中国资本市场的大力发展,需要企业债券市场和股票市场的均衡发展,中国企业债券的发行远远滞后于股票市场的发展。本文选取1991年至2003年的宏观经济数据以及企业债券发行量,通过多元回归和因子主成分分析,得出金融机构的贷款、国债发行量、经济增长率、国民储蓄率和通货膨胀率这五个变量从线性关系角度讲,不是影响企业发行债券的关键因素;企业债券的发行规模与股票发行量存在较高的负相关等结论。 The vigorous development of China’s capital market requires the balanced development of the corporate bond market and the stock market. The issuance of Chinese corporate bonds lags far behind the development of the stock market. This article selects the macroeconomic data from 1991 to 2003 and the issuance of corporate bonds. Through multiple regression and principal component analysis, we can find that the loans of financial institutions, the issuance of government bonds, the economic growth rate, the national savings rate and the inflation rate are five From the perspective of linear relationship, these variables are not the key factors that affect the issuance of bonds. There is a high negative correlation between the issuance size of corporate bonds and the issuance of shares.