Since the corporate bond financing appeared in China in 1984, China s corporate bond financing has developed slowly and Lags far behind other means of financing, which is the manifestation of unhealthy and immature capital market.

Since 1990s, directing financing in the financial market developed rapidly, but corporate bond financing, as an important part of direct financing, obviously lagged behind stock financing.

With Gray System Theory,the paper positively analyses the relationships of the series of the outstanding corporate bond and some series of its relative factors that affect corporate bond financing,computing their gray correlativeness,finding out the factors which restrict corporate raise fund by bond mode.

The Study of Corporate Bond Investment & Management at Boc Hong Kong (Holdings) Limited;

China high technology enterprise bond financing mode research.

This being the case,it is imperative to expand the financing channel and develop bond financing of civilian-run enterprises.

At first,This paper analyzes the comparative advantages of bond financing,and then,make seven aspects policy proposals in view of the Restriction factors of China s bond market,,to further promote the development of China s bond market.

At present, debt financing helps to change nation-own corporation vacancy “insiders control” situation, and enhance creditors priority in balancing major stock holders and control over stock financing.

In the financial system of our country with the bank system playing the leading role, the debt market of corporate develops unusually slowly and corporate debt financing is small.