文档介绍：首都经济贸易大学
硕士学位论文
金融危机背景下我国企业债券市场的发展研究
姓名:赵单
申请学位级别:硕士
专业:金融学
指导教师:李树生
20100301
摘要
由美国次贷危机引发的这场百年不遇的国际金融危机已经蔓延到全球,使世界经
济陷于一个不可避免的低迷、调整和变革时期。从 2008 年第三季度以来,金融危机
对中国实体经济的影响日益显现,我国出口大幅下滑、经济增速放缓、就业压力加大。
全球笼罩在经济危机的阴影之下,我国宏观经济处于低潮,企业债券市场仍表现出牛
市行情,债券利率处于低位运行。自从金融危机爆发以来,企业债券市场在复杂的国
内外经济环境中砥砺前行,一方面,全球经济严重衰退,各发达国家金融体系波动巨
大,在中央出台的一揽子经济刺激计划的推动下,宏观经济逐步走向复苏;另一方面,
企业债券市场在迎来机遇的同时,蓄积了大量风险,监管部门为加强风险管理,引导
经济平稳、安全、有效运行,出台了一系列风险管理措施,金融机构的债券投资受到
诸多限制。可见,金融危机带来的不仅仅是暴风骤雨,还有机遇,对企业债券市场来
说可谓是冷暖交加。
本文采用规范研究和实证研究相结合、宏观分析和微观研究相结合的方法,首先
阐释了企业债券市场发展的有关理论,分析了我国企业债券市场目前的发展现状。研
究表明,一个国家或地区在经济发展过程中必须大力发展企业债券市场,通过比较我
国企业债券市场和发达国家目前的发展现状,深入分析了我国企业债券市场当前滞后
的发展局面,我国目前的企业债券市场还远远不能满足国民经济发展的要求。然后,
进一步剖析了我国企业债券市场在当前金融危机背景下面临的机遇及挑战。

关键词:企业债券金融危机现状

I
Abstract
The rare international financial crisis, triggered by the subprime mortgage crisis,
has spread to the world wild, and the world caught in an inevitable economic downturn
period of adjustment and change. Since the third quarter of 2008, the influence of financial
crisis on China's real economy has e increasingly apparent, China's exports fallen
sharply, economic growth slowing, the employment pressure increased. Although the
world shrouded in the shadow of the economic crisis and China's macro-economic got in
doldrums, the corporate bond market is still showing bull market, and interest rates are low.
Since the financial crisis broke out, corporate bond market has tempered forward in a
complex domestic and international economic environment. On one hand, the global
economic relapsed into downturn and the financial system in developed countries got
tremendous undulation. As the central authorities have introduced a package of economic
stimulus plan, macro -economy has gradually driven to recovery. On the other hand, while
the corporate bond market es the opportunity, it accumulates a large number of
risks. Regulatory authorities, to strengthen risk