The Research Of The Relationship Between The Financing Mode Of Corporate Bond And OTC Market In China

As an important part of the capital markets，the importance of OTC market isbecoming increasingly apparently in Chinese financial system．The inter-bank bond marketis the main body of Chinese bonds of OTC market．The Structure of the Inter-bank bondmarket is imbalance and the development of corporate bonds is seriouslylagging．According to the experience of the development of the capital market of thedeveloped countries，the size of the corporate bond financing in the capital markets is muchhigher than the equity financing，the corporate bond are mainly concentrated in the OTCmarket．This is no coincidence，it is consistent with the theory of capital structure．But thesize of corporate bond financing in the OTC market is smaller and will have a broad spacefor development．To explore the development of the reasonable path of the Chinese OTCmarket has an important significance for solving large funding needs of SME andimproving the structure of the OTC market．This paper put the OTC market in China as the research object，used combining themethod of comparative analysis，theoretical research，empirical analysis，analyzed of thepresent status of Chinese OTC market financing，and studied the performance of corporatefinance mode．At the same time，Principal Component Analysis was used to analyze theinfluencing factors of Chinese OTC market performance from1991to2010．The analysisconcluded that the corporate bond market financing model has significant role for theimprovement of Chinese OTC market performance．And then used the method of timeseries to analyze the characteristic of the changes of the OTC trading market financingperformance．In the end，pointed out the planning and policy recommendations to improvethe financing performance of corporate bond in the Chinese OTC market．...