一、企业债券陷入困境的原因企业债券由热变冷,陷入困境的原因主要有以下四种:一是发债企业信誉观念淡薄.部分企业发行企业债券后,没能及时调整计划经济体制下形成的思维定势,受长期吃惯了银行资金大锅饭的思想影响,重发行、轻偿还,有的企业在获得发债资金后,忽视资金使用效益,甚至个别企业将债券资金挪作他用,致使资金出现风险,债券到期无力偿还.还有的发债企业,由于企业经营没能达到论证时的预期效益,一次性还债发生困难,于是产生了依赖思想,把债务责任推到了代理发行单位身上,企业不积极还债,甚至个别企业拒不还债.不仅企业信誉下降,同时也大大影响了企业债券的声誉.使投资者对企业债券失去了信任感.二是发行企业债券筹资成本高.企业债券的利率一般都高于银行同档次贷款利率.再加上论证费、代理发行费、总付的手续费等,成本要高于银行同档次贷款两个百分点左右.这就加重了企业的债券负担.因此,目前企业对于发行债券筹资也缺乏积极性.三是证券机构及代理发行单位发债前把关和发债后监管工作不到位.企业债券管理机构在以往管理企业债券发行工作中过分看重企业项目论证,深入企业主导性地把关不严,发债企业过分宣传项目优势,避而不谈项目缺陷或对项目缺陷估计不足,致使相当数量的项目论证不科学,缺乏 First, the reasons for corporate bonds into trouble Corporate bonds by the heat of the cold, the main difficulties in the following four: First, the concept of debt issuance of weak business reputation.After the issuance of corporate bonds, some enterprises failed to timely adjust the formation of a planned economy Thinking of the trend set by the long-term accustomed to the thinking of bank funds pot effect, re-issue, light reimbursement, and some enterprises access to debt issuance of funds, neglect the effectiveness of the use of funds, and even individual companies to divert the bond funds for other purposes, resulting in There is a risk of capital, bond maturity insolvency.And the debt-issuing enterprises, due to business management failed to achieve the expected benefits of argumentation, one-time debt problems, resulting in dependence on the idea that the debt liability to the agency issuing unit , Companies do not actively pay back debts, and even individual companies refuse to pay back debts.Not only corporate credit decline, but also greatly affected the reputation of corporate bonds so that investors lose the trust of corporate bonds.Second, the high cost of issuing corporate bonds financing. Of the interest rates are generally higher than the bank loan level with the same grade. Coupled with the argument fees, agency fees, the total payment fees, the cost to Higher than the bank loans with the same grade about two percentage points.This will increase the corporate debt burden.Therefore, the current corporate financing for the issuance of bonds is also lacking in enthusiasm.Third, the securities institutions and agencies issuing units before issuing bonds and post-debt supervision work Not in place.Enterprise bond management agencies in the past management of corporate bond issuance of work too much emphasis on business project feasibility studies, in-depth business-oriented checks and lacks, the debt issuers too much publicity project advantages, without mentioning the project deficiencies or project deficiencies underestimated , Resulting in a considerable number of project arguments unscientific, lacking