在仅有上位法律原则性规定的制度背景下,上海、深圳证券交易所创新性推出中小企业私募债并运行良好,充分证明我国资本市场创新的重要性。企业私募债发行和转让中存在许多法律问题,如在债券多头管理的情况下企业债的非公开发行管理权权源、交易所采用备案许可企业发行的依据、合格投资者的标准、在网络专区发布信息是公开还是属于非公开信息披露以及私募债的发行人与发行对象制度均存在可以探讨之。通过界定私募债发行人范围、明确企业私募债发行和审核制度、明确发行对象的特定人(合格投资者)标准,完善发行人数制度等,促进企业私募债的健康发展。 In the context of the system regulated only by higher-level legal principles, the Shanghai and Shenzhen Stock Exchanges have launched the privately-owned SME bonds innovatively and have run well, fully demonstrating the importance of innovation in capital markets in our country. There are many legal issues in the issuance and transfer of corporate private bonds, such as the rights of non-public issuance of corporate bonds in the case of bond long-term management, the basis for the issuance of record-keeping enterprises adopted by exchanges, the standards of qualified investors, The issue of information is open or non-public information disclosure as well as the issue of private issuers and issuers of the object system can be explored. By defining the scope of private issuers, clarifying the issuance and examination system of corporate private bonds, clarifying the standards of specific individuals (qualified investors) and improving the system of number of issuers, the healthy development of corporate private bonds will be promoted.