基于产品创新的我国企业债券市场发展研究

发布时间：2018-01-06 01:12

本文关键词：基于产品创新的我国企业债券市场发展研究　出处：《安徽大学》2013年硕士论文　论文类型：学位论文

【摘要】：企业债券市场作为资本市场的重要组成部分,对于企业融资、资源配置、风险防范和经济发展具有重要作用。我国企业债券市场在发展初期,市场上的创新不足,包括制度创新和产品创新均裹足不前,导致与股票市场相比,企业债券市场总量较小,在债券市场中,企业债券所占比例仍然较低。本文正是在这样的背景下,从产品创新的角度研究我国企业债券市场的发展,对近年来市场上的产品创新分为期限选择、浮动基准、内嵌期权、信用增进、货币类型、发行方式等六个方面分别进行总结和归纳,并在此基础上对我国企业债券市场的产品创新与市场发展进行定量分析,论证了产品创新对与企业债券市场发展的重要推动作用以及企业债券市场的发展对产品创新的促进作用,并进一步从宏观角度提出促进产品创新进而发展我国企业债券市场的政策建议。本文主要包括以下几方面内容：第一章主要是对本文的选题背景进行阐述,并明确了选题意义。在对国内外研究现状分析的基础上,总结出本文的研究思路和研究价值。此外还对一些本文涉及的容易产生混淆的概念进行明确。第二章对我国企业债券市场的发展进行总结。主要包括三个方面,一是对我国企业债券市场发展的历史进行一个梳理,二是对我国企业债券市场发展的现状进行分析和总结,第三是对发展中的问题有针对性的归纳。第三章对我国企业债券市场中产品创新的研究。分为六个方面,分别为期限创新研究、浮动基准创新研究、内嵌期权创新研究、信用增进创新研究、货币类型创新研究、发行方式创新研究。研究发现这六个方面的创新涵盖了我国企业债券市场产品创新的大部分创新方案,可以说是我国企业债券市场从这六个维度不断拓展,已经初步形成了产品日益丰富、规模稳步增长、运行机制不断健全的市场,搭建了牢固的基础产品构架。第四章以实证研究的方法构建了因子分析模型和协整模型、和格兰杰模型,对于我国企业债券市场产品创新的驱动因素进行了研究,并在此基础上设计了评价产品创新的指标体系,以这个指标体系与我国企业债券市场发行量进行定量分析,研究发现我国企业债券市场的产品创新对市场的发展有重要的推动作用,并且企业债券市场的发展也会反过来促进市场的产品创新。第五章是本文的结论部分,对于前面的研究结果进行总结,为推动企业债券市场的发展,应坚持不断的推进产品创新,以产品创新作为推动我国企业债券市场发展的不竭动力,进而形成市场发展与产品创新相互促进的良好发展局面。
[Abstract]:As an important part of capital market, corporate bond market plays an important role in financing, resource allocation, risk prevention and economic development. Lack of innovation in the market, including institutional innovation and product innovation are stagnant, resulting in compared with the stock market, the total amount of corporate bond market is smaller, in the bond market. The proportion of corporate bonds is still low. Under this background, this paper studies the development of Chinese corporate bond market from the perspective of product innovation, and divides the product innovation in recent years into term selection. Floating benchmark, embedded options, credit enhancement, currency types, issuance methods and other six aspects are summarized and summarized. On this basis, quantitative analysis of product innovation and market development of China's corporate bond market is carried out. It demonstrates that product innovation plays an important role in promoting the development of enterprise bond market and that the development of enterprise bond market promotes product innovation. And further from the macro point of view to promote product innovation and the development of China's corporate bond market policy recommendations. This paper mainly includes the following aspects: The first chapter is mainly about the background of the topic, and the significance of the topic. On the basis of the analysis of the current situation of domestic and foreign research. The research ideas and research value of this paper are summarized. In addition, some confusing concepts involved in this paper are clarified. The second chapter summarizes the development of China's corporate bond market, mainly including three aspects, one is to sort out the history of the development of China's corporate bond market. The second is to analyze and summarize the current situation of the development of the enterprise bond market in China, and the third is to summarize the problems in the development. The third chapter studies the product innovation in our country's corporate bond market. It is divided into six aspects: term innovation research, floating benchmark innovation research, embedded option innovation research, credit enhancement innovation research. The study found that the six aspects of innovation covered most of the innovative solutions of product innovation in the corporate bond market of our country. It can be said that China's corporate bond market has expanded from these six dimensions, which has formed a market with increasingly rich products, steady growth in scale, sound operating mechanism, and a solid basic product structure. Chapter 4th constructs factor analysis model, cointegration model and Granger model by empirical research, and studies the driving factors of product innovation in Chinese corporate bond market. On the basis of this, the index system of evaluating product innovation is designed, and quantitative analysis is carried out with this index system and the issuance quantity of our country's enterprise bond market. It is found that the product innovation of the corporate bond market in China plays an important role in promoting the development of the market, and the development of the enterprise bond market will in turn promote the product innovation of the market. Chapter 5th is the conclusion of this paper, the results of the previous research are summarized, in order to promote the development of the corporate bond market, we should continue to promote product innovation. Taking product innovation as the inexhaustible motive force to promote the development of our country's enterprise bond market, a good situation of mutual promotion between market development and product innovation is formed.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F273.2

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