Analysis Of The Primary Market For Debt Financing Instruments Of Non-financial Enterprises In Suzhou And Study Of Countermeasures For Improvement

China’s bond market has gradually matured over the years,and a variety of direct financing methods and channels have significantly expanded the financing means of enterprises.In particular,non-financial corporate debt financing instruments issued by the interbank market have played an extremely important role in the allocation of economic resources.Suzhou region,as one of the most economically developed regions in China,has the highest issuance scale of non-financial corporate debt financing instruments in Jiangsu Province,and its market development is characterized by obvious and remarkable achievements.However,there are many problems here in the development of the primary market,such as the gradual decrease of private enterprises issuing non-financial corporate debt financing instruments,the expansion of external ratings of state-owned financiers year by year,inefficient financing of securitization products,and homogenization of overly competitive services.It is of great value to study the development of non-financial corporate debt financing instruments and the characteristics of the primary market in Suzhou region to find and solve the problems,which are important for the sound development of the primary market of local non-financial corporate debt financing instruments.This study analyzes the current situation and problems of non-financial corporate debt financing instruments issuance in Suzhou through market analysis and statistical analysis,and proposes targeted measures for improvement from the perspective of different market participants,for example,the study suggests that the market participants should be guided to participate in the underwriting of the debt instruments,build an N+N-type supply chain securitization system to revitalize the capital of private enterprises in the upstream and downstream of the supply chain,develop innovative underwriting products in a differentiated manner,and set up a regional self-regulatory convention.This study not only contributes to the development of the primary market for debt financing instruments of non-financial enterprises in Suzhou,but also provides some reference and practical guidance for the analysis and research of the primary market for debt financing instruments of non-financial enterprises in other regions.