The experience of countries and regions with developed markets proves that a securities market without a bond market is abnormal and "short-lived". Debt is the most instinctive financing method for enterprise development.

Therefore, while developing my country's stock and treasury bond markets, we must vigorously develop the corporate bond market.

1. Amend and improve relevant laws and regulations. Adjust relevant laws and regulations in accordance with the requirements of national treatment and international practices.

Relevant regulatory provisions should clearly define the meaning and content of corporate bonds, and unify and standardize formulation and operation management. The provisions related to corporate bonds in the "Bond Operation and Management Regulations" as well as the "Enterprise Law" and "Securities Law" must be unified to make bond financing

Behaviors are governed by unified laws and regulations.

The "Operation and Management Regulations" that are in line with the progress of the situation will be promulgated as soon as possible.

New regulations on corporate bond operation and management that adapt to the requirements of the evolving situation should be promulgated and implemented as soon as possible. The new regulations should fully reflect the basic direction of the market-oriented reform of corporate bonds and should focus on the approval system, interest rate levels, fund use, the role of intermediaries, and strengthening social supervision.

In terms of aspects, it comprehensively reflects the basic requirements of corporate bond financing for the in-depth development of the socialist market economy.

In addition, we should formulate and improve laws and regulations for corporate bond issuance on the basis of relevant securities regulations, so as to standardize the operation of the corporate bond issuance market and trading market.

A new "Bankruptcy Law" must be introduced as soon as possible to allow debt-issuing companies to go bankrupt. At the same time, the operability of relevant provisions of the "Bankruptcy Law" should be strengthened and the bankruptcy mechanism should be improved to protect the rights and interests of corporate bondholders.

2. Starting from institutional arrangements, we should implement reforms in the issuance system, trading system, market access system, information disclosure system and other aspects to create a relatively broad space for the development of corporate bonds. Specifically, new reforms should be implemented in the following aspects:

Institutional arrangements: First, the corporate bond issuance system must be reformed.

Change the issuance method of corporate bonds from the past approval system to an approval system. Regulators only need to review compliance and do not intervene in specific affairs; relax or even cancel the quota control of corporate bond issuance. In compliance with market rules,

If an enterprise has the ability to issue and pay in time, it should be given the opportunity to expand its scale, etc.

Second, gradually realize the marketization of corporate bond interest rates, so that the corporate bond issuance interest rates are no longer based on bank savings deposit rates, but on the yield of government bonds as the benchmark, and are determined according to the increase in the difference in credit levels, fully reflecting the corporate bond

Marketization of pricing and compensatory benefits of crisis differentials.

Third, we should strengthen the construction and implementation of the information disclosure system, enhance the transparency of corporate operations, enhance the transparency of securities transactions, and create an open investment environment for investors.

Fourth, the construction of the regulatory system should be strengthened, especially the supervision of the financial status of enterprises to protect the enthusiasm of investors.

Fifth, it is necessary to strengthen the construction of the market investor structure. In particular, we should vigorously promote institutional investors, gradually relax restrictions on social security funds, insurance companies, banks and other institutions to enter the corporate bond market. At the same time, we should establish a market with corporate bonds as the main investment targets.

Corporate bond funds.

Changes in the structure of market participants can not only reduce information asymmetry to a great extent, but also effectively solve the "free rider" problem.

3. Create real corporate bond market entities through property rights reform. From the nature point of view, corporate bonds, as a lending contract, are contracts signed between borrowing companies with independent property and bond holders that indicate the creditor's rights and debt relationships between the two parties.

For the bond-issuing enterprise, it represents its property obligation to pay the principal and interest to the bond holder as agreed, while for the bond holder, it represents its property right to require the bond-issuing enterprise to repay the principal and interest as agreed.

Property is the economic and legal basis for realizing the rights and obligations stipulated in corporate bonds, and having independent property is the institutional prerequisite for corporate bond issuance.

The current situation in our country is that state-owned enterprises, the main issuers of corporate bonds, do not have independent assets and are unable to bear the crisis of bond financing.

In order to fundamentally promote the development of my country's corporate bond market, it is necessary to implement property rights system reform and straighten out the property rights relationship between enterprises and the government, so that enterprises can use all their own properties as a carrier to bear debt issuance responsibilities and crises.

The purpose of the reform of the property rights system is to realize the decentralization of property rights, clearly define and fully protect property rights, establish a modern enterprise system, and transform the enterprise operating mechanism. The approach is to vigorously promote the joint-stock reform of enterprises and establish effective corporate governance mechanisms, state-owned asset operations and

Supervision mechanism, etc.

Only our country's enterprise-type enterprises and enterprise-type financial institutions that have emerged after the reform of the standardized property rights system can have truly independent legal person property ownership, realize independent operations, be responsible for their own profits and losses, bear their own risks, and self-discipline, and can they become a truly rational "economy"

"people" or market entities.

Only on this basis can enterprises change the concept of "heavy equity but light debt" and truly assume the risks and responsibilities of bond financing.

In this way, enterprises will have inherent binding force when making debt issuance decisions, that is, they will determine the optimal capital structure and corresponding debt issuance scale based on the size of financing costs and the impact of financing behavior on the value of corporate assets.

Furthermore, companies will flexibly choose different bond maturities and principal and interest payment methods based on predictions of their own profitability and solvency.