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Starting 2007 in United States and in 2008 in Europe, the financial crisis led to a review of the balance sheets of the credit institutions. Tighter standards for business loans forces to look for alternatives (to the knowledge of EC in 2013, there were rejected around 35 percent of SME credit applications in the euro area). One of them is corporate bonds. The favor of this instrument in the market has grown after the financial market crisis in 2008 and moratoria of its players. Since 2009, corporate bond market faces its every year growth by almost 2 per cent in Europe, extends the GDP of US. However, Lithuanian corporate bond market has been still underdeveloped. Its role in financing growth is miserable and businesses remain heavily reliant on banks, making the economy vulnerable to a tightening of bank lending. Scientific problem: unknown set of factors for corporate bond market to develop as well as the impact and influence, the direction and complexity which is required for a sustained and systematic development of the market. By choosing the corporate bond market as the object of the research, the investigation goal is the identification of factors promoting the development of corporate bond market, through individual and collective structural impact on the market equation, providing opportunities to forecast. As a result of scientific analysis of this thesis, the comprehensive investigation of the effects of selected set of corporate bond market development indicators (of legal and regulatory basis, ICT, competitiveness to bank loans) were made, indicating the largest influence and the time of onset, through structural equation describing the market. There is provided capability (model) for corporate bond market development to forecast. |
