企业债券融资的比较优势与实证分析

为稳步推进资本市场改革开放和稳定发展，我国明确了大力发展企业债券市场的目的与总体方案，但市场状况仍不尽如人意。本文在分析西方企业融资理论的基础上，归纳了企业债券融资的相对优势，并结合中国融资市场的现状进行了实证研究，实证结果表明，中国上市公司企业债券融资的成本优势并不显著，但融资“信号”传递作用明显。

Comparative Advantage and Empirical Analysis on Corporate Bond Financing

In order to steadily promote the reform and opening and firmly develop the capital markets, China's government has worked out the aims and general plans for further development of corporate bond markets. However, market situation is not as good as we have expected. Based on the theories of the western corporate fund Financing, this paper summarizes the relative advantages of corporate bond financing by taking the present situation of fund financing markets in China as an example. The result shows that the cost advantages of corporate bond financing of Chinese listed companies are unremarkable, while the signal transmission function of fund financing is evident.