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我国金融市场的一个重要缺陷是公司债券市场发展滞后。到2005年底,公司债券市场的余额仅为1925亿元,占全部债券余额的2％,这一比例不仅大大低于美国等发达国家,也远低于印度等发展中国家。从历史上看,上世纪80年代末90年代初,我国曾大量发行公司债券(当时称为企业债券),但由于缺乏经验,加之市场环境不成熟,结果导致大量债券不能到期兑付,引发了金融风险。在此之后,国家于1993年颁布了《企业债券管理条例》,对企业债券的发行实行了比较严格的管制,控制了金融风险。如今《企业债券管理条例》已颁布10多年,市场环境
An important defect of China’s financial market is the lagging development of the corporate bond market. By the end of 2005, the balance of the corporate bond market was only 192.5 billion yuan, accounting for 2% of the total bond balance. This proportion is not only lower than that of developed countries such as the United States, but also much lower than that of developing countries such as India. Historically, in the late 1980s and early 1990s, China had issued a large number of corporate bonds (then called corporate bonds). However, due to lack of experience and the immature market environment, a large number of bonds were unable to be redeemed due to lack of experience, triggering a Financial risk. After that, the state promulgated the “Regulations on the Administration of Enterprise Bonds” in 1993, which imposed more stringent controls on the issuance of corporate bonds and controlled financial risks. Now “Enterprise Bonds Management Ordinance” has been promulgated for more than 10 years, the market environment