Based On The Financing Behavior Of The Corporate Bond Market Study

Bond financing is one way of company direct financing. In mature foreign capital markets, companies issuing bonds is the main means of financing, the proportion bond financing is often greater than the proportion of stock and other forms of financing. In China, indirect financing are the methods which the company mainly use, while direct financing mainly use equity-based financing, the proportion of corporate bonds financing is very small. That makes China corporate finance a narrow channel, financing and low efficiency. The market's micro-financing structure hampers the development of the corporate bond market, showing China's capital market in the development of "handicapping" phenomenon. Capital markets within the non-balanced development, then the market will also affect the long-term financial stability and development, even on China's current bank-based financial system to pose a threat. From the perspective of financing, the corporate bond market research, with a view to China's corporate bond market for the good plan.The article is divided into five parts:the first part, expounded on corporate bonds and corporate bond market financing the necessity and importance of combining the research results at home and abroad to study this line of thought and research methods; second part of the theory of bonds Financing and equity financing, bank loans, bonds that companies used to finance the many advantages of the third part of the world's most developed of the United States and Japan bond financing for research, analysis of the reasons for its development, particularly the Japanese bond financing development My reasons for bond financing for the development of important reference, the last of China's corporate bond financing process and the status quo elaborate on China's corporate bond financing the development of deformity; PartⅣ, the impact of corporate debt financing from the most fundamental element of property rights Speaking of relations, pointed out that sound corporate governance structure, the non-market interest rates, the reality of financing costs, the credit rating system is imperfect, single varieties of corporate bonds, secondary market liquidity of the difference in impact on the company and so the financing of acts, but also Affect the development of bond markets; Part V, from the perspective of financing, to improve the corporate bond market is the real path to sound corporate system of property rights, improve the corporate governance structure, promoting the market determine the interest rate pricing mechanisms and innovative corporate bonds Varieties, improve the credit rating system and information disclosure, enhance corporate bonds in the secondary market liquidity.