本文關(guān)鍵詞： 中小企業(yè)融資 債券融資 公司治理　出處：《北京外國(guó)語(yǔ)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：銀行貸款、股權(quán)融資和債券融資是企業(yè)外部融資的三種基本途徑。就銀行信貸而言,改革開發(fā)初期,我國(guó)企業(yè)外部融資以計(jì)劃經(jīng)濟(jì)下的銀行貸款為主要形式。銀行貸款融資至今仍然在我國(guó)企業(yè)融資中占據(jù)重要地位,得益于改革開放以來我國(guó)銀行體系取得的快速發(fā)展。就股票融資而言,1990年,我國(guó)內(nèi)地先后成立了上海證券交易所和深圳證券交易所,股票融資逐步成為大型優(yōu)質(zhì)企業(yè)獲得長(zhǎng)期資金來源的重要方式。然而,改革開放以來我國(guó)企業(yè)債券市場(chǎng)的發(fā)展卻極為緩慢,發(fā)展滯后的企業(yè)債券市場(chǎng)難以支持經(jīng)濟(jì)社會(huì)的發(fā)展,并逐步形成了我國(guó)資本市場(chǎng)直接融資不足,重股票,輕債券的特點(diǎn)。企業(yè)債券市場(chǎng)是一國(guó)金融市場(chǎng)的重要組成部分。然而改革開放以來,我國(guó)公司企業(yè)債券市場(chǎng)發(fā)展極為緩慢,直到2007年《公司債券發(fā)行試點(diǎn)辦法》的正式實(shí)施標(biāo)志著我國(guó)真正資本市場(chǎng)意義上的公司債券產(chǎn)生并逐步成為企業(yè)融資的重要途徑。同時(shí),國(guó)家發(fā)改委主管的企業(yè)債券市場(chǎng)的發(fā)展近年來也加快腳步,由公司債和企業(yè)債共同構(gòu)成的企業(yè)債券市場(chǎng)開始快速發(fā)展。企業(yè)債券市場(chǎng)的發(fā)展不僅豐富了企業(yè)融資的渠道,使得債券融資在企業(yè)中長(zhǎng)期融資中所占的比重持續(xù)上升,也逐步平衡了我國(guó)股票市場(chǎng)和企業(yè)債券市場(chǎng)的融資格局。另一方面,我國(guó)一直存在中小企業(yè)融資難、融資貴的問題。經(jīng)過長(zhǎng)期的理論和政策探討,學(xué)術(shù)界基本形成了信息不對(duì)稱為主因,建立中小金融機(jī)構(gòu),建立中小企業(yè)擔(dān)保體系為對(duì)策的基本思路。由于企業(yè)債券市場(chǎng)進(jìn)入條件較高,長(zhǎng)期以來,發(fā)展企業(yè)債券市場(chǎng)并沒有被視為解決中小企業(yè)融資難題的對(duì)策。然而,近年來企業(yè)債券市場(chǎng)的發(fā)展表明,企業(yè)債券市場(chǎng)的發(fā)展可以促進(jìn)銀行信貸市場(chǎng)的競(jìng)爭(zhēng),改善債券發(fā)行企業(yè)的財(cái)務(wù)管理,進(jìn)而從多個(gè)方面緩解中小企業(yè)融資難題。因此,有必要分析當(dāng)前企業(yè)債券市場(chǎng)發(fā)展對(duì)于企業(yè)融資,特別是中小企業(yè)融資帶來的影響以及債券發(fā)行中存在的問題,以實(shí)現(xiàn)企業(yè)債券市場(chǎng)的持續(xù)健康發(fā)展和進(jìn)一步利用企業(yè)債券市場(chǎng)化解中小企業(yè)融資難題。
[Abstract]:Bank loans, equity financing and bond financing are three basic ways of external financing. As far as bank credit is concerned, the initial stage of reform and development. The external financing of enterprises in China is mainly in the form of bank loans under the planned economy. Bank loan financing still occupies an important position in the financing of enterprises in our country. As far as stock financing is concerned, in 1990, the Shanghai Stock Exchange and the Shenzhen Stock Exchange were established in the mainland of China. Stock financing has gradually become an important way for large and high-quality enterprises to obtain long-term funding. However, the development of corporate bond market in China has been very slow since the reform and opening up. The lagged corporate bond market is difficult to support the economic and social development, and has gradually formed the lack of direct financing in our country's capital market and the emphasis on stocks. The characteristics of light bond. Corporate bond market is an important part of a country's financial market. However, since the reform and opening up, the development of corporate bond market in China is extremely slow. Until 2007, the formal implementation of the "Company Bond issuance pilot measures" marked the emergence of corporate bonds in the sense of the real capital market and gradually became an important approach to corporate financing. The development of the corporate bond market in charge of the National Development and Reform Commission has also accelerated in recent years. The corporate bond market, which is composed of corporate bonds and corporate bonds, is developing rapidly. The development of corporate bond market not only enriches the channels of corporate financing. The proportion of bond financing in medium and long-term financing of enterprises continues to rise, but also gradually balance our stock market and corporate bond market financing pattern. On the other hand, there have been difficulties in financing SMEs in China. The problem of expensive financing. After a long period of theoretical and policy discussions, the academic community has basically formed information asymmetry as the main reason for the establishment of small and medium-sized financial institutions. Because of the high entry conditions of enterprise bond market, the development of enterprise bond market has not been regarded as a solution to the financing problems of SMEs. The development of enterprise bond market in recent years shows that the development of enterprise bond market can promote the competition of bank credit market and improve the financial management of bond issuing enterprises. Therefore, it is necessary to analyze the impact of the current development of the corporate bond market on corporate financing, especially the SME financing and the existing problems in bond issuance. In order to realize the sustainable and healthy development of the corporate bond market and further utilize the corporate bond market to solve the financing problems of small and medium-sized enterprises.
【學(xué)位授予單位】：北京外國(guó)語(yǔ)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F832.39;F275

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