我国企业债券市场发展的深层次思考

我国企业债券市场相对于规模庞大的国债市场和正在蓬勃发展的股票市场来说,存在着规模小、地位低、市场化不高、品种单一及流动性差等缺陷。产生这些缺陷的原因,在于我国目前还存在诸多制约企业债券发展的因素,比如法律法规不完善、发行制度存在缺陷、社会信用制度不健全以及发债企业自身的问题等等。有鉴于此,可以考虑通过修正和完善相关法律法规:从制度安排入手,在发行制度、交易制度、市场准入制度、信息披露制度等诸方面进行改革,为企业债券的发展拓展出较为广阔的空间;通过产权改革,塑造真正的企业债券市场主体;提高企业债券信用程度;调整企业债券的期限结构,不断进行品种创新,满足不同投资者的投资需求;增强企业债券的流动性,促进债券市场健康发展。

More on the Development of China's Enterprise Bond Market

Compared with the large-scale national debt market and the flourishing stock market, China's enterprise bond market suffers from small scale, low level of development, lack of variety, and poor circulation. This is owing to the many factors restricting its development, such as inadequate laws and regulations, defective systems, lack of a sound credit system, and problems entailed by the issuing companies. Based on this analysis, the article suggest various ways and means to promote the healthy development of the enterprise bond market, including working out relevant laws, regulations and systems, introducing enterprise ownership reforms, improving the trustworthiness of enterprise bonds, adjusting their time limits, and bringing out new and innovative varieties.