企业债券融资

理论和实践证明，对发展中国家而言，发展企业债券融资渠道，降低银行系统金融资产占GDP的百分比，在宏观上可以起到分散风险的作用，增加整个金融系统抵御风险的能力；

It has been demonstrated that by developing corporation bonds market and descending the percentage of financial assets of banks to GDP it could enhance the capability of the entire society to resist the financial risks .

dealogic的数据显示，今年第一季度，全球企业债券融资额创下历史最高水平。

Global corporate debt-raising hit its highest volume on record in the first three months of this year , according to data from Dealogic .

第一部分，介绍企业债券融资理论。

The first part describes the enterprise bonds financing theory .

发展企业债券融资健全直接融资结构

Developing Securities Financing for Enterprises to Perfect Direct Financing Structure

韩国中小企业债券融资模式研究及对我国的启示

Research on Bond Financing Models of Korean SMEs and Implications to China

企业债券融资的比较优势与实证分析

Comparative Advantage and Empirical Analysis on Corporate Bond Financing

我国中小企业债券融资模式探讨

Study of Chinese SMEs ' Enterprise Bond Financing Modes

企业债券融资与资本市场发展研究

Study on the Financing of Corporate Bonds and the Development of Capital Market

发展企业债券融资完善企业治理结构

Developing Enterprise Bond Finane Perfecting Enterprise Governance Structure

河北省城市基础设施建设企业债券融资问题

Study on the Enterprise Bond financing for City ′ s Infrastructure Construction in Hebei

发挥企业债券融资优势：理论分析与政策建议

Making Full Use of Financing Advantages of Corporate Bonds : Theoretical Analysis and Policy Recommendations

林业企业债券融资探讨

A Study on Forestry Corporate Bond Financing

融资结构失衡与企业债券融资发展

The Unbalance of Financing Structure and the Development of the Enterprise Bond Market in China

企业债券融资研究

Study on Enterprise Bond Financing

然后对我国企业债券融资的市场环境、法制环境和制度环境进行了分析；

Then it analyses the environment of market , legislation and systematic of China 's enterprise bonds financing .

第二部分，分析企业债券融资的融资成本和融资风险及与此有关的问题。

The second part analyses the cost and the risk in enterprise bonds financing and the relevant problems .

我国融资结构中突出的问题是企业债券融资发展滞后。

The key problem in the financing structure in China is the lag of the enterprise bond market .

而我国资本市场的发展与国际发展潮流是背道而驰的。中国的资本市场上股票融资远大于企业债券融资。

In international capital market , corporate bonds are used more and more and stocks are used less and less .

在发达的市场经济国家里，企业债券融资正日益取代股票融资，成为占主导地位的企业直接融资方式；

In the developed market economy , enterprise bonds financing is replacing share financing and becoming a predominant direct financing method .

其次，把企业债券融资与其它融资方式，主要是银行融资和股票融资，做了比较分析。

After that the dissertation compare the enterprise bonds financing with other financing methods , especially the bank financing and share financing .

在此背景下，研究我国如何加快发展企业债券融资就具有特别重要的理论意义和现实意义。

In this background , the research on how to quickening development China 's enterprise bonds markets has important theoretic and realistic significances .

基本结论如下：1.政策管制的制度约束是造成我国企业债券融资发展滞后的最根本因素。

The basic conclusions are as follows : 1.Restriction from government regulation is the fundamental reason that resulted in the backward development of corporate bond financing in China .

国内学者大都站在宏观市场的角度来研究企业债券融资问题，本文试图站在微观经济主体&企业的角度研究企业债券融资策略问题。

As most domestic scholars study this topic from enterprise bonds market perspective , this dissertation tries to analyze enterprise bonds financing strategy from the enterprises ' point of view .

本文借鉴了西方的融资结构理论，并结合我国国有企业债券融资的现状，在规范分析的基础上又选取2009到2010年在深、沪两市发行企业债的企业为样本进行实证研究。

On the basic of normative analysis , this paper chooses the enterprises that issues enterprise bond on Shenzhen or Shanghai stock exchange in 2009 and 2010 and conducts empirical analysis .

20世纪90年代以来，我国金融市场中的直接融资有了较快的发展，但是，作为直接融资重要组成部分的企业债券融资明显滞后于股票融资；

Since 1990s , directing financing in the financial market developed rapidly , but corporate bond financing , as an important part of direct financing , obviously lagged behind stock financing .

论文的开展遵循定性与定量分析相结合的原则，首先，系统阐述了企业债券融资和企业债券资信评估的相关概念、理论及方法。

Thesis will follow the qualitative and quantitative analysis of the principle of combining , first , elaborate the corporate bond financing and the corporate bond credit rating related concept , theory and methods Systematically .

我们认为由于政策管制所带来的制度约束是导致我国企业债券融资发展滞后的根源，而市场发育缓慢是制约企业债券融资发展的重要和核心因素。

We believe that restriction from government regulation is the root cause for the backward development of corporate bond financing , and the slow growth of market is an important factor that restricts its development .

企业债券融资是以我国国有企业为发行主体的融资行为，我国的企业债券市场也历经了近30年的长足发展，但发展速度依然远远落后于股票市场的发展。

Enterprise bond financing is a financing action whose subject is state-owned enterprise . In our country , bond market has developed for about 30 years , but its development speed is far away from stock market .

随着我国发行企业债券融资规模的扩大，影响债券发行成本的必经环节&资信评级应该引起企业经营管理者足够的重视。

With the expansion of the issue of corporate bonds to raise funds , a necessary part of the issuing corporate bond called credit rating which affect the cost of bond issuance should arouse enough attention to business managers .

同时，也要优化公司债务融资结构，适当增大长期负债比例和企业债券融资比例，充分发挥长期债权和企业债券的治理效应，提高公司财务绩效。

At the same time , we must optimize the structure of corporate debt financing , and increase long-term debt ratio and the proportion of corporate bond financing , give full play to the long-term debt and corporate governance effects of debt and improve financial performance .