日本企业债券市场的结构特征及监管制度

Japanese Corporate Bond Market Structure and Regulation System

尽管拥有一定规模的海外市场,但是政府管制与倾向性引导使得日本企业债券市场滞后于本国股票及政府债券市场的发展,并造成了市场功能弱化、结构失衡、交投不活跃、缺乏多元化投资工具等诸多问题。日本企业债券市场监管工作是紧密围绕着:构建系统的监管法律体系、规范信息披露与信用评级制度以及建立有效的担保清偿机制等具体内容展开。这些措施在保护投资者权利、保持市场交易的透明度及风险控制等方面发挥了积极的作用。日本的监管经验对于仍处于建设发展中的我国企业债券市场也具有借鉴意义。

Although Japan has certain scale of the overseas corporate bond market, but the government regulation and the tendency to guide the Japanese corporate bond market lags far behind the domestic equities and government bonds market, and caused the market function weakening, unbalance of structure, inactive trading, the lack of diversified investment tools and other problems. Japanese corporate bond market supervisions work closely around： the construction of standardized information disclosure supervision system of law, system and credit rating system and to establish the effective guarantee payment mechanisms for the specific contents, these measures played a positive role in protecting the rights of investors, maintaining the market transparency and risk control etc. Japanese corporate bond market supervision experience also has the reference significance for China＇s bond market which is still in the construction and development process.