本文選題：企業(yè)類債券 + 發(fā)行市場(chǎng)　； 參考：《湖南大學(xué)》2012年碩士論文

【摘要】：作為債券市場(chǎng)的重要組成部分，企業(yè)類債券市場(chǎng)是企業(yè)直接融資的一個(gè)重要渠道，但現(xiàn)階段我國(guó)企業(yè)類債券發(fā)行市場(chǎng)的多重標(biāo)準(zhǔn)、市場(chǎng)分割現(xiàn)象，制約了我國(guó)企業(yè)類債券市場(chǎng)快速發(fā)展，影響了我國(guó)企業(yè)類債券市場(chǎng)的發(fā)展速度和規(guī)模。在大力推動(dòng)債券市場(chǎng)發(fā)展的政策背景下，破除企業(yè)類債券市場(chǎng)分割，多頭監(jiān)管等制約因素，統(tǒng)一準(zhǔn)入和監(jiān)管標(biāo)準(zhǔn)，建設(shè)規(guī)范統(tǒng)一的債券市場(chǎng)，，完善企業(yè)類債券發(fā)行市場(chǎng)的監(jiān)管標(biāo)準(zhǔn)，成為了當(dāng)前債券市場(chǎng)改革的一個(gè)主要內(nèi)容。 按照“理論基礎(chǔ)——現(xiàn)狀分析——標(biāo)準(zhǔn)設(shè)計(jì)——標(biāo)準(zhǔn)評(píng)價(jià)”的思路，本文對(duì)如何設(shè)計(jì)我國(guó)企業(yè)類債券發(fā)行市場(chǎng)的監(jiān)管標(biāo)準(zhǔn)展開了深入的研究。在界定企業(yè)類債券和監(jiān)管標(biāo)準(zhǔn)的相關(guān)概念的基礎(chǔ)上，提出利益沖突理論、成本效益理論和市場(chǎng)失靈理論等企業(yè)類債券發(fā)行市場(chǎng)監(jiān)管標(biāo)準(zhǔn)的相關(guān)基礎(chǔ)理論，并詳細(xì)闡述了粗糙集理論、熵理論以及模糊數(shù)學(xué)理論等監(jiān)管標(biāo)準(zhǔn)評(píng)價(jià)方法的相關(guān)理論。 本文認(rèn)為企業(yè)類債券發(fā)行市場(chǎng)的監(jiān)管標(biāo)準(zhǔn)應(yīng)以監(jiān)管目標(biāo)為導(dǎo)向，最終使得發(fā)行市場(chǎng)的監(jiān)管更加規(guī)范，進(jìn)一步完善現(xiàn)有的監(jiān)管標(biāo)準(zhǔn)。在構(gòu)建企業(yè)類債券發(fā)行市場(chǎng)監(jiān)管標(biāo)準(zhǔn)框架的基礎(chǔ)上，建立監(jiān)管指標(biāo)體系。以此對(duì)企業(yè)發(fā)行債券進(jìn)行更有效的監(jiān)管，在一定程度上能夠解決目前企業(yè)類債券市場(chǎng)監(jiān)管中存在的監(jiān)管主體不明確導(dǎo)致監(jiān)管標(biāo)準(zhǔn)不一、行政化色彩濃重導(dǎo)致監(jiān)管標(biāo)準(zhǔn)門檻過高和相關(guān)法律法規(guī)不健全導(dǎo)致監(jiān)管標(biāo)準(zhǔn)重復(fù)等問題。圍繞理論分析和建立的監(jiān)管標(biāo)準(zhǔn)，運(yùn)用實(shí)證方法驗(yàn)證我國(guó)企業(yè)類債券發(fā)行市場(chǎng)監(jiān)管標(biāo)準(zhǔn)的有效性和可行性。運(yùn)用粗糙集理論對(duì)構(gòu)建的監(jiān)管指標(biāo)體系分別從宏觀、中觀、微觀三方面因素進(jìn)行指標(biāo)約簡(jiǎn)，然后運(yùn)用熵權(quán)法確定每個(gè)指標(biāo)的權(quán)重，最后運(yùn)用模糊綜合評(píng)價(jià)方法對(duì)指標(biāo)體系進(jìn)行評(píng)價(jià)，以此篩選企業(yè)類債券發(fā)行的優(yōu)劣，為未來完善發(fā)行市場(chǎng)監(jiān)管制度提供理論支撐。
[Abstract]:As an important part of the bond market, the enterprise bond market is an important channel for enterprise direct financing. It restricts the rapid development of the enterprise bond market in China and affects the development speed and scale of the enterprise bond market in China. In the context of the policy of vigorously promoting the development of the bond market, we should remove the constraints such as the division of the enterprise bond market and the supervision of the long market, unify the admission and regulatory standards, and build a standardized and unified bond market. Perfecting the supervision standard of the enterprise bond issuing market has become a main content of the current bond market reform. According to the idea of "theoretical foundation-current situation analysis-standard design-standard evaluation", this paper has carried out a deep research on how to design the supervision standard of enterprise bond issuing market in our country. On the basis of defining the related concepts of corporate bonds and regulatory standards, this paper puts forward the relevant basic theories such as conflict of interest theory, cost-benefit theory and market failure theory, and so on. The relevant theories of supervision standard evaluation methods such as rough set theory, entropy theory and fuzzy mathematics theory are expounded in detail. This paper holds that the supervision standard of the enterprise bond issuing market should be oriented to the supervision target, and finally make the regulation of the issuing market more standardized, and further improve the existing regulatory standards. On the basis of constructing the regulatory standard framework of enterprise bond issuance market, the regulatory index system is established. To a certain extent, it can solve the problem that the regulatory bodies in the corporate bond market are not clear and lead to different regulatory standards. The heavy color of administration leads to the high threshold of regulatory standards and imperfect laws and regulations leading to the duplication of regulatory standards. Based on the theoretical analysis and established regulatory standards, this paper uses empirical methods to verify the validity and feasibility of the regulatory standards of corporate bond issuance in China. By using rough set theory, the index system of supervision is reduced from macro, meso and micro aspects, and then the weight of each index is determined by entropy weight method. Finally, the fuzzy comprehensive evaluation method is used to evaluate the index system, so as to select the advantages and disadvantages of enterprise bond issuance, and provide theoretical support for the future improvement of market regulation system.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

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