被忽略的债券制度史——中国(公司)债券市场的法律瓶颈

The Uncared-for History of Bonds Institutional——Legal Bottleneck with China(Company) Bond Market

中国债券市场的制度建设长期未能得到足够重视,公司债券市场的发展也存在较多问题。例如,发行市场规模偏小、交投不活跃、交易所市场发展缓慢等。这些问题,或多或少都与债券市场的规范瓶颈有关。例如,债券发行过分偏向某些特殊企业、债券市场监管权的不当分割、发行与上市的不当管制、交易性保护机制欠缺、救济性保护措施不完善,等等。解决债券市场的法律瓶颈,将使中国公司债市场迎来爆发式增长。

The system construction of Chinese bond market fails to get enough attention for a long time. There are many problems with the development of company bond market. For example, the scale of bond market is small, the sales transaction is not active, exchange market develops very slowly. These problems, more or less, contact with the law＇ s bottlenecks. Such as only some special enterprise can issue bond, supervision power with bond market is improper segmentation, criterion of issuing and listing is too strict, lacking of protection mecha- nism to transaction, the relief protection measures are not perfect, and so on. Solving the legal bottleneck in the bond market will make China company bond markets grow quickly.