Development Of Corporate Debt Financing The Need For Analysis And Policy Recommendations

Enterprises finance through Corporate Bonds not only provides the financing way, but also enhances its value. Corporate Bonds provide financial instruments for the capital market and the foundation for the capital market property price. Corporate Bonds also provide a reliable transaction method for the capital market to relief risks, give the tool for the financing, promote the capital market development greatly. As a result, enterprise's financing way has relation to the development of the enterprises, it also relates to the development of the financial market, especial the capital market. The thesis analysis the financing of corporate bonds and the development of capital market from two angles in this article. There are corporate financing and corporate bonds'function to the capital market.At the beginning,the thesis makes an outline to the enterprise financing system, launches analysis to the characteristics of enterprise financing in different development stages, the followed, is a detailed analysis on the cause of our backward enterprise bond market, which studies the practices and starts from enterprise bond status in capital market.View from the experiences of the developed countries, either Market Orientation Countries, or Bank Orientation Countries, the enterprise bond financing played an important role in the capital market development. The typical model of Market Orientaton Country, the Uninted States,whose capital market is the best developed in the world, sees that enterprise bond holds big proportion in the US capital market. Japan, the typical model of Bank Orientation Country, whose bond financing was not good at first, but got well developed after it's interest rate marketability, then the capital market also develops rapidly. Therefore, analysis on the enterprise bond financing and the capital market development of US, Japan and other developing countries would be of much significance to our country.The enterprise bond market is the indispensable important constituent in a mature capital market. From the point of enhancemet of the financial efficiency, the enterprise bond is a financial tool with the most innovative ability besides it's funding function. The development of enterprise bond market, is advantageous to the dispersing of non-system risk in the capital market, provides the foundamental product for the financial innovation, is advantageous to the enhancement of the efficiency of the capital market, also produces sufficient funds for the capital market development, thus promotes the development of the capital market effectively.Finally, the thesis analyses the current enterprise bond financing and the capital market development of our country, and points out the problems and the significance of enterprise bond financing for optimization of the capital market of our country and improving financial efficiency, also proposes the corresponding basic solutions .