论“公司债券”与“企业债券”的分立

On Split of Corporation Bond and Enterprise Debt

在资本市场的基础性证券中,公司债券占据主体地位。但在我国,公司债券长期没有得到正常的发展。一个主要原因是,我们将企业债券与公司债券相混淆。企业债券实质上是政府债券,并非公司债券,混淆公司债券与企业债券有着诸多弊端。从我国目前条件来看,要发展公司债券市场,必须将公司债券与企业债券相分立,形成不同的制度体系、运作机制和监管体系。

Off all securities in the world capital market,corporation bond takes dominant position.While in China,corporation bond develops far left behind.The main contributor is corporation bond confused with enterprise debt.In fact,the enterprises debt is a government bond,instead of corporation bond.Such confusion has many defects.Based on China actual conditions,corporation bond and enterprise debt should be separated in order to stimulate the development of bond market,under different supervision and operation s...