我国债券市场存在的问题及对策

The problems of China corporate bondmarket and their countermeasures

我国企业债券市场发展严重滞后,与国内股票市场和国际债券市场相比有较大的差距。目前存在的主要问题是与股票市场发展相比而呈现的严重的非均衡,多头管理,债券结构不合理、流动性差、利率低。制约债券市场发展的主要因素是企业和国有银行产权制度改革滞后,信用体系不完善以及债券品种的限制性问题。应在借鉴成熟市场经验的基础上,继续推进产权制度改革,完善金融监管模式,促进债券利率市场化,规范信用评级机构,大力发展流通市场,不断完善我国的企业债券市场。

The development of China corporate bond market lagged far behind the domestic stock market and international bond market. The current problem is the serious unbalance compared to the domestic stocks market development, multi-management, unreasonable bonds structure and negotiability, low interest rate.The main factors that restrain bond market development are lgged reformation of the enterprises and state-owned banks' property right system, incomplete credit system and bonds varieties limit. Based on the reference of successful market experiences,continue property rinht system renovation,consummate financial supervision mode,promote marketable bonds interest rate, regulate credit evaluation organization,develop currency market,and consummate domestic enterprises'bonds markets.