决定于债券融资的比较利益与微观发债主体条件的制约,我们既要积极地推动企业债券的发展,又不能无视企业的现状,操之过急,必须走渐进式的发展道路。 1.近期:改革现有制度,鼓励信用优异的企业发行债券。修改《企业债券管理条例》的关键是减少强制性规范,增加随意性规范,政策面鼓励“好人举手”。为了吸引好企业发行债券,除对企业的偿债能力和偿债保证等条件继续强制规范以外,在以下方面应放开:(1)取消债券发行的规模指标控制和隐性的所有制歧视。企业只要信用良好,有资金需求 Determined by the comparative benefits of bond financing and the constraints of the subject of micro-issuance of bonds, we must not only actively promote the development of corporate bonds, but also ignore the current status quo of enterprises. We must take a gradual path of development. 1. In the near term: Reform the existing system to encourage bonds of outstanding creditworthiness. The key to amending the “Regulations for the Management of Enterprise Bonds” is to reduce mandatory norms and increase voluntary norms. The policy encourages “good people to raise their hands.” In order to attract good enterprises to issue bonds, in addition to the corporate solvency and debt guarantees and other conditions continue to be mandatory, the following aspects should be liberalized: (1) to cancel the scale of bond issuance control and hidden ownership discrimination. As long as businesses have good credit, there are financial needs