关键词: 企业战略 , 债务选择 , 公司债券 , 融资约束

Abstract: This paper examines the resourceallocation function of the bond market from the perspective of strategic commitmentThe results reveal that since the Pilot Rules for the Issuance of Corporate Bonds announced in 2007, bond market has significance in supporting corporate strategic developmentHowever, further studies show that the supporting effect only exists in companies with lower financial constraints, iecompanies located in provinces of high marketization, ultimately controlled by state, or enjoying developed internal capital markets, are more likely to issue bonds for higher strategic commitment while bond financing of highly financialconstrained companies are not so sensitive to strategic commitment as the formers and the sensitivity coefficient is lower than that of the formersThese demonstrate that the resourceallocation function of financial market is limited by financial constraints instead of alleviating financial constraintsThe above conclusions deepen our understanding of the resourceallocation function of the financial systemAccording to the conclusions given by this paper, reformation in the future should focus on improving the financing ability of companiesOtherwise, the financial market could hardly achieve the equilibrium allocation needed under free competition through its spontaneous mechanism.

Key words: corporate strategy , debt choice , corporate bonds , financial constraints