我国企业融资偏好悖论与企业债券市场发展.研究

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1、AbstractCorporateBondisallimportantmeansoffinancing．Itwillimprovethecapitalstructureoftheenterprises，lowerdownfinancingcostsandimprovetheGovernanceStructurebybondfinancing．Nowadayswhenthecorporatemakeadecisionoffinancing,theydonottakefullaccountofthecapitalstructureoptimizationpro

2、blems，butonlyfocusOnhowtogetthecapital．SotheresultCOmeSouttobeperformedasagreaterperccnmgeofexternalfinancing,especiallytheloanformbankholdadominantposition．Intheformofdirectfinancing,equityfinancingexceedingbandfinancingSOfar．Mostlistingcompaniesshowastrongpreferenceofequityfinan

3、cing．Obviously,itreversesthe"financingorder"．Thisphenomenonisknownas"paradoxoffinancingpreference”．Itisalwaysahottopicinfinancialcirclesaboutcorporatebond．Alotofscholarsstudiedfrommacroperspectiveandgivensomesuggestion．Therewerealsosomescholarsstudiedfrommicroperspective．Theyprobe

4、dintothesizeofbondmarketandtheriskofbond．Thisarticlebased0nthefinancingpreference．toanalyzehowtousethecorporatebondtoimprovethecapitalstructureofcOmpany．Meanwhile，theauthoranalysestheexistingprobleminChina'sbondmarket,andgivensomepolicyrecommendations．Thisarticledividedinfourparts

5、：Thefirstpartispreface．Inthispart，theauthorin．educesthebackgroundandsignificanceandSOmcclassicaltheoryofcorporatefinance．includingtheMMtheorem，asymme仃icinformationtheory,thetheoryofeatingsequence，seekingtheories．Atthebeginningofthesecondpart,thepaperanalysesthesizeofchina'sbondmar

6、ketbystatisticalda饥ThenComparewiththeUSA,JapanandKoIeksummarizestheirsuccessfulexperience．Partthreeisthemostimportantchapterofthewholearticle．Itanalysestheparadoxoffinancingpreferencefromtwoaspectswhichareequityfinancingandbondfinancing．Findingthereasonwhythecompaniesdoliketochoos

7、efinancingstepbystep．AccordingtotheproblemsChina’smarketfaceson,thepart4西v∞somesuggestions．Keywords：corporationbond,financingpreference,capitalstructure,equityfinancing,loanfinancing2l，前言1．前言1．1研究背景及研究问题的意义作为企业理财的重要决策之一，企业融资对企业的生存与发展、以及风险的防范至关重要。在我国，企业融资是广大企业走向市场过程中遇到的一个突出问题，也是企业国

8、际化所无法回避的一个现实问题。随着市场经济体制和现代企业制度的建立