信用评级、信息披露与投资人保护--基于民企债券融资困境的研究

Credit Ratings,Information Disclosure and Investor Protection--Research on Impediments to Bond Financing by Private Enterprises

民营经济是我国非公有制经济的主要组织形式,在我国经济社会发展中的地位举足轻重。但与民营经济在社会主义市场经济中的贡献程度不匹配的是,近年来民营企业在债券市场中的参与度持续弱化。本文对近十年来我国民营企业公司信用类债券(以下简称“信用债”)的发行规模、主体结构、评级结构、期限结构等情况进行梳理统计,并从违约潮、评级模式、信息披露、投资人保护等角度分析民营企业陷入债券融资困境的原因,最后就如何破解民营企业债券融资困境在重塑信用评级体系、完善信息披露制度、强化投资人保护、培育多元化投资人结构等方面提出建议及措施。

The private sector plays an essential role in China's economic and social development.However,the degree of participation of private enterprises in the domestic bond market has declined in recent years despite the private sector's significant contribution to the socialist market economy.This paper examines credit bonds issued over the past decade and analyzes them in terms of scale,the main structures used,maturities and ratings.It assesses the reasons for debt financing dificulties ranging from multiple defaults to issues over information disclosure,investor protection,and models used by ratings agencies.Lastly,it offers effective suggestions on how to resolve the problems of private enterprises by remodeling the credit rating system,improving the information disclosure system,enhancing investor protection,and the cultivation of a more diversified pool of investors.