Since the reform and opening up, China's securities market has developed rapidly and has begun to take shape, becoming an important part of China's socialist market economy system. At the beginning of the new century, China's securities market faces both challenges and opportunities, and has good conditions for further development. Therefore, we should seize the opportunity to expand the scale of stock and bond issuance, enrich the variety of securities transactions, speed up the construction of institutional investment teams in the securities market, strengthen the supervision of the securities market, and strive to cultivate a good market environment with orderly operation. Promote China's securities market to a new level. The securities market is an important part of China's socialist market economy system. Since the reform and opening up, China's securities market has developed rapidly and begun to take shape, which has played a positive role in promoting the sustained, rapid and healthy development of the national economy. Looking forward to 2 1 century, China stock market is facing new opportunities and challenges. How to seize the opportunity, meet the challenge and push the China stock market to a new level is a realistic topic that needs our serious study and solution. This paper intends to make a preliminary discussion on this.

Keywords: financial securities market

1 Looking back at the foundation stage of China stock market in the past ten years, we have made the following achievements.

First of all, the institutional framework of capital market with company law and securities law as the core has been initially established. ② Market development has begun to take shape. By the end of 20001and 10, there were 1 152 companies (including A shares and B shares) listed in Shanghai and Shenzhen stock markets, with a total market value of 437,426,438+04 billion yuan and a circulating market value of1456,06438+. ③ A large-scale investor team including institutional investors and individual investors has been cultivated. By the end of 20001and 10, the number of accounts opened by investors in China's stock market has reached 65.7705 million, and there are 44 standardized securities investment funds. Some commercial insurance funds can be indirectly invested in the stock market by investing in securities investment funds, and open-end funds have been launched. Although the ranks of investors have yet to be further developed and matured, it is undeniable that the awareness of financial investment in the whole society has been greatly strengthened. ④ A relatively systematic and independent system of information disclosure rules has been established. After ten years' efforts, information disclosure rules have been established. All market participants, especially listed companies, can disclose their relevant information in time within the framework of this rule, thus making the trading market have a basic norm. ⑤ A high-tech and efficient securities trading system has been established. From the initial stage, Shanghai and Shenzhen Stock Exchanges have paid attention to the advantages of latecomers, and the whole trading, clearing, registration and transfer system is one of the most technologically advanced trading systems in the world. After 10 years of continuous improvement, China's securities trading system is stable and efficient. ⑥ The securities supervision system has been basically established, and the level of risk prevention and control has been significantly improved. Effective supervision of the securities market is the prerequisite for the development of market norms and risk prevention. Only when the concept and level of supervision are effectively improved, innovative market behavior will not become a new "risk source".

2 China bond market problems and causes

While fully affirming the achievements of China's securities market construction, we should also realize that China's securities market started late, with a small scale and is still in an imperfect stage. Generally speaking, the main problems existing in this market at present are:

2. 1 The multi-head supervision bond market is different in weight. From the experience of western countries, a unified and efficient supervision system is the primary condition for the development of the bond market. All countries have integrated the issuance and transaction supervision of various bonds under the securities regulatory agency (except the issuance of national debt, which has always been the responsibility of the Ministry of Finance), forming a unified, efficient and interconnected bond supervision system.

However, the regulatory framework of China's bond market is very complicated, and there is multi-head supervision. Bond issuance, transaction supervision and settlement are the responsibility of different institutions (see figure). The most prominent aspect of multi-head supervision is the issuance supervision. The limited four kinds of bonds are examined and approved by four regulatory agencies, among which the Ministry of Finance is responsible for the issuance of state bonds, the People's Bank of China is responsible for financial bonds (including central bank bonds), the National Development and Reform Commission is responsible for corporate bonds, and the CSRC is responsible for the issuance of convertible corporate bonds. The separation of bond market regulators has led to the supervision of various bonds in different aspects such as audit procedures, issuance procedures, issuance standards and scales, and information disclosure, which has seriously hindered the rapid and coordinated development of the bond market. For example, since 2000, the issuance of corporate bonds has been strictly controlled by the National Development and Reform Commission every year, and the issuance list and scale indicators have to be submitted to the State Council for special approval. There are a series of problems such as lengthy approval procedures, strict approval standards, outdated distribution methods, and vacuum in information disclosure and supervision. Therefore, the corporate bond market can only develop slowly under such strict control. At the end of 2004, the balance was only123.2 billion yuan, accounting for only 2.4% of the bond balance, far lower than that of developed countries.

After more than ten years of construction, China stock market has formed a certain market scale. The framework of securities laws and regulations was initially formed, the specialized supervision team of securities (including issuance supervision and company supervision) was established, and the law enforcement of securities was strengthened unprecedentedly. The current regulatory environment is not what it used to be. It is time to thoroughly reflect on and adjust the regulatory model of corporate bonds, otherwise the development of this important branch of the bond market will lag far behind the market demand.

2.2 The variety of bonds is single, and the products in the bond market of western developed countries are diverse. Non-public sector bonds other than national debt, including financial institution bonds, asset securitization bonds and corporate bonds, all account for a certain proportion. The bond market plays an irreplaceable role in the financing of enterprises (including financial institutions).

There are three main reasons for the slow development of non-public bonds in China. First of all, corporate financing relies heavily on banks. In the past, the risks of the financial system dominated by indirect bank financing were not exposed, the non-public sector relied heavily on bank loans, and the demand for bond financing was covered up. Before the implementation of banking reform in recent years, savings have been increasing and bank loans have been expanding, which has met the financing needs of large enterprises to some extent. Second, the team of institutional investors has long been insufficient. Large enterprises must have enough institutional investors to participate in the investment when issuing corporate bonds. Before the policy of 200 1 vigorously developing institutional investors was introduced, institutional investors in China were underdeveloped and institutional funds entering the securities market were insufficient. Third, the bond supervision system inhibits development. This point has been analyzed in detail above, so I won't repeat it.

2.3 Trading system can not fully meet the needs of bond trading. From the experience of foreign countries, the market maker system has a long history in the developed securities market and is widely used in many mature bond OTC and OTC markets.

China's inter-bank bond market already has the embryonic form of market maker system. After the official operation of the inter-bank bond market from 65438 to 0997, bond trading was not active enough and the market liquidity was seriously insufficient. On March, 2006, 5438+0, the People's Bank of China issued the Notice of the People's Bank of China on Standardizing and Supporting the Bilateral Quotation Business in the Inter-bank Bond Market, which made clear requirements on the access conditions, rights and obligations of bilateral quotation providers and established the basic framework of the market maker system. Subsequently, nine financial institutions, including Industrial and Commercial Bank of China, were approved to become the first batch of bilateral quotation providers in the inter-bank bond market. In July 2004, the number of bilateral quotation providers was officially renamed as market makers, increasing to 650. However, the bilateral quotation system is not a market maker system in the full sense. Because the current bilateral quotation system does not support the policy of market makers in place, it actually only requires them to fulfill their market-making obligations and ignores their market-making rights. The specific manifestations are as follows: First, the convenience of margin financing and securities lending is not implemented. Although the Notice of the People's Bank of China on Standardizing and Supporting Bilateral Quotations in the Inter-bank Bond Market clearly provides financing support for market makers, there are no specific measures: although there are specific measures for its securities lending, this convenience is rarely used because the types of pledged bonds and the conversion ratio are harsh on market makers. Second, there is no underwriting and placement convenience. When underwriting all kinds of bonds, market makers did not get preferential treatment such as non-competitive bidding and a certain number of placements, and there was no unified management of market making in the secondary market and underwriting and placing in the primary market. Third, there is no fee concession.

3 China bond market development policy recommendations

3. 1 Establish a unified supervision system for the bond market. As an indispensable part of capital market and direct financing, the supervision system of bond market should be managed by China Securities Regulatory Commission. This has the following advantages: first, it is conducive to professional management. As the supervision department of capital market, CSRC has organizational guarantee and professional experience in securities issuance review, issuer supervision, circulation market construction, information disclosure supervision, intermediary agency supervision and investor protection. Incorporating the bond market into the current management framework is conducive to the professional management of the bond market. Second, it is conducive to resource integration. The organizational guarantee of the CSRC can make the standardized management of the bond market possible without increasing more costs, and it has advantages in resource integration. Third, it is conducive to the all-round development of China's bond trading market. The varieties that need to be developed urgently, such as corporate bonds and municipal bonds, should be arranged as soon as possible under the existing market framework to promote the all-round development of China's bond market.

3.2 Vigorously develop non-public bonds such as corporate bonds and asset securitization bonds. At present, apart from a small amount of convertible bonds, there is no corporate bond in the real market sense in China, and the issuance of corporate bonds is also subject to strict administrative control. Recently, the Company Law and the Securities Law have just been revised, the restrictions on the issuers of corporate bonds have been relaxed, and the examination and approval of corporate bond issuance has also been changed to the approval system, which has provided a good foundation for vigorously developing the corporate bond market.

3.3 To vigorously develop corporate bonds, we must first straighten out the issuance mechanism and formulate the issuance conditions according to the requirements of marketization. Secondly, we should improve the credit evaluation system and create a good basic environment for the development of the bond market. At present, China lacks an authoritative credit rating system and institutions, which can't objectively and real-timely evaluate the issuer's credit according to the issuer's real financial situation, which seriously hinders the development of the corporate bond market. Third, speed up the variety and market scale of corporate bonds. Finally, improve the bankruptcy law and creditor trust system as soon as possible to create legal conditions for protecting the legitimate rights of creditors.

3.4 Market maker system is introduced into exchange transactions. The market maker system has not been implemented in China's stock exchanges. Compared with OTC bond trading, the characteristics of strong market liquidity have not been reflected, and the gap in trading volume is still growing. Exchanges should learn from the experience and lessons of the inter-bank market-making system and introduce the market-making system of superior varieties as soon as possible. Corporate bonds have always been a traditional variety listed on the exchange. At present, compared with the interbank market, they still have certain advantages in custody and transaction volume. Corporate bond products should introduce a real market maker system, with the support of margin financing and securities lending, convenient underwriting and placement, and appropriate fee reduction, which is conducive to consolidating the share of corporate bonds in the exchange and rapidly developing the corporate bond market under the condition of rationalized supervision system. When the exchange introduces the market maker system, it should be careful not to become a by-product of the block trading platform, but should be reformed in the real trading system.