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1990年底,上海证券交易所鸣锣开市以来,中国证券市场发展很快,企业融资方式和渠道都得到拓宽,然而近10年来,我国企业似乎更乐于在股市上筹资,债券融资被忽视。这种对股票市场的畸重以及债券市场畸轻的融资结构,不仅对企业实现自身价值最大化无益,同时也不利于我国资本市场的均衡发展。
Since the end of 1990, when the Shanghai Stock Exchange opened its doors to the thunder, the securities market in China developed rapidly, and the ways and channels of corporate financing were broadened. However, in the past 10 years, Chinese enterprises appeared to be more willing to raise funds in the stock market, and bond financing was neglected. Such abnormality of the stock market and the abnormal financing structure of the bond market not only do no good to the maximization of the enterprise’s own value, but also do not benefit the balanced development of the capital market in our country.