Study On Scale Expansion Of Corporation Dond

Corporation bond development was slower than the stock and the government bond in china. With small circulation and dull dealing, the scale of corporation bond almost has no expansion. Although the corporation bond is an important tool of investment and financing in many countries, it failed to play its part in china. This research proposed a study of the corporation bond. On the basis of studying the characteristic of different country's corporation bond in the world, the essential mechanism of corporation bond scale expansion was researched. Taking account of Chinese reality, author studied the limiting factors of corporation bond development, and evaluated the possible expansion space of corporation bond in China.Basing on the data from 32-38 countries and region from 1990 to 2003, the mechanism of corporation bond scale expansion was studied on the gross macro-economic variables. It showed that the scale of corporation bond is very different in various countries, and appeared lopsided development tendency in recent ten years. The corporation bond scale (Corporation bond market capitalization to GDP) have significant positive relationship with the economic gross output, the economical level and the business scale of the bank, but have negative relationship with the deposit scale obviously. It is concluded that the corporation bond expansion depend intensively on the condition of the economic development. Analyzing the relationship in difference periods, it showed these variables mentioned above have different effect on the corporation bond scale. The model established in this paper showed that the economical level was the only variable relation with the corporation bond scale in 1990. There are two variables having relationship with corporation bond scale, which are economic gross output and the economical level in 1995. Nevertheless, there are four relation variables including the economic gross output, the economical level, the business scale of the bank and the deposit scale in 2003. The corporation bond market appeared later than bank credit, stock and government bond. Its scale had fuzzy relationships with the stock market scale,but had obviously positive relationship with the credit scale and the government bond scale. Larger market scale of the credit and the government bond, larger the corporation bond market scale. It was concluded that the kinds of debt finance product have same trends in development.Observing the mechanism of investment and financing further, it indicated that investors take more consideration into the risk because the corporation bond face value is fixed. So the factors influencing the degree of corporation bond risk and the ability of control risk will be the most important facts affecting the corporation bond scale. It was concluded that the factors effect the expansion the corporation bond include distinguish ability of the publisher information,...