我国债券市场信息披露的现状、问题与对策  

The Current Situation,Problems and Countermeasures of China's Bond Market Information Disclosure

作　　者：王芳[1] 

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073

出　　处：《证券市场导报》2013年第2期66-73,78,共9页Securities Market Herald

基　　金：国家自然科学基金面上项目(71172222);中央高校基本科研业务费资助项目(31541111122);湖北省会计学会科研课题(HBKJ201109)]

摘　　要：摘要：本文以在2005～2012年交易所和银行间债券市场的企业债券作为研究样本，从数量、内容和披露方式对债券市场信息披露的现状进行了分析，发现当前债券市场信息披露存在一些问题：（1）债券市场的发展不平衡导致交易所债券市场的信息披露滞后于银行间债券市场；（2）统一的债券市场信息披露规范体系尚未建立，不同债券市场的信息披露制度存在显著差异；（3）债券市场信息披露的监管不足，缺乏自愿性披露的5I导规范与激励机制；（4）债券发行主体披露重要信息的动力不足，企业财务状况和信用风险等实质性信息的披露不充分。针对上述问题，本文提出从需求和供给推动交易所债券市场的信息披露、统一债券市场的信息披露规范、强化信息披露的惩罚机制和鼓励自愿性披露、加强对实质性信息披露的监管与弓I导等政策建议。Abstract： This paper takes corporate bond in interbank and stock exchange bond market from 2005-2012 as examples, analyses the quantity, content and disclosure method of information disclosure in bond market. The paper finds some problems as follows：（1） The uneven development of bond markets makes information disclosure of stock exchange bond market lag behind that of interbank bond market;（2）The legislations of bond market are not unified, there exists clear difference of information disclosure institutions among different bond markets ;（3） The regulation on disclosure of bond market is not sufficient, the normalization guidance and excitation mechanism of voluntary disclosure is absent;（4） The power that enterprises disclose important information is not enough, the material disclosure which includes financial condition and credit risk is not sufficient. This paper advises to impose disclosure of stock exchange bond market from demand and supply, unify legislations of bond market, reinforce punishment mechanisms and encourage voluntary disclosure, strength the regulation and guidance of material information and so on.

关 键 词：银行间债券市场 交易所债券市场 信息披露 披露监管 

分 类 号：F830.9[经济管理—金融学]