Research On Development Of Corporate Bond Market In China

Due to the development of the corporate bond market is lag in our country, it didn't grow up to a hotspot for long time. But with the corporate bond marke grew up fast since 2001, the study in this field increased gradually, enriching the theories and policies in the field in our country and producing the positive effect to promote the development in the field. But the study at present is sporadic and non-systemic and never seeked the key reasons from histical facet which restricted the develpoment of the corporate bond market of our country, so policies and advices gived are elementary, it never formed clear conclusions concerned market orientation and development strategy in this field. This thesis will grasp general rule of the corporate bond market from historical facet, combining the special system arrangement in special transformation period of our country, to seek the key factors of our corporate bond market. The integration of the common and characteristics study enrichs the research of our corporate bond market and the conclusions have practical strategy meaning. This thesis is organized by five chapters as follows:Chapter1 is the introduction,this chapter is the brief explanation of the whole thesis,mainly expounds the significance and background of research,recalls the related papers and research situation at home and abroad,briefs the angle of the research,approaches and structure of the study,and sum up the main creation points of this thesis.Chapter2 is the fundaments of the full thesis. This chapter focuses on the concept,origin and developments of corporate bond market. And lastly review the history of the development of corporate bond market of China.Chapter3 and chapter4 are the main parts of the thesis,focusing on providing theoretical study basis.Chapter3 provides a analysis on the bank-oriented financing structure nowadays in China from macro-angle,combinmg with the theory of New Institutional Economics.Chapter4 gives a analysis on the flaws of microstructure characteristics of the corporate bond market of China.Chapter5 mainly provides institutional arrangements and policy recommendation about how to develop the corporate bond market of China.