本文選題：場外交易市場　切入點：融資模式　出處：《天津商業(yè)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：場外交易市場作為資本市場的重要組成部分，，在我國金融體系中的重要性愈發(fā)明顯。而我國的債券場外交易市場以銀行間債券市場為主體。銀行間債券市場的發(fā)展結(jié)構(gòu)失衡，企業(yè)債券發(fā)展嚴(yán)重滯后。根據(jù)發(fā)達國家的資本市場發(fā)展經(jīng)驗，資本市場中企業(yè)債券的融資規(guī)模遠高于股票融資，企業(yè)債券的交易場所主要集中在場外市場。這并不是偶然，是符合資本結(jié)構(gòu)理論的。而我國場外交易市場企業(yè)債券融資規(guī)模較小，具備廣闊的發(fā)展空間。探索發(fā)展我國場外交易市場的企業(yè)債券融資模式的合理路徑，對于解決中小企業(yè)的大量資金需求，完善場外交易市場結(jié)構(gòu)具有重要意義。 本文以我國場外交易市場為研究對象，應(yīng)用比較分析法、理論研究和實證分析相結(jié)合的方法，分析了場外交易市場與債券融資模式相契合的原因，對我國場外交易市場企業(yè)債券融資模式的現(xiàn)狀與存在的問題進行研究。最后，運用主成分分析法對1991-2010年我國場外交易市場發(fā)展水平的影響因素進行分析，得出企業(yè)債券市場融資模式對我國場外交易市場融資功能的提高的顯著作用，與此同時通過時間序列分析我國場外交易市場發(fā)展變遷的特征，有針對性的提出提高我國場外交易市場企業(yè)債券融資模式績效的規(guī)劃與政策建議。
[Abstract]:As an important part of the capital market, the OTC market is becoming more and more important in the financial system of our country. However, the over-the-counter bond market of our country is dominated by the interbank bond market, and the development structure of the interbank bond market is out of balance. The development of corporate bonds is seriously lagging behind. According to the experience of capital market development in developed countries, the financing scale of corporate bonds in capital markets is much higher than that of stock financing, and the trading places of corporate bonds are mainly concentrated in the over-the-counter market. It is in line with the theory of capital structure. However, the scale of corporate bond financing in over-the-counter market in China is relatively small, and there is a broad space for development. This paper explores a reasonable way to develop the corporate bond financing mode of over-the-counter market in our country. It is of great significance to solve the large amount of capital demand of small and medium-sized enterprises and to perfect the structure of OTC market. This paper takes the over-the-counter market of our country as the research object, applies the method of comparative analysis, theoretical research and empirical analysis to analyze the reason why the over-the-counter market and the bond financing mode coincide. This paper studies the current situation and existing problems of corporate bond financing mode in OTC market in China. Finally, the paper analyzes the influencing factors of the development level of OTC market in China from 1991 to 2010 by using principal component analysis (PCA). The paper draws a conclusion that the financing mode of corporate bond market plays a significant role in improving the financing function of China's over-the-counter market. At the same time, it analyzes the characteristics of the development and changes of China's over-the-counter market through time series. This paper puts forward the plan and policy suggestions to improve the performance of corporate bond financing model in OTC market in China.
【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F275

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