The Research On The Issuing Size Of Chinese Listed Companies Based On The Credit Risk

Of late years, the accelerating development of corporate bond is becoming the mutual and focal point of theoretical world and practicing world. This paper begins with the research of how to control credit risks of corporate bond: this paper, at first, gives a specific definition of the credit risks of corporate bond, then analyzes the source of the credit risks of corporate bond through the theories of asymmetric information, broken windows and inner bankrupt, and based on the background of analyzing the existing state of credit risks of corporate bond in China and overseas, this paper uncloses the default of the controlling of credit risks of corporate bond in China.From the view of the approach of event management , the controlling of credit risks of corporate bond includes three phases: the size controlling before the bond issuing, the credit rating and information disclosure during the bond issuing and the repaying management after the bond issuing. Therefore, during the preliminary phase that the issuing is transferring from Licensing system to Approval system in China, it is essential to control the size of corporate bond to control the credit risks. This paper makes an empiric research beginning with the analyzing about the repaying willingness and the repaying ability, which influence the credit risks of corporate bond, and through improving the model of measuring credit risks of corporate bond from dynamic and static aspects to construct calculating procedure, this paper makes a demographic on the size of corporate bond of corporations in the Chinese Stock Market in 2007, which fit to issue corporate bond, and provides reference to audit the size of corporate bond under Approval system.We concludes that to accelerating develop Chinese corporate bond market and insure the rational growth of the size of corporate bond, it is important to control and manage the credit risks of corporate bond as well as improve the market system of corporate bond, and make the corporate bond market be a perfect market that it is lead by the supervision of government, independently rated by inter institution, and under this system, corporations have the independent equity to issue corporate bond, investors have rational risk consciousness.