The Comparative Research Of Chinese Enterprises' Modes Of Bond Financing

Enterprises can choose a variety of financing channels. But different channels have different costs, risks and the compensation, and also have different impacts and constraints on the management of enterprises. Therefore the main task of corporate finance is to select a suitable financing arrangement according to actual situation of the enterprise, reducing financing costs. Bond financing is one of the most important direct financing mode to help enterprises to improve their capital structure, strengthen the budget constraints and enhance the competitiveness of enterprises. Even though the reform began 30 years ago and the structure of China's capital market at constantly improving, but the model of "pay attention to stocks, look down on bonds" in our country created a partial stock-based pattern of direct financing. As an important part of the capital market, the bond market has been lagging behind. Its outstanding performance in the bond market is small issuing scale, no market-oriented pricing, bond trading market division, lack of liquidity, many regulatory authorities and weak credit foundation. Analysis of capital markets in developed countries, all have a well-developed bond market, bond market and stock markets are balanced development. At present, our country backward development of the bond market not keep abreast of the international bond market, and also not meet the needs of a multi-level capital market development in our country. Therefore, we must seriously study the problems in our bond market, find the reasons causing slowly development, and promote China's bond market and capital market development.In this paper, based on the enterprises can choose the ways of bond financing in the domestic bond market, through comparing and analyzing the differences of the four major bonds - enterprise bonds, corporate bonds, short-term financing bill and convertible bonds in the applicable laws, regulatory systems, market access, trading in different markets and so on, we can find the main reason which restrict our bond market' development and find a multi-level path to improve the development of our bond markets.