论文部分内容阅读
经过二十多年的发展,我国资本市场取得了长足的进步,已经由早期的单一股票市场发展成为融股票、债券、基金、衍生品等多品种市场,并在规模上成为全球第二大资本市场。但是,我国有关证券法治的逻辑与法理却仍然建立在《股票发行与交易管理暂行条例》为基础的初期阶段,规则设计“股票化”倾向严重,市场化程度不足,法律体系混乱,逻辑基础薄弱。尤其是,长期以来“重股轻债”的立法指导思想,造成了债券市场法律制度建设的滞后与混乱,形成了我国资本市场法制建设与债券市场发展不同步,债券市场基础性法律缺失的局面。目前,发展与完善债券市场已经被作为全面深化改革的目标和任务,“股灾”后债市呈现出的火爆态势也进一步反映了债券市场的巨大发展空间。为此,有必要利用《证券法》修改的契机,认真反思我国证券法治的基本逻辑及其制度现代化的主要路径,将债券市场运行纳入《证券法》调整的框架内,并在此基础上将零散且混乱的债券市场规则予以整合,从而建立统一有效的债券法律体系。
After more than two decades of development, China’s capital market has made great strides. It has evolved from an early single stock market into a multi-species market such as stocks, bonds, funds and derivatives, and has become the second largest capital in the world market. However, the logic and jurisprudence of securities law in our country are still based on the initial stage of “Provisional Regulations on the Administration of Stock Issuance and Trading”. The rules design, “stock ownership” tend to be serious, the degree of marketization is not enough, the legal system is chaotic, the logic The foundation is weak. In particular, the legislative guiding ideology of “heavy debt and debt” has long caused the lag and chaos in the construction of the legal system of the bond market, resulting in the unsynchronized development of the legal system and the bond market in China’s capital market and the lack of basic laws in the bond market The situation. At present, the development and improvement of the bond market have been the goal and task of deepening the overall reform. The hot trend in the bond market after the stock market disaster further reflects the tremendous development potential of the bond market. Therefore, it is necessary to make use of the chance of revision of “Securities Law” to seriously reflect on the basic logic of our country’s securities law and the main path of the modernization of the system, incorporate the operation of the bond market within the framework of the adjustment of “Securities Law” and on this basis, Scattered and chaotic bond market rules to be integrated, so as to establish a unified and effective bond legal system.