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论文编号：	173
作者编号：	052087
上传时间：	2007/12/23 23:31:03
中文题目：	我国企业短期融资券现状及发展研
英文题目：	The Study of the Actuality and
指导老师：	陈国欣
中文关键字：	短期融资券 银行间债券市场 信用
英文关键字：	Short-term financing bond int
中文摘要：	长期以来，我国融资性票据市场发展非常缓慢。企业的融资体系始终以银行贷款为主导,直接融资与间接融资的比例失衡。与此同时，货币供应量快速增长，间接融资效率低下使得储蓄难以向投资转化。在这样的市场环境下产生的货币政策传导机制不畅，中小企业融资困难等一系列问题成为我国金融市场面临发展的瓶颈。 此刻，央行积极推出发行短期融资券正是作为解决这一系列问题的突破口而出现的，它的出现填补了我国短期信用产品市场的空白，是我国融资方式的重大创新和金融市场建设的重要举措。 短期融资券是指中国境内具有法人资格的非金融企业，在银行间债券市场发行并约定在一定期限内还本付息的有价证券。其性质和特点都类似于国外的融资性商业票据。由于发行方式简便灵活，成本优势明显，短期融资券一经推出便得到了市场的追捧。从2005年5月第一批短券的发行到2007年年5月底，共有超过420家企业通过这种方式融到了5521亿元资金，短期融资券的这种高速发展势头有增无减。 本文首先对我国短期融资券进行了界定并介绍其发行与交易的规定。然后本文在回顾企业融资理论的基础上介绍了国外短期融资券市场的发展历程．接着本文对我国短期融资券的历史与现状进行了定量和定性分析，揭示出我国短期融资券发展过程中的障碍和困难。最后本文对短期融资券的出现对企业，商业银行，金融市场和宏观经济等四方面的影响进行了系统性分析，并对我国短期融资券的未来发展从发行门槛，投资者结构，信用评级和市场定价等四个方面提出建议。本文为我国短期融资券的市场发展提供了一些思路和建议，具有一定的借鉴意义。
英文摘要：	There is a long period，the development of commercial bill in our country is very tardily. Receiving loans from bank is the most common method in our financing system. The direct and indirect financing are not balance. At the same time, the fast growing of money supply and low efficiency of indirect financing make transfer deposits into investments difficult. Some problems due from it make our market faces the chock point in its development way. The PBOC proactively push ahead enterprise’s short term financing bond which is the breakthrough in this background, its emergence filled up the blank of our short term credit market, and it’s extremely important financing method for our financial construction and reformation in China. Short term financing bond is a kind of security which issuing by non-financing enterprise in inter-banking security market, and promised by the issuer to repay the capital and interests in some fixed date. The character of this short term financing bond is similar to the commercial bill in developed countries. Since the appearance, short term financing bond has gained rapid development because of its convenient issuing method and cost advantage over other facilities. There are 420 enterprise totally gained 552.1 billion Yuan through this facility since May 24, 2005, in this day, the first group of short term financing bond come into the market, this kind of high-speed development trend has reinforced this year. This paper first gives the definition and issuance regulations about short-term financing bond. This paper introduces short-term financing bond’s in foreign market after reviewing the theories of enterprise financing. After that this paper analyzes the actuality of our market with quantities and qualities methods. Then this paper introduces the influences on enterprises, business banks, money market and macro-economy by the numbers. At last, this paper gives the prospects and suggestion about developing our short-term financing bond market.
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