构建中国垃圾债券市场的必要性

【摘  要】垃圾债券是指信用评级甚低的企业所发行的债券，我国债券市场结构的特点为间接债券所占市场比例大、结构单一。构建中国垃圾债券市场对中国资本结构的完善、解决中国中小企业融资难等问题有着重要的积极意义。

【Abstract】Junk bond refer to the bond issued by enterprises with very low credit rating. The characteristics of China's bond market structure are that indirect bond accounts for a large proportion of the market and the structure is single. The construction of China's junk bond market is of important positive significance to the improvement of China's capital structure and the solution of the financing difficulties of China's small and medium-sized enterprises.

【关键词】垃圾债券市场;资本结构;完善;融资

【Keywords】junk bond market; capital structure; improvement; financing

【中图分类号】F832.5                                             【文獻标志码】A                                                 【文章编号】1673-1069（2021）06-0064-02

1 垃圾债券概念

一般来说，信用评级低的企业发行的债券以高于一般的优质证券3%左右的息率的特点吸引着投资者进行认购，即便是如今较为成熟的美国债券市场，它的收益率也接近7%，也要高于普通的政府债券和公司债券。（剩余2673字）