Study On Enterprise Bond Financing

The transition from the central planning economy to the market economy forms a special period of economy development, creates unique economic environment, namely transitional economy period. The financial system, credit relationship, development of the financial market, the financial structure of firm's and even the management concept of the firm have been impacted in the transitional economy. Lots of difficulties lay ahead on the way to further development for most firms, especially the financing problems. Thus, it is significant to study on the financing behavior of the firm by issuing enterprise bond (corporate bond), for its lightening of the capital pressure of firm development and construction.Firstly, this paper compares the advantages of the enterprise bond with the stock and the bank loan, states that it is necessary for companies to issues enterprise bond with the consideration of the perfection of the capital market, the prevention of the financial crisis and the growth of the company's financial cycle. Secondly, from the operation of the enterprise bond today, the paper study the main factors that affect the enterprise bond development of China with the combination of the positive analysis and normative analysis. Thirdly, the paper not only gives the outline of the enterprise bond development of China on the base of the development experience of western nations, especially US, but also analyzes the financing problem of the Chinese non-governmental Sci-tech enterprise...