本文選題：場(chǎng)外交易市場(chǎng)　切入點(diǎn)：融資模式　出處：《天津商業(yè)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：場(chǎng)外交易市場(chǎng)作為資本市場(chǎng)的重要組成部分，，在我國(guó)金融體系中的重要性愈發(fā)明顯。而我國(guó)的債券場(chǎng)外交易市場(chǎng)以銀行間債券市場(chǎng)為主體。銀行間債券市場(chǎng)的發(fā)展結(jié)構(gòu)失衡，企業(yè)債券發(fā)展嚴(yán)重滯后。根據(jù)發(fā)達(dá)國(guó)家的資本市場(chǎng)發(fā)展經(jīng)驗(yàn)，資本市場(chǎng)中企業(yè)債券的融資規(guī)模遠(yuǎn)高于股票融資，企業(yè)債券的交易場(chǎng)所主要集中在場(chǎng)外市場(chǎng)。這并不是偶然，是符合資本結(jié)構(gòu)理論的。而我國(guó)場(chǎng)外交易市場(chǎng)企業(yè)債券融資規(guī)模較小，具備廣闊的發(fā)展空間。探索發(fā)展我國(guó)場(chǎng)外交易市場(chǎng)的企業(yè)債券融資模式的合理路徑，對(duì)于解決中小企業(yè)的大量資金需求，完善場(chǎng)外交易市場(chǎng)結(jié)構(gòu)具有重要意義。 本文以我國(guó)場(chǎng)外交易市場(chǎng)為研究對(duì)象，應(yīng)用比較分析法、理論研究和實(shí)證分析相結(jié)合的方法，分析了場(chǎng)外交易市場(chǎng)與債券融資模式相契合的原因，對(duì)我國(guó)場(chǎng)外交易市場(chǎng)企業(yè)債券融資模式的現(xiàn)狀與存在的問題進(jìn)行研究。最后，運(yùn)用主成分分析法對(duì)1991-2010年我國(guó)場(chǎng)外交易市場(chǎng)發(fā)展水平的影響因素進(jìn)行分析，得出企業(yè)債券市場(chǎng)融資模式對(duì)我國(guó)場(chǎng)外交易市場(chǎng)融資功能的提高的顯著作用，與此同時(shí)通過時(shí)間序列分析我國(guó)場(chǎng)外交易市場(chǎng)發(fā)展變遷的特征，有針對(duì)性的提出提高我國(guó)場(chǎng)外交易市場(chǎng)企業(yè)債券融資模式績(jī)效的規(guī)劃與政策建議。
[Abstract]:As an important part of the capital market, the OTC market is becoming more and more important in the financial system of our country. However, the over-the-counter bond market of our country is dominated by the interbank bond market, and the development structure of the interbank bond market is out of balance. The development of corporate bonds is seriously lagging behind. According to the experience of capital market development in developed countries, the financing scale of corporate bonds in capital markets is much higher than that of stock financing, and the trading places of corporate bonds are mainly concentrated in the over-the-counter market. It is in line with the theory of capital structure. However, the scale of corporate bond financing in over-the-counter market in China is relatively small, and there is a broad space for development. This paper explores a reasonable way to develop the corporate bond financing mode of over-the-counter market in our country. It is of great significance to solve the large amount of capital demand of small and medium-sized enterprises and to perfect the structure of OTC market. This paper takes the over-the-counter market of our country as the research object, applies the method of comparative analysis, theoretical research and empirical analysis to analyze the reason why the over-the-counter market and the bond financing mode coincide. This paper studies the current situation and existing problems of corporate bond financing mode in OTC market in China. Finally, the paper analyzes the influencing factors of the development level of OTC market in China from 1991 to 2010 by using principal component analysis (PCA). The paper draws a conclusion that the financing mode of corporate bond market plays a significant role in improving the financing function of China's over-the-counter market. At the same time, it analyzes the characteristics of the development and changes of China's over-the-counter market through time series. This paper puts forward the plan and policy suggestions to improve the performance of corporate bond financing model in OTC market in China.
【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F275

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