促进债券市场发展，完善企业融资结构

发展相对滞后的企业债券市场,不利于中国多层次资本市场的建设和发展。该文分析了制约企业债券市场发展的根本原因在于企业债券市场的行政制度的约束和发展外部制度性的约束。要发展中国企业债券市场,一方面要转换企业债券市场行政约束制度为法律约束、市场约束制度,同时又要相应的金融监管体系,做到金融监管跟进金融创新的步伐;另一方面要进一步改革银行信贷制度、完善国有企业产权制度、完善公司法人治理结构、股票发行和上市公司分配等外部制度约束。

Boosting the Development of Security Market,Improving Enterprise Financing Structure

The relatively lagging enterprise security market has the negative impacts on the construction and development of the nation's multi-layer capital market. This paper analyzes the factors hampering the development of enterprise security market,including the internal and external institutional constraints and gives relevant solutions to improve and develop the domestic enterprise security market.