The cost of bond financing is high for small and medium enterprises whose moral hazard are relatively high, while large enterprises can issue bond at low cost because they have better credit record and their moral hazard is relatively low. 大企业经营时间长,可抵押资产多,社会信用高,道德风险小,进行债券融资的成本低,因此大企业具有债券融资需求。
Research of Government Bond's Scale and Optimization of Its Issue Cost 国债规模与发行成本优化问题的研究