【作者】 张艳芳；

【导师】 张小蒂；

【作者基本信息】 浙江大学 ， 经济学， 2003， 硕士

【摘要】 企业债券市场目前在成熟证券市场中占据主要地位，而在我国却滞后于国债市场和股票市场。本文基于对中外市场现状巨大差异的思考，围绕我国企业债券市场的发展问题展开。首先分析了企业债券市场现状，在此基础上指出其滞后的原因在于政策上的管制、不明晰企业产权和其他制约因素。接着从融资方式和融资效率的角度阐述我国发展这一市场的重大意义。然后通过对日美两国的企业债券市场发展历程的总结，得出市场发展所应具备的条件，并结合我国现实阐明我国发展企业债券融资方式的时机已经成熟。文章最后指出发展企业债券市场关键在于提供促使其发展的制度环境以及近期可能的五个突破点。 本文试图对我国发展企业债券市场的必要性作一深入探讨。先从融资方式(直接融资和间接融资)、直接融资(股票融资和债券融资)、债券融资(国债融资和企业债券融资)三个方面逐步揭示当前发展企业债券融资，理顺储蓄向投资转换渠道，提高资金合理配置的现实紧迫性。接着从微观(企业)、中观(中介机构)和宏观(金融风险)以及与信用制度兼容匹配方面阐述我国发展企业债券融资的经济动因——提高融资效率，维持经济持续稳定发展。更多还原

【Abstract】 The enterprise bond market is dominant in the developed securities markets now, but it lags behind the national debt market and stock market in China. This thesis focuses on the development of our enterprise bond market based on thought of this sharp gap between ours and others developed. Firstly, the paper analyzes the current situations of our enterprise bond market and the lagged causation, which ascribes to government regulations, vague enterprise-property rights and other factors. Secondly, the thesis elucidates the necessity to develop our enterprise bond market from the point of view of financing approaches and financing efficiency. Thirdly, the thesis concludes the prerequisites to develop the enterprise bond market based on the analysis of the experience of the American and Japanese market and points out that it is the right time to develop the enterprise bond financing in China combined with our developmental reality. Lastly, the thesis offers some policy proposals that our government should create the favorable institutional environments in the long term and five approaches are discussed to develop Chinese enterprises bond market in the near future.The thesis takes emphases on the necessity of developing our enterprise bond market. First of all, we think that it is very urgent for China to develop the enterprise bond financing based on the detailed analysis from the point of view of financing approaches (direct financing & indirect financing), direct financing (stock financing & bond financing) and bond financing (national bond financing & enterprise bond financing) which can make the capital flow smoothly and efficiently from the savings to invest. Then, the thesis analyzes the dynamic reason of developing the enterprises bond financing that is to improve Chinese financing efficiency and keep the sustainable development of economy from four points including corporation, agent institutions, financial risk and compatibleness of credit institutions.更多还原