【摘要】：產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化升級(jí)是經(jīng)濟(jì)發(fā)展過(guò)程中永恒的主題,是經(jīng)濟(jì)發(fā)展的重要標(biāo)志以及客觀上的真實(shí)反映。優(yōu)化產(chǎn)業(yè)結(jié)構(gòu)、推動(dòng)產(chǎn)業(yè)升級(jí),是實(shí)現(xiàn)我國(guó)經(jīng)濟(jì)健康發(fā)展、提升競(jìng)爭(zhēng)力的必經(jīng)之路,而資金是保證產(chǎn)業(yè)結(jié)構(gòu)調(diào)整以及促進(jìn)其優(yōu)化升級(jí)的直接推動(dòng)力。從1990年上海證券交易所正式掛牌運(yùn)營(yíng)開始,我國(guó)的資本證券市場(chǎng)開始了真正意義上的發(fā)展,經(jīng)過(guò)二十多年的歷練,我國(guó)資本市場(chǎng)不管是在整體市場(chǎng)規(guī)模還是為企業(yè)拓展融資渠道上面都取得了相當(dāng)矚目的成就。但是成就面前,我們?nèi)砸３智逍?我國(guó)的資本市場(chǎng)發(fā)展的“跛足”現(xiàn)象,使得我國(guó)的資本市場(chǎng)上的資源未能得到優(yōu)化配置。債券市場(chǎng)發(fā)展的相對(duì)落后,以及我國(guó)企業(yè)債券和公司債券發(fā)展的不良,均使得我國(guó)企業(yè)在融資渠道的選擇上出路不多。如何發(fā)揮債券融資的效能,推動(dòng)產(chǎn)業(yè)結(jié)構(gòu)升級(jí),從而促進(jìn)經(jīng)濟(jì)發(fā)展是本文研究的主題。 從資本市場(chǎng)角度出發(fā)來(lái)對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的研究文獻(xiàn)很多,但是大多數(shù)是從股票融資角度進(jìn)行的,而債券市場(chǎng)的發(fā)展對(duì)促進(jìn)我國(guó)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響研究很少。文章圍繞債券市場(chǎng)融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的作用這一主題,運(yùn)用產(chǎn)業(yè)結(jié)構(gòu)理論、融資理論、現(xiàn)代金融市場(chǎng)發(fā)展理論等學(xué)科理論,以債券市場(chǎng)發(fā)展為主線,建立債券市場(chǎng)融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化升級(jí)的理論框架,并對(duì)新千年以來(lái),我國(guó)債券市場(chǎng)融資產(chǎn)業(yè)結(jié)構(gòu)與國(guó)民經(jīng)濟(jì)產(chǎn)業(yè)結(jié)構(gòu)的相似性系數(shù)作出分析,實(shí)證分析了我國(guó)債券市場(chǎng)融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化升級(jí)的影響,得出我國(guó)債券市場(chǎng)融資在促進(jìn)產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化升級(jí)方面具有長(zhǎng)期且穩(wěn)定的作用關(guān)系。 另外,文章還對(duì)債券市場(chǎng)如何更好地服務(wù)國(guó)民經(jīng)濟(jì)以及促進(jìn)產(chǎn)業(yè)結(jié)構(gòu)的優(yōu)化升級(jí)提出了一些政策建議,并針對(duì)時(shí)下熱議的垃圾債券適度開閘和完善資本債券市場(chǎng)發(fā)展與監(jiān)管提出了一些自己的觀點(diǎn)與意見。
[Abstract]:The optimization and upgrading of industrial structure is an eternal theme in the process of economic development, an important symbol of economic development and an objective and true reflection. Optimizing the industrial structure and promoting industrial upgrading is the only way to realize the healthy economic development and enhance the competitiveness of our country, and the capital is the direct driving force to ensure the adjustment of industrial structure and to promote its optimization and upgrading. Since the Shanghai Stock Exchange officially went public in 1990, China's capital securities market has begun to develop in a real sense, after more than 20 years of experience. China's capital market has made remarkable achievements in both the overall market scale and the development of financing channels for enterprises. However, in front of the achievements, we still have to remain sober. The "crippling" phenomenon of the development of the capital market in our country makes the resources in the capital market of our country unable to be allocated optimally. The relatively backward development of bond market and the bad development of corporate bonds and corporate bonds in China make the choice of financing channels for Chinese enterprises to be few. How to give full play to the efficiency of bond financing, promote the upgrading of industrial structure, and thus promote economic development is the theme of this paper. There are many researches on industrial structure upgrading from the perspective of capital market, but most of them are carried out from the perspective of stock financing. However, the impact of the development of bond market on promoting the upgrading of industrial structure in China is seldom studied. Focusing on the theme of the role of bond market financing in the upgrading of industrial structure, this paper applies the theories of industrial structure, financing and modern financial market development, and takes the development of bond market as the main line. The theoretical framework of the optimization and upgrading of the industrial structure by bond market financing is established, and the similarity coefficient between the financing industrial structure of the bond market and the industrial structure of the national economy is analyzed in the new millennium. This paper analyzes the impact of bond market financing on the optimization and upgrading of industrial structure, and concludes that the bond market financing has a long-term and stable role in promoting the optimization and upgrading of industrial structure. In addition, the paper also puts forward some policy suggestions on how the bond market can better serve the national economy and promote the optimization and upgrading of industrial structure. This paper also puts forward some views and opinions on the proper opening of junk bonds and the improvement of capital bond market development and supervision.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F121.3;F224

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