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距离三峡集团1997年发行国内首支企业债——96三峡债已整20年,20年来,三峡集团依循市场化、灵活化原则,实现还本付息无一违约。如何利用债券融资这柄“双刃剑”助力企业滚动式发展,三峡集团探索出一条低成本高效益的特色之路。到债券市场直接融资,日渐成为企业缓解资金压力的主流方式。但发债过于激进则犹如一枚隐形炸弹。2016年,全球经济仍在低位徘徊,国内煤炭、钢铁、水泥等行业产能过剩加剧,导致不少企业债务违约。除外部不利因素外,企业自身对于债券市场的盲目、非理
Three Gorges Corporation in 1997 issued the first domestic corporate debt - the 96 Three Gorges debt has been 20 years, 20 years, the Three Gorges Group in accordance with the principle of marketization and flexibility, to achieve a debt service default. How to use bond financing this handle “double-edged sword ” to help enterprises rolling development, the Three Gorges Group to explore a low-cost and high-efficiency characteristics of the road. To the bond market, direct financing has gradually become the mainstream way for enterprises to ease the financial pressure. But issuing bonds too radical is like an invisible bomb. In 2016, the global economy was still at a low level and the overcapacity in domestic coal, steel, cement and other industries intensified, leading to the default of many corporate debts. In addition to external unfavorable factors, the enterprise itself blind to the bond market, irrational