Countermeasure Research For Developing Corporate Bonds Market And Optimizing Financing Structure Of The Listed Corporate

Statement of MM theory has laid the foundation for the modern capital structure theory's development. After that, exploration and research in theorists concerned on the capital structure theory continues to keep developing. Balance theory began to explore the best capital structure; Agency cost theory broadens the horizon, introduced new idea of economic field into the study of capital structure; Signals - incentives model further more taken "New Pecking Order Theory" as theoretical core; and Control theory have discussed the effects that capital structure impact on corporate governance; although various representative theory show different theoretical point of view, the purpose of them have in general produced a classic "Finance Law": Internal financing should be the first choice for enterprise financing. If for External financing, corporate bonds should be the first choice rather than issuing stock. This financing rule obtained the practice confirmation in the Western country. As a result, carrying on the analysis in China's listed companies on financing and capital structure is also very meaningful.Financing practice of China's listed companies is in another situation: the listed companies have a strong preference for equity financing, which was cultivated by various objective and subjective factor, and a series of adverse effects have been brought out by this Phenomena. Based on the analysis for this problem, this article raise the statement to strengthen management for the equity financing preference for listed companies.Then, this article go ahead to carries on the analysis for current situation of China's corporate bonds, and conclude that China are in a underdeveloped corporate bonds market, and corporate financing ability is insufficient, the reasons triggered are manifold: existing both companies internal immature factor, and the objective conditions such as environment and economic systems.Finally, this article focus on the research of the strategies on developing the corporate bonds market and optimizing the financing structure. During the study, through comparative analysis to the corporate bonds financing superiority, it is proposed that listed company basically need to strengthen self-construction as the first lesson, and further more, it is necessary to improve objective environment such as supporting mechanism construction, Market-oriented interest rate, the secondary market construction, investors expansion, as well as the debenture varieties innovation and so on, via these integrated approach to promote the development of bonds market, thus finally realize the target to optimize the financing structure of listed companies.