债券融资对产业结构升级影响的实证分析

发布时间：2018-11-03 13:24

【摘要】：产业结构优化升级是经济发展过程中永恒的主题,是经济发展的重要标志以及客观上的真实反映。优化产业结构、推动产业升级,是实现我国经济健康发展、提升竞争力的必经之路,而资金是保证产业结构调整以及促进其优化升级的直接推动力。从1990年上海证券交易所正式挂牌运营开始,我国的资本证券市场开始了真正意义上的发展,经过二十多年的历练,我国资本市场不管是在整体市场规模还是为企业拓展融资渠道上面都取得了相当瞩目的成就。但是成就面前,我们仍要保持清醒,我国的资本市场发展的“跛足”现象,使得我国的资本市场上的资源未能得到优化配置。债券市场发展的相对落后,以及我国企业债券和公司债券发展的不良,均使得我国企业在融资渠道的选择上出路不多。如何发挥债券融资的效能,推动产业结构升级,从而促进经济发展是本文研究的主题。从资本市场角度出发来对产业结构升级的研究文献很多,但是大多数是从股票融资角度进行的,而债券市场的发展对促进我国产业结构升级的影响研究很少。文章围绕债券市场融资对产业结构升级的作用这一主题,运用产业结构理论、融资理论、现代金融市场发展理论等学科理论,以债券市场发展为主线,建立债券市场融资对产业结构优化升级的理论框架,并对新千年以来,我国债券市场融资产业结构与国民经济产业结构的相似性系数作出分析,实证分析了我国债券市场融资对产业结构优化升级的影响,得出我国债券市场融资在促进产业结构优化升级方面具有长期且稳定的作用关系。另外,文章还对债券市场如何更好地服务国民经济以及促进产业结构的优化升级提出了一些政策建议,并针对时下热议的垃圾债券适度开闸和完善资本债券市场发展与监管提出了一些自己的观点与意见。
[Abstract]:The optimization and upgrading of industrial structure is an eternal theme in the process of economic development, an important symbol of economic development and an objective and true reflection. Optimizing the industrial structure and promoting industrial upgrading is the only way to realize the healthy economic development and enhance the competitiveness of our country, and the capital is the direct driving force to ensure the adjustment of industrial structure and to promote its optimization and upgrading. Since the Shanghai Stock Exchange officially went public in 1990, China's capital securities market has begun to develop in a real sense, after more than 20 years of experience. China's capital market has made remarkable achievements in both the overall market scale and the development of financing channels for enterprises. However, in front of the achievements, we still have to remain sober. The "crippling" phenomenon of the development of the capital market in our country makes the resources in the capital market of our country unable to be allocated optimally. The relatively backward development of bond market and the bad development of corporate bonds and corporate bonds in China make the choice of financing channels for Chinese enterprises to be few. How to give full play to the efficiency of bond financing, promote the upgrading of industrial structure, and thus promote economic development is the theme of this paper. There are many researches on industrial structure upgrading from the perspective of capital market, but most of them are carried out from the perspective of stock financing. However, the impact of the development of bond market on promoting the upgrading of industrial structure in China is seldom studied. Focusing on the theme of the role of bond market financing in the upgrading of industrial structure, this paper applies the theories of industrial structure, financing and modern financial market development, and takes the development of bond market as the main line. The theoretical framework of the optimization and upgrading of the industrial structure by bond market financing is established, and the similarity coefficient between the financing industrial structure of the bond market and the industrial structure of the national economy is analyzed in the new millennium. This paper analyzes the impact of bond market financing on the optimization and upgrading of industrial structure, and concludes that the bond market financing has a long-term and stable role in promoting the optimization and upgrading of industrial structure. In addition, the paper also puts forward some policy suggestions on how the bond market can better serve the national economy and promote the optimization and upgrading of industrial structure. This paper also puts forward some views and opinions on the proper opening of junk bonds and the improvement of capital bond market development and supervision.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F121.3;F224

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