This article attempts to systematically analysis and reviews the firms debt financing methods through comparing bank loans and corporate bonds. The research results show that the choice of firms debt financing means is influenced by the pl
This article attempts to systematically analysis and reviews the firm’s debt financing methods through comparing bank loans and corporate bonds. The research results show that the choice of firm’s debt financing means is influenced by the pluralistic factors. Financing demands of different firms in different country, different industry, different size and at different developing stages are quite different. Therefore, intermediary financing and market financing should not only repel each other, but also coexist and supplement each other to meet diversified financing demands in economy. Meanwhile, corporate bond financing requires higher " threshold" of market entry, and it is generally more suitable for those special firms who have a large scale size, high net value, strong profit ability, low debt level, large own capital scale and a good market reputation. 更多还原
【Key words】 financing cost； information asymmetry； debt renegotiation； firm’s characteristic
Abstract China's capital market is the growing development of the corporate bond market has been stagnant, lagging behind the overall level of financial development. Paper selected macroeconomic data from 1987 to 2007 and the
