Research On The Financing Of Listed Companies' Bonds

The experience and research results of developed countries indicates that comprehensive and effective bond market is not only for the improvement of the national capital markets but also can effectively expand the financing channels of the enterprise,especially the flexible financing and use of the corporate bond market will bring unlimited power to the sustainable operation of the enterprise.Different financing behaviors and preferences will lead to 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 of listed companies,the main is the equity financing and debt financing,in the context of our country's current situation,equity financing is the largest proportion of direct financing of listed companies,but the international experience shows that debt financing is the dominant role in direct financing.Along with the implementation of the new measures for the management of corporate bonds,corporate bonds started to present the size of explosive growth,it can not only increase the exchange share in the bond market also can meet the demand of the funds needed for the enterprise development,and promote economic development.At the beginning of 2015,the China Securities Regulatory Commission(CSRC)promulgated the Measures for the Administration of Corporate Debt Issuance and Transaction.The management method divides corporate bonds into public bonds for public investors,public bonds issued to qualified investors and non-public bond issued to qualified investors,small public offering bonds are new varieties of corporate bonds.So this paper illustrated Z company who issued small public offering corporate bonds.First of all,this paper describes the theory of this article,then introduced the main changes in the new version of corporate bond management and the difference between the three distribution methods,followed by a combination of management methods to sort out the main characteristics of small public offering of corporate bonds,and then described the company profile briefly and this paper analyzes the motivation and influence of the company's issuance of small public offering bonds,and the existing problems.At last,the author gives some suggestions and gives relevant enlightenment.