China's Corporate Bond Financing Problem

Since 1990s, directing financing in the financial market developed rapidly, but corporate bond financing, as an important part of direct financing, obviously lagged behind stock financing. And its development lagged behind government bond and financial bond in the bond market. This status quo contradicts the trend in western countries where bond financing is the major part of external financing for corporations and it seriously restricts the development of capital market in China. Based upon the views of system and market, this thesis p make a deep study at corporate bond financing.Firstly, the paper state the status quo of the slow development of our corporate bond financing as four factors: (1) Corporate bond fmancing scale ;(2) Financing body single; (3)Financing pricing is not reasonable ;(4)Its poor liquidity . Secondly ,it analyzes the bad affect on our corporate complexity, bank financing risk and the capital market on the base of the slow development of corporate bond financing . And it draws a conclusion obviously it is necessary and urgent that develops quickly corporate bond financing, in its, the paper use analysis methods of the combination of the positive analysis and normative analysis ; Thirdly, on the base of the development experience of foreign corporate bond financing (US and Japan), it give some good suggestion and advice in developing our own corporate bond .At last, the author draw six conclusions how to develop our country corporate bond:(1)System reform is the precaution of the development of corporate bond ;(2)Finance infrastructure is its ensure ;(3) Bond product reform is its development motive;(4) Normative rank system is critical;(5) The benchmark interest rate is the market basis, (6)contemporary corporate system is the system basis.