我国场外交易市场与企业债券融资模式关系研究

发布时间：2018-03-18 01:25

本文选题：场外交易市场　切入点：融资模式　出处：《天津商业大学》2013年硕士论文　论文类型：学位论文

【摘要】：场外交易市场作为资本市场的重要组成部分，，在我国金融体系中的重要性愈发明显。而我国的债券场外交易市场以银行间债券市场为主体。银行间债券市场的发展结构失衡，企业债券发展严重滞后。根据发达国家的资本市场发展经验，资本市场中企业债券的融资规模远高于股票融资，企业债券的交易场所主要集中在场外市场。这并不是偶然，是符合资本结构理论的。而我国场外交易市场企业债券融资规模较小，具备广阔的发展空间。探索发展我国场外交易市场的企业债券融资模式的合理路径，对于解决中小企业的大量资金需求，完善场外交易市场结构具有重要意义。本文以我国场外交易市场为研究对象，应用比较分析法、理论研究和实证分析相结合的方法，分析了场外交易市场与债券融资模式相契合的原因，对我国场外交易市场企业债券融资模式的现状与存在的问题进行研究。最后，运用主成分分析法对1991-2010年我国场外交易市场发展水平的影响因素进行分析，得出企业债券市场融资模式对我国场外交易市场融资功能的提高的显著作用，与此同时通过时间序列分析我国场外交易市场发展变迁的特征，有针对性的提出提高我国场外交易市场企业债券融资模式绩效的规划与政策建议。
[Abstract]:As an important part of the capital market, the OTC market is becoming more and more important in the financial system of our country. However, the over-the-counter bond market of our country is dominated by the interbank bond market, and the development structure of the interbank bond market is out of balance. The development of corporate bonds is seriously lagging behind. According to the experience of capital market development in developed countries, the financing scale of corporate bonds in capital markets is much higher than that of stock financing, and the trading places of corporate bonds are mainly concentrated in the over-the-counter market. It is in line with the theory of capital structure. However, the scale of corporate bond financing in over-the-counter market in China is relatively small, and there is a broad space for development. This paper explores a reasonable way to develop the corporate bond financing mode of over-the-counter market in our country. It is of great significance to solve the large amount of capital demand of small and medium-sized enterprises and to perfect the structure of OTC market. This paper takes the over-the-counter market of our country as the research object, applies the method of comparative analysis, theoretical research and empirical analysis to analyze the reason why the over-the-counter market and the bond financing mode coincide. This paper studies the current situation and existing problems of corporate bond financing mode in OTC market in China. Finally, the paper analyzes the influencing factors of the development level of OTC market in China from 1991 to 2010 by using principal component analysis (PCA). The paper draws a conclusion that the financing mode of corporate bond market plays a significant role in improving the financing function of China's over-the-counter market. At the same time, it analyzes the characteristics of the development and changes of China's over-the-counter market through time series. This paper puts forward the plan and policy suggestions to improve the performance of corporate bond financing model in OTC market in China.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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