Efficiency Analysis And Institutional Innovation Of Enterprise Bonds Market

The title of the thesis is "Efficiency Analysis and Institutional Innovation of Enterprise Bonds Market". Based on the demonstration analysis of the efficiency of enterprise bonds market, the article analyzes the efficiency result with the rationale of new institutional economics and then finds out the institutional measures to improve efficiency and development of the enterprise bonds market.There are five main chapters: the first one presents the gist, researching background, purpose, meaning, status quo of research in and out of the country and analysis framework of the thesis. The second chapter expounds the academic background, definitudes the main analysis standard of the efficiency, summarizes the theory of new institutional economics and gives the analysis framework. The third chapter is the demonstration analysis of the market efficiency. Firstly the chapter reviews the development of the enterprise bonds market, then analyzes the efficiency of the primary and the secondary market, finally evaluates the general efficiency. The fourth chapter analyzes the institutional reasons arousing the low efficiency and expounds these important institutional reasons of the primary and the secondary market. The fifth chapter brings forward the needs of institutional innovations to reduce the dealing cost and improve the efficiency.