企业债券融资与资本市场发展研究

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Abstract

Enterprises finance through Corporate Bonds not only provides the financing way, but

also enhances its value. Corporate Bonds provide financial instruments for the capital market

and the foundation for the capital market property price. Corporate Bonds also provide a reliable transaction method for the capital market to relief risks, give the tool for the financing, promote the capital market development greatly. As a result, enterprise’s financing way has relation to the development of the enterprises,it also relates to the development of the financial market, especial the capital market.

I will analysis the financing of corporate bonds and the development of capital market

from two angles in this article. There are corporate financing and corporate bonds’ function to

the capital market.

Firstly, I will give the concept of corporate bonds, its difference from the enterprise bonds, its origin and development. Secondly, I will carry on the summary in this foundation

from related domestic and foreign theory about corporate bonds and the development of capital market. Thirdly, I will analyses the enterp rise bonds’ status and function in capital market. The enterprise bond and the national debt, the stock constitutes the capital market main finance tool together. They compose the different risk rank the investment tool. In the mature capital market, the enterprise bond market is the most important constituent.

In the developed countries, the enterprise bonds are not only financing method, it also

the innovation vigor the financial tool. The development of enterprise bonds is benefit to the disperser of capital market non- system risk, provides the foundation product for the financial innovation, enhance the capital market’s efficiency. It also provides capital funds and can promote the capital market development effectively.

Looking at the developed countries, we can see that no matter in the “market directed” countries or the “banking guidance” countries, corporate bonds make important roles in the development of capital market. Us, its capital market is the most developed market in the world, has a very strong corporate bonds market.

Japan is the “bank guidance” country. While finished the interest rate’s marketability, its corporate bonds also developed.

Finally, I will analyze the financing of corporate bonds and the capital market, point out

the importance of corporate bonds to the development of the capital market.

Key words: Corporate Bonds；Financing; Corporate Financing System; Capital Market

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目录

中文摘要 (Ⅰ)

英文摘要 (Ⅱ)

引言 (1)

第一章企业债券概述 (3)

一、企业债券的涵义 (3)

二、企业债券的起源与发展状况 (3)

三、我国企业债券的发展状况 (5)

第二章企业债券融资与资本市场发展的理论综述 (6)

一、国外关于企业债券融资以及资本市场的理论 (6)

二、我国对企业债券融资及与资本市场关系的文献综述 (10)