现代企业筹措长期资本的渠道有三条:发行股票、发行债券和银行贷款。从世界范围来看,采用债券筹资的比重越来越大,已超过股票或银行贷款。据统计,至１９９７年底,美国债券市场的规模已达到股市的５倍。虽然我国近１０年来大力发展资本市场,企业直接融资比重不断提高,但发展很不 There are three channels for modern enterprises to raise long-term capital: issue shares, issue bonds and bank loans. From the perspective of the world, the proportion of using bond financing is increasing, surpassing stocks or bank loans. According to statistics, by the end of 1997, the size of the U.S. bond market has reached five times the stock market. Although our capital market has been vigorously developed in the past 10 years, the proportion of direct financing of enterprises has been continuously raised, but the development has been very slow