企业的债券融资与其他融资方式相比，具有明显的特征与优势。由于我国企业的融资结构、融资理论落后于国外，企业债券市场明显发育不足。1981年—2001年间，我国企业债券筹资额只占总筹资额的3.9%；分别相当于中长期贷款、国债和股票筹资额的7.6%、11.4%和38.0%。我国企业债券 Compared with other financing methods, corporate bond financing has obvious characteristics and advantages. Due to the financing structure of our country’s enterprises and the financing theory lagging behind foreign countries, the market for corporate bonds is obviously underdeveloped. Between 1981 and 2001, the amount of corporate bond financing in China accounted for only 3.9% of the total funding; corresponding to 7.6%, 11.4% and 38.0% of the financing amount of long-term loans, government bonds and equities respectively. China’s corporate bonds