Research On The Regulation Of China's Convertible Bond Issuance

The issuance of convertible bonds brings the flow of funds to enterprises,but it also brings some risks.If the supervision of the regulatory authorities is not in place,the strong financing demand,coupled with the relatively low financing cost of convertible bonds,may lead to fraud.The occurrence of damage to the interests of the majority of investors.This paper mainly uses the normative analysis method to analyze the composition of the regulatory documents for the issuance of convertible bonds in China.It uses the comparative analysis method to compare with the US market regulation rules which has the biggest markets of convertible bonds.The feedback?2017-2018?from Issuance Appraisal Committee of CSRC was analyzed to find out what it concern on is.The 1^st chapter introduces the relevant theories of convertible bonds and securities regulation.Firstly,the conception of convertible bonds is conceptually defined from the perspective of law,and the particularity of convertible bonds is explained.Secondly,it conceptually defines the issuance supervision of convertible bonds,and elaborates on the post-event supervision is a relatively cash-based regulatory concept.The 2^nd chapter explains the status quo of China's convertible bond issuance regulation.First of all,it sorts out the history of the issuance of convertible bonds in China,and shows the fact that the conditions for the issuance of convertible bonds in China have been relaxed.Secondly,it investigates the process and supervision institutions of publicly issued convertible bonds of listed companies in China,and summarizes the issuance supervision system of convertible bonds in China.The 3^rd chapter is followed by the first two parts,and analyzes the shortcomings of China's convertible bond issuance supervision.This chapter mainly analyzes the issues of excessive concentration of powers for the issuance of auditing and supervision,low level of effectiveness of legal documents that constitute the regulatory system,and poor connectivity of multi-level capital markets.The 4^th chapter introduces the US regulatory experience of convertible bond issuance.Through the introduction of the US convertible bond issuance,it is concluded that the US convertible bond issuance mainly adopts private placement exemption,and it is compared with the non-public issuance of innovative and entrepreneurial convertible bonds in China,pointing out that China can learn from American experience.In the last chapter,through combing and summarizing the four parts of the previous article,several immature suggestions are put forward:perfecting the legal norms of the issuance of convertible bonds,and improving the law on the issuance of convertible bonds.The level of documents,timely clean up the regulations;improve the division of labor between the CSRC and other regulatory agencies,the supervision of the CSRC focuses on the pre-regulatory transfer to post-event supervision,separation of the issuance review and supervision;strengthen the supervision of the matter,post-event supervision,and increase administrative penalties The intensity of the establishment of a dynamic floating fine amount mechanism,strengthen information disclosure,establish a whistle-blower's internal reporting mechanism and so on.