【作者】 廖敏辉；

【导师】 晏艳阳；

【作者基本信息】 湖南大学 ， 金融学， 2007， 硕士

【摘要】 本文根据我国的现实国情,从债券流动性的角度出发,通过对企业债券市场流动性的现状分析和测定,以国际成熟资本市场发展为借鉴,着重对影响我国企业债券流动性的主要因素进行探讨,并进行相关制度设计,试图为有效增强我国企业债券市场流动性提供理论参考和实践借鉴。本文首先从企业债券的内涵入手,认为企业债券市场流动性是指市场参与者能够在需要时候以较低的成本迅速大量成交,且不会导致债券价格发生显著变化的市场特征。然后本文运用深度、宽度和影响力三个指标对我国企业债券市场、股票市场和国债市场的流动性分别进行了测定,同时本文还对影响我国企业债券市场流动性指标的因素和指标之间的关系进行了分析,测定结果表明我国的企业债券市场流动性相对偏低,影响债券市场的发展;再次本文借助一个动态规划模型,结合市场实际情况得出市场信息、交易场所、投资者专业化程度和交易品种是影响我国企业债券流动性的重要因素。最后根据影响流动性的因素,对如何解决我国企业债券市场流动性的问题提出了一些相应的对策和建议,包括完善信用评级制度,完善投资者结构,完善交易机制,丰富交易品种,改革发行制度和监管体制等。更多还原

【Abstract】 According to our current domestic situation; from the perspective of bonds liquidity; by analyzing g and determining the current situation of corporate bonds market. Based on the overseas maturing financial market, we focused on the fundamental reasons which reduced the liquidity of corporate bonds and established effective system to improve liquidity of bonds market.First of all, we identified the corporate bonds which can be recognized as the asset’s ability to quickly be liquidated or converted through an action of buying and selling without causing a significant movement in the price. And then we analyzed the liquidity which incorporated by three elements, depth, width, and significance to conduct liquidity analysis of bonds market, equity markets and treasury market. On the other hand, we performed the relationship analysis involved in causes and indicators of liquidity, and which reflects that our corporate bonds liquidity is comparative lower, and which is harmful effects. And then, by constructing the active planning model and integrated the real market situation to shows that market information, exchange market, professionalism of investor and products are the significant effects of market liquidity. Finally, according to the effects of liquidity, we make some recommendations and suggestions to improve corporate bonds market liquidity, which can be implemented by improving the credit system, investor structure, exchange system, products.更多还原