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长期以来,债券市场一直在银行等金融机构间进行交易和活跃流通,直接金融因其起步发展时间晚,法律政策及国家调控的缺陷,没有形成与债券的交易结合,这给实体企业的投融资带来了高成本、高壁垒的境况。在2014年一系列直接金融和债券市场改革的背景下,笔者对债券市场回归直接金融进行实证模拟式探索,旨在探索其可行性,并提出三点建议:一是引导债券市场回归直接金融的杠杆性和可靠性;二是重新谈判与清算问题;三是推进直接金融市场的公司券期权。
For a long time, the bond market has been traded and actively circulated among financial institutions such as banks. Due to the late start of its development and the defects of its regulatory policies and state regulation, the bond market has not formed a combination with the bond transactions. This has given investment and financing to entities Brought the situation of high cost and high barriers. Under the background of a series of direct financial and bond market reforms in 2014, the author conducts an empirical simulation of the return of bond markets to direct finance to explore its feasibility and puts forward three proposals: First, to guide the bond market to return to direct finance Leverage and reliability; the second is to renegotiate and liquidate the issue; the third is to promote the direct financial market, corporate bonds options.