【作者】 许文彬； 姚立涛；

【Author】 Xu,Wenbin Yao,Litao(Department of Finance,Xiamen University)

【机构】 美国密执安州立大学农业经济学系； 西南财经大学； 厦门大学金融系； 厦门大学宏观经济研究中心；

【摘要】 本文探讨了经济转轨过程中二元经济和金融支持模式对企业债券市场发展历程的影响。作者在对企业债券市场的现状进行初步剖析的基础上,从经济体制改革和金融制度安排等宏观视角对我国企业债券市场的发展逻辑进行了分析,认为我国企业债券市场发展的不寻常状况内生于中国经济体制改革过程,是经济转轨过程中为保证体制内经济成分稳定而向其提供金融支持、由此形成的特殊金融体制所决定的。这一市场所呈现出来的面目各异的各种特点,事实上都根源于这一基本逻辑。基于此,文章进一步对该市场的改革和发展前景提出若干建议。更多还原

【Abstract】 This paper gives a theoretical discussion on the development of China’s enterprise bond market.Firstly the distinct between enterprise bond and corporation bond is defined,based on a retrospect of the history of China’s enterprise bond market and an analysis of the present position of this market.Secondly the authors argue that it is the economic reform that makes the market what it is now,that the very establishment and the further development of the market is supposed to give financial support to the in-system sectors,which include central bureaus,local governments and state-owned enterprises,and that almost all problems in the market are rooted in this issue.Thirdly the authors give theoretical reasoning to the problems mentioned above,and try to find out the relationship between the problems and our supposition.Finally some policy advises are given in order to develop the market.更多还原