In western countries, because only joint-stock companies can issue corporate bonds, corporate bonds are corporate bonds in western countries. In China, corporate bonds generally refer to bonds issued by enterprises of various ownership systems.
Corporate bonds are bonds issued by enterprises with legal personality in China; Key enterprise bonds are bonds issued to enterprises and institutions by national key enterprises in the industries of electric power, metallurgy, nonferrous metals, petroleum and chemical industry;
Interest-bearing corporate bonds are medium-term bonds with interest-bearing coupons with a term of about 5 years; Certificate of deposit corporate bonds with principal and interest are issued at a low price with a term of 1 ~ 5 years, and the principal and interest are paid in one lump sum.
Extended data:
Conditions for issuing corporate bonds:
1. The net assets of joint-stock companies are not less than 30 million yuan, and the net assets of limited liability companies and other types of enterprises are not less than 60 million yuan.
2. The accumulated bond balance shall not exceed 40% of the enterprise's net assets (excluding minority shareholders' rights and interests).
3. The average distributable profit (net profit) in the last three years is enough to pay the interest of corporate bonds for one year.
4. The investment of raised funds conforms to the national industrial policy and the development direction of the industry, and the relevant procedures are complete.
For fixed assets investment projects, it should meet the requirements of the capital system of fixed assets investment projects, and in principle, the cumulative issuance amount should not exceed 60% of the total investment of the project; For the acquisition of property rights (equity), it will be divided in proportion;
If it is used to adjust the debt structure, it is not limited by this ratio, but the enterprise should provide proof that the bank agrees to repay the loan with debt; The amount used to supplement the working capital shall not exceed 20% of the total amount of bonds issued.
5. The bond interest rate shall be determined independently by the enterprise according to the market conditions, but it shall not exceed the interest rate level stipulated by the State Council.
6. There is no default or delay in servicing the issued corporate bonds or other debts.
7. There have been no major violations of laws and regulations in the last three years.
The funds raised by bonds must be used for the production and operation of enterprises in accordance with the approved purposes, and shall not be used to make up losses and unproductive expenditures, nor shall they be used for high-risk investments such as real estate transactions, stock transactions and futures.
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