1. Corporate bonds are issued by joint-stock companies and limited companies.
2. Corporate bonds are mostly issued by central enterprises, state-owned enterprises or state-controlled enterprises.
Second, the moving place is different from the pricing.
1. At present, corporate bonds are only circulated on stock exchanges in China, which is relatively open, so the pricing is determined by the issuing company and underwriters through market inquiry.
2. The direct pricing of corporate bonds shall not exceed 40% of the resident time deposit interest rate in the same period, and the mobile place shall mainly flow in the interbank market.
Third, the use of bond issuance funds is different.
1. Corporate bonds are bonds issued by companies according to the specific needs of business operations. Its main uses include investment in fixed assets, technology upgrading, improving the structure of enterprise capital sources, adjusting enterprise asset structure, reducing enterprise financial costs, and supporting enterprise mergers and acquisitions and asset restructuring.
2. Corporate bonds are basically issued for infrastructure construction and government projects.
Fourth, the credit base is different.
1. The credit base of corporate bonds is not as good as that of corporate bonds.
2. Corporate bonds realize government credit through state-owned assets mechanism and guarantee mechanism through administrative enforcement.
5. The number of bonds issued is different.
1. The lowest corporate bonds are roughly120,000 yuan and 24 million yuan.
2. The amount of corporate bonds issued is not less than 654.38+0 billion yuan.
Six, different control procedures
1. Corporate bond regulators often require strict credit rating of bonds and information disclosure of issuers, paying special attention to market supervision after issuing bonds.
2. The issuance of bonds by enterprises shall be examined and approved by the National Development and Reform Commission and the State Council, and banks are required to provide guarantees. Once the bond is issued, the examination and approval department will no longer supervise the issuer's information disclosure and market behavior.
Seven, the market function is different
1. Corporate bonds are the main way for various companies to obtain medium and long-term debt funds.
2. Corporate bonds are strictly controlled by the administrative mechanism, and the annual issuance amount is much lower than that of government bonds, central bank bills and financial bonds, and obviously lower than the financing amount of stocks?
Baidu encyclopedia-corporate bonds
Baidu encyclopedia-corporate bonds