【作者】 方晓航；

【导师】 张白；

【作者基本信息】 福州大学 ， 会计学， 2006， 硕士

【摘要】 企业债券市场是证券市场的重要组成部分,具有融资和优化资源配置的双重功能,一个良好的企业债券市场显然有助于证券市场的健康发展。但是,企业债券市场直到最近几年才迎来大好的发展时机。为了企业债券市场的可持续健康发展,我们必须吸取股票市场先发展再规范成本太高的经验教训,在发展企业债券市场过程中,先建设制度,完善监管,再加以规范发展。文章首先回顾了国内外证券市场的发展,分析了政府监管的相关理论,再从监管理念和监管方式两方面具体分析了我国企业债券市场监管的缺陷,在分析监管理念上的缺陷时主要探讨了债券市场功能认识上的偏差和维护投资者利益上的不妥当两个方面的问题,在分析监管方式上的缺陷时则主要从政府监管主体和非政府监管主体(社会中介机构和自律组织)两个方面来详细阐述监管上的缺陷,最后提出在改革监管制度过程中,要重塑监管理念,把对企业债券市场的监管从原来的重融资向保护投资者利益转变,促进政府监管走向市场化、法治化。同时,协调、配合政府监管有形之手和市场监管无形之手,具体改进政府监管主体和非政府监管主体(社会中介机构和自律组织)对企业债券市场的监管方式。本文主要采用规范研究的方法对现阶段我国企业债券市场的监管进行了较为详细的梳理和分析,具有较大的实际应用价值。首先,提出了目前我国企业债券市场的监管是政府综合型监管,并结合市场失灵理论具体分析了企业债券市场失灵的问题。其次,通过比较分析政府监管的三个代表性理论,提出政府监管机构各自监管一个环节增加了某个薄弱的监管机构被利益集团俘虏的可能性,从而容易导致整条监管战线被突破而失效。再则,指出了政府与国债市场、企业债券市场、股票市场之间既是监管与被监管的关系,又是通过国债参与企业债券、股票资金需求的竞争关系,并进一步分析了政府与国债市场、企业债券市场之间的关系。最后,本文对政府监管的市场化和法治化做了进一步分析,认为监管的市场化与法治化是监管的放松与加强并举,是提高监管效率的重要举措,是政府监管随着经济的发展,对原有监管力量的调整。这有助于我们认清当前改革的情况,更好的促进改革的进程。更多还原

【Abstract】 Corporation bond market is one of the most important components of securities market, with double functions of financing and optimizing resources distribution. A favorable corporation bond market will apparently promote a sound development of securities market. But not until in recent years has the corporation bond market kept a good development momentum. In order to maintain a sustainable sound development of the corporation bond market, we should draw upon the experience that it has been too costly for us to regulate the stock market after its development, and standardize the corporation bond market regulation prior to developing it. The paper reviews and analyzes the development of the securities market and some theories about governmental regulation, then deliberates upon the defects of the regulation of corporation bond market in China from its concepts and thinking mode. At last, the paper advocates that we should reform the regulation largely depending on the market itself and effective laws, and also impose more power on protecting the interest of investors. What’s more, we should harmonize the regulation of the government and social agencies during the reform.The paper applies normative study method. It studies the market regulation systematically and thus it is of rather great value in practice. Firstly it puts forward the opinion that the regulation of corporation bond market in China is a comprehensive governmental regulation, and then applies the theory about market failure to analyze the failure of corporation bond market in China. Secondly the paper analyzes the regulation in China by comparing three representative theories about government regulation, points out that several government departments regulate the market together will increase the possibility that one of the departments buys off by some group, and then the whole government regulation line will be broken and become ineffective. So we can see the regulation ineffectiveness has some institutional causes. Thirdly the paper expatiates the relations between government and government bond market, corporation bond market and stock market, and points out their relations are regulation and competition. At last the paper makes a profound analysis about regulation depending on the market itself and effective laws, and concludes that they should have cooperation with one another, and the combination of releasing and strengthening during the regulation process, is some adjustment of the regulation power. This will help us to recognize the situation of the reform, and make it more successful.更多还原