「财务管理」债券1

上一期我们分享了财务管理的目标，到目前为止，股东利益最大化是比较好的目标选择。

这次我们分享一下财务管理中债券的知识。

The last period, we shared the goals of financial management, and mentioned that maximizing shareholders ' interests is a good target choice so far. This time we share the knowledge of the bonds in financial management.

[债券是有公司，金融机构或政府发行的，表明发行人对其承担还本付息义务的一种债务性证券，是公司对外进行债券筹资的主要方式之一。]

[Bonds are a kind of debt securities issued by companies, financial institutions or the government, indicating that the issuer bears its obligation to repay principal and interest, which is one of the main ways for the company to raise bonds outside. ]

债券的发行是为了公司能够更好的筹资，资金是一个公司运作的根本，所以盈利，筹资对公司都很重要，有充分的资金能够保证公司的平稳发展与运行，而债券又是筹资的重要方式之一，所以债券对公司也同等重要。

The issuance of bonds is for the company to better raise funds, capital is the foundation of the operation of a company, so profit, financing is very important to the company, have sufficient funds can ensure the smooth development and operation of the company, and bonds are one of the important ways to raise funds, so bonds are equally important to the company.

债券有着以下主要特征：

(1)票面价值。债券票面价值又称面值，是指债券发行人借人并且承诺于债券到期时偿付持有人的金额。如美国公司发行的大多数债券面值是1 000美元，而我国公司发行的企业债券面值大多为100元。

(2)票面利率。债券的票面利率是债券持有人定期获取的利息与债券面值的比率。例如，中国铝业公司2009年5月发行的5年期企业债券面值为100元，每年支付3.8元的利息，债券的票面利息是3.8元，债券的票面利率是3.8%。3.8元是100元借款的利息，该支付额在债券发行时就确定了，在债券的流通期限内固定不变。多数债券的票面利率在债券持有期间不会改变，也有一些债券在发行时不明确规定票面利率，而是规定利率水平根据某一标准( 如银行存款利率)的变化同方向调整，这种债券的利率一般称为浮动利率。还有一些债券根本不支付利息，但是会以大大低于面值的折价方式发行，因而会提供资本利得而不是利息收入。这类债券称为零息债券。零息债券在美国应用较多，如IBM、洛克希德.马丁公司，甚至美国财政部都发行过零息债券。我国企业很少发行零息债券，2002年6月，中国进出口银行发行的名为“02 进出04”的金融债券是国内第一只真正意义上的零息债券。

(3)到期日。债券一般都有固定的偿还期限，到期日即指期限终止之时。债券期限有的短至3个月，有的则长达30年。往往到期时间越长，其风险越大，债券的票面利率也越高。

Bonds have the following main characteristics:

(1) Pface value. The par value of a bond, also par value, means the amount the issuer borrows and undertakes to pay the holder at the maturity of the bond. For example, most of the bonds issued by American companies ' face value is $ 1,000, while the face value of the corporate bonds issued by Chinese companies is mostly 100 yuan.

(2) coupon rate. The coupon rate of the bond is the ratio of interest regularly acquired by the bondholders to the face value of the bond. For example, five-year corporate bonds issued in May 2009 face $ 100, $ 3.8 per year, $ 3.8 and 3.8%. $ 3.8 was the interest on the loan of $ 100, and the payment was fixed at the issuance of the bond and fixed during the circulation of the bond. The coupon rate of most bonds will not change during the period of bonds, and some bonds do not explicitly specify the coupon rate at issue, but stipulate that the interest rate level is adjusted in the same direction as a standard, such as the bank deposit rate, which are generally called floating rates. There are also bonds that do not pay interest at all, but will be issued in a discount much lower than par value, thus providing capital gains rather than interest income. Such bonds are called zero-interest bonds. Zero-interest bonds are more used in the United States, such as IBM, Lockheed. Martin, and even the United States Treasury, has issued zero-interest bonds. Chinese enterprises rarely issue zero-interest bonds. In June 2002, the Export-Import Bank of China issued a financial bond called "02 and Exit 04" as the first real zero-interest bond in China.

(3) Due date. Bonds generally have a fixed period of repayment, the maturity date refers to the termination of the period. Some are as long as three months, and others are up to 30 years. Often the longer the maturity time, the greater the risk, the higher the coupon rate of the bonds.

一家公司既能发行债券来进行筹资，达到短期迅速筹集资金的目的，也可以购买其他公司的债券来进行理财，获得未来的收益，那么，在购买债券时应注意什么呢？怎样购买债券才能划算呢？我们下期再聊。

A company can not only issue bonds to raise funds, to achieve the purpose of quickly raising funds in the short term, but also buy bonds from other companies to manage money and obtain future returns, so what should we pay attention to when buying bonds? How to buy bonds is a good deal? Let ' ll talk again next issue.

参考资料:百度百科。
翻译:谷歌翻译。
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