Developing Corporate Bond Market And Optimizing Financing Structure

Stock, corporate bond and the loan to bank are three kinds of main outside financing ways of the company, also are the intrinsic foundation of capital market structure. In countries with fully developed market economy system, the corporate bonds markets are all well developed. But because of various kinds of reasons, the development of the corporate bonds market in our country has long been lagged which is not only incompatible with the theories of corporate bonds market, disaccordable with the practice of international bonds market ,but also inadaptable to the financial system reforming requirement and our country's national economy development. That not only the usage of assets, the selection of investment and the improvement of competition ability are disturbed, the optimization of assets, reform of investment and finance system and construction of security market are hindered, but also the economic growth and sustained development are impeded and the risk of economy is heightened. So we must probe those problems existing in the development of corporate bonds market of China. We can draw lessons from corporate bonds market in those developed countries. Thus we can put forward the method to solve those problems in order to set up the healthy corporate bonds market of China.Full text divides into five chapters totally:Chapter 1:Prolegomenon. This chapter introduces the background to the study, the main method and meaning in the paper, and some research about corporate bond , which lay the foundation for later analysis.Chapter 2:The second chapter introduces the American bonds market and Japan bond market. It has accumulated rich experience in corporate bond management, presented by enhancing market cultivation, increasing liquidity of bonds, paying attention to formation of bond investors and setup strict information disclosing system and emphasize on continuous optimization of market system thus to avoid bond risk.Chapter 3:The third chapter introduces the development history of corporate bonds market in our country and its underdeveloped condition.Chapter 4:This chapter finds out why our corporate bonds market is not well developed. The writer divides the reasons into four: policy, finance, people and else.Chapter 5:The fifth chapter, referring to developing experience and methods of foreign corporate bonds market, also considering the practical developing conditions of national corporate bonds market, this article presents suggestions about developing strategies of the corporate bonds market. In order to influence the development of corporate bond in China, reforms of the systems of corporate bond should be carried out. Including: the system of initial issuance of corporate bond and rate in marketlization, credit ratings, secondary market and introduction of market-makers.Innovation:1,Systematically to expound the development of our corporate bonds market. Referring to developing experience and methods of foreign corporate bonds market, also considering the practical developing conditions of national corporate bonds market, this article presents suggestions about developing strategies of the corporate bonds market.2,In the research of government behavior in corporate bond market, the article have a analyse about motivation behind the government behavior.