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在中国,债券监管框架是债券市场问题复杂难解的原因,债券类别界定不清,市场分割和监管权力分割并存等问题没有根本解决。2015年中国债券市场处于新的发展阶段,在债券市场竞争、监管制度竞争、债券市场化改革、风险暴露等诸多方面均有所变化。本文以债券市场发展现状为分析基础,对比在市场分割的格局下不同类别债券的发行审核制度,反思公司债的发行审核制度,重点探讨中国公司债发行注册制的合理性基础、制度基础和实现机制,并提出相关建议。
In China, the bond regulatory framework is a complicated and troubling bond market issue. The definition of bond types is unclear. Issues such as the division of market power and the division of regulatory power have not been fundamentally resolved. In 2015, China’s bond market is in a new stage of development, with changes in many aspects such as bond market competition, competition in regulatory system, bond market reform and risk exposure. Based on the current situation of bond market development, this article compares the issuance examination system of different types of bonds in the pattern of market segmentation, reviews the issuance examination system of corporate bonds, and focuses on the rationality, institutional foundation and realization of China’s corporate bond issuance registration system Mechanism, and put forward relevant suggestions.