Study On Influence Between Corporation Performance And Bond Financing In The Listed Companies

Bond market is an important part of the capital market and is an important channel for direct financing. But compared to the equity financing or bank loans,Chinese bond long lagged behind other financial markets and national economic development,what is due to economic constraints of environmental and economic systems. Bond market is the "shortcomings."of the capital.August 14,2007, the official China Securities Regulatory Commission promulgated the "Experimental approach of corporate bonds issued " (referred to as the "Experimental approach"), which marked the work of Chinese corporate bond issuance was officially launched.This article is divided into five chapters. The first chapter briefly describes the article the background, purpose and significance; the second chapter reviews the domestic and foreign policy theory and the research results about financing structure of their predecessors; the third chapter describes Chinese bond situation and characteristics after the "Experimental approach of corporate bonds issued"with comparative analysis and descriptive statistics,and the result displays the issue size has a large-scale growth, the credit rating of bond issuers and the way of mortgage diversified.The fourth chapter selects data of companies of the new four-year 2006-2009 who issued bonds after" Experimental approach of corporate bonds issued", with Tobin's Q value of the company performance evaluation index, an asset-liability ratio, margin financing costs as the independent variable, model building inspection asset-liability ratio, the cost of margin financing and asset returns, the relationship between the Tobin Q value of the Empirical Research. The results shows the cost of margin financing and asset return and return on assets, Tobin's Q value is significantly positively correlated.The results showed that the cost of margin financing and asset return and return on assets, Tobin's Q value is significantly positively correlated. It shows the issuance of corporate bonds, helps to reduce financing costs, improve company performance. However, Chinese bond market is still relatively weak, there is a certain gap with foreign countries, " Experimental approach of corporate bonds issued" solves some restrictions, but there are still some problems; the last chapter proposes some comments to develop bond market.