| Corporations continuously need to collect capital to meet the demand of finance during the process of establishment and development, which requires to open a variety of capital collection channels. It has been demonstrated that by developing corporation bonds market and descending the percentage of financial assets of banks to GDP it could enhance the capability of the entire society to resist the financial risks. As to the corporation, that could descend the corporation's capital costs and promote corporation harness.Nowadays, the society's savings have exceeded 10 thousand billion Yuan and the percentage of the financial assets of banks to GDP has reached a risky point, further more, the assets of banks mostly turned out to be loans to the corporation which lacks of liquidity. To develop corporation bonds market is eagerly needed to solve these problems. Since 1992 the stock market has walked long before bond market. The listed corporation collected more than 90 billion in 2000 and 2001 in Shanghai and Shenzhen Exchange. However, corporations collected only 8.3 billion in 2000 and 22.2 billion in 2001 in the bond market. In order to enhance the security of financial system and promote the activity of corporation, we should develop bond market with great efforts.It has reached totally agreement between authors and officials on the necessity to develop bond market. However, their views scattered in a variety of papers and magazines, and mostly eyes on a special aspect, lacking of a systematic study of the entire market. It's a systematic project to develop the bond market that need consider all kinds of problem during the process of development. So to study the bond market from extensive aspects means we need start from the basic theory to mechanism and find out the ways to solve the problem at last. All these... |
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