债务融资工具定价影响因素及发展策略研究

发布时间：2018-01-15 07:04

本文关键词：债务融资工具定价影响因素及发展策略研究　出处：《大连理工大学》2012年硕士论文　论文类型：学位论文

【摘要】：债券市场是金融市场的重要组成部分,是企业融资的重要渠道。也是衡量一个国家金融发展水平的重要标志之一。债务融资工具作为我国债券市场的重要组成部分,为越来越多的非金融企业融资提供了便利的渠道,发行企业的数量和市场规模不断扩大。债务融资工具的不断发展对于我国宏观经济、债券发行人、主承销商、各类中介机构和市场上的投资者都具有重要的意义。但是,我国的债券市场与国外相比还存在很大的差距。本文的目的在于通过对我国债务融资工具市场的发行制度、发行程序等运行状况的分析,并对占据债务融资工具市场最大份额的短期融资券和中期票据的发行定价影响因素的研究,揭示了短期融资券和中期票据的信用评级水平、发行期限、发行规模、主承销商、发行主体的行业以及评级机构对于发行价格的影响。通过研究,提出了我国债务融资工具市场在定价机制、信用评级环境、发行人主体结构、监管机构设置、风险防范水平、审批效率和投资者结构等主诸多方面存在的不足。最后,结合本人理论和实践经验提出了多样化的定价模式、加强信用评级环境、加强对中小企业发债的扶持、建立统一债券市场、加强风险防范、提高注册效率和丰富投资者队伍等对于我国债务融资工具市场健康发展的政策建议。
[Abstract]:The bond market is an important part of the financial market, is an important channel of corporate finance. It is an important symbol of the country's financial development level. Debt financing instruments as an important part of China's bond market, as more and more non financial enterprises to provide convenient financing channels, the issuance of the number of enterprises and market the scale is continually expanding. The development of debt financing instruments for China's macro economy, bond issuers, underwriters, are important intermediaries and investors in the market. However, China's bond market compared with foreign countries there is still a big gap.
The purpose of this paper is on China's debt financing instruments market issuing system, analysis of the operating situation of the issuance procedures, factors and to occupy the largest share of the debt financing instruments market short-term financing bonds and medium-term notes issued pricing, issue size reveals the short-term financing bonds and medium-term notes credit rating level. Issue, period, underwriters, issuers and industry rating agencies for the influence of issue price.
Through the research, put forward our country debt financing instruments in market pricing mechanism, the credit rating of the issuer, the main structure, the establishment of regulatory bodies, the level of risk prevention, the main problems in many aspects of efficiency and the structure of investors. Finally, combining theory and practice experience of a variety of proposed pricing model, strengthen credit rating environment that small and medium-sized enterprises to strengthen the bonds of support, the establishment of a unified bond market, strengthen risk prevention, improve the efficiency of registration and rich investors for the healthy development of China's debt financing instruments market policy recommendations.

【学位授予单位】：大连理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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