印度上市私募公司债的发展特征与制度安排  

The Development Features and Institutional Arrangement of Listed Private Placement Corporate Bonds in India

作　　者：曹萍[1] 

机构地区：[1]广东金融学院,广东广州510521

出　　处：《证券市场导报》2014年第8期74-78,共5页Securities Market Herald

基　　金：国家自然科学基金面上项目(71372215);教育部人文社科青年项目(11YJC790092);广东省社科基金(GD10CYJ12)(GD13CYJ02);广东金融学院课题"中小企业高收益债的产品创新和制度设计研究"

摘　　要：印度于2008年推出混合私募发行制度——可上市的私募发行,推动了印度私募公司债券市场的极大发展,上市私募债券很快成长为印度公司债券市场的主体,2010年在印度国家证券交易所和孟买证券交易所上市的私募债券占到了所有公司债券发行总额的80%,占据绝对优势。在上市私募发行制度中,交易所上市是关键因素,否则将会更像一个纯粹私募发行制度。由于私募债券市场在传统上代表了相当不透明的市场,可上市的私募发行则大幅促进透明度的提升,增强对投资者的吸引力,被市场广泛接受,从而促进了公司债券市场的发展。In India, regulations on public issue of bonds were quite tight, which made the listed private placed bonds become theoverwhelming majority in the corporate bond market. The development of private placed corporate bonds reflected the diversityand flexibility of private placement institution in India, especially the institution design of listed private placed bonds in exchanges,which increased the transparency of the bonds as well as the attraction to institutional investors. Based on this, an extensive andintensive study was made on the latest development features and the core institutional arrangements of the private placed bonds inIndia, in the hope of offering some lessons to the market design of private placed bonds in China.

关 键 词：私募公司债券 上市私募发行 交易所债券市场 

分 类 号：F830.9[经济管理—金融学]