公司债券非公开发行的规范模式

Mode of Regulation of Non-public Issuing of Corporate Bonds

我国证券法采用两分法,将公司债券发行分为公开发行与非公开发行,并据此确定了公开发行优先适用证券法、非公开发行直接适用公司法的法律基础。然而,两分法划分标准有失周延,划分结果未必科学,难以适应债券市场的复杂与多变,容易产生规制效果偏离规制目标的情况。为了保护公众投资者利益,规范发行公司的债券融资行为,可以在两分法的基础上引入注册豁免规则,但应避免将注册豁免简单等同于非公开发行,或将之视为公开发行的对立物。通过发展豁免事由,将某些看似非公开发行的债券融资纳入发行注册,并将某些看似具备公开性的发行归入注册豁免,再通过引入转售控制规则,降低变相公开发行的概率,增强非公开发行规则的适应性。我国证券法应当确认交易商协会、证券业协会等自律组织在规范公司债券非公开发行中的监管职能。

The Chinese Securities Law adopts the dichotomy of public issuing of corporate bonds and non-public issuing of corporate bonds,according to which securities law applied first in the case of public issuing,while company law applied directly in the case of non-public issuing.However,such dichotomy is not comprehensive enough and can’t be adapted to the complex and changeable bond market,and can easily result in the deviation of regulation from the its purpose.To protect the interest of public investors and regulate companies’acts of debt finance,rules of registration immunity can be introduced on the basis of the dichotomy,but they should not be seen as a type of non-public issuing or an opposite to public issuing.By developing the causes of immunity,some debt finances that ostensibly take the form of non-public issuing should be treated as public issuing.Similarly,some issuing of bonds that ostensibly take the form of public issuing should be treated as registration immunity.Moreover,rules of restraint on resale should be introduced to reduce the possibility of disguised public issuing and enhance the adaptability of the rules of non-public issuing.The Chinese Securities Law should also confirm the regulatory functions of self-regulatory organizations such as the National Association of Financial Market Institutional Investors and the Securities Association of China in the context of regulating the non-public issuing of corporate bonds.