我国债券市场的绩效评价及优化研究

发布时间：2018-11-26 09:18

【摘要】：债券市场作为资本市场中不可或缺的一部分，，在我国取得了较大的发展，尤其是在近几年股市一直低迷，监管层迫于种种压力只能限制IPO，各类型的企业不大可能通过股市进行融资，使得债券市场更是得到了极大的发展。从债券市场的功能来看，它起着连接资金供给者与资金需求者之间桥梁的作用，为各种企业提供了一个筹集资金的平台，同时也为各类型的金融机构提供了一个良好的投资场所，使得他们能够更加充分的发挥自己在促进国民经济发展中的作用。因此，我认为研究债券市场是否对经济增长有贡献以及贡献度有多大，考察债券市场中的国债、金融债、企业债分别对经济增长的贡献度，是非常有必要的。根据理论与实证研究的结果，为我国债券市场未来的发展方向提出自己的一些意见，希冀能够为我国资本市场的改革带来一些有益的探讨。很长一段时间以来，我国资本市场体系的发展远远落后于实体经济的快速增长。其中直接融资过低表现的尤为明显，而在直接融资中，债券融资明显存在很大的缺陷。在国际金融危机阴霾尚未散去和世界经济增长放缓的形势下，我国经济的持续、快速、健康发展面临着严峻的考验和挑战。作为具有国民经济“晴雨表”之称的金融资本市场能否充分发挥其功能是关系到国民经济能否平稳健康运行的关键。而作为中国金融体系中不可缺少的部分，债券市场在促进国民经济稳定增长方面理应受到重视。因此，对于债券市场在促进国民经济发展中的效率研究就变得有据可循，本文将全面系统的分析我国债券在促进国民经济发展中的效率问题进行研究，并据此提出政策建议。本文以债券市场在促进国民经济发展中的作用为研究对象，采用1、理论研究与实践经验分析相结合。对比现有的发达国家有关的研究成果，结合我国债券市场结构的特点和发展现状，对比发达国家的债券市场结构状况，结合我国的特殊国情，构建关于我国债券市场结构与其功能相匹配的实证研究参数指标体系。2、规范分析与实证分析相结合。运用成熟的相关市场理论和有关的运作实践经验对我国债券市场结构、功能目标进行规范性界定。运用AK模型以及运用Eviews分析软件对其进行ADF检验；同时利用新古典经济增长模型、分析债券市场中的国债、金融债、企业债对经济增长的贡献度；3、采用比较分析方法，探索国际上比较成熟的资本市场结构运行中的实践经验，针对上述实证分析得出的债券市场结构与其功能绩效中不匹配的现象，从新古典经济学、社会学和制度经济学视角剖析债券市场功能绩效的影响因素，探讨如何对我国债券市场进行结构的完善和优化，以促进我国债券市场的健康发展。
[Abstract]:As an indispensable part of the capital market, bond market has made great progress in our country, especially in recent years, the stock market has been depressed, the supervision level can only restrict IPO, under various pressures. Companies of all types are unlikely to raise funds through the stock market, making the bond market even more developed. From the point of view of the function of bond market, it acts as a bridge between fund providers and fund demanders, and provides a platform for various enterprises to raise funds. At the same time, it also provides a good investment place for all kinds of financial institutions, so that they can give full play to their role in promoting the development of national economy. Therefore, I think it is very necessary to study whether the bond market contributes to the economic growth and how great the contribution is, to investigate the contribution of national debt, financial debt and corporate debt to the economic growth in the bond market. According to the results of theoretical and empirical studies, this paper puts forward some suggestions for the future development of China's bond market, hoping to bring some beneficial discussions for the reform of China's capital market. For a long time, the development of China's capital market system lags far behind the rapid growth of the real economy. The performance of direct financing is too low, but in direct financing, bond financing has obvious defects. Under the situation that the haze of the international financial crisis has not dissipated and the world economic growth has slowed down, the sustained, rapid and healthy development of our economy is facing a severe test and challenge. As a barometer of the national economy, whether the financial capital market can give full play to its function is the key to the smooth and healthy operation of the national economy. As an indispensable part of China's financial system, the bond market should be attached importance in promoting the steady growth of national economy. Therefore, the research on the efficiency of bond market in promoting the development of national economy becomes more and more effective. This paper will analyze the efficiency of bond market in promoting the development of national economy in a comprehensive and systematic way, and put forward some policy suggestions accordingly. In this paper, the role of bond market in promoting the development of the national economy as the research object, using 1, the combination of theoretical research and practical experience analysis. Comparing the relevant research results of the existing developed countries, combining the characteristics and development status of China's bond market structure, comparing the bond market structure status of developed countries, combining with the special national conditions of our country, This paper constructs an index system of empirical research on the matching of bond market structure with its function. 2. Combining normative analysis with empirical analysis. Based on the mature market theory and relevant practical experience, the paper defines the structure and function of the bond market in China. AK model and Eviews analysis software are used to test it, and the new classical economic growth model is used to analyze the contribution of bonds, financial bonds and corporate bonds to economic growth in the bond market. 3. Using the comparative analysis method to explore the practical experience in the operation of the more mature capital market structure in the world, aiming at the phenomenon that the bond market structure and its functional performance are not matched by the above empirical analysis, this paper starts with the neoclassical economics. From the perspective of sociology and institutional economics, this paper analyzes the factors influencing the functional performance of the bond market, and probes into how to perfect and optimize the structure of the bond market in order to promote the healthy development of the bond market in China.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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