China's Corporate Bond Research

As we know, stock, enterprise bond and the loan to bank are three kinds of main financing ways of the enterprise outside, also are the intrinsic foundation of capital market structure. But in our country's capital market, the business enterprise bond, compare to the stock and the loan to bank, has serious lack of proportion of construction. The enterprise bond becomes short leg of our country' capital market. The balance in this kind of market is twisted and poorly efficient. This kind of construction, if existing for a long time, may cause currency bank crisis. The answer to this problem is that we should face it. It is the objective of the thesis to answer this problem, hoping the result of the study can be propitious to the development of the capital market in our country. The main line of the study in this thesis is: with the enterprise bond theories guiding in market economy, through analyzing the development history, problems and foreign business enterprise bond of our country's enterprise bond, we can get creative need of the enterprise bond development in our country, then bring forth new ideas to these institution. The balanced system is this kind of appearance: under general terms settled, any changes of the presently existing institution can't bring additional income to any person or groups in economy. The creation and formation of new institution result from changes of the current institutional cost and income. The scale efficiency, risk preference and the new economic system impact the old institution and new institutional need, making the old balancing system broken gradually. In regard to financing system, the source of innovation comes from the new institutional efficiency that is higher than old one. From this angle of view, this thesis analyzes the financing system of the low efficiency in enterprise bond market in our country, thinking there are four systems that need setting up urgently in the business enterprise bond market, including the business enterprise bond market credit system, business enterprise bond publishes and administrative system, business enterprise bond circulative system and business enterprise bond pricing system. The analytic theory foundation in this thesis is modern company (business enterprise) bond theories and also the corporate bond theories in market economy terms. These theories include: the company capital construction theories, financial crisis theories and the function theories of business enterprise bond to the National Central Bank currency policy. These theories, on one hand, answer the necessity to study our country's business enterprise. On the other hand, these theories guide the reform of our business enterprise bond financing system. The content is to innovate and deepen primarily our country business enterprise bond finance system, the full text is divided into seven parts to discuss totally. Introduction, primarily explains the background of choose this topic to discuss in the thesis, the situation and total discription of our country's business enterprise bond research, some concepts related to the thesis, the practical significance of the thesis, the logic framework and research approaches of the thesis. Chapter one, through reviewing and analyzing the business enterprise bond theories, including capital construction theories, financial crisis theories and the function theories of business enterprise bonds to National Central Bank, gets the necessity for our country's developing the business enterprise bond, also logically lays theories foundation for the logic analysis of this thesis. Chapter two, through analyzing our business enterprise bond development history, existing problems and comparing Chinese and Foreign business enterprise bonds of development, gets creative need of our country' system of the business enterprise bond. These systems include, the business enterprise bond market credit system, business enterprise bond issuance and supervision system, business enterprise bond circulate system, business enterprise bond pricing system. Chapter three, chapter four, chapter five and chapter six respectively analyze and innovate the credit system, issuance and supervision system, circulate system and pricing systems on our country's business enterprise bond market. Through theoretical and positive analysis, the main innovations of the thesis1.The thesis analyzes business enterprise credit proceeding regulation, regarding that business enterprise credit is internal balanced result of enterprise game of different owners. The business enterprise credit movement mechanism is an intrinsic and particular contact style of business enterprise credit with its interaction with the related factors. But business enterprise method, credit signal conduction path and benefit-related characteristics are three main aspects of enterprise credit mechanism. Therefore, to establish social credit system, to complete administration construction of company incorporate and to perfect business enterprise credit rating system are three main aspects of credit construction of our country's business enterprises, and also the root to develop smoothly our country's business enterprise bond market. 2.The thesis systematically analyze our country's business enterprise bond supervision and administration system, thinking our government has the characteristics of economic person for it is state-owned property final proprietor, in gaming with the issuance bonds enterprises and investors, the credit risk of the enterprise neither is undertaken by investors, nor by business enterprises, but is undertaken by government. Therefore, the government must practice the strict control policy to reduce risks. But this kind of policy leads to low efficiency in deploying resources in our country's capital market. As a result this thesis puts forward to limited relax management policy of the control according to the actual economic system in our country. In the aspects of issuance system: according to the market economic principle, the thesis pushes forward the issuance examination and verification system switching to sanction system gradually. Finally it realizes the registration system and loosens the interest rate control, making the funds resources deployed efficiency maximize, loosens the restriction of the funds used, breaks issuer limitation, the excellent and credit rating high listed companies can become the trial farm in business enterprise bond market and cancels the scale control limit. In aspects of government supervising system: to end the multi-head management, to unify supervising organization, implement the credit organization duty adjustment and guarantor system.3.The thesis analyzes our country's enterprise bond financing with the information dissymmetry theories, thinking for there exists information dissymmetry problem in business enterprise bond issuance and trade market to lead to reversed choice and moral risk, business enterprise bond market of smooth development demands credit. The enterprise's credit is the objective foundation for it existence. But, in the process of changing from planned economy to market economy in our country economy, the credits of our country's enterprise are commonly in want. Those who disobey the credit principles in the market trade activity will get profit, while those obey credit principles will suffer lost. The improvement of enterprise credit lacks imperative motive, which results in the low efficiency of the enterprise credit. The author thinks our country's business enterprise bond market has not got full development. The problem is that there exists serious information dissymmetry in our country's enterprise bond market. If the information dissymmetry problem can't be resolved effectively, it will be impossible for our country's enterprise bond market to further developed. Thereby, this thesis definitely puts forward three mechanisms to resolve information asymmetry in enterprise bond in our country. They are credit mechanism, law mechanism and credit-estimated mechanism in order to make our country's enterprise bond market normatively and make our country's enterprise bond market develop smoothly. 4.The thesis inspects liquidity system of our country's business enterprise bond market, thinking that our country's business enterprise bond market should establish a trans-market unified clearing mechanism of our country's enterprise bond, establish a central trans-market unified settlement system, establishing the united business enterprise bond trade market, and at the same time, forcefully cultivate the organization investors of the business enterprise bond market, allow the commercial bank to hold the business enterprise bond, allow the commercial bank to establish the bond type fund company, cancel the restrict to establish kinds of investment funds and establish market maker system. 5.The determined mode of standard interest rate, the pricing mode of issuance of our country's enterprise bond and positive analytical mode of the 2nd classmarketing pricing changes of our country's enterprise bond are established. And the modes are used to positively analyze our country's bond market and obtain new conclusion.