Research On Information Disclosure System Of Corporate Credit Bond In China

China’s bond market has developed rapidly,and became the world’s third largest bond market in recent years.In particular,corporate credit bond is one of the fastest growing type of bonds,which became the main channel for corporate direct financing.However,the stock market is the center of China’s security market,whereas the bond market is in a subordinate position.At present,the information disclosure system which is based on stock as a template can’t be applied to the development of corporate credit bond,and can’t meet the information needs of bond investors,so that it’s imperative to improve the information disclosure system of corporate credit bond fundamentally.This paper chooses information disclosure system of corporate credit bond as study object,and starts from the current rules of information disclosure in China.On the basis of analyzing the problems of our country and drawing on the experiences of foreign countries,this paper tries to put forward some suggestions.Besides the preface and conclusion,this article is divided into 4 chapters.The first chapter introduces the concept,essence of corporate credit bond and the theoretical basis of information disclosure system.Corporate credit bond a form of direct financing issued by a company/enterprise with independent legal personality,which promises to repay the debt in the future for a certain period of time.Corporate credit bond has a triple essence,namely securities,debt document,and based on commercial credit.At the same time,it introduces Efficient Market Hypothesis and Asymmetric Information Theory,and analyzes its guiding function.The second chapter analyzes the current situation and existing problems of information disclosure system of corporate credit bond in China.This paper analyzes the current situation of information disclosure system of corporate credit bond in China from four aspects:the regulatory pattern,the rules system,the specific system and the accountability mechanism,and the problems existing in these four aspects.There are some problems such as imperfect information disclosure regulation,confusion the rules of information disclosure system,illogic of the specific system,and inadequate accountability mechanism.The third chapter examines the information disclosure system of corporate credit bond in the United States and Japan.Both the United States and Japan have built two levels of regulatory regulation,including government regulation and self-regulation,and have unified supervision at the level of government regulation.In addition,the information disclosure rules system of the United States and Japan is perfect,and there is a unified upper law.As for the specific system,there is a unified basic norms.Based on the previous chapters,the forth chapter puts forward some suggestions to improve the information disclosure system of corporate credit bond in China.On the basic path,we should adhere to the unity and difference simultaneously,and fit the essence of corporate credit bond.Specifically,we should improve the supervision of information disclosure system of corporate credit bond,set up coordinated regular system,rationally construct the specific system of information disclosure,and then improve the accountability mechanism of information disclosure.