【摘要】：產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化升級是經(jīng)濟發(fā)展過程中永恒的主題,是經(jīng)濟發(fā)展的重要標志以及客觀上的真實反映。優(yōu)化產(chǎn)業(yè)結(jié)構(gòu)、推動產(chǎn)業(yè)升級,是實現(xiàn)我國經(jīng)濟健康發(fā)展、提升競爭力的必經(jīng)之路,而資金是保證產(chǎn)業(yè)結(jié)構(gòu)調(diào)整以及促進其優(yōu)化升級的直接推動力。從1990年上海證券交易所正式掛牌運營開始,我國的資本證券市場開始了真正意義上的發(fā)展,經(jīng)過二十多年的歷練,我國資本市場不管是在整體市場規(guī)模還是為企業(yè)拓展融資渠道上面都取得了相當矚目的成就。但是成就面前,我們?nèi)砸３智逍?我國的資本市場發(fā)展的“跛足”現(xiàn)象,使得我國的資本市場上的資源未能得到優(yōu)化配置。債券市場發(fā)展的相對落后,以及我國企業(yè)債券和公司債券發(fā)展的不良,均使得我國企業(yè)在融資渠道的選擇上出路不多。如何發(fā)揮債券融資的效能,推動產(chǎn)業(yè)結(jié)構(gòu)升級,從而促進經(jīng)濟發(fā)展是本文研究的主題。 從資本市場角度出發(fā)來對產(chǎn)業(yè)結(jié)構(gòu)升級的研究文獻很多,但是大多數(shù)是從股票融資角度進行的,而債券市場的發(fā)展對促進我國產(chǎn)業(yè)結(jié)構(gòu)升級的影響研究很少。文章圍繞債券市場融資對產(chǎn)業(yè)結(jié)構(gòu)升級的作用這一主題,運用產(chǎn)業(yè)結(jié)構(gòu)理論、融資理論、現(xiàn)代金融市場發(fā)展理論等學(xué)科理論,以債券市場發(fā)展為主線,建立債券市場融資對產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化升級的理論框架,并對新千年以來,我國債券市場融資產(chǎn)業(yè)結(jié)構(gòu)與國民經(jīng)濟產(chǎn)業(yè)結(jié)構(gòu)的相似性系數(shù)作出分析,實證分析了我國債券市場融資對產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化升級的影響,得出我國債券市場融資在促進產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化升級方面具有長期且穩(wěn)定的作用關(guān)系。 另外,文章還對債券市場如何更好地服務(wù)國民經(jīng)濟以及促進產(chǎn)業(yè)結(jié)構(gòu)的優(yōu)化升級提出了一些政策建議,并針對時下熱議的垃圾債券適度開閘和完善資本債券市場發(fā)展與監(jiān)管提出了一些自己的觀點與意見。
[Abstract]:The optimization and upgrading of industrial structure is an eternal theme in the process of economic development, an important symbol of economic development and an objective and true reflection. Optimizing the industrial structure and promoting industrial upgrading is the only way to realize the healthy economic development and enhance the competitiveness of our country, and the capital is the direct driving force to ensure the adjustment of industrial structure and to promote its optimization and upgrading. Since the Shanghai Stock Exchange officially went public in 1990, China's capital securities market has begun to develop in a real sense, after more than 20 years of experience. China's capital market has made remarkable achievements in both the overall market scale and the development of financing channels for enterprises. However, in front of the achievements, we still have to remain sober. The "crippling" phenomenon of the development of the capital market in our country makes the resources in the capital market of our country unable to be allocated optimally. The relatively backward development of bond market and the bad development of corporate bonds and corporate bonds in China make the choice of financing channels for Chinese enterprises to be few. How to give full play to the efficiency of bond financing, promote the upgrading of industrial structure, and thus promote economic development is the theme of this paper. There are many researches on industrial structure upgrading from the perspective of capital market, but most of them are carried out from the perspective of stock financing. However, the impact of the development of bond market on promoting the upgrading of industrial structure in China is seldom studied. Focusing on the theme of the role of bond market financing in the upgrading of industrial structure, this paper applies the theories of industrial structure, financing and modern financial market development, and takes the development of bond market as the main line. The theoretical framework of the optimization and upgrading of the industrial structure by bond market financing is established, and the similarity coefficient between the financing industrial structure of the bond market and the industrial structure of the national economy is analyzed in the new millennium. This paper analyzes the impact of bond market financing on the optimization and upgrading of industrial structure, and concludes that the bond market financing has a long-term and stable role in promoting the optimization and upgrading of industrial structure. In addition, the paper also puts forward some policy suggestions on how the bond market can better serve the national economy and promote the optimization and upgrading of industrial structure. This paper also puts forward some views and opinions on the proper opening of junk bonds and the improvement of capital bond market development and supervision.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F121.3;F224

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