中国企业债券融资研究

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1、对外经济贸易大学博士学位论文中国企业债券融资研究姓名：蒋屏申请学位级别：博士专业：国际贸易学指导教师：余恕莲20040801ABSTRACTTbraisethecapitalwithdomesticCOrporatebondscarlimprovethecapitalstructureandthecorporategovernance，andhelpcorporationstoreducetheirfinancingcosts．Undertheguidanceofthefirm’Sfinancingtheories，theresearchofthesizeofcorpora

2、tebondsfinancingandfirm’Sfinancingbehaviorhavebeendonethrou曲theapplicationofqualitativeanalysiscombinedwithquantitativeanalysisofmulfivariatestatistical，takingintoaccountthefinancingbehavioroflistedcompanies．Thisthesisconsistsofthreepartsandsixchapters．1nt}1efirstplace．focusedonthefinancin

3、genvironmentofcorporatebondsinChina．thisthesisanalyzesextemalenvironmentofCOrr}oratebondsfinancing．includingthestatUS．1egalandregulatoryframeworkofChineseCOrporatebondsmarket。andcomparesdomesticCOrporatebondsmarketwithintemationalCOrporatebondsmarket、demonstrating恤emacro—economicfactorstoi

4、nfluencedomesticCOrl：Ioratebondsmarket，andalargeroomforChinatopromotecorporatebondsmarket．Then，havingreviewedtheacademicpapersandresearchinthisfield．aconclusionhasbeenreachedthat．toinfluencethedevelopmentofCOrporatebondinChina．reformsofthesystemsofCOriooratebondshouldbecarriedout，including

5、：1)thesystemofinitiaIiSSUallceofcorporatebondsandrateinmarketlization；2)creditratings；3)secondarymarket；4)introductionofthemarket—makers；5、financialsystemandoptimizationoftheallocationoffinancialresources．ChineseCOrDoratebondsmarketwillbedevelopedrapidly,thusprovidingavarietyforfinnstodive

6、rsifyfinancingstructureandcreatingagoodenvironmentforCOr!cIoratebondsmarketthroughthereformofthesystems．Secondly,basedonthefirm’Sfinancingtheoriesandliteraturesreviewed，thethesisdealswiththeanalysisofthebehaviorofthecorporations’financing．Owingtotheunreasonableownershipstructureandhighlyno

7、n—tradableshares．Chineselistedcompanieshavethepreferenceofequityfinancingtodebts．Ifcompanytookthedebtrefinancing，theywouldhavethepreferenceofbankloantobonds，OntheOtllerhand，thecharacteristicsofthetopmanagers’refinancingbehavioraresimilartothoseofthecompanies．B