发展中期票据填补公司债市场空白

Develop MTNs to fill the gap in the corporate bond market

从国外经验来看，公司债券市场应该包括商业票据，中期票据和公司债券这三个组成部分，文章介绍了中用票据的起源和发展历程，认为相比其他两个部分，中期票据不仅是非金融企业重要的融贸工具，更是金融中介机构为客户量身定制金融产品的主要载体。发展中期票据，有助于填补覆国公司债市场的空白。

From international expedenoe, the corporate bond market should consist of commercial papers medium-term notes （MTNs） and corporate bonds. This paper focuses on the origin of MTNs as well as their evolution and finds that, compared with the other two insbuments, MTNs are not only important for non-financial enterprises to miss funds, but also they are a major vehicle for financial agencies to offer customized financial products. Accordingly. developing MTNs is appropriate for filling the biank in China＇s corporate bond market.