| 中国公司债券市场与宏观经济关系实证分析 | |
| 邝梅 ; 赵柯 ; KUANG Mei ; ZHAO Ke | |
| 2010-05-17 ; 2010-05-17 | |
| 关键词 | 公司债券 宏观经济 实证分析 Corporate Bond Macro-economy Positive Analysis F832.51 F124 F224 |
| 其他题名 | A Positive Analysis of Relations between Corporate Bonds Market and Macro-economy in China |
| 中文摘要 | 我国公司债券市场历经20多年的发展,仍远远滞后于国债市场、银行信贷市场和股票市场。本文选取1986—2006年公司债券市场和宏观经济的相关数据,通过因子分析、回归分析,探讨影响公司债券市场发展的因素。研究表明,国债对公司债券市场产生了排挤效应;银行信贷市场并不排斥公司债券市场的发展;股票市场对公司债券市场的负向影响并不显著,"重股轻债"现象从宏观实证角度看,并未获得更多支持;由于利率尚未完全市场化,通货膨胀率对公司债券发行规模影响甚微;固定资本形成总额增长率对公司债券发行规模影响显著,公司债券市场明显受"商业周期"影响;社会融资结构和人们的投融资行为对公司债券的市场发展规模影响明显。; During over 20 years of development,corporate bonds market has been much smaller and less important than bank credit market,stock market and state debt market in China since mid—1980s.In this paper,using factor analysis,regression analysis and error correction model,quantitative research on the factors influencing corporate bonds market in China are carried out,which are based on the corporate bonds market and macroeconomic data between 1986 and 2006.The results show that state debt market has imposed a crowding out effect on corporate bonds market;while bank credit market has not been exclusive from corporate bonds market;negative correlation between stock market and corporate bonds market has not been significant,which means that the phenomenon "preferring stock to bond" gets little empirical support;as interest rates have not been fully liberalized,inflation rate has little effect on the circulation of corporate bonds;growth rate of gross fixed capital formation has affected corporate bonds market significantly. Otherwise,corporate bonds market has been affected by "business cycle" significantly,while social financing structure and people's investment & financing acts have a significant effect on the development of corporate bonds market. |
| 语种 | 中文 ; 中文 |
| 内容类型 | 期刊论文 |
| 源URL | [http://hdl.handle.net/123456789/33976]  |
| 专题 | 清华大学 |
| 推荐引用方式 GB/T 7714 | 邝梅,赵柯,KUANG Mei,等. 中国公司债券市场与宏观经济关系实证分析[J],2010, 2010. |
| APA | 邝梅,赵柯,KUANG Mei,&ZHAO Ke.(2010).中国公司债券市场与宏观经济关系实证分析.. |
| MLA | 邝梅,et al."中国公司债券市场与宏观经济关系实证分析".(2010). |
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