上一期我們分享了財務管理的目標，到目前為止，股東利益最大化是比較好的目標選擇。

這次我們分享一下財務管理中債券的知識。

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.

[債券是有公司，金融機構或政府發(fā)行的，表明發(fā)行人對其承擔還本付息義務的一種債務性證券，是公司對外進行債券籌資的主要方式之一。]

[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. ]

債券的發(fā)行是為了公司能夠更好的籌資，資金是一個公司運作的根本，所以盈利，籌資對公司都很重要，有充分的資金能夠保證公司的平穩(wěn)發(fā)展與運行，而債券又是籌資的重要方式之一，所以債券對公司也同等重要。

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.

債券有著以下主要特征：

(1)票面價值。債券票面價值又稱面值，是指債券發(fā)行人借人并且承諾于債券到期時償付持有人的金額。如美國公司發(fā)行的大多數(shù)債券面值是1 000美元，而我國公司發(fā)行的企業(yè)債券面值大多為100元。

(2)票面利率。債券的票面利率是債券持有人定期獲取的利息與債券面值的比率。例如，中國鋁業(yè)公司2009年5月發(fā)行的5年期企業(yè)債券面值為100元，每年支付3.8元的利息，債券的票面利息是3.8元，債券的票面利率是3.8%。3.8元是100元借款的利息，該支付額在債券發(fā)行時就確定了，在債券的流通期限內(nèi)固定不變。多數(shù)債券的票面利率在債券持有期間不會改變，也有一些債券在發(fā)行時不明確規(guī)定票面利率，而是規(guī)定利率水平根據(jù)某一標準( 如銀行存款利率)的變化同方向調(diào)整，這種債券的利率一般稱為浮動利率。還有一些債券根本不支付利息，但是會以大大低于面值的折價方式發(fā)行，因而會提供資本利得而不是利息收入。這類債券稱為零息債券。零息債券在美國應用較多，如IBM、洛克希德.馬丁公司，甚至美國財政部都發(fā)行過零息債券。我國企業(yè)很少發(fā)行零息債券，2002年6月，中國進出口銀行發(fā)行的名為“02 進出04”的金融債券是國內(nèi)第一只真正意義上的零息債券。

(3)到期日。債券一般都有固定的償還期限，到期日即指期限終止之時。債券期限有的短至3個月，有的則長達30年。往往到期時間越長，其風險越大，債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.

一家公司既能發(fā)行債券來進行籌資，達到短期迅速籌集資金的目的，也可以購買其他公司的債券來進行理財，獲得未來的收益，那么，在購買債券時應注意什么呢？怎樣購買債券才能劃算呢？我們下期再聊。

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.

參考資料:百度百科。
翻譯:谷歌翻譯。
本文由LearningYard新學苑原創(chuàng)，部分圖片來源于網(wǎng)絡，如有侵權請聯(lián)系刪除!
歡迎關注，帶你一起漲知識!