1997年9月18日,日本八佰伴株式会社宣布破产。八佰伴社长和田光正说明了“日本八佰伴”破产的四个原因:第一,在偿还债务以前继续投下设备投资,因此,向国内外有关公司大批融资未能预期回收。第二,由于没有推行可转换债券的股份转换,自身又无力以现金兑付债券导致失去信用。第三,自身已无可担保资产,1997年2月以后,来 On September 18, 1997, Japan Yaohan Co., Ltd. declared bankruptcy. Yaohan and Tian Guangzheng, president of Yaohan, explained four reasons for the bankruptcy of “Japan Yaohan”: First, it continued to invest in equipment before repaying debts. Therefore, the large amount of financing to domestic and foreign companies failed to be expected. Second, the lack of credit for the conversion of shares in convertible bonds has prevented them from cashing their own bonds. Third, there is no guarantee of its own assets, since February 1997, come