新金融形势下我国企业债券市场发展前瞻与对策

随着利率市场化改革的深化，存贷利差缩小挤压了商业银行的利润空间：保持社会融资规模合理增长的调控目标使得直接融资替代间接融资的“金融脱媒”进程加快：欧美国家量化宽松货币政策使得输入型通胀压力加大。此三方面是当前新金融形势的主要特征，不同程度地均将作用于企业债券市场的发展，而我国企业债券市场发展也已经在主动适应金融环境的变化，交易商协会、发改委、证监会三大审批机构的竞争带来了企业债券品种的创新和对银行贷款替代性的增强，企业债券市场的供给、需求扩张趋势日益明显。为此，本文提出保持债券审批机构竞争性、设立债券专项基金、倡导长期债券投资机制、转变债券融资观念等对策建议，旨在为完善债券市场制度建设、促进企业债券融资提供参考。

In the New Financial Situation the Development of China Corporate Bond Market Prospects and Countermeasures

With the deepening of the reform of interest rate marketization, commercial banks lending spreads narrowed squeeze profit margins; maintain social financing scale reasonable growth regulation of target, the direct financing indirect fi- nancing of the substitution of ＂financial disintermediation ＂ process to accelerate; Europe and the United States the quantita- tive easing monetary policy makes the input type inflation pressures. The three aspect is the current financial situation of main feature, different level land will have effect on the development of enterprise bond market, and the development of en- terprise bond market in China has been actively adapt to changes in the financial environment, dealers association, national development and Reform Commission, the Commission three examination and approval authority competition brings innovation and corporate bonds bank loans alternative enhancement, the enterprise bond market supply, demand expands increasingly ob- vious trend, this paper puts forward the examination and approval authority to maintain bonds, bond fund set up competitive, advocate the long-term bond investment mechanism, change idea of bond financing suggestions, aims at improving the bond market system construction, promote enterprise bond financing to provide reference.