中国企业债券市场发展格局及其对产业转型升级的推动作用研究

发布时间：2018-03-14 11:02

本文选题：企业债券市场　切入点：直接融资　出处：《现代管理科学》2017年10期 　论文类型：期刊论文

【摘要】：当前全球制造业格局正在发生重大变化,步入"新常态"阶段的中国经济在未来的发展中面临着严峻的挑战;通过市场改革和政策引导实现传统产业转型升级已成为中国应对经济发展"新常态"、跨越中等收入陷阱的关键,企业债券融资作为一种主要的直接融资方式则是支持传统产业转型升级的重要融资渠道。文章通过对2000年-2014年间的企业债券融资数据的实证研究,发现中国企业债券主要由大型央企和国企发行,在资金投向上也更多地用于维持现有传统产业的生产和发展,而对于产业转型升级的推动作用尚有较大的提升空间。鉴于企业债券市场发展很大程度上受到监管政策和规划导向的影响,本文建议加强政策引导,包括适度向民营企业和科创型企业倾斜、有针对性地降低企业债券发行对企业规模的要求、发展中小微企业债、"双创"企业债以及高收益企业债等,通过企业债券市场发展有效推动中国经济的产业转型升级。
[Abstract]:At present, the pattern of global manufacturing industry is undergoing great changes, and the Chinese economy, which has entered the stage of "new normal", is facing severe challenges in the future development. To realize the transformation and upgrading of traditional industries through market reform and policy guidance has become the key for China to cope with the "new normal" of economic development and to overcome the middle-income trap. Corporate bond financing, as a major direct financing method, is an important financing channel to support the transformation and upgrading of traditional industries. This paper makes an empirical study of corporate bond financing data from 2000 to 2014. It is found that Chinese corporate bonds are mainly issued by large state-owned enterprises and state-owned enterprises, and that their capital is also used more to maintain the production and development of existing traditional industries. In view of the fact that the development of corporate bond market is largely influenced by regulatory policy and planning guidance, this paper proposes to strengthen policy guidance. These include a moderate tilt towards private enterprises and science and technology enterprises, a targeted reduction of corporate bond issuance requirements on the size of enterprises, the development of small and medium-sized enterprise bonds, "double innovation" corporate bonds, and high-yield corporate bonds, and so on. Through the development of the corporate bond market, we will effectively promote the industrial transformation and upgrading of China's economy.
【作者单位】：上海交通大学安泰经济与管理学院;证券金融研究所;上海师范大学商学院;纽约州立大学Oswego分校;
【基金】：全国哲学社会科学基金重大项目“产业升级背景下优化发展中国多层次资本市场体系问题研究”(项目号:14ZDA046)
【分类号】：F832.51

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