發(fā)布時(shí)間：2018-11-26 09:18

【摘要】：債券市場作為資本市場中不可或缺的一部分，，在我國取得了較大的發(fā)展，尤其是在近幾年股市一直低迷，監(jiān)管層迫于種種壓力只能限制IPO，各類型的企業(yè)不大可能通過股市進(jìn)行融資，使得債券市場更是得到了極大的發(fā)展。從債券市場的功能來看，它起著連接資金供給者與資金需求者之間橋梁的作用，為各種企業(yè)提供了一個(gè)籌集資金的平臺(tái)，同時(shí)也為各類型的金融機(jī)構(gòu)提供了一個(gè)良好的投資場所，使得他們能夠更加充分的發(fā)揮自己在促進(jìn)國民經(jīng)濟(jì)發(fā)展中的作用。因此，我認(rèn)為研究債券市場是否對(duì)經(jīng)濟(jì)增長有貢獻(xiàn)以及貢獻(xiàn)度有多大，考察債券市場中的國債、金融債、企業(yè)債分別對(duì)經(jīng)濟(jì)增長的貢獻(xiàn)度，是非常有必要的。根據(jù)理論與實(shí)證研究的結(jié)果，為我國債券市場未來的發(fā)展方向提出自己的一些意見，希冀能夠?yàn)槲覈Y本市場的改革帶來一些有益的探討。 很長一段時(shí)間以來，我國資本市場體系的發(fā)展遠(yuǎn)遠(yuǎn)落后于實(shí)體經(jīng)濟(jì)的快速增長。其中直接融資過低表現(xiàn)的尤為明顯，而在直接融資中，債券融資明顯存在很大的缺陷。在國際金融危機(jī)陰霾尚未散去和世界經(jīng)濟(jì)增長放緩的形勢下，我國經(jīng)濟(jì)的持續(xù)、快速、健康發(fā)展面臨著嚴(yán)峻的考驗(yàn)和挑戰(zhàn)。作為具有國民經(jīng)濟(jì)“晴雨表”之稱的金融資本市場能否充分發(fā)揮其功能是關(guān)系到國民經(jīng)濟(jì)能否平穩(wěn)健康運(yùn)行的關(guān)鍵。而作為中國金融體系中不可缺少的部分，債券市場在促進(jìn)國民經(jīng)濟(jì)穩(wěn)定增長方面理應(yīng)受到重視。因此，對(duì)于債券市場在促進(jìn)國民經(jīng)濟(jì)發(fā)展中的效率研究就變得有據(jù)可循，本文將全面系統(tǒng)的分析我國債券在促進(jìn)國民經(jīng)濟(jì)發(fā)展中的效率問題進(jìn)行研究，并據(jù)此提出政策建議。 本文以債券市場在促進(jìn)國民經(jīng)濟(jì)發(fā)展中的作用為研究對(duì)象，采用1、理論研究與實(shí)踐經(jīng)驗(yàn)分析相結(jié)合。對(duì)比現(xiàn)有的發(fā)達(dá)國家有關(guān)的研究成果，結(jié)合我國債券市場結(jié)構(gòu)的特點(diǎn)和發(fā)展現(xiàn)狀，對(duì)比發(fā)達(dá)國家的債券市場結(jié)構(gòu)狀況，結(jié)合我國的特殊國情，構(gòu)建關(guān)于我國債券市場結(jié)構(gòu)與其功能相匹配的實(shí)證研究參數(shù)指標(biāo)體系。2、規(guī)范分析與實(shí)證分析相結(jié)合。運(yùn)用成熟的相關(guān)市場理論和有關(guān)的運(yùn)作實(shí)踐經(jīng)驗(yàn)對(duì)我國債券市場結(jié)構(gòu)、功能目標(biāo)進(jìn)行規(guī)范性界定。運(yùn)用AK模型以及運(yùn)用Eviews分析軟件對(duì)其進(jìn)行ADF檢驗(yàn)；同時(shí)利用新古典經(jīng)濟(jì)增長模型、分析債券市場中的國債、金融債、企業(yè)債對(duì)經(jīng)濟(jì)增長的貢獻(xiàn)度；3、采用比較分析方法，探索國際上比較成熟的資本市場結(jié)構(gòu)運(yùn)行中的實(shí)踐經(jīng)驗(yàn)，針對(duì)上述實(shí)證分析得出的債券市場結(jié)構(gòu)與其功能績效中不匹配的現(xiàn)象，從新古典經(jīng)濟(jì)學(xué)、社會(huì)學(xué)和制度經(jīng)濟(jì)學(xué)視角剖析債券市場功能績效的影響因素，探討如何對(duì)我國債券市場進(jìn)行結(jié)構(gòu)的完善和優(yōu)化，以促進(jìn)我國債券市場的健康發(fā)展。
[Abstract]:As an indispensable part of the capital market, bond market has made great progress in our country, especially in recent years, the stock market has been depressed, the supervision level can only restrict IPO, under various pressures. Companies of all types are unlikely to raise funds through the stock market, making the bond market even more developed. From the point of view of the function of bond market, it acts as a bridge between fund providers and fund demanders, and provides a platform for various enterprises to raise funds. At the same time, it also provides a good investment place for all kinds of financial institutions, so that they can give full play to their role in promoting the development of national economy. Therefore, I think it is very necessary to study whether the bond market contributes to the economic growth and how great the contribution is, to investigate the contribution of national debt, financial debt and corporate debt to the economic growth in the bond market. According to the results of theoretical and empirical studies, this paper puts forward some suggestions for the future development of China's bond market, hoping to bring some beneficial discussions for the reform of China's capital market. For a long time, the development of China's capital market system lags far behind the rapid growth of the real economy. The performance of direct financing is too low, but in direct financing, bond financing has obvious defects. Under the situation that the haze of the international financial crisis has not dissipated and the world economic growth has slowed down, the sustained, rapid and healthy development of our economy is facing a severe test and challenge. As a barometer of the national economy, whether the financial capital market can give full play to its function is the key to the smooth and healthy operation of the national economy. As an indispensable part of China's financial system, the bond market should be attached importance in promoting the steady growth of national economy. Therefore, the research on the efficiency of bond market in promoting the development of national economy becomes more and more effective. This paper will analyze the efficiency of bond market in promoting the development of national economy in a comprehensive and systematic way, and put forward some policy suggestions accordingly. In this paper, the role of bond market in promoting the development of the national economy as the research object, using 1, the combination of theoretical research and practical experience analysis. Comparing the relevant research results of the existing developed countries, combining the characteristics and development status of China's bond market structure, comparing the bond market structure status of developed countries, combining with the special national conditions of our country, This paper constructs an index system of empirical research on the matching of bond market structure with its function. 2. Combining normative analysis with empirical analysis. Based on the mature market theory and relevant practical experience, the paper defines the structure and function of the bond market in China. AK model and Eviews analysis software are used to test it, and the new classical economic growth model is used to analyze the contribution of bonds, financial bonds and corporate bonds to economic growth in the bond market. 3. Using the comparative analysis method to explore the practical experience in the operation of the more mature capital market structure in the world, aiming at the phenomenon that the bond market structure and its functional performance are not matched by the above empirical analysis, this paper starts with the neoclassical economics. From the perspective of sociology and institutional economics, this paper analyzes the factors influencing the functional performance of the bond market, and probes into how to perfect and optimize the structure of the bond market in order to promote the healthy development of the bond market in China.
【學(xué)位授予單位】：江西財(cái)經(jīng)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

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