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随着社会主义市场经济体系的建立和金融体制改革的深化,金融市场上直接融资的一些做法,应该按照价值规律与国际接轨。根据国际惯例,公司债(企业债券)信誉级别的主要内容侧重两个方面:一是债券到期时的还本付息能力,其中当然还包括经济形势变化的应变能力以及行政保护措施对该债券还本付息能力的影响。二是投资者购买该债券后的投资风险程度,即运用级别符号体系代表发行者对该债券到期还本付息能力作相对评价。随着有价证券一、二级市场逐步与国际市场接轨,企业债券的改革也应随之提上议事日程。为此建议:
With the establishment of the socialist market economic system and the deepening of the reform of the financial system, some practices of direct financing in the financial market should be brought into line with international standards in accordance with the law of value. According to international practice, the main content of the credit rating of corporate bonds (corporate bonds) focuses on two aspects: First, the debt-paying ability at maturity of bonds, which of course also includes the ability to respond to changes in the economic situation and administrative protection measures on the bonds. The effect of debt-servicing ability. The second is the degree of investment risk after the investor purchases the bond, that is, using the grade symbol system to represent the issuer’s relative evaluation of the ability to pay the debt to the extent that the debt is due. As the primary and secondary markets for securities are gradually integrated with the international market, the reform of corporate bonds should also be put on the agenda. Suggestions for this: