摘要
我国公司债券的发行制度仍停留在通过人为市场分割、严苛的发行门槛等方式来进行事前强行控制风险的层面,而不是以商事信用的动态评价为逻辑基础,这成为近年来债券市场信用风险累积与爆发的重要原因。区块链技术作为"信用的机器",为我国公司债券的发行制度回归到以商事信用的动态评价为逻辑基础提供了契机与便利,同时也带来了新的难题。区块链技术下我国公司债券发行制度的完善应当在以商事信用的动态评价为逻辑基础的指引下,以新的因素构建信任关系并辅之以有效的监管规则、协调技术规则与法律规则。
The issuance system of corporate bonds in China remains at the level of preemptively controlling risks through artificial market segmentation and stringent issuance thresholds instead of taking the dynamic evaluation of commercial credits as the logical basis, which is an important reason for the accu-mulation and outbreak of credit risk in the bond market in recent years. As a"credit machine", block-chain technology provides the opportunity and convenience for the return of China’s corporate bond issuance system based on the dynamic evaluation of commercial credit, and at the same time it alsobrings new problems. Under the guidance of blockchain technology, to improve China’s corporate bondissuance system the dynamic evaluation of commercial credit should be the logical basis, and a trust relationship should be built with new factors, supplemented by effective supervisory rules and technical coordination rules and legal rules.
作者
常健
罗伟恒
Chang Jian;Luo Weiheng
出处
《江苏社会科学》
CSSCI
北大核心
2019年第2期165-176,259,260,共14页
Jiangsu Social Sciences
基金
国家社会科学基金重大项目"中国特色自由贸易港的建设路径及法治保障研究"(18ZDA156)
华中师范大学中央高校基本科研业务费(人文社科类)重大培育项目"完善适应现代金融市场发展的金融监管框架立法研究"(CCNU17Z02005)
海南大学法学院自由贸易港院级课题"海南自由贸易港金融开放创新的法律引导与规制研究"(2018海大法研字第1号)阶段性成果