公司债券的多头监管、路径依赖与未来发展框架

公司债券市场受益外因的蓬勃发展更应激发对其自身可持续发展内力的探索。改变公司债券只是作为政府配置信贷资源手段的定位,授予企业根据财务需求安排债务融资的权利;协调三部委主导不同债券规则的多头监管,建立统一合理的监管体制;改变计划性的债券规则和分割的债券市场,建立市场化的统一债券规则和交易机制,是未来我国公司债券市场走向繁荣的必由之路。

Regulatory competition in corporate bonds,path dependence and the future development of the framework

Corporate bond market benefited from the rapid development of the external factors should stimulate its own internal forces to explore the sustainable development. Changing corporate bonds is only a means of government to allocate credit resources,and companies should be granted the right of debt financing according their financial requirements; three different ministries who are competing in the regulation of bonds should be coordinated and a unified and rational regulatory system should be established; ch...