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1F835101839725025212236678101212131416181821222526283208019632080209080%196314212345/1261234ABSTRACTThisthesisisdividedintofourparts:Partone,theestablishmentoftheEurobondmarketsThedefinitionandemergenceofEurobondsEurobondsaretraditionallydefinedasbonds,whichareissued,andlargelysold,outsidethedomesticmarketofthecurrencyinwhichtheyaredenominated.Eurobondswerefirstissuedin1963.AnalysisofthecauseoftheemergenceofEurobonds1.Thenatureoffreeflowingofthecapitalistheintrinsiccauseofthe7emergenceofEurobonds.CarlMarxpointedoutthatfreeflowingofcapitalenablescapitaltobeusedfullyandeffectively,andaccomplishequalizationofsurplusvalue.Healsoillustratedthethoughtofonemarket-worldmarket.TheEurobond,asaformofcredit,oraformofcapital,brokethroughthebordersofcountriesandcausedtheintegrationoftheindividualbondmarketofeverycountry.Thustheworldbondmarketemerged.2.TherestrictivemeasuresoffreeflowingofcapitalsetbyeverygovernmentbecametheouterimpetusoftheEurobondmarket.Thegovernmentsofcapitalistcountriesdidn’tallowthefreeout-flowingofcapital.Thiscontradictedthenatureofcapital.Therestrictionofgovernmentbecametheouterimpetusofout-flowingofcapital.TheemergenceoftheEurobondmarketwasdirectlycausedbytheInterestEqualizationTaxenactedbytheAmericangovernment.Parttwo,ThecharacteristicsoftheEurobondmarket.Thenatureof“nocountrymarket”Eurobondshavethecharacteristicsof“nocountry”whencomparedwithdomesticbondsandforeignbonds.1.Fromthenatureofthemarket,theEurobondmarkethasnocountry,isafullyinternationalmarketandisoutofcontrolofanycountry’smonetaryregulation.Thecurrencydenominatedinthebondisthecurrencyoutsidethecountrywherethemarketoperates.AspecialinternationalinterestrateframeisusedintheEurobondmarket.2.Fromtherelationshipofborrowingandlending,therelationshipoflendersandborrowersintheEurobondmarketisthatoftheforeignersversusforeigners,thatis,betweennon-residents.3.FromtheEurobonditself,itisthebearerbond.4.Fromtaxation,Eurobondsareexemptfromthewithholdingtax.Thecurrencyofdenominationusedasapricinginstrument.8ThedenominationcurrencyofEurobondsisonlyforthepurposeofpricing.InvestorscanusetheirowncurrencytoinvestintheEurobonddenominatedinothercurrencies.Thedevelopedclearingsystemmakesthetransferofactualbondandcashunnecessary.Thetransferofbondownershiponlyneedsthenamechangesofowners,andalterationsofbankaccounts.ThenatureofswapofcurrencyandinterestrateBecauseoftheexistenceofswap,theEurobondmarketswhicharedenominatedineverycurrencyarefullyintegrated,thatistosay,theissuercanuseanycurrencytoissuebonds,becausehecanuseswaptoacquirethekindofcurrencyheneeds.TheidentityofoffshoremarketandonshoremarketsWiththedevelopmentoffinancialliberalization,thedivisionoftheEurobondmarketandonshorebondmarketareblurring.Partthree,thefunctionoftheEurobondmarket.Beconducivetothedevelopmentoftheworldeconomy.ThegrowthofworldeconomykeepspaceswiththeexpandingofwholevolumeoftheEurobondmarket.Thelong-termcapitalabsorbedfromtheEurobondmarketisagreatimpetustothedevelopmentofworldeconomy.Beconducivetotheglobaloperationofmultinationalcorporations.Theglobaloperationofthemultinationalcorporationsneedsraisingcapitalworldwide.TheEurobondmarketmakesthecapitalmorereasonablyallocatedgloballyandplaysanimportantroleintheallocationofcapitaltofacilitatetheglobaloperationofmultinationalcorporations.Beconducivetothedevelopmentofdevelopingcountries.Thedevelopingcountiesareshortofcapitalandforeignexchanges,theratioofcapitalandlaborislow,whichcausesthehighmarginalproductionrateofcapital.TheEurobondmarketservesasanimportantfundsourcefordevelopingcountriesfinancedbyinternationalcapital.9BeconducivetothesettlementoftheinternationaldebtcrisisSomeLatinAmericancountrieshaveaheavyburdenofdebtsincelate1980s.BythefunctionsofbondexchangedebtandissuingEurobonds,theseLatinAmericancountriescantideoverthehardtime.Partfour,theenlightenmenttoChinaTheproblemsofbondmarketinChina1.Thesituationofdevelopmentofdomesticbondmarket.TheproblemofChinaisthattheratioofbankassetistoobig,andtheratioofcapitalmarketistoosmall.Thebondmarketisunderdeveloped.Thissituationmakestheenterprisecannotusethebondandstockmarkettoraisetheinactiveandsmallfunds.ThereisafinancialdepressionprobleminChina’sfinancialmarket.2.ThesituationofusingtheEurobondmarket.Thearrangementofchoiceofdenominatedcurrencyistoonarrow;thelocationofissuingmarketsistooconcentrated,thespeciesofbondsarelimited;andwhat’smore,financingisundertoomuchgovernmentregulation.ThegoodnessofusingtheEurobondmarketChinaisacountrythatisshortoffunds.Usingforeigncapitalisamust.UsingtheEurobondmarketcanstrengthenoureconomy,andbeconducivetothedevelopmentofourenterpriseandmaturityofourbondmarketandtrainingprofessionalpeople.Themeasuresweshouldtake1.DevelopourbondmarketfullySetupfully-accomplishedbondmarket,diminishtheblockofmarket,makefund“thebloodoffinancialsystem”toflowfreelyinthefinancialsystem,makethebondmarketinternationalizefurther,developourinvestmentbanks.2.Enhanceoureconomicstrength10FinancingintheEurobondmarketisbasedonthestrengthofeconomy,soweshouldenhanceourstrengthofeconomy,inordertomakeg