中美债券市场制度的国际比较及其启示  

An International Comparison and Implications of Sino-US Bond Market System

作　　者：李远航[1] 张强[1] 乔煜峰[1] 

机构地区：[1]湖南大学金融与统计学院,湖南长沙410079

出　　处：《海南金融》2011年第4期46-51,共6页Hainan Finance

基　　金：国家自然科学基金面上项目<中国债券市场的监管标准研究>编号:71073050;高等学校博士点基金2010年博导类项目<系统论视角下中国债券市场监管标准研究>(20100161110021);中国银行间市场交易商协会重大招标课题<债券市场发展与货币政策传导机制建立的关系研究>(KTYJ2009-002号)

摘　　要：近年来我国债券市场日益发展壮大,债券发行数量和品种大幅增加,债券市场交易日趋活跃,有力助推了多层次资本市场的建立。但中美债券市场制度的比较结果显示,我国债券市场在制度设计上存在做市商制度发挥不充分、债券市场监管权力分割、信息披露制度执行不力、信用评级体系建设滞后等问题。通过完善做市商准入与考评体系、重塑债券市场监管体系、健全信息披露法律法规等措施,能有效破除我国债券市场发展的制度性障碍,促进其长远健康发展。The bond market of china is developing recently, the number and variety of bonds issued is increasing, the bond market trading has become increasingly active, and all those above factors effectively boost the establishment of multi-level capital market. But compared with developed countries, it still has some defects in the design of the system. How to reform and improve the current system and escort the development of the bond market of china, it is a problem we need to study carefully and objectively. By comparing Chinese bond market with the bond market of U.S., we find there are some prob- lems in the design of the system of the bond market. Such as, the market maker system is inadequate, the supervision pow- er is divided, the enforcement of information disclosure system is weak, the credit rating system lags behind. By improving the access and evaluation of the market makers system, rebuilding the bond market regulatory system, improving the infor- mation disclosure laws and regulations, and strengthening the credit rating norms system, we can effectively get rid of the institutional barriers of China^s bond market construction, and guaranty a steady development of China＇s bond market in long-term.

关 键 词：债券市场 制度 国际比较 启示 

分 类 号：F832[经济管理—金融学]