| Research purpose. Debt finance is an important part of corporate capital structure, and bonds market is an important constituent of capital market. Corporate bonds are basic securities which coordinate with T-bonds or stocks, and they are one important channel to finance and are significant financial instruments. In most of the developed countries, direct financing is the basic means of corporate finance, among which corporate bonds dominate while the financing function of stocks has been weakened. But since long before, corporate bonds market in China has developed so little that not only the usage of assets, the selection of investment and the improvement of competition ability are disturbed, the optimization of assets, reform of investment and finance system and construction of security market are hindered, but also the economic growth and sustained development are impeded and the risk of economy is heightened. Developing corporate bonds market is an important and urgent task for both the financial and industrial development. At the same time, the finance structure of domestic enterprises is unreasonable, contrary to the pecking order theory and practice abroad. In comparison with non-listed companies, listed corporations, which are in good possession of various financing means, prefer equity financing to debt financing, which is almost equal to zero. As a result, the finance and governance structure of listed corporations are not rational, and the healthy development of capital market and optimal distribution of social resources are harmed. To optimize the finance structure and improve governance structure, it is of great importance to increase the portion of finance with corporate bonds of listed corporations. As the relatively good members of China's enterprises, it is not only necessary and feasible to issue bonds for listed companies, but also advantageous comparingwith non-listed ones. The development of corporate bonds by listed companies will not only improve the finance structure of listed companies, but also help to solve many problems that harass the corporate bonds market and thus promote its development. In short, the purpose of the dissertation is to discuss the interactive relationship between the development of corporate bonds market and the optimization of capital structure of listed companies, and thus to promote the concerted development and coordinated interaction of the bond and the stock markets.Main contents. By analyzing the status and problems of the development of corporate bonds market and the capital structure of listed companies, and by analyzing the interactive relationship between them, the dissertation argues that on one hand, China's corporate bonds market needs to be developed further to optimize the finance structure of listed companies, on the other hand, it is necessary for listed companies to increase debt finance to improve their capital structure and thus to help develop corporate bonds market. The dissertation consists of five chapters.Chapter 1, the coordinated development between capital market and finance structure. First, the dissertation discusses related concepts and theories on corporate finance, which both imply that debt is preferred to equity in finance order. Trading-off and pecking order theories are introduced as two important ones on capital structure. By summarizing the two theories, it shows that the capital structure affects a corporation's governance structure and market value, and that the reasonability of capital structure affects the interests of stakeholders such as shareholders, debtors, executives and workers. Moreover, the two theories share the notion, which has been proven by recent practice in main western countries, that debt is preferable to equity in finance order.Chapter 2, the unbalanced development of China's capital marketand irrationality of finance structure. First, though China's capital market has developed quickly, there is a serious problem of unbalanced structure, that is, a fast growing stock marke... |
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