企业债券市场发展的多元依据

【摘要】 从经验和先验的新视角来看 ,企业债券市场新发展的必要性依据在于 :宏观层面上的居民与企业储蓄增加下的多元化投资需求和我国人口的老龄化趋势 ;中观层面上的直接融资与间接融资、股票市场与企业债券市场的结构性和功能性缺陷 ;微观层面上的债券市场内部的结构性缺陷和功能性缺失。可行性依据则包括 :债券市场的良好发展为企业债券市场新发展奠定基石 ;居民收入和储蓄的稳定增长提供了购买力基础 ;证券投资主体及其需求的扩大创造了需求条件 ;全社会和民营经济投资需求的增长创造了供给条件 ;利率市场化的进展则是其定价基础。因此 ,促进企业债券市场的新发展既是必要的 ,也是可行的。更多还原

【Abstract】 From the new logistic and empirical angle, necessary bases of developing enterprises bond market have five ways, which are classified from the three angles of macrowave, mediumwave and microwave. And then feasible bases include development footstone from good development of existing bond market, purchasing power base from increase of household’s income and saving, demand condition from expansion of securities investors and their demand, supply condition of rise of investing demand from the whole social and private-run economy, and pricing base from marketization of interest rate. So new development in the enterprise bond market is both necessary and feasible.更多还原