The Basic Logic And System Construction Of China's Corporate Bonds Issuance Under Blockchain Technology

As the Bitcoin boom swept the world,blockchain technology as its underlying technology has become the hottest topic in the field of technology finance in recent years.The connotation and characteristics of blockchain technology cater to the current trend of decentralization and deintermediation of financial markets.Therefore,its application scenarios are first locked in the financial market,and can be applied to the issuance,registration,and settlement of securities,and can also be applied to Cross-border payment,electronic bills and a series of scenes.This article plans to choose one of the scenarios,namely the issuance of corporate bonds in China,through the analysis of the relationship between blockchain technology and the basic logic of corporate bond issuance,and the optimization and risk brought by blockchain technology for the issuance of corporate bonds,and finally explore The Evolution Path of China 's Corporate Bond Issuance System.This article is divided into five parts in addition to the introduction and conclusion:The first part mainly elaborates the basic situation of blockchain technology,explores the origin of blockchain technology,analyzes the connotation and core,characteristics and defects of blockchain technology and the resulting subversive changes in financial markets.The combination of the blockchain technology and the institutional logic of the issuance of corporate bonds lays bare ground.The second part interprets the historical evolution and development dilemma of China's corporate bond issuance system and explains the logical distortion of the corporate bond issuance system in China and the practical problems it brings.The existing "corporate debts","corporate debts" and "non-financial corporate debt financing instruments" in China are essentially corporate bonds.The issuance of "corporate debts"and "corporate debts" has been subject to strict ex ante controls and has essentially formed a government Implicit bond guarantees.The "non-financial corporate debt financing tool" is issued by the registration system,the regulator does not replace the market body for value judgments,strictly in accordance with the risk of risk of the market rules for credit risk management.The bond issuance rules and its supporting systems under the two paths eventually lead to serious imbalances in the development of the exchange market and the inter-bank bond market.As the risk management awareness of both investment and financing sides is uniformly diluted,credit risks continue to accumulate,which has led to recent years.The outbreak of a real bond breach occurred.The third part systematically analyzes the logic foundation of the corporate bond issuance and the essence of the blockchain technology,and finds that the blockchain technology and the corporate bond issuance logic are highly consistent and optimize the bond issuance process.When investing in corporate bonds,investors face the main risk is the company's credit risk,so the issuance of corporate bonds does not need to abandon the past government "father-loving" credit guarantees,and the market for the company's commercial credit for dynamic evaluation.The essence of blockchain technology can be summarized as follows:The credit machine,which is highly compatible with the logical basis of corporate bond issuance,and its technical characteristics have determined that it brings new opportunities for bond issuance in credit risk management.The fourth part analyzes the new risks that blockchain technology may bring after the issuance of corporate bonds.Technology is inevitably two-sided.Blockchain technology also provides new risks while providing credit risk management solutions for the issuance of corporate bonds.Such as real-time fraud based on smart contracts,the impact of anti-money laundering mechanisms under open systems,and investor protection problems brought about under decentralized structures.Therefore,the system design after the blockchain technology is embedded in the issuance of corporate bonds,while satisfying the logic of commercial credit as the basis for issuance,must also reasonably prevent new risks brought about by technology.The fifth part focuses on the opportunities and challenges brought by blockchain technology for corporate bond issuance,and concludes that the development direction of China's corperation bonds issuance system under blockchain technology should advance toward four goals:the synergy between technical rules and legal rules.Governance,issuance of markets,and the harmonization of regulatory rules,the complementarity of trust based on regulation,reputation,and code,and the proper coordination of financing access and investment access.