At the present stage, China's securities market adopts a regulatory system that is mainly supervised by the government and supplemented by self-discipline management. Under the active guidance and support of the government, the securities market has achieved rapid development, but the development of the corporate bond market has been very slow, and corporate bond financing has not been widely recognized and supported. With the acceleration of economic globalization, a large number of successful cases of international corporate bond financing have played a good demonstration effect, providing strong support for the development of corporate bond financing in China.

The reform of China's financial system is entering a period of deep water, and the reform of the banking system, especially the improvement of banks' ability to control systemic risks, is a key part of the financial reform. Against this backdrop, banks are more willing to tilt their resources towards creditworthy, powerful companies, leading to the exclusion of SMEs that are truly lacking in capital.

The haze of the 2008 financial crisis has not completely dissipated, and the capital side has become more conservative and cautious in investment, and the problem of corporate financing difficulties has become more prominent. In this context, the research and analysis of the promotion and application of corporate bond financing in China is of great practical significance for broadening the financing channels of enterprises, breaking the pain points of financing difficulties, and accelerating financial reform.

From the perspective of corporate financing structure, corporate bonds can replace part of the functions of bank loans, and increasing corporate bond financing can reduce the proportion of bank loans, which has a certain positive impact on reducing the systemic risk of banks. In some countries, the financing model is bank-led, such as Japan and Germany, where bank loans account for a high proportion of corporate financing structure. In some countries, it is market-oriented, and the proportion of corporate bonds in the financing structure of enterprises is higher than that of bank loans.

◆ Market-oriented financing model

In countries dominated by market-oriented financing models, the connection between banks and enterprises is relatively loose, and corporate bond financing is widely used, and large enterprises are more inclined to choose the bond market for medium and long-term financing, and bank loans for short-term financing.

The U.S. is a very typical country that has pursued a market-led financing model. Since the 80s of the 20th century, the United States has gradually realized the marketization of profits, the degree of financial liberalization has been continuously improved, and the supervision of the financial market has been gradually relaxed, the "light touch supervision" model has been implemented, and financial innovation has been vigorously carried out. Although this market-led financing model is relatively liberal, it has also led to an unstable financial system in the United States, and financial crises have occurred from time to time. The survival of the fittest in the capital market has played a positive role in promoting scientific and technological innovation and the development of the new economy, but it has also further widened the gap between the rich and the poor in society and enhanced social instability. From the perspective of China's national conditions, China is not suitable for using this free-market economic model, so Chinese enterprises cannot directly copy the bond financing development model of American enterprises.

◆Bank-led financing model

In countries dominated by bank-led financing models, enterprises generally choose to carry out external financing through banks and other financial institutions, and the relationship between banks and enterprises is very close, and the two parties are not only in a lending relationship, but also may have a mutual shareholding relationship.

China is a bank-led financial system, and in China's banking market, state-controlled and shareholding banks account for a large proportion. Since 2013, with the rapid development of Internet finance, the development process of interest rate marketization and financial liberalization in China has been accelerating, but the financial suppression of banks' on-balance sheet business has not been relaxed, and the asset management of Internet finance and various financial institutions has been relatively relaxed. At present, China's market-oriented interest rate reform is still ongoing, and financial supervision is becoming more and more stringent.

Through the analysis of the characteristics and application cases of these two financing models, it can be concluded that in the process of developing the corporate bond market, China should deregulate and promote the marketization of interest rates, and at the same time accelerate the research and formulation of relevant laws and regulations to guide, supervise and regulate the market.