韩国公司债券市场的制度性分析及启示

Institutional Analysis on Korean Corporate Bond Market

当今世界各国金融市场的制度框架越来越具有相似性,尤其是发展中国家的新兴市场,因为在建设初期,他们往往直接移植成熟市场的运行制度安排。基于一定的背景条件,这样做有其合理性,但不能忽视整个制度体系上的不足会对市场长期稳定发展造成不利影响。运用制度分析和比较分析方法,分析韩国的公司债券市场,以说明一国运行良好的制度安排,用于另一个国家,效果往往大相径庭的主要原因。并在此基础上,对我国企业债券市场制度框架的构建提出建议。

Nowadays the institutional systems of financial markets across the world display similarity. Especially the developing countries, when building the emerging financial markets, are inclined to adopt the same operating institutional system as the developed market. Based on certain background, the mode is reasonable to some extent. But in view of the overall institutional system, we can't ignore that its weakness will affect the long-term stability and development of the financial market. The article makes an institutional analysis on the Korea's corporate bond market, explaining why Korea's corporate bond market with the same operating institutional system as the America came out with the different result. Finally some suggestions on our country's corporate bond market are brought out.