摘要
目前我国的债券市场风险防范机制呈现浓厚的行政化特征,弊端日益凸显,难以适应债券市场的现实需求。推进债券市场风险防范机制从行政化到市场化的转型,有着深厚的理论基础,也有着充分的实践依据,其正当性镶嵌于政府与市场关系的经验逻辑之中,可以从"市场决定论"中获得自足性解释。债券市场风险防范的市场化机制以市场优先、风险分配正义和投资者倾斜性保护为价值诉求,法律应当在风险防范主体的归位尽责、风险防范行为规则的规范化、风险防范的责任分配等方面做出回应。
The current risk prevention mechanism of China's bond market presents a strong administrative feature with increasingly prominent disadvantages, which is difficult to adapt to the actual needs of the bond market. Promoting the transformation of bond market risk prevention mechanism from administerization to marketization has profound theoretical basis and sufficient practical basis. The legitimacy of marketization mechanism is embedded in the empirical logic of the relationship between the government and market, and can be explained by the theory of "market determinism". The value demands of risk prevention mechanism in bond market include market priority, risk distribution justice and investors inclination protection. We should promote legal changes in order to hold market participants accountable, normalize risk prevention behavior rules, and ensure equitable distribution of risk prevention responsibility.
作者
李安安
LI An-an(Wuhan University)
出处
《华中科技大学学报（社会科学版）》
CSSCI
北大核心
2019年第1期102-110,共9页
Journal of Huazhong University of Science and Technology(Social Science Edition)
基金
教育部哲学社会科学重大课题攻关项目"我国债券市场建立市场化法制化风险防范体系研究"(14JZD008)
教育部人文社会科学研究青年基金项目"地方财政风险金融化的法律控制"(16YJC820014)
关键词
债券市场
风险防范机制
行政化
市场化
bond market
risk prevention mechanism
administerization
marketization
