韩国公司债券市场研究及其对中国债券市场发展的影响.pdf50

EXECUTIVE SUMMARY. 5
内容提要............................. 6
1. INTRODUCTION.......7
2. OVERVIEW: THE KOREAN CORPORATE BOND MARKET........................ 8
2.1 Current Market Status....................................... 8
2.1.1 Characteristics of Corporate Bond Markets. 8
2.1.2 Status of Corporate Bonds in the Korean Bond Market ........................... 10
2.1.3 Status of the Korean Corporate Bond Market in Asia .............................. 13
2.2 Legal and Regulatory Framework .................. 14
2.2.1 Regulatory Bodies ....................................... 14
2.2.2 Securities-Related Laws .............................. 15
3. HISTORICAL OVERVIEW OF BOND MARKET DEVELOPMENT.............. 16
3.1 Market Development: Inception to the 1997 Financial Crisis...................... 16
3.1.1 Introduction... 16
3.1.2 Building an Investor Base ........................... 17
3.1.3 Use of Guarantees as Credit Enhancements............................................. 18
3.2 Corporate Bond Market After the 1997 Financial Crisis ............................. 21
3.2.1 ITC Boom and Bust ..................................... 21
3.2.2 Collapse of the Guarantee Insurance Companies..................................... 23
3.2.3 Credit Crunch: 2000 & Beyond .................. 24
3.3 Conclusion......... 25
4. DRAWBACKS OF THE CORPORATE BOND MARKET PRIOR TO 1997,
AND SUBSEQUENT MARKET REFORMS................ 26
4.1 Characteristics of the Corporate Bond Market Prior to 1997...................... 26
4.1.1 Heavy Government Intervention ................. 26
4.1.2 Absence of Market Monitoring.................... 28
4.1.3 Dominance of Guaranteed Bonds ............... 28
4.1.4 Dominance of Short-Term Bonds................ 28
4.1.5 Underdeveloped Government Bond Market 29
4.2 Restructuring of Corporate Bond Markets...... 30
4.2.1 Reforms in Corporate Governance and Government Supervision............ 30
4.2.2 Improved Credit Enhancements.................. 32
4.2.3 Improved Credit Ratings ............................. 36
4.2.4 The Rise of Non-Guarantee Bonds.............. 37
4.2.5 Revitalization of Government Bond Markets ............................................ 37
5. CORPORATE BOND MARKETS IN KOREA: THE FUTURE ........................ 38
5.1 Continued Restructuring Efforts ..................... 39
5.2 Enhancement of Bondholders’ Role................ 39
5.3 Globalization of Korea’s Corporate Bond Market ....................................... 40
5.4 Diversification of Corporate Bonds ................ 41
6. IMPLICATIONS FOR CHINA’S CORPORATE BOND MARKET
DEVELOPMENT ............. 42
6.1 The Chinese Bond Market; Similarities to the Pre-Reform Korean Market. 42
6.1.1 The Chinese Bond Market ........................... 42
6.1.2 Similarities to the Pre-Reform Korean Bond Market................................ 42
6.2 Lessons & Implications from Korea................ 43
6.2.1 Synchronized Development of Infrastructure and Investor Base.............. 43
6.2.2 Development of Credit Enhancements ........ 44
6.2.3 Simultaneous Government Deregulation and Supervision ....................... 45
Appendix 1-Conceptual Framework of Corporate Bond Markets before the Financial
Crisis of 1997 .................... 47
REFERENCES.................. 48
..............................