Study Of Chinese Corporate Bond Market In The Process Of Government Regulation

The first enterprise bond of china appeared in 1984. More than 20 years'development of its market is a witness of change about the Chinese bond and stock market under the government's regulation. As an important component of securities market, enterprise bond market is also a significant place for financing. In the course of china's market-oriented reformation, the development of enterprise bond market experienced a devious process because of lack of a mutual, correct and systematic understanding to the theories. And the bond market lagged behind the development of stock market and public debt market in china. Owing to the faultiness of the market mechanism in china, and the government'not daring to loosen the regulation to the market also let to the relative lag of the enterprise bond's marketing tenor. All these not only distorted the development of the market, but also influenced the reform of Chinese enterprises. How to optimize the system of manage-supervise organization of enterprise bond market, how to perfect the government's regulation under market condition and how to do well with the relation between the government's regulation and the manage-supervise of the market are what we'll study and make an inquiry into in the paper.In the dissertation, after comparing capital market in American and Japanese to it in china, the author analyzes all sorts of impediments to enterprise bond's growth in china. The author also wants to optimize and perfect the system of manage-regulation of the enterprise bond market. In the first part, the author gives new definitions to government-regulation and mange-regulation. It's very important to understand the content below. In the second part, the author introduces the history of Chinese enterprise bond market under the government's regulation, which is the main reason for the low development speed of the enterprise bond market. It's necessary for readers to know the position of Chinese government regulation in the market and to make it clear that all these should be change. In the third part, the author arises the facts to prove that"marketization"is the only way to develop the Chinese enterprise bond market. And the author points out the misunderstanding of the government and the marketer to the"marketization", which lead to the enterprise bond market being hold up. In the forth part, the author introduces the basic theory of the government's regulation, with which he analyses the behavior of Chinese government who play two roles as competition and manager of the market. In the fifth part, this part is the focal point of the paper. The author studies the way to deal with the problems in the enterprise bond market, then find out a concrete way to optimize and perfect the system of manage-supervise organization of enterprise bond market which is the branch of the capital market.