信息披露、公司规模与债券市场发展困境
Information Disclosure, Company Size and Bond Market Development Dilemma

我国债券市场面临着缺乏规模效益、发展不均衡等发展困境。通过实证结果表明：我国债券市场准入的门槛限制与公司信息披露质量不高是造成其发展困境的主要原因；在公司规模一定时，信息披露质量越高，债券融资比例越高；信息披露质量一定时，公司规模越小，债券融资比例越高。因此，降低债券市场准入的门槛限制，提高公司信息披露质量是促使我国债券市场走出发展困境的两个关键措施。
China's bond market has developed rapidly in recent years, but still faces some problems, such as lacking of economy of scale, unbalanced development. This article looks for solutions to the bond market issues by analyzing the impact of information disclosure on bond financing. The empirical results show high bond market access conditions and low information disclosure quality is the reason for bond market development difficulties. This paper proposes two key measures to promote the development of China's bond market out of the dilemma：reducing the bond market access threshold, and improving the quality of information disclosure.