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1、改革发行制度促进企业债券市场的发展officiallyestablishedonJuly1,2013,Yibincity,formerlyknownasthebus,integratedoriginalrongzhoubuscompanyinYibincityandMetrobuscompany,formedonlyinYibincityofaState-ownedpublictransportenterprises,thecompanyconsistsofoneortwo,thirdDivisio
2、n.Integrationofpublictransportservicesisnotyetestablished5改革发行制度促进企业债券市场的发展officiallyestablishedonJuly1,2013,Yibincity,formerlyknownasthebus,integratedoriginalrongzhoubuscompanyinYibincityandMetrobuscompany,formedonlyinYibincityofaState-ownedpublictran
3、sportenterprises,thecompanyconsistsofoneortwo,thirdDivision.Integrationofpublictransportservicesisnotyetestablished5改革发行制度促进企业债券市场的发展officiallyestablishedonJuly1,2013,Yibincity,formerlyknownasthebus,integratedoriginalrongzhoubuscompanyinYibincityandMet
4、robuscompany,formedonlyinYibincityofaState-ownedpublictransportenterprises,thecompanyconsistsofoneortwo,thirdDivision.Integrationofpublictransportservicesisnotyetestablished5改革发行制度促进企业债券市场的发展officiallyestablishedonJuly1,2013,Yibincity,formerlyknownasth
5、ebus,integratedoriginalrongzhoubuscompanyinYibincityandMetrobuscompany,formedonlyinYibincityofaState-ownedpublictransportenterprises,thecompanyconsistsofoneortwo,thirdDivision.Integrationofpublictransportservicesisnotyetestablished5改革发行制度促进企业债券市场的发展off
6、iciallyestablishedonJuly1,2013,Yibincity,formerlyknownasthebus,integratedoriginalrongzhoubuscompanyinYibincityandMetrobuscompany,formedonlyinYibincityofaState-ownedpublictransportenterprises,thecompanyconsistsofoneortwo,thirdDivision.Integrationofpubli
7、ctransportservicesisnotyetestablished5在发达国家债券是非常重要的直接融资工具企业通过债券融资的规模也远大于股票往往是通过股市融资的3-10倍而我国债券市场的起步早于股票市场但发展到今天却远落后于股票市场且债券市场以国债和政策性金融债券为主企业债券的比例非常小我国资本市场更像是一辆独轮车企业直接融资都挤向股市这一独木桥这在一定程度上制约了我国经济的发展也加大了股市融资的压力因此大力发展企业债券市场已刻不容缓 我国企业债券的规模小并不是市场不需要企业债券深圳交易所
8、去年关于企业债券的市场调查报告表明对公司债产品的供给和需求处于两旺状态那么制约我国企业债券市场发展的因素是什么呢一、制约我国企业债券市场发展的因素（1）现行的发行审批制度极大地制约了我国企业债券市场的发展去年深交所关于企业债券市场调查中市场参与主体各方普遍认为目前制约我国企业债券发展的最主要因素是发行审批制度没有市场化审批制是一种计划色彩较重的发行方式审批制的实行虽然达到了有效遏制类似1992年乱集资风潮带来的企业债券恶性膨胀和带来的风险但过多是限制使得一些信誉高、资
