Analysis Of Non-public Issuance Of Bonds

The bond market is an important part of the financial market.In order to give full play to the direct financing channel,the state has issued many policies to encourage enterprises to finance through the channels of IPO listing and issuing bonds.At the beginning of 2015,China formally promulgated the new regulation of corporate bonds "the issuance and management of corporate bonds",so that the non-listed company can also direct financing through the issuance of corporate bonds,but the reduction of the threshold of the issuance of bonds means that the demand for risk control of bond issuers is also relaxed.If the company's solvency is not enough,it will directly cause losses to creditors.In addition,the cost control of bond issuance is also a necessary factor before the company's non-public offering bonds are considered.Through studying the relevant documents about corporate bonds at home and abroad,drawing on the successful experience of foreign developed countries,combining the current situation of the domestic bond market and the current policy,and taking the company's corporate bonds as an example,it uses the methods of literature analysis,comparative analysis,chart analysis and descriptive data analysis.The advantages and disadvantages of the issue of debt issuance began to be studied,the risk analysis of this non public issuance of corporate bonds and the revelation of other similar companies' non public issuance of corporate bonds.This innovation is based on the basic situation of the company,including the main business,the current situation of the company and the issue of the company's Close Corporation debt.It uses a comparative method to obtain the advantages of the company's debt relative to the equity financing and the bank loan,and specifically combines the company's non-public issuance of corporate bonds.The advantages and disadvantages are studied,focusing on the risk analysis of the company's issuing bonds.From the two angles of the risk related to the issuer and the risk of the bond itself,such as the risk factors of the issuer's financial situation and the interest rate risk of the bond,it is concluded that the Close Corporation bonds are the effective means of non-listed company financing and the company debt risk control system for the company's non public issuance should be further strengthened.Following these two conclusions,we put forward some risk control measures and policy recommendations.