Abstract: Junk bonds is a financial means with a bright future for business venturing due to the fact that people are becoming more and more prosperous,that investors and enterprisers are growing more and more venturous,that technology industries are further developing,and that the essence of knowledge economy is full of risk. This paper expounds the background of junk bonds’ emergence, its fuctional advantages and defects,and its prime applications and prospects of development.

Key words: junk bonds, business venture, financial means