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我国银行间非金融企业债券市场是多层次资本市场的重要组成部分。发展银行间非金融企业债券市场,是进一步拓展企业直接融资渠道,提高直接融资比例,完善我国债券市场的必然要求。当前,我国非金融企业债券市场正经历一场由政府主导的制度变迁。制度变迁的路径选择我国非金融企业债券市场制度变迁,是沿着由场内市场到场外市场、由审批制到核准制和备案制再到注册制的路径,渐次接近发展债券市场的客观规律要求。
China’s inter-bank non-financial corporate bond market is an important part of the multi-level capital market. Developing non-financial bond market among banks is a necessary requirement to further expand direct financing channels for enterprises, raise the proportion of direct financing and improve the bond market in our country. At present, China’s non-financial corporate bond market is experiencing a system dominated by the government. The Path of Institutional Change The institutional change of China’s non-financial corporate bond market follows the objective law of developing the bond market along the route from on-court to over-the-counter market, from approval system to approval system and filing system to registration system .