我国公司债券发展中的风险、问题及对策

发布时间：2018-01-05 23:24

本文关键词：我国公司债券发展中的风险、问题及对策　出处：《南方金融》2017年04期 　论文类型：期刊论文

【摘要】：我国公司债在快速发展过程中,暴露出法律法规制度衔接不畅、评级机构监管不到位、承销商勤勉尽责缺失、私募债风险约束机制不健全、受托管理制度不完善等诸多问题,在一定程度上加剧了债券市场风险。在我国经济下行压力较大的背景下,受宏观、中观和微观等因素的影响,近年来债券违约事件开始集中爆发。为促进公司债券市场平稳健康发展,要完善法律法规体系,夯实债券市场监管基础;改变信用评级付费模式,完善债券市场信用评级体系;严控承销环节质量,强化债券市场中介机构责任;细化发债募集资金使用规则,提高闲置资金利用效率;关注与地方政府关联的类平台企业偿债风险,提高其公司债发行门槛;建立责权利相匹配的受托管理制度,明确公司债受托管理人持续督导的具体职责;完善司法救济制度,强化债券市场投资者保护。
[Abstract]:China's corporate bonds in the process of rapid development, exposes the system of laws and regulations poor convergence, rating agencies and regulators are not in place, the Underwriters lack of diligence, private debt risk constraint mechanism is not perfect, many problems of the management system is not perfect, increased the risk of the bond market to a certain extent. In the macro background of our country downtown pressure on the economy, large, medium and micro influence factors, in recent years, bond defaults began to focus on the outbreak. In order to promote the stable and healthy development of the corporate bond market, we should improve the legal system, strengthening market supervision based credit rating; change payment model, improve the bond market credit rating system; strict control of underwriting aspects quality, strengthen the bond market intermediary liability; refinement of bonds to raise funds to improve the efficiency of the use of rules, the use of idle funds; platform enterprises and local government related compensation The debt risk, improve the corporate debt issuance threshold; establishing ZeQuanLi, entrusted with the management system, clear the specific responsibilities of corporate bonds trustee continuous supervision; perfecting the judicial relief system, strengthen investor protection in the bond market.

【作者单位】：中国证监会重庆监管局;
【分类号】：F832.51
【正文快照】： 一、引言2007年,国内首只公司债——长江电力公司债发行,标志着公司债开始登上我国资本市场的舞台。在经历2007年起步、2008年停发以及2009年重发等阶段之后,公司债从2014年开始迎来了快速发展时期。党的十八届三中全会提出要“健全多层次资本市场体系,发展并规范债券市场,提

【相似文献】