Development And Countermeasures Of China's Corporate Bond Research

China's economic liberalization and reform gave birth to the China's capital markets. As China's market economy evolved, there has been an increasing demand for a more market-oriented resource allocation, leading to the gradual establishment and development of China's capital markets. The capital markets have become one of the driving forces behind a series of important economic and social reforms, and their contribution to and influence on China's economic and social development have grown steadily. Although China's capital markets have benefited enormously the country's economy and its desire to modernize, it is still at an early stage of development and face many issues, such as a small operational scale, little direct financing, imbalanced development of bond and equity markets, and so on. Our capital markets focus more on equity markets rather than bond markets. Meanwhile, in the small bond markets, with nascent corporate bond market, national bonds and financial bonds have been developed better than corporate bonds.Corporate bond market is an important part of financial system of a country, and an indispensable aspect of a wholesome financial framework. It has very great influence to the investment and financial system and the capital allocation of a country. To raise the capital with domestic corporate bonds can improve the capital structure and the corporate governance, and it also can help corporations reduce their financing costs. It has become a common understanding and one necessary to speed up the corporate bond market development.Based on a brief theoretical retrospect and summary of the relevant research works on corporate bond in China, this thesis defines the connotation and scope of corporate bond, compares the difference of corporate financing methods, analyzes the difference and relation between corporate bond and enterprise bond and others, states the history evolution and the current status of enterprise bond market and corporate bond market practice in China, also summarizes the experience and lessons. Reference to the experience and lessons of China and other countries, the thesis arrives at a conclusion that it is very essential to develop the corporate bond and its market, because it can improve corporate capital structure, help the development of financial markets, enhance the capacity to counter financial risks, contribute to the economic development, and so on. At the end of the thesis, some advices are also brought forward on how to develop our corporate bond market from five aspects.