How to distinguish between corporate bonds and corporate bonds, and how to distinguish between corpo

1. Different definitions.

1. Corporate bonds are issued by joint-stock companies and ****.

2. Most of the corporate bonds are issued by central enterprises, state-owned enterprises or state-controlled enterprises.

Second, the mobile place and pricing are different.

1. Corporate bonds, at present, only flow in the first exchange, and the degree of openness is large, so the pricing is determined by the issuing company and the underwriter through market inquiry.

2. Corporate bonds are directly priced at an interest rate not higher than 40% of the fixed deposit of residents in the same period, and the liquidity venue is mainly in the interbank market.

3. The purpose of the bond issuance funds is different.

1. Corporate bonds are bonds issued by the company according to the specific needs of business operations, and its main purposes include investment in fixed assets, technological upgrading, improving the structure of the company's funds, adjusting the company's asset structure, reducing the company's financial costs, and supporting corporate mergers and acquisitions and asset restructuring.

2. The issuance of corporate bonds is basically for infrastructure construction and projects.

Fourth, the basis of credit is different.

1. The credit basis of corporate bonds is not as good as that of corporate bonds.

2. The enterprise bond implements the best credit through the state-owned mechanism, and implements the guarantee mechanism through administrative compulsion.

Fifth, the amount of bonds issued is different.

1. The minimum limit of corporate bonds is roughly 12 million yuan and 24 million yuan.

2. The amount of corporate bonds issued shall not be less than 1 billion yuan.

Sixth, the control procedures are different.

1. Corporate bond regulators often require strict credit rating of bonds and information disclosure of bond issuers, and pay special attention to market supervision after bond issuance.

2. The issuance of bonds by enterprises shall be approved by the state and the state, and the bank shall be required to guarantee it, and once the bonds are issued, the approval department will no longer supervise the information disclosure and market behavior of the bond issuer.

Seventh, the market functions are different.

1. Corporate bonds are one of the main ways for various companies to obtain medium and long-term debt funds.

2. Corporate bonds are strictly controlled by the administrative mechanism, and the annual issuance amount is much lower than that of treasury bonds, central bank bills and financial bonds, and significantly lower than the financing amount of the first grade.

Corporate bonds refer to the valuable bonds issued by the company in accordance with legal procedures and agreed to repay the principal and interest within a certain period of time, and the subject is the company. Enterprise bonds refer to the valuable bonds issued by enterprises in accordance with legal procedures and agreed to repay principal and interest within a certain period of time, and the applicable entities are bonds issued by enterprises with legal personality in China. From an analytical point of view, the main differences between corporate bonds and corporate bonds are as follows:

First, the difference between the issuers. Corporate bonds are bonds issued by shares **** or limited liability companies, and non-corporate enterprises are not allowed to issue corporate bonds. The issuer of corporate bonds is the institution of the **** department, the wholly state-owned enterprise, and the state-controlled enterprise.

Second, the issuance conditions. The conditions for the issuance of corporate bonds are relatively relaxed. Third, in terms of guarantee, corporate bonds are in the form of unsecured bonds, while corporate bonds are required to be guaranteed by banks or groups.

Fourth, there are also significant differences between the two in terms of issuance pricing. The final pricing of corporate bonds is determined by the issuer and sponsor through market inquiry, while the interest rate limit for corporate bonds requires that the interest rate of the bonds issued is not higher than 40% of the bank deposit interest rate for the same period. Fifth, in terms of issuance status, corporate bonds can be approved once and issued multiple times.

Corporate bonds are generally required to be issued within one year after approval.

[Legal basis].

Article 153 of the Company Law The term "corporate bonds" as used in this Law refers to the valuable bonds issued by the company in accordance with legal procedures and agreed to repay the principal and interest within a certain period of time. The issuance of corporate bonds by the company shall comply with the issuance conditions stipulated in the ** Law of the People's Republic of China. Article 2 of the Regulations on the Administration of Enterprise Bonds: These Regulations apply to bonds issued by enterprises with legal personality within the territory of the People's Republic of China (hereinafter referred to as enterprises).

However, financial bonds and foreign currency bonds are excluded. Except for the enterprises specified in the preceding paragraph, no unit or individual may issue enterprise bonds. Article 5 The term "enterprise bonds" mentioned in these regulations refers to valuable bonds issued by enterprises in accordance with legal procedures and agreed to repay principal and interest within a certain period of time.

The difference between corporate bonds and corporate bonds is mainly reflected in six aspects:

1. In terms of the issuance system, corporate bonds adopt an approval system, which is reviewed by the China Securities Regulatory Commission, and the China Securities Regulatory Commission has the right to decide whether to approve its issuance, and there is no certain constraint on the overall issuance scale. The corporate bond adopts an audit system, which is reviewed by the state, and a certain amount of issuance will be set every year;

2. In terms of issuance conditions, corporate bonds are relatively relaxed;

3. In terms of guarantee, corporate bonds are unsecured, while corporate bonds are required to be guaranteed by banks or groups;

Fourth, there are also significant differences in the issuance pricing between the two. The final pricing of corporate bonds is determined by the issuer and sponsor through market inquiries, similar to the pricing of A-shares and convertible bonds. The interest rate limit for corporate bonds is that the interest rate on bond issuance is not higher than 40% of the bank deposit interest rate in the same period;

5. In terms of issuance status, corporate bonds can be approved once and issued multiple times. Corporate bonds are generally required to be issued within one year after approval.

Sixth, corporate bonds have made a breakthrough in the credit rating system, which can be said to be in line with international standards. That is to say, the trustee should regularly track the management status of the company and disclose information.

Article 155 of the Company Law of the People's Republic of China: If a company issues corporate bonds in the form of physical coupons, it must indicate the name of the company, the par amount of the bonds, the interest rate, the repayment period and other matters on the bonds, and be signed by the legal representative and sealed by the company.

Article 5 of the Regulations on the Administration of Enterprise Bonds: The term "enterprise bonds" in these Regulations refers to the valuable bonds issued by enterprises in accordance with legal procedures and agreed to repay principal and interest within a certain period of time.

The face of the sixth barcode enterprise bond shall contain the following contents:

1) The name and domicile of the enterprise;

2) the face value of the corporate bonds;

3) the interest rate of corporate bonds;

4) the period and method of principal repayment;

5) the method of payment of interest;

6) The date and number of the issuance of corporate bonds;

7) The seal of the enterprise and the signature of the legal representative of the enterprise;

8) The document number and date approved by the examination and approval authority.

Article 7: Holders of corporate bonds have the right to obtain profits and pure interest and recover the principal within the agreed period, but they have no right to participate in the operation and management of the enterprise.

Article 8: Holders of corporate bonds shall not be liable for the operating conditions of the enterprise.

Corporate bonds are bonds raised by joint-stock companies from the public by issuing bonds in order to raise funds; Enterprise bonds refer to valuable bonds issued by domestic enterprises with legal personality in accordance with legal procedures and agreed to repay principal and interest within a certain period of time. Difference Between Corporate Bond and Corporate Bond:

1. The issuer is different;

2. The purpose of the raised funds is different;

3. Different regulatory agencies;

4. Differences in information disclosure requirements.

[Legal basis].Paragraph 1 of Article 15 of the ** Law of the People's Republic of China.

The public issuance of corporate bonds shall meet the following conditions:

1) Have a sound and well-functioning organizational structure;

2) The average distributable profit in the last three years is sufficient to pay the interest on the corporate bonds for one year;

3) Other conditions specified in ***.