我国企业债券融资监管问题及完善建议

Issues and Suggestions for Improving the Supervision of Bond Financing of Chinese Enterprises

我国企业发债经历了一系列监管制度流变,其中企业债券发行由核准制改为注册制和2044号文发布的影响尤为重大。近几年来,债券违约呈现迅猛增长的态势,我国监管机构已及时收紧债市政策,意图防范和遏制违约事件。为进一步推进我国企业债券融资的积极和稳健发展,我国应当着力于统一和协调人民银行、发改委、证监会等机构的监管理念和规则,充分发挥证券自律组织的作用,健全和统一信息披露制度,发展和规范信用评级市场,完善债券违约事前预防和事后处置机制,并加强国际监管合作。

The issuance of bonds by Chinese enterprises has undergone a series of regulatory changes.Among them,the issuance of corporate bonds changing from the approval system to the registration system as well as the enactment of Document 2044 has a significant impact.In recent years,bond defaults have shown a trend of rapid growth.The regulatory agencies have tightened the bond market policies in a timely manner to prevent and curb defaults.In order to further promote the positive and steady development of the bond financing of Chinese enterprises,we should focus on unifying and coordinating the regulatory concepts and rules of the People’s Bank of China,the National Development and Reform Commission,China Securities Regulatory Commission and other institutions,fully utilize the securities self-regulatory organizations,improve and unify the information disclosure system,develop and standardize the credit rating market,improve the beforehand prevention and post-disposal mechanisms for bond defaults,and strengthen the international regulatory cooperation.