本文選題：公司債券 + 投資需求　； 參考：《安徽工業(yè)大學(xué)》2014年碩士論文

【摘要】：公司債券融資是企業(yè)直接融資的重要渠道之一，是資本市場(chǎng)的主要組成部分。在我國(guó)，由于經(jīng)濟(jì)環(huán)境和制度的制約，公司債券市場(chǎng)發(fā)展嚴(yán)重落后于股票融資和國(guó)債融資等其他融資方式。近些年，我國(guó)逐步重視公司債券市場(chǎng)的發(fā)展，中國(guó)證監(jiān)會(huì)于2007年8月14日頒布實(shí)施《公司債券發(fā)行試點(diǎn)辦法》(以下簡(jiǎn)稱《試點(diǎn)辦法》)，這給我國(guó)公司債券市場(chǎng)發(fā)展創(chuàng)造了新的契機(jī)。但是，公司債券市場(chǎng)還有待進(jìn)一步發(fā)展。 本文在借鑒國(guó)內(nèi)外研究的基礎(chǔ)上，首先對(duì)我國(guó)公司債券的相關(guān)概念進(jìn)行了介紹和界定，我國(guó)發(fā)行的真正意義上的公司債券應(yīng)當(dāng)是《試點(diǎn)辦法》頒布實(shí)施后發(fā)行的公司債券，本文研究的公司債券就屬于此范疇；其次，，對(duì)公司債券融資的動(dòng)機(jī)進(jìn)行了分析，先用圖表和文字介紹了《試點(diǎn)辦法》頒布實(shí)施之后我國(guó)公司債券市場(chǎng)的發(fā)展情況，接著闡述了公司債券融資的固定資產(chǎn)投資和流動(dòng)資產(chǎn)投資需求，同時(shí)也介紹了公司債券融資相對(duì)于股票和銀行借款融資的融資優(yōu)勢(shì)，進(jìn)而說(shuō)明企業(yè)為何選擇公司債券融資。實(shí)證分析企業(yè)發(fā)行公司債券對(duì)銀行借款、固定資產(chǎn)和流動(dòng)資產(chǎn)項(xiàng)目的影響，以其來(lái)驗(yàn)證提出的假設(shè)；最后，針對(duì)實(shí)證研究結(jié)果以及我國(guó)公司債券融資過(guò)程中可能存在的問(wèn)題，提出了促進(jìn)我國(guó)上市公司債券融資效率的提高和我國(guó)公司債券未來(lái)發(fā)展建議。
[Abstract]:Corporate bond financing is one of the important channels of direct financing and the main component of capital market. In China, due to the restriction of economic environment and system, the development of corporate bond market lags behind other financing methods such as stock financing and national debt financing. In recent years, China has gradually attached importance to the development of the corporate bond market. On August 14, 2007, CSRC promulgated and implemented the "pilot measures for Corporate Bonds issuance" (hereinafter referred to as the "pilot measures"), which created a new opportunity for the development of China's corporate bond market. However, the corporate bond market needs to be further developed. On the basis of domestic and foreign research, this paper first introduces and defines the related concepts of corporate bonds in China. The real meaning of corporate bonds issued in China should be the corporate bonds issued after the promulgation and implementation of the "pilot measures". The corporate bonds studied in this paper belong to this category. Secondly, the motivation of corporate bond financing is analyzed, and the development of China's corporate bond market after the promulgation and implementation of the "pilot measures" is introduced with charts and words. Then the paper expounds the fixed assets investment and current assets investment demand of corporate bond financing, and also introduces the financing advantages of corporate bond financing compared with stock and bank borrowing financing, and then explains why enterprises choose corporate bond financing. Empirical analysis of the impact of corporate bond issuance on bank borrowing, fixed assets and current assets projects to verify the proposed assumptions; finally, in view of the empirical research results and the possible problems in the process of corporate bond financing in China. The paper puts forward some suggestions on how to improve the efficiency of bond financing of listed companies in China and how to develop them in the future.
【學(xué)位授予單位】：安徽工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51;F276.6

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