开发性金融的融资结构优化模型研究

发布时间：2019-06-26 13:18

【摘要】：开发性金融系统性融资结构优化问题，一直是开发性金融机构所面临的一个核心问题。目前我国的开发性融资规划仍存在一些不足，主要是由地方政府主导的规划多着眼于战略层面的描绘，缺乏整体的融资规划安排及动态优化过程，缺乏科学依据，使得开发规划及融资不能充分利用市场机制实现融资目标，也不能与开发银行内部业务衔接，影响了开发银行更好的发挥其作用和能力，因此，通过建立科学的融资模型来优化融资结构和模型来提高资金使用效率、增强融资能力、优化资金管理，建立起我国开发性金融的系统性融资规划体系，这对于国家开发银行的深化开发性金融实践，统筹开发性金融业务，服务经济平稳较快发展，将有重要的意义。开发性金融具有政府主导性投资和市场化投资的双重特性，本文对国内外文献进行了比较和总结，发现西方的融资结构研究不符合中国基本国情，而我国对商业性金融领域模型的研究没有考虑到政府影响，所以并不能简单的适用于开发性金融领域。因此，本文在商业性金融领域的基础上，把政府影响考虑进去，构建了多阶段动态规划模型，分别对开发性金融的系统性融资和具体项目融资的结构、规模、期限和融资成本进行科学预测。从而实现融资规划结构优化过程的科学化、规范化、可操作化和可持续化，增强融资能力，提高融资业务的效率。最后，，本文在前面理论研究的基础上，提出开发性金融的融资结构优化的理论框架和方案指导，把开发性金融融资结构优化过程分成两个步骤来完成，第一步是通过多阶段动态规划融资模型从整体上去优化一个期间的融资结构和规模，第二步是对每个期间内的具体开发项目进行市场化决策，从而确定具体的融资的结构、规模、期限和融资成本。本文结合模型的条件和特点提出了一些建议，并认为优化融资结构还需要国家的政策支持和发达的资本市场，增加交易品种，放松交易条件，增强开发对象的信息透明度。
[Abstract]:The optimization of systematic financing structure of development finance has always been a core problem faced by development financial institutions. At present, there are still some shortcomings in the development financing planning of our country, mainly due to the fact that the planning led by the local government focuses on the description of the strategic level, lacks the overall financing planning arrangement and dynamic optimization process, and lacks the scientific basis, which makes the development planning and financing unable to make full use of the market mechanism to achieve the financing goal, nor can it connect with the internal business of the development bank, which affects the development bank to give full play to its role and ability. Therefore, it will be of great significance for the National Development Bank to deepen the development financial practice, coordinate the development financial business and serve the steady and rapid development of the economy by establishing a scientific financing model to optimize the financing structure and model to improve the efficiency of the use of funds, enhance the financing ability, optimize the management of funds, and establish a systematic financing planning system for the development of development finance in China. Development finance has the dual characteristics of government-led investment and market-oriented investment. This paper compares and summarizes the domestic and foreign literature, and finds that the research on financing structure in the West is not in line with the basic national conditions of China, while the research on commercial finance in China does not take into account the influence of the government, so it can not be simply applied to the field of development finance. Therefore, on the basis of commercial finance, this paper takes into account the influence of the government, constructs a multi-stage dynamic programming model, and makes a scientific prediction of the structure, scale, maturity and financing cost of systematic financing and specific project financing of development finance, respectively. In order to realize the scientific, standardized, operable and sustainable process of financing planning structure optimization, the financing ability can be enhanced and the efficiency of financing business can be improved. Finally, on the basis of the previous theoretical research, this paper puts forward the theoretical framework and scheme guidance of the financing structure optimization of development finance, and divides the process of financing structure optimization of development finance into two steps. The first step is to optimize the financing structure and scale of a period through the multi-stage dynamic programming financing model as a whole, and the second step is to make marketization decisions on the specific development projects in each period. In order to determine the specific financing structure, scale, maturity and financing costs. Based on the conditions and characteristics of the model, this paper puts forward some suggestions, and holds that optimizing the financing structure also needs the policy support of the country and the developed capital market, increases the transaction variety, relaxes the transaction condition, and enhances the information transparency of the development object.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.4

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