A Study Of Regulatory Standards In The China’s Corporate Bond Issuance Market

As the important part of bond market, corporate bond market is an issue channelof direct financing for enterprises. But China’s enterprise bonds issuance marketexists multiple standards, market segmentation phenomenon, which limits thedevelopment of the enterprise bonds market and affects the development speed andscale of China’s enterprise bond market. On the background of developing the bondmarket vigorously promoted by the policy, abolish the enterprise bonds marketsegmentation and bull supervision, unified market access and regulatory standards,contribute specified and bond market, construct regulatory standards of enterprisebond issuance market become one of the main contents of the bond market reform.According to "Basic theory--Current situation analysis--Standard design--Standard evaluation ", this paper has deeply researched the Regulatory Standards inChina’s Corporate Bond issuance market. On the basis of defining enterprise bondsand regulatory standards, put forward related theories of enterprise bonds issuancemarket regulatory standards such as the concept of conflict of interest theory costbenefit theory and market failure theory and so on. And we expound related theoriesevaluating regulatory standards such as the rough set theory, entropy theory and fuzzymathematics theory.This paper presents the idea of constructing enterprise bonds issuance marketregulatory standards and believes the enterprise bonds issuance market supervisionstandards should be guided by the object of supervision. After establishing regulatoryobjectives in the corporate bond market, based on the regulatory standards frameworkin the corporate bond market, we build the regulatory index system in order toregulate the enterprises to issue bonds effectively. To a certain extent, we can solvethe problems of the enterprise bonds to existing in the market supervision, such asambiguity regulatory bodies, long serious regulatory problems, a strong sense of thechief of the regulatory, lack of self-regulation and unsound relevant laws. After theoryanalysis and the construction of regulatory standards, we use empirical methods toverify the validity and feasibility of China’s enterprise bonds issuance marketregulatory standards. First, we use rough sets theory to simplify the regulatory indexsystem respectively from the macro, meso and micro. Then we use entropy method todetermine the weight of each index. And we finally use the fuzzy comprehensive evaluation method to evaluate the index system to screening the enterprise bondissuance quality, provide theoretical support for perfect the supervision system in thefuture.