China's Corporate Bond Market, Legal And Regulatory Research

Under the market economy condition, the financing of more channel isbecoming an important way to the enterprise to quickly develop day by day, and thesignificant growth of our country bank deposit also provide a beneficial condition forthe investor got into investment in securities market.the enterprise bond with itsreturns of smaller risk and opposite stability gradually shine with flourish vitality, bycomparison, the boom of stock market dwarf business enterprise bond market,reflect the serious lag of development of bond market. Currently, the theoriesresearch of securities market mostly concentrated on the stock market, which isrelevant to long-term policy direction of stock financing of our country government.After company act and securities act were modified one after another in 2005, thebusiness enterprise bond market meet with an opportunity of development. Thetheories research should serve for the practice, at starting period of businessenterprise bond market development, it is necessary to launch the theories researchby many views. Law supervision is a modulator of business enterprise bond market,certainly which will function mostly in business enterprise bond market thedevelopment. Base on this knowledge, I put forward some suggestionsto lawsupervision of our country business enterprise bond market, through analysis ofsupervision mode of enterprise home and abroad, of important problem of lawsupervision of both way of issue and transaction of bond market, by combining thetheories research of stock market.This text is totally divided into four parts:The first part analyzed basic problem of law supervision of the businessenterprise bond market. The part firstly definite the concept of law supervision ofbusiness enterprise bond market, and nail down bodies, contents and means ofsupervision. Subsequently, this text definitude necessity of law supervision ofenterprise bond market by theories analysis from the information dissymmetry,investor, the market competition, exterior risk etc. Then, discussing the businessenterprise bond market take by combining supervision principle of securities marketstand out the importance of protecting benefits principle of the investor. Finally,elaborate principle of law supervision of our country business enterprise bond from the supervision ground, the supervision way and the supervision of connection withinternational, the supervision cost.The second part analyzes the law supervision system of the business enterprisebond. Firstly, discuss respectively characteristics and good and bad of unifypredominance type of government mode, self-discipline supervision mode, centraltype mode, indicate that it is a trend for the supervision system to develop byamalgamation, provide lessons to perfect law supervision of the business enterprisebond market of our country. Later, it analyzes the present condition of the businessenterprise bond market of the our country, and think that it has characteristics thatsupervision body is different from the supervision body of other bond, and itsregulation is unified separating from the finance trade and combining governmentsupervision with self-discipline. Then, according to the characteristic of supervisionsystem of our country, the conclusion is drawn that the authority of supervisionorganization our country is insufficient, the nature of public institutions don't agreewith the power making the regulation of the administration property, the channelwhich is supervised by the people's congress is also limited; the exercise ofsupervision power is heavily outside lightly inside, the self-discipline supervision islack, which embody in the incline of administration of supervision means andpredominance market development by government exercise excessive interventionwith market and self-discipline supervision can not get development, but seem to beshortage over a long period of time, the lawmaking of the self-discipline isimperfective, of bad maneuverability, the rule of the position, authority ofself-discipline organization still not perfect. finally, the article put forward someperfective suggestions from establishing the position of administrative organizationof CSRS(China Securities Regulatory commission), building up appoint systemwhich the chairman of committee was nominated by State Department and wasdeterminated by the National people's congress and was supervised by the NPC,raising authority of CSRS, ensuring usefulness of supervision, reforming pattern offramework of securities industry, perfecting personnel management andself-discipline rule, establishing a set functional system of whole supervision.The third part introduce law supervision of issue of business enterprise bondmarket. This part particularly analyzes the system of issue approval and law supervision of issue condition. Firstly, I analyze malpractice of duality structure ofsecurities market, which the charactertise of separation issue approval of bondmarket from market supervision produce. Then, I put forward the suggestion ofunified supervision. Later on, I analysze the issue condition of the business enterprisebond from issue body, collect funds usage, and issue interest rate etc, and put forwardsubstituting original scale by profiting ability and capital owes ratio, the lawsupervision investment field replace the provision of"collect funds hurl to match anational industry policy" at issue, Increasing the provision which "the corporatedebenture collect a property not only can used for investment of a fixed assets, butalso can be used for adjusting company obligation structure, mergering areorganization and flow funds", the market-oriented interest rate.The fourth part is about the law supervision of transaction of business enterprisebond market. This part particularly discuss on the information disclosures, thebehavior of insider trading, the transaction of outside market. Firstly, the part bringforward the basis system of information disclosures, the responsibilitymedi-organization, the prefect propose on accounting system through expoundingthe system mean and supervision circumstance about the information disclosures toanalyze non-go-aheadism, short seriousness, insufficiency, laging of informationdisclosures of our country. Then, I advance suggestion to perfect the supervision ofinformation disclosures with the perfect concept of insider trading and the preventionof supervision system. Finally, the principal advice was put forward to make the lawof levels transaction market of outside market and law supervision by combiningwith he business enterprise bond market.