债券市场是一国证券市场的重要组成部分,但是东亚各国债券市场的发展却相当滞后。本文通过实证研究对东亚国家债券市场的发展现状进行了考察,认为融资制度是导致东亚各国债券市场不发达的直接原因,而公司治理结构上的特点是影响融资模式的微观原因,从而在更深层次上制约了东亚债券市场的不发达。 Bond market is an important part of a country’s securities market, but the development of bond markets in East Asian countries is quite lagging. This paper examines the current state of the development of bond markets in East Asian countries through empirical research and holds that the financing system is the direct cause leading to the underdevelopment of bond markets in East Asian countries. The corporate governance structure is characterized by the micro-factors that affect the financing model, Restricted the underdevelopment of the East Asian bond market.