【摘要】：開發(fā)性金融系統(tǒng)性融資結(jié)構(gòu)優(yōu)化問題，一直是開發(fā)性金融機構(gòu)所面臨的一個核心問題。目前我國的開發(fā)性融資規(guī)劃仍存在一些不足，主要是由地方政府主導(dǎo)的規(guī)劃多著眼于戰(zhàn)略層面的描繪，缺乏整體的融資規(guī)劃安排及動態(tài)優(yōu)化過程，缺乏科學(xué)依據(jù)，使得開發(fā)規(guī)劃及融資不能充分利用市場機制實現(xiàn)融資目標(biāo)，也不能與開發(fā)銀行內(nèi)部業(yè)務(wù)銜接，影響了開發(fā)銀行更好的發(fā)揮其作用和能力，因此，通過建立科學(xué)的融資模型來優(yōu)化融資結(jié)構(gòu)和模型來提高資金使用效率、增強融資能力、優(yōu)化資金管理，建立起我國開發(fā)性金融的系統(tǒng)性融資規(guī)劃體系，這對于國家開發(fā)銀行的深化開發(fā)性金融實踐，統(tǒng)籌開發(fā)性金融業(yè)務(wù)，服務(wù)經(jīng)濟平穩(wěn)較快發(fā)展，將有重要的意義。 開發(fā)性金融具有政府主導(dǎo)性投資和市場化投資的雙重特性，本文對國內(nèi)外文獻進行了比較和總結(jié)，發(fā)現(xiàn)西方的融資結(jié)構(gòu)研究不符合中國基本國情，而我國對商業(yè)性金融領(lǐng)域模型的研究沒有考慮到政府影響，所以并不能簡單的適用于開發(fā)性金融領(lǐng)域。因此，本文在商業(yè)性金融領(lǐng)域的基礎(chǔ)上，把政府影響考慮進去，構(gòu)建了多階段動態(tài)規(guī)劃模型，分別對開發(fā)性金融的系統(tǒng)性融資和具體項目融資的結(jié)構(gòu)、規(guī)模、期限和融資成本進行科學(xué)預(yù)測。從而實現(xiàn)融資規(guī)劃結(jié)構(gòu)優(yōu)化過程的科學(xué)化、規(guī)范化、可操作化和可持續(xù)化，增強融資能力，提高融資業(yè)務(wù)的效率。 最后，，本文在前面理論研究的基礎(chǔ)上，提出開發(fā)性金融的融資結(jié)構(gòu)優(yōu)化的理論框架和方案指導(dǎo)，把開發(fā)性金融融資結(jié)構(gòu)優(yōu)化過程分成兩個步驟來完成，第一步是通過多階段動態(tài)規(guī)劃融資模型從整體上去優(yōu)化一個期間的融資結(jié)構(gòu)和規(guī)模，第二步是對每個期間內(nèi)的具體開發(fā)項目進行市場化決策，從而確定具體的融資的結(jié)構(gòu)、規(guī)模、期限和融資成本。本文結(jié)合模型的條件和特點提出了一些建議，并認(rèn)為優(yōu)化融資結(jié)構(gòu)還需要國家的政策支持和發(fā)達(dá)的資本市場，增加交易品種，放松交易條件，增強開發(fā)對象的信息透明度。
[Abstract]:The optimization of systematic financing structure of development finance has always been a core problem faced by development financial institutions. At present, there are still some shortcomings in the development financing planning of our country, mainly due to the fact that the planning led by the local government focuses on the description of the strategic level, lacks the overall financing planning arrangement and dynamic optimization process, and lacks the scientific basis, which makes the development planning and financing unable to make full use of the market mechanism to achieve the financing goal, nor can it connect with the internal business of the development bank, which affects the development bank to give full play to its role and ability. Therefore, it will be of great significance for the National Development Bank to deepen the development financial practice, coordinate the development financial business and serve the steady and rapid development of the economy by establishing a scientific financing model to optimize the financing structure and model to improve the efficiency of the use of funds, enhance the financing ability, optimize the management of funds, and establish a systematic financing planning system for the development of development finance in China. Development finance has the dual characteristics of government-led investment and market-oriented investment. This paper compares and summarizes the domestic and foreign literature, and finds that the research on financing structure in the West is not in line with the basic national conditions of China, while the research on commercial finance in China does not take into account the influence of the government, so it can not be simply applied to the field of development finance. Therefore, on the basis of commercial finance, this paper takes into account the influence of the government, constructs a multi-stage dynamic programming model, and makes a scientific prediction of the structure, scale, maturity and financing cost of systematic financing and specific project financing of development finance, respectively. In order to realize the scientific, standardized, operable and sustainable process of financing planning structure optimization, the financing ability can be enhanced and the efficiency of financing business can be improved. Finally, on the basis of the previous theoretical research, this paper puts forward the theoretical framework and scheme guidance of the financing structure optimization of development finance, and divides the process of financing structure optimization of development finance into two steps. The first step is to optimize the financing structure and scale of a period through the multi-stage dynamic programming financing model as a whole, and the second step is to make marketization decisions on the specific development projects in each period. In order to determine the specific financing structure, scale, maturity and financing costs. Based on the conditions and characteristics of the model, this paper puts forward some suggestions, and holds that optimizing the financing structure also needs the policy support of the country and the developed capital market, increases the transaction variety, relaxes the transaction condition, and enhances the information transparency of the development object.
【學(xué)位授予單位】：華中科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.4

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