The Research Of Corporate Bond Market Scale

Corporate bond market is a major part of the capital market and an important concourse of financing in the economic subject. In USA and Japan which are developed in market economy, the corporate bond market has become the core issue of the capital market, and the corporate bond is the uppermost means for enterprise to finance. Usually, the corporate bond financing is often 3 to 10 times of the equity financing. On the contrary, with the development of twenty years, the corporate bond market developed much less than the stock market in our country, the capital market is unbalanced development. As the key point of development of China’s future capital market, the corporate bond market remains the brightest market in China, based on its role in improving the structure of capital markets and its position in direct financing. Developing the corporate bond market is thus not only necessary for financing, but also for enriching corporate investment variety, constructing multi-level capital market and maintaining the order of the whole economy.This thesis based on corporate bonds related theory such as commercial credit theory,MM theory and information asymmetry model, analyzes the current situation of enterprise bond market scale development of our country, explore the main existing problems in our country’s enterprise bond market development, then draw lessons from foreign experience,put forward some corresponding suggestions. This thesis is divided into the following five parts: The first part, as the preface, introduces the background, significance, the general situation of such a topic worldwide, the research approach and train of thought. The second part is briefly introduced the basic theory of corporate bond market. The third part is a current situation and main problem of corporate bond scale development in China. The fourth is a comparison of the corporate bond market between China and the whole world. We choose the corporate bond market in American and Japan, compare them from four aspects. The fifth part puts forward countermeasures of the enterprise bond market scale development in China.