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“短期融资券”新生与新条例的难产华能国际(600011)日前发布公告,计划在经股东大会批准后的十二个月内,在中国境内发行不超过50亿元人民币的“短期融资券”。作为企业直接融资的方式之一,很多人对股票和企业债非常熟悉,但是对于短期融资券或许不甚了了。短期融资券在中国最早出现于上世纪80年代中后期。当时国内一些地方的企业为弥补短期流动资金不足,曾尝试在本地区发行短期融资券。1989年,中国人民银行统一上收了发行额度的审批权。到了90年代中期,由于国内企业债券市场出现了严重的乱拆借、乱提高利率和乱集资现象,于是在1998年企业债券交由原国家计委统一管理;而负责管理企业短期融资券的中国人民银行也停
“Short-term financing bills ” new regulations and new regulations dilemma Huaneng Power International (600,011) recently issued a public notice, planned to be approved by the shareholders within 12 months after the issuance of not more than 50 billion yuan in China Financing coupons ". As one of the ways of direct financing, many people are very familiar with the stock and corporate bonds, but may not be enough for short-term financing bills. Short-term financing bills first appeared in China in the late 1980s. At that time, some local enterprises to make up for short-term liquidity shortage, have tried to issue short-term financing bonds in the region. In 1989, the People’s Bank of China consolidated the approvals for issuing quotas. By the mid-1990s, due to serious disruptions and levies in the domestic corporate bond market, interest rates and indiscriminate raising of funds were chaosted. In 1998, the corporate bonds were entrusted to the former State Development Planning Commission for unified management. The Chinese people in charge of managing corporate short-term financing bills, Bank also stopped