一、企业债市场供给分析 企业债市场供给,即企业对债券融资的需求,取决于其比较融资成本优势。根据西方企业资本结构理论,企业融资方式主要有两种:内源融资和外源融资。内源融资较外源融资具有较大的成本优势,但其规模有限。在给定投资机会的情况下,企业融资主要是通过外源方式,即股票融资、债券融资和银行借款实现的。其中后两者合 First, the supply of corporate bond market Supply of corporate bond market, that corporate debt financing needs, depending on its comparative cost advantage of financing. According to the theory of western corporate capital structure, there are mainly two types of corporate financing: internal financing and external financing. Internal financing has more cost advantages than external financing, but its scale is limited. Given a given investment opportunity, corporate finance is mainly achieved through exogenous approaches, namely, equity financing, bond financing and bank borrowing. The latter two together