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Business creation , survival and development are closely related to financing activities . Different financing preferences and financing behavior of the formation of different capital structure , and the company 's governance structure, results of operations and development strategies have a significant impact , so financing has become a top priority for enterprises to consider . At present, China 's financing structure of listed companies serious imbalance there is a strong preference for equity financing , bond financing companies are lagging behind . This kind of financing structure has shown more and more problems , the long run for the future development of China's listed companies is extremely unfavorable . Therefore, as soon as possible to improve the financing structure of listed companies in China , an effective way to develop our country's corporate bond market , the listed companies fully realize the advantages of bond financing , and actively use bond financing . At present, the results of research on corporate bonds is relatively small, most of them are standing on the perspective of our corporate bond market issues related to more general studies done , and basically still in the theoretical level . The paper separately from the perspective of China's listed companies to study corporate bond financing. This paper uses a combination of empirical and normative research methods. First retrospective analysis of the theoretical basis of bond financing , it can be seen through the analysis , corporate finance rational order should be: internal financing , debt financing, equity financing. Then the bond financing and the other two major modes of financing were compared and analyzed , summed bond financing advantage while revealing the shortcomings of other financing methods . And listed companies in China Current Situation and Causes of bond financing to do the analysis , found that compared with developed countries , China's listed companies are lagging behind bond financing . In addition , the paper also carried out in the 2005 bond financing of listed companies as the research sample , using the event analysis, the cumulative excess returns , descriptive statistics and non -parametric test methods such as those listed company 's share price before the financing and results of operations conducted an empirical study hopes to combine empirical analysis of the theoretical basis of the previously listed companies in China fully aware of the advantages of bond financing , active use bond financing to a diversified financing mechanisms and balanced financing structure .
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