海南自贸港境外发债筹资路径分析与建议——以在香港债券市场发债为例

Analysis and Suggestions on Raising Overseas Funds for Hainan Free Trade Port——Illustrated by the case of Hainan Free Trade Port issuing bonds in Hong Kong bond market

《海南自由贸易港建设总体方案》等文件明确支持海南分阶段开放资本项目,推进非金融企业外债项下完全可兑换,鼓励面向全球符合条件的境外投资者发行地方政府债券。本文主要采取定性分析与定量分析相结合等研究方法,梳理了中国香港债券市场发展概况和特点、国际债券市场通行发行规则,分析了境内主体面向境外发债的监管政策及创新案例,探索了海南自贸港发债主体面向香港债券市场筹集资金的路径,有针对性地提出相应工作建议。

The Master Plan for the Construction of Hainan Free Trade Port and other documents explicitly support The phased opening of hainan’s capital account,promote full convertibility of non-financial enterprises’foreign debts,and encourage the issuance of local government bonds to qualified foreign investors from all over the world.This paper mainly adopts qualitative analysis and quantitative analysis and other research methods,combs the development situation and characteristics of Hong Kong bond market and the international bond market through issuing rules,analyzes the regulatory policies and innovative cases of domestic subjects issuing bonds abroad,explores ways for hainan Free Trade Port bond issuers to raise funds from Hong Kong,puts forward corresponding Suggestions.