Theoretic Research On Enterprise Bond Financing Development In China

As an emerging market economic country, China's securities markets are getting rapid development. China's securities markets are government-dominating ones, with dual roles of propelling economic reforms and optimizing resources distribution, market forms accord with its demand can only gain government support. As a propeller of the reform of state-owned enterprises (SOEs), stock market plays an important role of government's goal of developing economy and propelling reform. For that reason, stock market gets government's encouragement and so with a high development speed. But because enterprise bonds markets count for little role of the whole strategy of reform of economic system, enterprise bond financing exists only as a complementarity's stock financing of enterprise. Lag of enterprise bond financing development results in enterprise debt financing channel narrowness, over-depending on bank loan, and thus conduces finance risk accumulating in bank sector, without release in indirect financing markets. That sequent is large increase of non-performing loans (NPLs) of banks. At the same time, amounts of deposits exceed the ones of loans in China's Commercial banks system since 1995, with the amount of over 6 trillion Chinese yuan in the end of 2004.In 2003 China government specifically makes mention of active developing corporate bond market, perfecting its issuing procedure, enlarging its issuance scale. In this background, the research on how to quickening development China's enterprise bonds markets has important theoretic and realistic significances.This dissertation systematically studies on development of enterprise bond financing in China based on transition period, taking out a series of valuable research fruit. Now that is summarized as fallows:1. From the international comparison of corporate bond financing in each financing mode, and linking with historical evolvement of China enterprise financing model, we studied its necessity and its feasibility of quickening development of enterprise bond financing in China. With analysis of the influences of developing enterprise bond's financing to operation of commercial banks in China, we dig out that, this influences is mainly positive, can entirely...