China's Corporate Bond Issuance Market-oriented And Government Regulation

This paper will focus the field of domestic corporate bond market and the local government supervision. Mainly for three reasons: First, the rapid development of corporate bond market in recent years, corporate bond financing in 2009 amounted to 425.2 billion yuan, which is equally important as 446.6 billion issued at the stock market. Second, since the 2008 subprime crisis, even though the academic and the market for sub-prime crisis causes and solution lively debate, but one thing is agreed: the over-market-induced financial crisis, caused by excessive government regulation of financial depression. Third is the literature focused on the domestic scholars before 2007, while the bond market last three years has approached great success in the process of marketization, meanwhile the government supervision also undergone profound changes. So it is necessary for market characteristics, regulatory mechanism, so in-depth discuss the study.This paper focuses on the market and government regulation of these two main lines, respectively, from the current situation and further policy recommendations to enhance the space and the three points of view, the basic conclusion drawn is:1. Corporate finance and capital structure model of the need to amend our country, consider the effect of capitalized interest and preferred stock renewal effects, corporate bonds, corporate finance tool in order to be shared top spot.2. Domenstic corporate bonds market in recent years the rapid development of capital market efficiency is improved.3. China's corporate bond is greatly promoted by the government supervision policy, in a virtuous cycle to optimize the process of adjustment, of course, much policy space, the policy recommendations in a detailed description in the last paragraph of policy recommendation.4. The development of corporate bond market should be in line with "great efforts to develop and steadily push forward" principle.Innovations of this paper are listed as belows:1. The first time analysis of corporate bond market - government regulation of the integrated model, to fully consider the 2008 subprime crisis, financial crisis triggered a new revelation, and puts forward policy recommendations.2. The first time to consider the capitalization of interest factors and renewal of the preferred model of financing structure Corrections3. The first time since 2005-2009, the development of corporate bond market to do a comprehensive and systematic analysis, conclusion.4. For the first time from the perspective of market supply and demand, strictly from an empirical point of view, analysis of issuers and investors, the objective situation, large amounts of data and rational analysis on the basis of obtained more market-oriented enterprise Zhaiquan necessity and feasibility of judge.5.Considering on the policy recommendations, on the perspective of standing in 2010, we should be more consistent with current market conditions and policy recommendations to adjust the policy space.