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企业债券是指具有法人资格的企业依法发行的,约定在一定期限内还本付息的有价证券。相比股权融资,企业通过发行债券融资,可以在不改变企业股权结构和不影响企业治理模式的情况下,从资本市场获取中长期资金。债券融资因此成为企业对外筹集资金不可或缺的方式,债券发行和交易所形成的资金配置市场,也构成一国资本市场重要的组成部分。2007年以来,为改变我国企业长期严重依赖银行信贷筹措资金和股票市场、债券市场发展不均衡的状况,发挥债券融资的优势,国家政策给予这一市场积极的支持,使其获得蓬勃发展。但实践中,因受到不同监管者监管而形成“三足鼎立”的企业债券融资规
Corporate bonds refer to the securities that are legally entitled to be issued by the enterprises legally entitled to repay the principal and interest within a certain period of time. Compared with equity financing, enterprises can obtain medium and long-term capital from the capital market without changing corporate ownership structure and without affecting corporate governance by issuing bond financing. Debt financing has thus become an indispensable way for enterprises to raise funds externally. The market for capital allocation formed by bond issuance and exchange also forms an important part of a country’s capital market. Since 2007, in order to change the long-term dependence of our country’s enterprises on bank financing and stock market and bond market, the bond market has not developed well and the advantages of bond financing have been brought into full play. State policies have given this market positive support to make it booming. However, in practice, due to the supervision by different regulators and the formation of “tripartite confrontation” of corporate bond financing rules