Research On Development Of Our Enterprise Bond Market

The enterprise bond market is dominant in the developed securities markets now, but it lags behind the national debt market and stock market in China. This thesis focuses on the development of our enterprise bond market based on thought of this sharp gap between ours and others developed. Firstly, the paper analyzes the current situations of our enterprise bond market and the lagged causation, which ascribes to government regulations, vague enterprise-property rights and other factors. Secondly, the thesis elucidates the necessity to develop our enterprise bond market from the point of view of financing approaches and financing efficiency. Thirdly, the thesis concludes the prerequisites to develop the enterprise bond market based on the analysis of the experience of the American and Japanese market and points out that it is the right time to develop the enterprise bond financing in China combined with our developmental reality. Lastly, the thesis offers some policy proposals that our government should create the favorable institutional environments in the long term and five approaches are discussed to develop Chinese enterprises bond market in the near future.The thesis takes emphases on the necessity of developing our enterprise bond market. First of all, we think that it is very urgent for China to develop the enterprise bond financing based on the detailed analysis from the point of view of financing approaches (direct financing & indirect financing), direct financing (stock financing & bond financing) and bond financing (national bond financing & enterprise bond financing) which can make the capital flow smoothly and efficiently from the savings to invest. Then, the thesis analyzes the dynamic reason of developing the enterprises bond financing that is to improve Chinese financing efficiency and keep the sustainable development of economy from four points including corporation, agent institutions, financial risk and compatibleness of credit institutions.