Bond is a new word, and it successfully helped the court that was short of money, and it could be broken into two to spend.

And the court itself is short of money? On the surface, they are lacking, but in fact, if they are more courageous, they are not short of money.

There is a large amount of gold and silver stored in the vault, which can be put into the market on a large scale, and as long as the money is not overflowing, or has no other consequences, theoretically speaking, the amount invested has no effect.

Of course, this is the case for the imperial court, because their investment is all about infrastructure.

Spending is mostly spent on materials and labor, which is beneficial on a certain level.

This is the gap between real money and silver currency and credit currency, the same crazy manufacturing, one needs to be mined and refined, and the other only needs to open the printing press, from a national level, the money in the Chang'an treasury now does not have much impact at all.

Well, to put it bluntly, it is to let them cherish it, and don't lose themselves by being brought by overnight wealth.

Although the measures have been taken, in practice, the effect does not seem to be very good.

"Hmph......" Yu Ren snorted helplessly: "Your Majesty summoned me to the palace in the afternoon, talking about the bond, the bond originally planned to be issued in August was stopped and put on hold indefinitely!" ”

"As for whether the business group can be issued, I don't count this, you better go and ask Your Majesty."

Luo Chen frowned tightly, if the funds in his hands were urgently withdrawn, and the balance of the money bank had reached the limit, then what was the reason for His Majesty to suspend the issuance of bonds indefinitely?

He knew about the issuance of bonds, and he knew the same reasons.

The imperial court has no money, and many of the projects that are listed as important cannot be operated at all, so in the end they can only be selected one by one, and from the already important projects, a few relatively important ones are selected to be included in the plan, and those that are not selected are put in the plan for the next year.

But as time goes on, the plans will change, and by next year, who knows if there will be a more important project than this?

Life is getting better and better, but everyone hopes that tomorrow will be better.

And everyone is also very clear that now is the time to lay the foundation, and sometimes, gritting your teeth and sticking to the past, and the time saved is the time for future revival.

The more hardships they endure and the more time they save, the sooner they will be able to see the day of the revival of the Tang Dynasty.

Therefore, Li Yuanji proposed the way of early consumption by issuing bonds, and as for repayment, this is not difficult.

The taxes of the imperial court, plus the money kept in the treasury, can be used to repay the loan, in fact, the pressure of the imperial court is not great.

For example, a businessman takes out a loan of 100 million, but he has 80 million in cash at home, so he naturally does not worry about repayment.

But now, even bonds are suspended.

What's going on? Can anyone tell me?

Luo Chen's face was confused, this series of headless and brainless decisions did not look like they were made by the emperor, and more importantly, no one among the ministers spoke out against it?

They can't find a reason to oppose the transfer of funds from business groups, after all, it belongs to the royal family's industry, and they can't intervene.

But what about bonds? The money was used to carry out the plans of the various yamen, and the bonds were not issued, and their plans were to be shelved indefinitely in the coming year, so why did no one speak out against them?

……

"Rong Zhen think about this matter......" Li Yuanji shook his head and rejected Luo Chen's proposal in disguise.

Luo Chen pouted slightly, the money was siphoned off, a full 140,000 yuan, without this money, the development of the business group would be postponed for at least three years, and in three years, the business group would not only create more profits.

If only everything could go according to the original plan.

But now, as soon as he proposed this idea, he was denied by Li Yuanji.

The money is gone, the money bank can't give so many loans, and the issue of bonds has basically been denied, Luo Chen at this moment suddenly felt a little desperate.

Of course, a disguised rejection is not a direct rejection.

When Luo Chen made this suggestion, Li Yuanji was also seriously considering it.

Bonds are generally divided into three types in later generations, governments, financial institutions, and corporations.

In the same way, the government-issued treasury bonds, the interest rate is slightly lower, but the interest rate is higher than that of the bank, and the interest rate is lower than that of the other two.

Although the other two have high returns, they are also equally risky, and although the bonds of later generations are extremely tightly controlled and rarely have deficits, it does not mean that they do not exist except for government bonds.

Moreover, people with a little bit of brains are actually unwilling to buy treasury bonds, and the difference between the interest and the depreciation of the interest given in a few years is another matter.

Rather than having the money to buy Treasury bonds, most people prefer to buy a house and wait for the appreciation of the value, and the rate of return is definitely more reliable than that of Treasury bonds.

But now it is Datang, although it is also reliable to buy a house, there are too few places to buy, and there are not many people who sell, and it is not yet time for the whole people to speculate on houses.

If a corporate bond issuance is successful, there will inevitably be a large number of followers behind it, and at this time, if there are no strict access restrictions and legal constraints, the bond will inevitably quickly lose credibility, and even bring more serious consequences.

But the issuance of bonds is really helpful for large enterprises.

The amount of loans they needed was huge, and it was difficult for the money bank to lend them at this time, and the interest rate on the bonds was actually much less than the loans, so it was certainly impossible to refuse to refuse, and the imperial court would also issue bonds in the future, which was a matter of good reputation.

"It's okay to issue bonds, but you have to meet all the conditions." After thinking about it for a long time, Li Yuanji finally nodded and agreed.

However, the restrictions must be raised to avoid all kinds of miscellaneous people thinking of issuing bonds to raise funds, and without strict restrictions and audits, things will only become more and more chaotic.

"If you want to issue bonds, you must get the guarantee of one of the three of the county order, the county and the main book, and one of the three of the state history, don't drive, and long history, both of which are available, and submit them to the Ministry of Development for review, and then hand them over to the Ministry of Household for review, and then I personally examine them, and after all three times, they will be handed over to the money bank for issuance."

Li Yuanji did not say other consequences, such as what to do if the bond becomes a dead debt?

The guarantors are all officials, and they are insolvent.

But it is precisely because they have no ability to repay that Li Yuanji is doing this.

As the head of a state and a county, you can't even understand the enterprises under your control, so you sign and guarantee in a daze, and if something goes wrong, shouldn't you be punished?

It is foreseeable that once there is a problem in the enterprise that issued the bonds, the two people who signed it will definitely be unlucky, and the dismissal of the official will not be avoidable, and even more serious, and may even go to prison.

At this time, the states and counties will inevitably take a serious look at it before guaranteeing it, and no one wants to be dragged into the water because of this matter that has nothing to do with them.

This undoubtedly increases the difficulty of issuing bonds, but it cannot be only punishment without reward, otherwise, officials will definitely directly refuse to guarantee, not seeking merit, but seeking no fault, what a simple reason.

"For specific things, I will ask the Ministry of Households and the Ministry of Development to come up with a charter, and then you will decide how many bonds to issue according to the provisions of the charter."

……

After getting a positive answer from Li Yuanji, Luo Chen's heart finally calmed down.

In any case, at least the problem of money is initially solved, although it is a little late, but if the bond can be successfully issued, it can still be made up.

The crux of the matter lies in the issuance of bonds, which is the most critical.

Of course, the guarantee of the state and county magistrates also needs to worry about themselves.

So, Luo Chen began to run from house to house, first found Li Daozong, the assassin of Yongzhou, to discuss, Li Daozong nodded after listening, and directly agreed, and then Yongzhou Don't drive, Changshi, Chang'an County Order, County Cheng, and Lord Bo.

Li Yuanji asked for two of the six people, with at least one of each of the different ranks.

But Luo Chen didn't think so, he crossed out all the six people Li Yuanji said, you drop, all drop for me to sign.

Of course, this is also Luo Chen's personal appearance, and what he represents is the Royal Business Group, if it is not the royal industry, I am afraid that none of these six people dare to agree to him so easily.

Unless they're stupid.

Friendship is friendship, but you can't gamble on your future.

In about ten days, Luo Chen got the specific requirements for issuing bonds.

Ten days is a short time, but the imperial court has conducted a whole set of studies in order to issue bonds, although the issuance of enterprises has not been considered before, but the two are related to a certain extent, so the Ministry of Household and Development took the previous requirements as a blueprint, and imposed restrictions, and after improvement, it became a requirement for the issuance of bonds by enterprises.

First of all, the net assets should not be less than 50,000 yuan.

This is no pressure on the business group, they only have a loan in the early stage, and now the loan has long been repaid, all assets are net assets, last year's net assets were valued at 400,000 yuan, if you add working capital and plan funds, it is about 650,000 yuan.

Second, the cumulative amount of bonds should not be higher than 40% of net assets.

Luo Chen counted with his fingers again, according to the net assets of 400,000 guan, he can issue 160,000 yuan of bonds, and according to 650,000 guan, he can issue 260,000 guan......

Thirdly, the average distributable profit for three years is sufficient to pay interest for one year.

Well, no pressure......

Fourth, the states and counties ......

The guarantee is done, and it is ......

Fifth, the interest rate shall not exceed the maximum limit of the Ministry of Development.

Fools only surpass it, and burn it with a lot of money?