| Corporate financing is divided into direct financing and indirect financing. Stocks and bonds are two basic direct financing means.Bond financing is also divided into national debt, corporation bond and financial bond.In mature international capital market, corporation bond is an essential part and its scale is 3-10 times larger than that of the stock. Since 1990s, the direct financing in China financing market has developed dramatically. However, Corporation bond, compared with stock market and financial market, is much weaker in both its scale development in legalizing and commercialization.Firstly, based on the essential M-M theorem, this paper contrasts stock financing and bank credit. It then analyses the comparative advantage of bond financing. In addition ,according to "Corporation Bond Management Regulation", it analyses the differentiation and relationship between corporation bond in our country and that in the international market, indicating that corporation bond has played a critical role in the economic construction in China.Secondly, this paper analyses the market condition, varieties, IPO system and organizational investors of the corporation bond in the United States, Japan and Germany respectively. Simultaneity, it reviews the development skeleton, status of floatation and trading market in China in recent years. It also summarizes that the United States corporation bond will give us a lesson in the respects of sound legal market, market behavior, out of the counter and organization investors etc.Consequently, the paper analyses the factor of restricting the corporation bond in our country from the following four aspects. In the first place, the imperfect legal and other related system have greatly held back the development of the corporation bond development in China.For example, "Corporation Bond Management Regulation " issued in 1993 has much to be improved in levying tax on the interest income of corporation bond, credit rating and the supervise mechanism .In the second place, the management system of the corporation should be improved greatly. For instance, the agent holds the control right; the reassign obstacle of the control right and the bad debt rate is too high. In the third place, the lower flowing flexibility of the enterprise bond is also a factor. At last, lacks of organization investor restricted the development of corporation bond as well.Finally, the paper discusses the feasibility of the corporation bond in our country and submits some suggestions. The continuously creation of issuance and trading market of enterprise bond provided us the basic condition for the development of corporation bond. For example, the reform in the national debt market,the concern of market principal,the raise ofthe quanlity of issance,the diversification of issuance principal,the relaxation of capital use and the lower trade fee rate ect.The paper puts forward some suggstion from the following four aspects. In the first place, to improve all kinds of management legal system, for example, press on with modifying "Corporation Bond Management Regulation" promulgated in 1993; to strengthen credit rating system , to put into effect enterprise guarantee system really ,to speed the debt mechanism construction, to reinforce supervision to credit rating institution, to deal with the interest taxes on income exactly. In the second place, to quicken the reform of the property right, to switch the mechanism of management and to adopt reasonable financing methods are necessary. In the third place, to develop the secondary market, to develop the counter trade market and to speed the listing period of corporation bond are all the good points to follow up. In the forth place, it should also implemented to encourage the organizational investors, to give permission to the commercial banks, fund companies and social pension fund in bond purchase and to establish special funds to support the development of enterprise bond market... |
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