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市场化是我国公司债券制度的内在要求和发展方向。证监会“核准制”下的“防范风险型”公司债券制度和中国人民银行“注册制”下的“发展市场型”公司债券制度,代表着我国两种公司债券市场化的发展模式,并形成“银行间债券市场主导,交易所市场弱势”的市场格局。从债券发展史和市场化的制度逻辑来看,这两种模式并非真正意义上的公司债券市场化,激励约束机制的失衡不利于发展一个健康稳定的公司债券市场。与市场制度、创新动力、市场基础设施相比,政府职能是影响债券发展的最重要因素,合理厘定政府与市场的分工有助于实现公司债券的市场化。应在统一公司债券监管标准并将之纳入《证券法》监管的基础上,完善实现市场化所必须的激励约束机制,鼓励债券进行多平台交易,走差异性发展道路,妥善解决债券市场的稳定与发展问题。这将有赖于《证券法》的修改,以重新塑造公司债券规则。
Marketization is the inherent requirement and development direction of the corporate bond system in our country. The “guard against risk” corporate bonds under the Commission and the “approval system” and the “market-based” corporate bond system under the PBC “registration system ” represent the two types of corporate bonds in China Market-oriented development model, and the formation of “interbank bond market dominated, the exchange market vulnerable ” market structure. From the history of bond development and the institutional logic of marketization, these two models are not real marketization of corporate bonds. The imbalance of incentive and restraint mechanism is not conducive to the development of a healthy and stable corporate bond market. Compared with the market system, innovation power and market infrastructure, the government function is the most important factor that affects the bond development. It is reasonable to determine that the division of labor between the government and the market helps to realize the marketization of corporate bonds. We should standardize the supervision of corporate bonds and incorporate them into the regulation of the Securities Law, improve the incentive and restraint mechanisms necessary for realizing market-oriented bonds, encourage bonds to conduct multi-platform transactions, take the path of differential development and properly address the stability of the bond market And development issues. This will depend on changes to the Securities Act to reshape the corporate bond rules.