| On the way of financing,listed companies has a more diverse selection than non-listed company, their choice of financing instruments and performance will become the focus in domestic and foreign academic circles.From the view of current situation of China’s listed companies financing, the financing structure has a serious imbalance problem,the ratio of equity financing is much higher than bond financing, particularly in the current Commission will tighten over IPO, as well as domestic investment environment overall downturn, shares of listed companies financing more difficult. The total amount of debt financing has increased steadily in recent years, in 2013, China’s total issuance of local currency bond market debt 8.82 trillion yuan, increased 9.89% within the same period; At the end of 2013, the number of China’s bond market registered depository bonds is 2032, increased 73.68% within the same period, more and more attention to bond financing of listed companies, which may also become one of the most important future financing. Therefore, the study of bond financing of listed companies is very important.The research of current financing corporate bonds basically from the view of market point to analysis the status of China’s corporate bond development problems and propose solutions. In contrast, the resultis abstract or stay in the theoretical analysis of the basic level which need the evidence of actual cases. The paper use the listed companies as a starting point to research firm bond financing, first order to the development of the corporate bond,describe the theory of corporate bond financing. Get a result of the company obtained the optimal financing order: source of financing is before the external financing; external sources of financing to debt financing, equity financing after; secondly, the advantage of bond financing compared with equity financing and bank loans by cost, risk analysis and other differences; then as the representative of United States and Japan, describe the causes of the present situation and developed corporate bond market development, obtain beneficial enlightenment to China; then study the status of listed companies in China bond financing, and analysis its causes; another article also uses case analysis to Yangtze Power as a example, analysis the changes of financial indicators before and after it was released, the impact of China’s listed companies choose to bring debt financing, and puts forward the future development of the company’s debt outlook. Finally, summarizethis paper, draw relevant conclusions and policy recommendations based on these conclusions the development of the corporate bond market: government should gradually deregulated, give full play to the role of market mechanisms; sound credit rating system; improve the liquidity of corporate bonds, promote the development of the corporate bond market; continuous product innovation for corporate bonds; the establishment of related systems for the protection of investors and so on. |
