China's Corporate Bond Market Development Problems

Since 1990s, capital market of our country developed rapidly with support of governmental policies, but subsidiary markets of capital market did not developed in balance, the long-term debt market, the stock market and the long-term treasure bond market developed quickly, while the corporate bond market which has small scale, few breeds, unreasonable price and low liquidity obviously lagged behind others. The underdevelopment of corporate bond market has much influence on enterprises, capital market, even the whole economy of our country. This status is not good for enterprises to optimize their operation structure, capital market to operate efficiently, the whole economy to develop at high speed. As an important part of capital market, corporate bond market should play an important role in corporation financing.Based upon the views of system and market, this thesis paper studies and discusses how to develop domestic corporate bond market. In research, the writer has collected and read a lot of financial theories and material about domestic and foreign corporate bond market. Relating financial theories to domestic actual situation, the dissertation studies how factors such as governmental behavior, actions of enterprises and investors have an impact on the corporate bond market. Then the dissertation analyses the possibility of developing domestic corporate bond market rapidly in short time. On the base of above, the dissertation put forward some suggestions and measures on how to develop corporate bond market of our country rapidly and stably.In this paper, we discuss five parts: The first part is about the theories of bond market, and this part also analyses the functions and advantages of corporate bond financing. In the second part, we analyze the situation and history of corporate bond market in developed countries and summarize what we can learn from them. In the third part, we mainly describe the domestic corporate bond market, and find out...