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Primary Market Research On Non - Financial Corporate Debt Financing Vehicles In China

Posted on:2011-09-20Degree:MasterType:Thesis
Country:ChinaCandidate:M Y SunFull Text:PDF
GTID:2199360305998133Subject:Finance
Abstract/Summary:PDF Full Text Request
These days, with the continuous perfection of capital market system in our country, the bond market faces good developing opportunities under the government policies in focusing on direct financing. At present, the main Debt Financing Instruments of Non-Financial Enterprises includes Enterprise Bond, Corporate Bond, Short-Term Financing Bill and Medium-Term Notes, etc. This paper studies the first market of Debt Financing Instruments of Non-Financial Enterprises.As the bond market in our country drives to maturity day by day, it is of great importance analyzing and studying bond issue, credit spread and supervising system of first market. This paper studies Enterprise Bond, Corporate Bond, Short-Term Financing Bill and Medium-Term Notes. First, it introduces the relevant concepts and characteristics of these bonds, summarizes their developing situations; Second, it concludes the first market from a number of facts, including issuers, terms, collaterals, credit rates, interest rates, etc. In particular, it analyzes these aspects of the market situation for the year of 2009; Third, through empirical analysis, it studies the issue spread of the first market for these bonds, finds out the factors that influence the spread, for example:credit rates, collaterals and issuer's characteristics; Last, on the basis of theoretical and empirical analysis, it shows the existing problems and makes specific suggestions.
Keywords/Search Tags:Debt Financing Instruments of Non-Financial Enterprises, first market, Enterprise Bond, Corporate Bond, Short-Term Financing Bill, Medium-Term Notes, credit spread, supervision
PDF Full Text Request
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