The Study Of Corporate Bond Financing On Chinese Corporate

With the development of economy, the enterprises of our country demonstrate the many trends in the structural respect of the capital more and more, financing tools and financing proportions used have all got sufficient development. How to raise the funds, obtain the steady and full capital source in time, become the cardinal task that enterprises consider. So, as one of the important decisions of enterprise's financing, enterprise's financing is essential for the survival and development of enterprises, and stick precaution of risk.The introduction of this article first introduces the selected topic reasons from the theory significance and the practice significance, then introduces from domestic and foreign about the bond financing main theories, the documents and the research present situations. The subject parts tell the theory about financing of bonds in terms of contrasting with the financing of stocks and comparing with and bank loan financing respectively at first. According to the capital structural theory of modern west, the financing order of enterprises under standard marketing circumstance is direct financing, bond financing, and stock financing. In the developed market economy countries, the security market is the important source of the funds of sources outside enterprises. Among funds of security markets, bond financing proportions are much higher than stock in enterprises. But in terms of fund-raiser, compared with issuing stocks, the bonds financing, comprehensive costs are lower. Financing of corporate bonds can raise a large amount of funds for enterprises as one of the important ways of enterprise's financing. However, through comparing with company's bonds financing to the stock financing of listed company, comparing with the foreign company's bonds financing state of security market of developed countries, we can find the proportions in the financing of listed company of our countries of company's bonds are very low. The advantage of company's bonds has not been totally given play to the listed company yet. In addition, through a real example thatthis articled quotes------Company bonds experiments that bonds financing optimizesthe structure of capital, we can find company bonds may play a role in optimizing the structure of capital of listed company of our country really, we should develop company's bond in a more cost-effective manner.If the listed companies would like issue company's bonds, from the view of company's financing, how is company's bonds financing applied to the listed company? We first consider financial analyzes and external environment condition and then determine the opportunities. Then consider the bond varieties of the company, respects of designing etc specifically, and familiar with the risk about company's bonds financing and the precaution of the risk at the same time. Finally, by the instance analysis we can understand company's bond financing is used in the listed company specifically.