Study Of Corporate Debt Financing

The title of the article was put forward on corporation financing structure theory and the research of China's debt financing. The research not only enriched the theory of debt financing structure, but had important practical and policy sense on perfecting China' corporate debt structure and enhancing corporate efficiency.Corporation financing is an important area of modern micro financing theory research. Debt financing is one of most patterns of corporate outside financing. Debt financing structure mainly is the proportion relation of bank loans, corporation bonds, tenancy and other debt implements, also including corporation debt financing term structure. The development of debt financing theory is implicated in procession of corporation financing. Corporate equity and debt form corporation financing structure. Bank loans and corporation bonds form corporation debt financing structure.Since Modigliani & Miller' research on corporation financing in 1958, the theory research mainly focus on proportion of equity and debt. However, little research was about debt financing, especially about China's debt financing. The paper will focus on this theory area.China began to establish stock market in 1990', but corporation still mainly depended on debt financing according to bank systems. Also China is a developing economic, corporation debt financing is unbalance. It not only showed that had no corporation bonds market and most dependent on bank, but also it will worsen the problem caused by financing restriction system, solicitation of financing crisis.At present the research of corporation financing in our country focus on several aspects. Firstly, the research of equity financing is evolving stock market mostly. Secondly, most of the research was established on macroeconomic, but little on micro aspect. Thirdly, most of research was about corporation governance.The author tried to do some significative job and the article has the following several conclusion and creation, we focus on debt finance, the subdivision of corporation finance structure theory, and put forward new opinions in research frame.