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在特定的市场环境和历史背景下,我国公司债券制度从体系到内容都呈现分裂状态。银行间债券市场的企业债务融资工具本质上属于公司债券,却游离于《证券法》之外,形成了一套相对独立的公司债券法律制度。基于法制统一原则和公司债券市场发展需要,应当重构公司债券法律制度,这有赖于《证券法》的修改。应当确立《证券法》调整规范公司债券的基本法地位,其中相关制度的修改,应本着公司债券法制基础统一、循序渐进推进监管体制统一、按照市场化导向实行制度重构、尊重公司债券基本特征的原则,借鉴银行间债券市场制度优势。
Under a specific market environment and historical background, the system of corporate bonds in our country shows a split from the system to the content. Corporate debt financing instruments in the inter-bank bond market are essentially corporate bonds, but they are free from the Securities Law and form a relatively independent legal system for corporate bonds. Based on the principle of the unification of the legal system and the development of the corporate bond market, the legal system of corporate bonds should be reconstructed, which depends on the revision of the Securities Law. The Securities Law should be regularized to regulate and regulate the status of the basic law of corporate bonds. The revision of the relevant rules should be based on the unification of corporate bonds and the legal system, promote the unity of the regulatory system in a gradual and orderly manner, carry out institutional restructuring in line with market orientation, and respect the basic characteristics of corporate bonds Principle, learn from the advantages of the inter-bank bond market system.