Study On The China Enterprise Bond Market Development Based On The Product Innovation

Enterprise bond market has always been an important part of finance market, and it is also an important channel of direct financing for enterprise. Its development would not only help to diversify the financing sources of enterprise, to optimize their capital structure, and to satisfy inverstors’ various demands, but also play an important role in the improvement of security market and the development of national economy. From the beginning of enterprise bond market in China, the lack of innovation had been the main impediment of the development of market. Compared to the stock market, the circulation of enterprise bond market is more less than stock market, as the enterprise bond market to bond market. This paper have a study of China’s enterprise bond market on this situation, from the view of product innovation analyze the development of the enterprise bond market in China, we divided the product innovations of recent years into six sectors, which respectively is time limit, floating rate, embedded options, credit enhancement, currency type and issuing mode. This paper analyze the market in these six aspects of the review and summarize quantitative analysis of product innovation and market development of China’s enterprise bond market, and further on demonstrate product innovation’s important role in promoting the development of the enterprise bond market and the enterprise bond market development’s role in promoting product innovation and further from a macro perspective to promote product innovation and thus the development of China’s enterprise bond market policy recommendations.This paper consists of the following aspects:The first chapter explains the background of the topic and why the topic is meaningful. Based on previous research in this field, we outline the plan and significance of our research. And also we redefined some easily confused definitions clearly.Chapter two summarizes the development of China’s enterprise bond market. Mainly includes three aspects, the history of China’s enterprise bond market’s development, the present situation of China’s enterprise bond market’s development, the problems in the development of targeted summarized. Chapter three has a study on product innovation in the enterprise bond market in China. Which divided into six sectors, respectively is time limit, floating rate, embedded options, credit enhancement, currency type and issuing mode. The study found that these six aspects of innovation covers the most innovative solutions of product innovation in China’s enterprise bond market. It can be said that China’s enterprise bond market continued to expand from these six dimensions, has initially formed products increasingly rich, steady growth, sound market mechanism, to build a solid frame of China’s enterprise bond market.Chapter four take empirical research method to build the factor analysis model, cointegration model and Granger model of product innovation for China’s enterprise bond market driving factors were studied and designed on the basis of the evaluation of product innovation indicators system, the index system and China’s enterprise bond market issuance quantitative analysis, the study found that China’s enterprise bond market product innovation take important role in promoting the development of the market, and the development of the enterprise bond market will in turn promote the products in the product innovation of market.Chapter five is the conclusion and summary of previous findings, in order to promote the development of the enterprise bond market, we should continue to promote product innovation, product innovation is an inexhaustible motive force to promote the development of China’s enterprise bond market, and at last to establish a mutual promotion situation of China’s enterprise bond market.