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Ideas and Countermeasures on the Development of the corporate bond market

Author: LiuMingXian From: www.yourpaper.net Posted: 2009-03-08 21:38:40 Read:

[Paper Keywords] the bond market; corporate bonds; market-oriented; the bonds guarantee system
This article explore the basic principles of the Development of the bond market on the basis of, explores the basic idea for the Development of the bond market, that is based on the reform of the bond issue approval system, focusing on the introduction of institutional investors to create a sound corporate bond guarantee system and debt repayment mechanism as the core to build a variety of trading and settlement mechanism as the basis, in order to ensure to improve the credit rating system and information disclosure system. Finally, the proposed measures for the Development of the bond market.

January 16, 2008, the state approved the implementation of the Guangxi Beibu Gulf Economic Zone Development Plan ". And to give the five policy support of the Beibu Gulf Economic Zone. In the financial aspects. State clearly that the bonds issued by enterprises to expand support qualified enterprises to issue corporate bonds, this is a good opportunity of rapid development of the bond market in Guangxi. The development of the bond market in Guangxi is very backward. Far can not meet the needs of economic development, should seize the opportunity. Great efforts to accelerate development.

one of the basic principles of the Development of the bond market

(A) market-oriented principles
The development of the bond market in Guangxi market into a principle. 1, the main issue of market-oriented. Mainly refers to relax overly strict control of the issuers, especially private enterprises to relax restrictions on bonds issued the issue size limit should also be some easing or canceled; consideration should be given to the re-development of the local corporate bond market, which for the place Government, it is worth considering the financing channels; proposal to abolish the ownership of the debt issuance enterprises discrimination, as long as the corporate debt issuance conditions are able to get the issue of opportunity; phasing out restrictions on interest rates. According to the basic quality of the corporate credit rating conditions and market demand conditions to determine the level of interest rates, allowing interest rates to reflect the risks and benefits of the principle of reciprocity. 2 Investment main markets. Proposed to relax the limit for investment in corporate bonds subject to expand the investor team. Should bank bond market investors, individual investors, institutional investors, and a variety of investment funds and various types of enterprises, investment in the development of the bond market the main focus should be the development of institutional investors. Current. In addition to the general institutional investors, corporate bond funds and corporate bonds of trust management are two of the most important institutional investors.

(B) adhere to the principle of appropriate scale and stable development of
The development of the bond market is a complicated systematic project, a plan to gradually push forward, and can not be ups and downs. The bond issuance Overall to adapt to the needs of economic development in Guangxi. Should not be too small, but not too large. If the number is too large, the business can not debt service due. Will reduce the debt issuance credibility, increase debt issuance enterprise liability scale.

(C) to uphold the supremacy of credit and the principle of the rule of law
The issuer must have a high credit rating, must be authorized by the government agencies suitably qualified enterprises, especially stronger economic enterprise. Bond credit rating to strict specifications, timely, accurate and comprehensive disclosure of information.

(D) to adhere to the principle of coordinated development of the local and global
Guangxi bond market is the local and regional markets, and the development of both can not be divorced from the objective requirements of economic development in Guangxi. Can not leave the national bond market development in isolation, must be integrated into the country's bond market, in coordination with the country's bond market development.

Second, the basic idea of ??the development of the bond market in Guangxi

(A) the issue of reform of the bond market approval system was established based on the release of the market-oriented mechanism
As an opportunity to modify the "Corporate Bond Management Regulations", and strive to achieve the great breakthroughs in the legal provisions of the corporate bond management. Rich the Bond Issuance body gradually implement market-oriented issue approval system. The introduction of the the sponsor regime and the issuance examination committee system to promote the issue of the corporate bond market. As soon as possible and strive to achieve the company of those who meet the conditions provided by law, may voluntarily apply for the issuance of bonds, issuers are recommended by the sponsor independent. Bond issue interest rate, duration, guarantees, varieties designed by issuers choose. Improved bond funds use Audit way to expand the issuers funds use autonomy.

(B) in order to focus on the introduction of institutional investors. Corporate bonds to qualified institutional investors
In addition to some of the high-quality corporate bonds issued to public investors, investment groups, mainly professional and institutional investors. The securities investment funds, insurance companies, commercial banks and other professional institutional investors as major investment groups in the corporate bond market, and appropriate to open to foreign investors. At the same time, actively develop the bond investment funds. Encourage public investors through the securities intermediaries indirect investment bonds market. Strengthen the constraint means investors on the main issue and the means of self-protection. The introduction of overseas bond market generally practiced bonds entrusted with the management system and the creditors meeting system.

(C) in order to establish a sound corporate bond guarantee system and debt repayment mechanism as the core
At present, China's urgent need to establish a relatively complete system of corporate bonds guarantee. Strengthen the corporate bond guarantee system, to carry out the asset pledged irrevocable or jointly and severally liable, and other forms of collateral. But. The guarantee only corporate behavior, and not try to smooth issuance of corporate bonds, to use the credibility of the State guarantee. You can consider the establishment of the system of corporate bonds secured trust. This system is not only able to provide guarantees for corporate bonds. Can avoid all the disadvantages of the model of a bank guarantee, the exercise of the mortgagee does not give people cause a financial burden. In debt repayment mechanisms. Consider the establishment of a bond repayment reserve or bond repayment fund can extract a certain percentage from each debt issuance enterprise income set aside a certain amount on a regular basis, but also from the debt issuance enterprise bank deposits. To dump the debt service reserve fund or sinking fund account. This will not only ensure that the debt service due, enterprises will not issue bonds to bring too much pressure to repay debt.

(D) to establish a variety of trading and clearing mechanisms relying
Relying on the inter-bank bond market to promote the mutual exchange markets and inter-bank market Unicom. Mainly in the over-the-counter market (OTC) mode to improve the bond circulation mechanism. First, open up the the two market transactions principal. Allow commercial banks to return to the exchange market, allowing commercial banks involved in the transaction into the exchange market, the conditions are ripe to allow part of corporate bonds into the inter-bank market listing; allow securities companies to enter the inter-bank market; smoothly between market custody transfer; recommended to consider the establishment of specialized services for institutional investors, bond electronic trading platform, providing the maker system and other transactions; integration of a variety of transactions, mutual listing. Two-way interaction and unified interconnection of the event to achieve the integration of Guangxi bond market, you can not solve the bond market illiquidity problem, the two bond market. All debt products, and on this basis, the progressive realization of the interconnection of all institutional investors, thus greatly improving the operating efficiency of the bond market.

(E) to improve the credit rating system and information disclosure system in order to ensure
Further increase business conditions, the disclosure of information on the status of the industry, competitive advantage and corporate governance, financial analysis of the bond issuer, the requirements of the repayment plan arrangements and to consider the establishment of the credit rating of issuers and Bond rating "dual rating system.

Third, the development of the bond market in Guangxi suggestions

(A) gradually expand the amount and size of the issuance of corporate bonds to meet demand more investment and financing, and the need for economic development
I believe that, in order to promote the development of Guangxi's economy. Not only to expand the size of the bond issuance, and should be implemented without the approval of the market-oriented system, change approval system for the approval system, change bulls approval as an approved. Changing the original issue for the regulatory agencies once approved, the issuer depending on the issue several times and market conditions. Control the structure of the issued amount. The one hand, should continue to keep the needs of some of the key state-owned enterprises issuing bonds; the other hand, can arrange for part of the amount given to some of the excellent operating results and a shortage of funds other enterprises. In view of the relatively backward economic development in Guangxi. Recommend that the government expand the Guangxi economic construction bonds issued to raise funds for the construction of infrastructure, education and talent introduction expenditure, increase funding of technological innovation, technological innovation and reward efforts. Industry requirements on issuers to relax capital requirements of the approval of those highly competitive industry.
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