企业债券是金融市场创新的一种负债工具,对于缓解企业的资金矛盾,促进地方经济的发展,都有着积极的促进作用。但是,由于部分发行债券的企业信誉较差,偿债能力太低,致使代理行背上沉重的包袱。现状——令人担忧以某银行为例,1994年末统计,代理15户企业发行的企业债券存量为12990万元,其中由某银行出具担保的共12070万元,占债券存量的92. 9%。这些债券是1990年首次向社会公开发行的,年利率一般为13.2%,期限为一年,高于同期存款4.8个百分点。因为企业难以筹集兑付资金,被迫滚动发行1至2次,高 Corporate bonds are a kind of debt instruments for financial market innovation. They have a positive role in alleviating the capital conflicts of enterprises and promoting the development of local economy. However, due to the fact that some of the companies that issue bonds have poor credit standing and solvency is too low, the agency banks have to shoulder a heavy burden. Status quo - worrisome Take a bank as an example. At the end of 1994, the total amount of corporate bonds issued by 15 proxies was 129.9 million yuan, of which 120.7 million yuan was guaranteed by a bank, accounting for 92.9% of the total stock of the bonds. . These bonds were first released to the public in 1990 at an average annual interest rate of 13.2% with a term of one year, which is 4.8% higher than that of the same period. Because it is difficult for enterprises to raise cash, forced to roll 1 to 2 times, high