The Development Path Of China's Corporate Bond Research

In countries with fully developed market economy system, the corporate bond markets are all well developed. But because of various kinds of reasons, the development of the corporate bond market in our country has long been lagged which is not only incompatible with the theories of corporate bond market, disaccordable with the practice of international bond market but in adaptable to the Financial system reforming requirement and our country's national economy development. That not only the usage of assets,the selection of investment and the improvement of competition ability are disturbed,the optimization of assets,reform of investment and finance system and construction of security market are hindered, but also the economic growth and sustained development are impeded and the risk of economy is heightened. So we must probe those problems existing in the development of corporate bond market of China. We can draw lessons from corporate bond market in those developed countries and profit by the lessons of the past. Thus we can put forward the method to solve those problems in order to set up the healthy corporate bond market of China.This paper takes the Chinese corporate bond as an object, regards its essence as a masterstroke and applies the econometrics and statistics. It is intended to seek out the restraints on the corporation bond market, and its further explanations in particular. Then the proper market approach of development is explored.Part one defines the intension and extension of corporate bond. The differences and linkage between corporate bond and enterprise bond are discussed in order to foreground the key of this paper. The significance of the study as well as the research background is stated and analyzed as well.Part two bases in theory proved that both Finance by corporate bond and corporate bond market are important for economic development.Part three sets up the analysis framework on the base of econometrics and statistics, then proves the status quo that the development of corporate bond scale and liquidity in our country is seriously insufficient. Combining the history of development in corporate bond market, this part picks up the main facts that affect the development of corporate bond market.Part four is the study on the development approach on the corporation bond market in China. Based on the above-mentioned reasons and China's national features, effective path and suggestion is proposed from the aspect of internal institution and external environment of corporate bond market.