中国直接融资市场发展问题研究

发布时间：2018-03-27 09:52

本文选题：金融改革　切入点：直接融资　出处：《吉林大学》2014年硕士论文

【摘要】：随着改革开放政策的深入贯彻，我国已经确立起新型的社会主义市场经济体制，经济建设取得世人瞩目的伟大成就，尤其是成功应对了国际金融海啸的冲击，并以此为契机加快转变发展方式。然而，由于一些体制和机制问题的制约，中国金融市场发展不平衡问题依旧显著，直接融资市场发展依旧迟缓是其中最显著的表现之一。改革开放以来，中国金融市场体系建设取得了一定的成就，直接融资比重稳定提高，但相对于其他国家，我国直接融资市场发展水平依旧较低，多层次的资本市场尚未完全建立起来，并因此派生出一系列问题，不仅不利于金融市场的改革与发展，也在很大程度上抑制了金融支持实体经济发展的效力发挥。为此，中共十八届三中全会提出了“提高直接融资比重”的战略部署，提出了健全多层次资本市场，对股票的发行注册进行改革，增加股权投资渠道，健康健全债券市场，以提高直接融资的比重措施，中国金融市场的直接融资迎来了一个快速的发展期。本文在概要交代研究背景及意义的基础上，系统性的介绍了相关研究理论背景，对国内外资本市场尤其是直接融资市场的发展实践及经验教训做出了综合比较分析，同时立足中国国情，就中国直接融资市场健康发展，服务于中小企业暨实体经济发展给出了一些对策建议。具体包括：完善正式股权融资市场，大力发展风险投资，规范和完善非正式股权融资市场，加强金融业的改革创新，同时为中小企业扩展直接融资的渠道。此外，构建中小企业直接融资体系是一项复杂的系统工程，其实现过程还需要一定的支持体系作为支撑，来配合该体系的构建。
[Abstract]:With the in-depth implementation of the policy of reform and opening up, China has established a new socialist market economy system, and economic construction has made great achievements in the world's attention, especially in successfully coping with the impact of the international financial tsunami. However, due to the constraints of some system and mechanism problems, the unbalanced development of China's financial market is still significant, and the development of direct financing market is still slow is one of the most significant manifestations. Since the reform and opening up, China's financial market system has made some achievements, the proportion of direct financing has been steadily increased, but compared with other countries, the level of development of China's direct financing market is still relatively low. Multi-level capital markets have not yet been fully established, and a series of problems have arisen, which are not only detrimental to the reform and development of financial markets, but also to a large extent inhibit the effectiveness of financial support for the development of the real economy. The third Plenary session of the 18th CPC Central Committee put forward a strategic plan to "increase the proportion of direct financing," put forward a sound multi-level capital market, reformed the issuance and registration of stocks, increased the channels for equity investment, and healthily improved the bond market. In order to increase the proportion of direct financing, the direct financing of Chinese financial market ushered in a rapid development period. On the basis of summarizing the research background and significance, this paper systematically introduces the relevant theoretical background, and makes a comprehensive comparative analysis of the development practice and experience of the domestic and foreign capital market, especially the direct financing market. At the same time, on the basis of China's national conditions, it gives some countermeasures and suggestions on the healthy development of China's direct financing market and serves the development of small and medium-sized enterprises and the real economy, including: perfecting the formal equity financing market and vigorously developing venture capital. To standardize and perfect the informal equity financing market, to strengthen the reform and innovation of the financial industry, and to expand the channels of direct financing for small and medium-sized enterprises. In addition, it is a complex system engineering to construct the system of direct financing for small and medium-sized enterprises. The implementation process also needs a certain support system as the support to cooperate with the construction of the system.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.4

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