在企业直接融资渠道中，股票融资和债券融资是最主要的方式。在国际资本市场上，债券融资已日益取代了股票筹资，逐渐成为国际直接融资中占统治地位的筹资渠道。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。股票市场的发展速度远快于债券市场。在我国，非上市公司偏好于争取上市募股；上市公司偏好于配股和增发新股。而国外的企业融资决策顺序则是内部融资—债务融资—股权融资。同样的筹资主体，为什么会出现如此大的反差呢？探索其中的原因，分析我国企业债券发展中存在的问题，以及如何加快我国企业债券的发展，使我国资本市场中股票、国债、企业债券协调发展，成为本文选题的动因所在。

本文通过对国外企业债券市场发达的原因分析，进而对我国企业发行债券进行实证分析：回顾我国企业债券的发展历程,分析我国企业债券融资的规模，分析我国企业发行债券的现状。然后剖析了目前我国企业债券融资存在的主要问题及原因，最后提出完善我国企业债券融资的对策。

 

In direct financing channels, equity financing and bond financing is the most important way. In the international capital market, bond financing has increasingly replaced the equity financing, and gradually become an international direct financing dominant sources of financing. The development and international development trend of China's capital market is the contrary. China's capital market is much larger than equity financing corporate bond financing. The pace of development of the stock market far faster than the bond market. In China, the non-listed companies prefer to seek the listing prospectus; listed companies prefer to allotment and issuance of new shares. The order of foreign financing decision is internal financing - debt financing - equity financing. The same funding body, why is there such a huge gap it? Explore the reasons, development of enterprise in Bond existing problems, and how to accelerate the development of our corporate bond, so that China's capital market in stocks, government bonds, corporate bonds and coordinated development, has become the topic of this article motivation lies.

Recalling the development process of corporate bonds, the size of our corporate bond financing analysis, analyzes the status quo of Chinese enterprises to issue bonds: foreign corporate bond market developed cause analysis, and then to the Chinese enterprises to issue bonds through the empirical analysis of this article. Then analyzes the main reasons for the current problems and the presence of corporate bond financing. Finally, improving our corporate bond financing strategies.

 

Keywords: direct financing; bond financing; corporate bonds