发展我国公司债券思考和对策.pdf

摘要摘要发行股票、发行公司债券和银行贷款是企业融资的三种主要方式,也是资本市场结构的内在基础。但在我国资本市场上,企业债券与股票、银行贷款相比,出现严重的结构性比例失调,公司债券成为我国资本市场的一条“短腿’’。这种市场结构均衡是一种扭曲的、低效率的均衡,其长期存在有可能导致货币银行危机,因此,如何发展我国的公司债券是一个迫切需要研究和解决的问题。本论文试图研究和解决这个问题,希望研究的结果对我国资本市场的发展有所裨益。本论文在结构上共分7章,拟对发展我国公司债券的相关问题予以思考, 并提出对策建议。其研究的线索是:在阐述相关理论和必要性与风险的基础上, 通过对我国公司债券发展的历史、存在的问题进行分析,提出进一步完善我国公司债券市场的建议,并通过案例分析对提出的建议加以部分验证。文章指出, 我国公司债券市场发展滞后的原因主要是:我低、中介机构欠缺、基础设施不配套等。为此,提出了推进公司债券发行市场化进程、规范公司债券信用评级系统、公司债券流通市场的互通、公司债券风险控制策略等对策建议。关键词:直接融资;公司债券;债券市场 ABSTRACT ABSTRACT As we know,stock, enterprise bond and theloan tobank are three kinds of main financing ways oftheenterprise outside, also ore the intrinsic foundation of capital market in our country’S capital market,the business enterprise pare tothestock and theloanto bank,has serious lack ofproportion of bond es short leg of our country’ capital balance inthiskind ofmarket istwistedandpoorly kind ofconstruction,if existing for along time,may cause currency bank a result,how to develop our country’S enterprise bonds ispressing problem tobe researched thesis istrying toresearch and solve result ofthe research ishoped tobe benefit tothedevelopment of our country’S capital market. The thesis consists ofseven chapters,in which theproblems reining tothe development ofOUrcountry’S enterprise bonds aregiven careful consideration and thenput forward clueforstudy is:onthe basis ofrelated theories; necessity and risks,analyzing thedevelopment ofthe history of0111"country’S enterprise bonds;Suggestions areput forward toimprove our country’Senterprise bond market andsimultaneously,they aretested withthehelp thesispoints out thatthemain reasons for our country’S bond market lag arethe slow bond reforming process,the low level ofthelegalsystem and lack anization,shortage ofbasic ,below are the suggestions:market regulation ofenterprise bond issu