The Unified Construction Of Corporate Credit Bonds In Information Disclosure System

Like blood and soul,information runs through the securities market.Information is the basis of the investors’ decision-making as well as the fundamental premise for market optimizing the allocation of resources.The essence of securities market is literally the aggregation of information for financial intermediation,in which information disclosure is the most important institutional foundation.Full and effective information disclosure can contribute to curb irregularities in markets and guide investors to prudently identity the values and potential risks of different securities and then promote the prosperous development of the securities market.However,the wrong concept that stock market is way more important than bond market has been always flooding the markets.Compared with the sound development of the stock market system,the bond market system,which is the other core of the securities market,has been ignored for a long time.Among the bonds,corporate credit bonds are confronted with the most serious problems.Because the nature and characteristics of corporate credit bonds are ignored,the existing system is too dependent on stock,which result in a predicament where the information disclosure of corporate credit bonds is out of order,lack of substantial content and short of supporting system.First in legislation,the basic laws are nearly absent,which lead the inferior rules act willfully.The current information disclosure rules are deficient of their own center focus.Second in law enforcement,there are four supervision departments with different interests,which result in blurred boundaries of powers and supervision in chaos.Third in judicature,the right relief is too complicated and often lags the society change,which hinder the last protection of information disclosure from functioning.The dissevered bond market and fractional system have been a major stumbling block in the development of corporate credit bond market.The key to solving the problem is to catch on the nature and characteristics of corporate credit bond through distinguishing the differences between stock and bond.And then it is supposed to uniformly construct the information disclosure system on the premise of respecting the marketization rule.The essence of corporate credit bond is debtor-creditor relationship in the form of security and its risks are mainly from default risk,which lead investors to focus more on the changes of issuer’s debt-paying ability.Therefore,in the construction of information disclosure system,we should center on debt-paying ability and follow the unified main line.On one hand,from the perspective of general approach,it is supposed to insist on two-dimension development,not only to uniformly design the top-level law by Securities Act,but also to differentially arrange concrete institutions based on different bonds,issuers or markets.On the other hand,when it comes to the elementary path,it should constantly emphasize on the issuer’s debt-paying ability.In addition,the supporting system should be not ignored.Issuer,investor,intermediary agency,supervisor and disclosure platform are all significant factors which affect the construction of the information disclosure system.Only the three aspects coordinate with each other,can the information disclosure system be effectively improved and its function be well developed.