KYB CHINA(1993年8月2日中华人民共和国国务院令第121号发布 根据2011年1月8日《国务院关于废止和修改部分行政法规的决定》修订)
(Promulgated by Decree No. 121 of the State Council of the People's Republic of China on August 2, 1993, and revised in accordance with the Decision of the State Council on Repealing and Amending Certain Administrative Regulations on January 8, 2011)
总则
General Provisions
为了加强对企业债券的管理，引导资金的合理流向，有效利用社会闲散资金，保护投资者的合法权益，制定本条例。
These Regulations are formulated to strengthen the administration of enterprise bonds, guide the rational flow of funds, effectively utilize idle social funds, and protect the legitimate rights and interests of investors.
本条例适用于中华人民共和国境内具有法人资格的企业(以下简称企业)在境内发行的债券。但是，金融债券和外币债券除外。
These Regulations apply to bonds issued within the territory of the People's Republic of China by enterprises with legal person status (hereinafter referred to as enterprises) within the territory. However, financial bonds and foreign currency bonds are excluded.
除前款规定的企业外，任何单位和个人不得发行企业债券。
Except for the enterprises specified in the preceding paragraph, no unit or individual may issue enterprise bonds.
企业进行有偿筹集资金活动，必须通过公开发行企业债券的形式进行。但是，法律和国务院另有规定的除外。
Enterprises engaging in paid fund-raising activities must do so through the public issuance of enterprise bonds, unless otherwise provided by law or the State Council.
发行和购买企业债券应当遵循自愿、互利、有偿的原则。
The issuance and purchase of enterprise bonds shall follow the principles of voluntariness, mutual benefit, and compensation.
企业债券
Enterprise Bonds
本条例所称企业债券，是指企业依照法定程序发行、约定在一定期限内还本付息的有价证券。
For the purposes of these Regulations, enterprise bonds refer to negotiable securities issued by enterprises in accordance with legal procedures, with an agreement to repay principal and pay interest within a specified period.
企业债券的票面应当载明下列内容：
The face of an enterprise bond shall bear the following contents:
(一)企业的名称、住所；
(1) The name and domicile of the enterprise;
(二)企业债券的面额；
(2) The face value of the enterprise bond;
(三)企业债券的利率；
(3) The interest rate of the enterprise bond;
(四)还本期限和方式；
(4) The term and method of repayment;
(五)利息的支付方式；
(5) The method of interest payment;
(六)企业债券发行日期和编号；
(6) The issuance date and serial number of the enterprise bond;
(七)企业的印记和企业法定代表人的签章；
(7) The seal of the enterprise and the signature or seal of the legal representative;
(八)审批机关批准发行的文号、日期。
(8) The document number and date of approval by the approving authority.
企业债券持有人有权按照约定期限取得利息、收回本金，但是无权参与企业的经营管理。
Holders of enterprise bonds have the right to receive interest and recover principal within the agreed term, but have no right to participate in the enterprise's business management.
企业债券持有人对企业的经营状况不承担责任。
Holders of enterprise bonds shall not be liable for the business condition of the enterprise.
企业债券可以转让、抵押和继承。
Enterprise bonds may be transferred, mortgaged, and inherited.
企业债券的管理
Administration of Enterprise Bonds
国家计划委员会会同中国人民银行、财政部、国务院证券委员会拟订全国企业债券发行的年度规模和规模内的各项指标，报国务院批准后，下达各省、自治区、直辖市、计划单列市人民政府和国务院有关部门执行。
The State Planning Commission, together with the People's Bank of China, the Ministry of Finance, and the Securities Committee of the State Council, shall formulate the annual scale of national enterprise bond issuance and various indicators within the scale, and submit them to the State Council for approval before issuing them to the people's governments of provinces, autonomous regions, municipalities directly under the Central Government, and cities with independent planning status, as well as relevant departments of the State Council for implementation.
未经国务院同意，任何地方、部门不得擅自突破企业债券发行的年度规模，并不得擅自调整年度规模内的各项指标。
Without the consent of the State Council, no locality or department may break through the annual scale of enterprise bond issuance, nor may it adjust various indicators within the annual scale without authorization.
企业发行企业债券必须按照本条例的规定进行审批；未经批准的，不得擅自发行和变相发行企业债券。
Enterprises issuing enterprise bonds must obtain approval in accordance with the provisions of these Regulations; without approval, no enterprise may issue or issue enterprise bonds in a disguised form.
中央企业发行企业债券，由中国人民银行会同国家计划委员会审批；地方企业发行企业债券，由中国人民银行省、自治区、直辖市、计划单列市分行会同同级计划主管部门审批。
The issuance of enterprise bonds by central enterprises shall be approved by the People's Bank of China together with the State Planning Commission; the issuance of enterprise bonds by local enterprises shall be approved by the branches of the People's Bank of China in provinces, autonomous regions, municipalities directly under the Central Government, and cities with independent planning status together with the competent planning departments at the same level.
企业发行企业债券必须符合下列条件：
Enterprises issuing enterprise bonds must meet the following conditions:
(一)企业规模达到国家规定的要求；
(1) The enterprise scale meets the requirements prescribed by the state;
(二)企业财务会计制度符合国家规定；
(2) The enterprise's financial accounting system complies with state regulations;
(三)具有偿债能力；
(3) It has the ability to repay debts;
(四)企业经济效益良好，发行企业债券前连续3年盈利；
(4) The enterprise has good economic benefits and has been profitable for three consecutive years prior to issuing enterprise bonds;
(五)所筹资金用途符合国家产业政策。
(5) The use of the funds raised complies with the state's industrial policies.
企业发行企业债券应当制订发行章程。
Enterprises issuing enterprise bonds shall formulate an issuance prospectus.
发行章程应当包括下列内容：
The issuance prospectus shall include the following contents:
(一)企业的名称、住所、经营范围、法定代表人；
(1) The name, domicile, business scope, and legal representative of the enterprise;
(二)企业近3年的生产经营状况和有关业务发展的基本情况；
(2) The production and operation status of the enterprise in the recent three years and the basic situation of related business development;
(三)财务报告；
(3) Financial reports;
(四)企业自有资产净值；
(4) The net value of the enterprise's own assets;
(五)筹集资金的用途；
(5) The purpose of the funds raised;
(六)效益预测；
(6) Profit forecast;
(七)发行对象、时间、期限、方式；
(7) The target, time, term, and method of issuance;
(八)债券的种类及期限；
(8) The types and terms of the bonds;
(九)债券的利率；
(9) The interest rate of the bonds;
(十)债券总面额；
(10) The total face value of the bonds;
(十一)还本付息方式；
(11) The method of repayment of principal and interest;
(十二)审批机关要求载明的其他事项。
(12) Other matters required to be stated by the approving authority.
企业申请发行企业债券，应当向审批机关报送下列文件：
An enterprise applying to issue enterprise bonds shall submit the following documents to the approving authority:
(一)发行企业债券的申请书；
(1) A written application for issuing enterprise bonds;
(二)营业执照；
(2) Business license;
(三)发行章程；
(3) Issuance prospectus;
(四)经会计师事务所审计的企业近3年的财务报告；
(4) Financial reports of the enterprise for the recent three years audited by an accounting firm;
(五)审批机关要求提供的其他材料。
(5) Other materials required by the approving authority.
企业发行企业债券用于固定资产投资，按照国家有关规定需要经有关部门审批的，还应当报送有关部门的审批文件。
If an enterprise issues enterprise bonds for fixed asset investment and requires approval from relevant departments in accordance with state regulations, it shall also submit the approval documents from the relevant departments.
企业发行企业债券应当公布经审批机关批准的发行章程。
An enterprise issuing enterprise bonds shall publish the issuance prospectus approved by the approving authority.
企业发行企业债券，可以向经认可的债券评信机构申请信用评级。
An enterprise issuing enterprise bonds may apply for a credit rating from a recognized bond rating agency.
企业发行企业债券的总面额不得大于该企业的自有资产净值。
The total face value of enterprise bonds issued by an enterprise shall not exceed the net value of the enterprise's own assets.
企业发行企业债券用于固定资产投资的，依照国家有关固定资产投资的规定办理。
If an enterprise issues enterprise bonds for fixed asset investment, it shall be handled in accordance with the relevant state regulations on fixed asset investment.
企业债券的利率不得高于银行相同期限居民储蓄定期存款利率的40%。
The interest rate of enterprise bonds shall not exceed 40% of the interest rate of bank savings deposits for the same term for residents.
任何单位不得以下列资金购买企业债券：
No unit may use the following funds to purchase enterprise bonds:
(一)财政预算拨款；
(1) Fiscal budget appropriations;
(二)银行贷款；
(2) Bank loans;
(三)国家规定不得用于购买企业债券的其他资金。
(3) Other funds that the state stipulates may not be used to purchase enterprise bonds.
办理储蓄业务的机构不得将所吸收的储蓄存款用于购买企业债券。
Institutions handling savings business shall not use the savings deposits they absorb to purchase enterprise bonds.
企业发行企业债券所筹资金应当按照审批机关批准的用途，用于本企业的生产经营。
The funds raised by an enterprise through issuing enterprise bonds shall be used for the enterprise's own production and operation in accordance with the purpose approved by the approving authority.
企业发行企业债券所筹资金不得用于房地产买卖、股票买卖和期货交易等与本企业生产经营无关的风险性投资。
The funds raised by an enterprise through issuing enterprise bonds shall not be used for real estate trading, stock trading, futures trading, or other risk investments unrelated to the enterprise's own production and operation.
企业发行企业债券，应当由证券经营机构承销。
An enterprise issuing enterprise bonds shall have them underwritten by a securities operating institution.
证券经营机构承销企业债券，应当对发行债券的企业的发行章程和其他有关文件的真实性、准确性、完整性进行核查。
A securities operating institution underwriting enterprise bonds shall verify the authenticity, accuracy, and completeness of the issuing enterprise's prospectus and other relevant documents.
企业债券的转让，应当在经批准的可以进行债券交易的场所进行。
The transfer of enterprise bonds shall take place at approved venues where bond trading is permitted.
非证券经营机构和个人不得经营企业债券的承销和转让业务。
Non-securities operating institutions and individuals shall not engage in the underwriting or transfer of enterprise bonds.
单位和个人所得的企业债券利息收入，按照国家规定纳税。
Interest income from enterprise bonds obtained by units and individuals shall be taxed in accordance with state regulations.
中国人民银行及其分支机构和国家证券监督管理机构，依照规定的职责，负责对企业债券的发行和交易活动，进行监督检查。
The People's Bank of China and its branches, as well as the state securities regulatory authority, shall, in accordance with their prescribed duties, supervise and inspect the issuance and trading activities of enterprise bonds.
法律责任
Legal Liability
未经批准发行或者变相发行企业债券的，以及未通过证券经营机构发行企业债券的，责令停止发行活动，退还非法所筹资金，处以相当于非法所筹资金金额5%以下的罚款。
If enterprise bonds are issued without approval or in a disguised form, or if enterprise bonds are issued without going through a securities operating institution, the issuance activities shall be ordered to cease, the illegally raised funds shall be refunded, and a fine of not more than 5% of the amount of illegally raised funds shall be imposed.
超过批准数额发行企业债券的，责令退还超额发行部分或者核减相当于超额发行金额的贷款额度，处以相当于超额发行部分5%以下的罚款。
If enterprise bonds are issued in excess of the approved amount, the excess portion shall be ordered to be refunded, or the loan quota equivalent to the excess issuance amount shall be reduced, and a fine of not more than 5% of the excess issuance amount shall be imposed.
超过本条例第十八条规定的最高利率发行企业债券的，责令改正，处以相当于所筹资金金额5%以下的罚款。
If enterprise bonds are issued at an interest rate exceeding the maximum rate specified in Article 18 of these Regulations, the issuer shall be ordered to make corrections, and a fine of not more than 5% of the amount of funds raised shall be imposed.
用财政预算拨款、银行贷款或者国家规定不得用于购买企业债券的其他资金购买企业债券的，以及办理储蓄业务的机构用所吸收的储蓄存款购买企业债券的，责令收回该资金，处以相当于所购买企业债券金额5%以下的罚款。
If fiscal budget appropriations, bank loans, or other funds that the state stipulates may not be used to purchase enterprise bonds are used to purchase enterprise bonds, or if an institution handling savings business uses the savings deposits it absorbs to purchase enterprise bonds, the funds shall be ordered to be recovered, and a fine of not more than 5% of the amount of enterprise bonds purchased shall be imposed.
未按批准用途使用发行企业债券所筹资金的，责令改正，没收其违反批准用途使用资金所获收益，并处以相当于违法使用资金金额5%以下的罚款。
If the funds raised by issuing enterprise bonds are not used for the approved purpose, the issuer shall be ordered to make corrections, the gains obtained from the use of funds in violation of the approved purpose shall be confiscated, and a fine of not more than 5% of the amount of funds used in violation shall be imposed.
非证券经营机构和个人经营企业债券的承销或者转让业务的，责令停止非法经营，没收非法所得，并处以承销或者转让企业债券金额5%以下的罚款。
If a non-securities operating institution or individual engages in the underwriting or transfer of enterprise bonds, the illegal operation shall be ordered to cease, the illegal gains shall be confiscated, and a fine of not more than 5% of the amount of enterprise bonds underwritten or transferred shall be imposed.
本条例第二十六条、第二十七条、第二十八条、第二十九条、第三十条、第三十一条规定的处罚，由中国人民银行及其分支机构决定。
The penalties specified in Articles 26, 27, 28, 29, 30, and 31 of these Regulations shall be determined by the People's Bank of China and its branches.
对有本条例第二十六条、第二十七条、第二十八条、第二十九条、第三十条、第三十一条所列违法行为的单位的法定代表人和直接责任人员，由中国人民银行及其分支机构给予警告或者处以1万元以上10万元以下的罚款；构成犯罪的，依法追究刑事责任。
For the legal representatives and directly responsible persons of units that commit the illegal acts listed in Articles 26, 27, 28, 29, 30, and 31 of these Regulations, the People's Bank of China and its branches shall issue a warning or impose a fine of not less than 10,000 yuan but not more than 100,000 yuan; if a crime is constituted, criminal liability shall be pursued in accordance with the law.
地方审批机关违反本条例规定，批准发行企业债券的，责令改正，给予通报批评，根据情况相应核减该地方企业债券的发行规模。
If a local approving authority approves the issuance of enterprise bonds in violation of these Regulations, it shall be ordered to make corrections, given a notice of criticism, and the issuance scale of local enterprise bonds shall be correspondingly reduced according to the circumstances.
企业债券监督管理机关的工作人员玩忽职守、徇私舞弊的，给予行政处分；构成犯罪的，依法追究刑事责任。
If staff members of the enterprise bond supervision and administration authority neglect their duties or engage in malpractice for personal gain, they shall be given administrative sanctions; if a crime is constituted, criminal liability shall be pursued in accordance with the law.
发行企业债券的企业违反本条例规定，给他人造成损失的，应当依法承担民事赔偿责任。
If an enterprise issuing enterprise bonds violates these Regulations and causes losses to others, it shall bear civil compensation liability in accordance with the law.
附则
Supplementary Provisions
企业发行短期融资券，按照中国人民银行有关规定执行。
The issuance of short-term financing bonds by enterprises shall be handled in accordance with the relevant provisions of the People's Bank of China.
本条例由中国人民银行会同国家计划委员会解释。
These Regulations shall be interpreted by the People's Bank of China jointly with the State Planning Commission.
本条例自发布之日起施行。1987年3月27日国务院发布的《企业债券管理暂行条例》同时废止。
These Regulations shall come into force as of the date of promulgation. The Interim Regulations on the Administration of Enterprise Bonds promulgated by the State Council on March 27, 1987 shall be simultaneously abolished.