Broadening the Offering Choice of Corporate Bonds in Emerging Markets : Cost-Effective Access to Debt Capital

Endo, Tadashi

World Bank, Washington, DC

关键词: ACCOUNTANT;    ACCOUNTING;    ACCOUNTING STANDARDS;    AGENCY PROBLEMS;    AUCTION;   

DOI  :  10.1596/1813-9450-4655
RP-ID  :  WPS4655

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The development of corporate bondmarkets has been constrained in many emerging economies,partly because the regulatory model is implicitly designedfor stand-alone public offerings. Corporate bonds areintrinsically more suitable for non-retail investors thanfor retail investors. Nonetheless, the prevailing regulatorymodel puts an excessive emphasis on disclosure and investorprotection as well as government oversight, regardless oftargeted investors. Such a non-differentiating regulatoryapproach disconnects issuers from investors by considerablyraising opportunity costs to issuers. Broadening the choiceof offering methods would lower corporate bond issuancecosts, thereby allowing more issuers to finance theirinvestments with bond issues. Additional forms of offeringsare traditional private placements, institutional offerings,and shelf registration facilitated by integrated disclosure.