债券市场虚假陈述问题与治理对策探析

Analysis of False Statements Issues in Bond Market and Countermeasures

近年来,我国债券市场不断发展,其服务实体经济的能力不断增强,在国民经济中的比重逐步凸显。然而,在市场繁荣的表象下,虚假陈述等违法违规行为层出不穷,影响债券市场正常运转秩序和健康可持续发展。虚假陈述行为表现形式多样、涉及主体较多,加之现行法律法规在处罚不法行为方面滞后于市场发展,导致债券市场有效监管不足、市场乱象屡禁不止。为此,本文在厘清虚假陈述行为和其责任主体的前提下,借鉴国外证券市场治理虚假陈述的先进经验,对照我国的现状与不足之处,就提高违法经济成本、完善投资人保护制度、鼓励举报不法行为、投票选择第三方中介机构提出了具体建议。

In recent years,China's bond market has continued to develop,its ability to serve the real economy has been continuously enhanced,and its proportion in the national economy has gradually become prominent.How ever,under the appearance of market prosperity,illegal statements and other illegal behaviors have emerged endless ly,affecting the normal operation of the bond market and healthy and sustainable development.False Statement man ifests in many forms and involves many subjects.In addition,the current laws and regulations lag behind the market development in penalizing unlawful acts,resulting in insufficient effective supervision of the bond market and re peated prohibitions in the market.To solve these issues,on the premise of clarifying the false statements behavior and its responsible subjects,this article draws on the advanced experience of false statements in foreign securities market governance,compares the current situation and deficiencies in China,and puts forward specific suggestions on raising illegal economic costs,improving investor protection systems,encouraging the reporting of wrongdoing,and voting for third-party intermediaries.