80年代美国企业兼并高潮时,一些公司证券在证券市场上信誉低,难以在公开市场上发行,这些公司以高利率为吸引力,发行一些具有高风险的债券,为兼并活动筹措资金,这种债券具有高利率和高风险的特点。发行高风险债券能够筹措巨额资金,起着扩张势力范围,调整产业结构,获取先进技术等积极效应。与此同时,高风险债券的发行,却造成了就业人数减少,资本投资锐减,债务负担过重,科研费用增长缓慢,并带来了社会财富更加集中,企业所有者与经营者之间矛盾更加尖锐等消极效应。如何权衡高风险债券的利弊是当前美国金融界一个具有争议的问题。 At the height of the merger of U.S. companies in the 1980s, some corporate securities were low-rated in the securities market and hard to be issued in the open market. These companies, attracted by high interest rates, issued high-risk bonds and raised funds for mergers and acquisitions. Bonds have high interest rates and high risk characteristics. The issuance of high-risk bonds can raise huge amounts of funds, playing a positive effect of expanding the sphere of influence, adjusting the industrial structure and acquiring advanced technologies. At the same time, the issuance of high-risk bonds has resulted in a decrease in the number of employed people, a drastic reduction in capital investment, a heavy debt burden, a slow increase in scientific research expenses, and a greater concentration of social wealth and the contradiction between the owners and managers of enterprises More sharp and other negative effects. How to weigh the pros and cons of high-risk bonds is a controversial issue in the U.S. financial community.