信用债券

He pointed out that domestic and international experience shows that the bond market, bond credit rating in the bond investment is a very important concern, the Dongwu letter sound excellent selection of bond funds in the selection of high credit debt, set a higher threshold level of investment credit, In order to prevent the growing risk of a credit voucher to ensure that low-risk characteristics of the Fund.

他指出，国内和国际的经验表明，债券市场，债券在债券投资信用评级是一个非常重要的关注，东吴信健全的高信用债券的选择优秀的债券基金的选择，提出了更高的门槛水平投资信贷，为了防止信用凭证越来越大的风险，以确保低基金的风险特征。

Risk control is always the first, which is reflected in the final months of our tickets for the assessment and selection, in addition to other credit rating agencies for information on the bond credit risk rating, Soochow Fund will be in accordance with their own independent development of the bond credit risk rating system To determine the ultimate goal of the bond credit rating.

风险控制始终是第一个，这是在为我们的评估和选择车票的最后几个月反映除了其他信用评级机构，就债券信用风险评级信息，东吴基金将根据自己的独立发展债券信用风险评级制度来确定债券信用评级的最终目标。

Interest rate of this debenture bonds is 3.75%, will expire 2011, have 168 million dollar among them not countervail capital.

这笔信用债券利率为3.75%，将于2011年到期，其中有1.68亿美元未偿本金。

What is a debenture ?

什么是信用债券？

An unsecured bond is called a debenture bond; its value rest upon the general credit of the corporation.

信用债券。无担保的债券称为信用债券，它的价值取决于公司的一般信用等级。

In this paper, the bond market listed companies, from government policies, credit rating, the phenomenon of internal control, lack of security bonds, bonds and other varieties of single-level analysis of the corporate bonds of listed companies failed to become the main form of direct financing of the reasons,And from government control, regulate credit rating, improve the ownership structure of listed companies, the implementation of strict enterprise security and bankruptcy system, the bond layer breeds innovation by the listed companies to strengthen the bond financing measures.

本文通过上市公司债券市场的问题，从政府政策、信用评级、内部人控制现象、债券安全性不足、债券品种单一等层面分析了企业债券未能成为上市公司直接融资的主要形式的原因，并分别从加强政府调控、规范信用评级、改进上市公司股权结构、实施严格的企业担保及破产制度、债券品种创新等层而提出加强上市公司债券融资的措施。

Time of the eastpart part of United States of dispatch of sina science and technology on September 24 11:25(Beijing time on September 24 23:35) message, china net invests a group to announce today, this group with a few hold its are advanced reach convertibly can change debenture bonds (the following abbreviation " SECD ") the company shifts to an earlier date possibly redemptive part bond and / or the problem that other debenture bonds revises undertakes consulting actively.

新浪科技讯美国东部时间9月24日11：25(北京时间9月24日23：35)消息，中华网投资集团今天宣布，该集团正与几家持有其高级可交换及可转换信用债券的公司就可能提前赎回部分债券和/或其他信用债券修改的问题进行积极磋商。

An unsecured bond is called a debenture bond; its value rests upon the general credit of the corporation.

没有担保的债券称为信用债券或无担保债券，其价值取决于公司的综合信誉。

But unique difference handling middle, enterprise bond and corporate bond in reality is lain in, enterprise bond government credit with being, enterprise bond distribution needs to examine and approve and issue the procedure examining and verifying two process forehead degree, corporate bond enterprise debenture bond with being's, the distribution is from Securities Regulatory Commission leading factor then, can adopt the pattern criticizing as reporting therefore.

在现实操作中，企业债券与公司债券的唯一区别在于，企业债券用的是政府信用，企业债券的发行需要经过额度审批和发行审核两道程序，而公司债券用的是企业信用，公司债券的发行则是由证监会主导，因此可以采取随报随批的模式。

Secondly, on the base of Jarrow's(1997) credit rating mitigation matrices estimating approach, this dissertation focuses on the macro economic's influntion and assumes credit rating mitigation is Non-homogeneous Markov Chain conditional on macro economic risk factors.

最后以Duffie和Singleton(1999)的基于违约强度的市值回收公司债券定价模型为基础，在信用评级迁移为条件Markov链的假设下，使用带跳跃的均值回复过程描述信用评级迁移事件，建立公司债券定价模型，进而利用带跳跃均值回复过程的良好性质解决风险中性期望问题，求得公司债券价格的显式解，得到每一信用评级公司债券的信用价差。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。