Study Of Bond Financing On Chinese Listed Companies

Enterprise creation, survival and development are inseparable from financing activities. The choice of financing is one of the important operating decisions for the enterprise. The proportion of stocking financing is too high and the proportion of corporate bonds is too low now. The financing structure of our listed companies is very serious imbalance. This financing structure of listed companies has brings to many problems and the efficiency of use of financing funds is very low, and it will not be conductive to healthy and rapid develop of listed companies. Therefore, the financing structure of listed companies must be optimized. One practical approach is to vigorously develop our corporate bond market. Listed companies fully realize the advantages of corporate bond financing and use corporate bond financing positively. Especially, it is the best time to full play the advantages of corporate bond financing in the background of global financial crisis and the backdrop of stock market. So, this paper researches and analyzes the problems of bond financing of listed companies which has important practical and theoretical significant to optimize the financing structure of listed companies and balance development of capital market and promote development of our county economy.Up to now, research on corporate bond financing is very few and most of them in the view of theoretical and market. This paper studies corporate bond financing only in the view of listed companies. Firstly, the paper summarizes the theory of bond financing, and makes a conclusion that the optimal financing order under standard marketing circumstance: inner financing, debt financing, stock financing. Secondly, the paper introduces the development of the corporate bond market in the developed countries as the representative of the United States and Japan, and then gets useful enlightenment for China. Thirdly, the paper studies the present situation and causes of the corporate bond financing of our listed companies. In addition, the paper studies the short-term market performance and long-term financial performance of listed companies which use corporate bond financing using the event study method, comparative analysis method, on-parametric test methods. Finally, the paper draws the relevant conclusions and puts forward policies and proposals: the government should gradually relax regulation, and give full play to the role of market mechanism; make a sound credit rating system; improve liquidity of corporate bonds to promote the development of the corporate bond market; continuously innovate the corporate bond products; establish the related systems of the protection of investors.