On The Plight Of China's Corporate Bond Market Its Way Out

The debenture market is the most important part of the finance market. In this article, based on the IS-LM model theory^ the property-demand theory and the corporate capital -structure theory, we can easily come to the conclusion that the debenture market must be developed badly in our country. But the fact is not so. The theory and policy on the debenture market in our country have been fallen behind far away to the demand of the practice and it have made great endanger to our country's economy developing. Today, the debenture market in our country have gotten into the double-difficult position. In one hand, the structure of the supply and demand of debenture market are not rational, the contradiction of the supply and demand is very serious, the systems of the market have not formed a complete set. In the other hand, the scope of the debenture market is very small, the action of the medium-organizations are not standard, the finance risk is very serious, the financing innovations are not operative. The reasons which lead to the plight are very complicated, and that is the influence of the tradition planning-economy system, the failure of the market developing strategy, the low level of the management and the quality of our enterprises are not so good. So, in this article the writer believe that our country must set the basic principle of marketing, perfecting, safety and controlling. In the more, the writer suggest setting reasonable developing strategy, efficient managing system, preventing finance risk, carrying out the management which based on the law, bringing up a lot of exceptional person on the debenture marker.