【作者】 吴腾华；

【导师】 黄济生；

【作者基本信息】 华东师范大学 ， 世界经济， 2005， 博士

【摘要】 新兴债券市场是指新兴市场经济体(国家或地区)的债券市场。它既可以指某一个新兴市场经济体的债券市场,也可以指某一区域范围内多个新兴市场经济体的债券市场。本文所研究的新兴债券市场主要是指东亚九个新兴市场经济体(包括中国大陆、中国香港特区、中国台湾省、新加坡、韩国、马来西亚、菲律宾、泰国和印度尼西亚)的国内债券市场,即以本币计值的本地债券市场。根据新兴市场经济体的区位,新兴债券市场可分为东亚新兴债券市场、拉美新兴债券市场和东欧新兴债券市场。由于东亚新兴市场乃是世界新兴市场的典型代表,因而东亚新兴债券市场则是世界新兴债券市场的一个缩影。 所谓新兴债券市场发展,则是指新兴债券市场由欠成熟状态向成熟状态转变的过程。其基本的内涵包括四个方面:一是债券市场结构的优化:二是债券市场“质”的方面的提高;三是债券市场“量”的方面的增加;四是债券市场基础设施的完善。 本文以东亚新兴债券市场为研究对象,以新兴债券市场发展内涵为主线,重点运用新制度经济学分析方法,突出研究以下几个问题: (1) 提出新兴债券市场的概念,界定新兴债券市场发展的内涵。 (2) 实证式地考察和逻辑性地展示东亚新兴债券市场的发展现状。 (3) 梳理和总结东亚新兴债券市场的发展特点和发展规律。 (4) 重点剖析东亚新兴企业债券市场发展存在的主要问题,总结其经验和教训,以资指导中国企业债券市场的发展。 (5) 探索和研究中国债券市场特别是中国企业债券市场的发展路径和发展战略。这是因为中国债券市场也是一个新兴债券市场,但它又有自己独特的发展环境和规律。如何发展中国债券市场特别是中国企业债券市场?应当选择怎样的发展路径和战略等?这些将是本文研究的落脚点和最终目的。 具体地说,对上述问题的研究将主要体现在以下内容之中。 第一部分:债券市场发展的理论分析框架。主要包括: 第二章,债券市场发展的新制度经济学分析。从现有的研究文献看,国内外对于债券市场发展问题的研究大多是从市场规模、市场结构和市场机制的角度入更多还原

【Abstract】 The emerging bond markets are the bond markets in the emerging countries; it can be the bond market in one emerging country, and it can also be the bond markets in two or more emerging countries. The emerging bond markets in my paper are the domestic bond markets in the nine East Asia economic bodies(PRC, Hong Kong, Taiwan, Singapore, Korea, Malaysia, Thailand, Philippines, and Indonesia), as the local bond markets. According to their locations, they can be sorted into the East Asia emerging bond markets, the Latin American emerging bond markets and the East Europe emerging bond markets. Since the East Asia emerging markets are the model of the world emerging markets, so the East Asia emerging bond markets are the epitome of the world emerging bond markets.The emerging bond markets development is the course in which the emerging bond markets change from less maturity to maturity. Its essence includes four aspects: the optimization of the bond market structure; the improving of the bond market quality; the increasing of the bond market size and the strengthening of the bond market infrastructure.This paper takes the East Asia emerging bond market as an object, regards the bond market essence as a masterstroke, applies the new institutional economics’ method, and settles several below problems mainly: (1)bringing forward the emerging bond market concept, and giving a definition of the emerging bond market development; (2)reviewing and setting out the development actuality of the East Asia emerging bond market;(3)hackling and summarizing the characteristic and the laws of the emerging bond market in East Asia; (4)analyzing the issues in the development of the East Asia emerging bond market; summing up the lessons and the experience; and giving a guidance to the PRC enterprise bond market;(5)exploring the development stratagem of the PRC enterprise bond market.. Because the PRC bond market is an emerging bond market too, and particularly it has a unique condition. How to develop it and how to choose the development route and the stratagem? So the contents about them are as fellows:Part one, the theory frame about bond market development, including:Chapter 2 is dedicated to the new institutional economics analyzing about bond market development. From the existing literatures at home and abroad, the bond market development is usually studied from market size, market structure and market mechanism. It is seldom studied from the new institutional economics. In fact, the bond market development is a problem about institutional changes, so it is very meaning to recognize the institutional factors in studying the bond market development. Firstly, establishing the theory frame of new institutional economics about bond market, including institutional changes theory, modern contract theory, and transaction cost theory; secondly, analyzing the function of finance system, finance contract, credit, property right and transaction cost in the bond market development.Part two, the development and i ts experience of the East Asia emerging bond market, including:Chapter 3 is dedicated to the magnificent review about the emerging markets in the East Asia. Firstly, investigating the development actuality in the East Asia emerging bond markets, including the bond market size, maturity structure of bonds, market instruments, secondary market turnover and market infrastructure; secondly, analyzing the character of the East Asia emerging bond market from the institutional surroundings, including heavy government intervention, undeveloped bond market, not more matured market participators, unreasonable market structure, not formal regulatory framework and faulty infrastructure; and finally, analyzing the present problems in the East Asia emerging bond markets, such as the optimization of bond market structure, the broadening of bond market size, the improving of bond market quality and the Strengthening of market infrastructure.Chapter 4 is dedicated to the microcosmic analyzing about the East Asia emerging bond markets. Firstly, analyzing the structure of the emerging bond markets in the East Asia, including the issuer structure, the investor base, the bond sorts, the maturity structure, the underwriting and the dealer structure; secondly, analyzing the bond markets infrastructure, including the regulatory framework, the credit ratingagencies, the clearing and settlement and taxation; thirdly, analyzing the reasons of lagging development in East Asia bond markets, including the heavy government control, the lacking of eminent corporation, the low income, the small investors and the extruding effect of public sector financing; and finally, analyzing the obstacle of the development in the East Asia emerging bond markets.Chapter 5 is dedicated to the investor bases of the East Asia emerging bond markets. Firstly, analyzing the economic background of the East Asia emerging bond markets, such as economic growth rate, domestic saving rate and foreign exchange saving level; secondly, comparing the structures and the proportions in each East Asia emerging bond market; and finally, analyzing the institutional investor( pension funds, life insurance, and mutual funds ) base.Chapter 6 is dedicated to the supervising institution of the East Asia emerging bond markets. An efficient, healthy, robust and well-functioning bond market requires a regulatory system with well-defined objectives, transparent supervision procedures, an adequate and clear legal framework, and a well-structured regulatory body capable of implementing policies. Here mainly introduced the regulatory system, regulatory framework, and regulatory model in the East Asia emerging bond markets.Chapter 7 is dedicated to the harmonization of bond market infrastructure in the East Asia emerging economic bodies. Here mainly discussing the harmonization contents, including legal and regulatory framework, rating requirements, trading platforms and trading conventions, clearing and settlement procedures, accounting and auditing standards, tax treatment and foreign exchange regulations.Chapter 8 is dedicated to the important experience of emerging bond markets in the East Asia. Here firstly introducing the experience of mature bond market, and then summarizing the experience in the emerging bond markets: (1) sustaining a stable macroeconomic environment; (2) developing the government bond market; (3) completing bank sector restructuring; (4) improving corporate governance; (5) strengthening the regulatory framework; (6) rationalizing tax treatment; (7) broadening the institutional investor base; (8) promoting regional bond market centers.Part three, the significant hint of the development experience in the East Asia emerging bond market for China, including:Chapter 9 is dedicated to constructing the development stratagem of enterprise bond market in China. Chinese enterprise bond market is an important part of the bond market. It is also affiliated markets in the Chinese financial market system. Itself development must be influenced by the public debt market, bank credit market, money market, stock market, and other financial markets. How to deal with the connection between the enterprise bond market and these financial markets, and make it walk up a path in which the bond market is harmonizing, healthy, robust, and efficient? Here the paper proposes three stratagems: the harmonizing stratagem, the innovating stratagem and the opening stratagem.更多还原