发展我国企业债券市场的重大作用与现实选择

Developing China's Enterprise Bond Market:Its Important Role and Realistic Measures

发展我国的企业债券市场具有重大的积极作用;完善资本市场结构,促进资本市场健康协调发展;拓宽企业融资渠道,为企业发展构筑坚定的资金支撑平台;企业可充分利用债券融资的独特优势,实现企业市场价值的最大化和股权的有效控制;推动企业提高治理水平。面对发行制度、流通市场、企业信用状况、中介机构等多种缺陷因素的制约,现实的对策选择是:发行制度须进行彻底的市场化改革;加强流通市场体系和企业信用建设;培育投资者队伍;强化政府监管职能;以创造企业债券市场健康持续发展所需的制度环境和市场条件。

Developing the bond market of Chinas enterprises plays an important role in improving the capital market str ucture,promoting a sound and coordinated development of the capital market,wid ening the financial channels for ent erprises,etc.However,the scope of our countr ys enterprise bond market is not extensive at the present time,and its growth is not full.So,realistic measures must be taken to create a good system environ ment and some favorable market condi tions for a sound and sustained development of the ent erprise bond market.