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随着债券发行制度改革的逐步推进以及高收益债券市场的逐渐形成,落实信息披露为中心的监管理念已成为各方共识,然而作为市场化改革重心的债券信息披露制度究竟应如何构建尚无定论。银行贷款治理以私有信息为基础,公司债券治理以公共信息为基础,两种信息披露方式的不同决定了两种治理机制的不同,两种治理方式的连接又会引发更为复杂的债务治理陷阱。在对比债券治理和贷款治理各自得失的基础上,从信息披露与债务治理的关系分析入手,可以为债券发行注册制改革背景下信息披露的制度构建提供一定的思路借鉴。
With the gradual progress of the reform of the bond issuance system and the gradual formation of the high-yield bond market, the regulatory concept centered on information disclosure has become the consensus of all parties. However, how to construct a bond information disclosure system that is the center of market-oriented reform? . Bank loan governance is based on private information. Corporate bond governance is based on public information. The difference between the two forms of information disclosure determines the difference between the two governance mechanisms. The connection between the two governance modes leads to more complicated debt governance traps . On the basis of comparing the respective gains and losses of bond governance and loan governance, we can start with the relationship between information disclosure and debt governance, and provide some ideas for the system construction of information disclosure under the background of bond issue registration reform.