Development Status Of China's Corporate Bond Market Study

The corporate bond plays an important role in the financing channel for its unique advantage. In the developed countries, there is often a big saving volume of corporate bond; while the development of corporate bond in our country is still out of our satisfaction, its deficiency is not only for the total issuing volume, its scale, but also its various principal issuing parts.The thesis starts from the present situation of development of the corporate bond market, pointing out that compared with the stock market, the development of corporate bond market is slow and its scale is too small; most of the entreprises'exterior capital excessively depends on the credit of banks, the stock market is also bearing a good-sized financing pressure. Therefore it increases the risk of our financial system considerably, the contrast is even more obvious especially comparing with the developed countries. Accordingly, the thesis reveals the main problem existing in the entreprise bond market of our countries from the angle of the new institutional economics, through which combining the substantial evidence research and norm research. And it is also the core part of this thesis.The primary part of this thesis is from the perspective of the participants'action of the corporate bond market, to explore the further reason of the lag of our corporate bond market—the deficiency of system. The substantial analyse about the corporate bond issuer since 1998 shows that, in the name of corporate bond, we have not only issued the true meaning corporate bond, but also the government institution bond, the local government municipal bond. While the size of the true meaning corporate bond only accounts for the 1/3 of the whole.What's more, on the basis we mentioned above, the thesis futher analyses the"distortion"of all participants of the corporate bond market.