Control And Market-oriented

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's not daring to loosen the regulation to the market also led to the relative lag of the enterprise bond's marketing tenor. All these not only distorted the normal development of the market, but also influenced the reform of Chinese enterprises.This paper absorbs the active achievements of Modern Finance Science and Institutional Economics by the way of combining standard with substantial evidence and combining theory with practice in order to analyze the present content of enterprise bond market regulation, and the cause, the performance as well and explore the reason why we must take market-oriented road by transforming the government behaviors and institutional innovation. Apart from the preface, the paper comprises three parts.Part one, on the basis of the regulation theory and the practice of the bond market in China, this paper analyzed the present content of enterprise bond market regulation, and the cause, the performance as well.Part two, the predominance theory of bond financing and the reasons for the deviation of china's enterprise financing practice were analyzed by using the way of combining theory and substantial evidence, it can be concluded that marketization is the only way to develop Chinese enterprise bond market.Part three, this paper explored how to transform the government behaviors based on the market regulation of enterprise bond, then to build the institutional conditions for the development of the Chinese enterprise bond market by two sides' institutional innovations, one is the deregulation institutional innovations, the other is the avoiding re-regulation institutional innovations.Finally, the main content of the paper was summarized.