China's Corporate Bond Market Development

Corporate bond market is an important part of the capital market. In developed countries, companies have already used corporate bond as their main financing way. In our country, however, as the late appearance of corporate bond market its development lagged behind compare to the stock market. Being the short lag of the capital market the underdevelopment of corporate bond market seriously prevented the whole growth. Therefore the research on how to use corporate bond market to improve capital market development and optimize company financing structure has an important practical significance at this moment.The thesis consists of six chapters. Firstly, the related theory and research on the corporate debt and the necessity of developing corporate bond are introduced at the beginning. Secondly, I summarized the related concepts, the different types and some derivatives of corporate bond. In chapter three, the development status and experience of international corporate bond market are summarized. In chapter four, I analyzed China's corporate bond market, which including the development process, the development status, the constraints, etc. At the end of the thesis, combined with the practical situation some advices are also brought forward on how to develop our corporate bond market:clarifying the position of company bond market, establishing of "a master-secondary" bond market structure, strengthening its system construction, cultivating institutional investors, establishing a system to protect investors and regulating corporate bonds credit rating systems, etc.At the time when China's capital market is still immature corporate bond market has a huge development potential. The government should create better circumstances to support corporate bond market so that it could play an important role in the international capital market.