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公司债券、政府债券和肥票是资本市场的三大基本证券。在美国,公司债券占三大证券每年融资总额的比重达60％以上;在欧洲市场中,公司债券占三大证券每年融资总额的比重达80％左右;但在中国,企业债券所占比重不足2％(且不说,企业债券不属公司债券范畴)。因此,公司债券是资本市场的主体性证券品种,也是资本市场发挥其功能的主要证券载体,从这个意义上说,缺乏公司债券,资本市场只能是一个扭曲的不完整的市场。无庸赘述,发展公司债券市场已是推进中国资本市场建设主要内容和基本取向。
Corporate bonds, government bonds and fertilizer are three basic securities in the capital markets. In the United States, corporate bonds account for more than 60% of the total annual financing of the three major securities; in the European market, corporate bonds account for about 80% of the total annual financing of the three major securities; but in China, the proportion of corporate bonds is insufficient 2% (not to mention, corporate bonds are not corporate bonds). Therefore, corporate bonds are the main types of securities in the capital market and also the major securities carriers for the capital market to play their functions. In this sense, the lack of corporate bonds, the capital market can only be a distorted and incomplete market. Needless to say, the development of the corporate bond market is the main content and the basic orientation for promoting the construction of China’s capital market.