Research On The Path Of Development Of Corporate Bond Market In China

The "Company Law" in 1994, has been included on the corporate bond conducted a specification (a part of these specifications, transit of people the "Securities Act",which amended in 2005) in the special chapter, but until 2007, after the introduction of "the pilot approach to corporate bond issuance," the true sense of the corporate bonds were able to come out, which not only seriously hampered China's bond market development, but also severely restricted the problem of the financing difficulties of SMEs and interest rates to alleviate market-oriented.This paper summarizes the domestic and international literature on corporate bonds, pointing that the starting point of this paper and the end result; followed by changes to the system based on the theory and system, respectively, from both formal and informal systems to analyze the impact of the system factors on corporate bonds market development in China, making the system test and analysis of subject behavior and the underlying institutional causes and operations of corporate bond market; Then, we use the game theory, making the microstructure research on the main stakeholders involved in the perspective of the corporate bond market in order to build the most appropriate function of the corporate bond market to play the market structure, promoting China's corporate bond market efficiency; Finally we contrive that the company information disclosure mechanism is the source of problems existing in the corporate bond market of China, the Government should shift the administrative bonds to the regulation of the companies and the agencies.Finally, put forward a sound idea of the corporate bond market in China, our company in sound based on the information disclosure mechanism to continuously improve the corporate bond market microstructure, making China the corporate bond market to healthy development.