《证券法》债券规则的批判与重构

Criticism and Reconstruction of Bond Rules in Securities Act

发行债券，是具有独立人格的公司以商业信用为基础，承诺未来一定时期内还本付息的直接融资方式。根据融资优序理论，债券融资是公司首选的外源性筹资途径，优于银行信贷和发行股票。在成熟的资本市场，债券是一国丰富公司融资渠道，推进利率市场化，促进金融深化和分流金融风险，构建社会信用并完善多层次资本市场的利器。也因此，自2004年尤其是2007年以来，我国债券市场一改波澜不兴的局面，在国家“积极发展债券市场”系列政策卵。’的推动下，获得长足的发展。

The marginalized rules, bond rules, in Securities Act have been difficult to adapt to the development of the corporate bond market, but also hinder its market-oriented reform process. It is needed to give corporate issuer the autonomy and establish market restraint mechanism based on commercial credit. It is necessary to amend the Securities Act to regulate and guide the bond market's healthy development, by establishing bonds issuance registration system and supplemented negative inventory, the information disclosure system reflecting the change of the company's solvency, system of qualified investors defining self-protection ability with appropriate financial intermediaries obligation, conference system protecting the bondholders and the bond trustee of investor, more flexible bond issue, trading, registration and settlement systems, and uniform penalties for illegal behaviors.