我国公司债券信用评级现状分析及建议——兼论企业债券和公司债券的分立

信用评级是公司债券的定价基础.目前,我国公司债券发行数量少,信用评级发展较晚,在实践操作运行中往往流于形式,信用风险无法评估.为促进我国公司债券信用评级的发展,应分立企业债券和公司债券,并建立符合我国特点的信用评级标准和信用评级机构.     

发展公司债券市场意义重大

在2007年全国金融工作会议上，温家宝总理提出要扩大企业债券发行规模，大力发展公司债券。随着经济发展，大力发展公司债券具有十分重要的意义。     

我国公司债券市场的定位与作用

我国的企业债券市场相对于国债和金融债发展比较缓慢。截至2006年年底，企业债余额仅为2831亿元，与GDP的比例仅为1．35％。2007年1月第三次中央金融工作会议的召开成为我国公司债券发展的一个里程碑。会议提出以扩大企业债券和公司债券的发行规模为基本手段，债券市场将获得快速发展。     

加快市场化改革步伐 促进我国公司债券市场发展

公司债券是公司依照法定程序发行的、约定在一定期限还本付息的有价证券。目前。我国公司债券主要包括期限在一年期以上的企业债券和一年期以下的企业短期融资券。近年来，我国公司债券市场保持了快速的增长态势，公司债券发行数量和交易数量持续上升，品种增多，机构投资者范围逐渐扩大，市场透明度不断提高。但相对于我国债券市场的整体发展而言，公司债券市场仍然是我国债券市场中最薄弱的环节，影响债券市场整体的进一步发展．     

发展公司债券市场的几个认识问题

大力发展债券市场，是大力发展资本市场的一项重要内容。而大力发展以企业信用为基础的企业债券或公司债券，则是大力发展债券市场的关键。今年1月召开的全国金融工作会议提出，要扩大企业债券的发行规模，大力发展公司债券市场，使发展公司债券成为当前金融改革的一大热点。为正确发展公司债券市场，有必要解决一些基础性的认识问题。这里，我想就有关问题谈一点个人的看法。     

分立“企业债券”与“公司债券”推动公司债券市场的发展

在资本市场中，公司债券与政府债券、股票同为基础性证券。在美国，公司债券的每年融资额占基础性证券的比重大约在60％～70％，是股票融资的16倍以上。我国1994年《公司法》列专章对公司债券进行了规范（这些规范的一部分，在2005年修改中转入了《证券法》），但10多年过去了，真正意义上的公司债券迄今未能问世，不仅严重制约了我国债券市场的发展，也严重制约了中小企业融资难问题的缓解和利率市场化的进程。     

朱从玖：公司债券市场发展要有深度

上海证交所总经理朱从玖近日指出，中国金融市场改革的深化，需要大力发展公司债券市场。完善的公司债券市场，要有较好的流动性。为了改变我国间接融资权重过大的现状，培育公司债投资者应该开拓商业银行以外的市场参与者。[第一段]     

中美公司债券市场的比较分析

目前,我国公司债券市场的开放程度较低,其发达程度远远落后于股票市场,这在很大程度上制约了我国证券市场的完善,并使得我国资本市场严重失衡;相比之下,美国有着世界上最发达的公司债券市场。本文通过对中国和美国公司债券市场在市场效率、市场特征、定价机制、评级制度等方面的特征进行比较,分析了制约我国公司债券市场发展的主要因素,并相应提出加大我国公司债券市场的开放程度、规范市场主体、完善公司债券评级制度和定价机制等对策建议。     

内部控制质量对公司债券发行的影响研究

本文以2007—2018年沪深两市已公开发行债券的上市公司为研究样本,关注内部控制质量对公司债券发行规模和发行定价的影响.研究发现,内部控制质量可以提升公司未来债券发行的规模,并降低债券信用利差;与国有企业相比,内部控制质量对非国有企业债券发行规模和信用利差的影响更加显著.研究丰富了内部控制与公司债券领域的文献,为资本...     

What you should know about the SHUR cost study

This article critically examines a study funded by the Health Care Financing Administration (HCFA) to estimate the cost of implementing the proposed System for Hospital Uniform Reporting (SHUR). Data for the study were gathered by Morris, Davis & Company who used field teams working with personnel in 50 test hospitals. The author states that the study findings do not reflect the real cost of implementing SHUR for the nation's hospitals. Rummer argues that the study sample included a greater percentage of hospitals in states which already had uniform reporting systems than is actually the case nationally, and that the study was done under tremendous time pressure which did not allow staff from participating hospitals to review and comment on the field teams' findings. On the basis of the SHUR Cost Study, HCFA has extrapolated the cost of reclassifying accounting and statistical information for all hospitals to be $65,648.011; the author estimates the true figure at over $100 million. She concludes that a new approach to meeting the government's information requirements will have to be designed.     

会计师事务所办理工商登记应了解的法定时效

目前,我国的会计师事务所实行工商登记制度,有限责任事务所按照《公司登记管理条例》办理登记,合伙会计师事务所按照《合伙企业登记管理办法》办理登记.事务所在设立、合并、分立、变更、解散、清算、注销、设立分支机构的过程中,应当了解有关法定时效,严格按照有关法规的规定办理工商登记手续,以免遭遇法律纠纷和法律制裁.     

What benefits managers should know about the Mental Health Parity Act of 1996

In consideration of the statutory requirements of the Mental Health Parity Act of 1996, the author stresses that benefits managers should consider three issues. First, the financial impact of the act should be minimal for most plans. Second, minimal compliance may require more extensive changes to the plan than originally anticipated. Finally, the process of compliance offers opportunity to examine broader issues of mental health coverage. The article explains what the act does and does not require. The article concludes with a presentation of a comparative analysis of the cost impact of the act on five prototype plan designs.     

世界银行在华圆满发行具有里程碑意义的特别提款权债券

世界银行在中国银行间债券市场发行首期特别提款权(简称S D R)计价债券的定价.国际复兴开发银行2016年SDR计价债券(序列之一)("SDR计价债券")融资规模为5亿S D R(约相当于6.98亿美元),三年期,票息0.49%,人民币结算.     

What working for a Japanese company taught me

In the late 1970s, John E. Rehfeld read everything he could on Japanese business. Most of the discussions focused on interest rates, the education system, and the culture--all very interesting but not very useful. What did these things have to do with day-to-day management? Since then, by working for Japanese companies, he has discovered more than ten Japanese management techniques that have everything to do with running a business. As vice president and general manager of Toshiba's U.S. computer business for nine years and president of Seiko Instruments USA for two, he has seen firsthand how the Japanese manage, and he has applied those techniques in the United States. Using six-month budget cycles, quantifying intangibles, and looking back to see what you could have done better are among the seemingly insignificant practices that combine to have big impact. For example, the author first saw budgeting for 6 months instead of 12 as twice as much work. But he came to appreciate the benefits: managers work harder because they have two deadlines a year, and planning and control improve because managers can adjust their targets to changing conditions more quickly. The author had another change of heart when he was asked to specify how many PCs would sell as the result of a demo program, a task he first thought ridiculous. Though he still thinks such numbers are shaky, he values the discipline of the thought process. These and other techniques, he says, explain much of Japanese companies' success and are tools that managers anywhere can use.     

What executives should remember

In more than 30 essays for Harvard Business Review, Peter Drucker (1909-2005) urged readers to take on the hard work of thinking--always combined, he insisted, with decisive action. He closely analyzed the phenomenon of knowledge work--the growing call for employees who use their minds rather than their hands--and explained how it challenged the conventional wisdom about the way organizations should be run. He was intrigued by employees who knew more about certain subjects than their bosses or colleagues but who still had to cooperate with others in a large organization. As the business world matured in the second half of the twentieth century, executives came to think that they knew how to run companies--and Drucker took it upon himself to poke holes in their assumptions, lest organizations become stale. But he did so sympathetically, operating from the premise that his readers were intelligent, hardworking people of goodwill. Well suited to HBR's format of practical, idea-based essays for executives, his clear-eyed, humanistic writing enriched the magazine time and again. This article is a compilation of the savviest management advice Drucker offered HBR readers over the years--in short, his greatest hits. It revisits the following insightful, influential contributions: "The Theory of the Business" (September-October 1994), "Managing for Business Effectiveness" (May-June 1963), "What Business Can Learn from Nonprofits" (July-August 1989), "The New Society of Organizations" (September-October 1992), "The Information Executives Truly Need" (January-February 1995), "Managing Oneself" (March-April 1999 republished January 2005), "They're Not Employees, They're People" (February 2002), "What Makes an Effective Executive" (June 2004).     

投资贵在知根知底

2016年5月10日,在“2016北京?昌平金融峰会”上,来自乐搏资本的创始人、合伙人杨宁先生发表了演讲,他认为：“首先,不管是创业还是投资都不要盲目地跟风,一定要坚韧不拔地认定自己做的事。其次,投资要投身边最优秀的人,知根知底,存在相互信任关系,就不会被骗,况且,投资最优秀的人回报也是最好的。”他这样说。     

What you don't know about making decisions

Most executives think of decision making as a singular event that occurs at a particular point in time. In reality, though, decision making is a process fraught with power plays, politics, personal nuances, and institutional history. Leaders who recognize this make far better decisions than those who persevere in the fantasy that decisions are events they alone control. That said, some decision-making processes are far more effective than others. Most often, participants use an advocacy process, possibly the least productive way to get things done. They view decision making as a contest, arguing passionately for their preferred solutions, presenting information selectively, withholding relevant conflicting data so they can make a convincing case, and standing firm against opposition. Much more powerful is an inquiry process, in which people consider a variety of options and work together to discover the best solution. Moving from advocacy to inquiry requires careful attention to three critical factors: fostering constructive, rather than personal, conflict; making sure everyone knows that their viewpoints are given serious consideration even if they are not ultimately accepted; and knowing when to bring deliberations to a close. The authors discuss in detail strategies for moving from an advocacy to an inquiry process, as well as for fostering productive conflict, true consideration, and timely closure. And they offer a framework for assessing the effectiveness of your process while you're still in the middle of it. Decision making is a job that lies at the very heart of leadership and one that requires a genius for balance: the ability to embrace the divergence that may characterize early discussions and to forge the unity needed for effective implementation.     

危中求机,发卡银行谨言慎行

进入2009年,随着金融危机向实体经济蔓延,大洋彼岸的美国信用卡市场不断传出坏消息,信用卡坏账率从2008年三季度的5.62%飙升至2009年初的8%以上,超过了业内公认的警戒线.     

Changes in risk characteristics of firms issuing hybrid securities: case of convertible bonds

The present paper examines changes in risk characteristics of a firm when it issues convertible bonds by studying the change in beta before and after the issuance of convertible bonds. Using a sample of 149 firms, strong evidence was found of change in beta, along with significant heterogeneity across firms. On average, the beta of a firm issuing convertible bonds declines, although 40 per cent of firms showed an increase in beta. A cross‐sectional regression shows that after controlling for the reversion‐to‐mean phenomenon, the change in beta is significantly related to potential dilution of equity as well as to increase in debt, but is not significantly related to either the change in bond rating of a firm or to the stated use of funds from issuance.