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作为资本密集型的国民经济基础行业,石化行业的资金约束是制约其经营发展和战略升级的主要因素之一。随着我国市场经济的发展和资本市场的不断完善,企业债券融资作为一种重要的直接融资方式,正以其广泛的资金来源、较低的融资成本等优势愈来愈受到各方重视。本文以1996～2011年间发债石化企业数据为基础,对石化企业融资结构和债券发行情况进行分析,对石化企业通过债券融资的优势进行阐述,同时结合现有法律法规及市场条件对石化企业债券发行及定价问题进行探讨。
As a capital-intensive national economy, the capital constraint of the petrochemical industry is one of the main factors that restrict its business development and strategic upgrading. With the development of China’s market economy and continuous improvement of the capital market, as an important direct financing method, corporate bond financing is receiving more and more attention from all parties due to its extensive financial resources, lower financing costs and other advantages. Based on the data of debt-issuing petrochemical enterprises from 1996 to 2011, this paper analyzes the financing structure and bond issuance of petrochemical enterprises, elaborates on the advantages of petrochemical enterprises through bond financing, and combines the existing laws, regulations and market conditions, Issue and pricing issues to explore.