石油化工企业债券融资探讨

作为资本密集型的国民经济基础行业,石化行业的资金约束是制约其经营发展和战略升级的主要因素之一。随着我国市场经济的发展和资本市场的不断完善,企业债券融资作为一种重要的直接融资方式,正以其广泛的资金来源、较低的融资成本等优势愈来愈受到各方重视。本文以1996～2011年间发债石化企业数据为基础,对石化企业融资结构和债券发行情况进行分析,对石化企业通过债券融资的优势进行阐述,同时结合现有法律法规及市场条件对石化企业债券发行及定价问题进行探讨。

Probing into petroleum chemistry enterprise bonding and financing

Capital shortage is one of the main constraints on the business and strategic develpment of the national petrochemical industry which is capital-intensive.With the develpment of China’s market economy and continuous improvement of capital markets,as an importan part of direct financing,corporate bond financing has received more and more attention for its wide range of funding sources,lower financing costs and other advantages.The number of petrochemical companies issuing bonds and size of bond financing has significantly improved in recent years with government policy support and high demand for broadening the financing channels.The status of petrochemical industry corporate bond financing,the advantages of bond financing,the practising of bond issuance will be discussed in this paper.