BOC Minli's one-year holding period bond securities investment fund will be officially launched on February 22, 2022.

Corporate bonds refer to loan certificates issued by joint-stock companies for additional capital within a certain period of time (such as 10 or 20 years).

For the holder, it is just a certificate providing a loan to the company, and it reflects only an ordinary creditor-debt relationship.

Although the holder has no right to participate in the management activities of the joint-stock company, he can charge fixed interest from the company every year according to the provisions of the coupon, and the order of interest collection must be before the shareholder dividends. The principal can also be recovered first when the joint-stock company goes bankrupt and liquidates.

Corporate bonds have a longer term, generally more than 10 years. Once the bonds mature, the joint-stock company must repay the principal and redeem the bonds.

Basic concept: The Commercial Press' "English-Chinese Securities Investment Dictionary" explains: corporate bond English: corporate bond.

Also: corporate debt.

An instrument used by a private or public company to borrow debt.

Securities issued by a company in accordance with legal procedures and with an agreement to repay principal and interest within a certain period of time.

Basic overview: The concept of corporate bonds is basically defined in textbooks as follows: "Corporate bonds are securities issued by a company in accordance with legal procedures and agree to repay principal and interest within a certain period of time."

At the same time, it is further explained that it shows the creditor-debt relationship between the company that issues bonds and bond investors. The holders of corporate bonds are the creditors of the company, not the owners of the company, which is the biggest difference from stock holders.

, the bond holders have the right to obtain interest from the company and recover the principal upon maturity according to the agreed conditions. The interest obtained has priority over shareholder dividends. When the company goes bankrupt and liquidates, it also has the right to recover the principal before the shareholders.

However, bond holders cannot participate in the company's operations, management and other activities.

The above statement is undoubtedly correct in its definition and explanation of "corporate bonds".

However, if you want to truly understand the concept of corporate bonds theoretically, you must also conduct the following analysis: Essence: First, as a "security", corporate bonds are not ordinary items or commodities, but legal documents that can "prove economic rights and interests"

".

"Securities" is a collective term for various types of creditor's rights and property ownership certificates that can obtain a certain amount of income. It is a certificate used to prove that the security holder owns and obtains corresponding rights and interests.

Secondly, corporate bonds are "marketable securities", which reflect and represent a certain economic value and have broad social acceptance. They can generally be transferred and used as financial instruments in circulation.

Therefore, in this sense, "marketable securities" are a kind of ownership certificate, which generally must indicate the face value, proving that the holder has the right to obtain a certain amount of income on a regular basis and can be freely transferred and bought and sold. It has no value in itself, but

It represents a certain amount of property rights.

Holders can directly obtain a certain amount of commodities, currency, interest, dividends and other income.

Since such securities can be bought, sold and circulated in the securities market, they objectively have a trading price.

Issuer: The issuer and debtor of a bond is a "company", not an enterprise in other organizational forms.

The company here is not an ordinary enterprise, it is a "corporatized" enterprise.

The enterprise that issues corporate bonds must be a corporate enterprise, that is, a "company".

Generally speaking, other types of enterprises, such as sole proprietorships, partnerships, and cooperative enterprises, do not have the property rights basis to issue corporate bonds and cannot issue corporate bonds.

State-owned enterprises are wholly-owned enterprises and theoretically cannot issue corporate bonds. However, according to relevant Chinese laws and regulations, China's state-owned enterprises have special property rights characteristics that are different from state-owned enterprises in other countries. They can also issue bonds - corporate bonds (

Not a legal corporate bond).

Moreover, not all companies can issue corporate bonds.

Theoretically, companies that issue corporate bonds must bear limited liability, such as "limited liability companies" and "joint stock limited companies". Other types of companies, such as unlimited liability companies, joint stock limited liability companies, etc., cannot issue corporate bonds.

Corporate bonds.