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◇ 作者：钟言

◇ 本文原载《债券》2025年4月刊

法治是中国式现代化的重要保障。法治建设在规范债券市场主体行为、优化市场环境、保护投资者权益、防范金融风险等方面具有重要作用。我国债券市场加强法治建设，为市场规范发展和稳健运行保驾护航，取得一定成效。新发展阶段对我国债券市场法治建设提出了新要求，需持续提高债券市场法治化水平，为推动债券市场高质量发展、支持实体经济回升向好提供有力支撑。

一方面，要规范债券一级市场行为，保障债券投资者权益。当前我国债券市场发行人信用风险暴露、信息披露不充分、结构化发债等风险问题及违规操作仍时有发生，影响债券投资者合法权益的实现，因此，有必要进一步提升债券发行规范化水平，更好防控金融风险、促进债市高质量发展。一是规范各类主体发行行为，防范债券市场信用风险。需要按照全面风险管理理念，引导发行人加强自身风险管理，加强对债券市场的风险监测，健全完善相关监管体系，补齐制度短板。二是完善债券市场信息披露规范体系，提高债券市场透明度。细化完善债券发行信息披露要求，压实发行人及专业机构信息披露职责，推动出台绿色债券、社会责任债券等新兴领域的信息披露制度，推动债券市场信息披露规范化发展。三是强化非市场化发行监管。进一步加大对结构化发债等违规行为的监管力度，细化责任承担机制，维护债券市场公平公正的交易机制。

另一方面，要规制债券交易行为，维护二级市场稳定。价格操纵、利益输送、出借账户等违规行为易扰乱市场秩序，并给市场稳定运行埋下隐患，因此，有必要持续净化债券交易环境。一是加强债券交易主体内控制度建设，明确债券市场参与主体内部各条线风险隔离的监管要求，加强交易主体自身合规性审查与风险控制，发挥识别违规交易的“第一道防线”功能。二是落实监管执法“长牙带刺”，持续优化完善债券交易风险预警机制、风险监测指标和评估模型，增强债券交易行为风险分析的全面性、前瞻性、穿透性，推动风险早识别、早预警、早暴露、早处置，更好应对债券交易违规行为隐蔽化、复杂化的新挑战。三是持续开展债券市场监测，强化账户穿透机制，提高数字监管能力，重点对关联交易、异常价格偏离等行为开展监测。

我国债券市场是实体经济融资和宏观政策传导的重要渠道，持续深入推进债券市场法治建设，完善债券市场基础制度体系，夯实市场稳定发展的制度基础，积极营造崇法守信的市场生态，推动债券市场高质量发展迈上新台阶。

Consolidating the Foundation of the Rule of Law and Leveraging the Financing Function of Bond Market

Zhong Yan

The rule of law is a crucial safeguard for China’s modernization． Legal frameworks play a significant role in regulating the behaviors of bond market participants， optimizing the market environment， protecting investor rights， and preventing financial risks． China’s bond market has made notable progress in strengthening the legal framework， buttressing regulated development and stable operation． In the new development phase， it is necessary to continuously enhance the legal framework for the bond market， providing strong support for high-quality development of the bond market and the growth of the real economy．

On one hand， it is necessary to regulate primary market practices and protect the rights of bond investors． Currently， risks and irregularities such as credit risk exposure among issuers， inadequate information disclosure， and structured bond issuance still occur sometimes， undermining the legitimate interests of investors． Therefore， it is necessary to further regulate bond issuance， thus controlling financial risks and promoting high-quality market development． First， issuance behaviors need to be regulated to mitigate credit risks． Guided by a comprehensive risk management approach， it is suggested to strengthen issuers’ internal risk control， enhance market risk monitoring， and improve the related regulatory framework． Second， the information disclosure system needs to be refined to increase market transparency． It is suggested to provide more detailed disclosure requirements for bond issuance， clarify responsibilities of issuers and related professional institutions， and make disclosure rules for emerging sectors like green bonds and social responsibility bonds． Third， supervision on non-market-based issuance needs to be enhanced． It is proposed to intensify supervision on structured bond issuance and clarify the accountability mechanism to ensure fair and transparent trading mechanisms．

On the other hand， bond trading activities need to be regulated to maintain secondary market stability． Violations such as price manipulation， insider trading and account lending disrupt market stability． Continuous efforts are needed to keep good trading environment． First， it is suggested to enhance internal control of trading entities， establish regulatory requirements for risk segregation among different business lines within market participants， and strengthen compliance review and risk management of trading entities， so as to consolidate the “first line of defense” against irregularities． Second， it is proposed to optimize risk warning mechanisms， monitoring indicators， and assessment models to make risk analysis more comprehensive， forward-looking and transparent． This will enable earlier identification， warning， exposure and resolution of risks， addressing the increasing complexity of bond market violations． Third， ongoing market monitoring needs to be reinforced． It is necessary to enhance the look-through account structure， improve digital regulatory capabilities and intensify monitoring on related-party transactions， abnormal price deviations and other suspicious activities．

China’s bond market serves as a vital channel for real-economy financing and macroeconomic policy transmission． It is necessary to advance legal construction， refine market foundations， and foster a well-regulated market ecosystem， so as to promote high-quality development of the bond market．

◇ Editors： Zhang Wen， Yang Fuzhu

责任编辑：赵思远

登录新浪财经APP 搜索【信披】查看更多考评等级

◇ 作者：钟言

◇ 本文原载《债券》2025年4月刊

法治是中国式现代化的重要保障。法治建设在规范债券市场主体行为、优化市场环境、保护投资者权益、防范金融风险等方面具有重要作用。我国债券市场加强法治建设，为市场规范发展和稳健运行保驾护航，取得一定成效。新发展阶段对我国债券市场法治建设提出了新要求，需持续提高债券市场法治化水平，为推动债券市场高质量发展、支持实体经济回升向好提供有力支撑。

一方面，要规范债券一级市场行为，保障债券投资者权益。当前我国债券市场发行人信用风险暴露、信息披露不充分、结构化发债等风险问题及违规操作仍时有发生，影响债券投资者合法权益的实现，因此，有必要进一步提升债券发行规范化水平，更好防控金融风险、促进债市高质量发展。一是规范各类主体发行行为，防范债券市场信用风险。需要按照全面风险管理理念，引导发行人加强自身风险管理，加强对债券市场的风险监测，健全完善相关监管体系，补齐制度短板。二是完善债券市场信息披露规范体系，提高债券市场透明度。细化完善债券发行信息披露要求，压实发行人及专业机构信息披露职责，推动出台绿色债券、社会责任债券等新兴领域的信息披露制度，推动债券市场信息披露规范化发展。三是强化非市场化发行监管。进一步加大对结构化发债等违规行为的监管力度，细化责任承担机制，维护债券市场公平公正的交易机制。

另一方面，要规制债券交易行为，维护二级市场稳定。价格操纵、利益输送、出借账户等违规行为易扰乱市场秩序，并给市场稳定运行埋下隐患，因此，有必要持续净化债券交易环境。一是加强债券交易主体内控制度建设，明确债券市场参与主体内部各条线风险隔离的监管要求，加强交易主体自身合规性审查与风险控制，发挥识别违规交易的“第一道防线”功能。二是落实监管执法“长牙带刺”，持续优化完善债券交易风险预警机制、风险监测指标和评估模型，增强债券交易行为风险分析的全面性、前瞻性、穿透性，推动风险早识别、早预警、早暴露、早处置，更好应对债券交易违规行为隐蔽化、复杂化的新挑战。三是持续开展债券市场监测，强化账户穿透机制，提高数字监管能力，重点对关联交易、异常价格偏离等行为开展监测。

我国债券市场是实体经济融资和宏观政策传导的重要渠道，持续深入推进债券市场法治建设，完善债券市场基础制度体系，夯实市场稳定发展的制度基础，积极营造崇法守信的市场生态，推动债券市场高质量发展迈上新台阶。

Consolidating the Foundation of the Rule of Law and Leveraging the Financing Function of Bond Market

Zhong Yan

The rule of law is a crucial safeguard for China’s modernization． Legal frameworks play a significant role in regulating the behaviors of bond market participants， optimizing the market environment， protecting investor rights， and preventing financial risks． China’s bond market has made notable progress in strengthening the legal framework， buttressing regulated development and stable operation． In the new development phase， it is necessary to continuously enhance the legal framework for the bond market， providing strong support for high-quality development of the bond market and the growth of the real economy．

On one hand， it is necessary to regulate primary market practices and protect the rights of bond investors． Currently， risks and irregularities such as credit risk exposure among issuers， inadequate information disclosure， and structured bond issuance still occur sometimes， undermining the legitimate interests of investors． Therefore， it is necessary to further regulate bond issuance， thus controlling financial risks and promoting high-quality market development． First， issuance behaviors need to be regulated to mitigate credit risks． Guided by a comprehensive risk management approach， it is suggested to strengthen issuers’ internal risk control， enhance market risk monitoring， and improve the related regulatory framework． Second， the information disclosure system needs to be refined to increase market transparency． It is suggested to provide more detailed disclosure requirements for bond issuance， clarify responsibilities of issuers and related professional institutions， and make disclosure rules for emerging sectors like green bonds and social responsibility bonds． Third， supervision on non-market-based issuance needs to be enhanced． It is proposed to intensify supervision on structured bond issuance and clarify the accountability mechanism to ensure fair and transparent trading mechanisms．

On the other hand， bond trading activities need to be regulated to maintain secondary market stability． Violations such as price manipulation， insider trading and account lending disrupt market stability． Continuous efforts are needed to keep good trading environment． First， it is suggested to enhance internal control of trading entities， establish regulatory requirements for risk segregation among different business lines within market participants， and strengthen compliance review and risk management of trading entities， so as to consolidate the “first line of defense” against irregularities． Second， it is proposed to optimize risk warning mechanisms， monitoring indicators， and assessment models to make risk analysis more comprehensive， forward-looking and transparent． This will enable earlier identification， warning， exposure and resolution of risks， addressing the increasing complexity of bond market violations． Third， ongoing market monitoring needs to be reinforced． It is necessary to enhance the look-through account structure， improve digital regulatory capabilities and intensify monitoring on related-party transactions， abnormal price deviations and other suspicious activities．

China’s bond market serves as a vital channel for real-economy financing and macroeconomic policy transmission． It is necessary to advance legal construction， refine market foundations， and foster a well-regulated market ecosystem， so as to promote high-quality development of the bond market．

◇ Editors： Zhang Wen， Yang Fuzhu

责任编辑：赵思远