本文關(guān)鍵詞：基于產(chǎn)品創(chuàng)新的我國企業(yè)債券市場發(fā)展研究　出處：《安徽大學》2013年碩士論文　論文類型：學位論文

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【摘要】：企業(yè)債券市場作為資本市場的重要組成部分,對于企業(yè)融資、資源配置、風險防范和經(jīng)濟發(fā)展具有重要作用。我國企業(yè)債券市場在發(fā)展初期,市場上的創(chuàng)新不足,包括制度創(chuàng)新和產(chǎn)品創(chuàng)新均裹足不前,導致與股票市場相比,企業(yè)債券市場總量較小,在債券市場中,企業(yè)債券所占比例仍然較低。本文正是在這樣的背景下,從產(chǎn)品創(chuàng)新的角度研究我國企業(yè)債券市場的發(fā)展,對近年來市場上的產(chǎn)品創(chuàng)新分為期限選擇、浮動基準、內(nèi)嵌期權(quán)、信用增進、貨幣類型、發(fā)行方式等六個方面分別進行總結(jié)和歸納,并在此基礎(chǔ)上對我國企業(yè)債券市場的產(chǎn)品創(chuàng)新與市場發(fā)展進行定量分析,論證了產(chǎn)品創(chuàng)新對與企業(yè)債券市場發(fā)展的重要推動作用以及企業(yè)債券市場的發(fā)展對產(chǎn)品創(chuàng)新的促進作用,并進一步從宏觀角度提出促進產(chǎn)品創(chuàng)新進而發(fā)展我國企業(yè)債券市場的政策建議。 本文主要包括以下幾方面內(nèi)容： 第一章主要是對本文的選題背景進行闡述,并明確了選題意義。在對國內(nèi)外研究現(xiàn)狀分析的基礎(chǔ)上,總結(jié)出本文的研究思路和研究價值。此外還對一些本文涉及的容易產(chǎn)生混淆的概念進行明確。 第二章對我國企業(yè)債券市場的發(fā)展進行總結(jié)。主要包括三個方面,一是對我國企業(yè)債券市場發(fā)展的歷史進行一個梳理,二是對我國企業(yè)債券市場發(fā)展的現(xiàn)狀進行分析和總結(jié),第三是對發(fā)展中的問題有針對性的歸納。 第三章對我國企業(yè)債券市場中產(chǎn)品創(chuàng)新的研究。分為六個方面,分別為期限創(chuàng)新研究、浮動基準創(chuàng)新研究、內(nèi)嵌期權(quán)創(chuàng)新研究、信用增進創(chuàng)新研究、貨幣類型創(chuàng)新研究、發(fā)行方式創(chuàng)新研究。研究發(fā)現(xiàn)這六個方面的創(chuàng)新涵蓋了我國企業(yè)債券市場產(chǎn)品創(chuàng)新的大部分創(chuàng)新方案,可以說是我國企業(yè)債券市場從這六個維度不斷拓展,已經(jīng)初步形成了產(chǎn)品日益豐富、規(guī)模穩(wěn)步增長、運行機制不斷健全的市場,搭建了牢固的基礎(chǔ)產(chǎn)品構(gòu)架。 第四章以實證研究的方法構(gòu)建了因子分析模型和協(xié)整模型、和格蘭杰模型,對于我國企業(yè)債券市場產(chǎn)品創(chuàng)新的驅(qū)動因素進行了研究,并在此基礎(chǔ)上設(shè)計了評價產(chǎn)品創(chuàng)新的指標體系,以這個指標體系與我國企業(yè)債券市場發(fā)行量進行定量分析,研究發(fā)現(xiàn)我國企業(yè)債券市場的產(chǎn)品創(chuàng)新對市場的發(fā)展有重要的推動作用,并且企業(yè)債券市場的發(fā)展也會反過來促進市場的產(chǎn)品創(chuàng)新。 第五章是本文的結(jié)論部分,對于前面的研究結(jié)果進行總結(jié),為推動企業(yè)債券市場的發(fā)展,應堅持不斷的推進產(chǎn)品創(chuàng)新,以產(chǎn)品創(chuàng)新作為推動我國企業(yè)債券市場發(fā)展的不竭動力,進而形成市場發(fā)展與產(chǎn)品創(chuàng)新相互促進的良好發(fā)展局面。
[Abstract]:As an important part of capital market, corporate bond market plays an important role in financing, resource allocation, risk prevention and economic development. Lack of innovation in the market, including institutional innovation and product innovation are stagnant, resulting in compared with the stock market, the total amount of corporate bond market is smaller, in the bond market. The proportion of corporate bonds is still low. Under this background, this paper studies the development of Chinese corporate bond market from the perspective of product innovation, and divides the product innovation in recent years into term selection. Floating benchmark, embedded options, credit enhancement, currency types, issuance methods and other six aspects are summarized and summarized. On this basis, quantitative analysis of product innovation and market development of China's corporate bond market is carried out. It demonstrates that product innovation plays an important role in promoting the development of enterprise bond market and that the development of enterprise bond market promotes product innovation. And further from the macro point of view to promote product innovation and the development of China's corporate bond market policy recommendations. This paper mainly includes the following aspects: The first chapter is mainly about the background of the topic, and the significance of the topic. On the basis of the analysis of the current situation of domestic and foreign research. The research ideas and research value of this paper are summarized. In addition, some confusing concepts involved in this paper are clarified. The second chapter summarizes the development of China's corporate bond market, mainly including three aspects, one is to sort out the history of the development of China's corporate bond market. The second is to analyze and summarize the current situation of the development of the enterprise bond market in China, and the third is to summarize the problems in the development. The third chapter studies the product innovation in our country's corporate bond market. It is divided into six aspects: term innovation research, floating benchmark innovation research, embedded option innovation research, credit enhancement innovation research. The study found that the six aspects of innovation covered most of the innovative solutions of product innovation in the corporate bond market of our country. It can be said that China's corporate bond market has expanded from these six dimensions, which has formed a market with increasingly rich products, steady growth in scale, sound operating mechanism, and a solid basic product structure. Chapter 4th constructs factor analysis model, cointegration model and Granger model by empirical research, and studies the driving factors of product innovation in Chinese corporate bond market. On the basis of this, the index system of evaluating product innovation is designed, and quantitative analysis is carried out with this index system and the issuance quantity of our country's enterprise bond market. It is found that the product innovation of the corporate bond market in China plays an important role in promoting the development of the market, and the development of the enterprise bond market will in turn promote the product innovation of the market. Chapter 5th is the conclusion of this paper, the results of the previous research are summarized, in order to promote the development of the corporate bond market, we should continue to promote product innovation. Taking product innovation as the inexhaustible motive force to promote the development of our country's enterprise bond market, a good situation of mutual promotion between market development and product innovation is formed.
【學位授予單位】：安徽大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51;F273.2

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