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On improvement of the legal system of private issuers

Author: LiKeKe
Tutor: YueCaiShen
School: Southwest University of Political Science
Course: Legal
Keywords: Private debt issuing Outside the system and experience The investment subject Issued subject Supervision system
CLC: F832.51
Type: Master's thesis
Year: 2011
Downloads: 335
Quote: 0
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Abstract

With China’s bond market scale gradually expand public way, conditioning is gradually reflected. Financing scale net assets of enterprises by the constraints and credit qualifications required high makes many smaller and credit rating low enterprise difficult to pass a public way financing; In addition, the higher the information disclosure requirements also restricted the information disclosure limited type enterprise issue bonds and raise the cost of information disclosure. Our country urgent need to be private non-financial enterprises issue bonds related system, establish the public photograph echo with private equity release system, thus fundamentally changing the primary market bonds "a leg of the present situation of development". Therefore, private equity issue bonds of non-financial enterprises related system came into being. April 29, 2011, dealers association issued the market of the bond between the bank debt financing instruments non-financial enterprises not targeted issuance rules of public. On May 4, 2011, the first 13 billion yuan non-financial enterprises the public debt financing tools (directional Private debt) has successfully launched. The market of the bond between the bank debt financing instruments non-financial enterprises not publicly issued rules allow directional non-financial enterprises to issue a certain number of investors and has limited debt financing tools in certain investors range, fill in the circulation transfer for non-financial debt financing tools not targeted issuance of the system of public related blank.This paper is divided into four parts.The first part summarizes the legal characteristics and private debt issuing functions. First, the definition of private bonds to be defined, and then discusses the Private debt compared with Public debt three characteristics that is targeted issuance, limited transfer, internal disclosure. Finally expounds the private debt issuing the important practical significance.The second part of our country at first about the current law of private translated simply introduced, and then puts forward the existing in the system of private translated six major issues: the private law of the translated level somewhat low and related concept definition of fuzzy, the investment subject existing problems, the release of the main body of the limitations of the "issue method, the provisions of the" is too vague, and private debt issuing exist problems and flow supervision system has the obvious flaw, are the in-depth analysis, for the information below the scene.The third part is to the study of the system of the foreign private translated. The United States is private debt issuing system is more mature country, and therefore introduced in this part of the American legal system of private translated, and combined with the UK, Japan, South Korea law, the study of the system of the translated for our private debt issuing legislation to provide the beneficial reference.The fourth part to perfect China’s private debt issuing legal system suggestion. This section is the backbone, mainly in the reference of foreign mature legislation and practice, based on the experience of the present situation in our country, the translated to perfect the system of private. The author mainly from specific provision "private debt issuing the meaning of" and legal properties, improve the investment subject system, expand the scope of subject and issue clearly define its way, perfecting the investors interests protection mechanism, establishing market liquidity mechanism and perfect the supervision system six analysis of our country to construct the design, private debt issuing system.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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