我国企业债券市场发展滞后原因分析

我国企业债券市场发展滞后原因分析
 
摘要：企业的直接融资方式包括股票融资和债券融资，国外企业在选择融资顺序时1般是先债券后股票，而我国企业偏爱股票融资，导致企业债券市场发展滞后。本文在对企业债券与企业债券融资进行理论分析的基础上，首先对我国企业债券市场发展历程进行回顾，得出我国企业债券市场明显滞后于市场经济发展的具体表现；其次从企业，投资者和政府3个方面剖析了我国企业债券市场发展滞后的成因；最后提出了发展我国企业债券市场的1些针对性的对策。

关键词：企业债券市场；滞后原因；企业；投资者；政府

Analysis on the Causes of the Underdevelopment of China’s Corporate Bond Market
 
Abstract: Instruments of direct financing for corporations consist of stocks and bonds. Corporations abroad generally prefer bonds to stocks when making their choice, while the Chinese ones are partial to stocks, resulting in the underdevelopment of Chinas corporate bond market. Having introduced the theory of corporate bond financing and markets, firstly, this part introduces the periodical development of Chinas corporate bond markets, pointed out that the Chinas market lags behind the progress of the market economy, especially when compared with the other parts of its capital market. Then the author analyzes the causes of the underdeveloped domestic corporate bond market in view of the respective behavior of the corporations, the intermediaries and the government against the economic background at home. Because of their twisted behavior, direct restrictions exist to the sound growth of Chinas corporate bond market. Finally, the author puts forward practical suggestions in terms of the approach to speed up the development of this sector of the home capital market.

Keywords: Corporate Bond Market; Causes of Underdevelopment; the corporations; the intermediaries; the government

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