美国债券定向发行制度研究及启示——兼论我国中小企业债券融资制度建设

最近,我国债券相关主管机关正积极研究债券定向发行制度。该制度的立法本源是通过构建适合具有自我保护能力的投资者的发行豁免或简化制度,提高融资效率,形成多层次的融资渠道。美国从发行、转售和清算结算及登记托管等环节对定向发行制度进行了全面系统的规范。而我国的债券定向发行制度规定过于简单,条块分割明显,实践效果差。本文建议借鉴美国相关制度,完善我国债券的定向发行制度。

Research and Enlightenment of U.S. Bond Directional Issuance System:Also for Construction of Bond Financing System of Chinese Small-medium Enterprises

Recently,relevant government authorities are studying on the system of directional issuance of bonds.The legislative origin of this system is improving financing efficiency and forming multi-level financing channels by means of establishing the issuing exemption or simplification system suitable to qualified investors that have self-protection ability.The United States’ system of directional issuance has been stipulated compressively from issuing,resale,clearing and settlement to registration and custody.However,our system was very simple with its poor practical effect.So this paper suggests our authorities should perfect our system of directional issuance by using the United States’ experience for reference.