【摘要】 在我国现行企业融资体系中存在着一个理论与现实的矛盾 ,即“啄食顺序理论”与我国企业债券市场发展严重滞后之间的矛盾。这种现象是严格的行政控制和资金成本严重扭曲的结果 ,而不是正常的市场行为。企业债券在我国本应该并将大有作为 ,为此 ,进行制度创新、规范市场行为是发展企业债券的唯一出路更多还原

【Abstract】 In China’s present financing system of enterprises exists a contradiction between theory and practive,that is the contradiction between "order theory of pecking at food" and market of enterprise bond which is backward seriously,Such phenomenon is caused by strict administrative control and serious distorting of capitals and costs and is not mormal market behaviour.The enterprise bond should have a bright future in China.Therefore,the only way is to carry out system innovation and standardize market behaviour for developing enterprise’s bond.更多还原