| Stocks and corporate bonds are widely used in the direct financing instruments. In international capital market, corporate bonds are used more and more and stocks are used less and less. On the contrary, more Chinese enterprises are willing to issue shares, not to flight bonds. The speed of stock's developing is faster than corporate bonds'. In China, it is normal that unlisted companies strive to go public and listed companies try to ration shares or placing, but this appearance will be thought strange in Western countries. Why is there so different? How to make more and more Chinese enterprises choose corporate bonds and more investor select corporate bonds? This is the reason why the author selected this topic.In the dissertation, after introducing capital market in Western countries and in China, the author analyzes all sorts of impediments to corporate bonds' growth in China. At last, some pieces of tactics are given.Part Ⅰ gives a description for present situation of capital market in Western countries and in China. After the difference between them been compared, the author analyzes the reason why they are so different. Moreover, the author also believes corporate bonds would hold up developing of Chinese economy if it does not pay enough attention.Part Ⅱdescribes the major conditions and impediments to corporate bonds' growth. At first, the author believes that some conditions will give some help to corporate bonds' growth, such as a good economic environment at present, low interest rate, increasing of corporate bonds' varieties, etc. In spite of these conditions, there are four sorts of difficulties in corporate bonds' developing as following: firstly, some of national policy discriminates against corporate bonds. For example, interest rate of corporate bonds is not illegal if it is higher 40% than interest rate of saving when they have same term of redemption. Secondly, because of the dynamic management system and operating mechanisms not be established in the state-owned enterprises in China, the managers of these enterprises are not willing to choose corporate bonds. Thirdly, the rating agency has not unified standard of bond rating. At last, for some problems in bonds market, such as lack of rational investors, the corporate bonds' growth is very slow.Part Ⅲ, which is the principal part of this dissertation, put forward some positive countermeasures aiming at those four sorts of impediments to corporate bonds' growth.In section one, the author discusses that the government should change the developing tactics of capital market and not interfere with corporate bonds' growth. The unequitable policy should be canceled which limits corporate bonds' developing. Moreover, it will be helpful that the state stock can go public. In section two, the author considers that the state-owned enterprises' operating mechanism and bankruptcy system should be established. Under the pressure of loaners and shareholders, the managers will choose the way that is not harmful to loaners and shareholders. In section three, for profound influence of the financing cost, the author discussed some ways to reduce the financing cost. Trying to get higher bond rating, the enterprises will pay less. Style of interest payment should be suited to cash flowing. In section four, the author gives some pieces of suggestion to control the risk of flight bonds. As to the rate risk, the enterprises can design redemption provisions when flight bonds. They can also apply financial instruments to evade risk, such as interest rate swap, interest rate futures, interest rate options, forward rate contract, etc. As to the exchange risk, choosing equal money is the most important way. Some financial instruments can be applied to avoid risk, such as currency swaps, futures on currencies, options on currencies, forward exchange contract, etc. The third sort of risk is opportunity cost of financing. Choosing corporate bonds means asset liability ratio will move upward. When the enterprises want to get more money from fl... |
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