Corporate Bond Market Development Path Of The - On The Chinese Corporate Bond Market To Build,

The corporate bond market develops and takes shape gradually in the historical course of economic development, and there are different function laws and forms of expression under different economic development levels. Studying the general law of corporate bond market development is aimed at probing the inherent mechanism of the movement and main characteristics under different economic development levels and different terms of corporate bond markets. This can be the reference for the construction of corporate bond market in China. Based on the current situation of economic development of our country, this thesis probes deeply into the theory of corporate bond and studies the practice about domestic and foreign market systemically. On the basis of seeking the universal law and special factors in the development of corporate bond market in China, the thesis puts forward the development model and the ways of constructing corporate bond market in China.Through reviewing the status of corporate bond in the financing structure, we can see that at developed and stable economy, enterprises pay more attention to outside debt and inside fund, and at undeveloped economy with rapid develop speed, companies raise fund from outside by way of stock. Of our country enterprise have a partiality for bank loans and stock financing, form financing order different from modern capital structure theory. Through investigating the development course of foreign corporate bond markets, we point out that the trend that the corporate bond becomes the important channel of enterprise's financing gradually is definite; therefore the domestic corporate bond market has enormous development potentiality and space. But the development must set up on certain market demand foundation and different bond market has different opportunity.This paper divides the existing development model of corporate bond market into three kinds. The author draws lessons from the path dependent theory and multiple institution balance theory and points out that the difference in the development degree of various countries' bond market is because of not only the result of enterprise financing choose which capital structure theory has considered, but also the jointly influence of factors of finance system, shareholders structure and law frame of various countries. But corporate bond market still follows general law, and different scholars have different explanations. According to the information economics, the developing country is suitable for the financial system in which the bank is the main fact, while the developed country is suitable for the financial system in which the market is the main fact, so the developing countries do not possess the opportune time of developing the bond market of enterprises; according to the range efficiency, the development of corporate bond market is generally after the development of the government debt market and the stock market. The development of the corporate bond market of our country receives double restraints, which are economic development level and special institute arrangement in transit economy, and its fast developing period has not come yet. So a gradual development model under government drive is a good choice.The most important thing in constructing cooperate bond market is the cultivation of the participants and the design of corporate bond. Compare through domestic and foreign market, we can see clearly the greater disparity of this two aspects between them. Corporate bond issuers' cultivation focuses on strengthening the financing autonomy through reform on investment and financing system and making company choose finance tools on the basis of market-oriented though improve shareholder structure. On the meanwhile introduce new serving debt subjects of enterprise to realize the diversification of the issuer and form sizeable supply basis. The focal point that the investment subject cultivates is expanding institutional investors' foundation and strengthens investor protecting. Diversification and innovation...