Research On Timing Choice Of Corporate Bond Financing Market

All along, the company’s financing on select issues, China’s listed companies there areserious equity financing preference phenomenon, the proportion of debt financing in thefinancing structure of listed companies has been at a low level in the cause of our country’slong-term financing structure imbalance. As the Chinese financial system, the pace of China’sbond market reforms have never stopped. In particular, since the beginning of1996, China’sbond market has been restored and stable development trend.Since the1980, the emergenceand development of behavioral finance theory, anomalies appear on these theories explain thestock market than the traditional finance theory financial advantage. Market reaction toinformation such as insufficient or excessive reactions, these anomalies is difficult to get rightin the correct interpretation of the traditional premise of the efficient market hypothesis,therefore, the traditional theory of financial financing being questioned, but also thecorresponding behavioral finance accelerated rapidly development.In addition, the study ofrelevant literature a lot of financing, equity financing market timing Selection of a lot, but inthe research market timing in terms of debt financing is extremely scarce. This article willintroduce corporate bond market choices financing market, bond financing to solve the issueof the existence of market timing behavior questions for market regulators, businessmanagers and investors in the capital markets provide theoretical support and policyrecommendations. The main point of this study is that corporate bond market financing andequity financing markets, there is a market choice behavior. Market interest rates is one of thefactors that the bond market timing issue that must be considered, participants bond index ofcorporate bonds and government policies are most in need of attention financing marketplace. Due to the development of bond financing in our short time, domestic research istested with cross-sectional data. In this paper, a method of study abroad, the use of thetwelve years of the time-series data for testing. For the present study the model parameters,without considering the cost factor in market interest rates affect bond issue, I think it is verycomprehensive. Finally, the use of statistical analysis of samples, econometric methods,from RESSET preclude the use of financial research database, data from China EconomicInformation Network database, etc., and test hypotheses proposed issuance of bondsfinancing the conclusion that the existence of market timing behavior.