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| 文章编号：1672-3104(2011)06-0150-05 |
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国民政府前期民族公司债券一级市场显著
发展的动因探析 |
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孙建华 |
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（中央财经大学金融学院，北京，100081） |
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| 摘 要： 近代以来我国公司债券市场的发展一直滞后于股市及公债市场的发展，但在南京国民政府执政前十年，民族公司债券一级市场却有显著的发展。发展我国现阶段的公司债券市场，可借鉴其作法，在维护国家经济主权、强化政府对公司及证券市场的法制化管理、改善国内公司信用、规范公司债信用评级的基础上，实现公司债发行方式及其品种的多样化，稳步发展证券类的衍生金融工具，降低投资者购买公司债的风险及机会成本，发展债券投资基金，调动境内外投资者参与公司债券交易的积极性，以壮大我国的公司债券市场。 |
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| 关键词： 南京国民政府；民族公司；融资结构；债券；一级市场 |
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An Analysis of Development of the Primary National Company
Debentures Market in the Earlier Stage of National Government Ruling |
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SUN Jianhua |
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（College of Finance, the Central University of Finance and Economics, Beijing 100081, China） |
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| Abstract: Although the development of company debentures market has been lagging in development of the stock and bond markets in our country since 1840, there was significant development in the primary national company debentures market in the first ten years when Nanking national Government came to power. Therefore, developing China’s company debentures market, should consider history as a mirror, take such measures as maintaining the national economic sovereignty, strengthening management on company and the securities market, improving the credit of domestic company, specifying company debentures credit rating, implementing the diversification of issuing way and varieties of company debentures, developing derivative financial tools of the securities, reducing risks and opportunities cost of purchasing company debentures, and developing debentures investment funds as well. |
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Key words: Nanking national government; National company; Financial structure; Debentures; Primary market |
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