Research On The Debenture Bond Market Development From The Perspective Of Our Social Financing Structure

On the international market, the debenture bond market already developed very many years especially in developed countries, the scale also has been big, and academic circles and practice circles already accumulated the certain research results in the debenture bond market domain. In our country, as the reform and open policy goes deep and the modern enterprise system promotes, the debenture bond market starts to develop, especially the nearly two years, has the fast tendency, so researches on the debenture bond market have also become one of current hot topics. Party's 16 sessions of three plenary conferences proposed to advance the capital market reform and open policy positively and to develop stably, in the end of 2005, the People's Bank of China issued "Announcements about debenture bond enters in bank bond market transactions", has promoted the action about standardizing enterprise bond transactions and promoting debenture bond market development. We can see, in the nearly two years, our macro-control policies are almost either direct or indirect promoting debenture bond market development, so researches on the debenture bond market appear specially important and urgent. Although the overseas research is more mature in this field, our debenture bond market has the characteristic as started, our researches should unify with our situations.For such consideration, the author chooses our debenture bond market as the main research object, from our social financing structure angle, through the standard research way, making the use of finance market data to carry the statistical analysis and establish the relation between our social financing structure and the debenture bond market, then seeking the questions and producing some suggestions on how to cultivate our debenture bond market.This paper includes five chapters, the structure and the content as follows: Chapter 1:research background and related concept definition. Because of the different analysis angles, the views on the related concept definition are different. The author in this chapter defines the financing, the financing structure, and the social financing structure; and discriminates indirect financing and direct financing, the enterprise bond and the debenture bond, finally defines the bond market. Regarding the enterprise bond and the debenture bond, the author believes, the two belongs to the identical category, in the capital market, the enterprise bond is the debenture bond.Chapter 2:financing structure theories and research on the debenture bond. This chapter revolves changes of our social financing structure and researches on the debenture bond, and carries on the review and the commentary according to the historical order. Through the theory review, The author thinks the significance of the enterprise bond market development has five: being beneficial to optimize our finance property structure; being beneficial to alleviate the question which deadline of the commercial bank wrong matches; being beneficial to open up the enterprise financing channel; being beneficial to meet the investors'different needs and enrich the tool of investment.Chapter 3:present situation on debenture bond market. Searching the correlation data of finance market from 2002 to 2006 to carry on the statistical analysis, through the contrast of our social financing situation and the structural density in these five years, as well as the comparison of the bond structure in bond financing, we know: first, in our social financing structure, the proportion of indirect financing is higher and occupies the dominant position throughout; second, in the direct financing system, the bond market and the stock market does not balance; third, in bond market, enterprise bond development seriously lag. Then the author discusses the cause of our social financing structure, as well as the existing financing structure which has influence on enterprise governs, finance market and social resource dispositions. Chapter 4:the direction for our debenture bond market development. This is the final goal of the study in this paper, and it is also that the author produces some suggestions to our enterprise bond market development on the base of studies in other chapters. The author believes that the next development of our debenture bond market should be divided into two steps. First of all, it is the near future, we will need to complete three works: first, should publish the act of administration which adapts the market economy system; second, should formulate necessary measures which match the act; third, should coordinate the enterprise bond market development and make some innovations in the system at the right moment. Next is perfecting our enterprise bond market. We must carry on achieving: to establish the risk guard mechanism for enterprise bond; to gradually expand the enterprise bond market scale; to enrich varieties of the enterprise bond and advance the interest rate into the market; to continue perfecting the corporation-governed structure.Chapter 5:concluding remark. This chapter has carried on a simple summary to full paper. This chapter first explains the importance and the urgency on the debenture bond market development from two aspects. At last, the author believes that most basic one is to break through the system fetters of debenture bond market, no matter the near future or long term look.The author thinks the paper has some features in below aspects:First, on the basis of the national condition, throughout persisting realities of our social financing structure and the debenture bond market, finding the connection between the two, looking forward to producing some proposals to our debenture bond market in the end of the research.Second, some new ideas in content. At present, domestic researches on the bond market are mostly concentrated on the national securities and the financial bond, especially in the national securities, the research on the debenture bond is relatively less. From the angle on the research of the debenture bond market, the study almost about the present situation of our enterprise bond market, the market supplies and the demand aspects, as well as comparison with the overseas mature market, few researches from the social financing structure angle.Third, the actual effect is stronger. First of all, in the nearly two years, our macro-control policies are almost either direct or indirect promoting enterprise bond market development. Then when choosing data in the research, the author chooses the nearly five years'data in the finance market, and guarantees the quality of research results and strengthens the actual effect of research results at the same time.