兩者均有“債券”的含義。bond為通用語，但與debenture (也稱為debenture bond)在一起時多指具有抵押擔保的“擔保債券”；其償還期限一般較長，常為國家或政府（包括外國）等機構(gòu)發(fā)行[1]。公司也可發(fā)行bond，如公司發(fā)行的債券是無擔?；虻盅旱膫╱nsecured bond)時其則被稱為debenture[2]; 由此可知，debenture是一種不具備抵押擔保，屬于無擔保債務(wù)票據(jù) “unsecured debt instruments”之承諾債務(wù)的憑證，故有人也將其譯為“信用債券”或“無抵押擔保債券”。在美國，debenture 通常只能由三種公司發(fā)行 (具有部分有形資產(chǎn)的服務(wù)公司 “service corporation”、大的藍籌碼公司 “l(fā)arge, blue-chip companies”、以其所有資產(chǎn)為按揭抵押之公司“corporations that have mortgaged all their available assets” ) [3]; 但有時 debenture 也可以由任何個人發(fā)行，故其不宜純粹譯為“公司債券”。debenture ?？赊D(zhuǎn)換為公司的股票[4]。
[1] "A long-term, interest-bearing debt instrument issued by a corporation or governmental entity usu. to provide for a particular financial need； esp. ， such as instrument in which the debt is secured by a lien on the issuer's property. " Cf. Bryan A. Gamer, Black's Law Dictionary, 7th edition, at p. 172, West Group (1999).
[2] "Corporation bonds may be unsecured (debenture) or secured by the assets of the corporation. ”Cf. Douglas Creenwald, The Concise McGraw-Hill Dictionary of Modern Economics, 3rd edition, at p. 29, McGraw-Hill Book Inc. (1984).
[3] Id. at p. 89.
[4] "Debentures are often convertible to stocks. ”Cf. Linda Picard Wood, J. D. Merriam Webster's Dictionary of Law, at p. 122, Merriam-Webster, Incorporated Springfield, Massachusetts (1996).
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