Chinese Corporate Bond Financing Problem

The financing problem is always a major issue in enterprise develops, enterprise finances being also an important field of economy theory studies. The financing is as the basis of the micro-economy main body in enterprise develops, affecting governing structure and business efficiency of enterprise. To issuing corporate bond, the bond financing is one kind of financing way of the funding. Corporate bond is that the company issues accords to legal procedures, arranges negotiable securities paying back the capital plus interest in certain time limit. Corporate bond lists as together with the government bond, stock three big fundamental bond in capital market. Corporate bond is very important that It from that proportion of financing total or be played role comes from the person in the market rate. In advanced stock market of USA, the ratios of corporate bond in three big bond financings every year totals reach more than 60%; In Euro market, corporate bond takes up specific gravity is up to 80% or more. But the present condition of our country, the corporate bond should be in main body which its position has been ignored. By the end of 2006, government bond, finance bond, corporate bond account for 50.56%, 44.19% , 5.0% respectively in our country bond market, corporate bond balance is 283,100,000,000 yuan only. The proportion with GDP is 1.35% only, is lower than the Asian financial crisis country whose proportion with GDP is over 30%'s level. Our country had once enumerated end seal in 1994 "law of cooperation" having carried out norm, these standard part on corporate bond, had shifted to "bond law " in revising in 2005, more than 10 years passes away but, corporate bond in its real meaning fails to come out up. It is not only having restricted gravely development of our country bond market, but also having restricted the non-governmentally operated enterprise financing troublesome problem.Developing the corporate bond of our country financing energetically is to be necessary.To the corporate bond development problem, the Central Committee of the Party was also take seriously. Appearing personally that the middle ten days of a month , Chinese Securities Regulatory Commission promulgate "Corporate bond issues experimental plan " formally in August , 2007, is to put the important act ascertaining the beginning of the year that National Conference on Financial Work "develops bond market job deployment accelerated" into effect, the field issuing a job being indicating corporate bond of our country in its real meaning wildly beating gongs and drums in course of gets it in gear. This breed, perfects a financial market system, boosts capital market coordinated growth having very important significance disregarding developing our country bond market with regard to, opening up the exhibition enterprise financing channel, enriching investment securities.The thesis uses historical analysis, comparative analysis, norm analysis with analytical research method of demonstration, compare by the research to Chinese corporate bond financing current situation and the examination to developed Western countries corporate bond financing problem, from the angle that history develops uses large amount of data and diagram to analyze our country corporate bond, and have done thorough investigation and discussion specifically for these problems. Problem then respectively carries out analysis on the corporate bond subject and credit system, points out the direction of our country corporate bond financing development. On the logic frame of the thesis, the main body is allotted for six chapters. Thefirst chapter is the preface part, the background of the selected topic having explained and the method that significance, theory sum up as well as studying. It is the full text initiation part.The second chapter is the theory part. The corporate bond basic theory is introduced in this part. And it has summed up the significance and effect developing of the corporate bond financing. Among them important be that it has fixed corporate bond and its relevance concept. It is very important that divides the import from corporate bond and the enterprise bond in our country. The thesis explains that the enterprise bond is the enterprise bond. Corporate bond is the bond that the company issues, the main body has out-of-duty of enterprise and company except making debt , description to the enterprise bond and corporate bond is the same thing. It's nature connotation is consistent. But unique difference handling middle, enterprise bond and corporate bond in reality is lain in, enterprise bond government credit with being, enterprise bond distribution needs to examine and approve and issue the procedure examining and verifying two process forehead degree, corporate bond enterprise debenture bond with being's, the distribution is from Securities Regulatory Commission leading factor then, can adopt the pattern criticizing as reporting therefore. That this difference leads to the enterprise bond looks like a government bond more, that accept government's restraint, it but is not a marketplace on use , scale issuing, is not the Corporate bond on strict significance.The third chapter is made of two parts. The first parts use large amount of development of data analyzing Chinese corporate bond marketplace course and current situation. The history evolution of Chinese Corporate bond financing is demonstrated. Development of Chinese corporate bond marketplace is not going off smoothly, but having experienced a circuitous and difficult process. Corporate bond finances development was lagged very much. exploration passing this more than 20 years, Chinese corporate bond marketplace it is more certain to have got is develop, simultaneous, have also, accumulated many experience and lessons about that the corporate bond marketplace develops, have been that Chinese corporate bond going a step further develops has created condition. Second part is analytical to our country corporate bond marketplace. Appearing personally that the middle ten days of a month, Chinese Securities Regulatory Commission promulgate "Corporate bond issues experimental plan" formally in August , 2007, the corporate bond being indicating real significance of our country issues the formal starting working, is a sign event. And main part remaining concentrate the major part that the marketplace having resolved our country corporate bond by analytical, "experimental plan" appearing personally develops on two aspect: main body problem of corporate bond financing and corporate bond credit problem.The fourth chapter discusses mainly that main body of the Chinese corporate bond financing. The property right of corporate bond in this one chapter basis analyses as well as the main body inspecting non-governmentally operated enterprise position and effect, thinking that Chinese corporate bond finances ought to fix position on non-governmentally operated enterprise.The fifth chapter is analytical to Chinese corporate bond credit system. The problem of develops credit is having very big effect to corporate bond. The thesis discussed relevance theory knowledge of credit, credit system and corporate bond credit system systematically, reaching credit system is that one kind of economy governs the machine-made conclusion, explaining why need to develop corporate bond credit system from having expounded theoretically, what credit bases it owns, how active to applies this mechanism to go to promote development of our country corporate bond financing.The sixth chapter is the credit problem lasting, that is to need to accelerate development of our country credit evaluation. Credit evaluation is the quantization method with credit problem, has embodied credit system portability as one kind of economy governing machine-made.The innovative place of this thesis mainly:1, The thesis studies first systematically specifically for our country corporate bond develops problem after appearing personally being in progress "Corporate bond issues experimental plan". The thesis combs systematically to Chinese corporate bond current situation and carries out priority analysis the problem Chinese corporate bond which has, emphasizes the significance of credit at present;2, The import to our country corporate bond and the corporate bond marketplace was carried out analysis and expounded, different to corporate bond and the enterprise bond connotation has carried out boundary. And the thesis having expounded the enterprise bond which exists in reality and corporate bond of theoretical analysis;3, The thesis formally for the first time suggest that corporate bond credit system as one kind of economy governing machine-made coming to treat. Corporate bond is that one kind invests in a product. Corporate bond credit system is going to give way to corporate bond hair debt people and possessor win-win on being proficient in the basis secretly, promoting corporate bond marketplace making prosper, driving the development of the economy.