Legal Regulation Research Of Chinese Private Bond Issue

China’s private bond system has developing for just ten years.In this term,the pattern of the securities market has undergone tremendous changes,the number of investors is increasing.In the meantime,the number of participants in the issue of private equity issuance has also arisen geometrically.As the basic of private bond system,the issuance system of private bond gradually formed its characteristic;however,private bond issuance system still exists many defects,for example,the system face to restrictive measures,unreasonable narrow objects,excessive release behavior the protection,these defects block the market development.This paper focuses on the defects in the private bond issuance system,and based on foreign system,so as to explore the path of correction or modification of the system.It will be divided into five parts,the basic theory research,the implementation of the logical framework analysis,research on the regulation of issuers,research on the regulation of investors,research on the regulation of market.The first part is mainly talking about the legal regulation of private placement bonds.This part mainly discusses the legal nature of private bonds,including its elements,basic characteristics and the history of private placement bond;based on the analysis above,the following analyses the desirability of discussion and delivery;the issuance of basic theories;and the legislation and practice of different countries.The second part is the analysis of the current situation of private placement bonds.This part summarizes the status quo of China’s system of private bonds,comparing the difference between the private bond issuance system and other financing instruments in the distribution system;collecting data by using the CHOICE data terminal,WIND client,Hang source terminal and the other channels,so as to comprehensive analysis of China’s private bond issuance status,which includes investor distribution and object distribution.It will put forward the existing problems,issue of behavior problems and problems such as unreasonable restrictions issue.The third part discuss the legal regulation of the issuer of private placement bonds.It puts forward the issue of the subject should be treated differently,and demonstrates the feasibility of this approach.The fourth part is about the legal regulation of the issue of private placement bonds.Firstly,it summarizes and analyzes the overseas private placement bond issue and precondition of China’s private bond issue of legal regulation is a unified market and unified object distribution system;based of the summarization,it proposes specific measures to improve the regulation of the private bond issue,which includes improving qualification and quantity aspects.The fifth part is about the legal regulation of private placement bond market mechanism.This part concentrated on propaganda behavior of private bond issuance behavior and information disclosure,which lack of review of the current issue of behavior,and put forward to achieve the realization of the interests of investors and financing facilities as the basic principle.Besides,to weight the liability of illegally issue is necessary.This paper combines with a lot of practical content and extraterritorial legislation,to improve the measures of advancing the system of private placement bonds.