中國企業(yè)債券市場的缺陷及對(duì)策研究.pdf

1、中國企業(yè)債券市場的缺陷及對(duì)策研究刖菁從八十年代初中國發(fā)行第一只企業(yè)債券至今中國企業(yè)債券市場已有十多年的發(fā)展歷史，在主管機(jī)關(guān)、發(fā)債主體、證券公司及其他中介機(jī)構(gòu)的共同扶持與培育之下，一個(gè)年發(fā)行規(guī)模近200億元，債券存量近500億元的企業(yè)債券融資市場正在逐步建立和完善，對(duì)中國國企改革和資本市場的健康發(fā)展起到了積極的推動(dòng)作用，債券融資正成為中國企業(yè)通過資本市場融資的一條重要渠道。然而中國企業(yè)債券市場的缺陷也是顯而易見的，如債券市場一直不能打破在

2、中國資本市場中的從屬地位、主管部門對(duì)債券市場干預(yù)過多、債券發(fā)行規(guī)模一直維持在較低的水平、債券發(fā)行利率與債券信用級(jí)別不掛鉤、債券擔(dān)保形同虛設(shè)、企業(yè)債券到期不能兌付的現(xiàn)象屢屢發(fā)生、流通市場缺乏流動(dòng)性等等，這些缺陷正嚴(yán)重制約著中國企業(yè)債券市場的長遠(yuǎn)健康發(fā)展。本文從發(fā)展中國企業(yè)債券市場的意義及發(fā)行、流通市場的沿革談起，結(jié)合市場發(fā)展中的一些案例找尋我國企業(yè)債券市場的諸多缺陷并分析其根源所在，再通過中美債券市場的比較研究，分析出解決這些缺陷的對(duì)策。

3、第3頁0I、中國企業(yè)債券市場的缺陷及對(duì)策研究ABSTRACTJustlikethestockmarketfinancing，debtfinancingisaIlotherimportantapproachtogetdirectfinancingfromcapitalmarketInthewesterndevelopedconntries，thesize0corporatebondissuingmarketismuchlargert11a

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6、etfromtheviewofthegovernmentpolicyandthecorporationmanagement；Secondsection，reviewthethreestagesoftheChinacorporatebondmarketdevdopmentandintroducetheissuingpattern，productdesigningemissioncirculation，floordealingmarketa

7、ndoutsidemarketoftheChinacorporatebondmarket；Thirdsection，anaV／zethelimitationsoftheChinacorporatebondmarketwithseveralcasesabouttheadministration，issuersunderwriters，corporatebondscaXregulationconstructing，marketliquidi

8、tyinstitutionalinvestors，outsidemarket；Fourthsection，an曲，zethespringheadsofthelimitationsintheChinacorporatebondmarketwithfouraspects：thegovernmentstacticconsiderationofthesecuritiesmarkettheusualpracticesoftheadministra

9、tion，administrationsunderstandingabouttheinvestingrisks，thelegalsystemconstructionofthesecuritiesmarket；Fi觸section，comparetheChinabondmarketwiththeUSAbondmarketintheaspectsofissuingregaladon，pricemakingsystemmarketcircul

10、ation，creditevaluationandinnovation；Sixthsection，themostimportantsectionofthisartide，IpromptmypersonalviewsaboutdevelopmentoftheChinacorporatebondmarketfromthefollowingconsiderations：regllIatingsystempricesmaking，circula

11、tingcreditevaluation，productinnovationandriskcontr01Seventhsection，statemyconfidence，whichthecorporatebondmarketofChinaissurelygoingtoastageofhigh—sPeeddevelopmentKeywords：corporatebond，issuingmarket，drculatingmarket，bon