There are two legal concepts in our country，which are corporate bond and enterprise bond，two legal systems，and two types of corresponding practice.The historical limitations of enterprise bond are becoming more and more evident.And what’s more important is a considerable number of enterprise bonds are not real enterprise bonds，but public bonds.We should abolish enterprise bond at proper time in the future and then at the foundation of that，should distinguish public bonds and corporate bonds severely.The issue of corporate bonds should be supervised by China Securities Regulatory Commission.