论金融效率和企业债券市场的发展

【作者】 潘志伟；

【导师】 黄济生；

【作者基本信息】 华东师范大学 ， 金融学， 2004， 硕士

【摘要】 金融发展对实体经济增长的贡献已为大多数人所认可，而且这方面的研究也具有一定的连续性。总体而言，经济的不断增长也要求金融发展的不断深化。其根本原因在于实体经济是以货币为媒介的经济系统，一个经济主体只有具有足够的资本时，才能够正常运行，增大规模，而金融工具以及金融市场的良好运行正是使得资金不断从供给方提供到需求方，使得货币真正成为经济运行的良好润滑剂。 金融市场对实体经济增长的贡献是否达到帕累托最优就存在一个效率问题，因而金融市场的发展会产生相对于实体经济增长的符号经济。非最优有两种：一种是金融抑制，另一种便是金融泡沫。最有效率的金融市场便是实现了金融效率。金融市场的结构将会影响金融效率。 导言的金融效率可以从两个角度进行衡量，一是从金融发展在国民经济发展和金融市场中的表现，这主要可以分为宏观金融效率，金融市场效率；这个角度主要强调金融效率的可观察性。二是从金融发展对国民经济和金融市场的作用机制来判断，金融发展对国民经济的作用主要体现在资源配置是否合理，资源配置合理就意味着金融效率高，这是外部金融效率；而要实现外部金融效率，就要实现资金从供给方向需求方的流动是合理有效的，同时资产的价格的发现机制即内部金融效率是实现的，金融市场的价格发现机制对于保证企业合理的运用资金，从宏观上保证资金流向的合理是必不可少的。资金的价格实际上就是利率。 第一章说明的是金融效率和企业债券市场的关系。中国金融效率从宏观和金融市场角度来说是不高的，要想提高就必须拓展居民投资渠道，提高企业运用资金效率，促进资本市场协调发展。金融市场不仅能通过利率的变动表现资金的供求的矛盾，而且还可以通过资金的价格来约束企业投资的方向，使风险和收益对称。企业如果能够合理的运用资金，那么资源在货币的带动下就可以实现合理配置。如果金融市场是高效率的，那么资金从供给者到需求者的流通渠道就会很畅通，从而实现金融发展对经济发展的促进作用，实现国民经济可持续发展。企业债券市场的发展有助于与投资风险相对应的利率的形成，有助于企业对项目投资华东师范大学硕士学位论文论金融效率和企业债券市场的发展的合理评估，提高资金运用效率。企业债券市场的发展也可以减少储蓄资金由于银行惜贷行为在银行体系内的滞留，保证资金运动渠道的畅通。 所以针对目前中国金融效率低下的特点，以及目前中国资本市场发展不协调的现状，要大力发展企业债券市场。第二章指出中国目前企业债券市场落后的因素主要有四个:政府因素、中介因素、投资者因素、供给因素。 针对这些制约因素，第三章我们可以从四个方面个方面着手:一、进行有效的行政改革。二、实施有效的制度建设。三、构建好企业债券市场的配套措施。四、建立科学有序的信用评级制度。更多还原

【Abstract】 We admit the fact that financial development contribute to the economic increasing and research in this field continues. Generally speaking, the increasing of the economy demands the continuous deepening of the financial development. The basic reason is that the real economy is an economic system communicated by the currency. An economic unit can run normally and expand the speculation only obtaining enough capital, while the financial instrument and the well running of the financial market promote the capital continuously flow from the supply side to the demand side and make the currency become the good connection of the economic management.Whether the contribution of the financial market to real economy reaches "pareto efficiency" is the problem of the efficiency. So the development of the financial market produce a symbolic economy comparing to real economic increasing. Less superiority has two meaning: financial prevention and financial bubble. The most efficient financial market means reaching the financial efficiency. The structure of the financial market will affect financial efficiency .We can judge financial efficiency form two sides:,One is the expression to the national economic development and financial market, classified as macro financial efficiency and financial market efficiency. And this is emphasized the ability of observation. The other is from the theory of the function for financial development to national economy and financial market, and mainly acted in the allocation of the resources. The reasonable allocation means the high financial efficiency. If realizing the outer financial efficiency, the flowing of the capital from the supply side to the demand side is rational and efficient and at the same time the mechanism of the price finding is realized , which is indispensable in guaranteeing the applying of the capital and the direction of the capital flowing. The price of the capital is in fact theinterest rate.Chinese financial market efficiency Is comparatively low from the macro or the financial market, if it is desired to be promoted, expanding the investing channels for the people, improving the applying efficiency of capital , realizing the harmony of the capital market are the three necessary methods .Financial market can not only show the movement of the capital supply and demand through the fluctuation of the interest rate ,but also direct the investment through the price of the capital. Thus, balance the risk and the profit. If the company can manage the capital reasonably, the social resources could be correctly put under the currency movement. Otherwise, if financial market is highly effective, the tunnel from the supply of the capital to the demand would be fluent and the financial development will promote the economic development, thus the continuous increase of the national development is realized. An interest rate matched the corresponding the investing risk is formed with the aide of the enterprise bond market, thus helping the enterprise to well evaluate the project investment, increasing the capital managing effect. On the other hand, the development of the enterprise development may also decrease the detaining of the capital in bank system , and guarantee the fluent movement of the capital.As to the character of the low efficiency of the Chinese financial efficiency, the enterprises bond market should be developed a lot . There are four factors according to the lag of the enterprises bonds market :the government factor, the media factor, the investor factor, the supply factor.According to the limitation factor , we can do from seven aspects: 1 carry out an efficient administrative reform. 2 exert an efficient institutional establishment .3 construct a good matching measure. 4 build a scientific rank system.更多还原