Improvement On Legal System Of Our Corporate Bond Issuing Market

China Securities Regulatory Commission promulgated and implemented the Experimental Measures of the Corporate Bond Issuance on Augth ,124007, and piloted it among Shanghai and Shenzhen Stock Exchange listed companies and domestic group limited companies which issued foreign shares listed overseas. This is the indication of the formal beginning of China's corporate bond issuance after years of brewing. Compared with the old enterprises bond issuance laws and regulations , especially the Enterprises Bond Issuance Regulation, the Experimental Measures has so many breakthroughs and ameliorations that it can provide a more complete legal system framework for corporate bond issuance. As a absolutely new regulation, the Experimental Measures has not been discussed and commented, of which there is not any related monograph and dissertations. Taking the requirement of innovation in dissertations into consideration, I chose to study it and make some comments on the five new bright points in it. Just like all of the other laws and regulations , the Experimental Measures are not perfect. There are many reasons why the Experimental Measures has its own defects, of which the most important one is that as an"ice-breaking'regulation, there is no practical experience for the Experimental Measures to learn from. And some of the defects arise from the disadvantages of the system itself, such as the provisions are not detailed enough and strong operational, while some other defects are caused by the late start and inadequate level of development of the market, such as the lack of some infrastructure constructions and so on. In fact, these defects are also the deficiencies of the legal system of the corporate bond issuing market in our country. Regarding this, I tried analyzing four major defects of the legal system of our corporate bond issuing market and put forward targeted legislative proposals in view to help amending the relevant laws and regulations.There are three chapters in the dissertation as follows:Chapter one, general introduction of the legal system of corporate bond issuing market in our country. In this chapter, taking Fuxi case as a entry point, I studied the practical significance of the improvement of the legal system of our corporate bond issuing market and introduced the construction of the legal system of corporate bond issuing market and the status in quo of our legal system. Thereby, all of the above studies and introductions laid the foundation for the researches on how to perfect the legal system of our corporate bond issuing market.Chapter two, in which I analyzed and made comments on the Experimental Measures of the Corporate Bond Issuance. The promulgation and implementation of the Experimental Measures is a gigantic force bringing corporate bond to the capital market. Whatever compared with old Enterprises Bond Issuance Regulation or new Company Law and Security Law, it has its unique features and new bright spots. Using a method of comparison, I analyzed and made comments on the assessment system, issue rate pricing system, fund-raising purposes, supervision manners and guarantee manners of the Experimental Measures in detail.Chapter three, in which I put forward suggestions on how to improve and perfect the legal system of the our corporate bond issuing market. Although the promulgation of Experimental Measures and relative detailed regulations brings about a more advanced legal system framework corporate bond issuance, there are still some defects and shortages in the legal system of corporate bond issuing market. I analyzed the defects and shortages in credit rating system, information disclosure system, guarantee system and institutional investors fostering system and put forward targeted legislative proposals in a hope of giving help in legislative practice.