified in the preceding paragraph. Article 5 The term "corporate bonds" as mentioned in these Regulations refers to the securities issued by enterprises in accordance with legal procedures, and agreed to repay the principal and interest within a certain period of time.
What are the conditions for Chinese listed companies to issue corporate bonds? Corporate bonds refer to securities issued by listed companies in accordance with legal procedures and agreed to repay the principal and interest within a period of more than one year. It is a medium and long-term direct financing product supervised by China Securities Regulatory Commission.
Issue conditions
1. Enterprise nature: listed company.
2. Scale: At present, due to the large number of declared enterprises, the net assets of enterprises in actual operation should be more than 65.438+0.5 billion yuan.
3. Profit: The average annual distributable profit realized in the last three fiscal years shall not be less than the interest of corporate bonds for one year.
4. Rating: According to the rating of credit rating agencies, the bond has a good credit rating.
5. Investment direction of raised funds: determined by the company according to business needs. The raised funds can be used for investment in fixed assets, technological transformation, adjustment of corporate debt structure, repayment of bank loans, replenishment of working capital, and support for corporate mergers and acquisitions and asset restructuring. 6. Guarantee: Bond issuing enterprises need the guarantee of financial institutions or parent companies (major investors).
Kneeling for the difference between corporate bonds and corporate bonds There are six major differences between corporate bonds and corporate bonds:
The difference between corporate bonds and corporate bonds is mainly reflected in six aspects. First, in the issuance system, corporate bonds adopt the approval system, which is audited by the CSRC. The CSRC has the right to decide whether to allow the issuance, and there is no certain constraint on the overall issuance scale. Corporate bonds are audited by the National Development and Reform Commission, which sets a certain issuance quota every year. Second, corporate bonds are relatively loose in terms of issuance conditions; Third, in terms of guarantee, corporate bonds take the form of unsecured, while corporate bonds need bank or group guarantee; Fourth, there are also significant differences in the issue pricing between the two. The final pricing of corporate bonds is determined by the issuer and sponsor through market inquiry, similar to the pricing of A shares and convertible bonds. The upper limit of the interest rate of corporate bonds is that the interest rate of issuing bonds is not higher than 40% of the interest rate of bank deposits in the same period; Fifth, in the issue state, corporate bonds can be approved at one time and issued many times. Corporate bonds are generally required to be issued within one year after approval; Sixth, corporate bonds have made a breakthrough in the credit rating system, which can be said to be in line with international standards. In other words, the trustee should regularly track the company's operating conditions and disclose information.
In addition, when trading, corporate bonds are net transactions, full-price settlement, and others are full-price transactions.