CAJ | 학술논문

本文对台湾私募债券市场的发展状况进行了研究，分析了台湾地区私募公司债市场发展缓慢的原因。研究结果表明：尽管台湾地区仿效美国建立了较为完备的私募制度，但台湾地区私募公司债市场发展缓慢，其主要原冈在于台湾私募公司债发行制度并没有明冠的简化便利优势，市场流动性受到较多限制，而且市场透明度也相对较低，台湾地区私募公司债的发展为大陆私募债券市场的制度设计提供了启示，即私募公司债的发行主体要更加多元化、转让制度要更加灵活、参与者要更加丰富、监管制度要更加完备。
본문대태만사모채권시장적발전상황진행료연구，분석료태만지구사모공사채시장발전완만적원인。연구결과표명：진관태만지구방효미국건립료교위완비적사모제도，단태만지구사모공사채시장발전완만，기주요원강재우태만사모공사채발행제도병몰유명관적간화편리우세，시장류동성수도교다한제，이차시장투명도야상대교저，태만지구사모공사채적발전위대륙사모채권시장적제도설계제공료계시，즉사모공사채적발행주체요경가다원화、전양제도요경가령활、삼여자요경가봉부、감관제도요경가완비。
The paper studies the development of the private placed bonds system in Taiwan, and analyzes the causes of slowly development of it. The result show that, Taiwan follows the example of the U.S. private placed bonds system and establishes a relatively complete system. But the Taiwan private corporate bond market is still relatively limited after several decades＇ development. Compared with the public offering market because it lack of advantage, and the market is still limited, as well as the transparency is still low. In the hope of offering some lessons to the market design of private placed bond in mainland China , an extensive and intensive study was made on the latest development features such as publish main body, transfer system, participant and the core institutional arrangements of the private placed bond.