我国企业债券市场发展滞后的深层机理研究

A Study on the Cause Lead to the Delayed Development of Enterprises’Bond Market in China

我国企业债券市场滞后发展引起了各界的广泛关注。本文应用资本结构理论,以我国国有企业改革为背景,深入探讨阻滞我国企业债券市场发展的历史性根源,并就强化我国企业债券市场历史境域的现行制度安排展开了深入的讨论。深层机理研究暴露出问题本质的同时,我们也看到了我国企业债券市场发展面临的大好机遇。创造条件、把握时机,将进一步促成我国资本市场的均衡发展。

The paper discusses the superiority of convertible bond to straight forward the relationship between bond market and common stock market that now is under asymmetric information, risk uncertainty, sequential financing, over-investment or under-investment. We show that convertible bond may attenuate the highly expected costs of financial distress associated with a debt issue and reduce the large amount of defects occurred with common equity issues. That may make its value not affected much by changes in company risk when investors and managers differ. And that may reduce the costs of sequential financing while helping control the over-investment incentive, and can help firm avoid under-investment at the same time through adjusting firm’s debt levels by its convertibility. So, to avoid hostile takeover and bankruptcy, an entrenched manager may issue a well-designed callable convertible bond at the same time.