我国企业债券市场发展分析

Analysis of the Development of the Corporate Bond Market

企业债券市场已成为我国资本市场发展的一个瓶颈,大力发展企业债券市场的呼声日益高涨。本文回顾我国企业债券市场的发展历程,分析了企业债券市场发展滞后的原因,并指出其不容乐观的现状,从宏观和微观两个层面着重探讨企业债券市场的运行机制,阐明了其在金融市场和公司治理中发挥的经济功能,进一步明确在我国大力发展企业债券市场的现实意义。最后,就发展我国企业债券市场提出几点政策建议。

There has been an increasingly louder call for the development of the corporate bond market , which has become a bottle-neck of the development of the capital market in China . This paper , reviewing the history of the Chinese corporate bond market, points out the causes of its lagging-behind and introduces the present situation of this market. And, both macroscopic and microscopic perspectives related to the operational mechanism of the corporate bond market are emphasized. Meantime , we discuss that the corporate bond market will play an important role in the monetary market and corporate governance. Developing the corporate bond market has a realistic significance in China and should be clarified further. Finally, we propose some suggestions for the development of the Chinese corporate bond market.