中文版

企业为何选择借类永续债？

在金融市场日益多元化的今天，企业借款方式也变得愈发多样。其中，借类永续债作为一种较为新颖的融资工具，正受到越来越多企业的青睐。那么，企业为何会选择借类永续债呢？

首先，借类永续债有助于企业优化资本结构。永续债具有长期性、无固定期限的特点，使得企业可以根据自身需要灵活调整债务期限和规模，从而优化资本结构，降低财务风险。相较于传统的短期债务，永续债更能满足企业长期稳定的资金需求。

其次，借类永续债可以降低企业的融资成本。由于永续债的利率通常较低，且可以根据市场情况灵活调整，因此企业可以通过发行永续债来降低融资成本，提高盈利能力。此外，永续债的发行还可以提升企业的信用评级，进一步降低融资成本。

再者，借类永续债有助于企业拓展融资渠道。传统的融资渠道如银行贷款、发行债券等可能受到政策、市场等多种因素的影响，而永续债作为一种创新的融资工具，为企业提供了新的融资渠道，使得企业在面对传统融资约束时仍能获得必要的资金支持。

然而，值得注意的是，借类永续债虽然具有诸多优势，但企业也需根据自身实际情况谨慎选择。永续债的发行和偿还需要企业具备稳定的现金流和较强的偿债能力，否则可能给企业带来财务风险。

综上所述，企业选择借类永续债主要是出于优化资本结构、降低融资成本、拓展融资渠道等方面的考虑。然而，在享受永续债带来的好处的同时，企业也需充分评估自身实力和风险承受能力，以确保永续债的发行和使用符合企业战略发展目标。

英文版

Why Do Companies Choose to Borrow Quasi-perpetual Bonds?

With the increasing diversification of financial markets, corporate borrowing methods have also become increasingly diverse. Among them, quasi-perpetual bonds, as a relatively novel financing tool, are gaining favor from more and more companies. So, why do companies choose to borrow quasi-perpetual bonds?

Firstly, quasi-perpetual bonds help companies optimize their capital structure. With their long-term and indefinite maturity characteristics, quasi-perpetual bonds allow companies to flexibly adjust debt maturity and size based on their own needs, thereby optimizing their capital structure and reducing financial risks. Compared to traditional short-term debt, quasi-perpetual bonds better meet the long-term and stable funding needs of companies.

Secondly, borrowing quasi-perpetual bonds can lower companies' financing costs. Since the interest rates of quasi-perpetual bonds are usually lower and can be flexibly adjusted according to market conditions, companies can reduce financing costs and improve profitability by issuing these bonds. Furthermore, the issuance of quasi-perpetual bonds can enhance a company's credit rating, further reducing financing costs.

Moreover, borrowing quasi-perpetual bonds helps companies expand their financing channels. Traditional financing channels such as bank loans and bond issuance may be affected by various factors such as policies and market conditions. As an innovative financing tool, quasi-perpetual bonds provide companies with new financing channels, enabling them to obtain necessary funding even when facing constraints in traditional financing.

However, it is worth noting that although quasi-perpetual bonds have many advantages, companies need to carefully choose based on their actual situation. The issuance and repayment of quasi-perpetual bonds require companies to have stable cash flows and strong debt repayment capabilities; otherwise, they may expose the company to financial risks.

In summary, companies choose to borrow quasi-perpetual bonds primarily for considerations such as optimizing capital structure, reducing financing costs, and expanding financing channels. However, while enjoying the benefits brought by quasi-perpetual bonds, companies also need to fully assess their own strength and risk tolerance to ensure that the issuance and use of quasi-perpetual bonds align with their strategic development goals.