中国可转换公司债市场的发展与融资结构的优化

目前,中国直接融资发展缓慢,直接融资工具仅国债一支独秀、股票和企业债券萎缩。要实现中国融资结构的调整和优化,突破口就在于发展属于直接融资范畴的可转换公司债：它不仅能最大限度满足所有市场参与者的需要,有利于保护投资者利益、缓解股票市场的扩客压力、满足上市公司和非上市公司的融资需求,而且也能起到完善公司治理、提高企业经营水平的作用,同时,也能更好满足政府部门大力发展直接融资,防止风险集中于国有银行的政策目标。

The Development of Convertible Debenture in China and Optimization of Financing Structure

At present, the development of direct financing in China is slow, and only the government bond is outstanding among the di- rect financing tools,however stocks and debenture are shrinking.The author believes that the key to realize the adjustment and optimiza- tion of the current financing structure in China lies in the development of convertible debenture.It can not only meet all participants needs to the maximum,protect the investors benefits,alleviate the stock market's financing pressure,satisfy the financing demands of listed companies and non-listed companies,but also play the role of perfecting company-governance and improving the operation of enterprises,and at the same time it can meet the government's policy goals to develop direct financing vigorously and prevent the financial risk from being concentrated on state-owned banks.