The Listed Company Debt Financing Problem Study

With the prosperity of economy, enterprise development is inseparable from the financing from creation to survival. Different financing behavior and preferences to the enterprise can form different capital structure, this will have important influence in the future of the enterprise’s strategic development, operating performance and corporate governance, therefore, the choice of the ways of financing is very important to the enterprises. In the direct financing channels of listed companies, the main two ways is equity financing and debt financing. In the international capital market, the bond financing in international direct financing proportion is more and more big, compared to equity financing, has held a dominant position in the direct financing channels. However, China’s stock market development speed is greater than the bond market development speed, equity financing than debt financing in capital market, capital market development in China and the international development trend is opposite. In our country, private companies prefer to public offering; The preference of listed companies in a rights issue and secondary offerings. And the order of the foreign enterprise financing decision is internal financing, debt financing, equity financing. Our country appeared opposite phenomenon must exist the causes. To explore the reason and analysis of problems existing in the development of the listed company bonds, and how to accelerate the development of bonds of listed companies, make our country capital market coordinated development in stocks, bonds, corporate bonds is the motivation of the paperThis article uses the study method combined with a case of norms. First expounds the basic theory of bond financing,the analysis of listed companies financing order is; internal financing, debt financing and equity financing. Then we compare bond financing and other financing ways, it is concluded that the advantages of bond financing, the defects of other financing ways, and corporate bond financing of different modes in the world. Bond financing in listed company are analyzed, with the listed company-ChongQing water group as an example, analysis the company problems which in the process of bond financing and put forward the corresponding proposal and the countermeasure to improve the bond financing in listed companies.