国内垃圾债券缺陷

这是中文网站的评论中截取的

在经济持续旺盛时期，人们对前景抱有美好憧憬，更多地注意到其

The sustained economic exuberant period, people to have a better future vision, pay more attention to it

高收益而忽略了风险，商业银行、证券承销商及众多投机者都趋之若鹜，收购者、被

High yield and ignore the risk, commercial Banks, securities underwriter and many speculators are scramble for, purchaser, be

收购者、债券持有者和发行人、包销商都有利可获。

Investors, bondholders and the issuer and underwriter are favorable available.

然而，巨额的垃圾债券像被吹胀的大气泡，终有破灭的一天。

However, a large junk bonds as was blown up big bubble, there is at last a dead one day.

由于债券质量日趋

Due to the bond quality increasingly

下降，以及1987年股灾后潜在熊市的压力，从1988年开始，发行公司无法偿付高额利Drop, and after the 1987 crash potential bear market pressure, begin from 1988, distribution companies can't pay the high

息的情况屡有发生，垃圾债券难以克服"高风险——高利率——高负担——高拖欠—

The situation of interest to sometimes occur, junk bonds is difficult to overcome "high risk, high interest rates - high burden high default -- -

—更高风险……

- higher risk...

"的恶性循环圈，逐步走向衰退。

"Malignant acting trilogy, moving towards a recession.

垃圾债券在美国风行的十年虽然对美国经济产生过积极作用，筹集了数千亿游资，

Junk bonds in the United States faddish ten years although for the U.S. economy which has exerted a positive effect, raised billions hot money,

也使日本等国资金大量流入，并使美国企业在强大外力压迫下刻意求新，改进管理等，

Also make Japan a large number of capital inflows, and make the enterprise in the powerful forces under the oppression of deliberately innovation, improve management, etc.

但也遗留下了严重后果；

But also left serious consequences;

包括储蓄信贷业的破产、杠杆收购的恶性发展、债券市场的

Including savings credit industry bankruptcy, leveraged buyouts malignant development, the bond market

严重混乱及金融犯罪增多等等。

Serious confusion and financial crime increased and so on.

例子

10月13日联合航空公司经理部却突然宣布, 由于推销“垃圾债券”遇到很大困难, 筹不到72 亿美元资金, 无法买下这家公司的全部股票, 因此全部购并计划宣告失败, 联合航空公司的股票价格随即

猛跌, 其他和“垃圾债券”关系密切的公司股票也纷纷下跌.行家们分析, 造成这种局面的原因,主要是近数月来, 美国经济增长放慢,“垃圾债券”市场出现了危机,许多靠“借债购并”方式吃掉其他公司的兼并家债台高筑, 陷人无力支付到期“垃圾债券”债务的困境。

October 13 united airline intendance suddenly announced that due to promote "junk bond" is in great trouble, not raise 7.2 billion dollars to buy the company's total shares, so all the takeover plan failed, united airline's share price immediately raid, other and "junk bonds" close the stocks of the company have been down. Experts analysis, causing the cause of this situation, mainly over the past few months, the United States economic growth to slow down, "junk bonds" the market to appear the crisis, many rely on "debt acquisitions" means eat other company's merger house deep in debt, trap people unable to pay the due "junk bonds" the plight of debt.

专门评定债券信用等级的美国“穆迪投资者服务公司”在今年第三季度已宣布51 家公司的“垃圾债券降级。在这种情况下,联合航空公司经理部发行新“垃圾债券”遭到市场的冷遇,也就可以理解了。Special evaluation bond credit rating of American "moody's investors service" in the third quarter of this year has announced 51 companies "junk bonds relegation. In this case, united airlines intends to issue the new" junk bonds "by market disesteem, also will be able to understand it.

翻墙出去找的外文