论发展企业债券和完善信用经济的良性互动

On the Favorable Interaction between the Development of Corporate Bond and Perfection of Credit Economy

在中国的资本市场发展格局中,一个特有的现象就是唯股独大,畸重发展,作为资本市场的重要组成部分的企业债券市场则没有引起足够重视。在分析企业债券市场滞后发展的问题时,人们往往从制度的层面来分析。作为一个成熟的债券市场,需要有良好的信用环境支撑,恶劣的信用环境将阻碍企业债券市场的发展。同时,为了促进社会信用体系的完善,我们必须加快发展企业债券市场,实现两者的良性互动。

In the development of Chinese capital market, a special phenomenon is that the whole capital market is made up only by stock market. As an important part of the capital market, the bond market is ignored. When people examine reasons, they always begin analyzing from the institutional factors. But in a mature market economy, the whole society is a big credit union. Without a good credit environment the enterprise bond market can not develop well. In order to build and perfeet social credit system, we must develop the enterprise bond market to establish a favorable recycle relation between social credit system and the enterprise bond market.