资本市场监管边界研究——来自短期融资券与公司债券市场发展对比的启示

Research on Regulatory Boundaries of Financial Market——Implications from the comparison between short-term financing bill and corporation bond market development

政府对资本市场的监管一直是各界争论的焦点。实践证明,不同金融领域的监管政策是影响该领域发展的重要因素。2005年引进的短期融资券是发展最成功的金融产品之一,与有20年历史的企业债形成鲜明对比。通过比较,认为过去的政策和市场监管严重妨碍了公司债券市场多样性的发展,导致发行缓慢和流动性欠佳。针对这些不足,提出公司债券市场的监管边界——在保护供需双方多元化的基础上,提高发行效率、扩大投资者范围及完善交易平台。

Government＇ s supervision over capital market has always been the focus of both theoretical and practical debates. There＇ s evidence that the different supervisory policies have diverse impact on different financial areas. Short - term financing bill introduced in 2005 is one of the most successfully developed financial instruments, which overtakes the twenty - year development of corporate bond. Through comparison, we figured that certain setbacks and mistakes rooted in past regulatory policies have greatly held back the diversification of corporate bond market, causing negative impact in terms of both the depth and width. Based on these analyses, we conclude with the regulatory boundaries and practices for the market： streamline the bond issuance process, expand the investor base and trading platform in order to foster diversified supply and demand bases.