本文關(guān)鍵詞：我國公司債券發(fā)展中的風(fēng)險、問題及對策　出處：《南方金融》2017年04期 　論文類型：期刊論文

  更多相關(guān)文章： 債券市場 信用風(fēng)險 剛性兌付 信用評級 私募債

【摘要】：我國公司債在快速發(fā)展過程中,暴露出法律法規(guī)制度銜接不暢、評級機(jī)構(gòu)監(jiān)管不到位、承銷商勤勉盡責(zé)缺失、私募債風(fēng)險約束機(jī)制不健全、受托管理制度不完善等諸多問題,在一定程度上加劇了債券市場風(fēng)險。在我國經(jīng)濟(jì)下行壓力較大的背景下,受宏觀、中觀和微觀等因素的影響,近年來債券違約事件開始集中爆發(fā)。為促進(jìn)公司債券市場平穩(wěn)健康發(fā)展,要完善法律法規(guī)體系,夯實債券市場監(jiān)管基礎(chǔ);改變信用評級付費模式,完善債券市場信用評級體系;嚴(yán)控承銷環(huán)節(jié)質(zhì)量,強化債券市場中介機(jī)構(gòu)責(zé)任;細(xì)化發(fā)債募集資金使用規(guī)則,提高閑置資金利用效率;關(guān)注與地方政府關(guān)聯(lián)的類平臺企業(yè)償債風(fēng)險,提高其公司債發(fā)行門檻;建立責(zé)權(quán)利相匹配的受托管理制度,明確公司債受托管理人持續(xù)督導(dǎo)的具體職責(zé);完善司法救濟(jì)制度,強化債券市場投資者保護(hù)。
[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.

【作者單位】： 中國證監(jiān)會重慶監(jiān)管局;
【分類號】：F832.51
【正文快照】： 一、引言2007年,國內(nèi)首只公司債——長江電力公司債發(fā)行,標(biāo)志著公司債開始登上我國資本市場的舞臺。在經(jīng)歷2007年起步、2008年停發(fā)以及2009年重發(fā)等階段之后,公司債從2014年開始迎來了快速發(fā)展時期。黨的十八屆三中全會提出要“健全多層次資本市場體系,發(fā)展并規(guī)范債券市場,提

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