债券定向发行制度国际经验与国内实践的比较研究

An International Comparative Study of Private Placement of Bonds

在总结国内外历史和实践，及对比投资人管理、市场进入、交易流通和信息披露等方面异同基础上，文章指出，国内外定向发行制度总体趋同，均呈现以合格投资人制度为核心进行制度安排的总体特点，但各自市场具体机制有所差别。银行间债务融资工具市场定向发行通过引入专项机构投资人，进一步对定向投资人进行分层管理，为定向发行制度建设和市场发展进行了有益探索。

After reviewing the in terms of investor history and practices at home and abroad and comparing the similarities and differences management, market access, bond trading and information disclosure, the article points out that the private placement of bonds in China is basically in line with that in the international market, both of which are featured an institutional arrangement centering around qualified investors. However, the specific market mechanisms are different. The private placement of interbank debt financing instruments in China introduces special institutional investors and thus further promotes the layered management of investors, which is a good attempt in improving the system construction of bonds private placement and promoting the market development.