Research On The Legal System Of China's Corporate Bond Financing

Since the corporate bond financing appeared in China in 1984, China's corporate bond financing has developed slowly and Lags far behind other means of financing, which is the manifestation of unhealthy and immature capital market. Therefore, theorists, the securities industry and the government all realize that the development of the corporate bond financing is an urgent of capital market. In the legal system, two main laws about China's corporate bond financing is Administration of Corporate Bond promulgated by China Central Government in Aug. 1983 and Trial Management of Company Bond promulgated by China Securities Regulatory Commission in Aug.2007. Relatively, corporate bond and company bond carry on simultaneously and they are different from each other. The author carefully explores the development of China's corporate bond from the perspective of the legal system, draws on the experience of foreign bond market, analyses the reasons for the slow development of the corporate bond market, and puts forward some suggestions about perfecting legal system of China's corporate bond financing.Introduction mainly defines the object of thesis and introduces the train of thought.Chapter One analyzes basic theories, which includes legal nature, the effects on corporate, legal principle, legal relation of corporate bond. This part mainly provides basic theories for next several parts.Chapter Two is a comparison between China and abroad. This part introduces the development of corporate bond system in America, Japan and several new capital market in Asia. Besides, this part introduces the development of China corporate bond system, which is divided into three parts of initiation, regulation development, innovation. On the basis of the comparison between China and abroad, the purpose of this part is to find the distance of China's corporate bond financing, that is to say, corporate bond financing is a small share in the bond market and the relevant regulatory system is obviously lagging behind.Chapter Three expounds the current situation. It points out that corporate bond financing in China falls far behind other means of financing. The reasons for the slow development of corporate bond financing are system obstacle and market barriers. System obstacle is the key factor to hinder the development of corporatebond financing, which is also the problem to solve in this paper.Chapter Four is system innovation, which is the core of the thesis. The author advocates the corporate bond financing system should be perfected, which includes interests protection system, issuing system, the interest rate formation mechanism, the trading system and the credit rating system, the disclosure of information systems, legal responsibility, and so on. Besides, this part also evaluate the new regulation, and point out the progress and the deficiency.Conclusion makes a summary of the whole paper and expresses author's confidence on the development of China's corporate bond financing. The author is optimistic and supposes that China's corporate bond financing will develops fast in the nearly several years with the system innovation. China's corporate bonds will be a qualitative leap in the foreseeable recent years.