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The Study of Corporate Bond Financing on Chinese Corporate

Author: XieMan
Tutor: WangPing
School: Capital University of Economics
Course: Accounting
Keywords: Corporate Bonds Bond financing Capital Markets Bond Market Stock market
CLC: F275
Type: Master's thesis
Year: 2006
Downloads: 1103
Quote: 6
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Abstract

With economic development, China's enterprises in the capital structure increasingly exhibit a wide range of trends, use financial instruments and financing have a sufficient proportion of the development, and how full and timely manner to raise production funds, access to stable funding sources become a top priority for consideration. Therefore, as one of the important decisions corporate finance, corporate finance for the company's survival and development, and risk prevention is essential. In this paper, first from the introductory section describes the theory and practice corporate bonds issued by listed companies financing research significance, and then introduced the domestic and international bond financing on the main theories, literature and research status quo. The main part of this paper, respectively, from the first comparison with equity financing and bank loans to finance a comparative perspective on the theoretical description of the relevant bond financing, such as capital structure and pecking order theory, corporate bond financing advantage theory. As can be seen by comparing the analysis, corporate finance rational order should be: internal financing, debt financing, equity financing. In developed market economies, the stock market is the enterprise an important source of foreign capital in the enterprise funds from the securities market, the bond financing accounted for much higher than the proportion of equity financing. From the perspective of fund-raisers, through the issuance of bonds to finance than issuing shares to finance its lower overall costs. Corporate bond financing as an important way of corporate finance, you can raise a lot of money for the enterprise. However, listed companies in China through equity financing and debt financing company comparison and contrast corporate bonds in developed countries finance stock market conditions, can be found in corporate bond financing in the proportion of China's listed companies rarely. Advantage of corporate bonds in listed companies has not been fully played. In addition, by using an empirical example Benwensuoyin - corporate bond financing optimize the capital structure of empirical testing, corporate bonds can be found in our optimization can indeed play a role in the capital structure of listed companies should vigorously develop the corporate bond. When the listed companies are willing to issue corporate bonds, standing corporate finance perspective, corporate bonds how it applied to listed companies? First, financial analysis, combined with the external environment to determine the appropriate timing of the issue of corporate bonds; Then, from corporate bonds varieties, par value of bonds and other aspects specific design considerations, but also to learn more about the corporate bond financing risks and prevention. Finally, an example analysis - 2004 Inner Mongolia Electric Power Co., Ltd to issue corporate bonds analysis, we can understand the corporate bond financing in the listed company specific application.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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