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清末以后华商公司债的发行,具有拓宽华商公司融资渠道、降低华商公司加权平均的资金成本、提高公司的单位资金盈利率、避免外来的恶意收购、增强债权资产的流动性等优点。不过华商公司债的发行也存在规模小、品种单一、缺乏流动性、未能发展成为华商公司融资的主要形式等缺陷。考察该时期华商公司募债的进展与不足,分析其原因,有助于现阶段政府和社会各界采取相应的措施来改善民族公司的商业信用,降低民族公司债券的投资风险及机会成本,发展公司债市场,促进民族产业发展。
The issuance of Chinese company bonds after the late Qing Dynasty has the advantages of broadening the financing channels for Chinese companies, reducing the weighted average cost of capital for Chinese business companies, increasing the company’s unit profitability, avoiding foreign malicious acquisitions, and enhancing the liquidity of debt assets. However, the issuance of Chinese company bonds also has the defects of small size, single variety, lack of liquidity and failure to develop into the main form of financing for Chinese companies. Investigating the progress and insufficiency of raising the debt of the Chinese companies in this period, analyzing the reasons, and helping the government and the community to take corresponding measures to improve the commercial credit of the national companies and reduce the investment risk and opportunity cost of the national corporation bonds at this stage. Debt market, promote the development of national industry.