主题：zt, 资产支持票据揭开发行序幕 三企业获25亿注册额度 -- parishg
家园 94 94 it is strange that corporate bond market is still so small in China. Bond market encourages accountability and transparency and has been well established in North America for centuries. In contrast, equity market came into maturity much later than the gov. and corporate bond markets.
Corporate bond rating industry is also well established for more than 100 years. In contrast, synthetic bond securities are very difficult to model and rate and they also lack transparency and historical data.
The Big Three ratings firms all had broken models with respect to the synthetic bond products. But their corporate rating models were well-tested through several business cycles.
- 复 94 94
家园 你们说的垃圾债市场，只是理论上可行 看看A股就知道了。主要是企业信息完全不透明。不，不是不透明，是完全的欺骗。A股招股说明书和季报，你们就能想象一下，更加胡诌的债券说明书了。
而证监会，就是未来的中国企业垃圾债券评级之样板。看看这些A股招股书，证监会，就能想像未来的垃圾债市场之恐怖。
家园 对于一个资质不那么好,财务不那么健康的公司来说 你买他债券比买他股票在理论上安全
第一偿付优先,第二有期限约束
最重要的是,公司自身存在的风险,在发行时就体现在债券的价格上了.天朝新发股票的定价,可从来没人从公司经营风险上给你估.
现在之所以垃圾股还有人要,仅仅因为国内市场上壳资源还有价值,但是壳的价值归零只是时间问题
所以因为害怕公司质地差,只允许小公司公开发更高风险的股票不允许他们发更低风险的债券,本身就不合乎逻辑.
家园 in China, 不合乎逻辑 stuff happen every day.
One example: the former Contract Law of China does not allow "natural person" as a contracting party when a foreign counterparty is involved (but foreign natural person can be a contracting party).
It is the most dumb law you can ever see among civilized nations.
家园 你说的对
- 复 94 94
家园 我们现在说的，地方政府发债券给银行，以地方收费权为抵押 这是狮子和豹子做买卖，银行也可以强势地去查账。
你让政府监督下的评级机构，发垃圾企业债券，给普通股民买，是狮子要开饭店卖肉给羊。