中文提要
企业利用国内公司债券融资，可以改善企业资本结构，降低融资成本和完善公
司治理结构。本文运用企业融资理论，对企业债券市场的规模以及企业的融资行为
进行了定性研究，并辅之多元统计定量分析方法，从我国上市公司融资行为的角度
对企业运用公司债券融资进行研究。研究内容分为三篇六章。

首先分析国内企业债券融资的环境。主要分析了中国企业债券市场的现状和现
有的监管模式，对公司债券市场进行了国际比较，并通过实证研究分析影响我国企
业债券市场的宏观因素，从而说明中国发展企业债券市场的巨大发展空间。然后，
在对现有的研究成果梳理和分析的基础上提出发展中国企业债券市场需要在制度
上进行改革，这些改革包括，发行制度的改革；债券利率市场化；建立健全债券信
用评级制度；大力发展二级市场，引入做市商制度；推进金融系统的整合和改革。

通过以上的改革，促进中国企业债券市场的发展，并为企业的多元化融资创造良好
的市场环境、提供更多的融资渠道。

其次，在企业融资理论文献综述的基础上，分析了由于中国企业在特殊股权结
构情况，上市公司在债务融资和股权融资方面偏好股权融资；由于历史发展的渊源，
企业若采用债务融资，则更偏好银行贷款而不重视发行企业债券。另外从管理层角
度分析了企业的融资行为，通过采集上市公司总经理持股数据的实证研究表明：总
经理在持股比例较大时，为了保护总经理他们自身的利益，公司一般采用稳健的融
资政策，当公司需要资金时通常通过增发新股筹集，而少举债。但是，随着总经理
持股比例的减少，融资决策随意性较大。

最后，论文提出了中国企业债券融资的发展思路：第一，非流通股要全流通，
在推进全流通过程中，对现有非流通股可采用备兑证、股转债的形式；第二，随着
我国利率市场化的进程，有必要重新启动国债期货市场；最后，规避利率风险除了
国债期货市场外，还应该逐步推出一些金融衍生产品，如远期利率协议，利率互换，
利率顶，利率套等。

关键词：公司债券；债券市场；债务融资；融资行为

ABSTRACT
Tb raise the capital with domestic COrporate bonds carl improve the capital structure
and the corporate governance，and help corporations to reduce their financing costs．
Under the guidance ofthe firm’S financing theories，the research ofthe size ofcorporate
bonds financing and firm’S financing behavior have been done throu曲the application of
qualitative analysis combined with quantitative analysis of mulfivariate statistical，taking
into account the financing behavior of listed companies．This thesis consists of three
parts and six chapters．
1n t}1e first place．focused on the financing environment of corporate bonds in China．
this thesis analyzes extemal environment of COrr}orate bonds financing．including the
statUS．1egal and regulatory framework of Chinese COrporate bonds market。and
compares domestic COrporate bonds market with intemational COrporate bonds market、
demonstrating恤e macro—economic factors to influence domestic COrl：Iorate bonds
market，and a large room for China to promote corporate bonds market．Then，having
reviewed the academic papers and research in this field．a conclusion has been reached
that．to influence the development of COrporate bond in China．reforms ofthe systems of
COrioorate bond should be carried out，including：1)the system of initiaI iSSUallce of
corporate bonds and rate in marketlization；2)credit ratings；3)secondary market；4)
introduction of the market—makers；5、financial system and optimization ofthe allocation
of financial resources．Chinese COrDorate bonds market will be developed rapidly,thus
providing a variety for finns to diversify financing structure and creating a good
environment for COr!cIorate bonds market through the reform ofthe systems．
Secondly,based on the firm’S financing theories and literatures reviewed，the thesis
deals with the analysis of the behavior of the corporations’financing．Owing to the
unreasonable ownership structure and highly non—tradable shares．Chinese listed
companies have the preference of equity financing to debts．If company took the debt
refinancing，they would have the preference of bank loan to bonds，On the Otller hand，
the characteristics of the top managers’refinancing behavior are similar to those of the
companies．By collecting data from the top managers’holding shares of listed companies，
the empirical analysis shows that the more shares top managers hold，the more
conservative financing policies the firms would carry out，trying to raise capital via right
issues other than debt refinancing．However,it iS shown that top managers with feW
shares will finance at discretion．
Last but not the least．the prospects for the development of Chinese COrDorate bonds
financing have been seen．They are as follows：1)the non—tradable shares are traded
freely on the market；2)the futures market of govenKnent bonds shonld he resumed；3)
derivative instruments of the interest rates are provided progressively，such as forward
rate agreement，interest rate swap，and SO on．
Keywords：corporate bonds；bonds market；debt financing；financing behaviors