基于“市场增进论”的中国企业债券市场发展研究

Research on China's Corporate Bond Market Development Based on Government Function "Market Promotion Theory"

关于政府在经济和市场发展中的作用,主要存在"市场亲善论"、"国家推动发展论"和"市场增进论"三种代表性观点。根据"市场增进论",政府功能作用于市场发展的机制主要通过培育市场微观主体进而增强市场机制的作用,促进市场的快速健康发展。当前,我国企业债券市场存在政府功能错位现象。为促进我国企业债券市场的发展,在近期发展阶段,应实行严格的准入制,同时采取措施推进市场发展;在中期发展阶段,政府干预市场发展应逐步弱化而让位于市场;在远期发展阶段,政府除了维护企业债券市场的稳定外,其他均应让位于市场。

With regard to the government＇s role in the economy and market development, there are mainly three rep- resentative views ＂market amicability＂ and ＂ development promoted by the country＂ and ＂market promotion＂. According to last one, the role of government functions in the development of the market is realized mainly through the mechanism of fostering micro - entities in the market then further strengthening the role of market mechanisms to promote rapid and healthy development of the market. At present, there is a phenomena of dislocated government functions in China＇s corporate bond market. In order to promote the development of corporate bond markets in China, it＇s necessary in the near future stage of development to implement a strict admission system, and at the same time taking measures to promote the development of the market; it＇s necessary in the medium stage to weaken government intervention, giving way to the market development; in the long -term stage, it＇s the obligation of the government to protect the stability of corporate bond market, giving way to the market as for the other behaviors.