【作者】 董奋义；

【导师】 武振业；

【作者基本信息】 西南交通大学 ， 管理科学与工程， 2006， 博士

【摘要】 我国作为新兴市场经济国家，证券市场正在得到蓬勃发展。但我国证券市场是政府主导型的证券市场，肩负着推进经济改革和优化资金配置的双重使命，只有满足二者要求的市场形式才能得到政府扶持和鼓励。股票市场是国企股份制改革的直接助推器，对于实现政府现阶段发展经济与推进改革的目标，具有不可替代的重要作用，倍受政府青睐，因而得到了飞速的发展。相比之下，企业债券市场就未能在体制改革整体战略中占据一席之地，这一战略模式使得企业债券市场在整个证券市场体系中变得无足轻重。企业债券融资仅仅作为股票融资的一种补充而存在。企业债券融资发展的滞后，导致企业融资渠道狭小，过度依赖银行贷款，进而导致金融风险在银行大量积聚，而不能在直接融资市场得到一定程度的释放，其后果就是银行不良债权的大量增加。而同时，我国商业银行1995年以来，一直是存款大于贷款，并呈现加速增长的趋势，截至2004年底存差突破六万亿元人民币。2003年我国政府明确提出，要积极推进资本市场的改革开放和稳定发展，扩大直接融资，建立多层次资本市场体系，完善资本市场结构，丰富资本市场产品，并积极拓展债券市场，完善和规范发行程序，扩大公司债券发行规模。在此背景下，研究我国如何加快发展企业债券融资就具有特别重要的理论意义和现实意义。 本文基于转型期的我国企业债券融资发展问题展开研究，取得了一系列有价值的研究成果，现总结如下： 1、从不同融资模式下企业债券融资的国际比较入手，并结合我国企业融资模式的历史演化，进而研究了我国发展企业债券融资的必要性、可行性。通过企业债券融资发展对我国商业银行的影响机制和影响结果的研究发现，伴随着企业债券市场的发展，商业银行有时间通过加快内部改革、强化管理、积极主动迎接企业多元化融资带来的挑战，对银行体系健康发展产生积极的良性后果。进而得出我国发展企业债券融资不仅必要而且可行的结论。 2、基于融资结构理论对我国企业的融资选择进行了研究。结果发现，在国有产权虚化的情况下，目前我国一般企业的融资目标不是追求企业价值最大化，而是追求管理者控制权收益最大化。并研究了控制权收益最大化条件下我国企业的融资行为以及纠正我国企业融资行为目标异化的措施，为我国发展企业债券融资构造微观基础。提出了一个背景值和初始条件同时优化的更多还原

【Abstract】 As an emerging market economic country, China’s securities markets are getting rapid development. China’s securities markets are government-dominating ones, with dual roles of propelling economic reforms and optimizing resources distribution, market forms accord with its demand can only gain government support. As a propeller of the reform of state-owned enterprises (SOEs), stock market plays an important role of government’s goal of developing economy and propelling reform. For that reason, stock market gets government’s encouragement and so with a high development speed. But because enterprise bonds markets count for little role of the whole strategy of reform of economic system, enterprise bond financing exists only as a complementarity’s stock financing of enterprise. Lag of enterprise bond financing development results in enterprise debt financing channel narrowness, over-depending on bank loan, and thus conduces finance risk accumulating in bank sector, without release in indirect financing markets. That sequent is large increase of non-performing loans (NPLs) of banks. At the same time, amounts of deposits exceed the ones of loans in China’s Commercial banks system since 1995, with the amount of over 6 trillion Chinese yuan in the end of 2004.In 2003 China government specifically makes mention of active developing corporate bond market, perfecting its issuing procedure, enlarging its issuance scale. In this background, the research on how to quickening development China’s enterprise bonds markets has important theoretic and realistic significances.This dissertation systematically studies on development of enterprise bond financing in China based on transition period, taking out a series of valuable research fruit. Now that is summarized as fallows:1. From the international comparison of corporate bond financing in each financing mode, and linking with historical evolvement of China enterprise financing model, we studied its necessity and its feasibility of quickening development of enterprise bond financing in China. With analysis of the influences of developing enterprise bond’s financing to operation of commercial banks in China, we dig out that, this influences is mainly positive, can entirely更多还原