论我国企业债券融资信息不对称问题

On Unbalanced Information Access to Enterprise Financing through Bonds in China

本文认为,我国企业债券市场没有得到大力发展,其症结在于我国企业债券市场上存在严重的信息不对称问题,无论在企业债券的发行市场上还是在流通市场上都是如此。若不对信息不对称问题加以解决,我国企业债券市场有大的发展将是不可能的。为此,本文在分析企业债券信息不对称的机理上,提出了解决我国企业债券信息不对称的三大机制:声誉机制、法律机制和信用评级机制,以求规范我国企业债券市场的运作,使我国企业债券市场得以顺利发展。

It is believed that the underdevelopment of our bond market is due to the existence of a greatly unbalanced information access in our enterprise bond market. This is true whether in enterprise bond IPO market or in circulating market. Unless the problem of unbalanced information access is solved, our enterprise bond market can't witness a robust development. Therefore, while the cause of unbalanced information access to enterprise bond is analyzed, three problem-shooting mechanisms are proposed: e.g. reputation mechanism, legal mechanism and credit rating mechanism. With three in place,it is expected that the operation of our enterprise bond market will be regulated and a smooth market development will be ensured.