The Perfection Of Corporate Bond Issuing System In China

The nineteen major reports of the Communist Party of China put forward that we should deepen the reform of the financial system,enhance the ability of the financial services to serve the real economy,improve the proportion of direct financing and promote the healthy development of the multi-level capital market.Corporate bonds,as an important tool for corporate finance,need to be developed rapidly.In order to promote the development of the corporate debt market,it is necessary to reform the issuing and approving system,improve the risk supervision system,which can provide strong institutional support for the development of the market.In 2015,the CSRC issued the "corporate bond issuance and transaction management measures",which made substantial breakthroughs.These measures expand the scope of the subject and the trading place,and divide the public issuance of corporate bonds into "big public offering" and "small public offering",and further simplify the administrative examination and approval process.However,the law of the issuance and transaction management of corporate bonds is lower.The reform of registration system is still a long way to go.With the rapid development of corporate bond market,we need to improve the distribution system to provide legal protection for market development.Specifically,the paper is mainly from the following four aspects: issuing approval mode,issuing conditions,information disclosure and credit rating.First,I analyze the shortcomings of the corporate bond issuance system.Secondly,we can learn from the advanced experience of America,Japan and Taiwan which provides reference for our system construction.Finally,I put forward specific proposals to improve the corporate bond issuing system.