Corporate bonds - Shasai

Japanese: 社債 - しゃさい

In theory, it was defined as "a claim against a corporation arising from an issuance of bonds to the public, for which securities called corporate bonds are issued." With the enactment of the Companies Act, the definition was changed to "a monetary claim with the company as the debtor arising from an allocation made by the company pursuant to the provisions of this Act, which is to be redeemed in accordance with the provisions of the matters set out in each item of Article 676 (subscription matters)" (Article 2, item 23 of the Companies Act). Although it is a type of public bond in the broad sense, national and local government bonds are usually called public bonds (public bonds in the narrow sense), so corporate bonds are understood as a concept that is opposed to these. Personal companies such as general partnerships, limited partnerships, limited liability companies, and special limited liability companies can also issue corporate bonds.

[Shuzo Toda and Norihiko Fukuhara]

Bonds and stocks

Both stocks and bonds are means of raising funds for a company, but (1) stocks are means of raising equity capital and bonds are means of raising borrowed capital, and (2) legally, stocks are the status of shareholders, and shareholders are members of a company, while bonds are claims against a company, and bondholders are creditors of a company. For this reason, there are specific differences between the status of shareholders and bondholders, as described below.

[1] Shareholders cannot receive surplus distributions unless there are distributable profits (Articles 453 and 461 of the Companies Act), whereas bondholders receive fixed interest regardless of whether there are distributable profits or not and how much they are (Article 676, Paragraph 3 of the same Act).

[2] While shareholders cannot demand a refund of their investment from the company, bondholders receive their principal when the bonds mature.

[3] Shareholders have the right to participate in the management of the company (common benefit rights), voting rights (Articles 308, paragraph 1 and 325 of the same Act), and various supervisory and corrective rights, whereas bondholders do not have the right to participate in management.

[4] When a company is dissolved, shareholders are only entitled to a distribution of the remaining assets after the company's creditors have been satisfied (Article 502, main text of the same Act), whereas bondholders have priority over shareholders in receiving repayment and have the same priority as general company creditors.

In this way, stocks are speculative because they do not receive cash flow unless the company's performance improves, while corporate bonds are certain because they receive stable cash flow regardless of the company's performance. However, since it is beneficial in terms of fundraising to combine the characteristics of each, we are seeing legally the conversion of stocks into corporate bonds (for example, dividend preferred stock and stock with restricted voting rights) and of corporate bonds into equities (for example, bonds with stock acquisition rights).

[Shuzo Toda and Norihiko Fukuhara]

kinds

Bonds are classified as secured or unsecured depending on whether or not they are secured by collateral. Bonds are also classified as registered or unregistered depending on whether or not the bondholder's name is printed on the face of the bond. In addition, bonds with stock acquisition rights are recognized as a special type of bond under the Companies Act.

Bonds with stock acquisition rights are bonds that come with stock acquisition rights (Article 2, Paragraph 22 of the Companies Act). Bondholders can request the issuing company to issue a set number of new shares at a set price within a certain period of time after the issuance of the bonds. As a bondholder, the holder of the stock acquisition rights can receive stable cash flow, and if the company's performance improves, they can exercise their stock acquisition rights and become shareholders, sharing in the company's prosperity. When the stock acquisition rights are exercised, the bond is redeemed and used to pay for the stock acquisition rights, resulting in the holder having no bonds left in their hands. These are sometimes called convertible bonds with stock acquisition rights.

[Shuzo Toda and Norihiko Fukuhara]

Bond issuance

Corporate bonds are the debts of a corporation, and are contracts (corporate bond contracts) that are established when the issuing company accepts (allocates) the bond applications made by those who wish to respond to the bond offering. Matters concerning the issuance of corporate bonds are decided by a board of directors resolution in companies with a board of directors (Article 362, Paragraph 4, Item 5 of the Companies Act), but in companies with committees, the decision can be delegated to executive officers (Article 416, Paragraph 4, Main Text of the Companies Act). There are two methods of issuing corporate bonds: total underwriting, in which a specific person comprehensively underwrites the total amount of the corporate bonds, and public offering, in which bondholders are solicited from the public (Articles 679 and 677 of the Companies Act).

[Shuzo Toda and Norihiko Fukuhara]

Bond Management

Since corporate bonds are a form of long-term, collective borrowing of large amounts of money by corporations from the general public, it is necessary to protect bondholders. To this end, the Companies Act provides for the protection of bondholders through the bond administrator system and the bondholders' meeting system.

(1) Bond administrator A bond administrator is a person who is entrusted by the issuing company with the management of bonds (Articles 702 and 703 of the Companies Act). Specifically, the bond administrator receives payment, protects the claims, and exercises the authority based on the other company bond management entrustment contract. In a situation where there are many bondholders with small amounts of bonds, it can be said that each bondholder has almost no incentive to manage the claims. This is because the profits gained from management do not justify the costs of management. In such a situation, no bondholder will manage the bonds, and the bondholders may end up suffering losses. In anticipation of such a situation, the Act requires the appointment of a bond administrator except when the amount of each bond is 100 million yen or more, or when the total amount of a certain type of bond divided by the minimum amount of each bond of that type is less than 50 (Article 702, proviso, Companies Act, Article 169 of the Enforcement Regulations of the Companies Act).

(2) Bondholders' Meeting A bondholders' meeting is a council made up of bondholders of the same type who have a common interest and decides on the general consensus of the bondholders (Article 715 of the Companies Act). It is a system that allows matters that affect the interests of bondholders to be decided by majority vote of bondholders when necessary.

[Shuzo Toda and Norihiko Fukuhara]

Bond interest payments and redemption

Bondholders have the right to claim payment of interest and the right to redeem the bonds as rights under the bond contract. In the case of registered bonds, interest is paid by the issuing company to the bondholders listed in the bond register at each interest payment period, while in the case of bearer bonds, interest is paid in exchange for coupons.

[Shuzo Toda and Norihiko Fukuhara]

Characteristics of Corporate Bonds

Corporate bonds are a means of long-term capital procurement just like stocks, but they have the following characteristics compared to stocks. Corporate bonds are based on a common basis with stocks in that they are issued to an unspecified number of investors as uniform, small, and transferable bonds to raise funds, and modern securities markets have made their issuance and circulation possible. On the other hand, stocks are a means of raising equity capital and do not have to be redeemed, but corporate bonds, which are debt, are required to be redeemed. Corporate bonds are also clearly distinguished from stocks in that they guarantee fixed interest payments, which are not uncertain like dividends on stocks. Therefore, from the investor's point of view, corporate bonds lack speculative potential, but have been a reliable source of profit. As mentioned above, when looking at stocks and corporate bonds from a form perspective, the differences and similarities between the two have been pointed out, but it is advantageous for companies to take advantage of the characteristics of each in terms of capital procurement, and in fact, the two are closer to each other. This is called the principle of approximation between stocks and corporate bonds.

For example, while the two are distinguished by the obligation to redeem, there are perpetual bonds that are essentially redeemable free of charge, while there are redeemable shares that are cancelled with profits within a certain period of time, preferred shares that do not have voting rights (participation in management) but have priority regarding dividends, and non-voting shares, and so on, resulting in the phenomenon of shares being turned into corporate bonds.

On the other hand, there are convertible bonds, which are ordinary bonds at the time of issue, but can be converted into the company's stock (common stock) under certain conditions at some point in the future. For investors, these dual nature securities have the advantage of being safe and secure bonds that can be converted into stock with high dividends as the company's profit situation improves, and for companies, they are widely used when high growth is expected, as they can raise large amounts of funds at once. Also, market value convertible bonds are attracting attention. One variation of convertible bonds is bonds with stock acquisition rights, and the stock acquisition rights are often exercised as one of the measures to defend against a potential takeover.

[Muramatsu Tsukasa]

"New Developments in the Bond Market," edited by the Bond Underwriters Association (1996, Toyo Keizai Inc.) " ▽ "Japan's Corporate Bond Market," by Matsuo Junsuke (1999, Toyo Keizai Inc.)" ▽ "Modern Corporate Bond Markets -- Current Status and Outlook," edited by the Capital Markets Research Group (2003, Zaikei Shohosha)" ▽ "Modern Corporate Bond Investment Practices -- Considering the Current State of the Corporate Bond Market," new edition, by Tokushima Katsuyuki (2004, Zaikei Shohosha)" ▽ "Article-by-Article Commentary on the Transfer Law of Corporate Bonds, Stocks, etc.," edited by Takahashi Yasufumi and Ozaki Teruhiro (2004, Financial and Fiscal Affairs Research Association)" ▽ "Fostering and Development of the Corporate Bond Market -- Japan's Experience and the Current State in Asia," edited by Xu Peng of the Hosei University Institute of Comparative Economics (2007, Hosei University Press)" ▽ "Illustrated Guide to Japan's Securities Markets," 2008 edition, edited and published by the Japan Securities Research Institute (2008)" ▽ "Knowledge of Public and Corporate Bonds" compiled by the Securities Department of the Industrial Bank of Japan (Nikkei Bunko)

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

Japanese:

学説上では、「公衆に対する起債によって生じた株式会社に対する債権であって、これにつき社債券という有価証券が発行されるもの」と定義づけられていた。会社法制定により、「この法律の規定により会社が行う割当てにより発生する当該会社を債務者とする金銭債権であって、676条各号に掲げる事項（募集事項）についての定めに従い償還されるもの」と、条文上に定義が置かれた（会社法2条23号）。広義の公債の一種であるが、通常は国や地方公共団体などが起債する国債や地方債などが公債（狭義の公債）とよばれるので、社債は、これと対立する概念として理解されている。合名会社・合資会社・合同会社・特例有限会社など人的会社も社債発行が可能である。

［戸田修三・福原紀彦］

社債と株式

株式も社債も、ともに会社資金を調達する手段であるが、(1)株式は自己資本を、社債は他人資本を調達する手段であり、(2)法律上、株式は株主である地位であり、株主が会社の構成員であるのに対して、社債は会社に対する債権であり、社債権者は会社に対する債権者である。このために、株主と社債権者の地位には、以下に述べるような具体的な相違点がある。

〔1〕株主は配当可能利益がない限り剰余金分配を受けられない（会社法453条、461条）のに対し、社債権者は配当可能利益の有無・多寡にかかわらず確定利息の支払いを受ける（同法676条3号）。

〔2〕株主は出資金額の払戻しを会社に求めることができないのに対し、社債権者は社債の償還期限が到来すれば、元本の償還を受ける。

〔3〕株主は会社経営に参加する権利（共益権）を有し、議決権（同法308条1項、325条）や各種監督是正権を有するのに対し、社債権者は経営参加権を有しない。

〔4〕会社解散時には、株主は会社債権者が満足を得た後に残余財産の分配を受ける（同法502条本文）のみであるのに対し、社債権者は株主に優先して一般会社債権者と同順位で弁済を受ける。

　このように、株式は会社の業績が向上しないとキャッシュ・フローを受けられないので投機性を有し、社債は会社の業績を問わずに安定的キャッシュ・フローを受けられるので確実性を有するが、それぞれの特色を相互に加味することが資金調達上有益であるため、法律上も、株式の社債化（たとえば配当優先株式、議決権制限株式）および社債の株式化（たとえば新株予約権付社債）の現象がみられる。

［戸田修三・福原紀彦］

種類

物上担保が社債につけられているか否かにより、担保付社債と無担保社債に分類される。また、債券面に社債権者の氏名を記載するか否かにより、記名社債と無記名社債に分類される。そのほか、会社法上特殊な社債として、新株予約権付社債が認められている。

　新株予約権付社債は、新株予約権を付した社債である（会社法2条22号）。社債権者は、発行会社に対して、社債発行後一定の期間内に所定の数の新株を所定の価額で発行するように請求できるものである。新株予約権者は、社債権者として安定的なキャッシュ・フローを受けることができるとともに、仮に会社の業績が向上すれば新株予約権を行使して株主となり、会社の好況にあずかることもできる。新株予約権を行使する際に、社債を償還して新株予約権の払込みにあててその結果権利者の手元には社債が残らないものは転換社債型新株予約権付社債とよばれることもある。

［戸田修三・福原紀彦］

社債の発行

社債は株式会社の債務であり、社債の募集に応じようとする者による社債の申込みに対して、発行会社がこれを承諾（割当て）することによって成立する契約（社債契約）である。社債発行事項は、取締役会設置会社では取締役会決議で決定する（会社法362条4項5号）が、委員会設置会社では執行役に決定を委任できる（同法416条4項本文）。社債の発行方法には、特定人に社債の総額を包括的に引受けさせる総額引受と、社債権者を公衆から募集する公募発行とがある（同法679条、677条）。

［戸田修三・福原紀彦］

社債の管理

社債は、株式会社が一般公衆から巨額の資金を長期的かつ集団的に借り入れるものであるから、社債権者の保護が必要である。そのための規制につき、会社法は、社債管理者制度と社債権者集会制度を設けている。

(1)社債管理者　社債管理者とは、社債の発行会社から社債の管理の委託を受けて行う者をいう（会社法702条本文、703条）。具体的には、弁済の受領、債権の保全、その他社債管理委託契約に基づく権限を行使する。零細な額の社債権をもつ社債権者が大勢存在する状況において、個々の社債権者には債権管理を行うインセンティブ（誘因）がほとんどないといってよい。管理によって得られる利益が、管理にかかるコストに見合わないからである。このような状況になると、社債権者はだれも社債を管理しなくなり、結局、社債権者が損を被る結果となりかねない。このような状況を想定し、各社債の金額が1億円以上である場合またはある種類の社債の総額をその種類の各社債の金額の最低額で除して得た数が50を下回る場合を除いて、社債管理者を設置しなければならないとした（同法702条但書、会社法施行規則169条）。

(2)社債権者集会　社債権者集会とは、利害の共通する同一種類の社債権者によって構成され、その社債権者の総意を決定する合議体である（会社法715条）。社債権者の利害に影響を及ぼす事項について、必要な場合には社債権者の多数決で決定する道を認める制度である。

［戸田修三・福原紀彦］

社債の利払い・償還

社債権者は、社債契約上の権利として、その社債に関する利息の支払請求権と償還請求権を有する。利息の支払方法につき、記名社債の場合は、社債原簿に記載された社債権者に対し発行会社が利払期ごとに支払うが、無記名社債の場合には利札と引換えに支払われる。

［戸田修三・福原紀彦］

社債の特色

社債は株式と並ぶ長期資本調達手段であるが、株式と比較して次のような特色をもっている。社債は不特定多数の投資家に対して、均一、小口、かつ所有移転の可能な債券を交付して資金を調達し、近代的な証券市場がその発券と流通を可能にしたという点で、株式と共通の基盤にたっている。その一方で、株式が自己資本の調達手段であり、償還がないが、債務である社債には償還が義務づけられる。また社債には、株式の配当のような不確定なものではない、定率の利子払いが保証される点で、株式と明確に区別される。したがって、投資家の側からみれば、社債は投機性に欠けるが、堅実な利殖の対象とされてきた。以上、株式と社債とを形態面からとらえると、両者の異同、特色が指摘されるが、企業にとっても資本調達の面で、それぞれの特色を生かすことが有利であり、事実上、両者の接近がみられる。これを株式・社債接近の原則という。

　たとえば、償還の義務の点で区別される両者は、事実上無償還の永久社債がある反面、株式について期間内に利益で消却される償還株式があり、議決権（経営参加）はないが配当について優先権のある優先株式、無議決権株式があるなど、株式の社債化現象がみられる。

　一方、発行時には普通社債で、将来ある時点で一定条件の下に、その企業の株式（普通株式）に転換できる転換社債がある。この二重性格的な証券は、投資家にとっては安全確実な社債から、その企業の収益状況が改善するにしたがい、好配当の株式に転換できる利点があり、企業にとっても一度に大量の資金調達ができるので高成長の見込まれる場合などに広く利用されている。また、時価転換社債が注目されている。転換社債の一変型として新株予約権付社債があり、これはしばしば事前的企業買収防衛策の一つとして、その新株予約権が行使される。

［村松司叙］

『公社債引受協会編『公社債市場の新展開』（1996・東洋経済新報社）』▽『松尾順介著『日本の社債市場』（1999・東洋経済新報社）』▽『資本市場研究会編『現代社債市場――その現状と展望』（2003・財経詳報社）』▽『徳島勝幸著『現代社債投資の実務――社債市場の現在を考える』新版（2004・財経詳報社）』▽『高橋康文編著、尾崎輝宏著『逐条解説　社債、株式等振替法』（2004・金融財政事情研究会）』▽『法政大学比較経済研究所・胥鵬編『社債市場の育成と発展――日本の経験とアジアの現状』（2007・法政大学出版局）』▽『日本証券経済研究所編・刊『図説　日本の証券市場』2008年版（2008）』▽『日本興業銀行証券部編『公社債の知識』（日経文庫）』