我国企业类债券发行市场的监管标准研究

发布时间：2018-05-17 14:09

本文选题：企业类债券 + 发行市场　；参考：《湖南大学》2012年硕士论文

【摘要】：作为债券市场的重要组成部分，企业类债券市场是企业直接融资的一个重要渠道，但现阶段我国企业类债券发行市场的多重标准、市场分割现象，制约了我国企业类债券市场快速发展，影响了我国企业类债券市场的发展速度和规模。在大力推动债券市场发展的政策背景下，破除企业类债券市场分割，多头监管等制约因素，统一准入和监管标准，建设规范统一的债券市场，，完善企业类债券发行市场的监管标准，成为了当前债券市场改革的一个主要内容。按照“理论基础——现状分析——标准设计——标准评价”的思路，本文对如何设计我国企业类债券发行市场的监管标准展开了深入的研究。在界定企业类债券和监管标准的相关概念的基础上，提出利益冲突理论、成本效益理论和市场失灵理论等企业类债券发行市场监管标准的相关基础理论，并详细阐述了粗糙集理论、熵理论以及模糊数学理论等监管标准评价方法的相关理论。本文认为企业类债券发行市场的监管标准应以监管目标为导向，最终使得发行市场的监管更加规范，进一步完善现有的监管标准。在构建企业类债券发行市场监管标准框架的基础上，建立监管指标体系。以此对企业发行债券进行更有效的监管，在一定程度上能够解决目前企业类债券市场监管中存在的监管主体不明确导致监管标准不一、行政化色彩浓重导致监管标准门槛过高和相关法律法规不健全导致监管标准重复等问题。围绕理论分析和建立的监管标准，运用实证方法验证我国企业类债券发行市场监管标准的有效性和可行性。运用粗糙集理论对构建的监管指标体系分别从宏观、中观、微观三方面因素进行指标约简，然后运用熵权法确定每个指标的权重，最后运用模糊综合评价方法对指标体系进行评价，以此筛选企业类债券发行的优劣，为未来完善发行市场监管制度提供理论支撑。
[Abstract]:As an important part of the bond market, the enterprise bond market is an important channel for enterprise direct financing. It restricts the rapid development of the enterprise bond market in China and affects the development speed and scale of the enterprise bond market in China. In the context of the policy of vigorously promoting the development of the bond market, we should remove the constraints such as the division of the enterprise bond market and the supervision of the long market, unify the admission and regulatory standards, and build a standardized and unified bond market. Perfecting the supervision standard of the enterprise bond issuing market has become a main content of the current bond market reform. According to the idea of "theoretical foundation-current situation analysis-standard design-standard evaluation", this paper has carried out a deep research on how to design the supervision standard of enterprise bond issuing market in our country. On the basis of defining the related concepts of corporate bonds and regulatory standards, this paper puts forward the relevant basic theories such as conflict of interest theory, cost-benefit theory and market failure theory, and so on. The relevant theories of supervision standard evaluation methods such as rough set theory, entropy theory and fuzzy mathematics theory are expounded in detail. This paper holds that the supervision standard of the enterprise bond issuing market should be oriented to the supervision target, and finally make the regulation of the issuing market more standardized, and further improve the existing regulatory standards. On the basis of constructing the regulatory standard framework of enterprise bond issuance market, the regulatory index system is established. To a certain extent, it can solve the problem that the regulatory bodies in the corporate bond market are not clear and lead to different regulatory standards. The heavy color of administration leads to the high threshold of regulatory standards and imperfect laws and regulations leading to the duplication of regulatory standards. Based on the theoretical analysis and established regulatory standards, this paper uses empirical methods to verify the validity and feasibility of the regulatory standards of corporate bond issuance in China. By using rough set theory, the index system of supervision is reduced from macro, meso and micro aspects, and then the weight of each index is determined by entropy weight method. Finally, the fuzzy comprehensive evaluation method is used to evaluate the index system, so as to select the advantages and disadvantages of enterprise bond issuance, and provide theoretical support for the future improvement of market regulation system.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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