The capital of 100 million yuan is not a great amount in China in later generations. Pen~Fun~Pavilion www.biquge.info A speculator in the metropolis has to spend one or two hundred million yuan to buy a house with a single unit. But in the early 80s, it was not a small amount of money. In 1982, the total expenditure of the state treasury on scientific research was only 6.5 billion yuan, and this money needed to be allocated to thousands of scientific research institutions and numerous projects.

Scientific research is a money-burning thing, and without money, if you want to come up with first-class scientific research results, unless there are countless traversers with gold fingers to cheat. Feng Xiaochen can remember some fragmented knowledge, but this knowledge is not enough to support the entire large fertilizer project. In order to break through the barriers to the localization of large fertilizer equipment, it is necessary to invest in human and financial resources, the amount of which is calculated in tens of millions.

At that time, the renminbi could be said to be very worthless, but it could also be said to be very valuable. It is said that it is not worth much because it is not an internationally accepted hard currency, and when you want to import technology and purchase equipment from abroad, you must exchange it for foreign exchange, and China is a country with an extreme shortage of foreign exchange. It is said that it is worth a lot because the price level in China is very low, especially the level of personnel wages is extremely low. 200 yuan into US dollars can only hire an average technician for one day in the United States, but in China, you can hire a professor to work for a whole month.

When foreign large companies invest in the research and development of large fertilizer equipment related technologies, the investment is calculated in hundreds of millions of dollars, but Feng Xiaochen is sure to use tens of millions of yuan to do this, the reason is that the domestic personnel cost is very low, and in foreign countries, the expenditure of personnel costs in the process of scientific research accounts for the majority.

Although he was so sure, Feng Xiaochen also knew that it was impossible for him to apply for this funding from the state finance, and Luo Xiangfei did not have such ability. From the national level, at least 100 projects that are more important than large fertilizers can be calculated, and if each project has to apply for tens of millions of investments, the state finance will not be able to cope with the little money at all. If you want to complete the research of large fertilizer equipment, there is only one way, and that is to raise funds.

"Self-funded?"

Luo Xiangfei furrowed his eyebrows into a pimple, he looked at Feng Xiaochen, who came to report his thoughts to him, and said in a tone of disbelief: "Xiao Feng, you won't be carried away by past achievements, right? With 50 million funds, how do you want to raise yourself?"

"Not 50 million. Feng Xiaochen corrected seriously, "I have discussed with Director Wu, 50 million is a relatively conservative number, if we want to ensure that this research is foolproof, we should have 100 million yuan of funds as a guarantee." ”

"You tell me first, how are you going to get 50 million. As for the 100 million thing, let's talk about it later. Luo Xiangfei said.

"I want to issue bonds. Feng Xiaochen threw out his long-brewing plan.

"Bonds?" Luo Xiangfei almost suspected that he had heard it wrong.

Feng Xiaochen nodded seriously and said, "That's right, it's a bond, just like a treasury bill issued by the state." ”

Luo Xiangfei glared at Feng Xiaochen angrily, and said, "Of course I know what a bond is, I mean, how can you issue bonds, and in addition, in what name do you plan to issue bonds?"

Feng Xiaochen said: "Of course I am not qualified to issue bonds, but we can re-equip it? As for the name, it is naturally to raise funds to realize the localization of large fertilizer equipment, and we can call it a large fertilizer bond." The bond can be set at a relatively high interest, and the principal and interest will be repaid through the profits from the manufacturing of complete sets of equipment after the localization work is completed in the future. ”

"You're taking care of me again!" Luo Xiangfei reprimanded, and then said: "Let's not say who will distribute it, I just want to ask you, how can you convince the people to buy this...... Well, let's call it a big fertilizer bond, why do you believe that in a few years we will be able to make enough profits to repay the principal and interest of these bonds?"

Feng Xiaochen said: "I'll answer your latter question first." This time, we have initialed an agreement with several Japanese companies under the Japan Chemical Equipment Association to introduce five sets of large fertilizer equipment, in addition to these five sets of equipment, in the future, our country will definitely build other large fertilizer projects. If we can use the localization technology at that time, we can save a lot of foreign exchange, and the cost of domestic equipment will definitely be much lower than that of imported equipment, we can apply to the state for a special policy, from the difference in the price of equipment to repay the principal and interest of large fertilizer bonds. ”

"If the interest is calculated at 5% per year, the principal and interest of the 10-year bond is 150 million, do you think the profit of our new large fertilizer project can be so big?" Luo Xiangfei asked.

"Nothing more, no less. Feng Xiaochen replied with a smile. Luo Xiangfei did not take the inflation factor into account, if this factor is counted, it is not difficult to repay 150 million yuan after 10 years. Feng Xiaochen knew that it was useless to tell Luo Xiangfei at this time, Luo Xiangfei didn't have inflation in his mind at all.

"I think you're still too optimistic. Luo Xiangfei said, "Even if we build another 5 sets of equipment, according to your calculations, each set of equipment will have to enter 30 million bond principal and interest." The cost of a set of equipment is less than 200 million, if it is localized equipment, at best it is more than 100 million, you add 30 million principal and interest, the user unit may not be able to accept it. ”

Feng Xiaochen said: "Actually, what I want is not limited to new projects in China, if we have independent property rights of large fertilizer technology, we can undertake foreign projects." Countries like Southeast Asia, India, and Palestine are all agrarian countries, and they, like us, urgently need to build new fertilizer plants. If we can get orders abroad, then the principal and interest of 150 million yuan can't be repaid?"

Luo Xiangfei's eyes lit up: "This is also an idea." When we engage in major equipment, the central government's instructions to us are to first achieve import substitution, and then seek the export of complete sets of equipment. If we can really form our own large-scale fertilizer technology and export it to those agricultural countries in Southeast Asia, it is not impossible. The profit of export equipment is much higher than that of domestic sales, so the principal and interest of 150 million yuan may not be a big deal. ”

"So, you agree with my idea?" Feng Xiaochen asked with a smile.

Luo Xiangfei shook his head and said, "The idea does have merit, but I still think the feasibility is too poor. The state issues treasury bills that are repaid on a state guarantee, and the current situation in various localities is not ideal, and many localities have to use the method of apportionment before they can issue them. We can't afford another apportionment of our big fertilizer bonds, right? The financial authorities will not support us in doing so. ”

In the early days of the founding of the People's Republic of China, the state issued a number of bonds, which were first called "people's victory discounted public bonds," and later issued "national economic construction public bonds" to raise construction funds. After 1958, the state suspended the issuance of public bonds, and it was not until 1981 that the national debt was restored, which was called treasury bills.

In those days, on the one hand, people lacked the awareness of securities investment, and on the other hand, the people did not have much money to spare, so the issuance of treasury bills did not go smoothly, and it was often necessary to force the workers of various units to buy them through apportionment. It wasn't until the '90s that Treasury bills really became a treat, with countless investors queuing up overnight to snap them up before each issue.

Feng Xiaochen's understanding of bonds is based on the experience of later generations, and he feels that it is natural to use bonds for financing. As an official who came from the era of the planned economy, Luo Xiangfei felt that the way of issuing bonds was very unreliable, and he could not imagine that anyone would be willing to spend money to buy such an investment that could only be cashed in ten years.

Hearing Luo Xiangfei's words, Feng Xiaochen smiled slightly and said, "Director Luo, your worries are indeed justified. Last year, our rearmament office was also apportioned a part of the treasury bills, and each person bought 20 yuan, and I remember that many comrades complained at that time. ”

Luo Xiangfei said: "Yes, the treasury bills can be apportioned, even if everyone complains a little, out of consideration for supporting national construction, it is still acceptable." But you come up with a big fertilizer bond out of thin air, and if you apportionment it to everyone again, you won't pierce the backbone of our heavy office?"

"What if we don't have apportionment at all?" Feng Xiaochen asked with a mysterious smile.

"If you don't make apportionments, who wants to buy them?" Luo Xiangfei asked.

Feng Xiaochen said: "Of course, I bought it from a rich man." ”

"Who is the rich man?" Luo Xiangfei asked again.

Feng Xiaochen replied succinctly: "Foreigner." ”

"Foreigner?" Luo Xiangfei was stunned, "You mean...... Are you going to go abroad and issue these bonds?"

"That's right. Feng Xiaochen said, "I've thought about this problem. The income of our domestic people is low, and everyone has no money in their hands, so it is extremely unlikely that they will voluntarily pay money to buy large fertilizer bonds. Although we can also use some big reasons to convince some people, it is too much pressure for us. And abroad the situation is completely different.

First of all, there is a tradition of securities investment abroad, and the acceptance of bonds by foreign residents is much higher than that at home. Second, foreigners are richer than us, and 100 million yuan is a large amount for Chinese, and for investors in Western countries, it is nothing. Third, the West is currently in an economic crisis and the stock market is in a downturn, while China is carrying out large-scale economic construction with good prospects. It can be said that our bonds are definitely high-quality bonds in the international bond market, not to mention the issuance of 100 million yuan, even the issuance of 1.8 billion yuan, there is no difficulty. ”

"You're making a bit of a big fuss about this......," Luo Xiangfei smacked his tongue, "It's about the international market, and it's also a foreign bond issuance, so we really don't have this precedent." ”

Feng Xiaochen said: "Any precedent is made by people, since there is no such precedent in the past, let's create a precedent." ”