我国公司债券发行引入区块链技术的法律因应

Legal Correspondence of Introducing Blockchain Technology into Corporate Bond Issuance in China

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.