融资是企业的永恒话题。市场经济条件下,债券融资是企业可选择的重要直接融资方式之一,有助于企业改善资本结构,强化企业硬预算约束,提升企业竞争力。在国外发达的资本市场,股票市场所占份额为20%-30%,债券市场所占的份额要达到70%-80%。与之相反,我国资本市场却呈现出一个“重股票市场、轻债券市场”的格局,作为资本市场重 Financing is the eternal topic of business. Under the condition of market economy, bond financing is one of the most important direct financing options available to enterprises, which helps enterprises to improve their capital structure, reinforce their hard budget constraints and enhance their competitiveness. In developed capital markets abroad, the stock market accounts for 20% -30%, and the bond market accounts for 70% -80%. On the contrary, the capital market in our country has shown a pattern of “heavy stock market and light bond market”. As the capital market